MIRA INFORM REPORT

 

 

Report Date :

21.09.2012

 

IDENTIFICATION DETAILS

 

Name :

UNIMED SDN BHD

 

 

Registered Office :

32a-2 Jalan Kuchai Maju 8, Off Jalan Kuchai Lama, 58200 Kuala Lumpur,

Wilayah Persekutuan

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

08.04.1981

 

 

Com. Reg. No.:

69359-V

 

 

Legal Form :

Exempt Private Company

 

 

Line of Business :

Wholesalers, retailers of pharmaceutical products

 

 

No. of Employees :

50 [2012]

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

69359-V

COMPANY NAME

:

UNIMED SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

08/04/1981

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

32A-2 JALAN KUCHAI MAJU 8, OFF JALAN KUCHAI LAMA, 58200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

NO 53, JALAN TEMBAGA SD 5/2B, BANDAR SRI DAMANSARA, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

TEL.NO.

:

03-62721853/62778872

FAX.NO.

:

03-62721893

EMAIL

:

unimed81@tm.net.my

WEB SITE

:

www.unimed.com.my.

CONTACT PERSON

:

MOHD AMIRUDDIN ARUMUGAM BIN ABDULLAH ( MANAGING DIRECTOR )

 

 

 

INDUSTRY CODE

:

52310

PRINCIPAL ACTIVITY

:

WHOLESALERS, RETAILERS OF PHARMACEUTICAL PRODUCTS

AUTHORISED CAPITAL

:

MYR 1,000,000.00 DIVIDED INTO 
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 788,000.00 DIVIDED INTO 
ORDINARY SHARES 759,285 CASH AND 28,715 OTHERWISE OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 22,215,901 [2011]

NET WORTH

:

MYR 2,093,770 [2011]

 

 

 

STAFF STRENGTH

:

50 [2012]

BANKER (S)

:

CIMB BANK BHD
PUBLIC BANK BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The SC is an exempt private company which is allowed to have a minimum of two and a maximum of twenty shareholders and all the shareholders must be individuals. An exempt company is a type of private limited company. 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, suing or be sued by other companies. The SC is governed by the Companies Act, 1965 and must file in its annual return. The SC need not file in its financial statements but it has to file in a document duly signed by its director in charge of its finance, the secretary and its auditor stating that the SC is able to meet all its obligations as and when they fall due. Although the SC is not required to file in its financial statements, it also has to prepare its financial account which must be presented at the Annual General Meeting.

 

The SC is principally engaged in the (as a / as an) wholesalers, retailers of pharmaceutical products.

 

The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

The major shareholder(s) of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

MR. LOUIS A/L R SAVARIMUTHU

 

480708-07-5311

340,362.00

43.19

MR. MOHD AMIRUDDIN ARUMUGAM BIN ABDULLAH +

A10/2/1, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

470306-10-5451 7970817

221,669.00

28.13

MR. RAYAR A/L SOWRIMUTHU +

32, JALAN ARA SD7/1, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

591128-07-5595 5741071

137,281.00

17.42

KOLANDAHMMAL A/P SAVARIMUTHU

378 TMN USAHA EHSAN, DESA JAYA, 52100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

451221-07-5464 3710413

32,029.00

4.06

SUBRAMANIAM A/L GOVINDASAMY

8 LRG MASRIA 4, TMN BUNGA RAYA, SETAPAK, 50300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

590701-10-6637 5700396

18,011.00

2.29

LOURTHU MARY A/P SAVARIMUTHU

162 JLN BUNGOR, OFF JLN KASTAM, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.

3781923

15,044.00

1.91

MR. THIRUMALAI @ MUNUSWAMY +

30, LORONG BATU NILAM 15B, 41000 KLANG, SELANGOR, MALAYSIA.

491007-71-5041 7797664

12,932.00

1.64

IRUDAYMARY A/P SAVARIMUTHU

 

2384075

5,336.00

0.68

MS. GEETHA A/P C R NARASIMHARAJ

8, JALAN SARJANA 1, TAMAN CONNAUGHT, 6TH MILE, CHERAS, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

560119-10-5690 4912360

5,336.00

0.68

 

 

 

---------------

------

 

 

 

788,000.00

100.00

 

 

 

============

=====

 

+ Also Director

 

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

MR. THIRUMALAI @ MUNUSWAMY

Address

:

30, LORONG BATU NILAM 15B, 41000 KLANG, SELANGOR, MALAYSIA.

IC / PP No

:

7797664

New IC No

:

491007-71-5041

Date of Birth

:

07/10/1949

 

 

 

 

 

 

Date of Appointment

:

03/10/1987

 

DIRECTOR 2

 

Name Of Subject

:

MR. RAYAR A/L SOWRIMUTHU

Address

:

32, JALAN ARA SD7/1, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

5741071

New IC No

:

591128-07-5595

Date of Birth

:

28/11/1959

 

 

 

 

 

 

Date of Appointment

:

12/11/2002

 

DIRECTOR 3

 

Name Of Subject

:

MR. MOHD AMIRUDDIN ARUMUGAM BIN ABDULLAH

Address

:

A10/2/1, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

7970817

New IC No

:

470306-10-5451

Date of Birth

:

06/03/1947

 

 

 

 

 

 

Date of Appointment

:

25/09/1982




MANAGEMENT

 

1)

Name of Subject

:

MOHD AMIRUDDIN ARUMUGAM BIN ABDULLAH

 

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

INPANA & ASSOCIATES

Auditor' Address

:

568-9-21, KOMPLEKS MUTIARA 3 1/2, JALAN IPOH, 9TH FLOOR, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

                            

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MR. EDWARD OPHIR LEE

 

IC / PP No

:

A2330002

 

New IC No

:

721228-04-5089

 

Address

:

12A, JALAN KHOO TEIK EE, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

CIMB BANK BHD

 

 

 

 

 

2)

Name

:

PUBLIC BANK BHD

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). The SC has bank charges with above mentioned banker(s).

 

 

ENCUMBRANCE (S)


ENCUMBRANCE 1

Date of Creation

:

12/07/2005

Description Of Charge

:

N/A

 

Amount Secured

:

RM200,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

PUBLIC BANK BHD

 

 

Form 40 Dated

Registered and Numbered 8 In The Register of Charges



ENCUMBRANCE 2

Date of Creation

:

26/06/2006

Description Of Charge

:

N/A

 

Amount Secured

:

OPEN CHARGE

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

BUMIPUTRA-COMMERCE B

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 9 In The Register of Charges



ENCUMBRANCE 3

Date of Creation

:

18/11/2008

Description Of Charge

:

N/A

 

Amount Secured

:

RM3,600,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

PUBLIC BANK BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 10 In The Register of Charges



ENCUMBRANCE 4

Date of Creation

:

05/06/2012

Description Of Charge

:

N/A

 

Amount Secured

:

OPEN CHARGE

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

PUBLIC BANK BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 11 In The Register of Charges



ENCUMBRANCE 5

Date of Creation

:

22/02/1984

Description Of Charge

:

N/A

 

Amount Secured

:

RM80,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

UNITED ASIAN BANK BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 1 In The Register of Charges



ENCUMBRANCE 6

Date of Creation

:

23/03/1994

Description Of Charge

:

N/A

 

Amount Secured

:

RM150,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

BANK OF COMMERCE MALAYSIA BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 2 In The Register of Charges



ENCUMBRANCE 7

Date of Creation

:

18/11/1997

Description Of Charge

:

N/A

 

Amount Secured

:

RM150,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

BANK OF COMMERCE MALAYSIA BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 3 In The Register of Charges



ENCUMBRANCE 8

Date of Creation

:

13/12/1996

Description Of Charge

:

N/A

 

Amount Secured

:

RM90,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

PUBLIC BANK BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 4 In The Register of Charges



ENCUMBRANCE 9

Date of Creation

:

22/02/2002

Description Of Charge

:

N/A

 

Amount Secured

:

RM366,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

PUBLIC BANK BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 5 In The Register of Charges



ENCUMBRANCE 10

Date of Creation

:

23/01/2003

Description Of Charge

:

N/A

 

Amount Secured

:

OPEN CHARGE

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

PUBLIC BANK BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 6 In The Register of Charges



ENCUMBRANCE 11

Date of Creation

:

22/12/2004

Description Of Charge

:

N/A

 

Amount Secured

:

RM250,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

BUMIPUTRACOMMERCE BANK BERHAD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 7 In The Register of Charges

 

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

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

CLIENTELE

 

Local

:

YES

Percentage

:

100%

Domestic Markets

:

MALAYSIA

Overseas

:

NO

Percentage

:

0%

 

 

 

 

 

 

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

PHARMACEUTICALS

 

 

 

 

Competitor(s)

:

ABBOTT LABORATORIES (MALAYSIA) SDN BHD
DKSH MALAYSIA SDN BHD
ESTHETICS INTERNATIONAL GROUP BHD
L'OREAL MALAYSIA SDN BHD
VITA HEALTHCARE ASIA PACIFIC SDN BHD

 

 

 

 

 

 

 

 

Member(s) / Affiliate(s)

:

SMI ASSOCIATION OF MALAYSIA

 

 

 

 

Total Number of Employees:

 

YEAR

2012

2011

2010

 

 

GROUP

N/A

N/A

N/A

 

 

 

 

 

 

COMPANY

50

40

50

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) wholesalers, retailers of pharmaceutical products.

The SC is engaged in the promoting and marketing specialized pharmaceutical finished formulations.

The SC however refused to reveal more information on its operation. 

 

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

:

03-62721853/62778872

Match

:

N/A

 

 

 

Address Provided by Client

:

53 JALAN TEMBAGA SD5/2B, BANDAR SRI DAMANSARA 52200 KUALA LUMPUR MALAYSIA

Current Address

:

NO 53, JALAN TEMBAGA SD 5/2B, BANDAR SRI DAMANSARA, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

Match

:

YES

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.




FINANCIAL ANALYSIS

 

Profitability

 

 

 

 

 

 

Turnover

:

Increased

[

2007 - 2011

]

 

Profit/(Loss) Before Tax

:

Increased

[

2007 - 2011

]

 

Return on Shareholder Funds

:

Acceptable

[

16.55%

]

 

Return on Net Assets

:

Unfavourable

[

6.77%

]

 

 

 

 

 

 

 

 

The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. The SC's management had generated acceptable return for its shareholders using its assets.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Current Ratio

:

Unfavourable

[

0.90 Times

]

 

 

 

 

 

 

 

 

Due to its weak liquidity position, the SC will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Liability Ratio

:

Unfavourable

[

9.99 Times

]

 

 

 

 

 

 

 

 

The SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Generally, the SC's performance has improved with higher turnover and profit. The SC's liquidity was at an acceptable range. If the SC is able to obtain further short term financing, it should be able to meet all its short term obligations. The SC's liabilities level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

 

 

 

 

 

 

 

Overall financial condition of the SC : FAIR

 

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

-

 

 

 

 

 

 

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

 

52310 : Retail sale of pharmaceutical, medical and orthopaedic goods, perfumery, cosmetic and toilet articles

 

 

INDUSTRY :

TRADING

 

 

 


The wholesale and retail trade sector grew 7.1% in the first half of the year 2011 supported by strong consumer spending amid favourable labour market conditions and sustained disposable income. This was reflected in the higher distributive trade index which increased 15.9%, with wholesale and retail trade indices increasing 19.2% and 7.8%, respectively. 


It is anticipated that the retail industry will grow 6.0 per cent in the year 2012.


Malaysia's retail sector for 2011 is expected to grow 6 per cent or RM81.59 billion worth of retail sales, similar to the year 2010, due to concerns of high oil prices, declining purchasing power and high cost of doing business. The Middle East and North Africa civil wars have caused the world oil prices to climb. This has led to further rise in the cost of running retail businesses, especially in terms of transportation cost. Many retailers have no choice but to pass the increased cost to end consumers. At the same time, natural disasters (tsunamis, floods, droughts, snow storms, tornadoes and earthquakes) that occurred in all parts of the world has also led to a shortage in the supply of food and raw materials. The phenomenon has pushed retail prices up.In addition, the continual removal of government subsidies since 2010 has pushed inflation upwards. Consequently, rising prices of retail goods contributed to an expectation of moderate performance.


During the first seven months of 2011, other consumption indicators such as imports of consumption goods and credit card spending increased 12.8% and 11.8%, respectively. Sales of motor vehicles declined 3% on account of supply chain disruptions following devastating March 2011 earthquake and tsunami in Japan.


Growth of the sector is anticipated to remain encouraging with ongoing efforts by the Government to increase its contribution to the economy. Major initiatives include increasing the number of large format stores such as hypermarkets, superstores and departmental stores are carried out to boost the economy.


Meanwhile, the Government has introduced the Retail Shop Transformation (TUKAR) programme. Under this programme, selected large format retailers will assist small retailers to improve their premises and layout which include attractive product display shelves, enhanced lighting and point-of-sales system to manage product inventory,

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

Incorporated in 1981, the SC is an Exempt Private company, focusing on wholesalers and retailers of pharmaceutical products. With over 3 decades of experience in the business, the SC has fairly rich experiences in the business and has achieved a certain market share. The SC is considered as a medium size company with issued and paid up capital standing at MYR 788,000. 


Information revealed that the SC solely focuses on domestic market rather than overseas market. We believe that this narrow market segment would limit the SC's business opportunities and the SC is likely to be affected by the uncertainties in local economy. However, its long presence in the market has enabled the SC to gain certain market shares and established good rapport with its clients. Thus, its business risk is diversified. The SC is operating on a medium scale and it has approximately 50 employees in its business operations. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.


We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. However, due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. The SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected. Nevertheless, given a positive net worth standing at MYR 2,093,770, the SC should be able to maintain its business in the near terms.


Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. 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 industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.


Based on the above condition, we recommend credit be granted to the SC normally.

 

PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

UNIMED SDN BHD

 

Financial Year End

31/03/2011

31/03/2010

31/03/2009

31/03/2008

31/03/2007

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

SUMMARY

FULL

FULL

FULL

Currency

MYR

MYR

MYR

MYR

MYR

 

 

 

 

 

 

TURNOVER

22,215,901

14,050,163

11,181,863

6,711,659

5,284,347

 

----------------

----------------

----------------

----------------

----------------

Total Turnover

22,215,901

14,050,163

11,181,863

6,711,659

5,284,347

 

----------------

----------------

----------------

----------------

----------------

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

471,734

236,601

198,324

128,611

18,382

 

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

471,734

236,601

198,324

128,611

18,382

Taxation

<125,238>

<102,084>

<80,821>

<35,167>

<11,035>

 

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

346,496

134,517

117,503

93,444

7,347

 

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

959,274

824,757

707,254

670,546

663,199

 

----------------

----------------

----------------

----------------

----------------

As restated

959,274

824,757

707,254

670,546

663,199

 

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

1,305,770

959,274

824,757

763,990

670,546

DIVIDENDS - Ordinary (paid & proposed)

-

-

-

<56,736>

-

 

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

1,305,770

959,274

824,757

707,254

670,546

 

=============

=============

=============

=============

=============

 

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

 

Bank overdraft

-

-

59,061

69,687

57,422

Hire purchase

-

-

6,721

4,909

3,594

Term loan / Borrowing

-

-

126,090

31,493

38,529

 

 

----------------

----------------

----------------

----------------

 

 

-

191,872

106,089

99,545

 

 

BALANCE SHEET

 

UNIMED SDN BHD

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

8,579,182

8,374,451

6,895,078

1,575,065

1,455,499

 

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

 

Investments

-

-

8,750

8,750

8,750

 

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

-

-

8,750

8,750

8,750

 

 

 

 

 

 

 

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

8,579,182

8,374,451

6,903,828

1,583,815

1,464,249

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

Stocks

-

-

1,201,933

800,715

516,193

Trade debtors

-

-

4,343,750

2,073,093

1,347,565

Other debtors, deposits & prepayments

-

-

94,377

95,074

70,897

Short term deposits

-

-

1,396,987

1,712,164

2,290,842

Amount due from director

-

-

-

-

5,972

Cash & bank balances

-

-

15,481

70,061

39,223

Others

-

-

-

-

6,965

 

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

14,431,790

8,522,656

7,052,528

4,751,107

4,277,657

 

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

23,010,972

16,897,107

13,956,356

6,334,922

5,741,906

 

=============

=============

=============

=============

=============

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade creditors

-

-

4,440,172

1,537,589

2,475,448

Other creditors & accruals

-

-

1,489,442

1,361,006

489,873

Hire purchase & lease creditors

-

-

30,145

24,256

24,256

Bank overdraft

-

-

817,644

800,401

740,151

Short term borrowings/Term loans

-

-

235,104

55,104

55,104

Amounts owing to director

-

-

1,373,774

586,842

-

Provision for taxation

-

-

60,026

21,591

-

 

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

16,038,982

10,088,508

8,446,307

4,386,789

3,784,832

 

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

<1,607,192>

<1,565,852>

<1,393,779>

364,318

492,825

 

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

6,971,990

6,808,599

5,510,049

1,948,133

1,957,074

 

=============

=============

=============

=============

=============

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

788,000

788,000

788,000

788,000

788,000

 

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

788,000

788,000

788,000

788,000

788,000

 

 

 

 

 

 

RESERVES

 

 

 

 

 

Retained profit/(loss) carried forward

1,305,770

959,274

824,757

707,254

670,546

 

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

1,305,770

959,274

824,757

707,254

670,546

 

 

 

 

 

 

 

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

2,093,770

1,747,274

1,612,757

1,495,254

1,458,546

 

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

 

Long term loans

-

-

3,797,595

402,397

427,976

Hire purchase creditors

-

-

82,593

39,208

65,878

Deferred taxation

-

-

17,104

11,274

4,674

 

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

4,878,220

5,061,325

3,897,292

452,879

498,528

 

----------------

----------------

----------------

----------------

----------------

 

6,971,990

6,808,599

5,510,049

1,948,133

1,957,074

 

=============

=============

=============

=============

=============

 

FINANCIAL RATIO

 

UNIMED SDN BHD

 

TYPES OF FUNDS

 

 

 

 

 

Cash

-

-

1,412,468

1,782,225

2,330,065

Net Liquid Funds

-

-

594,824

981,824

1,589,914

Net Liquid Assets

<1,607,192>

<1,565,852>

<2,595,712>

<436,397>

<23,368>

Net Current Assets/(Liabilities)

<1,607,192>

<1,565,852>

<1,393,779>

364,318

492,825

Net Tangible Assets

6,971,990

6,808,599

5,510,049

1,948,133

1,957,074

Net Monetary Assets

<6,485,412>

<6,627,177>

<6,493,004>

<889,276>

<521,896>

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

-

-

4,963,081

1,321,366

1,313,365

Total Liabilities

20,917,202

15,149,833

12,343,599

4,839,668

4,283,360

Total Assets

23,010,972

16,897,107

13,956,356

6,334,922

5,741,906

Net Assets

6,971,990

6,808,599

5,510,049

1,948,133

1,957,074

Net Assets Backing

2,093,770

1,747,274

1,612,757

1,495,254

1,458,546

Shareholders' Funds

2,093,770

1,747,274

1,612,757

1,495,254

1,458,546

Total Share Capital

788,000

788,000

788,000

788,000

788,000

Total Reserves

1,305,770

959,274

824,757

707,254

670,546

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

-

-

0.17

0.41

0.62

Liquid Ratio

-

-

0.69

0.90

0.99

Current Ratio

0.90

0.84

0.83

1.08

1.13

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

-

-

39

44

36

Debtors Ratio

-

-

142

113

93

Creditors Ratio

-

-

145

84

171

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

-

-

3.08

0.88

0.90

Liabilities Ratio

9.99

8.67

7.65

3.24

2.94

Times Interest Earned Ratio

-

-

2.03

2.21

1.18

Assets Backing Ratio

8.85

8.64

6.99

2.47

2.48

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

2.12

1.68

1.77

1.92

0.35

Net Profit Margin

1.56

0.96

1.05

1.39

0.14

Return On Net Assets

6.77

3.48

7.08

12.05

6.03

Return On Capital Employed

6.77

3.48

6.14

8.46

4.33

Return On Shareholders' Funds/Equity

16.55

7.70

7.29

6.25

0.50

Dividend Pay Out Ratio (Times)

-

-

0.00

0.61

0.00

NOTES TO ACCOUNTS

 

 

 

 

 

Contingent Liabilities

 

-

0

0

0

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.87.91

Euro

1

Rs.70.57

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.