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SMJK PHOR TAY
YOUNG ENTERPRISE
ANNUAL REPORT 2015
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Content
NO. Index Page No.
1 Introduction of YE company 2
8 Auditor Report 17
9 Liquidation Report 18
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Introduction of Everlast Enterprise
Company Profile
EVERLAST Enterprise of SMJK Phor Tay is a whole-owned subsidiary of the
Young Enterprise Program 2015, registered with the Penang Young Enterprise
Secretariat.
We, the twenty-one (21) young achievers, were supervised by three teacher
advisors and ten corporate advisors from Seagate. Everlast Enterprise is a handicraft
based company. Our natural all-handmade products are classified into two (2) main
categories that are essentials and accessories.
We have each identified a total of eleven main products with 100% unique designs
with superlative standards which will fulfill our company objectives and highly suitable
for our target customers.
Logo and objectives
Everlast carries a meaning of continuing
to exist forever. Akin to our friendship,
even though we only worked as a team
for 9 short months but the bond of
friendship fostered will last forever. In our
company, we are not just mere friends
but more like a family. We work together
for the benefit of the company and its
share holders. Besides that, our company
logo; a big yellow sun represents our
everlasting passion and enthusiasm
towards YE. The young shoot represents
us, the young generation that are
budding to grow and will never give up
and resilient just like grass. The word
'Everlast' is in green colour to represent that our products are environmentally friendly to
influence our customers toward an eco-friendly lifestyle. The colours we chose to be in
our logo are green and yellow which are our Phor Tay High School official colours. In
short, teamwork is the key to a successful company. Our objectives are to enable
achievers to learn the importance of entrepreneurship, leadership and team work.
Furthermore, we also create awareness of high quality handmade products and the
importance of buying Malaysian made products to help boost our local economy.
Vision Mission
To achieve continuous growth through a We are committed in providing superlative
highly committed team. standard products to exceed customer’s
expectation with reasonable profit.
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Report From Managing Director
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On 26th February 2015, Everlast Enterprise was formed by 21 achievers. With
luck, I was voted as the Finance Director. Therefore, I am responsible for all the assets
and funds of the company. Besides that, I am in charge of the cash flow as well. From
collecting payments from our investors to purchasing materials, I monitor every
transition concerning money. I have to prepare the monthly account statement of the
company and ensure all the transactions are documented accordingly to supporting bills
and receipts.
We have managed to sell 400 units of shares to teachers and students of SMJK
PhorTay as well as the corporate advisors from Penang Seagate. Furthermore, I have
prepared all the financial reports for the Annual Report. However, I have to ensure that
all outstanding cheques have been cleared before closing the bank accounts and cash
accounts. Lastly, I have to summarize the financial statement for all the shareholders
and publish the final finance performance during the Annual General Meeting (AGM).
Conclusion, I am confident that I have learnt to manage my finance better. I
believe that to manage a company well, I have to look into the welfare of our staff
extremely well.
After long discussion with my assistant, we concluded that we will pay our Board
of Directors (BODs) fairly for the work they have contributed:
a) Salary
b) Commission
c) Direct Labor
To further show our appreciation to our staffs, we put aside RM 840 for our
annual appreciation lunch.
Furthermore, we also pay out:
a) Bonus RM400 (RM1/share)
b) Dividend RM9/share (450%)
c) Return of Capital (RM2.10/share)
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Everlast Enterprise
Trial Balance As At 25 August 2015
Debit Credit
RM RM
Cash 299.65
Bank 5,905.94
Share Capital 800.00
Direct Materials 1,134.40
Overhead on Production 184.10
Tools, Equipments and Machinery 113.90
Printing and Stationery 26.90
Registration 50.00
Sales 8,680.00
Bank Charges 16.31
Foods and Drinks 140.80
Decoration 15.00
Rental 72.00
Direct Labor 336.00
Salary and Wages 500.00
Commission 385.00
Donation 300.00
9,480.00 9,480.00
Closing stock of Finished Goods RM163.40.
Everlast Enterprise
Manufacturing Account For The Period Ending 25 August 2015
RM
Direct Materials 1,134.40
Direct Labor 336.00
Prime Cost 1,470.40
Everlast Enterprise
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Trading Account For The Period Ending 25 August 2015
RM RM
Sales 8,680.00
Less: Cost of Sales
Opening Finished Goods -
Add: Cost of Production 1,654.50
1,654.50
Less: Closing Stock of Finished Goods 163.40
1,491.10
GROSS PROFIT 7,188.90
Everlast Enterprise
Profit and Loss Account For The Period Ending 25 August 2015
RM RM
Gross Profit 7,188.90
Less: Expenditure
Tools, Equipments and Machinery 113.90
Printing and Stationery 26.90
Registration 50.00
Bank Charges 16.31
Foods and Drinks 140.80
Decoration 15.00
Rental 72.00
Salary and Wages 500.00
Commission 385.00
Donation 300.00
1,619.91
NET PROFIT 5,568.99
Everlast Enterprise
Balance Sheet As At 25 August 2015
RM
ASSETS
Cash 299.65
Bank 5,905.94
Closing Stock of Finished Goods 163.40
6,368.99
CAPITAL
Share Capital 800.00
Net Profit 5,568.99
6,368.99
Report From Operations Director Report
As the Operation Director in the company, I coordinate work from the design
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stage to the final product. I drive the four departments in our company which are
Research & Development, Purchasing, Production, and Quality Control. I make final
decision based on members’ ideas. We have 14 products this year, including jeans
pencil case (with 2 sizes), 3 zips pencil case, 3 zips pouch, Everlast bag (with 3 sizes),
jeans bag, multipurpose holder, plugy, jeans tissue cover, jeans lip stick holder, leather
keychain, and bookmark. I always look into all matters related to the production
process. I also direct and motivate the four managers to meet their schedules.
Operation
Operation Director
Director
KUAH
KUAH XIAO YING
XIAO YING
Asst.
Asst. Operation
Operation Director
Director
LIM YI HONG
LIM YI HONG
Research
Research and
and Development
Development Purchasing
Purchasing Production
Production Quality
Quality Control
Control
TAN
TAN CHAI SHIUAN
CHAI SHIUAN ONG
ONG MEE
MEE YEEN
YEEN SAW
SAW HUI
HUI LING
LING TAN
TAN SWEE CHEE
SWEE CHEE
Our production cycle started from February until July, we spent all the time that
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we had including every Saturday, public holidays and also school holidays to
manufacture our products. The production time on Saturday starts from 12 noon to 3.00
p.m. On school holidays, we used up half of the holidays for production in our YE room.
When the first sets of product were made, many failed the quality control test. So
we started to standardize our quality referring to our prototypes. For example, the size
of our Everlast bags were not the same. After we addressed this issue, this problem
was solved.
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Flow of Plugy
As the sales director of Everlast Enterprise, I have to ensure that products can be
sold and targets are achieved. I have to set targets for each sale. Prices of products
have been set after a discussion with the finance director. It is my responsibility to
ensure that every member of Everlast Enterprise knows how to market products to
customers. I also have to work together with marketing director to set prices for
promotions and happy hours. After sales, I have to record and account the money
during sales and hand it over to finance director.
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2. 8 May 2015 Mother’s day Sales RM330.00
3. 29 May 2015 Teacher’s Day Sales RM504.00
st
4. 25, 26 July 2015 1 Avenue Sales RM5657.00
5. 1 August 2015 Parent Interaction Day Sales RM650.00
6. 8 August 2015 Concert Night Sales RM592.00
7. 25 August 2015 Penang Seagate Sales RM571.00
Total Sales RM8680.00
Date Sales Response Solution
13 February Appreciation Day Good sales but some of We discussed how to improve our
2015 Sales our members were too selling skills and strategies during
shy to speak with the following meeting.
costumers.
2 April 2015 Cross Country Average sales. A few of We did promotions and offered more
Sales our members were still reasonable prices so that students
shy to deal with can afford to buy.
costumers.
8 May2015 Mother’s Day Sales were very good. All We get ourselves more practice on
Sales chocolates were sold out. our selling skills and teamwork.
29 May 2015 Teacher’s Day Great sales. Most of our We collected comments from
Sales members already know costumers and discussed them in
how to deal with the next meeting.
customers.
25,26 July 1st Avenue Sales Excellent. Our members We did promotions to attract
2015 had already get use to customers and it was success. We
speaking with costumers. also offered Happy Hour to entice
customer to buy more products.
1 August Parent Interaction Excellent sales. We We offered student price for our
2015 Day Sales manage to sale most of school students to attract more
our products. customers.
8 August Concert Night Good sales but we didn’t We did promotions and offered
2015 Sales manage to sale all of our cheaper price to our customers to
products. attract even more costumers.
to support our company. During the YE grand sales ,we also organized a Happy Hour
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session for those customers who spend above RM25 to obtain a chance for lucky draw.
Finally, we hit the target and exceeded our goals with the total sales of RM5657.
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Report From Human Resource Director Report
As the Human Resource Director, my duties and responsibility and to take care
of all matters that related to Human Resource such as discipline, safety, health,
administration and recruitment. HR Director needs to bind everyone together to work
toward a goal and objective. Besides that, having to monitor all members put in equal
hard work into the company, I also have to make sure that all programs and events are
carried out smoothly with proper planning and training. It is very important that there is
sufficient work force.
As we have many programs and events I need to allocate sufficient manpower to
every function’s timetable and I have to make sure that the timetables are adhered
strictly to avoid shortage of manpower. Discipline in the company is essential to ensure
that all staffs comply with the rules and regulation of the company at all times. I am also
responsible to take attendance of all my BODs in every function we participate or
organize. As a HR Director, I have to ensure that everyone’s safety is prioritized at all
times, regardless of whether they are travelling or when they are on-site to promote our
company products.
Our first sales event was held on April 2 nd during our school’s Cross Country. For
this event I have to arrange the time table carefully as some of our BODs took part in
the cross country .We also had many sales opportunities, as this event was held in
Botanical Garden, so we managed to sell to the general public too.
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15 TAN CHAI SHIUAN 18/18 100%
16 TAN KE XIN 18/18 100%
17 TAN SWEA CHEE 18/18 100%
18 TEOH JUN JIE 18/18 100%
19 WILSRED LEE WEI JIE 18/18 100%
20 YEOH KE QIN 18/18 100%
21 KENNETH HARRIOT 17/18 94%
Attached is the attendance throughout the year.
Managing
Organisation Chart Director
Teacher
Teacher Advisor
Advisor
Madam
Madam Chua
Chua
Chief
Chief Teacher
Teacher Teoh Jun Jie Ying
Shiou
Shiou Ying
Advisor
Advisor
School
School Principle
Principle Madam
Madam Maggie
Maggie Teacher
Teacher Advisor
Advisor
Low
Low Poh
Poh Lean
Lean
Madam
Madam Chan
Chan Be
Be Ms.
Ms. Sandra
Sandra Cheah
Cheah
Asst. Managing
Chu
Chu Chief Company
Advisor
Chief Advisor Hui
Hui Ting
Ting
Director
Mr. Secretary
Mr. Chai
Chai Mau
Mau Lin
Lin
Yeoh Ke Qin Chor Zhao Gen
Asst. Company
Secretary
Goh Shin Yee
Asst. IT
Manager
Kenneth Harriot
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Calendar of Events
JANUARY
17 1st meeting YE 2015
-MD decides the number of meeting for the whole year.
-Selection of BOD’s
-Presentation of products
24 -Set down the whole year activities
-Clean the room
31 -Meeting as usual
FEBRUARY
07 -Meeting as usual
-Prepare for the Valentine’s Day sales
14 -Meeting as usual
-Production day Cross country
25 - YE Achievers’ Workshop in USM
MARCH
07 -Visit Old Folk’s Home, donation, sings, dance.
14 -SEAGATE Company came to visit us
-Production Day for Cross country
21 -Meeting as usual
-Production Day for Cross country
28 -Meeting as usual
-Production Day for Cross country
31 -Teambuilding at Youth Park
APRIL
04 -Cross Country Sales
11 -Meeting as usual
-Decide the products of Grand Sales
18 -Meeting as usual
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-Planning the material for the product
-Planning for Mother’s Day sales
MAY
08 -Mother’s Day Sales
23 -Production for Grand Sales
JUNE
09 -SEAGATE gives us some advises on marketing strategic
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Community Service for The Penang Old Folk’s Home
Date: 7/3/2015
Time: 2:00 p.m. – 5:00 p.m.
Venue: The Penang Old Folk’s Home
Key Takeaway: To enhance caring value and responsibilities towards the
community
Lesson Learned: To give more care and attentions to the elderly.
We have been planned this even for a month ago. We also collect some donation
from the school community for purchasing diapers, the balanced from the donation we
divided and given as ang pao.
Mr. Tan, one of the Penang Old Folk’s Home Manager, briefed 21 of us about the
mission for the day and also told us about the history of the old folk’s home. After that,
we performed for the old folks in the main hall of Penang Old Folk;s Home. Our talented
BOD’s sang and danced gracefully for them.Besides that, we went to every room to give
out ‘ang pao’ and oranges.
When we finished all our jobs, we had some chatting and sharing session with
those old folks. Before we took our leave, we thanked Mr. Tan and said goodbye to the
old folks to giving us the opportunity to fulfill our commitment in performing community
service.
We were very pleased with ourselves because we had manage to contribute to
the community.
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Auditors’ Report
EVERLAST ENTERPRISE
We have audited the accounts of the company as set out in page 5 to 6 in accordance with
approved auditing standard.
In our opinion:-
a) the financial statements give a true and fair view of the state of affair of the Everlast
Enterprise as at 31 August 2015 and of the results and cash flow of the Company for the
period/ year ended on that date in accordance with applicable approved accounting
standards, and comply with the Company Act, 1965; and
b) the accounting records and registers as required by the Act to be kept by the Company have
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been properly kept in accordance with the provisions of the said Act.
…………………………………………….
Chai Mau Lin
Advisor
Liquidation Report
EVERLAST ENTERPRISE
731, Jalan Sungai Dua,
11700 Pulau Pinang.
27 August 2015
To the Shareholders of the Company
LIQUIDATION REPORT
Following the standard practice of Young Enterprise companies, the above company
hereby announces its formal liquidation as at the close of business on 25 August 2015.
As shown in our final shareholder's report, our assets were converted into cash from the
following sources, and realized the sums shown:
Approved by:
__________________
____________________ ____________________
CHAN EI WON TEOH JUN JIE MAGGIE LOW
Finance Director Managing Director Advisor
27 August 2015
Learning, Challenges and Solutions by BODs Report
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Being the MD of the company, I have gained a lot of distinct experiences
and learned the importance of a leader in a team. Leader is the one who
make the final decision and set out target for the team. I was quite
frustrated at the beginning as I faced problems to get our team members to
work. But after a brain storming session with my advisors, I adopted a new
style of management, which including leadership by example, providing enough space
for our members to show their talents and be more friendly with them. I finally solved my
problems. Our team members are more confident in voicing out their opinions and we
worked more closely together. Finally, I found teamwork and corporation. I really
appreciate my teachers and cooperate advisors for their advice.
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Operation Director : Kuah Xiao Ying
As the Operation Director of the company, it is truly challenging to do my
job well because it is an important position in the company. I’ve learned to
make decisions so that the productions could flow smoothly throughout
the year. At first, I was far too easy-going to be the slave driver and kept
tolerating the others who refused to do their jobs. As expected, the
production of products cannot meet the targets. Then, I realized my job as the
Operation Director, I have to be friendly but strict! I have to be friendly so that others
would dare to approach me but at the same time they have to respect me and aware
that I mean business when an instruction is given. I never regretted joining this program
which gave me a lot of confidence. I have learned useful tips for my life.
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Sales Director : Eng Shu Wei
Through YE, I learnt a lot of things that is not taught in classes, like
teamwork, leadership and friendship. The most important value I have
learnt is trust. It takes a long time to grow an old friend, and trust is built in
a moment at a time. It might not be easy to trust people, but its hard even
get people to trust you. As a sales director, I learnt to trust all my BODs to
handle customers. I also learnt to trust both of my assistants to help me with my job.
Besides that, I realized that to be creative in thinking of ways to sell our products and
ways to attract customers are extremely important.
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Joining YE is the most satisfying decision I had ever made. YE gave me an
opportunity to explore my strength, and work on my weaknesses. It
improves my sense of responsibility and accountability. It helped me to
develop my character. As an Assistant Marketing Director, I had learnt how
to sell my products effectively to my targeted customers. I came to realise
that the Marketing Department must work closely with the Sales Department. And to
ensure a success, we need to visualize the marketing strategy to reach our goal such
as doing marketing research, sales promotion and advertising our products on
media .We are a big family, I love YE!
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Research and Development Manager : Tan Chai Shiuan
As an Research and Development Manager, I realized that attitude is the
most important thing. I have learnt to cooperate with each other to create
the products which are more attractive and less expensive. I have to do
surveys to get good prices for our materials without compromising the
quality. Therefore, more company’s money can be saved and the products
are also in a good quality. YE indeed taught me to be selective.