|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
16859-M
|
|
COMPANY NAME
|
:
|
SAN MIGUEL YAMAMURA PACKAGING &
PRINTING SDN. BHD.
|
|
FORMER NAME
|
:
|
SAN MIGUEL PACKAGING & PRINTING SDN BHD (12/09/2008)
GUOLENE PACKAGING & PRINTING SDN BHD (31/05/2005)
FEDERAL PACKAGING & PRINTING SDN BHD (07/07/1992)
NAM HIN PAPER PRODUCTS SDN BHD (20/11/1985)
|
|
INCORPORATION DATE
|
:
|
20/12/1973
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
50-8-1, WISMA UOA DAMANSARA, 50,JALAN
DUNGUN,DAMANSARA HEIGHTS,8TH FLOOR, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 5078 & 5079, JALAN JENJAROM
28/39, SEKSYEN 28, 40000 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-51916588
|
|
FAX.NO.
|
:
|
03-51916614
|
|
WEB SITE
|
:
|
WWW.SANMIGUEL.COM
|
|
CONTACT PERSON
|
:
|
TONY MEN CHA CHA
( GENERAL MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
17020
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING OF FLEXIBLE PACKAGING
MATERIALS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 50,000,000.00 DIVIDED INTO
ORDINARY SHARE 50,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 33,300,000.00 DIVIDED INTO
ORDINARY SHARES 27,700,002 CASH AND 5,599,998 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 74,281,000 [2011]
|
|
NET WORTH
|
:
|
MYR 53,240,000 [2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
250 [2013]
|
|
BANKER (S)
|
:
|
|
HONG LEONG BANK BHD
MALAYAN BANKING BHD
STANDARD CHARTERED BANK MALAYSIA BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
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) manufacturing of flexible packaging materials.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the SC is
SAN MIGUEL YAMAMURA PACKAGING INTERNATIONAL LIMITED, a company incorporated
in HONG KONG.
The ultimate holding company of the SC is
SAN MIGUEL CORPORATION, a company incorporated in PHILIPPINES.
The major
shareholder(s) of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
SAN MIGUEL YAMAMURA PACKAGING
INTERNATIONAL LIMITED
|
9F, CITIMARK BUILDING, 28 YUEN SHUN
CIRCUIT, SIU LEK YUEN,SHATIN, N.T, HONG KONG.
|
XLZ00213792
|
33,300,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
33,300,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. CHUA BOON POCK
|
|
Address
|
:
|
155, JALAN BANGAU, TAMAN BEKELEY, 41140
KLANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
631108-10-5279
|
|
Date of Birth
|
:
|
08/11/1963
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
20/12/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
FERDINAND ACOBA TUMPALAN
|
|
Address
|
:
|
1,CAMELLA DRIVE, CAMELLA2, ALABANG,
MUNTINLUPA, PHILIPPINES.
|
|
IC / PP No
|
:
|
XX1953922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
FILIPINO
|
|
Date of Appointment
|
:
|
28/01/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
RAMON SEE ANG
|
|
Address
|
:
|
40, SAN MIGUEL AVENUE, MANDALUYONG CITY,
PHILIPPINES.
|
|
IC / PP No
|
:
|
XX4227006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
FILIPINO
|
|
Date of Appointment
|
:
|
28/01/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MS. FONG LEE SIANG
|
|
Address
|
:
|
39, JALAN WAWASAN 2/2, PUSAT BANDAR PUCHONG,
47100 PUCHONG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
630228-05-5304
|
|
Date of Birth
|
:
|
28/02/1963
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
14/03/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MOTOKAZU HIRAIWA
|
|
Address
|
:
|
43C-SOUTH PACIFIC PLAZA TOWER
CONDOMINIUM, THE BONIFACIO GLOBAL CITY, TAGUIG, MANILA, PHILIPPINES.
|
|
IC / PP No
|
:
|
TG3090258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of Appointment
|
:
|
05/06/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
TONY MEN CHA CHA
|
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
FONG LEE SIANG
|
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
DAVID GAN
|
|
|
Position
|
:
|
SALES MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
PUSHPA
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
MURALI
|
|
|
Position
|
:
|
PRODUCTION MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG
|
|
Auditor' Address
|
:
|
KPMG TOWER, 8 FIRST AVENUE, BANDAR UTAMA,
LEVEL 10, 47800 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. LEW OY FOONG
|
|
|
|
|
|
|
|
New IC No
|
:
|
701230-10-6436
|
|
|
Address
|
:
|
17, JALAN SL7/12, BANDAR SUNGAI LONG, 11 1/4
MILES JALAN CHERAS, 43000 KAJANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
HONG LEONG BANK BHD
|
|
|
|
|
|
|
2)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
3)
|
Name
|
:
|
STANDARD CHARTERED BANK MALAYSIA 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
|
:
|
YES
|
|
|
Overseas
|
:
|
YES
|
|
|
Import Countries
|
:
|
EUROPE,INDONESIA
|
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
|
Percentage
|
:
|
80%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
20%
|
|
Export Market
|
:
|
SINGAPORE
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
FOOD MANUFACTURERS,ELECTRICAL & ELECTRONIC
INDUSTRIES,PHARMACEUTICAL INDUSTRIES,PLASTIC MANUFACTURER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
FLEXIBLE PACKAGING MATERIALS
|
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM)
SMALL & MEDIUM ENTERPRISE
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Factory Size
|
:
|
LOT 5078 (90,912 SQ FT) & LOT
5079(142,112 SQ FT)
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
250
|
250
|
220
|
200
|
200
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing of flexible
packaging materials.
We were informed that the SC's Converting Division is involved in the
printing and lamination of flexible packaging material for the food
industries.
The SC's production lines cater for both fluted and folding cartons
conversion and finishing.
We were informed that the SC's factory is equipped with both automated and
semi-automated machineries.
The SC's converting division is located in Shah Alam
and its Duplex division was located at Batu Caves.
PROJECTS
No projects found in our databank
CURRENT
INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
0351916588
|
|
Current Telephone Number
|
:
|
03-51916588
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 5078 & 5079, JALAN JENJAROM
28/39, SEKSYEN 28,40000,SHAH ALAM,SELANGOR.
|
|
Current Address
|
:
|
LOT 5078 & 5079, JALAN JENJAROM 28/39,
SEKSYEN 28, 40000 SHAH ALAM, SELANGOR, 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
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2007 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2007 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
9.07%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
10.70%
|
]
|
|
|
|
|
|
|
|
|
|
|
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. The unfavourable
return on shareholders' funds could indicate that the SC was inefficient in
utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
46 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
91 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
36 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks.
The SC's debtors ratio was high. The SC should tighten its credit control
and improve its collection period. The SC had a favourable
creditors' ratio as evidenced by its favourable
collection days. The SC could be taking advantage of the cash discounts and
also wanting to maintain goodwill with its creditors.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
2.49 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
3.11 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be
maintained by the SC in order to assure its creditors of its ability to meet
short term obligations and the SC was in a good liquidity position. Thus,
we believe the SC is able to meet all its short term obligations as and
when they fall due.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Favourable
|
[
|
72.73 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the SC was
able to service the interest. The favourable
interest cover could indicate that the SC was making enough profit to pay
for the interest accrued. The SC had no gearing and hence it had virtually
no financial risk. The SC was financed by its shareholders' funds and
internally generated fund. During the economic downturn, the SC, having a
zero gearing, will be able to compete better than those which are highly
geared in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Generally, the SC's performance has improved
with higher 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. With the favourable interest cover,
the SC could be able to service all the accrued interest without facing any
difficulties. The SC was a zero gearing company, it was solely dependant on
its shareholders to provide funds to finance its business. The SC has good
chance of getting loans, if the needs arises.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC :
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
|
|
17020 : Manufacture of corrugated paper
and paperboard and of containers of paper and paperboard
|
|
|
|
|
INDUSTRY :
|
MANUFACTURING
|
|
|
|
|
|
|
The manufacturing sector is expected to be driven by higher value-added
activities in Malaysia.The GDP growth for first
quarter 2012 indicating manufacturing maintain its growth of 4.5%, similar
to year 2011.Malaysia recorded a 12% jump in approved investments in the
manufacturing sector in the first quarter of 2012 compared with the
corresponding period 2011. According to Federation of Malaysian
Manufacturers (FMM), manufacturing sector expected to improve in the third
quarter 2012 despite concerns over external developments and the rising
cost of production.
|
|
The rubber products sub-sector is expected to remain resilient supported by
continuous improvements in medical and healthcare standards in emerging
markets as well as demand from niche markets such as the oil and gas sector
for rubber hoses. Malaysia rubber exports are forecast to grow at 10%, at
the end of 2012 driven by global demand for medical gloves as well as
rubber tyres and tubes.Rubber
glove exports make up 70 % of total rubber shipments in Malaysia due to
hospitals and clinics place more intrest on
rising health and hygiene awareness.
|
|
The Malaysia government has growth target of 6.5% for wood based furniture
where estimated to reach up to RM53 billion by year 2020.The government
providing pioneer status for tax exemption and investment tax allowance for
this industry as a boost up step towards produce good quality product and
to meet the world demand.
|
|
Chemical production are expected to show 6.2% in year 2012 and 7.5 % in year
2013 inline with Malaysia as one of the largest contributor in world
Chemicals & Chemical industries.
|
|
According to Malaysian Iron and Steel Industry Federation, first half of
2012 would remain weak for the local steel industry due to eurozone crisis, slowdown in China's economy and less
robust construction activities in the developed countries. At first quarter
2012, the average local steel price is trading atRM2,300 per tonne compared with the average international price of
US$740 (RM2,331) per tonne.
|
|
According to the Department of Statistics, Malaysia during the first
quarter 2012, the manufacturing output increased due to activities in major
sub-sectors such as petroleum, chemical, rubber and plastic products (10.5
%), and non-metallic mineral products, basic metal and fabricated metal
products (3.9 %). Meanwhile, it's also announced that the manufacturing
sector's sales grew by 10 % in May 2012 to record RM52.5 billion compared
with RM47.7 billion in May 2011. The Industrial Production Index (IPI )
increased 7.6 % in May (2012) due to increases in manufacturing (6.5 %).
|
|
Tax and non-tax incentives provided by goverment
encourage manufacturers to move up the value chain of manufacturing
industry. The new growth initiatives by goverment
in the manufacturing sector such as solar and medial services can be
important drivers of growth apart from helping to diversify the
manufacturing base and contributing to the resilience of the sector.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1973, the SC is a Private Limited company, focusing on
manufacturing of flexible packaging materials. 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 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 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 250 staff in its 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.
|
|
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. 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.
Being a zero geared company, the SC virtually has no financial risk as it
is mainly dependent on its internal funds to finance its business. Given a
positive net worth standing at MYR 53,240,000, 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.
|
|
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 promptly.
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
|
|
SAN MIGUEL YAMAMURA PACKAGING & PRINTING SDN. BHD.
|
|
Financial Year End
|
31/12/2011
|
31/12/2010
|
31/12/2009
|
31/12/2008
|
31/12/2007
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean
Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
74,281,000
|
71,355,000
|
67,300,000
|
84,242,000
|
106,458,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
74,281,000
|
71,355,000
|
67,300,000
|
84,242,000
|
106,458,000
|
|
Costs of Goods Sold
|
<66,407,000>
|
<62,852,000>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
7,874,000
|
8,503,000
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
5,667,000
|
3,019,000
|
6,841,000
|
382,000
|
1,985,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
5,667,000
|
3,019,000
|
6,841,000
|
382,000
|
1,985,000
|
|
Taxation
|
<840,000>
|
<232,000>
|
<1,092,000>
|
1,392,000
|
<199,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
4,827,000
|
2,787,000
|
5,749,000
|
1,774,000
|
1,786,000
|
|
Pre-acquisition profit/(loss)
|
-
|
-
|
<3,997,000>
|
<889,000>
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
4,827,000
|
2,787,000
|
1,752,000
|
885,000
|
1,786,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO
SHAREHOLDERS
|
4,827,000
|
2,787,000
|
1,752,000
|
885,000
|
1,786,000
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
16,043,000
|
16,761,000
|
15,009,000
|
14,919,000
|
13,133,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
16,043,000
|
16,761,000
|
15,009,000
|
14,919,000
|
13,133,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
20,870,000
|
19,548,000
|
16,761,000
|
15,804,000
|
14,919,000
|
|
DIVIDENDS - Ordinary (paid &
proposed)
|
<930,000>
|
<3,505,000>
|
-
|
<795,000>
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
19,940,000
|
16,043,000
|
16,761,000
|
15,009,000
|
14,919,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to
P&L)
|
|
|
|
|
|
|
Bank overdraft
|
-
|
-
|
-
|
-
|
14,000
|
|
Term loan / Borrowing
|
-
|
-
|
-
|
-
|
4,000
|
|
Others
|
79,000
|
73,000
|
75,000
|
139,000
|
272,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
79,000
|
73,000
|
75,000
|
139,000
|
290,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
BALANCE
SHEET
|
SAN MIGUEL YAMAMURA PACKAGING & PRINTING SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
15,830,000
|
18,455,000
|
21,067,000
|
17,469,000
|
19,299,000
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Deferred assets
|
1,100,000
|
1,463,000
|
1,619,000
|
2,700,000
|
724,000
|
|
Others
|
5,050,000
|
-
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
6,150,000
|
1,463,000
|
1,619,000
|
2,700,000
|
724,000
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
21,980,000
|
19,918,000
|
22,686,000
|
20,169,000
|
20,023,000
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
9,345,000
|
8,616,000
|
7,279,000
|
12,932,000
|
15,385,000
|
|
Trade debtors
|
18,620,000
|
15,791,000
|
15,968,000
|
24,353,000
|
32,108,000
|
|
Other debtors, deposits & prepayments
|
3,082,000
|
4,097,000
|
4,174,000
|
1,057,000
|
2,069,000
|
|
Short term loan to financial institutions
|
9,800,000
|
10,800,000
|
-
|
-
|
-
|
|
Amount due from related companies
|
-
|
121,000
|
101,000
|
831,000
|
-
|
|
Cash & bank balances
|
5,909,000
|
3,045,000
|
15,124,000
|
6,942,000
|
3,575,000
|
|
Others
|
-
|
383,000
|
317,000
|
-
|
199,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
46,756,000
|
42,853,000
|
42,963,000
|
46,115,000
|
53,336,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
68,736,000
|
62,771,000
|
65,649,000
|
66,284,000
|
73,359,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
6,500,000
|
6,278,000
|
6,459,000
|
7,421,000
|
12,639,000
|
|
Other creditors & accruals
|
3,462,000
|
2,017,000
|
3,511,000
|
2,085,000
|
1,824,000
|
|
Bank overdraft
|
-
|
-
|
-
|
318,000
|
302,000
|
|
Bill & acceptances payable
|
-
|
-
|
-
|
-
|
2,657,000
|
|
Amounts owing to related companies
|
4,933,000
|
4,716,000
|
5,238,000
|
6,072,000
|
6,809,000
|
|
Provision for taxation
|
143,000
|
-
|
-
|
-
|
-
|
|
Dividends payable/proposed
|
-
|
-
|
-
|
795,000
|
-
|
|
Other liabilities
|
-
|
-
|
-
|
261,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
15,038,000
|
13,011,000
|
15,208,000
|
16,952,000
|
24,231,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
31,718,000
|
29,842,000
|
27,755,000
|
29,163,000
|
29,105,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
53,698,000
|
49,760,000
|
50,441,000
|
49,332,000
|
49,128,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
33,300,000
|
33,300,000
|
33,300,000
|
33,300,000
|
33,300,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
33,300,000
|
33,300,000
|
33,300,000
|
33,300,000
|
33,300,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
19,940,000
|
16,043,000
|
16,761,000
|
15,009,000
|
14,919,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
19,940,000
|
16,043,000
|
16,761,000
|
15,009,000
|
14,919,000
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
53,240,000
|
49,343,000
|
50,061,000
|
48,309,000
|
48,219,000
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Retirement benefits provision
|
-
|
-
|
380,000
|
1,023,000
|
909,000
|
|
Others
|
458,000
|
417,000
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
458,000
|
417,000
|
380,000
|
1,023,000
|
909,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
53,698,000
|
49,760,000
|
50,441,000
|
49,332,000
|
49,128,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
SAN MIGUEL YAMAMURA PACKAGING & PRINTING SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
5,909,000
|
3,045,000
|
15,124,000
|
6,942,000
|
3,575,000
|
|
Net Liquid Funds
|
5,909,000
|
3,045,000
|
15,124,000
|
6,624,000
|
3,273,000
|
|
Net Liquid Assets
|
22,373,000
|
21,226,000
|
20,476,000
|
16,231,000
|
13,720,000
|
|
Net Current Assets/(Liabilities)
|
31,718,000
|
29,842,000
|
27,755,000
|
29,163,000
|
29,105,000
|
|
Net Tangible Assets
|
53,698,000
|
49,760,000
|
50,441,000
|
49,332,000
|
49,128,000
|
|
Net Monetary Assets
|
21,915,000
|
20,809,000
|
20,096,000
|
15,208,000
|
12,811,000
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
0
|
318,000
|
302,000
|
|
Total Liabilities
|
15,496,000
|
13,428,000
|
15,588,000
|
17,975,000
|
25,140,000
|
|
Total Assets
|
68,736,000
|
62,771,000
|
65,649,000
|
66,284,000
|
73,359,000
|
|
Net Assets
|
53,698,000
|
49,760,000
|
50,441,000
|
49,332,000
|
49,128,000
|
|
Net Assets Backing
|
53,240,000
|
49,343,000
|
50,061,000
|
48,309,000
|
48,219,000
|
|
Shareholders' Funds
|
53,240,000
|
49,343,000
|
50,061,000
|
48,309,000
|
48,219,000
|
|
Total Share Capital
|
33,300,000
|
33,300,000
|
33,300,000
|
33,300,000
|
33,300,000
|
|
Total Reserves
|
19,940,000
|
16,043,000
|
16,761,000
|
15,009,000
|
14,919,000
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.39
|
0.23
|
0.99
|
0.41
|
0.15
|
|
Liquid Ratio
|
2.49
|
2.63
|
2.35
|
1.96
|
1.57
|
|
Current Ratio
|
3.11
|
3.29
|
2.83
|
2.72
|
2.20
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
46
|
44
|
39
|
56
|
53
|
|
Debtors Ratio
|
91
|
81
|
87
|
106
|
110
|
|
Creditors Ratio
|
36
|
36
|
35
|
32
|
43
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
0.00
|
0.01
|
0.01
|
|
Liabilities Ratio
|
0.29
|
0.27
|
0.31
|
0.37
|
0.52
|
|
Times Interest Earned Ratio
|
72.73
|
42.36
|
92.21
|
3.75
|
7.84
|
|
Assets Backing Ratio
|
1.61
|
1.49
|
1.51
|
1.48
|
1.48
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
7.63
|
4.23
|
10.16
|
0.45
|
1.86
|
|
Net Profit Margin
|
6.50
|
3.91
|
2.60
|
1.05
|
1.68
|
|
Return On Net Assets
|
10.70
|
6.21
|
13.71
|
1.06
|
4.63
|
|
Return On Capital Employed
|
10.70
|
6.21
|
13.71
|
1.05
|
4.60
|
|
Return On Shareholders' Funds/Equity
|
9.07
|
5.65
|
3.50
|
1.83
|
3.70
|
|
Dividend Pay Out Ratio (Times)
|
0.19
|
1.26
|
0.00
|
0.90
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
0
|
|