|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
747539-K
|
|
COMPANY NAME
|
:
|
HALLIBURTON MANUFACTURING & TECHNOLOGY (M) SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
15/09/2006
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
SUITE 10.01 & 10.02, LEVEL 10, G TOWER, 199, JALAN TUN RAZAK,
50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
22, JALAN PERSIARAN TEKNOLOGI, TAMAN TEKNOLOGI JOHOR, 81400 SENAI,
JOHOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
07-5974322
|
|
FAX.NO.
|
:
|
07-5989729
|
|
WEB SITE
|
:
|
WWW.HALLIBURTON.COM
|
|
CONTACT PERSON
|
:
|
JUSTIN HALLL ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
28290
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING WELL COMPLETION EQUIPMENT FOR OIL AND GAS INDUSTRY
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
70,000,000.00 DIVIDED INTO
ORDINARY SHARE 70,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
10,000,002.00 DIVIDED INTO
ORDINARY SHARES 10,000,002 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 296,965,032 [2011]
|
|
NET WORTH
|
:
|
MYR 13,423,314 [2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
120 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
N/A
|
|
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) manufacturing well
completion equipment for oil and gas industry.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is HALLIBURTON ENERGY SERVICES
INC, a company incorporated in UNITED STATES.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
HALLIBURTON ENERGY SERVICES INC
|
1209, ORANGE STREET, WILMINGTON, DELAWARE, 19801, UNITED STATES.
|
XLZ00210577
|
10,000,002.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
10,000,002.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
JILL DENISE SHARP
|
|
Address
|
:
|
NO. 3, JALAN SERENE KIARA 5, SERENE KIARA, 50480 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
209123855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
16/08/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. RAMANRAO BIN ABDULLAH
|
|
Address
|
:
|
34, JALAN SETIA MURNI 4, BUKIT DAMANSARA, 50490 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
630827-05-5015
|
|
Date of Birth
|
:
|
27/08/1963
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
03/01/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
HALL, JUSTIN JOSIAH
|
|
Address
|
:
|
NO. 6, AMBANG 1, THE GATEWAY, HORIZON HILLS, 79100 NUSAJAYA, JOHOR, MALAYSIA.
|
|
IC / PP No
|
:
|
135175015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
30/11/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MS. TAN EE LYNN
|
|
Address
|
:
|
68 LORONG 21, JALAN STAMPIN, 93350 KUCHING, SARAWAK, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
751222-10-5500
|
|
Date of Birth
|
:
|
22/12/1975
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
01/03/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
JUSTIN HALLL
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
TAN EE LYNN
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG
|
|
Auditor' Address
|
:
|
KPMG TOWER, 8 FIRST AVENUE, BANDAR UTAMA, LEVEL 10, 47800 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. LIM POH SENG
|
|
|
|
|
|
|
|
New IC No
|
:
|
710228-10-5519
|
|
|
Address
|
:
|
NO 22, JALAN SS 3/22, 47300 PETALING JAYA, SELANGOR, 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)
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
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
OIL & GAS EQUIPMENT AND TOOLS
|
|
|
|
|
|
|
Competitor(s)
|
:
|
AE AUTOMOTION
(M) SDN BHD
GENETEC TECHNOLOGY BHD
JUTASAMA SDN BHD
MUEHLBAUER TECHNOLOGIES SDN BHD
SIME DARBY JOY INDUSTRIES SDN BHD
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Factory Size
|
:
|
210,000 SQUARE FEET
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
2010
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
120
|
120
|
120
|
191
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing well
completion equipment for oil and gas industry.
The SC is under Halliburton Group of Copmanies and it acts as manufacturing
center for the completion tools and cementing product service lines.
The SC's key products are including float equipment, sliding side doors,
permanent packers and retrievable packers.
Besides that the SC utilizes advanced automated and semi-automated
machineries to ensure production of high quality products.
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
3 9206 688
|
|
Current Telephone Number
|
:
|
07-5974322
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Address Provided by Client
|
:
|
NO.22,JALAN PERSIANRAN, TEKNOLOGI,TAMAN TEKNOLOGI JOHOR,
81400 SENAI JOHOR,
|
|
Current Address
|
:
|
22, JALAN PERSIARAN TEKNOLOGI, TAMAN TEKNOLOGI JOHOR, 81400 SENAI,
JOHOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from SC and she provide some information on SC.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2008 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2008 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
142.24%
|
]
|
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
173.92%
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years.The higher
profit could be attributed to the increase in turnover. 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
|
:
|
Unfavourable
|
[
|
0.61 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
Due to its weak liquidity position, the SC will be faced with
problems in meeting all its short term obligations if no short term loan is
obtained or additional capital injected into the SC.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Liability Ratio
|
:
|
Unfavourable
|
[
|
21.95 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC has high liabilities ratio and it may face financial
difficulties if no additional capital is injected.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Generally, the SC's performance has improved with higher turnover
and profit. Due to its weak liquidity position, the SC will be faced with problems
in meeting all its short term obligations if no short term loan is obtained
or additional capital injected into the SC. 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
|
|
28290 : Manufacture of other special-purpose machinery n.e.c.
|
|
|
|
|
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 2006, the SC is a Private Limited company, focusing on
manufacturing of well completion equipment for oil and gas industry. 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. The SC is a large entity with
strong capital position. We are confident with the SC's business and its
future growth prospect.
Over the years, the SC has established an extensive clientele base in the
market. Besides catering to the local market, the SC has penetrated into
other countries. With the contribution of both local and overseas
customers, the SC is likely to be exposed to lower commercial risk. Hence,
we believe that the SC has better business expansion opportunities in the
future. The SC is a fairly large and rapidly growing company with over 120
staff in its operations. Overall, we regard that the SC's management
capability is average.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. 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. However, due to its weak liquidity
position, the SC may face working capital deficiency in meeting its short
term financial obligations if no fresh capital are injected into the SC.
The SC has high liabilities ratio and it may face financial difficulties if
no additional capital is injected. Nevertheless, given a positive net worth
standing at MYR 13,423,314, 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 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)
|
|
HALLIBURTON
MANUFACTURING & TECHNOLOGY (M) SDN. BHD.
|
|
Financial Year End
|
31/12/2011
|
31/12/2010
|
31/12/2009
|
31/12/2008
|
|
Months
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
SUMMARY
|
FULL
|
FULL
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
TURNOVER
|
296,965,032
|
175,101,697
|
147,810,183
|
40,940,549
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
296,965,032
|
175,101,697
|
147,810,183
|
40,940,549
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
38,077,038
|
14,760,425
|
<8,001,662>
|
<26,942,909>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
38,077,038
|
14,760,425
|
<8,001,662>
|
<26,942,909>
|
|
Taxation
|
<18,984,219>
|
10,298,975
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
19,092,819
|
25,059,400
|
<8,001,662>
|
<26,942,909>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
As previously reported
|
<15,980,486>
|
<41,039,886>
|
<33,038,224>
|
<6,095,315>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
<15,980,486>
|
<41,039,886>
|
<33,038,224>
|
<6,095,315>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
3,112,333
|
<15,980,486>
|
<41,039,886>
|
<33,038,224>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
3,112,333
|
<15,980,486>
|
<41,039,886>
|
<33,038,224>
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
Others
|
-
|
4,196,843
|
5,378,482
|
-
|
|
|
----------------
|
----------------
|
----------------
|
|
|
|
-
|
4,196,843
|
5,378,482
|
|
BALANCE SHEET
|
HALLIBURTON
MANUFACTURING & TECHNOLOGY (M) SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
FIXED ASSETS
|
132,228,155
|
136,066,610
|
155,949,942
|
166,672,592
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
Deferred assets
|
-
|
10,850,604
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
-
|
10,850,604
|
-
|
-
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
132,228,155
|
146,917,214
|
155,949,942
|
166,672,592
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
Stocks
|
-
|
47,186,630
|
29,287,166
|
-
|
|
Trade debtors
|
-
|
12,063,398
|
4,491,583
|
-
|
|
Other debtors, deposits & prepayments
|
-
|
109,226
|
170,814
|
-
|
|
Amount due from holding company
|
-
|
4,340,279
|
2,336,431
|
-
|
|
Amount due from related companies
|
-
|
49,481,580
|
31,438,547
|
-
|
|
Cash & bank balances
|
-
|
3,318,661
|
6,467,285
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
175,792,040
|
116,499,774
|
74,191,826
|
65,655,321
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
308,020,195
|
263,416,988
|
230,141,768
|
232,327,913
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
-
|
12,895,453
|
7,359,949
|
-
|
|
Other creditors & accruals
|
-
|
1,753,528
|
2,364,248
|
-
|
|
Amounts owing to holding company
|
-
|
36,965,675
|
12,657,260
|
-
|
|
Amounts owing to related companies
|
-
|
218,066,934
|
241,243,121
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
286,127,162
|
269,681,590
|
263,624,578
|
255,366,135
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
<110,335,122>
|
<153,181,816>
|
<189,432,752>
|
<189,710,814>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
21,893,033
|
<6,264,602>
|
<33,482,810>
|
<23,038,222>
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
10,000,002
|
10,000,002
|
10,000,002
|
10,000,002
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
10,000,002
|
10,000,002
|
10,000,002
|
10,000,002
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
3,112,333
|
<15,980,486>
|
<41,039,886>
|
<33,038,224>
|
|
Others
|
310,979
|
<284,118>
|
<2,442,926>
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
3,423,312
|
<16,264,604>
|
<43,482,812>
|
<33,038,224>
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
13,423,314
|
<6,264,602>
|
<33,482,810>
|
<23,038,222>
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
TOTAL LONG TERM LIABILITIES
|
8,469,719
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
21,893,033
|
<6,264,602>
|
<33,482,810>
|
<23,038,222>
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL RATIO
|
HALLIBURTON
MANUFACTURING & TECHNOLOGY (M) SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
-
|
3,318,661
|
6,467,285
|
-
|
|
Net Liquid Funds
|
-
|
3,318,661
|
6,467,285
|
-
|
|
Net Liquid Assets
|
<110,335,122>
|
<200,368,446>
|
<218,719,918>
|
<189,710,814>
|
|
Net Current Assets/(Liabilities)
|
<110,335,122>
|
<153,181,816>
|
<189,432,752>
|
<189,710,814>
|
|
Net Tangible Assets
|
21,893,033
|
<6,264,602>
|
<33,482,810>
|
<23,038,222>
|
|
Net Monetary Assets
|
<118,804,841>
|
<200,368,446>
|
<218,719,918>
|
<189,710,814>
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
-
|
0
|
0
|
-
|
|
Total Liabilities
|
294,596,881
|
269,681,590
|
263,624,578
|
255,366,135
|
|
Total Assets
|
308,020,195
|
263,416,988
|
230,141,768
|
232,327,913
|
|
Net Assets
|
21,893,033
|
<6,264,602>
|
<33,482,810>
|
<23,038,222>
|
|
Net Assets Backing
|
13,423,314
|
<6,264,602>
|
<33,482,810>
|
<23,038,222>
|
|
Shareholders' Funds
|
13,423,314
|
<6,264,602>
|
<33,482,810>
|
<23,038,222>
|
|
Total Share Capital
|
10,000,002
|
10,000,002
|
10,000,002
|
10,000,002
|
|
Total Reserves
|
3,423,312
|
<16,264,604>
|
<43,482,812>
|
<33,038,224>
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
Cash Ratio
|
-
|
0.01
|
0.02
|
-
|
|
Liquid Ratio
|
-
|
0.26
|
0.17
|
-
|
|
Current Ratio
|
0.61
|
0.43
|
0.28
|
0.26
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
-
|
98
|
72
|
-
|
|
Debtors Ratio
|
-
|
25
|
11
|
-
|
|
Creditors Ratio
|
-
|
27
|
18
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
-
|
0.00
|
0.00
|
-
|
|
Liabilities Ratio
|
21.95
|
<43.05>
|
<7.87>
|
<11.08>
|
|
Times Interest Earned Ratio
|
-
|
4.52
|
<0.49>
|
-
|
|
Assets Backing Ratio
|
2.19
|
<0.63>
|
<3.35>
|
<2.30>
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
12.82
|
8.43
|
<5.41>
|
<65.81>
|
|
Net Profit Margin
|
6.43
|
14.31
|
<5.41>
|
<65.81>
|
|
Return On Net Assets
|
173.92
|
<302.61>
|
7.83
|
116.95
|
|
Return On Capital Employed
|
173.92
|
<302.61>
|
7.83
|
116.95
|
|
Return On Shareholders' Funds/Equity
|
142.24
|
<400.02>
|
23.90
|
116.95
|
|
Dividend Pay Out Ratio (Times)
|
-
|
0.00
|
0.00
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
-
|
0
|
0
|
|
|