|
|
REGISTRATION
NO.
|
:
|
726389-M
|
|
COMPANY NAME
|
:
|
WELLEY TIMBER
INDUSTRIES SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
10/03/2006
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
EXEMPT PRIVATE
(LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
11A, JALAN SUNGAI
BAKAP, PUSAT PERNIAGAAN SERI AMAN, 1ST FLOOR, 14200 SUNGAI BAKAP, PULAU
PINANG, MALAYSIA.
|
|
BUSINESS
ADDRESS
|
:
|
PLOT A26
LORONG BAKAU KAWASAN PERUSAHAAN PERABUT SUNGAI BAONG, SEBERANG PRAI
SELATAN, 14200 SUNGAI BAKAP, PULAU PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-5833220
|
|
FAX.NO.
|
:
|
04-5833223
|
|
WEB SITE
|
:
|
WWW.WELLEYTIMBER.COM
|
|
CONTACT PERSON
|
:
|
TANG BOON TONG
( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
16211
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURER
OF PLYWOOD
|
|
AUTHORISED CAPITAL
|
:
|
MYR
10,000,000.00 DIVIDED INTO
ORDINARY SHARE 10,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
8,000,000.00 DIVIDED INTO
ORDINARY SHARES 8,000,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
N/A
|
|
NET WORTH
|
:
|
N/A
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
510 [2015]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
N/A
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY
OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
PROPOSED
CREDIT LIMIT
|
:
|
MYR 2,112,000
(USD 704,000)
|
HISTORY / BACKGROUND
The Subject is an exempt private company
which is allowed to have a minimum of two and a maximum of twenty
shareholders and all the shareholders must be individuals. An exempt company
is a type of private limited company. 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, suing or be
sued by other companies. The Subject is governed by the Companies Act, 1965
and must file in its annual return. The Subject need not file in its
financial statements but it has to file in a document duly signed by its
director in charge of its finance, the secretary and its auditor stating that
the Subject is able to meet all its obligations as and when they fall due.
Although the Subject is not required to file in its financial statements, it
also has to prepare its financial account which must be presented at the Annual
General Meeting.
The Subject is principally engaged in the
(as a / as an) manufacturer of plywood.
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
10,000,000.00
|
MYR
8,000,000.00
|
The major shareholder(s) of the Subject
are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
MR. TANG BOON
TONG +
|
1, JALAN REMIA
7/1, TAMAN SERI REMIA, MACHANG BUBOK, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
710503-07-5791
|
1,440,000.00
|
18.00
|
|
MR. BEH HOCK
SENG +
|
39, JALAN
IMPIAN 1, TAMAN IMPIAN, ALMA, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
760719-07-5321
|
1,440,000.00
|
18.00
|
|
MR. TAN CHIANG
HWA
|
29, LORONG
IMPIAN 6, TAMAN IMPIAN, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
681102-07-5465
A1177596
|
1,040,000.00
|
13.00
|
|
MR. KOH WEI
LEONG
|
31, JALAN IMPIAN
1, TAMAN IMPIAN, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
731024-08-6339
A2636263
|
880,000.00
|
11.00
|
|
MR. CHAN KAR
LEONG +
|
35, JALAN
IMPIAN 1, TAMAN IMPIAN, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
771020-08-5351
A3833565
|
880,000.00
|
11.00
|
|
MR. TAN CHIANG
HAK
|
37, JALAN
IMPIAN 1, TAMAN IMPIAN , ALMA, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
711119-07-5335
A2052403
|
880,000.00
|
11.00
|
|
MR. CHAN
CHIANG FAH
|
2370, KG SETOL,
PINANG TUNGGAL, 13210 KEPALA BATAS, PULAU PINANG, MALAYSIA.
|
590313-01-5717
5563525
|
800,000.00
|
10.00
|
|
MR. TANG BOON
KUENG
|
4, LORONG
DAMAI 2, TAMAN PERMATA, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
670906-07-5141
A0845249
|
640,000.00
|
8.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
8,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of
Subject
|
:
|
MR. CHAN KAR
LEONG
|
|
Address
|
:
|
35, JALAN IMPIAN
1, TAMAN IMPIAN, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
A3833565
|
|
New IC No
|
:
|
771020-08-5351
|
|
Date of Birth
|
:
|
20/10/1977
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
10/03/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
MR. TANG BOON
TONG
|
|
Address
|
:
|
1, JALAN REMIA
7/1, TAMAN SERI REMIA, MACHANG BUBOK, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
710503-07-5791
|
|
Date of Birth
|
:
|
03/05/1971
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
10/03/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
MR. BEH HOCK
SENG
|
|
Address
|
:
|
39, JALAN IMPIAN
1, TAMAN IMPIAN, ALMA, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
760719-07-5321
|
|
Date of Birth
|
:
|
19/07/1976
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
10/05/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
TANG BOON TONG
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PETER OOI
& CO.
|
|
Auditor'
Address
|
:
|
12A, JALAN MEDAN
IPOH 1B, MEDAN IPOH BESTARI, 31400 IPOH, PERAK, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company
Secretary
|
:
|
MR. KHONG
SIONG WEI
|
|
|
IC / PP No
|
:
|
A3764386
|
|
|
New IC No
|
:
|
770813-14-5049
|
|
|
Address
|
:
|
32, LINGKARAN
MERU VALLEY 1A, TAMAN PERANGINAN LEMBAH MERU, 30020 IPOH, PERAK, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company
Secretary
|
:
|
MS. CHUAH LAY
NAH
|
|
|
IC / PP No
|
:
|
A3200215
|
|
|
New IC No
|
:
|
750420-07-5600
|
|
|
Address
|
:
|
20, LORONG
GAMELAN 2, TAMAN GAMELAN, 14200 SUNGAI BAKAP, PULAU PINANG, 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
|
21/09/2006
|
N/A
|
CIMB BANK
BERHAD
|
-
|
Satisfied
|
|
2
|
31/07/2007
|
N/A
|
CIMB BANK
BERHAD
|
-
|
Satisfied
|
|
3
|
31/07/2007
|
N/A
|
CIMB BANK
BERHAD
|
-
|
Satisfied
|
|
4
|
31/07/2007
|
N/A
|
CIMB BANK
BERHAD
|
-
|
Satisfied
|
|
5
|
31/07/2007
|
N/A
|
CIMB BANK
BERHAD
|
-
|
Satisfied
|
|
6
|
31/07/2007
|
N/A
|
CIMB BANK
BERHAD
|
-
|
Satisfied
|
|
7
|
19/08/2010
|
N/A
|
CIMB BANK
BERHAD
|
-
|
Satisfied
|
|
8
|
13/09/2010
|
N/A
|
MALAYAN
BANKING BHD
|
-
|
Unsatisfied
|
|
9
|
27/09/2011
|
N/A
|
MALAYAN
BANKING BHD
|
-
|
Unsatisfied
|
|
10
|
01/02/2012
|
N/A
|
AMISLAMIC BANK
BERHAD
|
-
|
Unsatisfied
|
|
11
|
01/02/2012
|
N/A
|
AMISLAMIC BANK
BERHAD
|
-
|
Unsatisfied
|
LITIGATION 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.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
SOURCES OF RAW
MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
N/A
|
|
|
|
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Subject refused to disclose its suppliers.
OPERATIONS
|
Total Number
of Employees:
|
|
YEAR
|
2015
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
510
|
|
|
|
|
|
|
|
|
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturer of
plywood.
The Subject is a growing manufacturer of hardwood plywood.
The Subject is able to produce at least 60,000 m2 of high quality hardwood
plywood annually on top of 3million m2 of flooring boards.
CURRENT INVESTIGATION
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
04-5833220
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address
Provided by Client
|
:
|
PLOT A26 LORONG
BAKAU KAWASAN PERUSAHAAN PERABUT SUNGAI BAONG 14200 SUNGAI BAKAP, SEBERANG
PRAI SELATAN PENANG, MALAYSIA
|
|
Current
Address
|
:
|
PLOT A26
LORONG BAKAU KAWASAN PERUSAHAAN PERABUT SUNGAI BAONG, SEBERANG PRAI
SELATAN, 14200 SUNGAI BAKAP, PULAU PINANG, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest
Financial Accounts
|
:
|
NO
|
Other
Investigations
On 13th February 2015 we contacted one of the staff from the Subject and he
provided some information.
FINANCIAL ANALYSIS
|
The Subject is
a private exempt company which does not need to file in its accounts with
the Registrar of Companies for the information of the public. Therefore, 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:
|
2011
|
2012
|
2013
|
2014*
|
2015**
|
|
|
|
|
|
|
|
|
Population (
Million)
|
28.7
|
29.3
|
29.8
|
30.3
|
30.5
|
|
Gross Domestic
Products ( % )
|
5.1
|
5.6
|
5.3
|
6.0
|
6.0
|
|
Domestic
Demand ( % )
|
8.2
|
9.4
|
5.6
|
6.4
|
6.2
|
|
Private
Expenditure ( % )
|
8.2
|
8.0
|
8.6
|
7.9
|
6.9
|
|
Consumption (
% )
|
7.1
|
1.0
|
5.7
|
6.5
|
5.6
|
|
Investment ( %
)
|
12.2
|
11.7
|
13.3
|
12.0
|
10.7
|
|
Public
Expenditure ( % )
|
8.4
|
13.3
|
4.4
|
2.3
|
4.2
|
|
Consumption (
% )
|
16.1
|
11.3
|
(1.2)
|
2.1
|
3.8
|
|
Investment ( %
)
|
(0.3)
|
15.9
|
4.2
|
2.6
|
4.7
|
|
|
|
|
|
|
|
|
Balance of Trade
( MYR Million )
|
116,058
|
106,300
|
71,298
|
52,314
|
-
|
|
Government
Finance ( MYR Million )
|
(45,511)
|
(42,297)
|
(39,993)
|
(37,291)
|
-
|
|
Government
Finance to GDP / Fiscal Deficit ( % )
|
(5.4)
|
(4.5)
|
(4.0)
|
(3.5)
|
(3.0)
|
|
Inflation ( %
Change in Composite CPI)
|
3.1
|
1.6
|
2.5
|
3.3
|
4.0
|
|
Unemployment
Rate
|
3.3
|
3.2
|
3.0
|
3.0
|
3.0
|
|
|
|
|
|
|
|
|
Net
International Reserves ( MYR Billion )
|
415
|
427
|
-
|
417
|
-
|
|
Average Risk-Weighted
Capital Adequacy Ratio ( % )
|
3.50
|
2.20
|
-
|
-
|
-
|
|
Average 3
Months of Non-performing Loans ( % )
|
14.80
|
14.70
|
-
|
-
|
-
|
|
Average Base
Lending Rate ( % )
|
6.60
|
6.53
|
6.53
|
-
|
-
|
|
Business Loans
Disbursed( % )
|
15.3
|
32.2
|
-
|
-
|
-
|
|
Foreign
Investment ( MYR Million )
|
23,546.1
|
26,230.4
|
38,238.0
|
-
|
-
|
|
Consumer Loans
( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration
of New Companies ( No. )
|
45,455
|
45,441
|
46,321
|
-
|
-
|
|
Registration of
New Companies ( % )
|
3.0
|
(0.0)
|
1.9
|
-
|
-
|
|
Liquidation of
Companies ( No. )
|
132,485
|
17,092
|
26,430
|
-
|
-
|
|
Liquidation of
Companies ( % )
|
417.8
|
(87.1)
|
54.6
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration
of New Business ( No. )
|
284,598
|
324,761
|
329,895
|
-
|
-
|
|
Registration
of New Business ( % )
|
5.0
|
14.0
|
2.0
|
-
|
-
|
|
Business
Dissolved ( No. )
|
20,121
|
20,380
|
18,161
|
-
|
-
|
|
Business
Dissolved ( % )
|
1.9
|
1.3
|
(10.9)
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger
Cars (' 000 Unit )
|
535.1
|
552.2
|
576.7
|
598.4
|
610.3
|
|
Cellular Phone
Subscribers ( Million )
|
35.3
|
38.5
|
43.0
|
43.8
|
-
|
|
Tourist
Arrival ( Million Persons )
|
24.7
|
25.0
|
25.7
|
28.0
|
-
|
|
Hotel
Occupancy Rate ( % )
|
60.6
|
62.4
|
62.6
|
-
|
-
|
|
|
|
|
|
|
|
|
Credit Cards
Spending ( % )
|
15.6
|
12.6
|
-
|
-
|
-
|
|
Bad Cheque
Offenders (No.)
|
32,627
|
26,982
|
28,876
|
-
|
-
|
|
Individual
Bankruptcy ( No.)
|
19,167
|
19,575
|
21,984
|
-
|
-
|
|
Individual
Bankruptcy ( % )
|
5.8
|
2.1
|
12.3
|
-
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ):
|
2011
|
2012
|
2013
|
2014*
|
2015**
|
|
|
|
|
|
|
|
|
Agriculture
|
5.8
|
1.0
|
2.1
|
3.8
|
3.1
|
|
Palm Oil
|
10.8
|
(0.3)
|
2.6
|
6.7
|
-
|
|
Rubber
|
6.1
|
(7.9)
|
(10.1)
|
(10.4)
|
-
|
|
Forestry &
Logging
|
(7.6)
|
(4.5)
|
(7.8)
|
(4.2)
|
-
|
|
Fishing
|
2.1
|
4.3
|
1.6
|
2.7
|
-
|
|
Other
Agriculture
|
7.1
|
6.4
|
8.2
|
6.2
|
-
|
|
Industry
Non-Performing Loans ( MYR Million )
|
634.1
|
-
|
-
|
-
|
-
|
|
% of Industry
Non-Performing Loans
|
3.2
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Mining
|
(5.4)
|
1.4
|
0.9
|
(0.8)
|
2.8
|
|
Oil & Gas
|
(1.7)
|
-
|
-
|
-
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry
Non-performing Loans ( MYR Million )
|
46.5
|
-
|
-
|
-
|
-
|
|
% of Industry
Non-performing Loans
|
0.1
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Manufacturing
#
|
4.7
|
4.8
|
3.4
|
6.6
|
5.5
|
|
Exported-oriented
Industries
|
4.1
|
6.5
|
3.3
|
5.6
|
-
|
|
Electrical
& Electronics
|
(4.0)
|
12.7
|
6.9
|
13.3
|
-
|
|
Rubber
Products
|
20.7
|
3.0
|
11.7
|
(0.3)
|
-
|
|
Wood Products
|
(5.1)
|
8.7
|
(2.7)
|
5.1
|
-
|
|
Textiles &
Apparel
|
13.2
|
(7.1)
|
(2.6)
|
11.5
|
-
|
|
Domestic-oriented
Industries
|
10.7
|
1.7
|
6.8
|
9.4
|
-
|
|
Food,
Beverages & Tobacco
|
4.80
|
2.70
|
3.60
|
6.13
|
6.13
|
|
Chemical &
Chemical Products
|
10.0
|
10.8
|
5.6
|
-
|
-
|
|
Plastic
Products
|
3.8
|
-
|
-
|
-
|
-
|
|
Iron &
Steel
|
2.2
|
(6.6)
|
5.0
|
0.1
|
-
|
|
Fabricated
Metal Products
|
21.8
|
13.8
|
9.9
|
2.9
|
-
|
|
Non-metallic
Mineral
|
12.1
|
2.9
|
(2.0)
|
5.4
|
-
|
|
Transport
Equipment
|
12.0
|
3.4
|
13.8
|
22.9
|
-
|
|
Paper &
Paper Products
|
9.5
|
3.1
|
1.8
|
4.7
|
-
|
|
Crude Oil
Refineries
|
9.3
|
-
|
-
|
-
|
-
|
|
Industry
Non-Performing Loans ( MYR Million )
|
6,537.2
|
-
|
-
|
-
|
-
|
|
% of Industry
Non-Performing Loans
|
25.7
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Construction
|
4.7
|
18.6
|
10.9
|
12.7
|
10.7
|
|
Industry
Non-Performing Loans ( MYR Million )
|
3,856.9
|
-
|
-
|
-
|
-
|
|
% of Industry
Non-Performing Loans
|
10.2
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Services
|
7.1
|
6.4
|
5.9
|
5.9
|
5.6
|
|
Electric, Gas
& Water
|
3.5
|
4.4
|
4.2
|
3.6
|
3.9
|
|
Transport,
Storage & Communication
|
6.50
|
7.10
|
7.30
|
7.50
|
7.15
|
|
Wholesale,
Retail, Hotel & Restaurant
|
5.2
|
4.7
|
5.9
|
6.9
|
6.5
|
|
Finance,
Insurance & Real Estate
|
6.90
|
9.70
|
3.70
|
4.65
|
4.25
|
|
Government
Services
|
12.4
|
9.4
|
8.3
|
6.1
|
5.6
|
|
Other Services
|
5.1
|
3.9
|
5.1
|
4.8
|
4.5
|
|
Industry
Non-Performing Loans ( MYR Million )
|
6,825.2
|
-
|
-
|
-
|
-
|
|
% of Industry
Non-Performing Loans
|
23.4
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate /
Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
|
INDUSTRY ANALYSIS
|
MSIC CODE
|
|
16211 :
Manufacture of veneer sheets and plywood
|
|
|
|
|
INDUSTRY :
|
MANUFACTURING
|
|
|
|
|
|
|
The
manufacturing sector is expected to grow by 5.5% in 2015. It will be bolstered
by strong domestic and export-oriented industries in line with growing
investment activities and favorable external demand. Moreover, in 2014, the
manufacturing sectors have spearheading growth. The manufacturing sector is
estimated to grow at a faster pace in 2014 on higher exports of electronics
and electrical (E&E) products as external demand improves.
|
|
|
|
The
manufacturing sector expanded strongly during the first half of 2014, the
highest growth in three years, spurred by higher global semiconductor
sales. Value-added of the manufacturing sector expanded 7.1% during the
first half of 2014. Production of the sector rose 6.6% in the first seven
months of 2014 supported by resilient domestic demand and recovery in the
external sector during the first seven months of the years. The sales value
of manufactured products rebounded by 7.7% in the first seven months of
2014. The strong performance of the sector was on account of higher output
at 9.4% from the domestic-oriented industries, particularly transport
equipment, food and beverage.
|
|
|
|
The
manufacturing sector continued to attract domestic and foreign investment
with investment approved by Malaysian Investment Development Authority (MIDA)
totaling RM47.4 billion during the first six months of 2014, mainly from
Japan, China and Germany. Meanwhile, the capacity utilization rate remained
steady at 80.4% during the second quarter of 2014 while average wage per
employee and productivity improved to RM2,772 per month and 5.9%,
respectively during the first seven months of 2014. Boosted by favorable
domestic economic activity and recovery in the external sector, the
manufacturing sector is expected to record a better performance with growth
of 6.4% in 2014.
|
|
|
|
In the
meantime, production of wood products rebounded by 5.1% largely supported
by higher output in the saw-milling and planning of wood segment at 25.9%
during the first seven months of 2014. The positive performance was
attributed to vibrant residential and commercial construction activities
which contributed to increased use of timber frame and glued laminated
timber for cost savings compared to the use of concrete and steel.
Increased demand from major export destination such as the US, Japan and
Australia for Malaysian made furniture contributed to the higher output,
particularly wooden and cane furniture which rebounded by 2.2%.
|
|
|
|
Production of
rubber products contracted 0.3% in the first seven months of 2014 on
account of slower demand for rubber gloves and rubber tyres. The decline in
rubber tyres for vehicles was due to the weaker external demand from the
automotive industry, particularly from China. Output of other rubber
products contracted 3.8% following the product shift from rubber-based to
plastics, silicones and metal alloys in the manufacture of medical devices.
|
|
|
|
Besides,
exports of manufactured products are expected to grow 6.1% in 2014 boosted by
the growing demand from advanced economies. However, during the first seven
months of 2014, manufactured exports surged 11.4%. The robust growth was
buoyed by strengthening demand in the US and EU, reflecting significant
exposure of Malaysian exports to the economic performance in the advance
economies. The strength in export was broad-based with robust growth in
both E&E and non- E&E subsectors.
|
|
|
|
Under budget
2015, the Government will provide incentive in the form of capital
allowance on automation expenditure to encourage automation in the
manufacturing sector, which may help in the manufacturing sector.
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK
EVALUATION & RECOMMENDATION
|
Incorporated in 2006, the Subject is an Exempt Private company, focusing on
manufacturer of plywood. Having been in business for more than 5 years, the
Subject has established a remarkable clientele base for itself which has
contributed to its business growth. A paid up capital of MYR 8,000,000
allows the Subject to expand its business more comfortably. However, the
Subject does not have strong shareholders’ backing. Without a strong
shareholders' backing, the opportunity of the Subject to expand its business
is limited.
Being a large entity, the Subject has a steady workforce of 510 personnel
to support its business operations. Its future prospects seem to be fairly
good as its business operations are running relatively stable. 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.
As the Subject is registered as an Exempt Private company, it is not
required to file financial statements for public review. As such, we are
unable to ascertain its present financial health.
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.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms.
In view of the above, we recommend credit be granted to the Subject with
close monitoring.
|
|
|
PROIT
AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
Financial Year
End
|
2010-12-31
|
2009-12-31
|
2008-12-31
|
2007-12-31
|
2006-12-31
|
|
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
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
33,253,757
|
29,769,123
|
19,027,663
|
6,519,208
|
2,149,196
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
33,253,757
|
29,769,123
|
19,027,663
|
6,519,208
|
2,149,196
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
2,199,181
|
1,976,721
|
(4,618,913)
|
(1,883,873)
|
(774,919)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
2,199,181
|
1,976,721
|
(4,618,913)
|
(1,883,873)
|
(774,919)
|
|
Taxation
|
431,000
|
(1,800)
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
2,630,181
|
1,974,921
|
(4,618,913)
|
(1,883,873)
|
(774,919)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS
|
2,630,181
|
1,974,921
|
(4,618,913)
|
(1,883,873)
|
(774,919)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS
|
2,630,181
|
1,974,921
|
(4,618,913)
|
(1,883,873)
|
(774,919)
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously
reported
|
(5,302,784)
|
(7,277,705)
|
(2,658,792)
|
(774,919)
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
(5,302,784)
|
(7,277,705)
|
(2,658,792)
|
(774,919)
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
(2,672,603)
|
(5,302,784)
|
(7,277,705)
|
(2,658,792)
|
(774,919)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
(2,672,603)
|
(5,302,784)
|
(7,277,705)
|
(2,658,792)
|
(774,919)
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
BALANCE SHEET
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
18,923,752
|
17,470,972
|
17,698,621
|
14,643,108
|
5,195,956
|
|
|
|
|
|
|
|
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS
|
-
|
-
|
-
|
0
|
-
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
18,923,752
|
17,470,972
|
17,698,621
|
14,643,108
|
5,195,956
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
10,284,378
|
4,619,894
|
5,278,202
|
3,473,633
|
2,238,474
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
29,208,130
|
22,090,866
|
22,976,823
|
18,116,741
|
7,434,430
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES
|
9,793,550
|
4,349,721
|
23,714,669
|
3,369,010
|
6,015,605
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
490,828
|
270,173
|
(18,436,467)
|
104,623
|
(3,777,131)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
19,414,580
|
17,741,145
|
(737,846)
|
14,747,731
|
1,418,825
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share
capital
|
8,000,000
|
8,000,000
|
1,500,000
|
1,500,000
|
500,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
8,000,000
|
8,000,000
|
1,500,000
|
1,500,000
|
500,000
|
|
|
|
|
|
|
|
|
Retained
profit/(loss) carried forward
|
(2,672,603)
|
(5,302,784)
|
(7,277,705)
|
(2,658,792)
|
(774,919)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
(2,672,603)
|
(5,302,784)
|
(7,277,705)
|
(2,658,792)
|
(774,919)
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
5,327,397
|
2,697,216
|
(5,777,705)
|
(1,158,792)
|
(274,919)
|
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES
|
-
|
-
|
-
|
15,906,523
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
14,087,183
|
15,043,929
|
5,039,859
|
15,906,523
|
1,693,744
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
19,414,580
|
17,741,145
|
(737,846)
|
14,747,731
|
1,418,825
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Net Liquid
Assets
|
490,828
|
270,173
|
(18,436,467)
|
104,623
|
(3,777,131)
|
|
Net Current
Assets/(Liabilities)
|
490,828
|
270,173
|
(18,436,467)
|
104,623
|
(3,777,131)
|
|
Net Tangible
Assets
|
19,414,580
|
17,741,145
|
(737,846)
|
14,747,731
|
1,418,825
|
|
Net Monetary
Assets
|
(13,596,355)
|
(14,773,756)
|
(23,476,326)
|
(15,801,900)
|
(5,470,875)
|
|
|
|
|
|
|
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
|
|
Total
Liabilities
|
23,880,733
|
19,393,650
|
28,754,528
|
19,275,533
|
7,709,349
|
|
Total Assets
|
29,208,130
|
22,090,866
|
22,976,823
|
18,116,741
|
7,434,430
|
|
Net Assets
|
19,414,580
|
17,741,145
|
(737,846)
|
14,747,731
|
1,418,825
|
|
Net Assets
Backing
|
5,327,397
|
2,697,216
|
(5,777,705)
|
(1,158,792)
|
(274,919)
|
|
Shareholders'
Funds
|
5,327,397
|
2,697,216
|
(5,777,705)
|
(1,158,792)
|
(274,919)
|
|
Total Share
Capital
|
8,000,000
|
8,000,000
|
1,500,000
|
1,500,000
|
500,000
|
|
Total Reserves
|
(2,672,603)
|
(5,302,784)
|
(7,277,705)
|
(2,658,792)
|
(774,919)
|
|
|
|
|
|
|
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
|
Current Ratio
|
1.05
|
1.06
|
0.22
|
1.03
|
0.37
|
|
|
|
|
|
|
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
|
Liabilities
Ratio
|
4.48
|
7.19
|
(4.98)
|
(16.63)
|
(28.04)
|
|
Assets Backing
Ratio
|
2.43
|
2.22
|
(0.49)
|
9.83
|
2.84
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
|
Operating
Profit Margin
|
6.61
|
6.64
|
(24.27)
|
(28.90)
|
(36.06)
|
|
Net Profit
Margin
|
7.91
|
6.63
|
(24.27)
|
(28.90)
|
(36.06)
|
|
Return On Net
Assets
|
11.33
|
11.14
|
626.00
|
(12.77)
|
(54.62)
|
|
Return On
Capital Employed
|
11.33
|
11.14
|
626.00
|
(12.77)
|
(54.62)
|
|
Return On
Shareholders' Funds/Equity
|
49.37
|
73.22
|
79.94
|
162.57
|
281.87
|
|
|
|
|
|
|
|
|