|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
367312-K
|
|
COMPANY NAME
|
:
|
HEIDELBERG MALAYSIA SDN BHD
|
|
FORMER NAME
|
:
|
DIAMOND RETURNS SDN BHD (01/12/1998)
|
|
INCORPORATION DATE
|
:
|
15/11/1995
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
1A, JALAN 205, OFF JALAN TANDANG, 46050 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
NO 1A, JALAN 205, 46050 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-79533288
|
|
FAX.NO.
|
:
|
03-79533299
|
|
WEB SITE
|
:
|
www.my.heidelberg.com
|
|
CONTACT PERSON
|
:
|
BENT SERRITSLEV ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
51520
|
|
PRINCIPAL ACTIVITY
|
:
|
SALE OF PRINTING MACHINES
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
10,000,000.00 DIVIDED INTO
ORDINARY SHARE 10,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
10,000,000.00 DIVIDED INTO
ORDINARY SHARES 10,000,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 137,626,167 [2011]
|
|
NET WORTH
|
:
|
MYR 3,297,650 [2011]
|
|
M1000 OVERALL RANKING
|
:
|
939[2004]
|
|
M1000 INDUSTRY RANKING
|
:
|
27[2004]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
150 [2012]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
HIGH
|
|
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) sale of printing machines.
The SC is not
listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the SC's ranking are as
follows:
|
|
|
|
|
|
|
YEAR
|
2004
|
|
|
|
OVERALL RANKING
|
939
|
|
|
|
INDUSTRY RANKING
|
27
|
|
|
The ultimate
holding company of the SC is HEIDELBERGER DRUCKMASCHINEN AKTIENGESELLSCHAFT,
a company incorporated in GERMANY.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
HEIDELBERGER DRUCKMASCHINEN AKTIENGESELLSCHAFT
|
|
000015716
|
10,000,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
10,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR.RAYMOND HOR FOOK WENG
|
|
Address
|
:
|
27, JALAN BU 7/5, BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
A0944139
|
|
New IC No
|
:
|
680429-06-5029
|
|
Date of Birth
|
:
|
29/04/1968
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
30/11/2000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
BENT SERRITSLEV
|
|
Address
|
:
|
12, JALAN TR 9/7, TROPICANA GOLF RESORT, 47410 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
P204195240
|
|
|
|
|
|
Date of Birth
|
:
|
20/07/1960
|
|
|
|
|
|
Nationality
|
:
|
GERMAN
|
|
Date of Appointment
|
:
|
08/06/2000
|
|
Remark
|
:
|
OLD PP: 100221088 & 100229992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of Subject
|
:
|
BENT SERRITSLEV
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
RAYMOND HOR FOOK WENG
|
|
|
Position
|
:
|
FINANCE DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS
|
|
Auditor' Address
|
:
|
LEVEL 15, 1 SENTRAL, JALAN TRAVERS,K.L. CENTRAL, P.O.BOX 10192,
50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. SEE SIEW CHENG
|
|
|
IC / PP No
|
:
|
A0735809
|
|
|
New IC No
|
:
|
670505-10-5880
|
|
|
Address
|
:
|
17, JALAN ARA SD 7/4G, BANDAR SRI DAMANSARA, 52200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. LEONG SHIAK WAN
|
|
|
IC / PP No
|
:
|
A1393261
|
|
|
New IC No
|
:
|
691117-10-5486
|
|
|
Address
|
:
|
207, BLOCK E, PARADESA TROPICA, 7, PERSIARAN MERANTI PJU 9, BANDAR
SRI DAMANSARA, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING 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.
LEGAL CHECK AGAINST SC
* 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
|
:
|
EUROPE
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES, LETTER OF CREIDT (LC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
PRINTING MACHINES
|
|
|
|
|
|
Competitor(s)
|
:
|
DATA
COLLECTION SYSTEMS (M) SDN BHD
FERROSTAAL EQUIPMENT SOLUTIONS SDN BHD
GALAXY COMMUNICATION & OFFICE AUTOMATION SDN BHD
LYRECO OFFICE SUPPLIES (MALAYSIA) SDN BHD
SATO AUTO-ID MALAYSIA SDN BHD
|
|
|
|
|
|
Ownership of premises
|
:
|
LEASED/RENTED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2012
|
2011
|
2010
|
2009
|
2008
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
150
|
150
|
150
|
153
|
159
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) sale of printing
machines.
The SC is principally engaged in trading of printing equipments, spare parts
and its related accessories.
Heidelberg is the market and technology leader in sheetfed offset printing
The SC has three branches located in Johore, Sarawak and Penang.
The SC's sells the products mainly to the print media industry.
The SC is also involved in providing after sales maintenance services.
The SC's products are sold under the brand name "Heidelberg".
PROJECTS
No projects found in our databank
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA)database,
but no latest development was noted in our investigation.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-79533288
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
NO 1A, JALAN 205,46050,PETALING JAYA,SELANGOR.
|
|
Current Address
|
:
|
NO 1A, JALAN 205, 46050 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the Accounts Department. She provided some
information on the SC.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
<33.65%>
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
<33.65%>
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's unfavourable returns on shareholders' funds indicate the
management's inefficiency in utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Current Ratio
|
:
|
Acceptable
|
[
|
1.04 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC has an adequate liquidity position with its current
liabilities well covered by its current assets. With its net current
assets, the SC should be able to repay its short term obligations.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Liability Ratio
|
:
|
Unfavourable
|
[
|
19.74 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC has high liabilities ratio and it may face financial
difficulties if no additional capital is injected.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. The SC's
liabilities level was high and its going concern will be in doubt if there
is no injection of additional shareholders' funds in times of economic
downturn and / or high interest rates.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : POOR
|
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
|
|
51520 : Wholesale of office machinery and business equipment e.g.
cash register
|
|
|
|
|
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 1995, the SC is a Private Limited company, focusing on sale
of printing machines. With its long establishment in the market, the SC has
received strong support from its stable customers base. Having strong
support from its holding company has enabled the SC to remain competitive
despite the challenging business environment. The SC is a large entity with
strong capital position.
|
|
Investigation revealed that the SC concentrates only on the local market.
This narrow market segment has placed the SC at high business risk and
limits its business expansion opportunities. Any adverse changes to the
local economy might have a negative impact on the SC's business
performance. The SC is a fairly large company with over 150 staff in its
operations. Overall, we regard that the SC's management capability is
average.
|
|
In year 2011, the SC has recorded a turnover of MYR 137,626,167 and it has
suffered pre-tax losses of MYR 1,109,495. The SC has generated an
unfavourable return on shareholders' funds indicating that the management
was inefficient in utilising its funds to generate return. The SC has high
liabilities ratio and it may face financial difficulties if no additional
capital is injected. However, the SC managed to maintain an adequate
liquidity level, indicating that the SC has the ability to meet its
financial obligations. Unfortunately, the SC may face difficulties in
maintaining its business in near term with a small net worth of MYR
3,297,650.
|
|
Without a strong assets backing, the SC may face difficulties in getting
loans for its future expansion and continued growth. 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 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.
|
|
In view of its poor financial performance, we only recommend credit be
proceeded to the SC with guarantee.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
HEIDELBERG
MALAYSIA SDN BHD
|
|
Financial Year End
|
31/03/2011
|
|
Months
|
12
|
|
Consolidated Account
|
Company
|
|
Audited Account
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
|
Financial Type
|
SUMMARY
|
|
Currency
|
MYR
|
|
|
|
|
TURNOVER
|
137,626,167
|
|
|
----------------
|
|
Total Turnover
|
137,626,167
|
|
|
----------------
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
<1,109,495>
|
|
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
<1,109,495>
|
|
Taxation
|
0
|
|
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
<1,109,495>
|
|
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
As previously reported
|
<5,592,855>
|
|
|
----------------
|
|
As restated
|
<5,592,855>
|
|
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
<6,702,350>
|
|
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
<6,702,350>
|
|
|
=============
|
|
|
|
BALANCE SHEET
|
HEIDELBERG
MALAYSIA SDN BHD
|
|
ASSETS EMPLOYED:
|
|
|
FIXED ASSETS
|
528,799
|
|
|
|
|
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
528,799
|
|
|
|
|
CURRENT ASSETS
|
|
|
TOTAL CURRENT ASSETS
|
67,878,904
|
|
|
----------------
|
|
TOTAL ASSET
|
68,407,703
|
|
|
=============
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
TOTAL CURRENT LIABILITIES
|
65,110,053
|
|
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
2,768,851
|
|
|
----------------
|
|
TOTAL NET ASSETS
|
3,297,650
|
|
|
=============
|
|
|
|
|
SHARE CAPITAL
|
|
|
Ordinary share capital
|
10,000,000
|
|
|
----------------
|
|
TOTAL SHARE CAPITAL
|
10,000,000
|
|
|
|
|
RESERVES
|
|
|
Retained profit/(loss) carried forward
|
<6,702,350>
|
|
|
----------------
|
|
TOTAL RESERVES
|
<6,702,350>
|
|
|
|
|
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
3,297,650
|
|
|
|
|
|
----------------
|
|
|
3,297,650
|
|
|
=============
|
|
|
|
FINANCIAL RATIO
|
HEIDELBERG
MALAYSIA SDN BHD
|
|
TYPES OF FUNDS
|
|
|
Net Liquid Assets
|
2,768,851
|
|
Net Current Assets/(Liabilities)
|
2,768,851
|
|
Net Tangible Assets
|
3,297,650
|
|
Net Monetary Assets
|
2,768,851
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
Total Liabilities
|
65,110,053
|
|
Total Assets
|
68,407,703
|
|
Net Assets
|
3,297,650
|
|
Net Assets Backing
|
3,297,650
|
|
Shareholders' Funds
|
3,297,650
|
|
Total Share Capital
|
10,000,000
|
|
Total Reserves
|
<6,702,350>
|
|
|
|
|
LIQUIDITY (Times)
|
|
|
Current Ratio
|
1.04
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
Liabilities Ratio
|
19.74
|
|
Assets Backing Ratio
|
0.33
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
Operating Profit Margin
|
<0.81>
|
|
Net Profit Margin
|
<0.81>
|
|
Return On Net Assets
|
<33.65>
|
|
Return On Capital Employed
|
<33.65>
|
|
Return On Shareholders' Funds/Equity
|
<33.65>
|
|
|
|
|