|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
543453-K
|
|
COMPANY NAME
|
:
|
KILANG SPROCKET S.A. SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
30/03/2001
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
2440 LORONG PERUSAHAAN 10, PERAI
INDUSTRIAL ESTATE, 13600 PRAI, PULAU PINANG, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
2440, LORONG PERUSAHAAN 10,PRAI INDUSTRIAL
ESTATE, 13600 PRAI, PULAU PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-3999515
|
|
FAX.NO.
|
:
|
04-3977515
|
|
EMAIL
|
:
|
kssa@kilangsprocket.com
|
|
WEB SITE
|
:
|
www.kilangsprocket.com
|
|
CONTACT PERSON
|
:
|
LEE THIAN CHAI ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
29300
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURER, ASSEMBLER, DEALER IN
SPOCKET & ACCESSORIES FOR MOTOR VEHICLE
|
|
AUTHORISED CAPITAL
|
:
|
MYR 5,000,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 2,500,000.00 DIVIDED INTO
ORDINARY SHARES 2,500,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 65,668,670 [2011]
|
|
NET WORTH
|
:
|
MYR 21,098,215 [2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
350 [2013]
|
|
BANKER (S)
|
:
|
|
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD
RHB BANK BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MATURE
|
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) manufacturer, assembler, dealer in spocket & accessories for
motor vehicle.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The major
shareholder(s) of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
KILANG RANTAI S.A. SDN BHD.
|
NO. 2440, LORONG PERUSAHAAN 10, PERAI
INDUSTRIAL ESTATE, 13600 PRAI, PULAU PINANG, MALAYSIA.
|
118880
|
1,275,000.00
|
51.00
|
|
MR. LEE THIAN CHAI +
|
11A LEBUH KURAU 11, TMN. CHAI LENG, 13700
PRAI, MALAYSIA.
|
601004-01-6151
|
1,000,000.00
|
40.00
|
|
MR. LEE THIAM HOCK
|
|
730313-01-5823
|
75,000.00
|
3.00
|
|
MR. LEE THIAM HUAT
|
93 JLN MAHARANI, 84000 MUAR, JOHOR,
MALAYSIA.
|
671228-01-6007
|
75,000.00
|
3.00
|
|
MR. LEE TIAM CHUAN
|
|
660905-01-5367
|
75,000.00
|
3.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
2,500,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
TAN TJIE THENG
|
|
Address
|
:
|
J1,PETOLONGAN 20, SEMARANG, INDONESIA.
|
|
IC / PP No
|
:
|
R025670
|
|
|
|
|
|
Date of Birth
|
:
|
24/04/1953
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
12/04/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
AGUS HARTONO
|
|
Address
|
:
|
JALAN KERTAJAYA INDAH, BLOK F 11/2, NO.
214, SURABAYA, INDONESIA.
|
|
IC / PP No
|
:
|
V829888
|
|
|
|
|
|
Date of Birth
|
:
|
19/08/1956
|
|
|
|
|
|
Nationality
|
:
|
INDONESIAN
|
|
Date of Appointment
|
:
|
20/03/2003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MS. LEE G SU MEI
|
|
Address
|
:
|
NO.11-A,LEBUH KURAU 11, TMN CHAI LENG,
13700 PRAI, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
620525-71-5234
|
|
Date of Birth
|
:
|
25/05/1962
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
01/07/2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. ARSHAD BIN MD.ISA
|
|
Address
|
:
|
161,PENKALAN BANGOR, 13200 KEPALA BATAS,
SEBERANG PRAI, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
510428-07-5231
|
|
Date of Birth
|
:
|
28/04/1951
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
20/03/2003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MR. LEE THIAN CHAI
|
|
Address
|
:
|
11A LEBUH KURAU 11, TMN. CHAI LENG, 13700
PRAI, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
601004-01-6151
|
|
Date of Birth
|
:
|
04/10/1960
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
02/04/2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
LEE THIAN CHAI
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
GRANT THORNTON
|
|
Auditor' Address
|
:
|
51-8-A,MENARA BHL BANK, JALAN SULTAN AHMAD
SHAH,10050, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. CHEE WAI HONG
|
|
|
|
|
|
|
|
New IC No
|
:
|
731009-07-5391
|
|
|
Address
|
:
|
18-07-02 SCOTLAND VILLAS, MEDAN LUMBA KUDA,
10450 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. FOO LI LING
|
|
|
IC / PP No
|
:
|
A1728204
|
|
|
New IC No
|
:
|
701111-07-5286
|
|
|
Address
|
:
|
67, JALAN BUNGA ANGGERIK 2, DATARAN UKAY,
68000 AMPANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE
BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with
above mentioned banker(s). The SC has bank charges with above mentioned
banker(s).
|
ENCUMBRANCE
(S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
22/08/2002
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM2,400,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE
BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 1 In The Register
of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
04/09/2002
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM853,200.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
RHB BANK BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 2 In The Register
of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
02/10/2003
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM1,081,600.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
RHB BANK BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 3 In The Register
of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
10/01/2005
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM1,063,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
RHB BANK BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 4 In The Register
of Charges
|
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
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
SPOCKET & ACCESSORIES FOR MOTOR
VEHICLE
|
|
|
|
|
|
|
Competitor(s)
|
:
|
DRB-HICOM BERHAD
HARTMANN MALAYSIA SDN BHD
LUCASVARITY (M) SDN BHD
PEPS - JV (M) SDN BHD
PERODUA ENGINE MANUFACTURING SDN BHD
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2013
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
350
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturer, assembler,
dealer in spocket & accessories for motor vehicle.
The core business of the SC is the manufacturing of motorcycle sprocket and
bicycle sprocket.
The SC has established itself as a leader and successful manufacturer in the
sprocket industry by supplying its products throughout whole Malaysia and
Overseas.
PROJECTS
No projects found in our databank
CURRENT
INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
04-3999515
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
2440, LORANG PERUSAHAAN 10, PERAI
INDUSTRIAL ESTATE 13600 PERAI,
|
|
Current Address
|
:
|
2440, LORONG PERUSAHAAN 10,PRAI
INDUSTRIAL ESTATE, 13600 PRAI, PULAU PINANG, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
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
|
[
|
36.94%
|
]
|
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
39.94%
|
]
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
1.59 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC was in good 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
|
[
|
1.05 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 :
STRONG
|
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
|
|
29300 : Manufacture of parts and
accessories for motor vehicles
|
|
|
|
|
INDUSTRY :
|
MOTOR VECHICLE
|
|
|
|
|
|
|
According to the Malaysian Automotive Association (MAA),the total industry
volume (TIV) for first half 2012 was 301,224 units against 297,203 of first
half 2011. This is an increase of 1.4% compared to first half 2012.The
implimentation of the Bank Negara's guidelines on responsible financing
practices from 1st January 2012 coused a slowdown in new vehicle purchase
in first quarter 2012. However the market faced growth since April 2012 due
to adjustment to the stricter requirements of the hire purchase loans
application process.
|
|
Sales of passenger vehicles in the first half 2012 decreaced by a very
small margin of 0.8% to 250,208 units compared to 252,200 units at the
first half 2011. The decreace caused by lower prodcution volume of the
passenger cars due to Thailands flood and distruction in Japanese supply
chain. Sales of comercial vehicles in the first half 2012 increased by
50.3% to 31 852 units compared to 21,199 units at the first half 2012.
|
|
The TIV for second half 2012 forcasted 615 000 units against 600 123 of
second half 2011. This is an increase of 2.5% compared to second half 2011.
Sales of passenger vehicles in the second half 2012 forcasted increase by
2.2% to 547 000 units compared to 535113 units at the second half 2011.
While sales of comercial vehicles in the second half 2012 forcasted to
increase by 4.6% to 68 000 units compared to 65 010 units at the second
half 2012.
|
|
Second half of 2012 could be challeging , where the world economy faces
significants challenges due to the eurozone crisis and expected to slow
down for the second half 2012 where would affect customer spending trend.
But the government incentives towards robust motor vechicle industry
expected to rose in the end of 2012 due to positif customer sentiment, the
introdution of new models of vechiles, a longer working month and the
extension of tax incentives for hybrids and electric vehicles to December
2013 under Budget 2012.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Mature
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 2001, the SC is a Private Limited company, focusing on
manufacturer, assembler, dealer in spocket & accessories for motor
vehicle. With its long establishment in the market, the SC has received strong
support from its stable customers base. Its business position in the market
is quite stable and it is expected to enjoy better market shares over its
rivals. 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. The SC is a fairly large and rapidly
growing company with over 350 staff in its operations The SC has a good
management capability.
|
|
Based on the higher profitability, the SC 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 SC
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. The SC has high liabilities ratio and it
may face financial difficulties if no additional capital is injected. Given
a positive net worth standing at MYR 21,098,215, the SC should be able to
maintain its business in the near terms.
|
|
The SC's supplier are from both the local and overseas countries. This will
eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials. Overall the SC
has a good control over its resources.
|
|
The industry has reached its optimum level and is generally stable. It is
saturated and very competitive. Thus, the SC's growth prospect is very much
depends on its capacity in sustaining its performance in the market.
However, with the SC's favourable conditions, it should have acquired
competitive edge from its competitors.
|
|
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)
|
|
KILANG SPROCKET S.A. SDN. BHD.
|
|
Financial Year End
|
31/12/2011
|
|
Months
|
12
|
|
Consolidated Account
|
Company
|
|
Audited Account
|
YES
|
|
Unqualified Auditor's Report (Clean
Opinion)
|
YES
|
|
Financial Type
|
SUMMARY
|
|
Currency
|
MYR
|
|
|
|
|
TURNOVER
|
65,668,670
|
|
|
----------------
|
|
Total Turnover
|
65,668,670
|
|
|
----------------
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
9,605,785
|
|
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
9,605,785
|
|
Taxation
|
<1,811,316>
|
|
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
7,794,469
|
|
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
As previously reported
|
10,803,746
|
|
|
----------------
|
|
As restated
|
10,803,746
|
|
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
18,598,215
|
|
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
18,598,215
|
|
|
=============
|
|
|
|
BALANCE
SHEET
|
KILANG SPROCKET S.A. SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
FIXED ASSETS
|
12,512,461
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
148,500
|
|
|
|
|
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
12,660,961
|
|
|
|
|
CURRENT ASSETS
|
|
|
TOTAL CURRENT ASSETS
|
30,678,725
|
|
|
----------------
|
|
TOTAL ASSET
|
43,339,686
|
|
|
=============
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
TOTAL CURRENT LIABILITIES
|
19,290,860
|
|
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
11,387,865
|
|
|
----------------
|
|
TOTAL NET ASSETS
|
24,048,826
|
|
|
=============
|
|
|
|
|
SHARE CAPITAL
|
|
|
Ordinary share capital
|
2,500,000
|
|
|
----------------
|
|
TOTAL SHARE CAPITAL
|
2,500,000
|
|
|
|
|
RESERVES
|
|
|
Retained profit/(loss) carried forward
|
18,598,215
|
|
|
----------------
|
|
TOTAL RESERVES
|
18,598,215
|
|
|
|
|
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
21,098,215
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
TOTAL LONG TERM LIABILITIES
|
2,950,611
|
|
|
----------------
|
|
|
24,048,826
|
|
|
=============
|
|
|
|
FINANCIAL
RATIO
|
KILANG SPROCKET S.A. SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
Net Liquid Assets
|
11,387,865
|
|
Net Current Assets/(Liabilities)
|
11,387,865
|
|
Net Tangible Assets
|
24,048,826
|
|
Net Monetary Assets
|
8,437,254
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
Total Liabilities
|
22,241,471
|
|
Total Assets
|
43,339,686
|
|
Net Assets
|
24,048,826
|
|
Net Assets Backing
|
21,098,215
|
|
Shareholders' Funds
|
21,098,215
|
|
Total Share Capital
|
2,500,000
|
|
Total Reserves
|
18,598,215
|
|
|
|
|
LIQUIDITY (Times)
|
|
|
Current Ratio
|
1.59
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
Liabilities Ratio
|
1.05
|
|
Assets Backing Ratio
|
9.62
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
Operating Profit Margin
|
14.63
|
|
Net Profit Margin
|
11.87
|
|
Return On Net Assets
|
39.94
|
|
Return On Capital Employed
|
39.94
|
|
Return On Shareholders' Funds/Equity
|
36.94
|
|
|
|
|