|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
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|
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|
N/A - Not Applicable
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EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
LL08375-L
|
|
COMPANY NAME
|
:
|
MACWORLD INDUSTRIES LIMITED
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
04/08/2011
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COMPANY STATUS
|
:
|
EXIST
|
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LEGAL STATUS
|
:
|
OTHERS
|
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LISTED STATUS
|
:
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NO
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REGISTERED ADDRESS
|
:
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U0195 JALAN MERDEKA, FEDERAL
TERRITORY OF LABUAN,, 87007 LABUAN,
WILAYAH PERSEKUTUAN, MALAYSIA.
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|
BUSINESS ADDRESS
|
:
|
N/A
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TEL.NO.
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:
|
N/A
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FAX.NO.
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:
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N/A
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CONTACT PERSON
|
:
|
N/A
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INDUSTRY CODE
|
:
|
74999
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|
PRINCIPAL ACTIVITY
|
:
|
ADMINISTRATION SERVICES AND OFFSHORE TRADING
|
|
AUTHORISED CAPITAL
|
:
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N/A
|
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ISSUED AND PAID UP CAPITAL
|
:
|
N/A
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|
|
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SALES
|
:
|
N/A
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NET WORTH
|
:
|
N/A
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STAFF STRENGTH
|
:
|
N/A
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LITIGATION
|
:
|
CLEAR
|
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DEFAULTER CHECK
|
:
|
CLEAR
|
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FINANCIAL CONDITION
|
:
|
N/A
|
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PAYMENT
|
:
|
N/A
|
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MANAGEMENT CAPABILITY
|
:
|
N/A
|
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COMMERCIAL RISK
|
:
|
N/A
|
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CURRENCY EXPOSURE
|
:
|
N/A
|
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GENERAL REPUTATION
|
:
|
POOR
|
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INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY / BACKGROUND
The SC is principally
engaged in the (as a / as an) administration services and offshore trading.
The SC is not
listed on Bursa Malaysia (Malaysia Stock
Exchange).
CHARACTERISTICS
OF OFFSHORE COMPANIES
To participate
in the offshore activities and enjoy the special tax advantage provided under
the Labuan Offshore Business Activity Tax Act 1990, an entity must be an
offshore company.
An offshore
company in Labuan shall have the following
characteristics:
(a) It must be a
company limited by shares (sec 14(3) of the Offshore Companies Act 1990);
(b) Any person
may form an offshore company by subscribing to a memorandum;
(c) It is
required to engage a trust company which is a company registered under the
Labuan Trust Companies Act 1990 to discharge its statutory duties seince all
documents required to be filed with the Labuan Financial Services Authority
must be filed through a trust company;
(d) There is no
minimum capital requirement;
(e) It can be
alter its share capital by a special resolution (sec. 51(10 of the Offshore
Companies Act 1990);
(f) It can
reduce its share capita special resolution (sec.51(10 of the Offshore
Companies Act 1990);
(g) It may
purchase its own shares (sec. 48(2)(3) of the Offshore Companies Act 1990);
and;
(h) There is no
restriction in issuing share warrants.
PROHIBITED
ACTIVITES
Offshore
companies are prohibited from carrying on the following activities:
(a) the business
of banking or insurance or any such similar business unless it is licensed so
to do under the relevant laws currently in force in Malaysia;
(b) it must only
carry on business in, from or through Labuan;
(c) it must not:
(1) except as
permitted by the Offshore Banking Act 1990 or by the Labuan Financial
Services Authority carry on business with a resident of Malaysia;
(2) except as
permitted by the Offshore Banking Act 1990, carry on banking business;
(3) Except for
defraying its administrative and statutory expenses and where Sec. 147 of the
Offshore Companies Act 1990 applies, carry on business in Malaysian currency;
(4) Except as
permitted by the Offshore Insurance Act 1990, carry on business as an
insurance or a reinsurance company;
(5) Carry on
shipping or petroleum operations in Malaysia; or
(6) Carry on any
business of a trust company.
PERMITTED
ACTIVIES
An offshore
company may do the following:
(a) Make or
maintain deposits with a person carrying on business within Malaysia;
(b) Make or
maintain professional contacts with any counsel and attorney, accountant,
book-keeper, trust company, domestic company wholly owned by a trust company
made available by the trust company to act or be appointed as a resident
director or a resident secretary of an offshore company;
(c) Prepare or
maintain books and record with Malaysia;
(d) Hold, within
Malaysia,
meetings of its directors or members;
(e) Acquire or
hold any lease of any property for the purpose of its operation or as
accommodation for its offices or employees; or
(f) Hold shares,
debt obligations or other securities for the purposes of a transaction
entered into in the ordinary course of business in connection with the
lending of money.
No shareholders
was found in our databank at the time of investigation
DIRECTOR
No director found in our databank.
MANAGEMENT
No data found in our databank.
AUDITOR
No Auditor found in our databank
COMPANY SECRETARIES
No company secretary was found in our databank.
BANKING
No Banker found in our databank.
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
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 Malaysia.
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:
|
|
Local
|
:
|
N/A
|
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Overseas
|
:
|
N/A
|
|
|
|
|
The staff from the registered company refused to disclose the SC's suppliers.
CLIENTELE
|
Local
|
:
|
N/A
|
|
|
|
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
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The staff from the registered company refused to disclose any information on
the SC's clientele.
OPERATIONS
|
Services
|
:
|
ADMINISTRATION SERVICES AND OFFSHORE TRADING
|
|
|
|
|
|
Competitor(s)
|
:
|
CETHEUS MSC
BHD
GLOBAL CNG SDN BHD
GOLDEN SCREEN CINEMAS SDN BHD
KUALA LUMPUR CONVENTION CENTRE SDN BHD
MUDAH.MY SDN BHD
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) administration services
and offshore trading.
The SC is an offshore trading company registered in Labuan. The staff from
the SC's Registered Company, EC Trust (Labuan) Bhd, informed us that she is
unable to reveal any information on the SC as it is confidential.
The SC is a related company of MAC WORLD INDUSTRIES SDN BHD located in
Petaling Jaya dealing in the followings:
* Palm Oil & Palm Products (Edible)
* Industrial Grade Palm Oil
* Soft Oils (In consumer packs)
* Flavors & Colors
* Commodities
* Oleo Chemicals
* Coconut Oil
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
N/A
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
U 0195, JALAN MERDEKA, 87007 FEDERAL TERRITORY OF LABUAN
|
|
Current Address
|
:
|
N/A
|
|
Match
|
:
|
NO
|
|
|
|
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|
Latest Financial Accounts
|
:
|
NO
|
Other Investigations
We contacted one of the staff from the SC's registered company. She only
provided limited information on the SC.
She however refused to disclose information on the SC's number of employees and
bankers.
The address provided belongs to the SC's registered company. However it is
incomplete.
FINANCIAL ANALYSIS
|
No latest financial accounts are available at the Registry Office, thus
we are not able to comment on the SC's financial performance.
|
|
|
|
|
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Overall financial condition of the SC : N/A
|
MALAYSIA ECONOMIC / INDUSTRY OUTLOOK
|
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
|
-
|
|
|
|
|
|
|
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|
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
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY ANALYSIS
|
MSIC CODE
|
|
74999 : Other business services n.e.c.
|
|
|
|
|
INDUSTRY :
|
BUSINESS SERVICES
|
|
The services sector is expected to continue playing an important role in
driving the malaysia economy. The services activity might slow down going
forward, considering that at the global level, the services sector has
already taken some hits. The sector's output expansion was the weakest in
the 2010 to 2012 growth period.
|
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The services sector is projected to continue to drive growth in 2012.
Growth will be supported by consumer-related sub-sectors, which is likely to
cushion the effects of slower trade-related activity during the year 2012.
In the wholesale and retail service sub-sector, growth will be led by the
retail segment, in line with the trend in private consumption. However,
growth in the wholesale services expected to be lower. Growth in the
finance and insurance sub-sector is expected to remain firm, supported by
bank lending activity. In the insurance segment, growth is expected to
emanate from the general insurance business, following favourable motor vehicle
sales and the implementation of the new motor cover framework which will
enhance efficiency in the motor insurance and takaful sector.
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Growth in the communication sub-sector is projected to be sustained, amidst
margin compression resulting from rising competition among service
providers. Growth will be supported by the expected launch of advanced
wireless technology, the ongoing widening of the High-Speed Broadband
(HSBB) infrastructure and Government initiatives to promote broadband
services nationwide. Growth in the transport and storage sub-sector is
anticipated to moderate, amidst the uncertain external outlook. Malaysia's
banking sector had seen quite an overhaul in the past decade and was now a
model of stability. While it seemed likely that the international situation
would slow lending somewhat in 2012, it would still rise at a respectable
rate, and the long-term path should see further growth and reform.
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The first half 2012 indicates, Services sector recorded a growth of 5.0%
underpinned by Wholesale & Retail and Communication. The growth of 6.4%
in Wholesale & Retail Trade service was supported by the expansion in
retail segment particularly in household appliances & equipments,
pharmaceutical products and personal care products services. Meanwhile,
Communication service sector expanded to 9.4% propelled by the higher
consumption in mobile phone services and data communication. In first half
2012, the robust construction and oil & gas exploration activities have
stimulated the growth in Business Services.
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Investments in the services sector in January-March 2012 totalled RM17.64
billion with 1,197 approved projects. Domestic investments in January-March
2012 accounted for 68.4% (RM12.07 billion), while foreign investments were
31.6% (RM5.58 billion). The projects approved during this period are
expected to provide 19,894 job opportunities.
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The Islamic financing is already an important part of the overall local
industry. Islamic banks held nearly 20% of total bank assets at the end of
May 2012. Sukuks (Islamic compliant 'Bond') comprised over 40% of local
bonds. Around the world, banking assets and Islamic-compliant securities
amount to around US$1.3trillion, having grown by 15% annually over the last
decade until 2012. The 2012 Budget provided tax deductions for expenses
incurred in the issuance of particular sukuks. The banking sector's gross
impaired loan ratio to rise only slightly in 2012, from 2.7% to 3%. The
loans to deposits ratio was 76% at the end of January 2012, a comfortable
level that would be maintained through the year 2012.
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Malaysian government has used various measures to promote the development
of its service industries. Policies pursued by the government of Malaysia in
promoting consolidation within the banking sector, encouraging the
development of private hospitals, and investing in port facilities could
seek to strengthen the industries. The Malaysian government has liberalized
some barriers to the foreign provision of services, and recent
liberalization could result in an increase of contribution of services
sector to the economy growth of the country.
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OVERALL INDUSTRY OUTLOOK : Average Growth
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CREDIT RISK EVALUATION & RECOMMENDATION
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Incorporated in 2011, the SC is focusing on administration services and
offshore trading. Having been in the business for only 1 year, the SC's
position in the market is not stable. The SC has yet to build up its own
image and market shares.
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Based on the above unfavourable condition, we regard granting credit to the
SC to be quite risky. Hence, credit is not recommended.
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