|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
194979-M
|
|
COMPANY NAME
|
:
|
CHAMPION PHOTOCHEMISTRY SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
15/03/1990
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
LEVEL 8, SYMPHONY HOUSE, BLOCK D13, PUSAT DAGANGAN DANA 1, JALAN PJU
1A/46, 47301 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 28B, MUKIM BATU INDUSTRIAL AREA, 6 1/2 MILES, JALAN KEPONG,
52000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-62572600
|
|
FAX.NO.
|
:
|
03-62572622
|
|
EMAIL
|
:
|
SVPLUS_ASIA@CHAMPIONPHOTOCHEMISTRY.COM
|
|
WEB SITE
|
:
|
WWW.CHAMPIONPHOTOCHEMISTRY.COM
|
|
CONTACT PERSON
|
:
|
ANDY TEOH ( GENERAL MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
26702
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURING
AND DISTRIBUTION OF PHOTOGRAPHIC EQUIPMENT AND RELATED PRODUCT
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
2,500,000.00 DIVIDED INTO
ORDINARY SHARE 2,500,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
2,500,000.00 DIVIDED INTO
ORDINARY SHARES 2 CASH AND 2,499,998 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 23,421,907 [2012]
|
|
NET WORTH
|
:
|
MYR 3,706,094 [2012]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
50 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE 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) anufacturing and
distribution of photographic equipment and related product.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is NATURECARE CORPORATION, a
company incorporated in BRITISH VIRGIN ISLAND.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
NATURECARE CORPORATION
|
P.O. BOX 659, INTERNATIONAL TRUST BUILDING, WICKHAMS CAY, ROAD TOWN,
TORTOLA BRITISH VIRGIN ISLANDS
|
XLZ000007172
|
2,500,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
2,500,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
|
CHINA
|
CHAMPION PHOTOCHEMISTRY TADING (SHANGHAI) CO. LTD
|
100.00
|
31/08/2011
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
PHILIP ABRAHAM CHIN
|
|
Address
|
:
|
NO.7 JALAN KELAB GOLF 13/7, GREEN VILLE, SEKSYEN 13, 40100 SHAH
ALAM, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
BA650920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CANADIAN
|
|
Date of Appointment
|
:
|
23/05/1991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
PETER NEWTON
|
|
Address
|
:
|
27,DONRIDGE DR.,TORONTO, ON M2P 1H3, CANADA.
|
|
IC / PP No
|
:
|
JK627093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CANADIAN
|
|
Date of Appointment
|
:
|
19/03/1990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. ANDY TEOH EAN LEE
|
|
Address
|
:
|
12, JALAN 14/41, 46100 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
660603-07-5903
|
|
Date of Birth
|
:
|
03/06/1966
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
09/06/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
PETER NEWTON
|
|
Address
|
:
|
27,DONRIDGE DR.,TORONTO, ON M2P 1H3, CANADA.
|
|
IC / PP No
|
:
|
WH019707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
19/03/1990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
ANDY TEOH
|
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
PHILIP ABRAHAM CHIN
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
JERRY ONG
|
|
|
Position
|
:
|
SALES MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
CHONG MENG
|
|
|
Position
|
:
|
SALES MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
ERNST & YOUNG
|
|
Auditor' Address
|
:
|
LEVEL 23A, MENARA MILENIUM, JALAN DAMANLELA,, PUSAT BANDAR
DAMANSARA, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. CHEN BEE LING
|
|
|
|
|
|
|
|
New IC No
|
:
|
740719-06-5256
|
|
|
Address
|
:
|
B-3-3A PANGSAPURI IMPIAN, OFF JALAN PIPIT, BANDAR PUCHONG JAYA,
47100 PUCHONG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. CHIN NGEOK MUI
|
|
|
|
|
|
|
|
New IC No
|
:
|
640423-10-7826
|
|
|
Address
|
:
|
3, JALAN IBU KOTA EMPAT, TAMAN IBU KOTA, GOMBAK, 53100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
|
ENCUMBRANCE
(S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
20/10/2011
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM2,500,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 8 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
23/06/1997
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
MYR6,011,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
|
BANK BUMIPUTRA MALAYSIA BERHAD
|
|
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 28/06/1997
|
|
Registered and Numbered 4 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
02/10/2002
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
MYR2,000,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
|
BUMIPUTRACOMMERCE BANK BERHAD
|
|
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 07/10/2002
|
|
Registered and Numbered 5 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
12/04/2004
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
MYR3,000,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
|
BUMIPUTRACOMMERCE BANK BERHAD
|
|
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 07/05/2004
|
|
Registered and Numbered 6 In The Register of Charges
|
ENCUMBRANCE 5
|
Date of Creation
|
:
|
10/09/2012
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 12/09/2012
|
|
Registered and Numbered 7 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
|
|
|
Import Countries
|
:
|
EUROPE,ASIA
|
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
|
[
|
X
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
CHINA
HONG KONG
JAPAN
KOREA
TAIWAN
NEW ZEALAND
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
DEALERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Brand Name
|
:
|
CHAMPION, PHOTOCHEMISTRY, DERALEX, FIXULAS, REDI-FIX, RUSSELL ,
MYDONEG , MYDOPRINT , NATURECARE MYDOCHROME 6, NOVOTAK , QUALITECH , GRAFIX
, RAPA, DERALEX ,FIXALUS ,G REDI-LITH , NOVOTECH , NOVOSPEED NPRIMAPRINT ,
REDI-SPEED, REDI-TECH , DEVALEX , NOVOLITH , FIXAPLUS
|
|
|
|
|
|
Competitor(s)
|
:
|
ACIDCHEM
INTERNATIONAL SDN BHD
CENTURY CHEMICAL WORKS SDN BHD
DAIREN CHEMICAL (M) SDN BHD
FLEXSYS CHEMICALS (M) SDN BHD
RAH HOLDINGS SDN BHD
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)
SMI ASSOCIATION OF MALAYSIA
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)
|
|
|
|
|
|
Ownership of premises
|
:
|
LEASED/RENTED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
COMPANY
|
50
|
50
|
50
|
50
|
50
|
50
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) anufacturing and
distribution of photographic equipment and related product.
The SC's products range includes as follows:
* Photography - Professional & Consumer
* X-Ray - Medical, Dental & Industrial
* Graphic Arts - Printing & Industrial
The SC is produces the picture perfect petrochemicals for:
* Minilabs, Studios, Prolabs,
* Newspapers, Magazines,
* Hospitals, Clinics and;
* Prepress applications.
We were informed that the SC has appointed authorized distributors throughout
America, Africa, Australia, Asia and Euroupean countries.
Besides that the SC is also has Research & Development Centre based in
Canada which equipped with state-of-the-art facilities.
In addition it also has subsiadiary company located in China which is
involved in trading of photographic solutions.
The SC utilises the most advanced, automated and semi-automated machineries
to ensure production of high quality products thus meeting customers' requirements.
PROJECTS
No projects found in our databank
CURRENT
INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
0362572600
|
|
Current Telephone Number
|
:
|
03-62572600
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 288 MUKIM BATU INDUSTRIAL AREA 6 1/2MILES JALAN KEPONG 52000
KUALA LUMPUR
|
|
Current Address
|
:
|
LOT 28B, MUKIM BATU INDUSTRIAL AREA, 6 1/2 MILES, JALAN KEPONG,
52000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC and she provided some information
on the SC.
The address provided is incorrect.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Decreased
|
[
|
2008 - 2012
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2008 - 2012
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
<0.72%>
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
1.50%
|
]
|
|
|
|
|
|
|
|
|
|
|
The continuous fall in turnover could be due to the lower demand for
the SC's products / services.The SC's profit fell sharply because of the
high operating costs incurred. The SC's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
1.52 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
|
[
|
1.59 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC has high liabilities ratio and it may face financial
difficulties if no additional capital is injected.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
The SC's performance deteriorated over the years with lower turnover
and profit. 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 : FAIR
|
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2009
|
2010
|
2011
|
2012*
|
2013**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
28.13
|
28.35
|
28.70
|
29.30
|
29.80
|
|
Gross Domestic Products ( % )
|
<0.5>
|
7.2
|
5.1
|
5.6
|
5.3
|
|
Domestic Demand ( % )
|
2.9
|
6.3
|
8.2
|
9.4
|
5.6
|
|
Private Expenditure ( % )
|
<2.7>
|
8.1
|
8.2
|
8.0
|
7.4
|
|
Consumption ( % )
|
0.7
|
6.7
|
7.1
|
1.0
|
5.7
|
|
Investment ( % )
|
<17.2>
|
17.7
|
12.2
|
11.7
|
13.3
|
|
Public Expenditure ( % )
|
5.2
|
3.8
|
8.4
|
13.3
|
1.2
|
|
Consumption ( % )
|
3.1
|
0.2
|
16.1
|
11.3
|
<1.2>
|
|
Investment ( % )
|
8.0
|
2.8
|
<0.3>
|
15.9
|
4.2
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
89,650
|
118,356
|
116,058
|
106,300
|
110,700
|
|
Government Finance ( MYR Million )
|
<28,450>
|
<40,482>
|
<45,511>
|
<42,297>
|
<39,993>
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<4.8>
|
<5.6>
|
<5.4>
|
<4.5>
|
<4.0>
|
|
Inflation ( % Change in Composite CPI)
|
<5.2>
|
5.1
|
3.1
|
1.6
|
2.5
|
|
Unemployment Rate
|
4.5
|
3.9
|
3.3
|
3.2
|
3.0
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
331
|
329
|
415
|
427
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
2.87
|
2.20
|
3.50
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
11.08
|
15.30
|
14.80
|
14.70
|
-
|
|
Average Base Lending Rate ( % )
|
5.53
|
6.30
|
6.60
|
6.53
|
-
|
|
Business Loans Disbursed( % )
|
10.5
|
14.7
|
15.3
|
32.2
|
-
|
|
Foreign Investment ( MYR Million )
|
22,156.8
|
22,517.9
|
23,546.1
|
26,230.4
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
41,578
|
44,148
|
45,455
|
45,441
|
-
|
|
Registration of New Companies ( % )
|
<0.1>
|
6.2
|
3.0
|
<0.0>
|
-
|
|
Liquidation of Companies ( No. )
|
39,075
|
25,585
|
132,476
|
-
|
-
|
|
Liquidation of Companies ( % )
|
39.6
|
<34.5>
|
417.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
312,581
|
271,414
|
284,598
|
324,761
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
19,345
|
19,738
|
20,121
|
-
|
-
|
|
Business Dissolved ( % )
|
2.4
|
2.0
|
1.9
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
486.3
|
543.6
|
535.1
|
552.2
|
-
|
|
Cellular Phone Subscribers ( Million )
|
30.1
|
32.8
|
35.3
|
38.5
|
-
|
|
Tourist Arrival ( Million Persons )
|
23.6
|
24.6
|
24.7
|
25.0
|
-
|
|
Hotel Occupancy Rate ( % )
|
58.0
|
63.0
|
60.6
|
62.4
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
12.8
|
14.1
|
15.6
|
12.6
|
-
|
|
Bad Cheque Offenders (No.)
|
36,667
|
33,568
|
32,627
|
26,982
|
-
|
|
Individual Bankruptcy ( No.)
|
16,228
|
18,119
|
19,167
|
19,575
|
-
|
|
Individual Bankruptcy ( % )
|
16.7
|
11.7
|
5.8
|
2.1
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2009
|
2010
|
2011
|
2012*
|
2013**
|
|
|
|
|
|
|
|
|
Agriculture
|
0.4
|
2.1
|
5.9
|
0.6
|
2.4
|
|
Palm Oil
|
<1.1>
|
<3.4>
|
10.8
|
<2.8>
|
-
|
|
Rubber
|
<19.8>
|
9.9
|
6.1
|
<0.6>
|
-
|
|
Forestry & Logging
|
<5.9>
|
<3.3>
|
<7.6>
|
<2.2>
|
-
|
|
Fishing
|
5.5
|
5.6
|
2.1
|
<0.7>
|
-
|
|
Other Agriculture
|
9.0
|
7.9
|
7.1
|
6.4
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
413.7
|
508.4
|
634.1
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
1.3
|
2.1
|
3.2
|
-
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<3.8>
|
0.2
|
<5.7>
|
1.5
|
2.7
|
|
Oil & Gas
|
2.1
|
0.5
|
<1.7>
|
-
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
44.2
|
49.7
|
46.5
|
-
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
-
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
<9.4>
|
11.4
|
4.7
|
4.2
|
4.9
|
|
Exported-oriented Industries
|
<19.0>
|
12.1
|
2.8
|
4.1
|
-
|
|
Electrical & Electronics
|
<30.3>
|
28.4
|
<4.9>
|
1.6
|
-
|
|
Rubber Products
|
<10.1>
|
25.3
|
15.4
|
3.6
|
-
|
|
Wood Products
|
<24.1>
|
20.1
|
<4.9>
|
4.6
|
-
|
|
Textiles & Apparel
|
<19.5>
|
<0.4>
|
14.8
|
<7.1>
|
-
|
|
Domestic-oriented Industries
|
<9.8>
|
16.3
|
6.5
|
8.6
|
-
|
|
Food, Beverages & Tobacco
|
0.2
|
3.0
|
4.2
|
-
|
-
|
|
Chemical & Chemical Products
|
<7.7>
|
16.2
|
5.5
|
9.9
|
-
|
|
Plastic Products
|
<9.1>
|
2.4
|
3.8
|
-
|
-
|
|
Iron & Steel
|
<32.7>
|
29.3
|
2.4
|
-
|
-
|
|
Fabricated Metal Products
|
<2.5>
|
14.9
|
25.2
|
-
|
-
|
|
Non-metallic Mineral
|
<15.5>
|
20.2
|
27.1
|
6.6
|
-
|
|
Transport Equipment
|
<13.5>
|
36.5
|
<10.4>
|
13.7
|
-
|
|
Paper & Paper Products
|
<5.0>
|
18.7
|
14.8
|
<7.8>
|
-
|
|
Crude Oil Refineries
|
0.2
|
<11.4>
|
9.3
|
-
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
18.3
|
23.8
|
25.7
|
-
|
-
|
|
|
|
|
|
|
|
|
Construction
|
5.8
|
5.1
|
4.4
|
15.5
|
11.2
|
|
Industry Non-Performing Loans ( MYR Million )
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
9.9
|
10.7
|
10.2
|
-
|
-
|
|
|
|
|
|
|
|
|
Services
|
2.6
|
6.5
|
6.4
|
5.5
|
5.6
|
|
Electric, Gas & Water
|
0.4
|
8.5
|
5.6
|
4.8
|
-
|
|
Transport, Storage & Communication
|
1.6
|
7.7
|
6.5
|
7.3
|
-
|
|
Wholesale, Retail, Hotel & Restaurant
|
2.8
|
4.7
|
5.2
|
6.9
|
-
|
|
Finance, Insurance & Real Estate
|
3.8
|
6.1
|
6.3
|
6.5
|
-
|
|
Government Services
|
2.0
|
6.7
|
7.6
|
5.6
|
-
|
|
Other Services
|
4.4
|
4.2
|
5.4
|
5.7
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
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
|
|
26702 : Manufacture of photographic 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. Exports of machinery and equipment registered a
double-digit growth of 12.6% in the frst seven month of 2012 mainly driven
by general industrial machinery and equipment as well as specialised
machinery for specific industries.
|
|
|
|
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 : Average Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1990, the SC is a Private Limited company, focusing on
anufacturing and distribution of photographic equipment and related
product. The SC has been in business for over two decades. It has built up
a strong clientele base and satisfactory reputation will enable the SC to
further enhance its business in the near term. The SC is expected to enjoy
a stable market shares. Having strong support from its holding company has
enabled the SC to remain competitive despite the challenging business
environment. The capital standing of the SC is fair. With an adequate share
capital, the SC has the potential of expanding its business in future.
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 operating on a medium
scale and it has approximately 50 employees in its business operations.
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.
The SC's business performance showed a reverse trend as both its turnover
and pre-tax profit have decreased compared to the previous year. 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 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 3,706,094, the SC should be able to maintain
its business in the near terms.
Without a strong assets backing, the SC may face difficulties in getting
loans for its future expansion and continued growth . 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.
Overall, the SC's payment habit is good as the SC has a good credit control
and it could be taking advantage of the cash discounts while maintaining a
good reputation with its creditors.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the SC is expected to benefit from the favourable
outlook of the industry.
Based on the above condition, we recommend credit be granted to the SC
normally.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
CHAMPION PHOTOCHEMISTRY
SDN. BHD.
|
|
Financial Year End
|
31/08/2012
|
31/08/2011
|
31/08/2010
|
31/08/2009
|
31/08/2008
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
GROUP
|
GROUP
|
GROUP
|
GROUP
|
GROUP
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
SUMMARY
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
23,421,907
|
26,081,324
|
32,221,351
|
22,098,203
|
26,300,160
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
23,421,907
|
26,081,324
|
32,221,351
|
22,098,203
|
26,300,160
|
|
Costs of Goods Sold
|
-
|
<20,080,638>
|
<24,601,281>
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
-
|
6,000,686
|
7,620,070
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
55,842
|
663,410
|
1,548,868
|
3,751,533
|
5,101,839
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
55,842
|
663,410
|
1,548,868
|
3,751,533
|
5,101,839
|
|
Taxation
|
<82,358>
|
<308,893>
|
<341,922>
|
<956,167>
|
<1,177,209>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
<26,516>
|
354,517
|
1,206,946
|
2,795,366
|
3,924,630
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
1,178,514
|
2,323,997
|
1,117,051
|
1,171,685
|
2,547,055
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
1,178,514
|
2,323,997
|
1,117,051
|
1,171,685
|
2,547,055
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,151,998
|
2,678,514
|
2,323,997
|
3,967,051
|
6,471,685
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
-
|
<1,500,000>
|
-
|
<2,850,000>
|
<5,300,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
1,151,998
|
1,178,514
|
2,323,997
|
1,117,051
|
1,171,685
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Bank overdraft
|
-
|
13,718
|
7,776
|
9,772
|
6,938
|
|
Bankers' acceptance
|
-
|
60,628
|
51,566
|
-
|
-
|
|
Others
|
-
|
66,217
|
85,405
|
117,853
|
140,863
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
-
|
140,563
|
144,747
|
127,625
|
147,801
|
BALANCE
SHEET
|
CHAMPION
PHOTOCHEMISTRY SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
657,579
|
735,653
|
841,207
|
903,995
|
1,079,128
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Deferred assets
|
-
|
-
|
127,159
|
119,256
|
146,341
|
|
Others
|
-
|
-
|
-
|
1,760,500
|
1,696,500
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
-
|
-
|
127,159
|
1,879,756
|
1,842,841
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
657,579
|
735,653
|
968,366
|
2,783,751
|
2,921,969
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
-
|
2,679,410
|
3,500,800
|
3,661,264
|
3,173,792
|
|
Trade debtors
|
-
|
2,274,121
|
3,869,600
|
744,145
|
1,283,415
|
|
Other debtors, deposits & prepayments
|
-
|
993,356
|
1,053,542
|
352,901
|
240,609
|
|
Short term deposits
|
-
|
-
|
-
|
1,168,288
|
570,444
|
|
Cash & bank balances
|
-
|
2,464,877
|
1,871,731
|
892,957
|
1,317,652
|
|
Others
|
-
|
223,656
|
301,162
|
-
|
102,666
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
8,933,959
|
8,635,420
|
10,596,835
|
6,819,555
|
6,688,578
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
9,591,538
|
9,371,073
|
11,565,201
|
9,603,306
|
9,610,547
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
-
|
2,370,685
|
2,922,797
|
3,672,380
|
2,930,759
|
|
Other creditors & accruals
|
-
|
1,631,738
|
2,207,157
|
966,090
|
1,640,333
|
|
Bank overdraft
|
-
|
510,798
|
-
|
-
|
141,879
|
|
Other borrowings
|
-
|
-
|
-
|
99,000
|
217,000
|
|
Bill & acceptances payable
|
-
|
1,117,000
|
1,604,000
|
1,060,000
|
556,000
|
|
Amounts owing to holding company
|
-
|
-
|
-
|
-
|
101,032
|
|
Provision for taxation
|
-
|
-
|
-
|
87,999
|
288,666
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
5,867,663
|
5,630,221
|
6,733,954
|
5,885,469
|
5,875,669
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
3,066,296
|
3,005,199
|
3,862,881
|
934,086
|
812,909
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
3,723,875
|
3,740,852
|
4,831,247
|
3,717,837
|
3,734,878
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
2,500,000
|
2,500,000
|
2,500,000
|
2,500,000
|
2,500,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
2,500,000
|
2,500,000
|
2,500,000
|
2,500,000
|
2,500,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Share premium
|
1,206,094
|
-
|
-
|
-
|
-
|
|
Exchange equalisation/fluctuation reserve
|
-
|
18,129
|
7,250
|
100,786
|
63,193
|
|
Retained profit/(loss) carried forward
|
-
|
1,178,514
|
2,323,997
|
1,117,051
|
1,171,685
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
1,206,094
|
1,196,643
|
2,331,247
|
1,217,837
|
1,234,878
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
3,706,094
|
3,696,643
|
4,831,247
|
3,717,837
|
3,734,878
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Deferred taxation
|
-
|
44,209
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
17,781
|
44,209
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
3,723,875
|
3,740,852
|
4,831,247
|
3,717,837
|
3,734,878
|
|
|
============
|
============
|
============
|
============
|
============
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
CHAMPION
PHOTOCHEMISTRY SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
-
|
2,464,877
|
1,871,731
|
2,061,245
|
1,888,096
|
|
Net Liquid Funds
|
-
|
1,954,079
|
1,871,731
|
2,061,245
|
1,746,217
|
|
Net Liquid Assets
|
3,066,296
|
325,789
|
362,081
|
<2,727,178>
|
<2,360,883>
|
|
Net Current Assets/(Liabilities)
|
3,066,296
|
3,005,199
|
3,862,881
|
934,086
|
812,909
|
|
Net Tangible Assets
|
3,723,875
|
3,740,852
|
4,831,247
|
3,717,837
|
3,734,878
|
|
Net Monetary Assets
|
3,048,515
|
281,580
|
362,081
|
<2,727,178>
|
<2,360,883>
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
-
|
510,798
|
0
|
99,000
|
358,879
|
|
Total Liabilities
|
5,885,444
|
5,674,430
|
6,733,954
|
5,885,469
|
5,875,669
|
|
Total Assets
|
9,591,538
|
9,371,073
|
11,565,201
|
9,603,306
|
9,610,547
|
|
Net Assets
|
3,723,875
|
3,740,852
|
4,831,247
|
3,717,837
|
3,734,878
|
|
Net Assets Backing
|
3,706,094
|
3,696,643
|
4,831,247
|
3,717,837
|
3,734,878
|
|
Shareholders' Funds
|
3,706,094
|
3,696,643
|
4,831,247
|
3,717,837
|
3,734,878
|
|
Total Share Capital
|
2,500,000
|
2,500,000
|
2,500,000
|
2,500,000
|
2,500,000
|
|
Total Reserves
|
1,206,094
|
1,196,643
|
2,331,247
|
1,217,837
|
1,234,878
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
-
|
0.44
|
0.28
|
0.35
|
0.32
|
|
Liquid Ratio
|
-
|
1.06
|
1.05
|
0.54
|
0.60
|
|
Current Ratio
|
1.52
|
1.53
|
1.57
|
1.16
|
1.14
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
-
|
37
|
40
|
60
|
44
|
|
Debtors Ratio
|
-
|
32
|
44
|
12
|
18
|
|
Creditors Ratio
|
-
|
43
|
43
|
61
|
41
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
-
|
0.14
|
0.00
|
0.03
|
0.10
|
|
Liabilities Ratio
|
1.59
|
1.54
|
1.39
|
1.58
|
1.57
|
|
Times Interest Earned Ratio
|
-
|
5.72
|
11.70
|
30.39
|
35.52
|
|
Assets Backing Ratio
|
1.49
|
1.50
|
1.93
|
1.49
|
1.49
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
0.24
|
2.54
|
4.81
|
16.98
|
19.40
|
|
Net Profit Margin
|
<0.11>
|
1.36
|
3.75
|
12.65
|
14.92
|
|
Return On Net Assets
|
1.50
|
21.49
|
35.06
|
104.34
|
140.56
|
|
Return On Capital Employed
|
1.50
|
18.91
|
35.06
|
104.34
|
135.41
|
|
Return On Shareholders' Funds/Equity
|
<0.72>
|
9.59
|
24.98
|
75.19
|
105.08
|
|
Dividend Pay Out Ratio (Times)
|
-
|
4.23
|
0.00
|
1.02
|
1.35
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
-
|
0
|
0
|
0
|
0
|
|
|
|