Convincing Features
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Platina Jubilee Sdn. Bhd. was incorporated in Malaysia on 5th May 2017 with an authorized ordinary share capital of RM3,000,000. Its registered head office address is in Lot 88, Air Keroh Industrial Estate, 75450 Air Keroh, Melaka. The company is in the business of manufacturing steel pilings and rebars from metal ores and its products are mainly used in construction projects.
All its activities, from daily operations to firm-wide policy formulation and implementation have been conducted from its head office. As of 1st January 2022, the company secretary’s records showed that PJSB’s issued and paid-up ordinary share capital was RM2,500,010.
As part of its expansion exercise, PJSB purchased a newly built factory complex at Lot 89, which is next to its current factory building, for RM987,000. The acquisition, which was fully financed by a five-year bank loan, was finalized on 11th January 2022. The complex was made up of a 2,200-square-foot factory building, 300 square-foot building housing cafeterias, prayer rooms, restrooms, and recreational rooms for employees, as well as a 1,000-square-foot warehouse to store inventories.
As part of its financing requirement, the bank had appointed an independent valuer to appraise the complex. The valuer reported that the factory building was worth RM875,000, the employees’ R & R building RM52,000, and the warehouse RM60,000.
Based on the PJSB’s expansion plan, 91% of the factory building was to be utilized for the production process. The administration office would occupy the balance of the factory’s floor space. In this regard, the company had spent RM46,000 in cash to renovate the factory building, which involved adding additional structures to the building.
PJSB also incurred a further RM4,750 to install wheelchair ramps and other relevant facilities for its disabled administrative staff. All the spending on renovation and installation of disabled-friendly facilities were capitalized along with the factory buildings as non-current assets in the company’s Statement of Financial Position for the financial year 2022. The renovation was completed at the end of January 2022.
The installation process of new production machinery and equipment was subsequently completed on 21st February 2022. The manufacturing process in the new factory complex started on 1st March 2022 at 85% capacity.
In PJSB’s annual general meeting on 15th May 2021, the shareholders passed a resolution approving the appointment of Albert, Charles & Laurence Tax Consultancy Services (ACLT) Sdn. Bhd. in replacement of the outgoing Messrs. Chai, Cheah, & Chua, which have been the company’s tax agent since 2017. ACLT will be acting as PJSB’s tax agent for the next three years of assessment (YAs), effective from YA2022.
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