Hup Seng Industries Bhd Company is organizing by four directors of the Group who are brothers with the surname “Guo” and they decided to work together for a partnership of RM1, 500,000 to sell pastries and biscuits in various towns by van. Until the 20th century, the company it has a history of about 50 years since its operation. Hup Seng Industries Bhd established in 1958 and listed in November 2000. Nowadays, Hup Seng is far ahead of crackers manufacturers in Malaysia. It became a bestselling product in the market and high-quality biscuit producers. In 1957, they cooperate to set up the ‘synthetic’ manufacture biscuits company and they started to study the recipe for biscuits. The company subsequently launched the ping pong biscuit in 1958 and the biscuit won the favour of Malaysians (Myinvestmentparadise.
blogspot.com). Hup Seng Industries Bhd. is an investment holding company that earns income from the payment of dividends, interest and rent(Bloomberg.com, Hup Berhad, 2018). They do not produce goods or offer the service, but work as a holding company by in possession of shares of other companies (BusinessDictionary.com?2018).
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Its subsidiary company involves in the manufacture and sale of biscuits and confectionery food items in Malaysia such as the company produce crackers, cookies, cream sandwich and assorted biscuits(Klse.i3investor.com, 2010-2018), and other are under the brand name Kerk, Ping Pong, In-Comix, Ong San Yong and Wang Wang. Besides that, the company also produce instant coffee mix, instant tea, and nutritious instant cereal products( Bloomberg.com, Hup Berhad, 2018). The segments that the Company used to operate are the biscuit manufacturing segment is in the business of manufacture and sales of biscuits, the beverage manufacturing segment is in the business of manufacture and wholesale of coffee mix and all kinds of foodstuff and the trading division segment is in the business of sales and distribution of biscuits, confectionery, and another foodstuff(U.
S., Reuters Editorial, 2018) /(Quotes.wsj.com, 2018).
They not only sell their product in local, they will also export their product to the foreign. Hup Seng markets of their products are in Asia, Africa, Oceania, Europe and North America with 69 agents in 40 countries. Their product sell in the local market contains 85%, while others are exported to more than 40 countries.
However, Hup Seng Industries Bhd Company’s mission is to produce nutritious, quality and popular preferred food products to establish a reputable brand of food in order to have loyal customers(Hsib.com.my).
Budgeting is a significant business plan process for the future activities to achieve goals and objective. Basically, budgeting will give prompt to the manager what they need to do and show how it suitable in with the wok of other department. It also will provide a model of how the performance, plan, event, financial of the company comply. When a company form a business plan, managers will try to forecast revenues and expenditures in order to predict the profitability of the company. Budgeting can make the company’s preparation more sequence and you might have other plans to avoid any mistake arises.
Budgeting can make your planning become more effective and efficient.