|
Report Date : |
07.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEMIS ASIA PACIFIC SDN. BHD. |
|
|
|
|
Formerly Known As : |
PERFECSEAL (ASIA PACIFIC) SDN BHD |
|
|
|
|
Registered Office : |
Level 8, Symphony House, Block D13, Pusat Dagangan Dana 1,
Jalan Pju 1a/46, 47301 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.11.1997 |
|
|
|
|
Com. Reg. No.: |
452772-P |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of Medical and Flexible Packaging Materials. |
|
|
|
|
No. of Employees : |
160 |
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 : |
Regular |
|
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 |
|
HISTORY / BACKGROUND
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)
manufacturing of medical and flexible packaging materials. The SC is not listed on Bursa Malaysia (Malaysia Stock
Exchange). The immediate holding company of the SC is PERFECSEAL
LIMITED, a company incorporated in IRELAND. The ultimate holding company of the SC is BEMIS COMPANY
INC, a company incorporated in UNITED STATES. The major shareholder(s) of
the SC are shown as follows :
+ Also Director
DIRECTORS
DIRECTOR
1
DIRECTOR
2
MANAGEMENT
COMPANY SECRETARIES
BANKING
ENCUMBRANCE (S)
LEGAL CHECK AGAINST SC
DEFAULTER CHECK AGAINST SC
PAYMENT RECORD
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Export
Market |
: |
ASIA
PACIFIC |
|||
|
Credit
Term |
: |
30
DAYS |
|||
|
|
|
|
|
|
|
|
Payment
Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
manufactured |
: |
|
|
|
|
|
|
|
|
Award |
: |
1
) SPECIAL AWARD FOR DESIGN EXCELLENCE BY MINISTRY OF INTERNATIONAL TRADE
AND INDUSTRY (MITI) Year :2002
|
|
|
|
|
|
|
|
Competitor(s) |
: |
SCIENTILLENCE
SDN BHD
|
|
|
|
|
|
|
|
Member(s)
/ Affiliate(s) |
: |
MALAYSIA
EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) |
|
|
|
|
|
|
|
Ownership
of premises |
: |
LEASED/RENTED
|
|
|
Factory
Size |
: |
ABOUT
22,000 SQ FT
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
2009 |
|
|||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
160 |
165 |
140 |
145 |
132 |
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing of medical
and flexible packaging materials.
The SC produces medical packaging materials especially the peel pouches for
medical industries.
The SC offers total integrated production including the printing, pounch
making, slitting, custom tray thermoforming and rewinding.
Besides that the SC is also supplying surgical medical gloves for hospitals
and pharmaceuticals.
The SC designs and manufactures pouches according to its customers'
requirements.
Latest fresh investigations carried out on the SC
indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
03-80266488 |
|
Match |
: |
N/A |
|
|
|
|
|
Address
Provided by Client |
: |
NO.
8 JALLAN TPS TAMAN PERINDUSTRIAN UEP 47600 SUBHANG JAYA SELANGOR |
|
Current
Address |
: |
NO
8 & 10 JALAN TP 5, TAMAN PERINDUSTRIAN UEP, 47600 SUBANG JAYA,
SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
On 3rd December 2013 we contacted one of the staff from the SC and she
provided some information on the SC.
The address provided is incomplete.
FINANCIAL ANALYSIS
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2007
- 2011 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2007
- 2011 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
9.03% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
10.27% |
] |
|
|
|
|
|
|
|
|
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The dip in profit could be due to the stiff market
competition which reduced the SC's profit margin. 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 |
[ |
78
Days |
] |
|
|
Debtor
Ratio |
: |
Acceptable |
[ |
65
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
16
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
SC had a favourable creditors' ratio where the SC could be taking advantage
of the cash discounts and also wanting to maintain goodwill with its
creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid
Ratio |
: |
Favourable |
[ |
2.38
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
3.74
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 |
: |
Nil |
[ |
0.00
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
|
|
|
|
|
|
|
|
The
SC's interest cover was nil as it did not pay any interest during the year.
The SC had no gearing and hence it had virtually no financial risk. The SC
was financed by its shareholders' funds and internally generated fund.
During the economic downturn, the SC, having a zero gearing, will be able
to compete better than those which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
The
SC recorded lower profits as its turnover showed a erratic trend. The SC's
management was unable to control its costs efficiently as its profit showed
a downward trend. The SC was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the SC should be able to repay its short term
obligations. The SC did not make any interest payment during the year. The
SC was dependent on its shareholders' funds to finance its business needs.
The SC was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The SC has good
chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
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 |
|
|
26600
: Manufacture of irradiation, electro medical and electrotherapeutic
equipment |
|
|
|
|
|
INDUSTRY
: |
MACHINERY |
|
|
|
|
|
|
|
Malaysia
is presently the leading manufacturer of automation machinery and equipment
(M&E) for the electrical and electronics (E&E) industry in the
ASEAN region with a total of 22 companies in production. The machinery and
equipment industry has expanded and produce a diverse range of machinery
which give importance to the overall industrial development of the country,
due to its cross cutting linkages with all industrial sectors. |
|
|
|
|
|
Malaysia
implemented Industrial Master Plan 3 (IMP3, 2006-2020), which the machinery
and equipment industry has been established as one of the key areas for
growth and development. The implementation focused on the manufacture of
high value-added and high technology machinery and equipment (M&E).
Under this plan, M&E will positioned Malaysia as the regional
production hub for high technology and specialized M&E in the ASEAN
region for 2012. |
|
|
|
|
|
Furthemore
for the year 2012, Malaysia is the largest manufacturing hub of boilers in
the Southeast Asia region. The exports are mainly directed to the
neighboring countries such as Indonesia, Philippines, Thailand and
Cambodia. Exports of machinery and equipment registered a double-digit
growth of 12.6% in the frst seven month of 2012 mainly driven by general industrial
machinery and equipment as well as specialised machinery for specific
industries. |
|
|
|
|
|
For
enhance the machinery and equipment (M&E), the government has
introduced two major tax incentives for companies investing in the
manufacturing sector where the pioneer status and the investment tax
allowance. The tax incentives would remain to be a competitive industry
within ASEAN. |
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : Average Growth |
|
|
|
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
BEMIS
ASIA PACIFIC SDN. BHD. |
|
Financial
Year End |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
2007-12-31 |
|
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 |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
96,281,084 |
98,662,727 |
87,025,908 |
79,800,309 |
67,772,918 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total
Turnover |
96,281,084 |
98,662,727 |
87,025,908 |
79,800,309 |
67,772,918 |
|
Costs
of Goods Sold |
<84,112,317> |
<84,080,864> |
<74,967,032> |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross
Profit |
12,168,767 |
14,581,863 |
12,058,876 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
6,186,448 |
8,176,937 |
7,572,809 |
2,967,952 |
296,441 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
BEFORE TAXATION |
6,186,448 |
8,176,937 |
7,572,809 |
2,967,952 |
296,441 |
|
Taxation |
<823,387> |
<556,436> |
<355,577> |
<156,686> |
164,654 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
AFTER TAXATION |
5,363,061 |
7,620,501 |
7,217,232 |
2,811,266 |
461,095 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As
previously reported |
39,334,732 |
31,714,231 |
24,496,999 |
21,685,733 |
21,224,638 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As
restated |
39,334,732 |
31,714,231 |
24,496,999 |
21,685,733 |
21,224,638 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
44,697,793 |
39,334,732 |
31,714,231 |
24,496,999 |
21,685,733 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
44,697,793 |
39,334,732 |
31,714,231 |
24,496,999 |
21,685,733 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Bank
overdraft |
- |
- |
178 |
80,128 |
40,822 |
|
Revolving
loans |
- |
- |
14,746 |
291,899 |
113,996 |
|
Others |
- |
- |
33,500 |
49,978 |
15,081 |
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
- |
48,424 |
422,005 |
169,899 |
|
BEMIS
ASIA PACIFIC SDN. BHD. |
|
ASSETS
EMPLOYED: |
|
|
|
|
|
|
FIXED
ASSETS |
18,888,635 |
18,505,592 |
19,777,286 |
22,147,064 |
24,638,377 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
LONG TERM ASSETS |
18,888,635 |
18,505,592 |
19,777,286 |
22,147,064 |
24,638,377 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
Stocks |
20,576,383 |
22,088,521 |
20,189,235 |
22,228,963 |
23,669,409 |
|
Trade
debtors |
17,053,470 |
18,151,204 |
14,521,619 |
13,669,332 |
9,677,751 |
|
Other
debtors, deposits & prepayments |
687,206 |
756,414 |
735,824 |
822,635 |
724,520 |
|
Short
term deposits |
12,800,000 |
7,000,000 |
- |
- |
- |
|
Amount
due from subsidiary companies |
1,276,967 |
1,454,147 |
342,309 |
751,560 |
136,446 |
|
Cash
& bank balances |
4,109,197 |
2,475,555 |
2,886,446 |
20,753 |
524,827 |
|
Others |
- |
212,811 |
99,574 |
698,646 |
918,269 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
CURRENT ASSETS |
56,503,223 |
52,138,652 |
38,775,007 |
38,191,889 |
35,651,222 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
ASSET |
75,391,858 |
70,644,244 |
58,552,293 |
60,338,953 |
60,289,599 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade
creditors |
3,642,644 |
5,704,520 |
4,843,377 |
5,141,814 |
2,664,630 |
|
Other
creditors & accruals |
3,942,163 |
4,141,261 |
2,734,413 |
2,076,630 |
1,565,034 |
|
Bank
overdraft |
- |
- |
- |
213,661 |
3,403,571 |
|
Short
term borrowings/Term loans |
- |
- |
- |
2,596,606 |
- |
|
Other
borrowings |
- |
- |
- |
1,850,000 |
7,000,000 |
|
Bill
& acceptances payable |
- |
- |
- |
1,431,000 |
- |
|
Amounts
owing to holding company |
3,815,740 |
3,092,044 |
1,192,420 |
3,428,512 |
6,293,125 |
|
Amounts
owing to subsidiary companies |
3,050,688 |
2,067,215 |
1,885,675 |
2,835,128 |
1,783,637 |
|
Provision
for taxation |
675,091 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
CURRENT LIABILITIES |
15,126,326 |
15,005,040 |
10,655,885 |
19,573,351 |
22,709,997 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET
CURRENT ASSETS/(LIABILITIES) |
41,376,897 |
37,133,612 |
28,119,122 |
18,618,538 |
12,941,225 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
NET ASSETS |
60,265,532 |
55,639,204 |
47,896,408 |
40,765,602 |
37,579,602 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE
CAPITAL |
|
|
|
|
|
|
Ordinary
share capital |
14,682,432 |
14,682,432 |
14,682,432 |
14,682,432 |
14,682,432 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
SHARE CAPITAL |
14,682,432 |
14,682,432 |
14,682,432 |
14,682,432 |
14,682,432 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained
profit/(loss) carried forward |
44,697,793 |
39,334,732 |
31,714,231 |
24,496,999 |
21,685,733 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
RESERVES |
44,697,793 |
39,334,732 |
31,714,231 |
24,496,999 |
21,685,733 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS'
FUNDS/EQUITY |
59,380,225 |
54,017,164 |
46,396,663 |
39,179,431 |
36,368,165 |
|
|
|
|
|
|
|
|
LONG
TERM LIABILITIES |
|
|
|
|
|
|
Deferred
taxation |
885,307 |
1,622,040 |
1,499,745 |
1,586,171 |
1,211,437 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
LONG TERM LIABILITIES |
885,307 |
1,622,040 |
1,499,745 |
1,586,171 |
1,211,437 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
60,265,532 |
55,639,204 |
47,896,408 |
40,765,602 |
37,579,602 |
|
|
============= |
============= |
============= |
============= |
============= |
|
BEMIS
ASIA PACIFIC SDN. BHD. |
|
TYPES
OF FUNDS |
|
|
|
|
|
|
Cash |
16,909,197 |
9,475,555 |
2,886,446 |
20,753 |
524,827 |
|
Net
Liquid Funds |
16,909,197 |
9,475,555 |
2,886,446 |
<1,623,908> |
<2,878,744> |
|
Net
Liquid Assets |
20,800,514 |
15,045,091 |
7,929,887 |
<3,610,425> |
<10,728,184> |
|
Net
Current Assets/(Liabilities) |
41,376,897 |
37,133,612 |
28,119,122 |
18,618,538 |
12,941,225 |
|
Net
Tangible Assets |
60,265,532 |
55,639,204 |
47,896,408 |
40,765,602 |
37,579,602 |
|
Net
Monetary Assets |
19,915,207 |
13,423,051 |
6,430,142 |
<5,196,596> |
<11,939,621> |
|
BALANCE
SHEET ITEMS |
|
|
|
|
|
|
Total
Borrowings |
0 |
0 |
14,746 |
6,383,166 |
10,517,567 |
|
Total
Liabilities |
16,011,633 |
16,627,080 |
12,155,630 |
21,159,522 |
23,921,434 |
|
Total
Assets |
75,391,858 |
70,644,244 |
58,552,293 |
60,338,953 |
60,289,599 |
|
Net
Assets |
60,265,532 |
55,639,204 |
47,896,408 |
40,765,602 |
37,579,602 |
|
Net
Assets Backing |
59,380,225 |
54,017,164 |
46,396,663 |
39,179,431 |
36,368,165 |
|
Shareholders'
Funds |
59,380,225 |
54,017,164 |
46,396,663 |
39,179,431 |
36,368,165 |
|
Total
Share Capital |
14,682,432 |
14,682,432 |
14,682,432 |
14,682,432 |
14,682,432 |
|
Total
Reserves |
44,697,793 |
39,334,732 |
31,714,231 |
24,496,999 |
21,685,733 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash
Ratio |
1.12 |
0.63 |
0.27 |
0.00 |
0.02 |
|
Liquid
Ratio |
2.38 |
2.00 |
1.74 |
0.82 |
0.53 |
|
Current
Ratio |
3.74 |
3.47 |
3.64 |
1.95 |
1.57 |
|
WORKING
CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock
Ratio |
78 |
82 |
85 |
102 |
127 |
|
Debtors
Ratio |
65 |
67 |
61 |
63 |
52 |
|
Creditors
Ratio |
16 |
25 |
24 |
24 |
14 |
|
SOLVENCY
RATIOS (Times) |
|
|
|
|
|
|
Gearing
Ratio |
0.00 |
0.00 |
0.00 |
0.16 |
0.29 |
|
Liabilities
Ratio |
0.27 |
0.31 |
0.26 |
0.54 |
0.66 |
|
Times
Interest Earned Ratio |
0.00 |
0.00 |
157.39 |
8.03 |
2.74 |
|
Assets
Backing Ratio |
4.10 |
3.79 |
3.26 |
2.78 |
2.56 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating
Profit Margin |
6.43 |
8.29 |
8.70 |
3.72 |
0.44 |
|
Net
Profit Margin |
5.57 |
7.72 |
8.29 |
3.52 |
0.68 |
|
Return
On Net Assets |
10.27 |
14.70 |
15.91 |
8.32 |
1.24 |
|
Return
On Capital Employed |
10.27 |
14.70 |
15.91 |
8.21 |
1.13 |
|
Return
On Shareholders' Funds/Equity |
9.03 |
14.11 |
15.56 |
7.18 |
1.27 |
|
Dividend
Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES
TO ACCOUNTS |
|
|
|
|
|
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.66 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.