UNIVERSITI UTARA MALAYSIACOLLEGE OF BUSINESSFIRST SEMESTER SESSION 2013/2014

BPMN3023STRATEGIC MANAGEMENTGROUP A

FIMA CORPORATION BERHAD &K-STAR SPORTS LIMITED

PREPARED FOR:PROF. MADYA DR. SAARI BIN AHMAD

PREPARED BY:SARA LEE HWEI MEI 206998YAP YAN CHUN207058AW FANG ROO 207065KEK JING YNG 207086

DATE OF SUBMISSION: 31st OCTOBER 2013

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TABLE OF CONTENTS1.0 COMPANY PROFILE11.1 Fima Corporation Berhad11.1.1 Background of the Company11.1.2 Vision, Mission & Objectives21.1.3 Business Overview21.1.4 Organization Structure41.1.5 Authorized & Paid Up Capital41.1.6 Board of Directors51.1.7 Organization Chart71.2 K-Star Sports Limited81.2.1 Background of the Company81.2.2 Vision, Mission & Objectives91.2.3 Business Overview91.2.4 Organization Structure101.2.5 Authorized & Paid Up Capital101.2.6 Board of Directors111.2.7. Organization Chart132.0 GENERAL ENVIRONMENT ANALYSIS142.1 Fima Corporation Plantation in Indonesia142.1.1 Politic Factor142.1.2 Economic Factor142.1.3 Social Factor152.1.4 Technological Factor152.1.5 Environmental Factor162.1.6 Legal Factor172.2 Fima Corporation Manufacturing of Security Document in Malaysia182.2.1 Political Factor182.2.2 Economic Factor182.2.3 Social Factor182.2.4 Technological Factor182.2.5 Environmental Factor192.2.6 Legal Factor192.3 K-Star Manufacturing of Sports Apparel in China222.3.1 Political Factor222.3.2 Economical Factor222.3.3 Social Factor232.3.4 Technological Factor232.3.5 Environmental Factor232.3.6 Legal Factor253.0 TASK ENVIRONMENT ANALYSIS263.1 Fima Corporation Plantation in Indonesia263.1.1 Threats of New Entrants263.1.2 Threat of Substitute Products or Services263.1.3 Rivalry among Existing Competitors273.1.4 Bargaining Power of Suppliers273.1.5 Bargaining Power of Buyers283.2 Fima Corporation Manufacturing of Security Document in Malaysia283.2.1 Threat of New Entrants283.2.2 Threat of Substitute Products or Services293.2.3 Rivalry among Existing Competitors293.2.4 Bargaining Power of Suppliers293.2.5 Bargaining Power of Buyers303.3 K-Star Manufacturing of Sports Apparel in China303.3.1 Threat of New Entrants303.3.2 Threat of Substitute Products or Services313.3.3 Rivalry among Existing Competitors313.3.4 Bargaining Power of Suppliers313.3.5 Bargaining Power of Buyers314.0 RATIO ANALYSIS325.0 SWOT ANALYSIS355.1 Fima Corporation Plantation in Indonesia355.2 Fima Corporation Manufacturing of Security Document in Malaysia355.3 K-Star Manufacturing of Sports Apparel in China356.0 TOWS MATRIX366.1 Fima Corporation Plantation in Indonesia366.2 Fima Corporation Manufacturing of Security Document in Malaysia386.3 K-Star Manufacturing of Sports Apparel in China407.0 STRATEGIC DIRECTION427.1 Forward Integration427.2 Backward Integration427.3 Horizontal Integration427.4 Market Penetration437.5 Market Development437.6 Product Development437.7 Business Diversification447.8 Divestiture448.0 CONCLUSION459.0 BIBLIOGRAPHY4610.0 APPENDIXES50

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1.0 COMPANY PROFILE1.1 Fima Corporation Berhad1.1.1 Background of the CompanyFima Corporation Berhad (formerly known as Fima Metal Box Berhad) was incorporated in Malaysia on 5 December 1974 as Metal Box Holdings Malaysia Sdn Bhd to acquire the Malaysian subsidiaries of Metal Box Company of Malaysia Ltd as part of the latters scheme of reconstruction. The company was converted to a public company on 11 March 1976 and assumed the name of Metal Box Berhad and was listed on the Kuala Lumpur Stock Exchange Main Board since 31 May 1976. It assumed its present name on 18 October 1993.Its early activities were concentrated on the manufacture and printing of metal and plastic packaging containers. Its activities expanded to include security printing through the acquisition of Security Printers (M) Sdn Bhd in 1977 and the privatization of the security printing branch of the Government Printing Department in 1990.In July 1993 though, the company divested its entire interest in its metal and packaging business to the CarnaudMetalbox Group and became a full-fledged security printing and property management company.In 1995, the company purchased a 5-storey building with a 2-level basement car park in Damansara Heights, Kuala Lumpur known as Plaza Damansara.On 2002, Giesecke & Devrient Malaysia Sdn Bhd was established as a joint venture company between Fima Corporation and Giesecke & Devrient GmbH to set up and operate a production and sale of banknotes facility in Malaysia. Fima Corporations equity interest in the joint venture company is 30% making the latter an associate company.In 2007, the Group ventured into plantation by acquiring 80% equity interest in PT Nunukan Jaya Lestari (PT NJL), a private limited liability company established in Indonesia. PT NJLs principal activity is the cultivation of oil palm plantation and owns a 35 year leasehold parcel of agricultural land of approximately 19, 793.95 hectares and a palm oil mill complex. (FIMA CORPORATION BERHAD, 2009)1.1.2 Vision, Mission & Objectives(i) VisionTo strive continually to strengthen our position as a market leader in our core businesses in Malaysia through expand our operations regionally for further growth, and invest in related activities to increase shareholder value.(ii) Mission To recognize the customer's right to Quality, Services, Timely Delivery and Cost To ensure sustainable financial performance with optimum returns to shareholders. To venture into business activities that creates value for our stakeholders.(iii) Objective To increase our revenue by 2% compare to previous year on March 2014 To reduce operating expense by 3% within 1 year To increase customer retention rate by 30% within 2 years To increase the company's plantation market share in Indonesia by 5% on December 20141.1.3 Business OverviewThe principal activities of Fima Corporation are those of property management and investment holding. Fima Corporation Berhad, through its subsidiaries, engages in the production and trading of security and confidential documents, property management, oil palm production and processing. It owns an agricultural land of approximately 19,793.95 hectares, as well as a palm oil mill complex. In addition, the company, through its associate company, is involved in the production and sale of bank notes. It serves various customers in Malaysia and Indonesia. (Bloomberg, 2013)Core Business: Manufacturing (FIMA CORPORATION BERHAD, 2009)The manufacturing division namely production and trading of security and confidential documents is under the wings of wholly-owned subsidiaries Percetakan Keselamatan Nasional Sdn Bhd and Security Printers (M) Sdn Bhd. Percetakan Keselamtan Nasional Sdn Bhd was established in 1983 as Cawangan Percetakan Keselamatan under the National Printing Department. In 1990, the Company was privatized by Fima Corporation and was awarded with the Government Business Concession for printing of goverment security and confidential. The Company is Malaysias largest security printer and is also the main printer of government security documents, offerint a wide range of products and service. Its factory in Jalan Chan Sow Lin, Kuala Lumpur is located in a fully secured compound with restricted access and limited personnel movement, CCTV monitors physical checks and strong rooms.

Plantation (FIMA CORPORATION BERHAD, 2009)Fima Corporation ventured into oil palm plantation by acquiring 80% equity interest in PT Nunukan Jaya Lestari in April 2007. It is a private limited company established on 31 May 2001 under the laws of Indonesia and its principal activity is the cultivation of oil palm plantation in Indonesia. PT Nunukan Jaya Lestaris plantation is also known as Simenggaris Estate is located within Kelurahan Nunukan Barat, Kalimatan Timur Indonesia. The plantation has a land area of approximately 20,000 hectares comprising of partly cultivated oil palm, uncleared jungle and a palm oil mill complex.

Property Management (FIMA CORPORATION BERHAD, 2009)The property management division offers property management, security, cleaning, mechanical and electrical services to compliment the various companies in Fima Corporation and Kumpulan Fima Berhad group of companies.

Banknote Printing (FIMA CORPORATION BERHAD, 2009)Giesecke & Devrient GmbH, an international leading security and banknote printer based in Munich, signed a joint-venture, Giesecke & Devrient Malaysia Sdn Bhd with Fima Corporation on 28 February 2002. With a paid-up share capital of RM50 million, the shareholdings of Giesecke & Devrient Malaysia are held by Giesecke & Devrient GmbH and Fima Corporation in the ratio of 70 and 30 respectively. Giesecke & Devrient Malaysia began operations in September 2003 and is Malaysias only banknote printing plant located in Shah Alam dedicated to producing banknotes of highest technology, security and quality.1.1.4 Organization Structure

1.1.5 Authorized & Paid Up CapitalThe companys authorised capital as at 1 April 2012/2011 and 31 March 2013 is 100,000 units of ordinary shares of RM1 each whereas its issued and fully paid-up capital at 1 April 2012/2013 and 31 March 2013 is 82,427 units of ordinary shares of RM1 each.Of the total 82,426,810 (2012: 82,426,810) issued and fully paid ordinary shares as at 31 March 2013, 1,956,100 (2012: 1,956,100) are held as treasury shares by the company. As at 31 March 2013, the number of outstanding ordinary shares in issue and fully paid-up is therefore 80,470,710 (2012: 80,470,710) ordinary shares of RM1 each.The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual assets.

1.1.6 Board of DirectorsDATO ADNAN BIN SHAMSUDDIN, Malaysian(Chairman and Independent Non-Executive Director)Age66

QualificationsB.A (Hons) Second Class Upper in Economics (University of Malaya)M.A Economics (University of Southern California)

Date appointed to the Board20 May 2003 as Director; 24 February 2010 as Chairman

Board Meeting Attended5/5

Board Committee(s)Member of the Audit Committee, Remuneration Committee and Nomination Committee

Working experience:

He began his career by joining the Administrative and Diplomatic Service, of the Government of Malaysia in 1971 and was appointed as Assistant Secretary, Ministry of Transport. After four years at the Ministry of Transport, he was awarded a scholarship to pursue post graduate studies in United States. He returned to Malaysia in 1977 and was posted as Director of Air Transport in the Department of Civil Aviation and in 1983, promoted to the post of Deputy Director General of Civil Aviation. When the airport was corporatised in 1992, he opted to join Malaysia Airports Holdings Berhad and served as Executive Director until he retired in 2003. Presently, he is the Chairman of Percetakan Keselamatan Nasional Sdn Bhd, a whollyowned subsidiary of Fima Corporation Berhad and a Board member of Nationwide Express Courier Services Berhad.

ROSLAN BIN HAMIR, Malaysian(Managing Director)Age46

QualificationsACCA graduate with a Bachelor of Arts (Honours) in Accounting and Finance

Date appointed to the Board8 December 1998

Board Meeting Attended5/5

Board Committee(s)None

Working experience:

He was previously with Ernst & Young Consultants Sdn Bhd as an auditor as well as management consultant from 1993 till 1998 when he joined Kumpulan Fima Berhad as Senior Vice President, Corporate Services. He is presently the Group Managing Director of Kumpulan Fima Berhad and the Non-Executive Chairman of Riverview Rubber Estates Berhad, both companies listed on Bursa Malaysia Securities Berhad. He also the Non- Executive Chairman of Narborough Plantation Plc, a company listed on London Stock Exchange.

REZAL ZAIN BIN ABDUL RASHID, Malaysian(Senior Independent Non-Executive Director)Age46

QualificationsAccountancy degree (University of Canberra, Australia)

Date appointed to the Board25 June 2002

Board Meeting Attended5/5

Board Committee(s)Chairman of the Audit Committee and a member of the Remuneration and Nomination Committees

Working experience:

He is a Chartered Public Accountant with ASCPA and also a Public Accountant with the Malaysian Institute of Accountants. He was previously with KPMG Desa Megat & Co as a senior auditor and after 4 years of auditing, he was transferred to Peat Marwick Consultants. He subsequently joined the Corporate Finance Department of Arab Malaysia Merchant Bank, specializing in Mergers and Acquisitions. In 1996, he joined TDM Berhad as the Manager of Corporate & Business Development and was appointed as the Chief Operating Officer in 1999. In July 2000, he left TDM Berhad, pursuant to a management-buy-out of one of its subsidiaries. He is presently a Board member and audit committee chairman of PJI Holdings Berhad. In August 2012, he was appointed to the Board of Matrix Concepts Holdings Berhad, which is due to be listed in mid-2013 and he is also the Chairman of the Audit Committee and a member of the Remuneration and Nomination Committees.

DATUK ALIAS BIN ALI, Malaysian(Independent Non-Executive Director)Age65

QualificationsBachelor of Economics (Hons) (University of Malaya)Master in Business Management (Asian Institute of Management, Manila, Philippines)London Executive Program (LBS)Diploma in Homeopathic Medicine (PPHM)

Date appointed to the Board26 August 2004

Board Meeting Attended5/5

Board Committee(s)Chairman of the Nomination Committee and a member of the Audit Committee and Remuneration Committee

Working experience:

He began his career in 1970 with the Prime Ministers Department. During the 34 years of service with the Government, he held various senior positions in several Ministries. In 1995, he was appointed Deputy Secretary General (Cabinet) of the Prime Ministers Department and in 2000, he was appointed Secretary General of the Ministry of Health until his retirement in March 2004. He is currently a Board member of Duopharma Biotech Berhad and Melati Ehsan Holdings Berhad.

DR. ROSHAYATI BINTI BASIR, Malaysian(Non-Independent Non-Executive Director)Age49

QualificationsMBBS (Mal) (University of Malaya)Master in Med. Radiology (Universiti Kebangsaan Malaysia)

Date appointed to the Board23 November 2009

Board Meeting Attended5/5

Board Committee(s)None

Working experience:

A doctor by profession, she did her Internship with Hospital Kuala Lumpur in 1989. She then served as Medical Officer (Surgery) with Universiti Kebangsaan Malaysia in 1990 and later in 1992 as Trainee Radiologist. In 1996, she joined Hospital Kuala Lumpur as a Radiologist. Currently, she is the Consultant Radiologist with Sunway Medical Centre and is a member of the Academy of Medicine (Malaysia). She is also a Board member of Nationwide Express Courier Services Berhad.

1.1.7 Organization Chart

1.2 K-Star Sports Limited1.2.1 Background of the CompanyK-Star Sports Limited was founded in 1992 and is based in Jinjiang City, the Peoples Republic of China. K-Star Sports Limited is a subsidiary of K-Star Sports International Limited. The company was incorporated in Singapore on 3 November 2008 as a private limited company under the name of K-Star Sports Pte. Ltd. On 14 September 2009, the company were converted into a public limited company and assumed their present name on the same day. The company were registered in Malaysia as a foreign company on 16 September 2009 as K-Star Sports Pte. Ltd. and subsequently changed their name to K-Star Sports Limited on 17 September 2009. K-Star Sports Limited is successfully listed on the main market of Bursa Malaysia Securities Berhad on 4 June 2010. K-Star Sports Limited shares has also been classified as Shariah-compliant by the Shariah Advisory Council of the Securities Commission, Malaysia based on our latest audited financial statements.YearMilestone / Achievement

1992Established Fujian Dixing in Jinjiang City, Fujian Province, the PRC

1996Built Factory A, installed first production line and started Original Design Manufacturer (ODM) for Double Star ()

1997Commenced Original Equipment Manufacturer (OEM) for Canguro and AE

1999Built Factory B

2001Expanded to overseas market

2003Installed 2nd production line

2003Obtained ISO9001:2000 status

2004Installed third production line and started first specialty store

2006ODM/OEM for Kappa and installed fourth production line

2007OEM/ODM for Le Coq Sportif

2008Awarded Quanzhou Well-known Trademark ()

2008Signed 2004 Olympic Diving Champion, Tian Liang () as "Dixing" spokesperson

2009Awarded Fujian Famous Trademark ()

2010Launch our sports apparel and accessories

2010Listed on the Main Market of Bursa Securities Malaysia Berhad, 4 June 2010

1.2.2 Vision, Mission & Objectives(i) Vision To be the industrys leading Sports Company, with sports brands built on a passion for sports and a sporting lifestyle.

(ii) Mission To achieve quality standards surpassing customers' expectations To stay ahead of our competition in growth and technology To increase sales and profits of the company

(iii) Objective To increase sales of sportswear by 30% within 1 year To increase durability and quality of sportswear to meet ISO 9001:2008 within 16 months To expand our sportswear business to Taiwan within 6 months

1.2.3 Business OverviewK-Star Sports Limited is an investment holding company and the Group is principally engaged in the design, manufacture and distribution of sports footwear , sports apparel, and accessories under their own Proprietary Brands (Dixing and K-Star brands, collectively) in the Peoples Republic of China (PRC). The companys products range include athletic footwear designed for specific sporting activities, such as running, tennis, basketball, and mountain climbing, as well as leisure footwear. The company also provides Original Equipment Manufacturing (OEM) and Original Design Manufacturing (ODM) services for international sports brands including Umbro, Diadora, Kappa, Le Coq Sportif, Die Wilden Kerle, Canguro, Cosby and Bridgestone, as well as PRC footwear brand, Double Star () K-Star Sports Limited offers its products at 883 retail locations in 18 provinces and 13 municipalities in the PRC; and exports its products to Russia, Ukraine, Belarus, the Czech Republic, Poland, Finland, Romania, and Hungary.Their factories were strategically located in Jinjiang City, Fujian Province, the PRC, which is renowned as one of the world's largest sports shoes manufacturing hub. K-Star generates over 700 designs annually and the current annual aggregate production output (including products manufactured by contract manufacturers) was approximately 7.9 million pairs of quality sports footwear.

1.2.4 Organization Structure

1.2.5 Authorized & Paid Up CapitalThere is no mention of authorized capital whereas the companys issued and fully paid-up capital as at 31 December 2012 is 266,400 units of ordinary shares and the total value of share capital is RMB 285,075,000.

1.2.6 Board of DirectorsDing Jianping, Chinese (Executive Chairman and Chief Executive Officer)Age56

QualificationsSecondary School (1975)

Date appointed to the Board 3 November 2008

Board Meeting Attended 6/6

Board Committee(s)None

Working experience:

He is responsible for the business strategy and development, and overall management and operations of our Group. He joined the Group since its inception in 1992 and has been instrumental in the expansion of our Groups business to its current status. He has more than 30 years of experience in the shoe manufacturing industry. in 1981, he started his career as a sales supervisor under the employment with Fujian Jinjiang Jiangtou Leather Factory No. 10. From 1984 to 1987, he worked as a sales director in Jiangtou Leather and Fabric Shoes Factory.From 1988 to 1992, he worked as a factory manager in Jiangtou Nanfang Leather and Plastics Factory. His vast experience in the shoe manufacturing industry is integral to our Groups success and growth in the industry. He has been the Deputy President of Russia China Minnan Commerce Association since 2006.

Ding Zidi, Chinese (Executive Director)Age30

QualificationsAssociate Degree in E-Business (Xiamen University, 2006)

Date appointed to the Board 16 September 2009

Board Meeting Attended 5/6

Board Committee(s)None

Working experience:

He is responsible for managing the design and development department, and human resource and administration department of our Group. He joined the Group as a management associate upon his graduation and was subsequently appointed as a Manager of the research and development department in June 2007.

Lim Ghim Chai, Malaysian (Independent Non-Executive Director)Age38

QualificationsBachelor of Commerce (Accounting) Degree (La Trobe University, Melbourne, Australia) Member of Malaysian Institute of Accountants, Malaysian Insurance Institute and Certified Practising Accountant of Australia.

Date appointed to the Board 5 March 2010

Board Meeting Attended 6/6

Board Committee(s)Chairman of Audit Committee and member of Remuneration Committee and Nomination Committee.

Working experience:

He started working as a Financial Accountant in Acer Technologies (M) Sdn Bhd from 2000 to 2001 and was a Financial Analyst in Agilent Technologies (M) Sdn Bhd in 2001. Thereafter, he worked as an Accountant in Lorry Commercial Logistic Sdn Bhd in 2002. He was a Partner in a professional firm providing tax consultancy, business planning consultancy and auditing services, and director in companies providing accounting and secretarial services from 2003 until 2006. Presently, he is a Managing Director and Executive Director of a few companies in the businesses of interior design, property development and scrap recycling

Teoh Tow Kean, Malaysian (Independent Non-Executive Director)Age31

QualificationsBA (Honours) (University of Central Lancashire, Lancashire County, United Kingdom)

Date appointed to the Board 31 August 2010

Board Meeting Attended 6/6

Board Committee(s)Chairman of Remuneration Committee and member of Audit Committee and Nomination Committee.

Working experience:

He started his career with one of the top 10 international accounting and consulting firm and was later promoted to be the senior project director. He is currently a director of an international consultancy firm based in Malaysia and Singapore which provides business consultancy and corporate governance services. He has years of hands-on experience in the manufacturing industry and is currently providing consultation to clients of SMEs, public listed companies as well as multinational corporations. He is also a member of Institute of Internal Auditors Malaysia and a member of Institute of Internal Auditors Singapore.

Xiao Luxi, Singaporean (Independent Non-Executive Director) Age30

QualificationsQuanzhou HuaQiao University, PRC

Date appointed to the Board 23 May 2011

Board Meeting Attended 5/6

Board Committee(s)Chairperson of Nomination Committee and member of Audit Committee and Remuneration Committee

Working experience:

She was a national badminton player of Singapore (ladies doubles top 10 world ranking in 2001) from 1996 to 2004. In 2004, she started her career as a General Manager in tea industry. From 2009 to present, she is a manager of a trading company and is responsible for the overall management and operations of the company.

1.2.7. Organization Chart

2.0 GENERAL ENVIRONMENT ANALYSIS2.1 Fima Corporation Plantation in Indonesia2.1.1 Politic FactorThe demand of the palm oil that shipment from Indonesia has dropped (Rusmana & Listiyorini, 2013). So, in order to spur the growth of the palm oil in the downstream industry, Indonesia government had refined the export tax in September 2013 by lower the export duties on crude palm oil (CPO) from 10.5 per cent to 9 per cent (Indonesia Investment, 2013). Fima Corporation would benefit from this tax policy as the company would need to pay less export tax, which lowers cost and improve the profit of the company. Besides that, with lower export tax, more shipment of CPO can be made, hence increasing the sales of the company.2.1.2 Economic FactorIndonesian rupiah had depreciated in year 2013, leading to the increase of exchange rate for other country. This results in a lower sales price for products sold to other country, affecting the profit of the company. However, the depreciation of the Indonesian rupiah may boost incentives for exporter to increase shipments elsewhere (Rusmana & Listiyorini, 2013). Hence, it may balance back profit of the company by increase the shipments despite the drop in currency value.The sales price of the palm oil had dropped due to several reasons which included slow growth in China and that the European Union cut demand for the vegetable oil, which is used in everything from candy to biofuel. This resulted in the decrease of the growth palm oil for consumption. The global of palm oil production is increasing but growth of palm oil consumption may slow due to rising competitors from sunflower and soybean oil cut the demand of the palm oil. The U.S. have drastically cut the demand for palm oil due to the harvests of rapeseed and sunflower seeds (Rusmana & Listiyorini, 2013). Besides that, weak biofuel demand is also another factor that lead the reduced consumption of palm oil. The European Commission recently had imposed anti-dumping duties on Indonesian biodiesel, thus expecting to lower Indonesian biodiesel export in 2013 and 2014 (IIFL, 2013). Limited domestic consumption of biodiesel will bring negative impact to the sales of palm oil in Indonesia as its demand has decreased. India, the biggest palm oil buyer had declined its demand for palm oil from Indonesia as the domestic production of palm oil is higher than expected. Thus, there is lesser need for the country to import commodity.2.1.3 Social FactorRecently, palm oil has become a key ingredient in many food products such as ice-cream, cream, margarine, shortening, baked goods and candies. Palm oil has surged in popularity over the last few years, not because of its taste or nutrition value, but because of the consumers reaction against trans-fat (Henrichs, 2013). However, according to the biomedical research which indicates that palm oil consists of high saturated fat which will cause high cholesterol and heart disease, and are generally regarded as a cause of obesity. People in nowadays are start to concern their health so, they will pursue healthy food in their life. There are several actions that are taken by western countries in order to control the health of their nation. For instances, U.S. health authorities encourages Americans to consume less food that contained saturated fats where there are few other ingredient can replace palm oil such as soybean, sunflower, and corn oil. In addition, German Federal Institute has issued a warning against consuming the substances which contained palm oil. Due to this issue, it has brought negative impact towards the consumption of palm oil in food product and hence the sales of profit of the company had decreased.2.1.4 Technological FactorPalm oil industry is still a conventional industry which means it is still manpower oriented rather than technology oriented. Nowadays, one of the key challenges faced by the oil palm industry is the shortage of labour workforce and the increase labor wages due to the government policy on minimum wages. Therefore, in order to increase productivity and reduce cost for a long term, investing in technology is one of the best methods. In the past few years, there are several technological innovations on the equipment used that improve the effectiveness and efficiency of oil palm industry. Examples are such as:i. Cantas Motorized Cutter for Oil Palm HarvestingCantas is a motorized cutter for facilitating oil palm harvesting which is invented by MPOB. This technology uses a specially designated sickle and chisel, installed into the vibrating mechanism which creates greater speed for cutting. A telescopic pole is installed with petrol engine to spur the vibrator (Fancy Power Sdn Bhd). According to Tan Sri Bernard Dompok, the minister of Plantation, Industries and Commodities, Cantas enables reduction of manpower from 3 persons to 2 persons and increases the efficiency of harvesting because the cutter has made it easy for the workers to cut and collect in the plantations (Goh, 2012). Cantas is able to help the company to increase productivity of harvesting as well as company profits.ii. Oil Palm Loose Fruits Collector (MK lll) (Abd Rahim Shuib, Mohd Ramdhan Khalid; Mohd Solah Deraman; & Aminulrashid Mohamed, 2012)The machine uses the vacuum concept where the loose fruits are sucked into a barrel with conical shaped towards its bottom. It is also capable of separating the collected loose fruits and the debris into 2 layers in the vacuum chamber, then collect the clean loose fruits at the bottom of barrel. This machine makes the collection of loose fruits more efficient with minimal contamination. Besides that, it is able to increase the productivity of collecting because loose fruits can be sucked faster. According to the Bloomberg news, the palm oil production is expected to increase in near future. Thus, company should invest in technology in order to meet the expectations of the greater production. By having new technologies such as machines to process harvested the oil palm fruit, it can help to reduce time of the production, human error and reduce cost of labor. Therefore, by investing in technology innovation, it capable improve the efficiency of the production process.2.1.5 Environmental Factor Palm oil plantation has brought adverse impact to the environment which includes deforestation, endangered wildlife species, habitat destruction and fragmentation; soil, air and water pollution and toxic chemical contamination. For instance Greenhouse gas emissions have increased dramatically in Indonesia due to the carbon released as a by-product of deforestation.Thus, Indonesia often is criticized by other where Indonesia government giving too much focus on palm oil plantation development. According to the Greenpeace report, palm oil production was the biggest cause of the deforestation in Indonesia between 2009 and 2011, accounting for about a quarter loss of all forest loss over that period (McClanahan, 2013). This situation reveals weak enforcement environmental law in Indonesia, a threat to the palm oil industry in Indonesia. More and more international companies are seeking to purchase palm oil that meets the standard of the Malaysia-based Roundtable on sustainable palm oil (Indonesia Investments). For example, Dunkin Donuts had announced its intention to use only sustainably grown palm oil in making its donuts (Arumugam, 2013). So, if the government of Indonesia does not enhance their green policies, it may bring negative impact to palm oil industry as other countries which concerns about environment issue will switch palm oil supplies other countries which abides the sustainability policies.2.1.6 Legal FactorIn 2011, the Indonesian government has established its Indonesian Sustainable Palm Oil (ISPO) with aims to enhance the global competitiveness of Indonesian palm oil and bring it under stricter environmental legislation where all Indonesian palm oil growers must comply with this new environmental certification system (Indonesia Investments). By enhancing the environmental law, it can improve the reputation of Indonesia on the concern for environmental issues and reduce the impact of palm oil plantation towards the environment and social. Hence, with this effort, it can avoid boycott of not import palm oil from Indonesia, and able to increase demand.

2.2 Fima Corporation Manufacturing of Security Document in Malaysia2.2.1 Political FactorMalaysia government is the major customer for Percetakan Keselamatan Nasioanal (PKN) Sdn Bhd, subsidiary of Fima Corporation Berhad. This is because PKN Sdn Bhd was awarded with the Government Business Concession for printing security and confidential documents. Hence, with this government policy, it enables the company to have a sustainable profit as long as the policy still continues.2.2.2 Economic FactorMalaysia is facing inflation, resulted from the increased of fuel price. This situation will leads to price hike of products as cost of production has increased, resulted from the rising costs of labor and raw materials. This situation will cause operating cost to increase and thus, reduce the profit gained by companies.2.2.3 Social FactorWith the advancement of technology and internet, the trend of going paperless is increasingly rampant. Society prefer to do transactions online without needing to carry physical documents as there are vulnerability towards physical documents such as misplacement, fire or even theft. With electronic or digitalized documents, these vulnerabilities can be overcome. In addition, there are many strong control systems such as digital signatures and anti-theft/malware softwares, introduced in the internet world to protect the security and privacy of documents in databases and clouds from prying eyes and theft. 2.2.4 Technological FactorNowadays technology plays an important role in business area especially in the manufacturing industry. With the help of innovative technology, it does not only improves operational efficiency and effectiveness, but also increases the security of the manufacturing security printing documents. For instance, companies can make investments in printing machines which enables wide range of printing techniques including particular letterpress, offset, flexography, screen and intaglio. All these machines has their own functions that can prevent forgery of security documents, tampering or counterfeiting where security printing document contains confidential data or information that cannot be forged or altered.2.2.5 Environmental FactorIn commercial printing industry, there are many processes involving the use of chemical which may be harmful to the environment. For example, hazardous waste generated by printers such as ink, fountain solution, grease, and solid waste such as paper, pallets and containers for ink (NSW Environment Protection Authority, 2006). In additional, printing industry was found to be one of the most polluting industries (Blansch, 1995). Therefore, environmental issues will be one of the important factors affecting the companys position in the market because directly affect the company reputation as well as legal issues.In Malaysia, the law regulating environmental pollution is Environmental Quality Act 1974. This Act regards to the prevention, control of pollution and enhancement of the environment as well as other issues related environment (Government of Malaysia, 2006). In 2012, Malaysia had gazette a new amendment on Environmental Quality Act 1974 (Government of Malaysia, 2012). This shows that the government is serious towards issues related to the environment such as environment protection and encourages companies towards green business processes. For example, Part IV of the Act relates to the prohibition and control of pollution. Anyone, either individual or groups, who do not comply with the Act will be fined, jailed or both.Environmental awareness in Malaysia is building up even though it is still low compared to other countries like Singapore, for example in recycling (Siti, 2010). In a finding on the level of awareness toward environmental issues and concern among students in tertiary level, it is shown that most of the students are concerned about environmental issues, hence environmental related subjects should be compulsory included in all programs (Ibrahim & Asmawi, 2012).2.2.6 Legal FactorIn Malaysia, there is many law and regulation that govern the company business activities in order to protect their stakeholder such as customer, employee, environment and others. The few laws and regulations that should be complied in the printing industry include:i. Employment LawsThis is the body of law that governs the employer-employee relationship, including individual employment contracts, the application of tort and contract doctrines, and a large group of statutory regulation on issues such as the right to organize and negotiate collective bargaining agreements, protection from discrimination, wages and hours, and health and safety (FARLEX, 2013). The Acts under this category are the Employment Act 1955, Employees Social Security Act 1969, Employees Provident Fund Act 1991, Occupational Safety and Health Act 1994 and others. Employment Act 1955 is an Act that related to common employment issues such as termination of employment and sexual harassment in work place. Besides that, specially for printing industry, the workers will come in contact with chemical material very frequently and, thus may affect their health. Therefore, Occupational Safety and Health Act 1994 is very important to be complied to protect the workers.ii. Environmental LawEnvironmental law is related to all the issues related to environment, covering air pollution, water pollution, hazardous waste, the wilderness, and endangered wildlife. Commercial printing uses a lot of chemical materials during its printing process. Therefore, this law will govern the company in terms of waste control management and environment protection. The Act under this category is Environmental Quality Act 1974, which relates to the prevention, abatement, control of pollution and enhancement of the environment, and for purposes connected therewith. (Government of Malaysia, 2006)iii. Intellectual Property LawsIntellectual property involves intangible property such as patents, trademarks, copyrights, and trade secret. (Magee, 2013) Intellectual property law is the body of law that protects the creative works of authors, composers, designers, and inventors from being pirated (Lexis Nexis, 2013). The Acts that under this category are Trade Marks Act 1976, Patents Act 1983, Copyright Act 1987, Industrial Designs Act 1996 and others. The Copyright Act 1987 is an act that to make better provisions in the law relating to copyright and for other matters connected therewith (Government of Malaysia, 2006), relating to copyright issues such as copyright licensing, copyright tribunal and ownership and assignment of copyright. Besides of these laws, there are still many more laws and standards that regulate business activities in order to protect the welfare such as Securities Laws, Customs Laws, Consumer Protection Act and others. In order for a company to have a smooth business process and thus success, compliance with law and regulation is very crucial.

2.3 K-Star Manufacturing of Sports Apparel in China2.3.1 Political FactorThe China government had enacted one child policy in 1978 to alleviate social, economic and environmental problems in China as a result of over population in China. According to the estimations, the policy had prevented more than 250 million births between year 1980 and year 2000, and 400 million births from about year 1979 to year 2011 (Durden, 2013). This policy had brought several negative impacts to China where the demand market had reduced and weaken Chinas competitive advantage of cheap labor cost due to the drastically decrease of population rate in China. Besides that, the China government also enacted the new Labor Contract Law (LCL) on January 1, 2008 which increases the cost of labor (Harris, 2007). The implication of this law is the rising cost of labour, thus resulting in higher cost and less profit for companies.2.3.2 Economical FactorBetween 2010 and 2011, China had faced high inflation, as a result of its credit-fueled stimulus program (Censky, 2012). This situation may lead to price hike, where the cost production increases due to rising costs of labour and raw materials. Indeed, this situation will further add pressure on the profit margin of the company. Although the China government had taken some tightening measure to control inflation, GDP growth still slowed fewer than 8% for year 2012. This indicates that the economy China had slowed down. Companies are forced to cut down costs so that products are cheap for price-sensitive customers. Besides that, the market of sportswear has become intense and saturated. This pushes product prices down across the industry and oversupplied markets where consumers have high bargaining power.There are nearly 20 million people in China moving out from rural to urban areas every year. This population on the move will offer a marketing opportunity. This is because there will be more people, especially women actively participanting in the workforce. As a result, they have an independent means of income where it showed by the rise of disposable income in China. Hence, they have the ability and desire to spend on consumer goods.Currently, Malaysian currency had depreciated, leading to higher exchange rate from Chinas RMB to Malaysias RM. This means that to convert to RM, less RMB is needed. Hence, this situation will bring benefit to the companies like K-Star which corporates its business in China. The profit of the company increases with the positive exchange rate after converted into Ringgit Malaysia.2.3.3 Social FactorAs mention in political factor, one-child policy had brought significant impact to the demographic in china where the rate of baby boomer keeps increasing whilst the rate of young had decreased. This situation had created a market opportunities to expand market segment across age demography such as reflexology footwears for older customers, instead of just focusing on younger customers or professional sportpersons.Besides that, lifestyle of society are changing to be more relaxed, with greater versatility and comfort where sportwear is not just for sport purpose. Sportwear can also be used for leisure activities like jogging, shopping as the catching trend nowadays. This changing of lifestyle will affect buying behaviour of customers. Companies should focus on different lines of products for customers for different demography: ages, gender, income distribution and many more.2.3.4 Technological FactorTechnology plays a great part in helping companies which are concerned on performance improvements. New technology investments will benefit the companies as they explore the many possibilities available to achieve greater appeal among new target markets, and stand a better chance of keeping existing customers and winning new ones. So, with innovative technology, operational efficiency and effectiveness can be improved by streamlining of operations, automating formerly manual processes which lowers costs and speeds up distribution. As a result, cost of operation can be reduced and hence, increase profit of the company. 2.3.5 Environmental FactorThe manufacturing of sportwear uses many materials such as synthetic rubbers and chemical-based adhesives. The production and disposal of these material will release greenhouse gases which are toxic to the environment and to human health. K-Stars manufacturing plant, Fujian Jinjiang Dixing Shoes Plastics Co. Ltd. is located in China, thus environmental factor analysis will be based on China. In prior years, China have been facing serious air pollutions which are making people in China more concerned about environment and pollution issues. These are few environmental factors that will affect company business process and company policy on environment protection:i. Law legislationIn China, there are many regulations and directives that control and guide the company in their business processes. Those regulations are categorized according to the different types such as chemicals usage, noise pollution, water contamination and waste management (Environment Protection Agency United States, 2013). For example, Chinas New Regional Air Quality Regulation is a guiding opinion on pushing forward the joint prevention and control of air pollution to improve regional air quality such as by promoting the use of clean energy. (ChinaFAQs, 2010)ii. Public awareness of environmental issuesDue to the seriousness of pollution faced by people of China, they are now more aware about environmental protection issues. (Su, 2013) Environmental awareness will directly affect consumer buying behavior and also the way their think about company.According to a survey conducted by Chinese Academy of Social Sciences and the China Environmental Awareness Program, 89.6 per cent of the respondents paid attention to the conservation of water, electricity and gas in their daily life. 67.3 per cent of the respondents were not satisfied with what most enterprises have done to protect the environment and prevent pollutants from being directly discharged into the air or water. This seems to coincide with the difficulties environmental watchdogs have met in their job to get enterprises to abide by environmental protection rules.iii. Political agenda on the environmentAccording to Fu Ying, spokeswoman for the first session of the 12th National People Congress (NPC), NPC will revise and improve the Law on the Prevention and Treatment of Air Pollution and the Environmental Protection Law as well as other measures likes enhancing supervision and scrutiny of law enforcement and making environmental protection efforts. Besides that, Zhou Shengxian the Ministry of Environmental Protection of the People's Republic of China (MEP) assure that MEP will provide full support and accomplish eight more tasks, which includes protection of environmental and reduction of pollution problems in China. Besides that, Action Plan on Prevention and Control of Air Pollution in China had been implemented to overcome the air pollution issues in China. This shows that China Government had seriously on the action to reduce pollution and other environmental issues. By this, future law legislation that regulates environmental protection will be strengthening and company will be force to comply with more strictly environmental regulation. Therefore, China companies like, K-Star should pay more attention to environmental issues in order to protect their brand image and company reputation as well as the sales.2.3.6 Legal FactorNew Labor Law is implemented in order to promote a series of rights from a contractual employment relationship, including worker remuneration, social security and welfare benefit, payment of overtime work and severance pay. The new law would bring bigger severance payments and higher costs to the company, as companies are required to comply the law requirement where all employment contracts must be in writing as long as an employment relation is existing. Penalties will be imposed to companies which fail to comply it. As a result, the employees can seek double salary for months worked without a contract for up to 12 months salary (Harris, 2007). Hence, companies will face the liability of severance fees of double wages if they fail to fulfil the legal requirement. Besides that, according to the new law, employees have the right to terminate the contract with the employer and also ask for economic severance if employers violate the law. Thus, company will bear more cost due to a higher level of severance pay as established in the new Labour Contract Law. As a result, cost of labor has increased under the new labour contract law.

3.0 TASK ENVIRONMENT ANALYSIS3.1 Fima Corporation Plantation in Indonesia Porters Five Forces LowHigh

Threat of New Entrants

Threat of Substitute Products or Services

Rivalry among Existing Competitors

Bargaining Power of Suppliers

Bargaining Power of Buyers

3.1.1 Threats of New EntrantsThe threat of new entrants is low due to the capital intensive nature of the industry. Oil palm plantation requires huge tracts of land to plant oil palm to achieve economies of scale. Moreover, the oil palm mills need to be near the plantations as fresh fruit bunches need to be sent to the mill as soon as possible (within 24 hours), to avoid accumulation of free fatty acid which will affect its oil quality. Other infrastructures include transportation system, utilities and ports, necessary to support the industry Invalid source specified.. Besides that, in May 2011, the Indonesian government had introduced a moratorium on the clearing of new forests Invalid source specified.. This Moratorium on Virgin Forests which was supposed to expire in May 2013 had been extended until May 2015. This moratorium implies a temporary stop to the granting of new permits to clear rain forests and peat lands in the country Invalid source specified.. This definitely provided an advantage to existing oil palm planters but not for new entrants as they cannot enter the industry within the next two year due to this moratorium on virgin forest.3.1.2 Threat of Substitute Products or ServicesOil palm to produce palm oil can be easily substituted other types of oil and fats such as soybean, sunflower, groundnut and coconut Invalid source specified.. However, oil palms have advantages over the substitute crops. Firstly, the productivity per hectare of oil palms is much greater than that of any other major oil seeds, being 7 and 2.5 times more than soybean and rapeseed respectively. Secondly, palm oil production cost is cheaper due to lower usage of fertilizers and pesticides compared to other vegetable oils. The Food and Agriculture Organizations (FAO) study showed that among major vegetable oil and fats producers, oil palms had the lowest requirement for nitrogenous fertilizer and phosphates while soybean needed the highest inputs Invalid source specified.. Moreover, palm oil also exceeds other substitution products by a longer storage term, better resistance to high temperature and pressure, stable odour, rich in vitamins, and useful as a raw material for various industriesInvalid source specified.. In additional, there is always demand for palm oil as Dorab Mistry, leading vegetable oil analysts said that the global demand for palm oil from the biofuel industry can rise by between 2 - 2.5 million tonnes per year (Reuters, 2013). Therefore, considering the advantages of oil palm and palm oil products over its substitutes, the threat of substitute products is relatively low.3.1.3 Rivalry among Existing CompetitorsThe rivalry among competitors in the industry is high because there are a significant number of competitors in the industry which is bigger in size compared to Fima Corporations plantation, PT Nunukan Jaya Lestari. Bigger size competitors are able to offer more competitive prices which reduce competitive advantage of Fima Corporation. Besides that, palm oil is an undifferentiated product. This means that competitors are able to imitate the products offered easily and buyers can easily switch products between oil palm plantation companies without much switching costs.3.1.4 Bargaining Power of SuppliersThe bargaining power of suppliers is low because there are a large number of suppliers for raw material such as oil palm seeds and fertilizer. These raw materials are homogeneous, which allows switching to another supplier easily without needing to incur high switching costs. Moreover, Fima Corporation can also produce its own fertilizers and oil palm seeds, which reduces further the bargaining power of suppliers. Fima Corporation can use the oil palm seeds gathered from the plantation to sell or even stored for other purposes, thus it does not need to rely on the suppliers.3.1.5 Bargaining Power of BuyersThe bargaining power of buyers is high because there are a significant number of suppliers of palm oil and palm oil is an undifferentiated product. Therefore, buyers can easily switch products between other palm oil companies without incurring high switching costs. In additional, buyers will normally buy palm oil in large volumes, which further increases buyers bargaining power. Moreover, these buyers may have the ability of backward integration as the buyers are normally large capital companies.3.2 Fima Corporation Manufacturing of Security Document in MalaysiaPorters Five Forces LowHigh

Threat of New Entrants

Threat of Substitute Products or Services

Rivalry among Existing Competitors

Bargaining Power of Suppliers

Bargaining Power of Buyers

3.2.1 Threat of New EntrantsThe threat of new entrants for Fima Corporation is low due to the Government Business Concession awared to their subsidiary Percetakan Keselamatan Nasional Sdn Bhd (PKN) to printing of governement security and confidential documents. This high barrier from government policy prevents new entrants into the industry. Besides that, before PKN was privatized, it was established under the National Printing Department which is their main customer. So, it is safe to assume that there is a good relationship with the customer established which strengthens the companys competitive advantage. PKN is able to understand how their customers operates and is able to predict their needs better. In additional, being the largest security printer and the main printer of government security documents, PKN is able to achieve the advantage of economies of scale. Thus, Fima Corporation has cost advantage over its competitors, making it hard for new entrants to enter the industry. Furthermore, PKN has 30 years of experience in security and confidential printing. It also possess the knowledge and means to produce documents such as with security features like specially produced papers that have fine threads only visible under ultra-violet light, and chemically reacted papers that change character when come to contact with alcohol and petrol.(Percetakan Nasional Malaysia Bhd, 2013)3.2.2 Threat of Substitute Products or ServicesThe threat of substitute products and services is relatively low because the only substitute for security and confidential documents printing is digital archiving, which the documents are stored into certain storage device such as server. Both paper document and digitalized document have its own pros and cons which may increase the level of threat. The switching cost may be high as large capital is needed to invest in hardware such as server, computer and many more, depending on the companys data size. The maintenance cost for the hardware would also depend on the data size of the company. 3.2.3 Rivalry among Existing CompetitorsThe rivalry among domestic competitors is low as there are only two others companies besides Fima Corporation in the commercial printing industry namely: BHS Industries Bhdand Tien Wah Press Holdings Bhd (Bloomberg, 2013). Besides that, competitors cannot imitate the products offered in Fima Corporation as it requires specialized knowledge and technology. Furthermore, the government is bound to dealing its printing of security and documents with Fima Corporation by the Government Business Concession. So, it is unlikely Fima Corporation will lose its main customer to its rivals. 3.2.4 Bargaining Power of SuppliersThe bargaining power of supplier is low because the company does sell print supplies such as special paper used for security printing (Percetakan Nasional Malaysia Bhd, 2013). So, the dependance on suppliers for raw material reduces, thus decreasing the bargaining power of Fima Coporations suppliers. Besides that, there is a large number of suppliers for raw materials is high such as Double A Public Company Ltd, Hup Wing (M) Sdn Bhd, Uni Paper Products Sdn Bhd and several others. So, the competition between suppliers in the paper supplies industry is high (Bartusch, Hallquist, Dorsey, & Schultz, 2010), reducing the their bargaining power. The suppliers have to offer cheaper prices in the competitive environment. In additional, during its operation, large amount of papers is required (Percetakan Nasional Malaysia Bhd, 2013), thus making PKN become major or main customer for their suppliers in relative to other buyers. So, Fima Corparation has more power to bargain for better price and quality papers. Futhermore, raw material such as paper and ink is homogeneous and does not have significant difference. As a result, the switching cost for raw material is low, which reduces the bargaining power of supplier.3.2.5 Bargaining Power of BuyersThe bargaining power of buyer is high because there are very few customers which a significant part is by government. This allows higher bargaining power by the buyers. Besides that, the buyers can easily switch into digital archived documents. Furthermore, the government is able to backward integrate PKN in Fima Corporation as PKN was once owned by government. Thus, the bargaining power of buyer is high.3.3 K-Star Manufacturing of Sports Apparel in ChinaPorters Five Forces LowHigh

Threat of New Entrants

Threat of Substitute Products or Services

Rivalry among Existing Competitors

Bargaining Power of Suppliers

Bargaining Power of Buyers

3.3.1 Threat of New EntrantsThe threat of new entrants is high as the industry of sportswear is easily entered, thus creating a competitive environment. According to a report released by RNCOS, the sportswear market is expected to grow at a speedy pace in near future and projects the China overall apparel industry to grow at an average rate of 23 percent during 2012-2015 (Fibre2fashion, 2012). Thus, companys product branding, advertising, design and development, sale and distribution network plays important roles to strengthen the barrier of entry to prevent new entrants from being competent in the industry. 3.3.2 Threat of Substitute Products or ServicesThe threat of substitute products is high as sportswear can be substituted by leisurewear which can be easily found at attractive prices. This allows consumers to switch products with just low switching costs. Unsophisticated but price-sensitive young consumers would switch from wearing sport shoes to casual shoes or leisure shoes. 3.3.3 Rivalry among Existing CompetitorsRivalry among existing competitors is very intensive as there is many China home-grown brands including Li Ning, Anta, China Hongxing Sports, Peak and Kangwei. These brands are still laggards in the global stage but they are able to understand the Chinese market well and able to offer lower prices (Reuters, 2008). 3.3.4 Bargaining Power of SuppliersThe bargaining power of suppliers is low as there are many alternative suppliers for K-Star. Rubber is the core raw material of sport shoes, and there are a great many of large-sized rubber auxiliary producers in China including Jiangsu Sinorgchem Technology Co.,Ltd., Shandong Sunshine Chemical Co.,Ltd., Shandong Yanggu Huatai Chemical Co., Ltd., Kemai Chemical Co.,Ltd. and Puyang Wiling Chemicals Co.,Ltd (PR Newswire, 2013). In addition, China is the largest textile producer, thus there are several alternative suppliers of textile available as well. All of these circumstances ultimately reduces the bargaining power of suppliers. 3.3.5 Bargaining Power of BuyersThe bargaining power of buyers is high as there are many sportswear suppliers found in China. Moreover, buyers low switching cost and knowledge of demand, market price and supplier cost in the industry led to high bargaining power of buyers. Similarly, for the K-Stars ODM and OEM clients. The clients can easily switch to other manufacturers in the industry at low switching cost for products with reasonable quality.

4.0 RATIO ANALYSISDescriptionFima Corp. Bhd[footnoteRef:1] [1: FIMA CORPORATION BERHAD. (2009). Financial Info: 5 YEARS FINANICAL HIGHLIGHTS. Retrieved 28 October, 2013, from FIMA CORPORATION BERHAD Web Site: http://www.Fima Corporation.com/highlights.htm]

Industry Average for Consumer Products[footnoteRef:2] [2: 4 Source: Datastream Perpustakaan Sultanah Bahiyah UUM, Kedah.]

K-Star Sports Ltd[footnoteRef:3] [3: K-STAR SPORTS LIMITED. (2013). Investor Relations: Stock Information.Retrieved 28 October, 2013, from K-STAR SPORTS LIMITED Web Site: http://www.kstarsports.com/stocks.html]

Industry Average for Industrial Products[footnoteRef:4] [4: ]

Financial PeriodYA 2013YA 2012

Return On Sales (ROS) or Profit Margin[Net Earnings/ Revenue]18.45%-28.57-5.35%12.63

Return On Asset (ROA)[Net Earnings/ Total Assets]10.00%NA-5.31%NA

Return On Equity (ROE)[Net Earnings/ Equity]11.50%-0.08-6.20%.5.69

Earnings per Share (EPS) [Earnings/ Number of Shares]72.36 centsNA-9.99 centsNA

Current Ratio[Current Assets/ Current Liabilities]5.102.785.152.67

Quick Ratio[(Current Assets Inventories)/Current Liabilities]4.331.644.961.51

Debt-to-Equity Ratio[Total Liabilities/ Shareholders Equity]15.03%NA16.81%NA

Debt Coverage[Net Operating Income/ Avg. Debt Service]0.49:1NA-0.66:1NA

Interest Coverage (times)[EBIT/ Interest Expense]1666.635.80-7.0913.73

Accounts Receivable Days[(Avg. AR/ Revenue) xNumber of Days in a Year]8911014147

Days Payable Outstanding(Avg. AP/ Cost of Sales) x Number of Days in a Year145NA44NA

The table shows financial ratios Fima Corporation and K-Star in terms of profitability, liquidity, gearing and working capital. In the aspect of profitability, K-Star faced a loss in the current year and this brought an adverse effect to the profitability of the company. The negative value in profit margin indicates that there was a loss generated from net sale, which is far from the industry average of 17.98% profit margin. Besides that, the ROA of -5.31% means that K-Star was not efficient in managing its investment in assets and using the assets to earn profit for the company. There was not any profit generated with shareholders investment. Comparing to the industry average on ROE, K-Star had underperformed by 11.89%. As a result, K-Star had a negative EPS which indicates that a loss of 9.99 cents allocated to each outstanding share of common stock.On the other hand, Fima Corporation had retained its ROS by generating 18.45% from every sales dollar after deducted all expenses. With industry average of ROS at -28.57%, Fima Corporations sales performance was outstanding in the industry, surpassing its other competitors. Besides that, the company was brilliant in managing its asset as shown by ROA of 10% profit in every asset invested. The prevailing ROE in the industry was shown -0.08%. However, Fima Corporation had overcome through diversification, resulting in 11.50% of profit earned for every dollar shareholders had invested. The EPS was 72.36 cents. In the aspect of liquidity, both the companies have similar current ratio and quick ratio and managed to achieve higher ratios than the industry averages. Fima Corporations current ratio and quick ratio were 5.10% and 4.33% respectively, compared to its industry averages of only 2.78% and 1.64%. K-Stars current ratio and quick ratio were 5.15% and 4.96% respectively, compared to industry averages of 2.67% and 1.51% in the industry. Judging from the positive values, both Fima Corporation and K-Star are capable to pay their short-term liabilities with their short-term assets when their obligation due to date.As for the companies gearing aspect, debt-equity ratio for was recorded for Fima Corporation respectively at 15.03% and 16.81%. This indicates that the companies financed their increased operations using equity or shares instead of debt, hence increasing the companies financial flexibility. With lower debt, lower debt cost (interest) will be incurred, thus more earnings to be distributed to shareholders. In term of paying off its debts, K-Star is in a worse financial condition compared to Fima Corporation. Fima Corporation has debt coverage of 0.49 unlike a negative debt coverage of -0.66 in K-Star. Debt coverage ratio below 1 indicates that the company will not be unable to pay its total amount of debts at all with cash flow from the operating activities. To make matters worse, K-Stars negative interest coverage of -7.09 times compared to 13.73 times as industry average. This reveals it is also unable to meet its interest expense obligations due to current year loss. K-Star will have difficulty settling its debt interest and may eventually force into bankruptcy if the matter is not overcome. Fima Corporation records a high interest coverage of 1666.63 times, surpassing the industry average of 5.80 times, showing sufficient financial support to meet its interest expense obligations and in turn, provides more confidence for their borrowers and investors. In the working capital aspect, K-Star has high AR Days of 141 days compared the industry average of only 47 days, but a low DPO for 44 days. This reveals that K-Star is inefficient in collecting its account receivables. This may lead the company to run out of cash and thus disrupting its operations. However, it is able paying off its short-term liability to its suppliers efficiently, judging from the low DPO. This situation however is totally opposite for Fima Corporation which has low AR Days of 89 days, compared to the industry average of 110 days, but high DPO for 145 days. Fima Corporation has sufficient cash from collecting its account receivables, but it takes a longer time to pay off its suppliers.

5.0 SWOT ANALYSIS5.1 Fima Corporation Plantation in IndonesiaSTRENGTHS1: Sufficient landS2: Expertise in fieldS3: Stable productionS4: Good reputationS5: Strong financial performanceWEAKNESSW1: Political influenceW2: Inefficient operation managementW3: Weak DPO

OPPORTUNITYO1: Stable demandO2: Indonesian Sustainable Palm Oil O3: Lower export taxesO4: Technology advancementsO5: World Trade Organization (WTO)THREATT1: Substitute productsT2: Health concernsT3: Environmental concernsT4: Drop in price of palm oilT5: Depreciation of Indonesia Rupiah

5.2 Fima Corporation Manufacturing of Security Document in MalaysiaSTRENGTHS1: Good relationship with customersS2: Economies of scales S3: SpecializationS4: Advanced technologyS5: Skilled manpower WEAKNESSW1: Political influenceW2: Inefficient operation managementW3: Weak DPOW4: Nature of business limited market

OPPORTUNITYO1: Government Business ConcessionO2: Low competitionO3: Technology advancementO4: Strong rules & regulationsO5: GlobalizationTHREATT1: Limited demandT2: Depreciation of RM T3: InflationT4: Slow economyT5: Increase of fuel prices

5.3 K-Star Manufacturing of Sports Apparel in ChinaSTRENGTHS1: Economies of scale S2: Cheaper labourS3: Diverse lines of sportswearS4: R&D & quality controlS5: Good brand managementWEAKNESSW1: Negative cash flowW2: Decreasing revenueW3: Decreasing EPSW4: CEO dualityW5: Close family relationship

OPPORTUNITYO1: Appreciation of RMBO2: Demand for more innovative productO3: Change in consumer spending trendO4: Increase in disposable incomeO5: Technology advancementTHREATT1: Government policy on workers wagesT2: Market saturation/Limited market share T3: InflationT4: Intense competitionT5: Strict environmental regulations

6.0 TOWS MATRIX6.1 Fima Corporation Plantation in IndonesiaSTRENGTHS1: Sufficient landS2: Expertise in fieldS3: Stable productionS4: Good reputationS5: Strong financial performanceWEAKNESSW1: Political influenceW2: Inefficient operation managementW3: Weak DPOW4:W5:

OPPORTUNITYO1: Stable demandO2: Indonesian Sustainable Palm Oil O3: Lower export taxesO4: Technology advancementsO5: World Trade Organization (WTO) Market penetration(S3, S4, O1, O3) Product development(S2, O2) Product diversification(S1, S2, O4) Business diversifaction (S4, S5, O5)

Strategic alliance(W2, O1, O2) Operation process improvement(W2, O3) Technology investment(W2, O4)

THREATT1: Substitute productsT2: Health concernsT3: Environmental concernsT4: Drop in price of palm oilT5: Depreciation of Indonesia Rupiah Product diversification (S1, T1) R&D efforts(S2, T2, T3) Financial management(S5, T4, T5)

Foreign investments(W1, T4, T5) Process reengineering(W2, T2, T3) Strategic alliance(W2, T4)

The WT StrategyThe management of Fima Corporation consists of executives with political influence. This was considered a weakness as such influence may cause complication when managing the company. This is shown by the inefficient operation management. However, this influence can also be turned into an advantage to overcome the threats. With political influences, Fima Corporation can promote foreign investments into the company to overcome the price drop of palm oil and depreciation of Indonesian Rupiah. The price drop of palm oil can also be overcome by having strategic alliance with other companies. To overcome the threat of health and environmental concerns by the public, Fima Corporation can use process reengineering where the operation process are reengineering to satisfy demand of the public on health and environmental concerns.

The WO StrategyDespite the weaknesses of management in Fima Corporation, there are opportunities that can surpass the weaknesses in the company. With stable demand and establishment of Indonesian Sustainable Palm Oil policy, strategic alliances with other companies can be made. Through the strategic alliance, Fima Corporation can also learn and improve its operation management from the strategic partners. Besides that, Fima Corporation can take advantage of the lower export taxes and improve its operation process to overcome the inefficient operation management. In addition, Fima can also overcome its inefficient operation management with the help of technology advancements.The ST StrategyFima Corporation has a lot of strengths that can be utilize to overcome its threats. One of them is the vast land available for operation. Since Fima Corporation is facing threat of substitute products, the company can utilize the land it has to produce more other products, thus undergo product diversification. Besides that, to overcome the uprising concerns of health and environmental issues, Fima Corporation can utilize its expertise in field for research and development (R&D) efforts. Through R&D efforts, improved products can be discovered, thus allowing better quality products to be market. Furthermore, Fima Corporations strong financial performance can be used to control the impact of price drop of palm oil and the depreciation of Indonesian Rupiah by conducting effective financial management.The SO StrategyTo be more competitive in the industry, Fima Corporation needs to optimize its strengths to utilize the opportunities available in the industry. Since Fima Corporation has sufficient land and expertize in plantation, Fima Corporation can undergo product diversification where other lines of products can be made, instead of just crude palm oil. With lower tariff rates under World Trade Organization agreement, Fima Corporation can expand its operations and improve its profit. With the same expertise, Fima Corporation can also carry out product development where the existing palm oil produced can be improved. Besides that, Fima Corporations plantation is able to maintain a stable production and a good reputation. So, Fima Corporation can use these strengths to take advantage of the stable demand of oil palm and the lower export taxes by using market penetration strategy. Moreover, Fima Corporation has a strong financial performance. With its good reputation, Fima Corporation can undergo business diversification by getting involved in other industries besides plantation industry.

6.2 Fima Corporation Manufacturing of Security Document in MalaysiaSTRENGTHS1: Good relationship with customersS2: Economies of scales S3: SpecializationS4: Advanced technologyS5: Skilled manpowerWEAKNESSW1: Political influenceW2: Inefficient operation managementW3: Weak DPOW4: Nature of business limited marketW5:

OPPORTUNITYO1: Government Business ConcessionO2: Low competitionO3: Technology advancementO4: Strong rules & regulationsO5: Globalization Customer Relationship Management (CRM)(S1, S3, O1, O2) Profit maximization(S2, O2) Human resource strategy(S4, S5, O4, O5) Strengthen management(W1, W2, O4) Market development(W4, O2, O5) Joint ventures with other countries(W1, O3, O5)

THREATT1: Limited market/ demandT2: Depreciation of RM T3: InflationT4: Slow economyT5: Increase of fuel prices Contractual relationship (S1, T1) Product development (S3, S4, T1) Cost management(S2, T2, T3, T4, T5) Strategic alliance(W2, W3, T1) Foreign investments(W1, T2)

The WT StrategySimilarly for the printing industry, Fima Corporation can promote foreign investments into the company with the help of political influence in its management team. With the depreciation of Ringgit Malaysia, investments into Malaysia will be cheaper. This strategy can be coupled with strategic alliances with other companies. By forming a cartel or pact with other companies, the issue of limited market or demand can be overcome. Through the strategic partners, Fima Corporation can learn and improve on its inefficient operation management.The WO StrategyIn the printing industry, there are strong rules and regulations to follow and comply. By following those rules and regulations, Fima Corporation can strengthen its management and overcome the weaknesses of the management. Besides that, Fima Corporation can conduct market development by taking advantage of the low competition in the industry and the emerging globalization trend. This way, Fima Corporation can expand past the nature of its business which is limited in market. Moreover, Fima Corporations political influence can be utilized to form joint ventures with companies of other countries. In the borderless world, Fima Corporation can use the opportunity of technological advancement and be more competitive in the industry.The ST StrategyDespite limited market or demand in the industry, Fima Corporation can still maintain its profit by having contractual relationships with its customers since the company have good relationships with its customers. Besides that, to overcome the limited market, Fima Corporation can have product development using its specialized skills and advanced technology to offer modified or improved products to its existing customers. Furthermore, Fima Corporation can conduct effective cost management to overcome the threats of depreciation of Ringgit Malaysia, inflation, slow economy and increase prices of fuel, by focusing on its economies of scale advantage.The SO StrategySince Fima Corporation has good relationships with its customers and was granted the Government Business Concession, the company can carry out customer relationship management (CRM). Fima Corporation can serve the customers better by understanding the needs of its customers. With its specialization, Fima can fulfill the need of the customers. Having done that, the profit of the company will increase, which brings Fima to the next strategy which is profit maximization. Since there is low competition in the industry and economies of scale are achieved, Fima Corporation can take advantage to the circumstances to be more successful and generate more profit. Furthermore, to add to the success, Fima Corporation can strategize its human resource efforts. With skilled manpower and the advanced technology in the company, Fima Corporation is able to expand in a globalized environment.

6.3 K-Star Manufacturing of Sports Apparel in ChinaSTRENGTHS1: Economies of scale S2: Cheaper labourS3: Diverse lines of sportswearS4: R&D & quality controlS5: Good brand management WEAKNESSW1: Negative cash flowW2: Decreasing revenueW3: Decreasing EPSW4: CEO dualityW5: Close family relationship

OPPORTUNITYO1: Appreciation of RMBO2: Demand for more innovative productO3: Change in consumer spending trendO4: Increase in disposable incomeO5: Technology advancement Profit maximization/ cost management(S1, S2, O1) Market penetration(S3, S5, O2, O3, O4) R&D efforts(S4, O2, O5) Financial management(W1, W2, W3, O1) Product development(W1, W2, W3, O2)

THREATT1: Government policy on workers wagesT2: Market saturation/Limited market share T3: InflationT4: Intense competitionT5: Strict environmental regulations Market penetration(S3, S5, T2, T4) Human Resource strategy(S2, T1, T5) Cost management(S1, S2, T3) Strategic alliance(W1, W2, W3, T2) Restructuring (W1,W2, W3, T3, T4)

The WT StrategyK-Stars financial performance is bad, judging by the negative cash flow, and decrease of revenue and EPS. So, K-Star should seek out strategic alliance with other companies, especially in a saturated market. K-Star and its strategic partners can share the market and exchange capabilities and technology know-how, surpassing its competitors. Besides that, K-Star can undergo restructuring where the cost structures are modified to suit the current condition of the company. An effective cost restructure can help K-Star to overcome its negative financial performance and inflation, which in turn helps K-Star to survive in the intense competition of the industry.

The WO StrategyFortunately for K-Star, China Renminbi (RMB) is appreciating. So, K-Star has a chance of reversing its loss to becoming profit in the future by managing its finance efficiently and effectively. Furthermore, the demand for more innovative products creates an opportunity for K-Star to improve its profit, by using product development strategy. Since the demand is available, K-Star just needs to improve on its existing sportswear for the customers, thus generating more sales and increasing profit.The ST StrategyK-Star has a lot of strengths such as the economies of scale advantage and cheaper labour in China. With these strengths, K-Star can undergo cost management to keep the cost low despite inflation. Besides that, K-Star can use the human resource strategy to balance up the threat of government policy on workers wages, and the source of cheap labour. Furthermore, K-Star has diverse lines of products of sportswear and leisure wear and good brand management. So, K-Star can use this advantage to penetrate the existing market further by better promotion to overcome the saturated market and the intense competition of the industry.The SO StrategyK-Star should focus on profit maximization and cost management by utilizing its economies of scale and cheap labour advantages since Chinas RMB is appreciating. Thus, K-Star can reverse its loss and become a profiting company. Furthermore, there is increase demand for more innovative product, change in consumer spending trend, and increase in disposable income. This creates opportunities for the market penetration for the existing diverse lines of products with good brand management. Moreover, K-Stars R&D and quality control is commendable and can be used to utilize to fulfil the demands of more innovative product. To add to it, technology in consumer goods are advancing, thus creating a positive situation for R7D in K-Star.

7.0 STRATEGIC DIRECTIONThere are several types of strategies that can be taken:7.1 Forward IntegrationForward integration happens when a company gains ownership or control over the distributors or retailers that market their products. This can be done by acquiring retailing and distributing agent or company. Besides that, the company can disseminate or get rid of the middlepersons (distributors and retailers) by reaching directing to the customers via websites and online facilities. By forward integrating, a company can market its products at more competitive price and gain high profit margin. K-Stars principal activities are manufacturing and design of Dixing and K-Star brands. Besides that, K-Star also forward integrates and controls the distribution of its products, including sportswear and leisure footwear of its brands in retail stores throughout PRC.7.2 Backward IntegrationBackward integration happens when a company gains ownership or control over the suppliers that provides its raw materials. This can be done by acquiring the supplying company and in turn, supply the raw materials for the companys usage in operations. Besides that, the company can also sell its raw material to other companies, thus acting as a supplier and also user of the raw materials. By backward integrating, a company can get better quality and cheaper raw materials, and rely less on external suppliers that may offer higher prices or unable to meet the needs of the company. Fima Corporation does not only manufacture security documents, but also backward integrate paper supplies. This allows better pricing and quality of paper materials for its manufacturing operation, since the supplies come from its own company.7.3 Horizontal IntegrationHorizontal integration happens when a company gains ownership or control over the competitors of the same industry. This strategy is used mostly for companies to grow and expand quickly through merging, acquisition and taking over of another company which is of the same industry. By horizontal integrating, a company is able to enhance transfer of resources and competencies, thus improving its operations better. Besides that, the company is able to achieve economies of scales through greater productions for the companies acquired.K-Star approached the strategy in a different way which is through Original Equipment Manufacturing (OEM) and Original Design Manufacturing (ODM). Through OEM and ODM, K-Star is able to achieve economies of scales as the company mass produces sportswear for several international sports brands such as Umbro, Diadora, Kappa, Le Coq Sportif, Die Wilden Kerle, Canguro, Cosby and Bridgestone.7.4 Market PenetrationA company seeks market penetration when it attempts to increase market share by promoting or marketing the existing products or services better to the present markets. K-Star was represented by an Olympic diving champion, Tian Liang and was awarded Fujian Famous Trademark. This good reputation would allow K-Star to market its products better. 7.5 Market DevelopmentA company seeks market development when it attempts to introduce the existing products or services to new markets or geographic segments. This strategy works best in an unsaturated market K-Star can use this strategy to expand its market to other countries such as Taiwan, besides just in China, Russia, Ukraine, Belarus, the Czech Republic, Poland, Finland, Romania, and Hungary. On the other hand, Fima Corporation printing can be expanded to providing its services for demand of other countries. In 2002, Giesecke & Devrient Malaysia Sdn Bhd, a joint venture company between Fima Corporation and Giesecke & Devrient GmbH was established to set up and operate a production and sale of banknotes facility in Malaysia.7.6 Product DevelopmentA company seeks product development when it attempts to increase sales by introduce new, improved or modified lines of products or services to the present markets. This strategy works best in situations of competitive quality products with competitive pricing, rapid technological developments and high-growth in the industry. Besides that, the company must have good and strong research and development (R&D) capabilities. As mentioned previously, K-Star has very strong R&D capabilities. Strong product design and development capabilities and the abilities to adopt new technology in K-Star had enhanced its innovation in R&D for its product.7.7 Business DiversificationA company is said to have related diversification when its businesses enable competitive and valuable cross-business advantages across their value chains. A company is said to have unrelated diversification when its businesses are very different from each other that it provides no competitive and valuable cross-business advantages across their value chains. Fima Corporation did practice unrelated diversification as seen in its businesses in manufacturing of security documents, oil palm plantation, and property management.7.8 DivestitureDivestiture involves selling a part or a division of the organization that is not profitable and no longer efficient to sustain in the company. Besides that, divestiture strategy can also be used to rid of business that does not fit well with other activities. K-Star has ceased the business of shoe and shoe sole production in Jinjiang Saifeite Shoes Plastics Co., Ltd. Whereas Fima Corporation had divested its metal and packaging business to the CarnaudMetalbox Group and focused in becoming a full-fledged security printing and property management company.

8.0 CONCLUSIONBoth the companies has very strong advantages and disadvantages in their own industry. Both Fima Corporation and K-Star are positioned in a saturated market of printing manufacture and plantation. However, K-Star is relatively newer company compared to Fima Corporation, as shown in its weak financial performance. Besides that, Fima Corporation had undergone business diversification into manufacturing of security documents, plantation, and property management. Thus, it is more stable by financial performance.We would like to recommend both the companies for investments for its different advantages. If the investors are more of a risk-taker, we would recommend K-Star Sports Limited as the company to invest as it is still new and has many potentials to be greater. On the other hand, if the investors are more of risk adverse, Fima Corporation would be a better company to invest as it has very stable financial performance.

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