|
|
REGISTRATION NO.
|
:
|
548467-H
|
|
COMPANY NAME
|
:
|
ENTEX CARPET INDUSTRIES SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
23/05/2001
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
NO. 3-2, JALAN
METRO PERDANA TIMUR 1, TAMAN USAHAWAN KEPONG, 52100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
AL 59J,
KAMPUNG BARU SUNGAI BULOH, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-61562608
|
|
FAX.NO.
|
:
|
03-61572608
|
|
CONTACT PERSON
|
:
|
YEE LIANG KWANG ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
13930
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURER OF CARPET
|
|
AUTHORISED CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 300,000.00
DIVIDED INTO
ORDINARY SHARES 300,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 6,342,851 [2012]
|
|
NET WORTH
|
:
|
MYR 1,159,405 [2012]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
30 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
MYR 257,000 (USD 82,000)
|
|
|
The SC is a
private limited company and is allowed to have a minimum of one and a maximum
of forty-nine shareholders. As a private limited company, the SC must have at
least two directors. A private limited company is a separate legal entity
from its shareholders. As a separate legal entity, the SC is capable of
owning assets, entering into contracts, sue or be sued by other companies.
The liabilities of the shareholders are to the extent of the equity they have
taken up and the creditors cannot claim on shareholders' personal assets even
if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the
company must file its annual returns, together with its financial statements
with the Registrar of Companies.
The SC is
principally engaged in the (as a / as an) manufacturer of carpet.
The SC is not
listed on Bursa Malaysia (Malaysia Stock Exchange).
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
MR. YEE LIANG KWANG +
|
NO.11, LORONG SERI BANANG 10, TAMAN ANDALAS JAYA, 41200 KLANG,
SELANGOR, MALAYSIA.
|
591103-01-5879
|
180,000.00
|
60.00
|
|
MS. TEH BOH DING +
|
NO.11, LORONG SERI BANANG 10, TAMAN ANDALAS JAYA, 41200 KLANG,
SELANGOR, MALAYSIA.
|
630418-10-6352
|
90,000.00
|
30.00
|
|
MS. TEH POH KWAN
|
56, LORONG TIONG, OFF JALAN MERU, 41050 KLANG, SELANGOR, MALAYSIA.
|
690810-10-6546
|
30,000.00
|
10.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
300,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. TEH BOH DING
|
|
Address
|
:
|
NO.11, LORONG SERI BANANG 10, TAMAN ANDALAS JAYA, 41200 KLANG,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
630418-10-6352
|
|
Date of Birth
|
:
|
18/04/1963
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
23/05/2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. YEE LIANG KWANG
|
|
Address
|
:
|
NO.11, LORONG SERI BANANG 10, TAMAN ANDALAS JAYA, 41200 KLANG,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
591103-01-5879
|
|
Date of Birth
|
:
|
03/11/1959
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
23/05/2001
|
|
1)
|
Name of Subject
|
:
|
YEE LIANG KWANG
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
C.H.BOR & CO.
|
|
Auditor' Address
|
:
|
38D JALAN SS22/21, DAMANSARA JAYA, 47400 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
MS. LOW BEE LENG
|
|
|
|
|
|
|
|
New IC No
|
:
|
750508-14-5298
|
|
|
Address
|
:
|
NO 1408,JALAN 36, TAMAN KEPONG, 52100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
PUBLIC BANK BHD
|
|
|
|
|
|
|
|
|
|
|
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
1
|
18/08/2001
|
N/A
|
RLA POLYMERS PTY LIMITED
|
MYR 1.00
|
Satisfied
|
|
2
|
03/12/2007
|
N/A
|
PUBLIC BANK BHD
|
N/A
|
Satisfied
|
* 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.
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
The SC refused to disclose its suppliers.
CLIENTELE
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
95%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
5%
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
Products manufactured
|
:
|
|
|
|
|
|
|
Brand Name
|
:
|
DELMAITS,ENTEX
|
|
|
|
|
|
Competitor(s)
|
:
|
CARPETS INTERNATIONAL MALAYSIA MANUFACTURING SDN BHD
PARAGON CARPETMAKER SDN BHD
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)
|
|
|
|
|
|
Ownership of premises
|
:
|
LEASED/RENTED
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
2010
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
30
|
30
|
30
|
30
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturer of carpet.
The SC's products are mainly used in automotive industry, commercial and industrial
sectors.
Besides, the SC also produces the mats for automotive industry.
The SC's carpets comprises of fusion of art and science.
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-61562608
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
AL 69 J, KAMPUNG BARU SUNGAI BULOH 47000, SUNGAI BULOH, SELANGOR
D.E. MALAYSIA
|
|
Current Address
|
:
|
AL 59J, KAMPUNG BARU SUNGAI BULOH, 47000 SUNGAI BULOH, SELANGOR,
MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
On 1st November 2013 we contacted one of the staff from the SC and she
provided some information on the SC.
The address provided is incorrect.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2008 - 2012
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2008 - 2012
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
34.62%
|
]
|
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
34.09%
|
]
|
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The dip in profit could be due to the stiff
market competition which reduced the SC's profit margin. 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
|
[
|
0.45 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
|
[
|
3.99 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC has high liabilities ratio and it may face financial
difficulties if no additional capital is injected.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
The SC recorded lower profits as its turnover showed a erratic
trend. The SC's management was unable to control its costs efficiently as
its profit showed a downward trend. 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 : LIMITED
|
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)
|
|
|
|
|
|
|
|
|
MSIC CODE
|
|
13930 : Manufacture of carpets and rugs
|
|
|
|
|
INDUSTRY :
|
MANUFACTURING
|
|
|
|
|
|
|
The Manufacturing sector is one of the important sectors to the
growth of the Malaysian economy. According to Ministry of Finance, the
manufacturing sector is expected to grow 4.9% in year 2013. Export
oriented-industries are expected to benefit from the higher growth of
global trade, while domesticoriented industries expand in line with the
better consumer sentiment and business confidence. The resource-based
industries are envisaged to grow steadily attributed to improved demand for
petroleum, chemical, rubber and plastic products. With better job prospects
and higher disposable income, the transportation equipment subsector, in
particular, the passenger car segment is expected to expand.
|
|
|
|
Value-added of the manufacturing sector expanded 5% during the first
half of 2012. Output of the sector rose 5.2% during the first sevenmonths
of 2012 in line with the increase in sales value of manufactured products
by 6.5% to RM363.1 billion. Output from domesticoriented industries
continued to expand 8.6% while export-oriented industries grew 4.1%.
|
|
|
|
According to the Department of Statistics, the sales value of the
Manufacturing sector in January 2013 posted a growth of 7.4% (RM3.6
billion) to record RM52.4 billion as compared to RM48.8 billion reported in
year 2012. Meanwhile, month-on-month basis, the sales value has decreased
by 0.4% (RM0.2 billion) as compared with the preceding month. The sales
value in December 2012 has been revised positive 7.5% year-on-year to
record RM52.6 billion.
|
|
|
|
Output of rubber products increased 3.6% in the first seven month of
2012 mainly supported by continuous demand for rubber gloves. Output of
rubber gloves grew 5.9% on account of the expansion in the global
healthcare industry and wider usage of gloves in other sectors. Similarly,
output of catheters, especially for use in medical appliances, also
registered a strong growth of 12.6%. Nevertheless, production of rubber
tyres and tubes reduced 10.9% in tandem with slowing external demand from
the automotive industry, especially China.
|
|
|
|
Meanwhile, production of wood and wood products rebounded 4.6%
largely supported by higher demand for wooden and cane furniture (33.5%).
The positive performance was attributed to vibrant higher demand from major
export destinations such as China and the United States (US) for
Malaysian-made furniture. Demand from China accelerated further following
the country’s rising income level and the implementation of zero import
duty on Malaysian made-furniture. 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.
|
|
|
|
The output of chemicals and chemical products rose 9.9% in the first
seven month of year 2012 on account of increasing demand for plastic
products (11.8%) and basic chemicals (11.1%). External demand for plastic
packaging materials surged during the early part of the year 2012, particularly
from Japan and Thailand, as manufacturers resumed operations, which were
interrupted by natural calamities and power outages. Chemical production
are expected to show 7.5 % in year 2013 inline with Malaysia as one of the
largest contributor in world Chemicals & Chemical industries.
|
|
|
|
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 assolar
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 2001, the SC is a Private Limited company, focusing on
manufacturer of carpet. Having been in the industry for over a decade, the
SC has achieved a certain market share and has built up a satisfactory
reputation in the market. It should have received supports from its regular
customers. The SC is considered as a small size company with issued and
paid up capital standing at RM300,000.
Apart from supplying its products to the local market, the SC also exports
to overseas countries. Its ability to penetrate into the global market has
benefited the SC in terms of higher profitability and well diversified its
business risk. Hence, better growth prospect can be expected. Being a small
company, the SC's business operation is supported by 30 employees. 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.
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. 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. Given a
positive net worth standing at MYR 1,159,405, the SC should be able to
maintain its business in the near terms.
Having a strong assets backing, the SC possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. 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.
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.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
ENTEX CARPET
INDUSTRIES SDN. BHD.
|
|
Financial Year End
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
2009-12-31
|
2008-12-31
|
|
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
|
SUMMARY
|
SUMMARY
|
FULL
|
FULL
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
6,342,851
|
6,342,851
|
5,553,515
|
3,808,988
|
4,569,594
|
|
Other Income
|
-
|
-
|
8,167
|
158,975
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
6,342,851
|
6,342,851
|
5,561,682
|
3,967,963
|
4,569,594
|
|
Costs of Goods Sold
|
-
|
-
|
<4,722,889>
|
<3,256,325>
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
-
|
-
|
838,793
|
711,638
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
466,402
|
466,402
|
152,318
|
<6,399>
|
146,134
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
466,402
|
466,402
|
152,318
|
<6,399>
|
146,134
|
|
Taxation
|
<64,984>
|
<64,984>
|
<59,881>
|
6,107
|
<52,083>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
401,418
|
401,418
|
92,437
|
<292>
|
94,051
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
859,405
|
457,987
|
365,550
|
365,843
|
271,792
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
859,405
|
457,987
|
365,550
|
365,842
|
271,792
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,260,823
|
859,405
|
457,987
|
365,550
|
365,843
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
1,260,823
|
859,405
|
457,987
|
365,550
|
365,843
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Bank overdraft
|
-
|
-
|
-
|
3,385
|
-
|
|
Bankers' acceptance
|
-
|
-
|
-
|
1,343
|
-
|
|
Hire purchase
|
-
|
-
|
5,722
|
2,031
|
-
|
|
Term loan / Borrowing
|
-
|
-
|
-
|
3,905
|
-
|
|
|
|
----------------
|
----------------
|
----------------
|
|
|
|
|
-
|
5,722
|
10,664
|
|
|
ENTEX CARPET
INDUSTRIES SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
3,812,975
|
3,812,975
|
2,221,202
|
2,074,298
|
3,000,032
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
3,812,975
|
3,812,975
|
2,221,202
|
2,074,298
|
3,000,032
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
-
|
-
|
811,462
|
512,670
|
-
|
|
Trade debtors
|
-
|
-
|
758,666
|
852,721
|
-
|
|
Other debtors, deposits & prepayments
|
-
|
-
|
149,075
|
128,175
|
-
|
|
Cash & bank balances
|
-
|
-
|
184,584
|
451,808
|
-
|
|
Others
|
-
|
-
|
67,415
|
60,081
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
1,973,445
|
1,973,445
|
1,971,202
|
2,005,455
|
1,414,067
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
5,786,420
|
5,786,420
|
4,192,404
|
4,079,753
|
4,414,099
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
-
|
-
|
245,341
|
199,740
|
-
|
|
Other creditors & accruals
|
-
|
-
|
796,333
|
862,855
|
-
|
|
Hire purchase & lease creditors
|
-
|
-
|
24,000
|
12,252
|
-
|
|
Amounts owing to director
|
-
|
-
|
2,173,692
|
2,259,690
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
4,418,194
|
4,418,194
|
3,239,366
|
3,334,537
|
3,495,508
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
<2,444,749>
|
<2,444,749>
|
<1,268,164>
|
<1,329,082>
|
<2,081,441>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
1,368,226
|
1,368,226
|
953,038
|
745,216
|
918,591
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
300,000
|
300,000
|
300,000
|
300,000
|
300,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
300,000
|
300,000
|
300,000
|
300,000
|
300,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
1,260,823
|
859,405
|
457,987
|
365,550
|
365,843
|
|
Others
|
<401,418>
|
-
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
859,405
|
859,405
|
457,987
|
365,550
|
365,843
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
1,159,405
|
1,159,405
|
757,987
|
665,550
|
665,843
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Hire purchase creditors
|
-
|
-
|
55,506
|
-
|
-
|
|
Deferred taxation
|
-
|
-
|
139,545
|
79,666
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
208,821
|
208,821
|
195,051
|
79,666
|
252,748
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
1,368,226
|
1,368,226
|
953,038
|
745,216
|
918,591
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
ENTEX CARPET
INDUSTRIES SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
-
|
-
|
184,584
|
451,808
|
-
|
|
Net Liquid Funds
|
-
|
-
|
184,584
|
451,808
|
-
|
|
Net Liquid Assets
|
<2,444,749>
|
<2,444,749>
|
<2,079,626>
|
<1,841,752>
|
<2,081,441>
|
|
Net Current Assets/(Liabilities)
|
<2,444,749>
|
<2,444,749>
|
<1,268,164>
|
<1,329,082>
|
<2,081,441>
|
|
Net Tangible Assets
|
1,368,226
|
1,368,226
|
953,038
|
745,216
|
918,591
|
|
Net Monetary Assets
|
<2,653,570>
|
<2,653,570>
|
<2,274,677>
|
<1,921,418>
|
<2,334,189>
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
-
|
-
|
79,506
|
12,252
|
-
|
|
Total Liabilities
|
4,627,015
|
4,627,015
|
3,434,417
|
3,414,203
|
3,748,256
|
|
Total Assets
|
5,786,420
|
5,786,420
|
4,192,404
|
4,079,753
|
4,414,099
|
|
Net Assets
|
1,368,226
|
1,368,226
|
953,038
|
745,216
|
918,591
|
|
Net Assets Backing
|
1,159,405
|
1,159,405
|
757,987
|
665,550
|
665,843
|
|
Shareholders' Funds
|
1,159,405
|
1,159,405
|
757,987
|
665,550
|
665,843
|
|
Total Share Capital
|
300,000
|
300,000
|
300,000
|
300,000
|
300,000
|
|
Total Reserves
|
859,405
|
859,405
|
457,987
|
365,550
|
365,843
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
-
|
-
|
0.06
|
0.14
|
-
|
|
Liquid Ratio
|
-
|
-
|
0.36
|
0.45
|
-
|
|
Current Ratio
|
0.45
|
0.45
|
0.61
|
0.60
|
0.40
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
-
|
-
|
53
|
49
|
-
|
|
Debtors Ratio
|
-
|
-
|
50
|
82
|
-
|
|
Creditors Ratio
|
-
|
-
|
19
|
22
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
-
|
-
|
0.10
|
0.02
|
-
|
|
Liabilities Ratio
|
3.99
|
3.99
|
4.53
|
5.13
|
5.63
|
|
Times Interest Earned Ratio
|
-
|
-
|
27.62
|
0.40
|
-
|
|
Assets Backing Ratio
|
4.56
|
4.56
|
3.18
|
2.48
|
3.06
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
7.35
|
7.35
|
2.74
|
<0.17>
|
3.20
|
|
Net Profit Margin
|
6.33
|
6.33
|
1.66
|
<0.01>
|
2.06
|
|
Return On Net Assets
|
34.09
|
34.09
|
16.58
|
0.57
|
15.91
|
|
Return On Capital Employed
|
34.09
|
34.09
|
16.18
|
0.56
|
15.91
|
|
Return On Shareholders' Funds/Equity
|
34.62
|
34.62
|
12.20
|
<0.04>
|
14.13
|
|
Dividend Pay Out Ratio (Times)
|
-
|
-
|
0.00
|
0.00
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
|
-
|
0
|
0
|
|
|