|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
131939-V
|
|
COMPANY NAME
|
:
|
JAYAKUIK SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
06/12/1984
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
INTEGRATED TIMBER COMPLEX, SUNGAI SEGUNTOR, OFF MILE 10, LABUK ROAD,
P.O.BOX 2003, 90722 SANDAKAN, SABAH, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
JALAN LOK YEN, SUNGAI SEGUNTOR, OFF MILES 10, LABUK ROAD, 90722
SANDAKAN, SABAH, MALAYSIA.
|
|
TEL.NO.
|
:
|
089-235008/235009
|
|
FAX.NO.
|
:
|
089-235010
|
|
EMAIL
|
:
|
JAYA@JAYAKUIK.COM.MY
|
|
WEB SITE
|
:
|
WWW.JAYAKUIK.COM.MY
|
|
CONTACT PERSON
|
:
|
K K LEE ( CEO )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
16212
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURE OF PARTICLE BOARDS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 25,000,000.00 DIVIDED INTO
ORDINARY SHARE 25,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 15,000,000.00 DIVIDED INTO
ORDINARY SHARES 15,000,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
N/A
|
|
NET WORTH
|
:
|
N/A
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
110 [2014]
|
|
BANKER (S)
|
:
|
|
EXPORT-IMPORT BANK OF MALAYSIA BHD
MALAYAN BANKING BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY / BACKGROUND
The Subject 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 Subject must have at least two directors. A private limited
company is a separate legal entity from its shareholders. As a separate legal
entity, the Subject 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 Subject is insolvent. The Subject
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 Subject is principally engaged in the (as a / as an) manufacture
of particle boards.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date
|
Authorised Shared Capital
|
Issue & Paid Up Capital
|
|
15/02/2013
|
MYR 25,000,000.00
|
MYR 15,000,000.00
|
The major shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
MR. WONG NYUK SHING @ WONG TECK TSIN +
|
LOT 1, TAMAN SENTOSA, MILE 2, NORTH ROAD, P. O. BOX 1014, 90711
SANDAKAN, SABAH, MALAYSIA.
|
380422-12-5207 H0590602
|
7,500,000.00
|
50.00
|
|
MS. WONG FUI LI
|
22-D3 UBN APARTMENTS, JALAN SULTAN ISMAIL, 50250 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
751217-06-5380 A3151755
|
1,875,000.00
|
12.50
|
|
MR. LEE KEE KONG @ LEE CHEE KONG +
|
LOT 11, TYNG GARDEN, MILE 5, NORTH ROAD, P.O.BOX 2003, 90722
SANDAKAN, SABAH, MALAYSIA.
|
511124-12-5003 H0065339
|
1,875,000.00
|
12.50
|
|
MS. WONG TZE WEI
|
TAMAN SENTOSA, MILE 2, NORTH ROAD, P O BOX 1014, 90711 SANDAKAN,
SABAH, MALAYSIA.
|
731118-06-5416 A2623562
|
1,875,000.00
|
12.50
|
|
REMAINING SHAREHOLDER
|
-
|
27239
|
1,875,000.00
|
12.50
|
|
|
|
|
---------------
|
------
|
|
|
|
|
15,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates)
are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
494621M
|
MALAYSIA
|
JAYAKUIK INDUSTRIES SDN. BHD.
|
100.00
|
29/03/2013
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. WONG KAT MING
|
|
Address
|
:
|
LOT 10, TYNG GARDEN, MILE 5, NORTH ROAD, P O BOX 2003, 90722
SANDAKAN, SABAH, MALAYSIA.
|
|
IC / PP No
|
:
|
H0184742
|
|
New IC No
|
:
|
571025-12-5029
|
|
Date of Birth
|
:
|
25/10/1957
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
21/03/1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
VICTOR PALLICKAL XAVIER
|
|
Address
|
:
|
B 1ST FLOOR, MILE 2, SENTOSA APARTMENT, P.O.BOX 2003, 90722
SANDAKAN, SABAH, MALAYSIA.
|
|
IC / PP No
|
:
|
Z122199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
N/A
|
|
Date of Appointment
|
:
|
21/08/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. LEE KEE KONG @ LEE CHEE KONG
|
|
Address
|
:
|
LOT 11, TYNG GARDEN, MILE 5, NORTH ROAD, P.O.BOX 2003, 90722
SANDAKAN, SABAH, MALAYSIA.
|
|
IC / PP No
|
:
|
H0065339
|
|
New IC No
|
:
|
511124-12-5003
|
|
Date of Birth
|
:
|
24/11/1951
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
21/03/1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. WONG NYUK SHING @ WONG TECK TSIN
|
|
Address
|
:
|
LOT 1, TAMAN SENTOSA, MILE 2, NORTH ROAD, P. O. BOX 1014, 90711
SANDAKAN, SABAH, MALAYSIA.
|
|
IC / PP No
|
:
|
H0590602
|
|
New IC No
|
:
|
380422-12-5207
|
|
Date of Birth
|
:
|
22/04/1938
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
06/06/1994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
K K LEE
|
|
|
Position
|
:
|
CEO
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
WONG NYUK SHING
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
WINNIE WONG
|
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
VICTOR XAVIER
|
|
|
Position
|
:
|
PRODUCTION DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG
|
|
Auditor' Address
|
:
|
LEVEL 10, KPMG TOWER,, 8 FIRST AVENUE, BANDAR UTAMA, 47800 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. TEO GIM SUAN
|
|
|
IC / PP No
|
:
|
6994094
|
|
|
New IC No
|
:
|
630323-04-5374
|
|
|
Address
|
:
|
TL 435, MILE 1 ?, BEATRICE ESTATE, LABUK ROAD, P.O.BOX 2881, 90732
SANDAKAN, SABAH, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MR. CHIN AH KEONG @ CHIN CHEE KIONG
|
|
|
IC / PP No
|
:
|
H0019599
|
|
|
New IC No
|
:
|
491129-12-5111
|
|
|
Address
|
:
|
LOT 7, PINEHILL VILLA, JALAN BOREHOLE, MILE 4, LABUK ROAD, 90000
SANDAKAN, SABAH, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
EXPORT-IMPORT BANK OF MALAYSIA BHD
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
|
ENCUMBRANCE (S)
|
Charge No
|
Creation Date
|
Charge Description
|
Chargee Name
|
Total Charge
|
Status
|
|
1
|
20/03/1997
|
N/A
|
MALAYAN BANKING BERHAD
|
MYR 27,000,000.00
|
Unsatisfied
|
|
2
|
20/03/1997
|
N/A
|
MALAYAN BANKING BERHAD
|
MYR 5,000,000.00
|
Unsatisfied
|
|
3
|
20/03/1997
|
N/A
|
MALAYAN BANKING BERHAD
|
MYR 32,000,000.00
|
Unsatisfied
|
|
4
|
20/03/1997
|
N/A
|
MALAYAN BANKING BERHAD
|
MYR 32,000,000.00
|
Unsatisfied
|
|
5
|
04/01/2000
|
N/A
|
EXPORTIMPORT BANK OF MALAYSIA BERHAD
|
MYR 6,000,000.00
|
Satisfied
|
|
6
|
12/12/2000
|
N/A
|
MALAYAN BANKING BERHAD
|
MYR 6,000,000.00
|
Unsatisfied
|
|
7
|
16/03/2005
|
N/A
|
MALAYAN BANKING BERHAD
|
MYR 6,000,000.00
|
Unsatisfied
|
|
8
|
13/08/2005
|
N/A
|
MALAYAN BANKING BHD
|
MYR 4,150,000.00
|
Unsatisfied
|
|
9
|
13/08/2005
|
N/A
|
MALAYAN BANKING BHD
|
MYR 4,150,000.00
|
Unsatisfied
|
|
10
|
13/08/2005
|
N/A
|
MALAYAN BANKING BHD
|
MYR 38,000,000.00
|
Unsatisfied
|
|
11
|
13/08/2005
|
N/A
|
MALAYAN BANKING BHD
|
MYR 550,000.00
|
Unsatisfied
|
|
12
|
13/08/2005
|
N/A
|
MALAYAN BANKING BHD
|
MYR 3,600,000.00
|
Unsatisfied
|
|
13
|
13/08/2005
|
N/A
|
MALAYAN BANKING BHD
|
MYR 4,150,000.00
|
Unsatisfied
|
|
14
|
05/08/2011
|
DEED OF ASSIGNMENT DATED 5 AUGUST 2011
|
FOREST PLANTATION DEVELOPMENT SDN BHD
|
MYR 8,000,000.00
|
Unsatisfied
|
LEGAL CHECK AGAINST SUBJECT
* A check has been conducted in our databank againt the Subject 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 SUBJECT
* We have checked through the Subject 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
|
Percentage
|
:
|
100%
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
50%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
50%
|
|
Export Market
|
:
|
INDIA
SINGAPORE
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
TELEGRAPHIC TRANSFER (TT)
LETTER OF CREDIT (LC)
CHEQUES
|
|
Type of Customer
|
:
|
FURNITURE INDUSTRY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
DRESSED TIMBER ACACIA MAGIUM, LAMINATED,MELAMINE,PARTICLEBOARD
|
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2014
|
2011
|
2010
|
2009
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
110
|
150
|
150
|
150
|
|
|
|
|
|
|
Branch
|
:
|
|
|
No of Branches
|
:
|
|
|
|
|
|
|
Branch(es)
|
:
|
|
LOT 533, BATU 8,OFF JALAN KAPAR, 42200 KAPAR, SELANGOR, MALAYSIA.
Tel No: 03-32906718
Fax No: 03-32906720
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of particle
boards.
We were informed that the Subject manufactures high quality particle boards
from 100% Acacia Magnum plantation wood.
The Subjec's production site is equipped with advanced technology and has
designed for single flow interlocking with the PLC System (Program Logic
Control System).
The Subjec's machineries are designed for continuous mass production, high
precision processes and all thickness specification to ensure flexibility,
consistency and most of all to enhance Quality Control.
The Subjec has a warehouse at Klang, Selangor.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
089-235008/235009
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
JALAN LOK YEN, SUNGAI SEGUNTOR, OFF MILES 10, LABUK
ROAD,90722,SANDAKAN,SABAH MALAYSIA
|
|
Current Address
|
:
|
JALAN LOK YEN, SUNGAI SEGUNTOR, OFF MILES 10, LABUK ROAD, 90722
SANDAKAN, SABAH, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
NO
|
Other Investigations
On 6th August 2014, we contacted one of the staff from the Subject and she
provided some information regarding the Subject.
FINANCIAL ANALYSIS
|
No latest financial accounts are available at the Registry Office,
thus we are not able to comment on the Subject's financial performance.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : N/A
|
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
|
|
16212 : Manufacture of particle board and fibreboard
|
|
|
|
|
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 1984, the Subject is a Private Limited company, focusing on
manufacture of particle boards. Through time and experience, the Subject
has built up a stable clientele base. The Subject is a large entity with
strong capital position. However, the Subject does not have strong
shareholders' backing.
Over the years, the Subject has established an extensive clientele base in
the market. Besides catering to the local market, the Subject has
penetrated into other countries. With the contribution of both local and
overseas customers, the Subject is likely to be exposed to lower commercial
risk. The Subject is a fairly large and rapidly growing company with over
110 staff in its operations. Overall, we regard that the Subject's
management capability is average.
No latest financial accounts were filed with the Registry office during our
inspection. Therefore, our comment on the Subject's overall financial
performance are restricted thereto.
We noted that the Subject's supplies are solely sourced from local market.
Being highly dependent on a limited number of suppliers could lead to
delays, lost of revenue and increased costs if such resources become
unavailable or shortage.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the Subject is expected to benefit from the favourable
outlook of the industry. The Subject however faces moderate business risk
as it has to compete with many well established players in the same field.
In view of the above, we recommend credit be granted to the Subject with
close monitoring.
|
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
|
|
JAYAKUIK SDN BHD
|
|
Financial Year End
|
2009-12-31
|
2008-12-31
|
2007-12-31
|
2006-12-31
|
2005-12-31
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
GROUP
|
GROUP
|
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
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
22,931,671
|
25,801,747
|
33,349,151
|
38,740,485
|
26,333,778
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
22,931,671
|
25,801,747
|
33,349,151
|
38,740,485
|
26,333,778
|
|
Costs of Goods Sold
|
(23,230,351)
|
(24,743,976)
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
(298,680)
|
1,057,771
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
(6,699,656)
|
(6,641,404)
|
(5,418,518)
|
(4,111,285)
|
(5,271,651)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
(6,699,656)
|
(6,641,404)
|
(5,418,518)
|
(4,111,285)
|
(5,271,651)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
(6,699,656)
|
(6,641,404)
|
(5,418,518)
|
(4,111,285)
|
(5,271,651)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
(15,574,977)
|
(8,933,573)
|
(3,515,055)
|
596,230
|
5,867,881
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
(15,574,977)
|
(8,933,573)
|
(3,515,055)
|
596,230
|
5,867,881
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
(22,274,633)
|
(15,574,977)
|
(8,933,573)
|
(3,515,055)
|
596,230
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
(22,274,633)
|
(15,574,977)
|
(8,933,573)
|
(3,515,055)
|
596,230
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Others
|
903,485
|
1,116,877
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
903,485
|
1,116,877
|
-
|
-
|
-
|
|
|
=============
|
=============
|
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
39,989,996
|
42,059,022
|
44,113,710
|
46,110,208
|
47,299,207
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
39,989,996
|
42,059,022
|
44,113,710
|
46,110,208
|
47,299,207
|
|
|
|
|
|
|
|
|
Stocks
|
5,289,235
|
6,939,896
|
-
|
-
|
-
|
|
Trade debtors
|
2,635,985
|
1,830,174
|
-
|
-
|
-
|
|
Other debtors, deposits & prepayments
|
245,616
|
616,367
|
-
|
-
|
-
|
|
Cash & bank balances
|
18,558
|
153,692
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
8,189,394
|
9,540,129
|
10,437,229
|
9,804,320
|
11,497,803
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
48,179,390
|
51,599,151
|
54,550,939
|
55,914,528
|
58,797,010
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
4,564,205
|
7,175,464
|
-
|
-
|
-
|
|
Other creditors & accruals
|
11,137,826
|
8,568,408
|
-
|
-
|
-
|
|
Hire purchase & lease creditors
|
33,332
|
29,549
|
-
|
-
|
-
|
|
Bank overdraft
|
6,974,003
|
7,240,183
|
-
|
-
|
-
|
|
Short term borrowings/Term loans
|
672,282
|
1,244,682
|
-
|
-
|
-
|
|
Bill & acceptances payable
|
2,859,000
|
1,321,000
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
26,240,648
|
25,579,286
|
23,083,679
|
20,546,114
|
18,414,270
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
(18,051,254)
|
(16,039,157)
|
(12,646,450)
|
(10,741,794)
|
(6,916,467)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
21,938,742
|
26,019,865
|
31,467,260
|
35,368,414
|
40,382,740
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
15,000,000
|
15,000,000
|
15,000,000
|
15,000,000
|
15,000,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
15,000,000
|
15,000,000
|
15,000,000
|
15,000,000
|
15,000,000
|
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
(22,274,633)
|
(15,574,977)
|
(8,933,573)
|
(3,515,055)
|
596,230
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
(22,274,633)
|
(15,574,977)
|
(8,933,573)
|
(3,515,055)
|
596,230
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
(7,274,633)
|
(574,977)
|
6,066,427
|
11,484,945
|
15,596,230
|
|
|
|
|
|
|
|
|
Long term loans
|
3,655,919
|
3,715,370
|
-
|
-
|
-
|
|
Other long term borrowings
|
16,075,307
|
15,216,869
|
-
|
-
|
-
|
|
Hire purchase creditors
|
38,463
|
70,959
|
-
|
-
|
-
|
|
Others
|
9,443,686
|
7,591,644
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
29,213,375
|
26,594,842
|
25,400,833
|
23,883,469
|
24,786,510
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
21,938,742
|
26,019,865
|
31,467,260
|
35,368,414
|
40,382,740
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
18,558
|
153,692
|
-
|
-
|
-
|
|
Net Liquid Funds
|
(6,955,445)
|
(7,086,491)
|
-
|
-
|
-
|
|
Net Liquid Assets
|
(23,340,489)
|
(22,979,053)
|
(12,646,450)
|
(10,741,794)
|
(6,916,467)
|
|
Net Current Assets/(Liabilities)
|
(18,051,254)
|
(16,039,157)
|
(12,646,450)
|
(10,741,794)
|
(6,916,467)
|
|
Net Tangible Assets
|
21,938,742
|
26,019,865
|
31,467,260
|
35,368,414
|
40,382,740
|
|
Net Monetary Assets
|
(52,553,864)
|
(49,573,895)
|
(38,047,283)
|
(34,625,263)
|
(31,702,977)
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
27,449,306
|
27,517,612
|
-
|
-
|
-
|
|
Total Liabilities
|
55,454,023
|
52,174,128
|
48,484,512
|
44,429,583
|
43,200,780
|
|
Total Assets
|
48,179,390
|
51,599,151
|
54,550,939
|
55,914,528
|
58,797,010
|
|
Net Assets
|
21,938,742
|
26,019,865
|
31,467,260
|
35,368,414
|
40,382,740
|
|
Net Assets Backing
|
(7,274,633)
|
(574,977)
|
6,066,427
|
11,484,945
|
15,596,230
|
|
Shareholders' Funds
|
(7,274,633)
|
(574,977)
|
6,066,427
|
11,484,945
|
15,596,230
|
|
Total Share Capital
|
15,000,000
|
15,000,000
|
15,000,000
|
15,000,000
|
15,000,000
|
|
Total Reserves
|
(22,274,633)
|
(15,574,977)
|
(8,933,573)
|
(3,515,055)
|
596,230
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.00
|
0.01
|
-
|
-
|
-
|
|
Liquid Ratio
|
0.11
|
0.10
|
-
|
-
|
-
|
|
Current Ratio
|
0.31
|
0.37
|
0.45
|
0.48
|
0.62
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
84
|
98
|
-
|
-
|
-
|
|
Debtors Ratio
|
42
|
26
|
-
|
-
|
-
|
|
Creditors Ratio
|
72
|
106
|
-
|
-
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
(3.77)
|
(47.86)
|
-
|
-
|
-
|
|
Liabilities Ratio
|
(7.62)
|
(90.74)
|
7.99
|
3.87
|
2.77
|
|
Times Interest Earned Ratio
|
(6.42)
|
(4.95)
|
-
|
-
|
-
|
|
Assets Backing Ratio
|
1.46
|
1.73
|
2.10
|
2.36
|
2.69
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
(29.22)
|
(25.74)
|
(16.25)
|
(10.61)
|
(20.02)
|
|
Net Profit Margin
|
(29.22)
|
(25.74)
|
(16.25)
|
(10.61)
|
(20.02)
|
|
Return On Net Assets
|
(26.42)
|
(21.23)
|
(17.22)
|
(11.62)
|
(13.05)
|
|
Return On Capital Employed
|
(20.02)
|
(16.60)
|
(17.22)
|
(11.62)
|
(13.05)
|
|
Return On Shareholders' Funds/Equity
|
92.10
|
1,155.07
|
(89.32)
|
(35.80)
|
(33.80)
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
-
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|
|
|
|