|
|
REGISTRATION
NO.
|
:
|
702238-H
|
|
COMPANY
NAME
|
:
|
HOGANAS
BJUF ASIA PACIFIC SDN BHD
|
|
FORMER
NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
08/07/2005
|
|
|
|
|
|
|
|
|
|
COMPANY
STATUS
|
:
|
EXIST
|
|
LEGAL
FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED
STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
62C,
JALAN SS 21/62, DAMANSARA UTAMA, 47400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
BUSINESS
ADDRESS
|
:
|
NO
11-5, BLOCK E2, JALAN PJU 1/42A, DATARAN PRIMA, 47301 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-78035408
|
|
FAX.NO.
|
:
|
03-78035409
|
|
EMAIL
|
:
|
enquiry@hoganasbjuf.com.my
|
|
WEB
SITE
|
:
|
www.hoganasbjuf.com.my
|
|
CONTACT
PERSON
|
:
|
AKE
ERIKSSON ( OPERATIONS MANAGER )
|
|
|
|
|
|
INDUSTRY
CODE
|
:
|
51591
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING
OF REFRACTORY MATERIALS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
500,000.00 DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.
|
|
ISSUED
AND PAID UP CAPITAL
|
:
|
MYR
350,000.00 DIVIDED INTO
ORDINARY SHARES 350,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR
20,484,953 [2011]
|
|
NET
WORTH
|
:
|
MYR
1,660,342 [2011]
|
|
|
|
|
|
STAFF
STRENGTH
|
:
|
5
[2012]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
POOR
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
CURRENCY
EXPOSURE
|
:
|
HIGH
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY
OUTLOOK
|
:
|
MARGINAL
GROWTH
|
|
|
HISTORY / BACKGROUND
The SC is a private limited company and is allowed to have
a minimum of one and a maximum of forty-nine shareholders. As a private limited
company, the SC must have at least two directors. A private limited company
is a separate legal entity from its shareholders. As a separate legal entity,
the SC is capable of owning assets, entering into contracts, sue or be sued
by other companies. The liabilities of the shareholders are to the extent of
the equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the SC is insolvent. The SC is governed by the
Companies Act, 1965 and the company must file its annual returns, together
with its financial statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an)
trading of refractory materials.
The SC is not listed on Bursa
Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the SC is HOGANAS BJUF
AB, a company incorporated in SWEDEN.
The ultimate holding company of the SC is BORGESTAD
INDUSTRIES ASA, a company incorporated in NORWAY.
The major shareholder(s) of
the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc
No
|
Shareholding
|
(%)
|
|
HOGANAS
BJUF AB
|
BOX 502,
267 25 BJUV, SWEDEN.
|
556264-6272
|
350,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
350,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name
Of Subject
|
:
|
MS.
TEO PECK EE
|
|
Address
|
:
|
52A,
JALAN LAZAT 2, TAMAN GEMBIRA, 58200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New
IC No
|
:
|
791119-14-5260
|
|
Date
of Birth
|
:
|
19/11/1979
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
CHINESE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
2
|
Name
Of Subject
|
:
|
MR.
CHAI YONG FOO
|
|
Address
|
:
|
506,
BLOCK B, TIARA KELANA CONDOMINIUM, JALAN SS 7/19, KELANA JAYA, 47301
PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC
/ PP No
|
:
|
A0928740
|
|
New
IC No
|
:
|
680201-08-7299
|
|
Date
of Birth
|
:
|
01/02/1968
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
CHINESE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
3
|
Name
Of Subject
|
:
|
OLSEN
THIRSTRUP
|
|
Address
|
:
|
SANKT
PEDERSGATAN 13, 25437, HELSINGBORG,
SWEDEN.
|
|
IC
/ PP No
|
:
|
34564385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SWEDISH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
4
|
Name
Of Subject
|
:
|
GUNNAR
PER AKE ERIKSSON
|
|
Address
|
:
|
22-01,
SEPUTIH PERMAI CONDOMINIUM, JALAN TAMAN SEPUTIH, 58000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
IC
/ PP No
|
:
|
80357962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SWEDISH
|
|
Date
of Appointment
|
:
|
01/06/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name
of Subject
|
:
|
AKE
ERIKSSON
|
|
|
Position
|
:
|
OPERATIONS
MANAGER
|
|
|
|
|
|
|
Auditor
|
:
|
FLY
CHAN & CO
|
|
Auditor'
Address
|
:
|
3-2,
JALAN 2/76C, DESA PANDAN, 55100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
MR.
WONG CHOW LAN
|
|
|
|
|
|
|
|
New
IC No
|
:
|
621005-05-5353
|
|
|
Address
|
:
|
322
BUKIT LEMON, 70200 SEREMBAN, NEGERI SEMBILAN,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
PUBLIC
BANK BHD
|
|
|
|
|
|
|
The
SC enjoys normal banking routine with above mentioned banker(s). No adverse
record was found during our investigation.
|
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
DEFAULTER
CHECK AGAINST SC
|
* We have checked through the SC in our defaulters' database which comprised of
debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
|
|
SOURCES
OF RAW MATERIALS:
|
|
|
Local
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Import
Countries
|
:
|
SWEDEN,BRAZIL
|
The SC refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT
|
|
Prompt
0-30 Days
|
[
|
|
]
|
|
Good
31-60 Days
|
[
|
|
]
|
|
Average
61-90 Days
|
[
|
|
]
|
|
|
Fair
91-120 Days
|
[
|
|
]
|
|
Poor
>120 Days
|
[
|
X
|
]
|
|
|
|
|
|
|
|
CLIENTELE
|
|
|
Local
|
:
|
YES
|
|
|
|
|
Domestic
Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export
Market
|
:
|
SOUTH EAST ASIA
|
|
Credit
Term
|
:
|
30
DAYS
|
|
|
|
|
|
|
|
|
Payment
Mode
|
:
|
CHEQUES,TELEGRAPHIC
TRANSFER (TT)
|
|
Type
of Customer
|
:
|
END
USERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods
Traded
|
:
|
REFRACTORY
MATERIALS
|
|
|
|
|
|
Competitor(s)
|
:
|
SIME
DARBY INDUSTRIAL SDN BHD
TCIM SDN BHD
UMW (EAST MALAYSIA) SDN BHD
UMW CORPORATION SDN BHD
UNITED BINTANG BHD
|
|
|
|
|
|
Ownership
of premises
|
:
|
LEASED/RENTED
|
|
Total
Number of Employees:
|
|
|
YEAR
|
2012
|
2011
|
2010
|
2009
|
2008
|
2007
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
COMPANY
|
5
|
5
|
4
|
10
|
5
|
5
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of refractory
materials.
The SC mainly sells the high temperature bricks.
The SC's products ranges are as follows:
* Magnesite and dolomite bricks are mainly used in the upper transition,
burning and lower transition zones of the rotary kiln itself.
* High-alumina brick is found in the safety zone of the rotary kiln, as well
as in kiln hoods and coolers.
* Fireclay brick is employed extensively - in the preheater, in the rotary
kiln inlet zone, in tertiary air ducts, and in kiln hoods and coolers.
* Cement or mortar is often used to join bricks. Cements harden at room
temperature, while mortars normally require a temperature of at least 300
degrees before it properly cured.
The SC's products are mainly used for industrial sectors.
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC
indicated that :
|
Telephone
Number Provided By Client
|
:
|
037803540
|
|
Current
Telephone Number
|
:
|
03-78035408
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Address
Provided by Client
|
:
|
N/A
|
|
Current
Address
|
:
|
NO
11-5, BLOCK E2, JALAN PJU 1/42A, DATARAN PRIMA, 47301 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Latest
Financial Accounts
|
:
|
YES
|
Other
Investigations
On 6th November 2012 we contacted one of the staff from the SC and she
provided some information on the SC.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Return
on Shareholder Funds
|
:
|
Favourable
|
[
|
77.04%
|
]
|
|
|
Return
on Net Assets
|
:
|
Favourable
|
[
|
103.58%
|
]
|
|
|
|
|
|
|
|
|
|
|
Generally
the SC was profitable. The favourable return on shareholders' funds and return
on net assets indicate that the SC's management was efficient in utilising
the assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working
Capital Control
|
|
|
|
|
|
|
|
Stock
Ratio
|
:
|
Favourable
|
[
|
3
Days
|
]
|
|
|
Debtor
Ratio
|
:
|
Favourable
|
[
|
4
Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Unfavourable
|
[
|
138
Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The
SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could
be due to the good credit control measures implemented by the SC. The
unfavourable creditors' ratio could be due to the SC taking advantage of
the credit granted by its suppliers. However this may affect the goodwill
between the SC and its suppliers and the SC may inadvertently have to pay
more for its future supplies.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid
Ratio
|
:
|
Favourable
|
[
|
1.19
Times
|
]
|
|
|
Current
Ratio
|
:
|
Unfavourable
|
[
|
1.22
Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A
minimum liquid ratio of 1 should be maintained by the SC in order to assure
its creditors of its ability to meet short term obligations and the SC was in
a good liquidity position. Thus, we believe the SC is able to meet all its
short term obligations as and when they fall due.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest
Cover
|
:
|
Favourable
|
[
|
95.76
Times
|
]
|
|
|
Gearing
Ratio
|
:
|
Favourable
|
[
|
0.00
Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The
interest cover showed that the SC was able to service the interest. The
favourable interest cover could indicate that the SC was making enough profit
to pay for the interest accrued. The SC had no gearing and hence it had
virtually no financial risk. The SC was financed by its shareholders' funds
and internally generated fund. During the economic downturn, the SC, having
a zero gearing, will be able to compete better than those which are highly
geared in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment :
|
|
|
|
|
|
|
|
The
SC was in good liquidity position with its total current liabilities well covered
by its total current assets. With its current net assets, the SC should be
able to repay its short term obligations. With the favourable interest
cover, the SC could be able to service all the accrued interest without
facing any difficulties. The SC was a zero gearing company, it was solely
dependant on its shareholders to provide funds to finance its business. The
SC has good chance of getting loans, if the needs arises.
|
|
|
|
|
|
|
|
|
|
Overall
financial condition of the SC : STABLE
|
|
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major
Economic Indicators:
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Population
( Million)
|
27.73
|
28.13
|
28.35
|
28.70
|
29.10
|
|
Gross
Domestic Products ( % )
|
4.6
|
<0.5>
|
7.2
|
5.5
|
5.3
|
|
Domestic
Demand ( % )
|
6.9
|
2.9
|
6.3
|
4.8
|
7.6
|
|
Private
Expenditure ( % )
|
7.1
|
<2.7>
|
8.1
|
7.0
|
8.7
|
|
Consumption
( % )
|
8.4
|
0.7
|
6.7
|
6.3
|
7.1
|
|
Investment
( % )
|
1.5
|
<17.2>
|
17.7
|
16.2
|
15.9
|
|
Public
Expenditure ( % )
|
6.5
|
5.2
|
3.8
|
7.6
|
4.7
|
|
Consumption
( % )
|
11.6
|
3.1
|
0.2
|
8.9
|
3.0
|
|
Investment
( % )
|
0.7
|
8.0
|
2.8
|
0.6
|
7.0
|
|
|
|
|
|
|
|
|
Balance
of Trade ( MYR Million )
|
129,563
|
89,650
|
118,356
|
116,058
|
-
|
|
Government
Finance ( MYR Million )
|
<34,462>
|
<28,450>
|
<40,482>
|
<45,511>
|
<43,021>
|
|
Government
Finance to GDP / Fiscal Deficit ( % )
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
<4.7>
|
|
Inflation
( % Change in Composite CPI)
|
<3.3>
|
<5.2>
|
5.1
|
3.1
|
-
|
|
Unemployment
Rate
|
3.7
|
4.5
|
3.9
|
3.3
|
-
|
|
|
|
|
|
|
|
|
Net
International Reserves ( MYR Billion )
|
388
|
331
|
329
|
415
|
-
|
|
Average
Risk-Weighted Capital Adequacy Ratio ( % )
|
1.91
|
2.87
|
2.20
|
3.50
|
-
|
|
Average
3 Months of Non-performing Loans ( % )
|
13.24
|
11.08
|
15.30
|
14.80
|
-
|
|
Average
Base Lending Rate ( % )
|
6.72
|
5.53
|
6.30
|
6.60
|
-
|
|
Business
Loans Disbursed( % )
|
11.6
|
10.5
|
14.7
|
15.3
|
-
|
|
Foreign
Investment ( MYR Million )
|
23,261.4
|
22,156.8
|
22,517.9
|
23,546.1
|
-
|
|
Consumer
Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration
of New Companies ( No. )
|
41,599
|
41,578
|
44,148
|
-
|
-
|
|
Registration
of New Companies ( % )
|
<4.0>
|
<0.1>
|
6.2
|
-
|
-
|
|
Liquidation
of Companies ( No. )
|
27,992
|
39,075
|
25,585
|
-
|
-
|
|
Liquidation
of Companies ( % )
|
23.7
|
39.6
|
<34.5>
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration
of New Business ( No. )
|
269,866
|
312,581
|
271,414
|
-
|
-
|
|
Registration
of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business
Dissolved ( No. )
|
18,885
|
19,345
|
19,738
|
-
|
-
|
|
Business
Dissolved ( % )
|
<7.6>
|
2.4
|
2.0
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales
of New Passenger Cars (' 000 Unit )
|
497.5
|
486.3
|
543.6
|
363.0
|
-
|
|
Cellular
Phone Subscribers ( Million )
|
25.1
|
30.1
|
32.8
|
35.3
|
-
|
|
Tourist
Arrival ( Million Persons )
|
21.5
|
23.6
|
24.6
|
25.3
|
-
|
|
Hotel
Occupancy Rate ( % )
|
68.0
|
58.0
|
63.0
|
51.3
|
-
|
|
|
|
|
|
|
|
|
Credit
Cards Spending ( % )
|
17.1
|
12.8
|
14.1
|
15.6
|
-
|
|
Bad
Cheque Offenders (No.)
|
34,834
|
36,667
|
33,568
|
27,208
|
-
|
|
Individual
Bankruptcy ( No.)
|
13,907
|
16,228
|
18,119
|
16,155
|
-
|
|
Individual
Bankruptcy ( % )
|
5.1
|
16.7
|
11.7
|
<10.8>
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES
( % of Growth ):
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.6
|
0.4
|
2.1
|
4.7
|
4.1
|
|
Palm
Oil
|
7.0
|
<1.1>
|
<3.4>
|
7.3
|
-
|
|
Rubber
|
<1.1>
|
<19.8>
|
9.9
|
6.4
|
-
|
|
Forestry
& Logging
|
<1.5>
|
<5.9>
|
<3.3>
|
<4.7>
|
-
|
|
Fishing
|
4.0
|
5.5
|
5.6
|
2.8
|
-
|
|
Other
Agriculture
|
5.9
|
9.0
|
7.9
|
8.5
|
-
|
|
Industry
Non-Performing Loans ( MYR Million )
|
393.0
|
413.7
|
508.4
|
634.1
|
-
|
|
%
of Industry Non-Performing Loans
|
<2.0>
|
1.3
|
2.1
|
3.2
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<0.8>
|
<3.8>
|
0.2
|
<2.4>
|
2.5
|
|
Oil
& Gas
|
12.7
|
2.1
|
0.5
|
<1.7>
|
-
|
|
Other
Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry
Non-performing Loans ( MYR Million )
|
36.0
|
44.2
|
49.7
|
46.5
|
-
|
|
%
of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing
#
|
1.3
|
<9.4>
|
11.4
|
5.6
|
4.5
|
|
Exported-oriented
Industries
|
2.7
|
<19.0>
|
12.1
|
2.8
|
-
|
|
Electrical
& Electronics
|
2.4
|
<30.3>
|
28.4
|
<4.9>
|
-
|
|
Rubber
Products
|
4.2
|
<10.1>
|
25.3
|
15.4
|
-
|
|
Wood
Products
|
<6.0>
|
<24.1>
|
20.1
|
<7.3>
|
-
|
|
Textiles
& Apparel
|
1.9
|
<19.5>
|
<0.4>
|
14.8
|
-
|
|
Domestic-oriented
Industries
|
9.9
|
<9.8>
|
16.3
|
6.3
|
-
|
|
Food,
Beverages & Tobacco
|
9.5
|
0.2
|
3.0
|
4.2
|
-
|
|
Chemical
& Chemical Products
|
1.4
|
<7.7>
|
16.2
|
5.6
|
-
|
|
Plastic
Products
|
6.5
|
<9.1>
|
2.4
|
3.8
|
-
|
|
Iron
& Steel
|
16.8
|
<32.7>
|
29.3
|
2.4
|
-
|
|
Fabricated
Metal Products
|
14.7
|
<2.5>
|
14.9
|
25.2
|
-
|
|
Non-metallic
Mineral
|
8.3
|
<15.5>
|
20.2
|
16.3
|
-
|
|
Transport
Equipment
|
27.1
|
<13.5>
|
36.5
|
<9.4>
|
-
|
|
Paper
& Paper Products
|
8.6
|
<5.0>
|
18.7
|
15.6
|
-
|
|
Crude
Oil Refineries
|
7.8
|
0.2
|
<11.4>
|
9.3
|
-
|
|
Industry
Non-Performing Loans ( MYR Million )
|
5,729.4
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
|
%
of Industry Non-Performing Loans
|
16.8
|
18.3
|
23.8
|
25.7
|
-
|
|
|
|
|
|
|
|
|
Construction
|
2.1
|
5.8
|
5.1
|
4.4
|
7.0
|
|
Industry
Non-Performing Loans ( MYR Million )
|
4,149.8
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
|
%
of Industry Non-Performing Loans
|
12.2
|
9.9
|
10.7
|
10.2
|
-
|
|
|
|
|
|
|
|
|
Services
|
7.3
|
2.6
|
6.5
|
6.4
|
6.5
|
|
Electric,
Gas & Water
|
5.0
|
0.4
|
8.5
|
5.6
|
4.8
|
|
Transport,
Storage & Communication
|
7.8
|
1.6
|
7.7
|
6.5
|
7.3
|
|
Wholesale,
Retail, Hotel & Restaurant
|
10.0
|
2.8
|
4.7
|
5.2
|
6.9
|
|
Finance,
Insurance & Real Estate
|
9.2
|
3.8
|
6.1
|
6.3
|
6.5
|
|
Government
Services
|
8.6
|
2.0
|
6.7
|
7.6
|
5.6
|
|
Other
Services
|
5.9
|
4.4
|
4.2
|
5.4
|
5.7
|
|
Industry
Non-Performing Loans ( MYR Million )
|
8,281.4
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
|
%
of Industry Non-Performing Loans
|
24.3
|
20.2
|
25.7
|
23.4
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Estimate / Preliminary
|
|
|
|
|
|
|
**
Forecast
|
|
|
|
|
|
|
#
Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY ANALYSIS
|
MSIC
CODE
|
|
51591
: Wholesale of industrial and agricultural machinery and equipment and
wholesale of construction and civil engineering machinery and equipment
|
|
|
|
|
INDUSTRY
:
|
MACHINERY
|
|
|
|
|
|
|
Malaysia
is presently the leading manufacturer of automation machinery and equipment
(M&E) for the electrical and electronics (E&E) industry in the ASEAN
region with a total of 22 companies in production. The machinery and
equipment industry has expanded and produce a diverse range of machinery
which give importance to the overall industrial development of the country,
due to its cross cutting linkages with all industrial sectors.
|
|
Malaysia
implemented Industrial Master Plan 3 (IMP3, 2006-2020), which the machinery
and equipment industry has been established as one of the key areas for
growth and development. The implementation focused on the manufacture of
high value-added and high technology machinery and equipment (M&E).
Under this plan, M&E will positioned Malaysia as the regional
production hub for high technology and specialized M&E in the ASEAN
region for 2012.
|
|
Furthemore for the year 2012, Malaysia
is the largest manufacturing hub of boilers in the Southeast
Asia region. The exports are mainly directed to the
neighboring countries such as Indonesia,
Philippines, Thailand and Cambodia.
|
|
For enhance the machinery and equipment (M&E), the government has
introduced two major tax incentives for companies investing in the
manufacturing sector where the pioneer status and the investment tax
allowance. The tax incentives would remain to be a competitive industry
within ASEAN.
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : Marginal Growth
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
Incorporated in 2005, the SC is a Private Limited company, focusing on
trading of refractory materials. Having been in business for 7 years, the SC
has established a remarkable clientele base for itself which has
contributed to its business growth. Having strong support from its holding
company has enabled the SC to remain competitive despite the challenging
business environment.
|
|
Over the years, the SC has penetrated into both the local and overseas
market. The SC has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the SC to further
enhance its business in the near term. Being a small company, the SC's
business operation is supported by 5 employees. Overall, we regard that the
SC's management capability is average. This indicates that the SC has
greater potential to improve its business performance and raising income
for the SC.
|
|
As at year ended 2011, the Group has reported total turnover and pre-tax
profit of MYR 20,484,953 and MYR 1,701,880 respectively. The Group has
generated a favourable return based on its existing shareholders' funds
which indicated that the management was efficient in utilising its funds to
generate income. The Group is in good liquidity position with its current
liabilities well covered by it current assets. Hence, it has sufficient
working capital to meet its short term financial obligations. Besides, being
a zero geared company, the Group virtually has no financial risk as it is
mainly dependent on its internal funds to finance its business. Given a
positive net worth standing at MYR 1,660,342, the Group should be able to
maintain its business in the near terms.
|
|
Having a strong assets backing, the SC possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. Investigation revealed that the SC's supplies
are 100% sourced from overseas countries. As an imported oriented company,
its forex exposure is high. The SC faces foreign currency fluctuation which
may affect its overall operating costs.
|
|
The poor payment habit may affect the goodwill between the SC and its
suppliers and the SC may inadvertently have to pay more for its future
supplies.
|
|
The industry has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the SC's future performance is very much depend
on its marketing strategies in order to retain its position in the market.
|
|
Based on the above condition, we recommend credit be granted to the SC
promptly.
|
|
PROFIT AND LOSS ACCOUNT
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS)
|
|
HOGANAS
BJUF ASIA PACIFIC SDN BHD
|
|
Financial
Year End
|
31/12/2011
|
31/12/2010
|
31/12/2009
|
31/12/2008
|
31/12/2007
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated
Account
|
GROUP
|
Company
|
Company
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial
Type
|
FULL
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
20,484,953
|
22,161,196
|
21,519,415
|
25,337,118
|
26,501,342
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total
Turnover
|
20,484,953
|
22,161,196
|
21,519,415
|
25,337,118
|
26,501,342
|
|
Costs
of Goods Sold
|
<14,081,444>
|
<17,114,381>
|
<15,194,028>
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross
Profit
|
6,403,509
|
5,046,815
|
6,325,387
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
1,701,880
|
1,839,245
|
3,204,317
|
3,516,889
|
4,478,447
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
1,701,880
|
1,839,245
|
3,204,317
|
3,516,889
|
4,478,447
|
|
Taxation
|
<422,676>
|
<566,073>
|
<752,300>
|
<1,053,224>
|
<1,269,064>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
1,279,204
|
1,273,172
|
2,452,017
|
2,463,665
|
3,209,383
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As
previously reported
|
1,431,138
|
3,007,966
|
3,055,949
|
3,592,281
|
382,898
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As
restated
|
1,431,138
|
3,007,966
|
3,055,949
|
3,592,281
|
382,898
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
2,710,342
|
4,281,138
|
5,507,966
|
6,055,946
|
3,592,281
|
|
DIVIDENDS
- Ordinary (paid & proposed)
|
<1,400,000>
|
<2,850,000>
|
<2,500,000>
|
<2,999,997>
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
1,310,342
|
1,431,138
|
3,007,966
|
3,055,949
|
3,592,281
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Others
|
17,960
|
28,942
|
30,577
|
49,998
|
30,476
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
17,960
|
28,942
|
30,577
|
49,998
|
30,476
|
|
HOGANAS
BJUF ASIA PACIFIC SDN BHD
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
|
FIXED
ASSETS
|
240,814
|
255,653
|
107,767
|
121,483
|
95,506
|
|
|
|
|
|
|
|
|
INTANGIBLE
ASSETS
|
|
|
|
|
|
|
Goodwill
on consolidation
|
-
|
-
|
77,398
|
193,495
|
309,591
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
INTANGIBLE ASSETS
|
-
|
-
|
77,398
|
193,495
|
309,591
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
LONG TERM ASSETS
|
240,814
|
255,653
|
185,165
|
314,978
|
405,097
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
Stocks
|
172,500
|
-
|
-
|
16,583
|
136,443
|
|
Trade
debtors
|
207,073
|
4,463,536
|
502,970
|
2,869,489
|
4,113,829
|
|
Other
debtors, deposits & prepayments
|
56,279
|
28,291
|
57,626
|
24,497
|
75,816
|
|
Amount
due from holding company
|
2,760,400
|
1,858,500
|
2,209,500
|
2,196,000
|
2,174,850
|
|
Cash
& bank balances
|
4,710,386
|
1,954,451
|
8,660,082
|
5,783,485
|
5,360,716
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
CURRENT ASSETS
|
7,906,638
|
8,304,778
|
11,430,178
|
10,890,054
|
11,861,654
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
ASSET
|
8,147,452
|
8,560,431
|
11,615,343
|
11,205,032
|
12,266,751
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Trade
creditors
|
5,310,051
|
4,546,490
|
6,616,569
|
4,385,176
|
5,556,163
|
|
Other
creditors & accruals
|
99,110
|
320,804
|
124,551
|
322,460
|
300,680
|
|
Amounts
owing to holding company
|
1,043,093
|
1,733,526
|
1,147,801
|
2,470,399
|
1,703,938
|
|
Provision
for taxation
|
34,856
|
178,473
|
368,456
|
621,048
|
763,689
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
CURRENT LIABILITIES
|
6,487,110
|
6,779,293
|
8,257,377
|
7,799,083
|
8,324,470
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET
CURRENT ASSETS/(LIABILITIES)
|
1,419,528
|
1,525,485
|
3,172,801
|
3,090,971
|
3,537,184
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
NET ASSETS
|
1,660,342
|
1,781,138
|
3,357,966
|
3,405,949
|
3,942,281
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE
CAPITAL
|
|
|
|
|
|
|
Ordinary
share capital
|
350,000
|
350,000
|
350,000
|
350,000
|
350,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
SHARE CAPITAL
|
350,000
|
350,000
|
350,000
|
350,000
|
350,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Retained
profit/(loss) carried forward
|
1,310,342
|
1,431,138
|
3,007,966
|
3,055,949
|
3,592,281
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
RESERVES
|
1,310,342
|
1,431,138
|
3,007,966
|
3,055,949
|
3,592,281
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
1,660,342
|
1,781,138
|
3,357,966
|
3,405,949
|
3,942,281
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
1,660,342
|
1,781,138
|
3,357,966
|
3,405,949
|
3,942,281
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
HOGANAS
BJUF ASIA PACIFIC SDN BHD
|
|
TYPES
OF FUNDS
|
|
|
|
|
|
|
Cash
|
4,710,386
|
1,954,451
|
8,660,082
|
5,783,485
|
5,360,716
|
|
Net
Liquid Funds
|
4,710,386
|
1,954,451
|
8,660,082
|
5,783,485
|
5,360,716
|
|
Net
Liquid Assets
|
1,247,028
|
1,525,485
|
3,172,801
|
3,074,388
|
3,400,741
|
|
Net
Current Assets/(Liabilities)
|
1,419,528
|
1,525,485
|
3,172,801
|
3,090,971
|
3,537,184
|
|
Net
Tangible Assets
|
1,660,342
|
1,781,138
|
3,280,568
|
3,212,454
|
3,632,690
|
|
Net
Monetary Assets
|
1,247,028
|
1,525,485
|
3,172,801
|
3,074,388
|
3,400,741
|
|
BALANCE
SHEET ITEMS
|
|
|
|
|
|
|
Total
Borrowings
|
0
|
0
|
0
|
0
|
0
|
|
Total
Liabilities
|
6,487,110
|
6,779,293
|
8,257,377
|
7,799,083
|
8,324,470
|
|
Total
Assets
|
8,147,452
|
8,560,431
|
11,615,343
|
11,205,032
|
12,266,751
|
|
Net
Assets
|
1,660,342
|
1,781,138
|
3,357,966
|
3,405,949
|
3,942,281
|
|
Net
Assets Backing
|
1,660,342
|
1,781,138
|
3,357,966
|
3,405,949
|
3,942,281
|
|
Shareholders'
Funds
|
1,660,342
|
1,781,138
|
3,357,966
|
3,405,949
|
3,942,281
|
|
Total
Share Capital
|
350,000
|
350,000
|
350,000
|
350,000
|
350,000
|
|
Total
Reserves
|
1,310,342
|
1,431,138
|
3,007,966
|
3,055,949
|
3,592,281
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
|
Cash
Ratio
|
0.73
|
0.29
|
1.05
|
0.74
|
0.64
|
|
Liquid
Ratio
|
1.19
|
1.23
|
1.38
|
1.39
|
1.41
|
|
Current
Ratio
|
1.22
|
1.23
|
1.38
|
1.40
|
1.42
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock
Ratio
|
3
|
0
|
0
|
0
|
2
|
|
Debtors
Ratio
|
4
|
74
|
9
|
41
|
57
|
|
Creditors
Ratio
|
138
|
97
|
159
|
63
|
77
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
|
Gearing
Ratio
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Liabilities
Ratio
|
3.91
|
3.81
|
2.46
|
2.29
|
2.11
|
|
Times
Interest Earned Ratio
|
95.76
|
64.55
|
105.80
|
71.34
|
147.95
|
|
Assets
Backing Ratio
|
4.74
|
5.09
|
9.37
|
9.18
|
10.38
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
|
Operating
Profit Margin
|
8.31
|
8.30
|
14.89
|
13.88
|
16.90
|
|
Net
Profit Margin
|
6.24
|
5.75
|
11.39
|
9.72
|
12.11
|
|
Return
On Net Assets
|
103.58
|
104.89
|
96.33
|
104.73
|
114.37
|
|
Return
On Capital Employed
|
103.58
|
104.89
|
94.16
|
99.10
|
106.05
|
|
Return
On Shareholders' Funds/Equity
|
77.04
|
71.48
|
73.02
|
72.33
|
81.41
|
|
Dividend
Pay Out Ratio (Times)
|
1.09
|
2.24
|
1.02
|
1.22
|
0.00
|
|
NOTES
TO ACCOUNTS
|
|
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
0
|
0
|
|