|
|
REGISTRATION NO.
|
:
|
281559-W
|
|
COMPANY NAME
|
:
|
POLYPACIFIC POLYMERS SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
16/11/1993
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
SYMPHONY HOUSE, BLOCK D13, PUSAT DAGANGAN DANA 1, JALAN PJU 1A/46,
LEVEL 8, 47301 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 8936, JALAN TELOK GONG, PANDAMARAN, 42000 PELABUHAN KLANG,
SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-31342850
|
|
FAX.NO.
|
:
|
03-31342531
|
|
EMAIL
|
:
|
CUSTOMERSERVICE@POLYPACIFIC.COM.MY
|
|
WEB SITE
|
:
|
WWW.POLYPACIFIC.COM.MY
|
|
CONTACT PERSON
|
:
|
MALCOLM FISHER ( GENERAL MANAGER )
|
|
|
|
|
INDUSTRY CODE
|
:
|
22209
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING AND TRADING OF POLYPROPYLENE COMPOUNDS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 1,000,000.00 DIVIDED INTO
ORDINARY SHARES 100,000 CASH AND 900,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
SALES
|
:
|
MYR 85,191,945 [2013]
|
|
NET WORTH
|
:
|
MYR 62,885,215 [2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
50 [2014]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
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) manufacturing and trading of
polypropylene compounds.
The Subject is
not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate
and ultimate holding company of the Subject is POLYPACIFIC PTY LTD, a company
incorporated in AUSTRALIA.
Share Capital
History
|
Date
|
Authorised
Shared Capital
|
Issue & Paid
Up Capital
|
|
15/02/2013
|
MYR 1,000,000.00
|
MYR 1,000,000.00
|
|
03/01/1996
|
MYR 100,000.00
|
MYR 100,000.00
|
|
16/11/1993
|
MYR 100,000.00
|
MYR 2.00
|
The major shareholder(s) of the Subject are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
POLYPACIFIC PTY LTD
|
114-126, FRANKSTON-DANDENONG ROAD, DANDENONG VICTORIA, 3175,
AUSTRALIA.
|
ACN005728709
|
1,000,000.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
1,000,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. WONG SIEW YEEN
|
|
Address
|
:
|
3, JALAN SS 15/5E, 47500 SUBANG JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A1529478
|
|
New IC No
|
:
|
700305-05-5166
|
|
Date of Birth
|
:
|
05/03/1970
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
01/05/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MS. SEE SIEW CHENG
|
|
Address
|
:
|
17, JALAN ARA SD 7/4G, BANDAR SRI DAMANSARA, 52200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
A0735809
|
|
New IC No
|
:
|
670505-10-5880
|
|
Date of Birth
|
:
|
05/05/1967
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
23/01/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
LINDSEY QUENTIN HOGG
|
|
Address
|
:
|
20, VICTORIA STREET, SANDRINGHAM, VICTORIA 3191, AUSTRALIA.
|
|
IC / PP No
|
:
|
E3062094
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AUSTRALIAN
|
|
Date of Appointment
|
:
|
05/05/1994
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MICHAEL FRITZ HUBERTUS POHL
|
|
Address
|
:
|
UNIT 19, MODERN VILLAS, 555 GAO JING ROAD, MINHANG DISTRICT,
SHANGHAI, CHINA.
|
|
IC / PP No
|
:
|
C32W2H7NK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
22/09/2013
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
MALCOLM FISHER
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
WONG SIEW YEEN
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
CHUNG SOH CHIN
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
YUNOS
|
|
Position
|
:
|
MARKETING ADMIN ASSISTANT
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
PARAMESWARAN
|
|
Position
|
:
|
PRODUCTION MANAGER
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
ROGER YUE, TAN & ASSOCIATES
|
|
Auditor' Address
|
:
|
WISMA GOSHEN, 60 & 62, JALAN SS 22/21, DAMANSARA JAYA, (GROUND
& 1ST FLOOR), 47400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. LEONG SHIAK WAN
|
|
IC / PP No
|
:
|
A1393261
|
|
New IC No
|
:
|
691117-10-5486
|
|
Address
|
:
|
207, BLOCK E, PARADESA TROPICA, 7, PERSIARAN MERANTI, PJU 7, BANDAR
SRI DAMANSARA, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. SEE SIEW CHENG
|
|
IC / PP No
|
:
|
A0735809
|
|
New IC No
|
:
|
670505-10-5880
|
|
Address
|
:
|
17, JALAN ARA SD 7/4G, BANDAR SRI DAMANSARA, 52200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
ENCUMBRANCE (S)
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
1
|
21/03/1996
|
N/A
|
MALAYAN BANKING BERHAD
|
MYR 42,000.00
|
Satisfied
|
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
|
|
Overseas
|
:
|
YES
|
|
Import Countries
|
:
|
AUSTRALIA,JAPAN,KOREA
|
The Subject 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
|
[
|
X
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
CASH
|
|
Type of Customer
|
:
|
MANUFACTURING INDUSTRIES
|
|
|
|
|
|
|
|
CUSTOMER(S)
|
:
|
|
1) OMNI PRECISION SDN BHD
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
POLYOLEFIN COMPOUNDS, MASTERBATCHES AND ELASTOMERS
|
|
|
|
|
|
Product Brand Name
|
:
|
|
CORTON, EPALEX, EXTRON, OPTIC, POLYCOMP, PROPAK, RETPOL, SEBLEX
|
|
|
|
|
|
Award
|
:
|
1 ) QS 9000 Year :2001
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)
MALAYSIAN PLASTICS MANUFACTURERS ASSOCIATION (MPMA)
SMI ASSOCIATION OF MALAYSIA
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)
CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2014
|
2012
|
2011
|
2010
|
2009
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
50
|
50
|
50
|
50
|
50
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing and
trading of polypropylene compounds.
The Subject manufactures the full range of polyolefin compounds,
masterbatches and modified elastomers.
The Subject's compounds are used in many appliances from large to small
applications. These include dishwashers, refrigerators and washing machines
through to irons, toasters and kettles in both appearance and structural
applications.
Besides that, the compounds are also used in automotive and furniture
industries.
The Subject's laboratories have been equipped with an extensive array of the
most sophisticated testing and analytical equipment.
The Subject's Research & Development introducing new products into range
with are tailor-made to provide cost effective solutions to customers'
requirements.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-31342850
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 8936, JALAN TELOK GONG, PANDAMARAN, 42000 PORT KLANG, SELANGOR
DARUL EHSAN, MALAYSIA
|
|
Current Address
|
:
|
LOT 8936, JALAN TELOK GONG, PANDAMARAN, 42000 PELABUHAN KLANG,
SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
On 12th May 2014 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
17.98%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
23.82%
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the
years.The dip in profit could be due to the stiff market competition which
reduced the Subject's profit margin. The Subject's management had generated
acceptable return for its shareholders using its assets.
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
42 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
68 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
20 Days
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding
cost. This had reduced funds being tied up in stocks. The high debtors'
ratio could indicate that the Subject was weak in its credit control.
However, the Subject could also giving longer credit periods to its
customers in order to boost its sales or to capture / retain its market
share. The Subject had a favourable creditors' ratio where the Subject
could be taking advantage of the cash discounts and also wanting to
maintain goodwill with its creditors.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
6.72 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
8.23 Times
|
]
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they
fall due.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Favourable
|
[
|
104.96 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was
making enough profit to pay for the interest accrued. The Subject had no
gearing and hence it had virtually no financial risk. The Subject was
financed by its shareholders' funds and internally generated fund. During
the economic downturn, the Subject, having a zero gearing, will be able to
compete better than those which are highly geared in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Although the Subject's turnover had increased, its profits had
declined over the same corresponding period. This could be due to the
stiffer market competition and / or higher operating costs which lowered
the Subject's profit margin. The Subject was in good liquidity position
with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay
its short term obligations. With the favourable interest cover, the Subject
could be able to service all the accrued interest without facing any
difficulties. The Subject was a zero gearing company, it was solely
dependant on its shareholders to provide funds to finance its business. The
Subject has good chance of getting loans, if the needs arises.
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : STRONG
|
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
|
|
22209 : Manufacture of diverse plastic products n.e.c.
|
|
|
|
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 1993, the Subject is a Private Limited company, focusing on
manufacturing and trading of polypropylene compounds. Its long
establishment in the market has allowed the Subject to build up a good
reputation and gain higher market share against its rivals. Having strong
support from its holding company has enabled the Subject to remain
competitive despite the challenging business environment. The capital
standing of the Subject is fair. With an adequate share capital, the
Subject has the potential of expanding its business in future.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is
competing in the industry. Its stable clientele base will enable the
Subject to further enhance its business in the near term. The Subject is
operating on a medium scale and it has approximately 50 employees in its
business operations. Overall, we regard that the Subject's management capability
is average. This indicates that the Subject has greater potential to
improve its business performance and raising income for the Subject.
Financially, the Subject registered a higher turnover compared to previous
year. However, its profits showed a reverse trend. The lower profit
achieved was a result of higher operating cost and increased competition.
Return on shareholders' funds of the Subject was at an acceptable range
which indicated that the management was efficient in utilising its funds to
generate income. The Subject 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 Subject 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 62,885,215, the Subject should be able to
maintain its business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The Subject'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 Subject has a good control over its
resources.
We regard that the Subject's overall payment habit is prompt. The Subject
had a favourable creditors' ratio as evidenced by its favourable collection
days.
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.
Based on the above condition, we recommend credit be granted to the Subject
promptly.
|
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
POLYPACIFIC
POLYMERS SDN. BHD.
|
|
Financial Year End
|
2013-06-30
|
2012-06-30
|
2011-06-30
|
2010-06-30
|
2009-06-30
|
|
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
|
85,191,945
|
78,524,785
|
65,366,973
|
67,635,258
|
53,214,556
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
85,191,945
|
78,524,785
|
65,366,973
|
67,635,258
|
53,214,556
|
|
Costs of Goods Sold
|
(66,806,975)
|
(60,288,237)
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
18,384,970
|
18,236,548
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
15,054,673
|
16,233,385
|
16,482,826
|
14,766,607
|
7,522,271
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
15,054,673
|
16,233,385
|
16,482,826
|
14,766,607
|
7,522,271
|
|
Taxation
|
(3,747,243)
|
(3,415,394)
|
(4,471,811)
|
(3,600,531)
|
(1,893,615)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
11,307,430
|
12,817,991
|
12,011,015
|
11,166,076
|
5,628,656
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
60,577,785
|
52,609,294
|
46,886,279
|
43,255,203
|
47,626,547
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
60,577,785
|
52,609,294
|
46,886,279
|
43,255,203
|
47,626,547
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
71,885,215
|
65,427,285
|
58,897,294
|
54,421,279
|
53,255,203
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
(10,000,000)
|
(4,849,500)
|
(6,288,000)
|
(7,535,000)
|
(10,000,000)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
61,885,215
|
60,577,785
|
52,609,294
|
46,886,279
|
43,255,203
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
Others
|
144,815
|
327,012
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
144,815
|
327,012
|
-
|
-
|
-
|
|
=============
|
=============
|
|
|
|
BALANCE SHEET
|
POLYPACIFIC
POLYMERS SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
17,391,441
|
19,309,009
|
17,280,336
|
19,201,276
|
21,014,751
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
17,391,441
|
19,309,009
|
17,280,336
|
19,201,276
|
21,014,751
|
|
|
|
|
|
|
|
Stocks
|
9,724,073
|
7,813,888
|
9,299,697
|
6,279,399
|
4,306,229
|
|
Trade debtors
|
15,936,088
|
17,331,992
|
14,719,315
|
16,333,400
|
11,567,636
|
|
Other debtors, deposits & prepayments
|
1,281,997
|
1,450,414
|
1,925,316
|
1,096,229
|
826,370
|
|
Short term deposits
|
535,001
|
5,433,230
|
8,387,883
|
3,306,227
|
14,817,524
|
|
Amount due from holding company
|
-
|
271,555
|
91,335
|
-
|
-
|
|
Cash & bank balances
|
25,367,016
|
18,935,599
|
9,520,367
|
10,673,209
|
8,963,164
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
52,844,175
|
51,236,678
|
43,943,913
|
37,688,464
|
40,480,923
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
70,235,616
|
70,545,687
|
61,224,249
|
56,889,740
|
61,495,674
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
3,600,550
|
5,268,241
|
3,759,616
|
3,208,344
|
3,248,950
|
|
Other creditors & accruals
|
2,191,050
|
2,277,962
|
1,989,546
|
3,329,752
|
2,695,267
|
|
Amounts owing to holding company
|
257,734
|
-
|
-
|
267,337
|
27,649
|
|
Provision for taxation
|
368,921
|
156,149
|
314,572
|
1,067,281
|
730,928
|
|
Dividends payable/proposed
|
-
|
-
|
-
|
-
|
10,000,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
6,418,255
|
7,702,352
|
6,063,734
|
7,872,714
|
16,702,794
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
46,425,920
|
43,534,326
|
37,880,179
|
29,815,750
|
23,778,129
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
63,817,361
|
62,843,335
|
55,160,515
|
49,017,026
|
44,792,880
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
61,885,215
|
60,577,785
|
52,609,294
|
46,886,279
|
43,255,203
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
61,885,215
|
60,577,785
|
52,609,294
|
46,886,279
|
43,255,203
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
62,885,215
|
61,577,785
|
53,609,294
|
47,886,279
|
44,255,203
|
|
|
|
|
|
|
|
Deferred taxation
|
932,146
|
1,265,550
|
1,551,221
|
1,130,747
|
537,677
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
932,146
|
1,265,550
|
1,551,221
|
1,130,747
|
537,677
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
63,817,361
|
62,843,335
|
55,160,515
|
49,017,026
|
44,792,880
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL RATIO
|
POLYPACIFIC
POLYMERS SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
25,902,017
|
24,368,829
|
17,908,250
|
13,979,436
|
23,780,688
|
|
Net Liquid Funds
|
25,902,017
|
24,368,829
|
17,908,250
|
13,979,436
|
23,780,688
|
|
Net Liquid Assets
|
36,701,847
|
35,720,438
|
28,580,482
|
23,536,351
|
19,471,900
|
|
Net Current Assets/(Liabilities)
|
46,425,920
|
43,534,326
|
37,880,179
|
29,815,750
|
23,778,129
|
|
Net Tangible Assets
|
63,817,361
|
62,843,335
|
55,160,515
|
49,017,026
|
44,792,880
|
|
Net Monetary Assets
|
35,769,701
|
34,454,888
|
27,029,261
|
22,405,604
|
18,934,223
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
0
|
0
|
0
|
|
Total Liabilities
|
7,350,401
|
8,967,902
|
7,614,955
|
9,003,461
|
17,240,471
|
|
Total Assets
|
70,235,616
|
70,545,687
|
61,224,249
|
56,889,740
|
61,495,674
|
|
Net Assets
|
63,817,361
|
62,843,335
|
55,160,515
|
49,017,026
|
44,792,880
|
|
Net Assets Backing
|
62,885,215
|
61,577,785
|
53,609,294
|
47,886,279
|
44,255,203
|
|
Shareholders' Funds
|
62,885,215
|
61,577,785
|
53,609,294
|
47,886,279
|
44,255,203
|
|
Total Share Capital
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
Total Reserves
|
61,885,215
|
60,577,785
|
52,609,294
|
46,886,279
|
43,255,203
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
4.04
|
3.16
|
2.95
|
1.78
|
1.42
|
|
Liquid Ratio
|
6.72
|
5.64
|
5.71
|
3.99
|
2.17
|
|
Current Ratio
|
8.23
|
6.65
|
7.25
|
4.79
|
2.42
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
42
|
36
|
52
|
34
|
30
|
|
Debtors Ratio
|
68
|
81
|
82
|
88
|
79
|
|
Creditors Ratio
|
20
|
32
|
21
|
17
|
22
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Liabilities Ratio
|
0.12
|
0.15
|
0.14
|
0.19
|
0.39
|
|
Times Interest Earned Ratio
|
104.96
|
50.64
|
0.00
|
0.00
|
0.00
|
|
Assets Backing Ratio
|
63.82
|
62.84
|
55.16
|
49.02
|
44.79
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
17.67
|
20.67
|
25.22
|
21.83
|
14.14
|
|
Net Profit Margin
|
13.27
|
16.32
|
18.37
|
16.51
|
10.58
|
|
Return On Net Assets
|
23.82
|
26.35
|
29.88
|
30.13
|
16.79
|
|
Return On Capital Employed
|
23.82
|
26.35
|
29.88
|
30.13
|
16.79
|
|
Return On Shareholders' Funds/Equity
|
17.98
|
20.82
|
22.40
|
23.32
|
12.72
|
|
Dividend Pay Out Ratio (Times)
|
0.88
|
0.38
|
0.52
|
0.67
|
1.78
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
0
|
|