|
Report Date : |
31.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
NIHON SPINDLE COOLING TOWERS
SDN. BHD. |
|
|
|
|
Formerly Known As : |
NS COOLING TOWERS SDN BHD (17/11/2009) |
|
|
|
|
Registered Office : |
85 Lebuh Pantai, 1st Flr, 10300 Pulau Pinang, Pulau Pinang |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
10.08.2007 |
|
|
|
|
Com. Reg. No.: |
784210-D |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturer of cooling towers |
|
|
|
|
No. of Employees : |
70 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
malaysia - ECONOMIC OVERVIEW
Malaysia, a
middle-income country, has transformed itself since the 1970s from a producer
of raw materials into an emerging multi-sector economy. Under current Prime
Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020
and to move farther up the value-added production chain by attracting
investments in Islamic finance, high technology industries, biotechnology, and
services. The NAJIB administration also is continuing efforts to boost domestic
demand and reduce the economy's dependence on exports. Nevertheless, exports -
particularly of electronics, oil and gas, palm oil and rubber - remain a
significant driver of the economy. As an oil and gas exporter, Malaysia has
profited from higher world energy prices, although the rising cost of domestic
gasoline and diesel fuel, combined with strained government finances, has
forced Kuala Lumpur to begin to reduce government subsidies. The government is
also trying to lessen its dependence on state oil producer Petronas. The oil
and gas sector supplies more than 40% of government revenue. The central bank
maintains healthy foreign exchange reserves, and a well-developed regulatory
regime has limited Malaysia''s exposure to riskier financial instruments and
the global financial crisis. Nevertheless, Malaysia could be vulnerable to a
fall in commodity prices or a general slowdown in global economic activity
because exports are a major component of GDP. In order to attract increased
investment, NAJIB has raised possible revisions to the special economic and
social preferences accorded to ethnic Malays under the New Economic Policy of
1970, but he has encountered significant opposition, especially from Malay
nationalists and other vested interests.
|
Source : CIA |
*Adopted abbreviations:
SC - Subject
Company (the company enquired by you)
N/A - Not Applicable
|
REGISTRATION NO. |
: |
784210-D |
||||
|
COMPANY NAME |
: |
NIHON
SPINDLE COOLING TOWERS SDN. BHD. |
||||
|
FORMER NAME |
: |
NS COOLING TOWERS SDN BHD
(17/11/2009) |
||||
|
INCORPORATION DATE |
: |
10/08/2007 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
85 LEBUH PANTAI, 1ST FLR,
10300 PULAU PINANG, PULAU PINANG, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
20B, JALAN PERUSAHAAN, PRAI
INDUSTRIAL ESTATE 4, 13600 PRAI, PULAU PINANG, MALAYSIA. |
||||
|
TEL.NO. |
: |
04-5013322 |
||||
|
FAX.NO. |
: |
04-5083355 |
||||
|
WEB SITE |
: |
www.spindle.com.my |
||||
|
CONTACT PERSON |
: |
MAKOTO ( CEO ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
27900 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURER OF COOLING
TOWERS. |
||||
|
AUTHORISED CAPITAL |
: |
MYR 25,000,000.00 DIVIDED INTO
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 17,200,000.00 DIVIDED INTO
|
||||
|
|
|
|
||||
|
SALES |
: |
MYR 11,518,022 [2012] |
||||
|
NET WORTH |
: |
MYR 11,323,233 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
70 [2012] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
||||
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 SC is principally engaged in the (as a / as an) manufacturer of cooling towers..
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is NIHON SPINDLE MANUFACTURING CO.LTD., a company incorporated in JAPAN.
The ultimate holding company of the SC is SUMITOMO HEAVY INDUSTRIES LTD, a company incorporated in JAPAN.
The major shareholder(s) of the SC are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
NIHON SPINDLE MANUFACTURING CO.LTD. |
|
XLZ00211682 |
15,535,598.00 |
90.32 |
|
MR. ONG PENG CHOR |
|
500921-07-5367 |
912,000.00 |
5.30 |
|
MR. ONG IK JIN |
2-25-605, MAKAMAEDA-CHO 2-25-605,
MAKAMAEDA-CHO, 662-0857, JAPAN. |
820209-07-5315 |
285,000.00 |
1.66 |
|
MR. ONG IK CHUANG |
21 JALAN KIKIK TAMAN INDERAWASIH, 13600
PRAI, PULAU PINANG, MALAYSIA. |
790108-07-5071 |
285,000.00 |
1.66 |
|
MR. GOH GEE KHEONG |
21 JALAN KIKIK TAMAN INDERAWASIH, 13600
PRAI, PULAU PINANG, MALAYSIA. |
600504-08-5765 |
182,400.00 |
1.06 |
|
YASUSHI NEMOTO |
|
TH9110470 |
1.00 |
0.00 |
|
KOICHI INAOKA + |
|
6048807 |
1.00 |
0.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
17,200,000.00 |
100.00 |
|
|
|
|
============ |
===== |
DIRECTOR
1
|
Name Of Subject |
: |
KOICHI INAOKA |
|
Address |
: |
2-12-2026, KAWASAKI-CHO,
AKASHI-SHI, HYOGO, 673-0014, JAPAN, FOREIGN, MALAYSIA. |
|
IC / PP No |
: |
TH6048807 |
|
|
|
|
|
Date of Birth |
: |
26/02/1960 |
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/06/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
2
|
Name Of Subject |
: |
SHINYA SUZUKI |
|
Address |
: |
NO. 113-05-11 GOLD COAST,
PERSIARAN BAYAN INDAH, 11900 BAYAN LEPAS, PULAU PINANG, MALAYSIA. |
|
IC / PP No |
: |
TH5853978 |
|
|
|
|
|
Date of Birth |
: |
29/09/1970 |
|
|
|
|
|
|
|
|
|
Date of Appointment |
: |
30/03/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
3
|
Name Of Subject |
: |
KOTARO FUJIKAWA |
|
Address |
: |
3-8-16 TSUKAWAKI, TAKATSUKI-SHI,
OSAKA, 569-1036 JAPAN, FOREIGN, MALAYSIA. |
|
IC / PP No |
: |
TH4998110 |
|
|
|
|
|
Date of Birth |
: |
31/12/1950 |
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/06/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
4
|
Name Of Subject |
: |
MAKOTO SUGIMOTO |
|
Address |
: |
35-27-4 MUTIARA VILLA, JALAN
BAGAN JERMAL, 10250 GEORGETOWN, PULAU PINANG, MALAYSIA. |
|
IC / PP No |
: |
TH1259025 |
|
|
|
|
|
Date of Birth |
: |
09/12/1961 |
|
|
|
|
|
|
|
|
|
Date of Appointment |
: |
01/06/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
MAKOTO |
|
|
Position |
: |
CEO |
|
|
|
|
|
|
2) |
Name of Subject |
: |
LIM PENG LAN |
|
|
Position |
: |
FINANCE MANAGER |
|
|
|
|
|
|
3) |
Name of Subject |
: |
JEFFRY GOH |
|
|
Position |
: |
PRODUCTION MANAGER |
|
|
|
|
|
|
4) |
Name of Subject |
: |
MAKOTO SUGIMOTO |
|
|
Position |
: |
MANAGER |
|
|
|
|
|
|
Auditor |
: |
BDO |
|
Auditor' Address |
: |
MENARA UNI ASIA, 1008, JALAN SULTAN
ISMAIL, 12TH FLOOR, 50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
|
|
|
|
1) |
Company Secretary |
: |
MR. HENG FOOK TAU |
|
|
|
|
|
|
|
New IC No |
: |
550202-01-5507 |
|
|
Address |
: |
UNIT N-9-8, TAMAN PERMAI INDAH, JALAN
HELANG, 11700 GELUGOR, PULAU PINANG, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
HSBC BANK MALAYSIA BHD |
|
|
|
|
|
|
The SC enjoys normal banking routine with
above mentioned banker(s). The SC has bank charges with above mentioned
banker(s). |
No encumbrance was found in our databank at the time of investigation.
* 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 Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* 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.
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
30% |
|
Overseas |
: |
YES |
Percentage |
: |
70% |
|
Import Countries |
: |
UNITED STATES,EUROPE,ASIA |
|||
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 :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA, MIDDLE
EAST |
|||
|
Credit Term |
: |
30 - 90 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES,LETTER OF CREDIT (LC),TELEGRAPHIC
TRANSFER (TT) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured |
: |
|
|||||
|
|
|
|
|||||
|
Competitor(s) |
: |
|
|||||
|
|
|
|
|||||
|
Ownership of premises |
: |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2012 |
2011 |
2010 |
2009 |
2008 |
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
70 |
70 |
70 |
40 |
30 |
|
|
|
|
|
Branch |
: |
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturer of cooling
towers..
We were informed that the SC produces Nihon Spindle cooling towers.
The SC's factory has the followings:
* Built on a 6.7 acre land with a combined production floor space of 60,000 sq
ft
* Combined office space of 5,000 sq ft
* Dedicated CTI standard test facility for cooling towers of 15,000 sq ft
* Manufacturing, Design, Quality Control and R&D led by qualified Japanese
managers.
The cooling towers are installed at shopping complexes, supermarkets, factories
and others.
The SC utilizes advanced automated and semi-automated machineries to ensure
production of high quality products.
No projects found in our databank
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By
Client |
: |
045013322 |
|
Current Telephone Number |
: |
04-5013322 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
20B, JALAN PERUSAHAAN, PRAI
INDUSTRIAL ESTATE 4,13600,PRAI,PULAU PINANG. |
|
Current Address |
: |
20B, JALAN PERUSAHAAN, PRAI
INDUSTRIAL ESTATE 4, 13600 PRAI, PULAU PINANG, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other
Investigations
On 26th December 2012 we contacted one of the staff from the SC and she
provided some information on the SC.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
<29.95%> |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
<27.84%> |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.Higher losses before
tax during the year could be due to the higher operating costs incurred. The
SC's unfavourable returns on shareholders' funds indicate the management's
inefficiency in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Current Ratio |
: |
Favourable |
[ |
2.31 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC was in good liquidity position with
its current liabilities well covered by its current assets. With its net current
assets, the SC should be able to repay its short term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Liability Ratio |
: |
Favourable |
[ |
0.70 Times |
] |
|
|
|
|
|
|
|
|
|
|
A low liabilities ratio has minimised the
SC's financial risk. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
The SC's losses increased but its turnover
showed a fluctuating trend. This indicate the SC was slowly losing its market
share due to its competitors. 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. The SC has high financial risks. If its shareholders do not
inject more capital into the company or if its business performance does not
improve, its going concern may be in question. |
||||||
|
|
|
|
|
|
|
|
|
Overall
financial condition of the SC : FAIR |
||||||
|
Major Economic
Indicators: |
2008 |
2009 |
2010 |
2011* |
2012** |
|
|
|
|
|
|
|
|
Population ( Million) |
27.73 |
28.13 |
28.35 |
28.70 |
29.10 |
|
Gross Domestic
Products ( % ) |
4.6 |
<0.5> |
7.2 |
5.5 |
5.3 |
|
Domestic Demand ( % ) |
6.9 |
2.9 |
6.3 |
4.8 |
7.6 |
|
Private
Expenditure ( % ) |
7.1 |
<2.7> |
8.1 |
7.0 |
8.7 |
|
Consumption ( % ) |
8.4 |
0.7 |
6.7 |
6.3 |
7.1 |
|
Investment ( % ) |
1.5 |
<17.2> |
17.7 |
16.2 |
15.9 |
|
Public
Expenditure ( % ) |
6.5 |
5.2 |
3.8 |
7.6 |
4.7 |
|
Consumption ( % ) |
11.6 |
3.1 |
0.2 |
8.9 |
3.0 |
|
Investment ( % ) |
0.7 |
8.0 |
2.8 |
0.6 |
7.0 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
129,563 |
89,650 |
118,356 |
116,058 |
- |
|
Government Finance ( MYR Million ) |
<34,462> |
<28,450> |
<40,482> |
<45,511> |
<43,021> |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
<4.8> |
<4.8> |
<5.6> |
<5.4> |
<4.7> |
|
Inflation ( % Change in Composite CPI) |
<3.3> |
<5.2> |
5.1 |
3.1 |
- |
|
Unemployment Rate |
3.7 |
4.5 |
3.9 |
3.3 |
- |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
388 |
331 |
329 |
415 |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
1.91 |
2.87 |
2.20 |
3.50 |
- |
|
Average 3 Months
of Non-performing Loans ( % ) |
13.24 |
11.08 |
15.30 |
14.80 |
- |
|
Average Base Lending Rate ( % ) |
6.72 |
5.53 |
6.30 |
6.60 |
- |
|
Business Loans Disbursed( % ) |
11.6 |
10.5 |
14.7 |
15.3 |
- |
|
Foreign Investment ( MYR Million ) |
23,261.4 |
22,156.8 |
22,517.9 |
23,546.1 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of
New Companies ( No. ) |
41,599 |
41,578 |
44,148 |
- |
- |
|
Registration of New Companies ( % ) |
<4.0> |
<0.1> |
6.2 |
- |
- |
|
Liquidation of
Companies ( No. ) |
27,992 |
39,075 |
25,585 |
- |
- |
|
Liquidation of Companies ( % ) |
23.7 |
39.6 |
<34.5> |
- |
- |
|
|
|
|
|
|
|
|
Registration of
New Business ( No. ) |
269,866 |
312,581 |
271,414 |
- |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business
Dissolved ( No. ) |
18,885 |
19,345 |
19,738 |
- |
- |
|
Business Dissolved ( % ) |
<7.6> |
2.4 |
2.0 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
497.5 |
486.3 |
543.6 |
363.0 |
- |
|
Cellular Phone Subscribers ( Million ) |
25.1 |
30.1 |
32.8 |
35.3 |
- |
|
Tourist Arrival ( Million Persons ) |
21.5 |
23.6 |
24.6 |
25.3 |
- |
|
Hotel Occupancy Rate ( % ) |
68.0 |
58.0 |
63.0 |
51.3 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
17.1 |
12.8 |
14.1 |
15.6 |
- |
|
Bad Cheque Offenders (No.) |
34,834 |
36,667 |
33,568 |
27,208 |
- |
|
Individual Bankruptcy ( No.) |
13,907 |
16,228 |
18,119 |
16,155 |
- |
|
Individual Bankruptcy ( % ) |
5.1 |
16.7 |
11.7 |
<10.8> |
- |
|
INDUSTRIES ( %
of Growth ): |
2008 |
2009 |
2010 |
2011* |
2012** |
|
|
|
|
|
|
|
|
Agriculture |
3.6 |
0.4 |
2.1 |
4.7 |
4.1 |
|
Palm Oil |
7.0 |
<1.1> |
<3.4> |
7.3 |
- |
|
Rubber |
<1.1> |
<19.8> |
9.9 |
6.4 |
- |
|
Forestry & Logging |
<1.5> |
<5.9> |
<3.3> |
<4.7> |
- |
|
Fishing |
4.0 |
5.5 |
5.6 |
2.8 |
- |
|
Other Agriculture |
5.9 |
9.0 |
7.9 |
8.5 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
393.0 |
413.7 |
508.4 |
634.1 |
- |
|
% of Industry
Non-Performing Loans |
<2.0> |
1.3 |
2.1 |
3.2 |
- |
|
|
|
|
|
|
|
|
Mining |
<0.8> |
<3.8> |
0.2 |
<2.4> |
2.5 |
|
Oil & Gas |
12.7 |
2.1 |
0.5 |
<1.7> |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
36.0 |
44.2 |
49.7 |
46.5 |
- |
|
% of Industry
Non-performing Loans |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
1.3 |
<9.4> |
11.4 |
5.6 |
4.5 |
|
Exported-oriented
Industries |
2.7 |
<19.0> |
12.1 |
2.8 |
- |
|
Electrical & Electronics |
2.4 |
<30.3> |
28.4 |
<4.9> |
- |
|
Rubber Products |
4.2 |
<10.1> |
25.3 |
15.4 |
- |
|
Wood Products |
<6.0> |
<24.1> |
20.1 |
<7.3> |
- |
|
Textiles & Apparel |
1.9 |
<19.5> |
<0.4> |
14.8 |
- |
|
Domestic-oriented
Industries |
9.9 |
<9.8> |
16.3 |
6.3 |
- |
|
Food, Beverages & Tobacco |
9.5 |
0.2 |
3.0 |
4.2 |
- |
|
Chemical & Chemical Products |
1.4 |
<7.7> |
16.2 |
5.6 |
- |
|
Plastic Products |
6.5 |
<9.1> |
2.4 |
3.8 |
- |
|
Iron & Steel |
16.8 |
<32.7> |
29.3 |
2.4 |
- |
|
Fabricated Metal Products |
14.7 |
<2.5> |
14.9 |
25.2 |
- |
|
Non-metallic Mineral |
8.3 |
<15.5> |
20.2 |
16.3 |
- |
|
Transport Equipment |
27.1 |
<13.5> |
36.5 |
<9.4> |
- |
|
Paper & Paper Products |
8.6 |
<5.0> |
18.7 |
15.6 |
- |
|
Crude Oil Refineries |
7.8 |
0.2 |
<11.4> |
9.3 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
5,729.4 |
6,007.3 |
6,217.5 |
6,537.2 |
- |
|
% of Industry
Non-Performing Loans |
16.8 |
18.3 |
23.8 |
25.7 |
- |
|
|
|
|
|
|
|
|
Construction |
2.1 |
5.8 |
5.1 |
4.4 |
7.0 |
|
Industry Non-Performing Loans ( MYR
Million ) |
4,149.8 |
3,241.8 |
4,038.5 |
3,856.9 |
- |
|
% of Industry
Non-Performing Loans |
12.2 |
9.9 |
10.7 |
10.2 |
- |
|
|
|
|
|
|
|
|
Services |
7.3 |
2.6 |
6.5 |
6.4 |
6.5 |
|
Electric, Gas & Water |
5.0 |
0.4 |
8.5 |
5.6 |
4.8 |
|
Transport, Storage & Communication |
7.8 |
1.6 |
7.7 |
6.5 |
7.3 |
|
Wholesale, Retail, Hotel & Restaurant |
10.0 |
2.8 |
4.7 |
5.2 |
6.9 |
|
Finance, Insurance & Real Estate |
9.2 |
3.8 |
6.1 |
6.3 |
6.5 |
|
Government Services |
8.6 |
2.0 |
6.7 |
7.6 |
5.6 |
|
Other Services |
5.9 |
4.4 |
4.2 |
5.4 |
5.7 |
|
Industry
Non-Performing Loans ( MYR Million ) |
8,281.4 |
6,631.3 |
7,384.6 |
6,825.2 |
- |
|
% of Industry
Non-Performing Loans |
24.3 |
20.2 |
25.7 |
23.4 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing Production Index |
|||||
|
|
|
|
|
|
|
MSIC CODE
27900 : Manufacture of miscellaneous electrical
equipment other than motors, generators and transformers, batteries and
accumulators, wires and wiring devices, lighting equipment or domestic
appliances
INDUSTRY : ELECTRICAL &
ELECTRONIC
The E&E industry is an important contributor to the national economy,
accounting for RM37 billion or 6% of the Gross National Income (GNI) and RM250
billion or 40% of total exports, and provides about 522,000 skilled and
semi-skilled jobs. The Malaysian economy is likely to pick up momentum in the
latter part of 2012 as improving external conditions boost demand for the
electrical and electronic products. There are 1,900 active companies in the
electrical and electronics (E&E) which offering products with unique market
characteristics.
The economy expected to grow at an average moderate pace of 4.41% in 2012 with
contribution of E&E sector. Base effects on electrical and electronics
(E&E) sector shows a near-term slowdown but more favourable base effects,
will increase electrical and electronics (E&E) exports and fiscal will lift
at the second half 2012.
Consumer electronic product sales are predicted to rise from US$11.47billion in
2012 to US$14.44billion in 2016, an increase of 25.8%, boosted by demand from
the tech-literate urban middle class and by a growing interest in electronic
products from under-penetrated areas outside the Klang Valley.
Integrated circuits and LED chip manufacturing also expecting a good demand at
the second half 2012.On the industrial electronic products sector the second
quarter expected to improve over the first half 2012, which fell compared with
the first half 2011.
According to Statistics Department, exports jumped 14.5% year-on-year in
February 2012 to RM56.9billion largely due to demand for electrical and
electronic products, which rose 7.8% to RM18.6billon. More than half of
Malaysia exports to the US are electrical and electronic (E&E) goods which
is semiconductor devices, ICs, transistors and valves. E&E contributes
34.1% of the manufactured goods, which contribute 67.7 %of the total Malaysian
exports compared to "price sensitive" commodities, which contribute
28.6%. The electrical and electronic exports expected to pick up in the second
half 2012.
Softening of world demand for solar panels impact Malaysia on it's downturn in
small scale compared to China where it facing great impact. The decline in
E&E products was also due to the weak global demand.
E&E has been instrumental in the development of the Northern Corridor Klang
Valley, Johor and Sarawak, contributing significantly to the socio-economic
development of the relevant communities.However, the E&E sector faces
significant challenges in maintaining growth with intense competition from
China, Taiwan, Singapore and other Asian countries. Over the last 10 years, E&E's
share of Malaysian exports has gradually declined.
Malaysia's E&E sector remains focused on assembly, the lower value-added
part of the industry while Taiwan, South Korea and Singapore have captured the
higher value-added activities in research and development, design and
manufacturing.
To propel the E&E industry to a higher level, under the Economic
Transformation Programme (ETP) launched by the Government, a few sub-sectors
namely integrated circuits, solar photovoltaics, light emitting diodes, and
solid state lighting & integrated electronics have been identified for
greater promotion based on their potential to contribute significantly towards
Gross National Income (GNI) targets 2020.
OVERALL INDUSTRY
OUTLOOK : Marginal Growth
Incorporated in 2007, the SC is a Private Limited company, focusing on
manufacturer of cooling towers. The SC has been in business for almost 5 years
and it has slowly been building up contact with its clients while competing in the
industry. Having strong support from its holding company has enabled the SC to
remain competitive despite the challenging business environment. The SC is a
large entity with strong capital position.
Over the years, the SC has penetrated into both the local and overseas market.
The SC has positioned itself in the global market and is competing in the
industry. Its stable clientele base will enable the SC to further enhance its
business in the near term. Being a moderate size company, the SC has a total
workforce of 70 employees in its business operations. Overall, we regard that
the SC's management capability is average.
Due to the challenging market conditions, the SC's business performance seems
to be deteriorating and losses incurred. The SC has generated an unfavourable
return on shareholders' funds indicating that the management was inefficient in
utilising its funds to generate return. However, the SC is in good liquidity
position with its current liabilities well covered by it current assets. Hence,
it has sufficient working capital to meet its short term financial obligations.
A low liabilities ratio has minimised the SC's financial risk. Given a positive
net worth standing at MYR 11,323,233, the SC should be able to maintain its
business in the near terms.
The SC's supplier are from both the local and overseas countries. This will
eliminates the risk of dependency on deliveries from a number of key suppliers
and insufficient quantities of its raw materials. Overall the SC has a good
control over its resources.
The SC's payment habit is average.
The industry has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the SC's future performance is very much depend on
its marketing strategies in order to retain its position in the market.
In view of the above, we recommend credit be granted to the SC with close
monitoring.
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
NIHON
SPINDLE COOLING TOWERS SDN. BHD. |
|
Financial Year End |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
SUMMARY |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
11,518,022 |
18,494,658 |
11,815,606 |
14,585,994 |
568,625 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
11,518,022 |
18,494,658 |
11,815,606 |
14,585,994 |
568,625 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
<3,390,834> |
<564,861> |
<1,047,334> |
<164,027> |
<709,457> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
<3,390,834> |
<564,861> |
<1,047,334> |
<164,027> |
<709,457> |
|
Taxation |
0 |
- |
<254> |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
<3,390,834> |
<564,861> |
<1,047,588> |
<164,027> |
<709,457> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
<2,485,933> |
<1,921,072> |
<873,484> |
<709,457> |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
<2,485,933> |
<1,921,072> |
<873,484> |
<709,457> |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
<5,876,767> |
<2,485,933> |
<1,921,072> |
<873,484> |
<709,457> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
<5,876,767> |
<2,485,933> |
<1,921,072> |
<873,484> |
<709,457> |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
- |
4,944 |
4,583 |
3,303 |
- |
|
Hire purchase |
- |
10,009 |
8,972 |
8,132 |
511 |
|
Term loan / Borrowing |
- |
62,052 |
61,181 |
44,531 |
- |
|
Others |
- |
155,086 |
83,761 |
113,676 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
232,091 |
158,497 |
169,642 |
511 |
|
NIHON
SPINDLE COOLING TOWERS SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
2,910,779 |
3,004,975 |
2,507,413 |
2,779,494 |
836,273 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
2,910,779 |
3,004,975 |
2,507,413 |
2,779,494 |
836,273 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
- |
3,703,737 |
2,866,052 |
3,867,622 |
1,080,896 |
|
Trade debtors |
- |
5,107,484 |
4,301,764 |
4,106,638 |
- |
|
Other debtors, deposits & prepayments |
- |
130,533 |
99,907 |
36,725 |
659,058 |
|
Cash & bank balances |
- |
1,107,796 |
798,533 |
2,064,852 |
1,922,026 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
16,350,285 |
10,049,550 |
8,066,256 |
10,075,837 |
3,661,980 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
19,261,064 |
13,054,525 |
10,573,669 |
12,855,331 |
4,498,253 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
- |
1,735,018 |
2,022,517 |
3,271,535 |
855,093 |
|
Other creditors & accruals |
- |
2,900,161 |
515,851 |
783,503 |
1,137,375 |
|
Hire purchase & lease creditors |
- |
70,030 |
47,516 |
45,124 |
24,650 |
|
Short term borrowings/Term loans |
- |
234,813 |
235,329 |
242,161 |
- |
|
Bill & acceptances payable |
- |
3,790,000 |
3,150,000 |
1,868,000 |
- |
|
Amounts owing to holding company |
- |
- |
215,438 |
1,005,451 |
60,000 |
|
Amounts owing to subsidiary companies |
- |
- |
- |
- |
18,526 |
|
Other liabilities |
- |
- |
- |
- |
3,715 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
7,081,608 |
8,730,022 |
6,186,651 |
7,215,774 |
2,099,359 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
9,268,677 |
1,319,528 |
1,879,605 |
2,860,063 |
1,562,621 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
12,179,456 |
4,324,503 |
4,387,018 |
5,639,557 |
2,398,894 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
17,200,000 |
5,700,000 |
5,000,000 |
5,000,000 |
3,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
17,200,000 |
5,700,000 |
5,000,000 |
5,000,000 |
3,000,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
<5,876,767> |
<2,485,933> |
<1,921,072> |
<873,484> |
<709,457> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
<5,876,767> |
<2,485,933> |
<1,921,072> |
<873,484> |
<709,457> |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
11,323,233 |
3,214,067 |
3,078,928 |
4,126,516 |
2,290,543 |
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
|
Long term loans |
- |
966,271 |
1,197,792 |
1,355,268 |
- |
|
Hire purchase creditors |
- |
144,165 |
110,298 |
157,773 |
108,351 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
856,223 |
1,110,436 |
1,308,090 |
1,513,041 |
108,351 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
12,179,456 |
4,324,503 |
4,387,018 |
5,639,557 |
2,398,894 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
NIHON
SPINDLE COOLING TOWERS SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
- |
1,107,796 |
798,533 |
2,064,852 |
1,922,026 |
|
Net Liquid Funds |
- |
872,983 |
563,204 |
1,822,691 |
1,922,026 |
|
Net Liquid Assets |
9,268,677 |
<2,384,209> |
<986,447> |
<1,007,559> |
481,725 |
|
Net Current Assets/(Liabilities) |
9,268,677 |
1,319,528 |
1,879,605 |
2,860,063 |
1,562,621 |
|
Net Tangible Assets |
12,179,456 |
4,324,503 |
4,387,018 |
5,639,557 |
2,398,894 |
|
Net Monetary Assets |
8,412,454 |
<3,494,645> |
<2,294,537> |
<2,520,600> |
373,374 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
- |
1,415,279 |
1,590,935 |
1,800,326 |
133,001 |
|
Total Liabilities |
7,937,831 |
9,840,458 |
7,494,741 |
8,728,815 |
2,207,710 |
|
Total Assets |
19,261,064 |
13,054,525 |
10,573,669 |
12,855,331 |
4,498,253 |
|
Net Assets |
12,179,456 |
4,324,503 |
4,387,018 |
5,639,557 |
2,398,894 |
|
Net Assets Backing |
11,323,233 |
3,214,067 |
3,078,928 |
4,126,516 |
2,290,543 |
|
Shareholders' Funds |
11,323,233 |
3,214,067 |
3,078,928 |
4,126,516 |
2,290,543 |
|
Total Share Capital |
17,200,000 |
5,700,000 |
5,000,000 |
5,000,000 |
3,000,000 |
|
Total Reserves |
<5,876,767> |
<2,485,933> |
<1,921,072> |
<873,484> |
<709,457> |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
- |
0.13 |
0.13 |
0.29 |
0.92 |
|
Liquid Ratio |
- |
0.73 |
0.84 |
0.86 |
1.23 |
|
Current Ratio |
2.31 |
1.15 |
1.30 |
1.40 |
1.74 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
- |
73 |
89 |
97 |
694 |
|
Debtors Ratio |
- |
101 |
133 |
103 |
0 |
|
Creditors Ratio |
- |
34 |
62 |
82 |
549 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
- |
0.44 |
0.52 |
0.44 |
0.06 |
|
Liabilities Ratio |
0.70 |
3.06 |
2.43 |
2.12 |
0.96 |
|
Times Interest Earned Ratio |
- |
<1.43> |
<5.61> |
0.03 |
<1,387.37> |
|
Assets Backing Ratio |
0.71 |
0.76 |
0.77 |
0.99 |
0.42 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
<29.44> |
<3.05> |
<8.86> |
<1.12> |
<124.77> |
|
Net Profit Margin |
<29.44> |
<3.05> |
<8.87> |
<1.12> |
<124.77> |
|
Return On Net Assets |
<27.84> |
<7.69> |
<20.26> |
0.10 |
<29.55> |
|
Return On Capital Employed |
<27.84> |
<7.19> |
<19.03> |
0.09 |
<29.25> |
|
Return On Shareholders' Funds/Equity |
<29.95> |
<17.57> |
<34.02> |
<3.97> |
<30.97> |
|
Dividend Pay Out Ratio (Times) |
- |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
- |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.88.39 |
|
Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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
Business |
-- |
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.