|
Report Date : |
17.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SYARIKAT WELLCHEM SDN. BHD. |
|
|
|
|
Registered Office : |
127b, Jalan Ss21/37, Damansara Utama, 47400 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
21.08.1979 |
|
|
|
|
Com. Reg. No.: |
50058-T |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Distributor of Pharmaceutical Speciality Products, and Medical
Supplies And Devices |
|
|
|
|
No. of Employees : |
Not Available |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. NAJIB's Economic Transformation Program (ETP) is a
series of projects and policy measures intended to accelerate the country's
economic growth. The government has also taken steps to liberalize some
services sub-sectors. 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 about 35% of government revenue
in 2011. Bank Negera Malaysia (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 |
|
REGISTRATION NO. |
: |
50058-T |
|
COMPANY NAME |
: |
SYARIKAT WELLCHEM SDN. BHD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
21/08/1979 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
127B, JALAN SS21/37, DAMANSARA UTAMA, 47400 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
BUSINESS ADDRESS |
: |
NO 928-929, JALAN 17/38, 46400 PETALING JAYA, SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
03-79572449 |
|
FAX.NO. |
: |
03-79568228 |
|
EMAIL |
: |
INFO@WELLCHEM.COM |
|
WEB SITE |
: |
WWW.WELLCHEM.COM |
|
CONTACT PERSON |
: |
CHRISTINE YIM PIU LING ( GENERAL MANAGER ) |
|
INDUSTRY CODE |
: |
47721 |
|
PRINCIPAL ACTIVITY |
: |
DISTRIBUTOR OF PHARMACEUTICAL SPECIALITY PRODUCTS,
AND MEDICAL SUPPLIES AND DEVICES |
|
AUTHORISED CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
|
SALES |
: |
USD 3,428,049 [2011] |
|
NET WORTH |
: |
USD 2,426,559 [2011] |
|
BANKER (S) |
|
PUBLIC BANK BHD |
|
STAFF STRENGTH |
: |
40 [2013] |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE 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) distributor of
pharmaceutical speciality products, and medical supplies and devices.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
valid.
The major shareholder(s) of the SC are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. TAN LIANG KOOI + |
52, LORONG BURUNG SINTAR DUA, TAMAN BUKIT MALURI, KEPONG, 52100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
410820-02-5361 0802860 |
161,540.00 |
32.31 |
|
MR. YIM HOW KEH + |
28, JALAN 20/10, 46300 PETALING JAYA, SELANGOR, MALAYSIA. |
460517-04-5031 2775337 |
132,207.00 |
26.44 |
|
WONG CHIANG KWANG |
10 LEEDON ROAD, 02-01, 267833, SINGAPORE. |
1073859A |
126,940.00 |
25.39 |
|
MR. YIM SOOI SENG @ YIM SHEE WAI + |
663, JALAN 17/22B, 46400 PETALING JAYA, SELANGOR, MALAYSIA. |
471021-10-5495 2775335 |
37,011.00 |
7.40 |
|
MS. YIM TAI OI + |
A10-C08, ARMANEE TERRACE CONDOMINIUM, 8 JALAN PJU 8/1, BANDAR
DAMANSARA PERDANA, 47820 PETALING JAYA, SELANGOR, MALAYSIA. |
500113-10-5628 3110269 |
21,151.00 |
4.23 |
|
MS. YIM TAI YONG @ YIAM TAI YOONG |
11A, JALAN SS2/36, 47300 PETALING JAYA, SELANGOR, MALAYSIA. |
410303-10-5216 2775336 |
21,151.00 |
4.23 |
|
|
|
|
--------------- |
------ |
|
|
|
|
500,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MS. CHEUNG MINA |
|
Address |
: |
52, LORONG BURUNG SINTAR DUA, TAMAN BUKIT MALURI, KEPONG, 52100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
8317592 |
|
New IC No |
: |
430609-71-5146 |
|
Date of Birth |
: |
09/06/1943 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/01/1987 |
DIRECTOR 2
|
Name Of Subject |
: |
MS. YIM TAI OI |
|
Address |
: |
A10-C08, ARMANEE TERRACE CONDOMINIUM, 8 JALAN PJU 8/1, BANDAR
DAMANSARA PERDANA, 47820 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
3110269 |
|
New IC No |
: |
500113-10-5628 |
|
Date of Birth |
: |
13/01/1950 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
30/06/1983 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. YIM SOOI SENG @ YIM SHEE WAI |
|
Address |
: |
663, JALAN 17/22B, 46400 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
2775335 |
|
New IC No |
: |
471021-10-5495 |
|
Date of Birth |
: |
21/10/1947 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
21/08/1979 |
DIRECTOR 4
|
Name Of Subject |
: |
MR. YIM HOW KEH |
|
Address |
: |
28, JALAN 20/10, 46300 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
2775337 |
|
New IC No |
: |
460517-04-5031 |
|
Date of Birth |
: |
17/05/1946 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
21/08/1979 |
DIRECTOR 5
|
Name Of Subject |
: |
MR. TAN LIANG KOOI |
|
Address |
: |
52, LORONG BURUNG SINTAR DUA, TAMAN BUKIT MALURI, KEPONG, 52100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
0802860 |
|
New IC No |
: |
410820-02-5361 |
|
Date of Birth |
: |
20/08/1941 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
21/08/1979 |
|
1) |
Name of Subject |
: |
CHRISTINE YIM PIU LING |
|
|
Position |
: |
GENERAL MANAGER |
|
|
|
|
|
|
2) |
Name of Subject |
: |
WENDY LIAW |
|
|
Position |
: |
FINANCE & ADMIN MANAGER |
|
Auditor |
: |
GEP ASSOCIATES |
|
Auditor' Address |
: |
25-3, JALAN PJU 1/42A, DATARAN PRIMA, 47301 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. CHEAH KEAN HIONG |
|
|
IC / PP No |
: |
4012727 |
|
|
New IC No |
: |
500613-08-5475 |
|
|
Address |
: |
B15-13A, TROPICS @ TROPICANA CITY, 3, JALAN SS 20/27, 47300 PETALING
JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
2) |
Company Secretary |
: |
MR. CHEAH KWET HIONG |
|
|
IC / PP No |
: |
0580007 |
|
|
New IC No |
: |
440506-08-5259 |
|
|
Address |
: |
8, JALAN KAKAK TUA, TAMAN IPOH, 31400 IPOH, PERAK, MALAYSIA. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
PUBLIC BANK BHD |
|
|
|
|
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
15/12/1989 |
CHARGE |
PUBLIC BANK BERHAD |
MYR 260,000.00 |
Unsatisfied |
|
2 |
11/11/1991 |
CHARGE |
PUBLIC BANK BERHAD |
MYR 80,000.00 |
Unsatisfied |
|
3 |
20/02/1995 |
N/A |
PUBLIC BANK BERHAD |
MYR 350,000.00 |
Satisfied |
* 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 |
|
|
Overseas |
: |
YES |
|
|
Import Countries |
: |
UNITED STATES,JAPAN,HONG KONG |
|
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 |
Percentage |
: |
95% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
5% |
|
Export Market |
: |
BRUNEI |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
HOSPITALS,CLINICS,PHARMACIES |
|||
|
Goods Traded |
: |
PHARMACEUTICAL SPECIALITY PRODUCTS, AND MEDICAL SUPPLIES AND DEVICES.
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2013 |
|
|||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
40 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) distributor of
pharmaceutical speciality products, and medical supplies and devices.
The SC sells a wide range of products including as follows:
* Pharmaceuticals - Anti-inflammatories, Anti-vertigo, Urologicals, Hormones
for HRT, Neurologicals, Osteoarthritic
* Medical Supplies - Urine bags and Tongue depressors
* Medical Devices - Heat & moisture exchangers/filters, Orthopaedic
products, TENS & electrodes, X-ray products
Besides that the SC has a warehouse located at the same premises to keep stock
and materials.
The SC sources and supply unique, effective, safe and high quality medical
products to serve the needs of the medical professionals and their patients,
and ensure that they receive such products at reasonable prices, with the best
possible service, and in the quickest possible time.
The SC's primary mission is to source and supply unique, effective, safe and
high quality medical products to serve the needs of the medical professionals
and their patients, ensuring that they receive such products at reasonable
prices, with the best possible service, and in the quickest possible time.
No projects found in our databank
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
0379572449 |
|
Current Telephone Number |
: |
03-79572449 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
NO. 928 JELAN 17/38 PETALING JAYA, SELANGOR MALAYSIA |
|
Current Address |
: |
NO 928-929, JALAN 17/38, 46400 PETALING JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 15th Auugst 2013 we contacted Ms Wendy Liaw, the SC's Finance and Admin
Manager, on behalf of DJO GLOBAL'S. She provided limited information on the SC.
The address provided is incomplete.
SPECIAL REQUESTS
* The SC refused to disclose when it has started its business operation but its
incorporation date is 21/08/1979.
* The SC does not have branches but it has Associate companies in Singapore and
Hong Kong.
* The SC refused to disclose its supplier's names both local and overseas.
* The SC refused to disclose its clients' names.
* The SC refused to disclose any information on its trade references.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2007 - 2011 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2007 - 2011 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
9.83% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
13.57% |
] |
|
|
|
|
|
|
|
|
|
|
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 unfavourable
return on shareholders' funds could indicate that the SC was inefficient in
utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
127 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
59 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
66 Days |
] |
|
|
|
|
|
|
|
|
|
|
The SC could be incurring higher holding cost. As its capital was tied
up in stocks, it could face liquidity problems. The SC's management was quite
efficient in handling its debtors. The SC's debtors days were at an
acceptable range, thus the risk of its debts turning bad was minimised. The
unfavourable creditors' ratio could be due to the SC taking advantage of the
credit granted by its suppliers. However this may affect the goodwill between
the SC and its suppliers and the SC may inadvertently have to pay more for
its future supplies. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
3.12 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
5.34 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the SC in order to
assure its creditors of its ability to meet short term obligations and the SC
was in a good liquidity position. Thus, we believe the SC is able to meet all
its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
267.35 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.03 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the SC was able to service the
interest. The favourable interest cover could indicate that the SC was making
enough profit to pay for the interest accrued. The SC was lowly geared thus
it had a low financial risk. The SC was mainly financed by its shareholders'
funds and internally generated funds. In times of economic slowdown /
downturn, the SC being a lowly geared company, will be able to compete better
than those companies which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Generally, the SC's performance has improved with higher turnover and
profit. The SC was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the SC should be able to repay its short term obligations. With the
favourable interest cover, the SC could be able to service all the accrued
interest without facing any difficulties. The SC as a lowly geared company,
will be more secured compared to those highly geared companies. It has the
ability to meet all its long term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : STRONG |
||||||
|
Major Economic Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic Products ( % ) |
<0.5> |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private Expenditure ( % ) |
<2.7> |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
<17.2> |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public Expenditure ( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
<1.2> |
|
Investment ( % ) |
8.0 |
2.8 |
<0.3> |
15.9 |
4.2 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
<28,450> |
<40,482> |
<45,511> |
<42,297> |
<39,993> |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
<4.8> |
<5.6> |
<5.4> |
<4.5> |
<4.0> |
|
Inflation ( % Change in Composite CPI) |
<5.2> |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
<0.1> |
6.2 |
3.0 |
<0.0> |
- |
|
Liquidation of Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
<34.5> |
417.8 |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
- |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
- |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
- |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.4 |
2.1 |
5.9 |
0.6 |
2.4 |
|
Palm Oil |
<1.1> |
<3.4> |
10.8 |
<2.8> |
- |
|
Rubber |
<19.8> |
9.9 |
6.1 |
<0.6> |
- |
|
Forestry & Logging |
<5.9> |
<3.3> |
<7.6> |
<2.2> |
- |
|
Fishing |
5.5 |
5.6 |
2.1 |
<0.7> |
- |
|
Other Agriculture |
9.0 |
7.9 |
7.1 |
6.4 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
413.7 |
508.4 |
634.1 |
- |
- |
|
% of Industry Non-Performing Loans |
1.3 |
2.1 |
3.2 |
- |
- |
|
|
|
|
|
|
|
|
Mining |
<3.8> |
0.2 |
<5.7> |
1.5 |
2.7 |
|
Oil & Gas |
2.1 |
0.5 |
<1.7> |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
44.2 |
49.7 |
46.5 |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
<9.4> |
11.4 |
4.7 |
4.2 |
4.9 |
|
Exported-oriented Industries |
<19.0> |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
<30.3> |
28.4 |
<4.9> |
1.6 |
- |
|
Rubber Products |
<10.1> |
25.3 |
15.4 |
3.6 |
- |
|
Wood Products |
<24.1> |
20.1 |
<4.9> |
4.6 |
- |
|
Textiles & Apparel |
<19.5> |
<0.4> |
14.8 |
<7.1> |
- |
|
Domestic-oriented Industries |
<9.8> |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.2 |
- |
- |
|
Chemical & Chemical Products |
<7.7> |
16.2 |
5.5 |
9.9 |
- |
|
Plastic Products |
<9.1> |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
<32.7> |
29.3 |
2.4 |
- |
- |
|
Fabricated Metal Products |
<2.5> |
14.9 |
25.2 |
- |
- |
|
Non-metallic Mineral |
<15.5> |
20.2 |
27.1 |
6.6 |
- |
|
Transport Equipment |
<13.5> |
36.5 |
<10.4> |
13.7 |
- |
|
Paper & Paper Products |
<5.0> |
18.7 |
14.8 |
<7.8> |
- |
|
Crude Oil Refineries |
0.2 |
<11.4> |
9.3 |
- |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,007.3 |
6,217.5 |
6,537.2 |
- |
- |
|
% of Industry Non-Performing Loans |
18.3 |
23.8 |
25.7 |
- |
- |
|
|
|
|
|
|
|
|
Construction |
5.8 |
5.1 |
4.4 |
15.5 |
11.2 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,241.8 |
4,038.5 |
3,856.9 |
- |
- |
|
% of Industry Non-Performing Loans |
9.9 |
10.7 |
10.2 |
- |
- |
|
|
|
|
|
|
|
|
Services |
2.6 |
6.5 |
6.4 |
5.5 |
5.6 |
|
Electric, Gas & Water |
0.4 |
8.5 |
5.6 |
4.8 |
- |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.3 |
- |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
6.9 |
- |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.3 |
6.5 |
- |
|
Government Services |
2.0 |
6.7 |
7.6 |
5.6 |
- |
|
Other Services |
4.4 |
4.2 |
5.4 |
5.7 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing Production Index |
|||||
|
MSIC CODE |
|
|
47721 : Stores specialized in retail sale of pharmaceuticals, medical
and orthopaedic goods |
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
According to the Retail Group Malaysia (RGM), the wholesale and retail
trade sector forecast to grow to 6% in year 2013. During the first quarter of
year 2013, RGM is estimating the retail industry to grow 6.9%. Many retailers
have been enjoying better sales since the government handed out cash from
mid-January of 2013 under the second round of Bantuan Rakyat 1Malaysia to
more than 12 million Malaysians. Bookstores and related retail stores have
also started enjoying rising sales since the RM250 1Malaysia Book Voucher was
distributed to 1.3 million private and public university students. Besides,
since early February 2013, handphone traders and retailers selling smartphone
accessories have started to benefit from the RM200 rebate on smartphones for
1.5 million young adults aged between 21 and 30 years with a monthly income
of not more than RM3,000. |
|
|
|
|
|
The wholesale and retail trade sector grew 6.1% in the first half of
the year 2012 driven by strong domestic consumption and the increasing number
of large format stores operating in Malaysia, including 180 foreign
hypermarkets, superstores and departmental stores as at end of August 2012.
In addition, other indicators such as imports of consumption goods were
higher by 15.2%. |
|
|
|
|
|
In 2012, the wholesale and retail trade sector growth to 5.5% driven
by higher consumption which benefited from Government initiatives under the
2012 Budget such as BR1M, Baucar Buku 1Malaysia (BB1M) and the RM100
assistance for all primary and secondary school students. The performance of
the sector will also be supported by ongoing efforts to modernise the retail
segment under the ETP. In 2012, 500 retail shops and 50 workshops are
targeted to be modernised under the Retail Shop Transformation (TUKAR) and
Automotive Workshop Modernisation (ATOM) programmes, respectively. As at end
of July 2012, 95 workshops have been modernised, surpassing the yearly
target, while 393 retail shops have been modernised. |
|
|
|
|
|
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. |
|
|
|
|
|
Over 60% of Gross Domestic Product (GDP) is contributed by domestic
consumption, therefore the wholesale and retail sector plays a crucial role
in driving Malaysia's growth over the next decade despite the ongoing global
economic slowdown. By 2020, Malaysia's wholesale and retail sector is
expected to boost the country's total Gross National Income (GNI) by RM156
billion, creating 454,190 new jobs. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
Incorporated in 1979, the SC is a Private Limited company, focusing on
distribution of pharmaceutical speciality products, and medical supplies and devices.
With its long presence in the industry coupled with its vast experiences in the
business, the SC should have built up certain goodwill with its clients over
times. The SC is considered as a medium size company with issued and paid up
capital standing at MYR 500,000.
Apart from supplying its products to the local market, the SC also exports to
overseas countries. Its ability to penetrate into the global market has
benefited the SC in terms of higher profitability and well diversified its business
risk. Hence, better growth prospect can be expected. The SC is operating on a
medium scale and it has approximately 40 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. The SC has generated an unfavourable
return on shareholders' funds indicating that the management was inefficient in
utilising its funds to generate return. Fortunately, 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. Being a lowly geared company, the SC is exposed to low
financial risk as it is mainly dependent on its internal funds to finance its
business needs. Given a positive net worth standing at USD 2,426,559, 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 SC's payment habit is average. With its adequate working capital, the SC
should be able to pay its short term debts.
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
promptly.
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
SYARIKAT WELLCHEM SDN. BHD. |
|
Financial Year End |
31/12/2011 |
31/12/2010 |
31/12/2009 |
31/12/2008 |
31/12/2007 |
|
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 |
FULL |
FULL |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
|
|
|
|
|
|
|
TURNOVER |
3,428,049 |
3,376,199 |
2,923,541 |
2,942,223 |
2,496,887 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
3,428,049 |
3,376,199 |
2,923,541 |
2,942,223 |
2,496,887 |
|
Costs of Goods Sold |
<1,636,872> |
<1,730,092> |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
1,791,177 |
1,646,107 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
328,325 |
251,893 |
320,162 |
297,985 |
198,541 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
328,325 |
251,893 |
320,162 |
297,985 |
198,541 |
|
Taxation |
<89,783> |
<52,483> |
<74,016> |
<68,814> |
<44,114> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
238,542 |
199,410 |
246,146 |
229,171 |
154,427 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
2,095,161 |
1,990,989 |
1,804,366 |
1,625,989 |
1,500,292 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
2,095,161 |
1,990,989 |
1,804,366 |
1,625,989 |
1,500,292 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
2,333,702 |
2,190,399 |
2,050,512 |
1,855,160 |
1,654,719 |
|
DIVIDENDS - Ordinary (paid & proposed) |
<83,333> |
<95,238> |
<59,524> |
<50,794> |
<28,730> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
2,250,369 |
2,095,161 |
1,990,989 |
1,804,366 |
1,625,989 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
636 |
645 |
- |
- |
- |
|
Others |
597 |
159 |
- |
- |
- |
|
|
---------------- |
---------------- |
|
|
|
|
|
1,233 |
804 |
|
|
|
|
SYARIKAT WELLCHEM SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
96,568 |
110,877 |
102,145 |
93,763 |
90,703 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
96,568 |
110,877 |
102,145 |
93,763 |
90,703 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
1,193,557 |
933,675 |
- |
- |
- |
|
Trade debtors |
554,137 |
558,518 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
9,389 |
4,151 |
- |
- |
- |
|
Short term deposits |
878,345 |
802,355 |
- |
- |
- |
|
Cash & bank balances |
171,813 |
180,625 |
- |
- |
- |
|
Others |
62,899 |
73,094 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
2,870,139 |
2,552,418 |
2,429,350 |
2,318,397 |
2,237,358 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
2,966,707 |
2,663,295 |
2,531,495 |
2,412,160 |
2,328,061 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
298,148 |
119,782 |
- |
- |
- |
|
Other creditors & accruals |
171,985 |
178,232 |
- |
- |
- |
|
Bank overdraft |
67,282 |
91,148 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
537,415 |
389,162 |
362,096 |
429,528 |
525,494 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
2,332,724 |
2,163,257 |
2,067,254 |
1,888,869 |
1,711,864 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
2,429,292 |
2,274,134 |
2,169,399 |
1,982,633 |
1,802,567 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
158,730 |
158,730 |
158,730 |
158,730 |
158,730 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
158,730 |
158,730 |
158,730 |
158,730 |
158,730 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Revaluation reserve |
17,460 |
17,460 |
17,460 |
17,460 |
17,460 |
|
Retained profit/(loss) carried forward |
2,250,369 |
2,095,161 |
1,990,989 |
1,804,366 |
1,625,989 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
2,267,829 |
2,112,621 |
2,008,449 |
1,821,826 |
1,643,449 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
2,426,559 |
2,271,351 |
2,167,179 |
1,980,557 |
1,802,179 |
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
|
|
Deferred taxation |
2,733 |
2,783 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
2,733 |
2,783 |
2,220 |
2,076 |
388 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,429,292 |
2,274,134 |
2,169,399 |
1,982,633 |
1,802,567 |
|
|
============= |
============= |
============= |
============= |
============= |
|
SYARIKAT WELLCHEM SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
1,050,157 |
982,980 |
0 |
0 |
0 |
|
Net Liquid Funds |
982,875 |
891,832 |
0 |
0 |
0 |
|
Net Liquid Assets |
1,139,168 |
1,229,581 |
2,067,254 |
1,888,869 |
1,711,864 |
|
Net Current Assets/(Liabilities) |
2,332,724 |
2,163,257 |
2,067,254 |
1,888,869 |
1,711,864 |
|
Net Tangible Assets |
2,429,292 |
2,274,134 |
2,169,399 |
1,982,633 |
1,802,567 |
|
Net Monetary Assets |
1,136,435 |
1,226,799 |
2,065,034 |
1,886,793 |
1,711,477 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
67,282 |
91,148 |
0 |
0 |
0 |
|
Total Liabilities |
540,148 |
391,944 |
364,316 |
431,604 |
525,882 |
|
Total Assets |
2,966,707 |
2,663,295 |
2,531,495 |
2,412,160 |
2,328,061 |
|
Net Assets |
2,429,292 |
2,274,134 |
2,169,399 |
1,982,633 |
1,802,567 |
|
Net Assets Backing |
2,426,559 |
2,271,351 |
2,167,179 |
1,980,557 |
1,802,179 |
|
Shareholders' Funds |
2,426,559 |
2,271,351 |
2,167,179 |
1,980,557 |
1,802,179 |
|
Total Share Capital |
158,730 |
158,730 |
158,730 |
158,730 |
158,730 |
|
Total Reserves |
2,267,829 |
2,112,621 |
2,008,449 |
1,821,826 |
1,643,449 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
1.95 |
2.53 |
- |
- |
- |
|
Liquid Ratio |
3.12 |
4.16 |
- |
- |
- |
|
Current Ratio |
5.34 |
6.56 |
6.71 |
5.40 |
4.26 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
127 |
101 |
- |
- |
- |
|
Debtors Ratio |
59 |
60 |
- |
- |
- |
|
Creditors Ratio |
66 |
25 |
- |
- |
- |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.03 |
0.04 |
- |
- |
- |
|
Liabilities Ratio |
0.22 |
0.17 |
0.17 |
0.22 |
0.29 |
|
Times Interest Earned Ratio |
267.35 |
314.37 |
- |
- |
- |
|
Assets Backing Ratio |
15.30 |
14.33 |
13.67 |
12.49 |
11.36 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
9.58 |
7.46 |
10.95 |
10.13 |
7.95 |
|
Net Profit Margin |
6.96 |
5.91 |
8.42 |
7.79 |
6.18 |
|
Return On Net Assets |
13.57 |
11.11 |
14.76 |
15.03 |
11.01 |
|
Return On Capital Employed |
13.20 |
10.68 |
14.76 |
15.03 |
11.01 |
|
Return On Shareholders' Funds/Equity |
9.83 |
8.78 |
11.36 |
11.57 |
8.57 |
|
Dividend Pay Out Ratio (Times) |
0.35 |
0.48 |
0.24 |
0.22 |
0.19 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
|
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.