MIRA INFORM
REPORT
|
Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
LEE SOON SENG PLASTIC INDUSTRIES
SDN BHD |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.04.2010 |
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Date of Incorporation : |
04.05.1984 |
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Com. Reg. No.: |
119117-M |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing & Trading of Plastic Products |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD1,158,961 |
|
Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXECUTIVE SUMMARY
|
The SC is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As
a private limited company, the SC must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a
separate legal entity, the SC is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the SC is
insolvent. The SC is governed by the Companies Act, 1965 and the company must
file its annual returns, together with its financial statements with the Registrar
of Companies. The major shareholder(s) of the SC are
shown as follows :
+ Also Director DIRECTORS
DIRECTOR 2
DIRECTOR 3
DIRECTOR 4
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1) |
Name of Subject |
: |
LEE HOCK SENG |
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Position |
: |
MANAGING DIRECTOR |
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2) |
Name of Subject |
: |
Y L KOK |
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Position |
: |
ACCOUNTANT |
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3) |
Name of Subject |
: |
L C LEE |
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Position |
: |
FINANCE & ADMIN MANAGER |
AUDITOR
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Auditor |
: |
SJ GRANT THORNTON |
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Auditor' Address |
: |
UNIT 29-08, MENARA LANDMARK, 12 JALAN NGEE HENG, LEVEL
29, 80000 JOHOR BAHRU, |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. M CHANDRASEGARAN A/L |
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IC / PP No |
: |
5573205 |
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New IC No |
: |
581020-06-5169 |
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Address |
: |
1, JALAN SS 18/1, 47500 SUBANG JAYA, |
|
2) |
Company Secretary |
: |
MS. LIM SECK WAH |
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IC / PP No |
: |
5878183 |
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New IC No |
: |
591223-02-5430 |
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Address |
: |
41, JALAN TAMING INDAH 2, TAMAN TAMING INDAH, BANDAR
SUNGAI LONG, 43000 KAJANG, SELANGOR, MALAYSIA. |
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
BANK PEMBANGUNAN |
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2) |
Name |
: |
PUBLIC BANK BHD |
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The SC enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s). |
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ENCUMBRANCE (S)
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ENCUMBRANCE 1
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Date of Creation |
: |
27/12/2005 |
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Description Of Charge |
: |
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Amount Secured |
: |
RM7,000,000.00 |
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Description Of Property Affected |
: |
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Name & Address Of Chargee |
: |
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Form 40 Dated |
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Registered and Numbered 3 In The Register of Charges |
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ENCUMBRANCE 2
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Date of Creation |
: |
24/12/2009 |
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Description Of Charge |
: |
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Amount Secured |
: |
RM1,254,600.00 |
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Description Of Property Affected |
: |
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Name & Address Of Chargee |
: |
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Form 40 Dated |
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Registered and Numbered 4 In The Register of Charges |
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LEGAL CHECK AGAINST SC
|
||||
* A check has been conducted in our databank againt the SC whether the subject
has been involved in any litigation. Our databank consists of 99% of the
wound up companies in
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
|
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
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SOURCES OF RAW MATERIALS: |
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Local |
: |
YES |
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Overseas |
: |
YES |
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Import Countries |
: |
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The SC refused to provide any name of trade/service supplier and we
are unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
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OVERALL PAYMENT HABIT |
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Prompt 0-30 Days |
[ |
X |
] |
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Good 31-60 Days |
[ |
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] |
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Average 61-90 Days |
[ |
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] |
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Fair 91-120 Days |
[ |
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] |
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Poor >120 Days |
[ |
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] |
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CLIENTELE
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Local |
: |
YES |
Percentage |
: |
50% |
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Domestic Markets |
: |
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Overseas |
: |
YES |
Percentage |
: |
50% |
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Export Market |
: |
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Payment Mode |
: |
CHEQUES,TELEGRAPHIC TRANSFER (TT), LETTER OF CREDIT (LC) |
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Type of Customer |
: |
HYPERMARKETS,ELECTRICAL & ELECTRONIC INDUSTRIES |
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OPERATIONS
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Products manufactured |
: |
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Brand Name |
: |
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Award |
: |
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Certification of Products |
: |
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Competitor(s) |
: |
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Member(s) / Affiliate(s) |
: |
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Ownership of premises |
: |
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Total Number of Employees: |
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YEAR |
2011 |
2010 |
2009 |
2008 |
2007 |
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GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
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COMPANY |
300 |
300 |
300 |
300 |
280 |
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Branch |
: |
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Other Information:
The SC is principally engaged in the (as a / as an) manufacturing &
trading of plastic products.
The SC is one of
We were informed that the SC produces its plastic-based packaging items for
the food and beverage, electronic, electrical, stationery, toys, hardware and
pharmaceutical industries.
According to the SC, it specialises in PVC, PVC Antistatic, PS, PP Apet, Pet-C,
Pet-G, Black conductive, PC-C, HIPS, Multilay and other vacuum forming
manufacturing.
It also manufactures polyvinyl chloride and polystyrene, among other
products, and is the only locally-owned factory in the country to produce
crystalpure's biaxilly oriented polystyrene (OPS).
PROJECTS
|
No projects found in our databank
RECENT DEVELOPMENT
|
We have checked with the Malaysian National News Agency's (BERNAMA)database,
but no latest development was noted in our investigation.
CURRENT INVESTIGATION
|
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
07-6522288 |
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Match |
: |
N/A |
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Address Provided by Client |
: |
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Current Address |
: |
LOT 3304, BATU 24 1/2, JALAN KULAI-AIR HITAM, 81000
KULAI, |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Admin Department. She provided some
information on the SC.
FINANCIAL COMMENTS
|
Profitability:
|
Turnover |
: |
Erratic |
[ |
2008 - 2010 |
] |
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2010 |
] |
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
17.32% |
] |
|
Return on Net Assets |
: |
Acceptable |
[ |
18.44% |
] |
The fluctuating turnover reflects the fierce competition among the existing and
new market players. The SC's management have been efficient in controlling
its operating costs. The SC's management had generated acceptable return for
its shareholders using its assets.
Working Capital Control:
|
Stock Ratio |
: |
Acceptable |
[ |
60 Days |
] |
|
Debtors Ratio |
: |
Unfavourable |
[ |
85 Days |
] |
|
Creditors Ratio |
: |
Favourable |
[ |
6 Days |
] |
The SC kept adequate stocks to meet its normal business transactions without incurring
excessive storage costs. The high debtors' ratio could indicate that the SC
was weak in its credit control. However, the SC could also giving longer
credit periods to its customers in order to boost its sales or to capture /
retain its market share. The SC had a favourable creditors' ratio as
evidenced by its favourable collection days. The SC could be taking advantage
of the cash discounts and also wanting to maintain goodwill with its
creditors.
Liquidity:
|
Liquid Ratio |
: |
Favourable |
[ |
1.15 Times |
] |
|
Current Ratio |
: |
Unfavourable |
[ |
1.68 Times |
] |
A minimum liquid ratio of 1 should be maintained by the SC in order to assure
its creditors of its ability to meet short term obligations and the SC was in
a good liquidity position. Thus, we believe the SC is able to meet all its
short term obligations as and when they fall due.
Solvency
|
Interest Cover |
: |
Favourable |
[ |
19.13 Times |
] |
|
Gearing Ratio |
: |
Favourable |
[ |
0.16 Times |
] |
The interest cover showed that the SC was able to service the interest. The
favourable interest cover could indicate that the SC was making enough profit
to pay for the interest accrued. The SC was lowly geared thus it had a low
financial risk. The SC was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the SC
being a lowly geared company, will be able to compete better than those
companies which are highly geared in the same industry.
Overall
Assessment:
Although the
turnover was erratic, the SC had maintained a steady growth in its profit.
This indicate the management's efficiency in controlling its costs and
profitability. The SC was in good liquidity position with its total current liabilities
well covered by its total current assets. With its current net assets, the SC
should be able to repay its short term obligations. With the favourable
interest cover, the SC could be able to service all the accrued interest
without facing any difficulties. The SC as a lowly geared company, will be
more secured compared to those highly geared companies. It has the ability to
meet all its long term obligations.
Overall financial condition of the SC : STABLE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators: |
2007 |
2008 |
2009 |
2010* |
2011** |
|
|
|
|
|
|
|
|
Population ( Million) |
27.17 |
27.73 |
28.31 |
28.88 |
29.13 |
|
Gross Domestic Products ( % ) |
6.3 |
4.6 |
<0.5> |
6.9 |
5.8 |
|
Domestic Demand ( % ) |
9.0 |
6.9 |
2.9 |
4.6 |
4.8 |
|
Private Expenditure ( % ) |
8.6 |
7.1 |
<2.7> |
8.1 |
7.0 |
|
Consumption ( % ) |
9.0 |
8.4 |
0.7 |
6.7 |
6.3 |
|
Investment ( % ) |
7.1 |
1.5 |
<17.2> |
15.2 |
10.2 |
|
Public Expenditure ( % ) |
10.1 |
6.5 |
5.2 |
3.8 |
2.8 |
|
Consumption ( % ) |
10.8 |
11.6 |
3.1 |
0.2 |
4.6 |
|
Investment ( % ) |
9.3 |
0.7 |
8.0 |
8.3 |
0.6 |
|
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|
|
|
|
|
Balance of Trade ( MYR Million ) |
100,340 |
129,563 |
89,650 |
118,356 |
116,058 |
|
Government Finance ( MYR Million ) |
<19,948> |
<34,462> |
<28,450> |
<40,482> |
- |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
<3.2> |
<4.8> |
<4.8> |
<5.6> |
<5.4> |
|
Inflation ( % Change in Composite CPI) |
2.0 |
<3.3> |
<5.2> |
5.1 |
- |
|
Unemployment Rate |
3.2 |
3.7 |
4.5 |
3.9 |
- |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
336 |
388 |
331 |
394 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
3.04 |
1.91 |
2.87 |
2.20 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
13.30 |
13.24 |
11.08 |
15.30 |
- |
|
Average Base Lending Rate ( % ) |
6.72 |
6.72 |
5.53 |
5.70 |
- |
|
Business Loans Disbursed( % ) |
9.1 |
11.6 |
10.5 |
14.7 |
- |
|
Foreign Investment ( MYR Million ) |
33,426.0 |
23,261.4 |
22,156.8 |
22,517.9 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Companies ( No. ) |
43,337 |
41,599 |
41,578 |
- |
- |
|
Registration of New Companies ( % ) |
13.2 |
<4.0> |
<0.1> |
- |
- |
|
Liquidation of Companies ( No. ) |
22,629 |
27,992 |
39,075 |
- |
- |
|
Liquidation of Companies ( % ) |
161.5 |
23.7 |
39.6 |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Business ( No. ) |
227,410 |
269,866 |
312,581 |
- |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business Dissolved ( No. ) |
20,431 |
18,885 |
19,345 |
- |
- |
|
Business Dissolved ( % ) |
<61.4> |
<7.6> |
2.4 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
442.9 |
497.5 |
319.4 |
369.7 |
- |
|
Cellular Phone Subscribers ( Million ) |
23.3 |
25.1 |
30.1 |
32.8 |
- |
|
Tourist Arrival ( Million Persons ) |
20.9 |
21.5 |
23.6 |
24.0 |
25.0 |
|
Hotel Occupancy Rate ( % ) |
70 |
68 |
58 |
63 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
20.1 |
17.1 |
12.8 |
15.1 |
- |
|
Bad Cheque Offenders (No.) |
30,004 |
34,834 |
- |
- |
- |
|
Individual Bankruptcy ( No.) |
13,238 |
13,907 |
- |
- |
- |
|
Individual Bankruptcy ( % ) |
<2.6> |
5.1 |
- |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2007 |
2008 |
2009 |
2010* |
2011** |
|
|
|
|
|
|
|
|
Agriculture |
3.1 |
3.6 |
0.4 |
3.4 |
4.5 |
|
Palm Oil |
<0.6> |
7.0 |
<1.1> |
1.3 |
- |
|
Rubber |
1.0 |
<1.1> |
<19.8> |
9.9 |
- |
|
Forestry & Logging |
2.8 |
<1.5> |
<5.9> |
<1.3> |
- |
|
Fishing |
5.2 |
4.0 |
5.5 |
4.1 |
- |
|
Other Agriculture |
7.0 |
5.9 |
9.0 |
6.6 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
487.3 |
393.0 |
413.7 |
508.4 |
- |
|
% of Industry Non-Performing Loans |
1.1 |
<2.0> |
1.3 |
2.1 |
- |
|
|
|
|
|
|
|
|
Mining |
3.3 |
<0.8> |
<3.8> |
1.0 |
2.9 |
|
Oil & Gas |
2.2 |
12.7 |
2.1 |
4.9 |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
42.2 |
36.0 |
44.2 |
49.7 |
- |
|
% of Industry Non-performing Loans |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
3.1 |
1.3 |
<9.4> |
10.8 |
6.7 |
|
Exported-oriented Industries |
<1.9> |
2.7 |
<19.0> |
12.1 |
- |
|
Electrical & Electronics |
3.0 |
2.4 |
<30.3> |
27.4 |
- |
|
Rubber Products |
8.0 |
4.2 |
<10.1> |
25.3 |
- |
|
Wood Products |
3.3 |
<6.0> |
<24.1> |
19.7 |
- |
|
Textiles & Apparel |
<10.1> |
1.9 |
<19.5> |
<1.3> |
- |
|
Domestic-oriented Industries |
5.3 |
9.9 |
<9.8> |
16.3 |
- |
|
Food, Beverages & Tobacco |
5.6 |
9.5 |
0.2 |
3.0 |
- |
|
Chemical & Chemical Products |
9.2 |
1.4 |
<7.7> |
20.4 |
- |
|
Plastic Products |
<3.6> |
6.5 |
<9.1> |
2.4 |
- |
|
Iron & Steel |
17.5 |
16.8 |
<32.7> |
30.0 |
- |
|
Fabricated Metal Products |
26.2 |
14.7 |
<2.5> |
14.9 |
- |
|
Non-metallic Mineral |
6.6 |
8.3 |
<15.5> |
20.2 |
- |
|
Transport Equipment |
<19.0> |
27.1 |
<13.5> |
36.5 |
- |
|
Paper & Paper Products |
14.9 |
8.6 |
<5.0> |
20.5 |
- |
|
Crude Oil Refineries |
8.6 |
7.8 |
0.2 |
<11.4> |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,366.2 |
5,729.4 |
6,007.3 |
6,217.5 |
- |
|
% of Industry Non-Performing Loans |
14.1 |
16.8 |
18.3 |
23.8 |
- |
|
|
|
|
|
|
|
|
Construction |
4.6 |
2.1 |
5.8 |
4.9 |
4.4 |
|
Industry Non-Performing Loans ( MYR Million ) |
5,116.7 |
4,149.8 |
3,241.8 |
4,038.5 |
- |
|
% of Industry Non-Performing Loans |
11.3 |
12.2 |
9.9 |
10.7 |
- |
|
|
|
|
|
|
|
|
Services |
9.7 |
7.3 |
2.6 |
6.5 |
5.3 |
|
Electric, Gas & Water |
4.6 |
5.0 |
0.4 |
8.5 |
5.6 |
|
Transport, Storage & Communication |
7.60 |
7.80 |
1.60 |
7.15 |
7.55 |
|
Wholesale, Retail, Hotel & Restaurant |
11.6 |
10.0 |
2.8 |
4.7 |
5.2 |
|
Finance, Insurance & Real Estate |
10.7 |
9.2 |
3.8 |
6.0 |
5.2 |
|
Government Services |
4.6 |
8.6 |
2.0 |
6.7 |
1.9 |
|
Other Services |
5.0 |
5.9 |
4.4 |
4.2 |
5.4 |
|
Industry Non-Performing Loans ( MYR Million ) |
10,207.8 |
8,281.4 |
6,631.3 |
7,384.6 |
- |
|
% of Industry Non-Performing Loans |
22.6 |
24.3 |
20.2 |
25.7 |
- |
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing
Production Index |
|||||
INDUSTRY COMMENTS
|
|||||
|
MSIC CODE |
|
|
25209 : Manufacture of other plastic products n.e.c |
|
|
INDUSTRY : |
PLASTIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth |
|
COMMENTS & RECOMMENDATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH |
|||
|
LEE
SOON SENG PLASTIC INDUSTRIES SDN BHD |
|||
|
For
The Year Ended 30-April-2010 |
|||
|
|
|
|
|
|
|
2010 |
2009 |
2008 |
|
|
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
|
|
|
TURNOVER |
67,717,054 |
61,753,641 |
64,469,757 |
|
|
========== |
========== |
========== |
|
PROFIT/(LOSS) FROM OPERATIONS |
8,231,869 |
6,386,564 |
9,758,196 |
|
|
------------ |
------------ |
------------ |
|
PROFIT/(LOSS) BEFORE TAXATION |
8,231,869 |
6,386,564 |
9,758,196 |
|
Taxation |
<1,390,008> |
<1,031,360> |
<1,637,647> |
|
|
------------ |
------------ |
------------ |
|
|
------------ |
------------ |
------------ |
|
|
------------ |
------------ |
------------ |
|
As previous reported |
30,658,943 |
27,603,739 |
25,927,621 |
|
|
------------ |
------------ |
------------ |
|
|
------------ |
------------ |
------------ |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
37,500,804 |
32,958,943 |
34,048,170 |
|
CAPITALISATION FOR BONUS ISSUES |
- |
- |
<6,444,431> |
|
DIVIDENDS - Ordinary (paid & proposed) |
<2,500,000> |
<2,300,000> |
- |
|
|
------------ |
------------ |
------------ |
|
RETAINED BY: The Company |
35,000,804 |
30,658,943 |
27,603,739 |
|
|
------------ |
------------ |
------------ |
|
INTEREST EXPENSE (as per notes to PL) |
|
|
|
|
Term loan |
324,362 |
348,059 |
- |
|
Bank overdraft |
211 |
3,637 |
- |
|
Hire purchase |
121,751 |
150,272 |
- |
|
Bankers acceptance |
7,623 |
57,598 |
- |
|
|
------------ |
------------ |
------------ |
BALANCE SHEET
|
|
LEE
SOON SENG PLASTIC INDUSTRIES SDN BHD |
|
As
At 30-April-2010 |
|
|
|
|
|
|
|
|
2010 |
2009 |
2008 |
|
|
|
MYR |
MYR |
MYR |
|
|
ASSET EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
32,264,626 |
23,602,413 |
22,933,544 |
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment properties |
530,000 |
530,000 |
530,000 |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
------------ |
------------ |
------------ |
|
|
TOTAL LONG TERM ASSETS |
------------ |
------------ |
------------ |
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
11,117,222 |
10,620,630 |
11,932,210 |
|
|
|
|
|
|
|
|
Trade debtors |
15,687,756 |
13,793,561 |
14,775,238 |
|
|
Other debtors, deposits & prepayments |
2,362,210 |
2,023,205 |
224,676 |
|
|
Short term deposits |
1,940,714 |
99,703 |
96,151 |
|
|
Short term loans & advances |
- |
- |
439,351 |
|
|
Cash & bank balances |
4,098,872 |
9,100,311 |
3,721,026 |
|
|
Tax recoverable |
178,419 |
495,651 |
206,326 |
|
TOTAL CURRENT ASSETS |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
1,051,752 |
907,846 |
931,235 |
|
|
Other creditors & accruals |
4,684,331 |
2,263,819 |
2,909,370 |
|
|
Short term borrowings/Term loans |
1,767,064 |
1,470,242 |
1,769,739 |
|
|
Bill & acceptances payable |
- |
- |
1,592,000 |
|
|
Amounts owing to holding companies |
13,534,258 |
13,481,883 |
10,728,790 |
|
|
Deferred income |
43,496 |
43,496 |
43,496 |
|
TOTAL CURRENT LIABILITIES |
------------ |
------------ |
------------ |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
------------ |
------------ |
------------ |
|
|
TOTAL NET ASSETS |
------------ |
------------ |
------------ |
|
|
FINANCED BY: |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
2,200,000 |
2,200,000 |
2,200,000 |
|
TOTAL SHARE CAPITAL |
------------ |
------------ |
------------ |
|
|
RESERVES |
|
|
|
|
|
|
Share premium |
2,300,000 |
2,300,000 |
2,300,000 |
|
|
Retain profit/(Accumulated loss) carried forward |
35,000,804 |
30,658,943 |
27,603,739 |
|
|
------------ |
------------ |
------------ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term loans |
3,952,956 |
4,494,632 |
1,888,383 |
|
|
Hire purchase creditors |
790,862 |
66,821 |
916,482 |
|
|
Deferred taxation |
2,765,000 |
2,245,000 |
1,799,000 |
|
|
Deferred commisions & rebates |
- |
- |
176,288 |
|
|
Deferred income |
89,296 |
132,792 |
- |
|
|
------------ |
------------ |
------------ |
|
|
|
------------ |
------------ |
------------ |
|
|
|
47,098,918 |
42,098,188 |
36,883,892 |
|
|
|
========== |
========== |
========== |
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
|
LEE
SOON SENG PLASTIC INDUSTRIES SDN BHD |
|
As
At 30-April-2010 |
|
|
|
|
|
|
|
|
2010 |
2009 |
2008 |
|
|
|
MYR |
MYR |
MYR |
|
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
6,039,586 |
9,200,014 |
3,817,177 |
|
|
Net Liquid Funds |
4,272,522 |
7,729,772 |
2,047,438 |
|
|
Net Liquid Assets |
3,187,070 |
7,345,145 |
1,488,138 |
|
|
Net Current Assets/(Liabilities) |
14,304,292 |
17,965,775 |
13,420,348 |
|
|
Net Tangible Assets |
47,098,918 |
42,098,188 |
36,883,892 |
|
|
Net Monetary Assets |
<4,411,044> |
405,900 |
<3,292,015> |
|
|
|
|
|
|
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
6,510,882 |
6,031,695 |
4,574,604 |
|
|
Total Liabilities |
28,679,015 |
25,106,531 |
22,754,783 |
|
|
Total Assets |
68,179,819 |
60,265,474 |
54,858,522 |
|
|
Net Assets |
47,098,918 |
42,098,188 |
36,883,892 |
|
|
Net Assets Backing |
39,500,804 |
35,158,943 |
32,103,739 |
|
|
Shareholders" Funds |
39,500,804 |
35,158,943 |
32,103,739 |
|
|
Total Share Capital |
2,200,000 |
2,200,000 |
2,200,000 |
|
|
Total Reserves |
37,300,804 |
32,958,943 |
29,903,739 |
|
|
|
|
|
|
|
LIQUIDITY(Times) |
|
|
|
|
|
|
Cash Ratio |
0.29 |
0.51 |
0.21 |
|
|
Liquid Ratio |
1.15 |
1.40 |
1.08 |
|
|
Current Ratio |
1.68 |
1.99 |
1.75 |
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
60 |
63 |
68 |
|
|
Debtors Ratio |
85 |
82 |
84 |
|
|
Creditors Ratio |
6 |
5 |
5 |
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.16 |
0.17 |
0.14 |
|
|
Liabilities Ratio |
0.73 |
0.71 |
0.71 |
|
|
Times Interest Earned Ratio |
19.13 |
12.41 |
0 |
|
|
|
|
|
|
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
12.16 |
10.34 |
15.14 |
|
|
Net Profit Margin |
10.10 |
8.67 |
12.60 |
|
|
Return On Net Assets |
18.44 |
16.50 |
26.46 |
|
|
Return On Capital Employed |
17.77 |
15.94 |
25.25 |
|
|
Return On Shareholders' Funds/Equity |
17.32 |
15.23 |
25.29 |
|
|
Dividend Pay Out Ratio (Times) |
0.37 |
0.43 |
0 |
|
|
|
|
|
|
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0.00 |
20,000.00 |
20,000.00 |
|
|
|
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.73.07 |
|
Euro |
1 |
Rs.61.41 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Company |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.