|
Report Date : |
11.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SKB STORAGE INDUSTRIES SDN. BHD. |
|
|
|
|
Registered Office : |
Wisma Penang Garden, 42, Jalan Sultan Ahmad Shah, 2nd Floor, 10050
Pulau Pinang, Pulau Pinang |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
04.09.2001 |
|
|
|
|
Com. Reg. No.: |
557922-U |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing and Sale of Roller Shutters, Racking Systems, Storage
Systems & Related Steel Products |
|
|
|
|
No. of Employees : |
250 |
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 : |
Good |
|
|
|
|
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. |
: |
557922-U |
||||
|
COMPANY NAME |
: |
SKB STORAGE INDUSTRIES SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
04/09/2001 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
WISMA PENANG GARDEN, 42, JALAN SULTAN AHMAD SHAH, 2ND FLOOR, 10050
PULAU PINANG, PULAU PINANG, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 22, JALAN TEKNOLOGI,TAMAN SAINS SELANGOR 1, KOTA DAMANSARA, 47810 PETALING
JAYA, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-61572277 |
||||
|
FAX.NO. |
: |
03-61572211 |
||||
|
EMAIL |
: |
SKB@SKB.COM.MY |
||||
|
WEB SITE |
: |
WWW.SKB-SHUTTERS.COM |
||||
|
CONTACT PERSON |
: |
SIN KHENG LEE ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
25 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING AND SALE OF ROLLER SHUTTERS, RACKING SYSTEMS, STORAGE
SYSTEMS & RELATED STEEL PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 100,000.00 DIVIDED INTO ORDINARY SHARE 100,000.00 OF MYR 1.00 EACH. |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 100,000.00 DIVIDED INTO ORDINARY SHARES 100,000 CASH OF MYR 1.00 EACH. |
||||
|
SALES |
: |
MYR 27,011,283 [2012] |
||||
|
NET WORTH |
: |
MYR 6,268,558 [2012] |
||||
|
STAFF STRENGTH |
: |
250 [2013] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
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) manufacturing and
sale of roller shutters, racking systems, storage systems & related steel
products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is SKB SHUTTERS CORPORATION
BERHAD, a company incorporated in MALAYSIA.
The ultimate holding company of the SC is SKB GLORY SDN BHD, a company
incorporated in MALAYSIA.
The major shareholder(s) of the SC are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SKB SHUTTERS CORPORATION BERHAD |
SUITE 2-1, MENARA PENANG GARDEN, 42A, JALAN SULTAN AHMAD SHAH, 2ND
FLOOR, 10050 PULAU PINANG, PULAU PINANG, MALAYSIA. |
430362U |
100,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
100,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. SIN CHING SAN |
|
Address |
: |
1, JALAN PENGATUCARA U1/51D, SEKSYEN U1, GLENMARIE, 40150 SHAH ALAM,
SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A1177960 |
|
New IC No |
: |
681120-07-5565 |
|
Date of Birth |
: |
20/11/1968 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
09/10/2006 |
|
|
|
|
|
|
|
|
|
Profile |
: |
13 YEARS EXPERIENCE & EXPOSURE IN THE ROLLER SHUTTERS &
METAL-BASED INDUSTRY. |
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MS. CHOU LEE SIN |
|
Address |
: |
14, JALAN U2/48B, LAMAN SAUJANA 2, SUBANG SAUJANA GOLF RESORT, 40150
SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
9533915 |
|
New IC No |
: |
590129-71-5086 |
|
Date of Birth |
: |
29/01/1959 |
|
|
|
|
|
Nationality |
: |
TAIWANESE |
|
Date of Appointment |
: |
09/10/2006 |
|
|
|
|
|
Qualification |
: |
DIP IN SYNTHETIC COMMERCE FROM TAIPEI, TAIWAN. |
|
Profile |
: |
ATTACHED TO SIN KEAN BOON METAL INDUSTRIES S/B IN 1982 WHICH STATIONED
I KL. OVER 19 YEARS EXPERIENCE IN THE ROLLER SHUTTERS & METAL BASED
INDUSTRY. JOINED SKB SHUTTERS MANUFACTURING S/B ON MAY 1992 AS A GM. GM OF
SKB TRADING S/B . |
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MR. SIN KHENG LEE |
|
Address |
: |
14, JALAN U2/48B, JALAM SAUJANA 2, SUBANG SAUJANA GOLF RESORT, 40150
SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
5206772 |
|
New IC No |
: |
570805-07-5769 |
|
Date of Birth |
: |
05/08/1957 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
04/09/2001 |
|
|
|
|
|
Qualification |
: |
DIP IN MECHANICAL ENG FROM TAIPEI INST OF TECHNOLOGY IN TAIWAN IN
1979. |
|
Profile |
: |
JOINED SIN KEAN BOON METAL INDUSTRIES S/B FOR 13 YEARS UNTIL RESIGNED
IN MAY 1992. 22 YEARS EXPERIENCE IN THE ROLLER SHUTTERS BUS. |
|
|
|
|
|
1) |
Name of Subject |
: |
SIN KHENG LEE |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
WISMA PENANG GARDEN, 42, JALAN SULTAN AHMAD SHAH, 1ST FLOOR, 10050
PULAU PINANG, PULAU PINANG, MALAYSIA. |
|
|
|
|
|
|
|
|
|
1) |
Company Secretary |
: |
MS. CHIN LEE PHING |
|
|
IC / PP No |
: |
A2056059 |
|
|
New IC No |
: |
711216-07-5142 |
|
|
Address |
: |
15, TAMAN LUMBA KUDA, 11400 PULAU PINANG, PULAU PINANG, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
EON BANK BHD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the subject
has been involved in any litigation. Our databank consists of 99% of the wound up
companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* 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 |
: |
TAIWAN,CHINA |
The SC refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
AUSTRALIA |
|||
|
Credit Term |
: |
30 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured |
: |
|
|
|
|
|
|
|
|
Member(s) / Affiliate(s) |
: |
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) |
|
|
|
|
|
|
|
Ownership of premises |
: |
LEASED/RENTED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2011 |
2010 |
2009 |
|
|
|
|
|
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
|
COMPANY |
250 |
253 |
253 |
250 |
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing and sale of
roller shutters, racking systems, storage systems & related steel
products.
We were informed that the SC is sharing the management and premises with
its holding company, SKB Shutters Coporation Bhd.
The SC's production site is equipment with advanced automated and
semi-automated machineries to ensure production of high quality products.
Besides that the SC also provides products based on the customers'
requirements.
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-61572277 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
LOT 22 JALAN TEKNOLOGI TAMAN SAINS SELANGOR KOTA DAMANSARA 47810
PETALING JAYA SELANGOR DARUL EHSAN |
|
Current Address |
: |
LOT 22, JALAN TEKNOLOGI,TAMAN SAINS SELANGOR 1, KOTA DAMANSARA, 47810
PETALING JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 10th December 2013 we contacted one of the staff from the SC and she
provided some information on the SC.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
18.94% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
22.15% |
] |
|
|
|
|
|
|
|
|
|
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years.The dip in profit
could be due to the stiff market competition which reduced the SC's profit
margin. The SC's management had generated acceptable return for its
shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
216 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
10 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
77 Days |
] |
|
|
|
|
|
|
|
|
|
|
The SC could be incurring higher holding cost. As its capital was tied
up in stocks, it could face liquidity problems. The favourable debtors' days
could be due to the good credit control measures implemented by the SC. 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 |
: |
Unfavourable |
[ |
0.13 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.21 Times |
] |
|
|
|
|
|
|
|
|
|
|
A low liquid ratio means that the SC may be facing working capital deficiency.
If the SC cannot obtain additional financing or injection of fresh capital,
it may face difficulties in meeting its short term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Acceptable |
[ |
5.48 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.58 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was slightly low. If there is no sharp fall in
its profit or sudden increase in the interest rates, we believe the SC is able
to generate sufficient income to service its interest and repay the loans.
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 : |
|
|
|
|
|
|
|
Although the SC's turnover had increased, its profits had declined
over the same corresponding period. This could be due to the stiffer market
competition and / or higher operating costs which lowered the SC's profit
margin. 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. The SC had an acceptable
interest cover. If there is no sudden sharp increase in interest rate or fall
in the SC's profit, we do believe the SC is able to generate sufficient cash
flow to service its interest payment. 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 : FAIR |
||||||
|
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 |
|
|
25 : MANUFACTURE OF FABRICATED METAL PRODUCTS EXCEPT MACHINERY AND
EQUIPMENT |
|
|
|
|
|
INDUSTRY : |
MANUFACTURING |
|
|
|
|
|
|
|
The Manufacturing sector is one of the important sectors to the growth
of the Malaysian economy. According to Ministry of Finance, the manufacturing
sector is expected to grow 4.9% in year 2013. Export oriented-industries are
expected to benefit from the higher growth of global trade, while
domesticoriented industries expand in line with the better consumer sentiment
and business confidence. The resource-based industries are envisaged to grow
steadily attributed to improved demand for petroleum, chemical, rubber and
plastic products. With better job prospects and higher disposable income, the
transportation equipment subsector, in particular, the passenger car segment
is expected to expand. |
|
|
|
|
|
Value-added of the manufacturing sector expanded 5% during the first half
of 2012. Output of the sector rose 5.2% during the first sevenmonths of 2012
in line with the increase in sales value of manufactured products by 6.5% to
RM363.1 billion. Output from domesticoriented industries continued to expand
8.6% while export-oriented industries grew 4.1%. |
|
|
|
|
|
According to the Department of Statistics, the sales value of the
Manufacturing sector in January 2013 posted a growth of 7.4% (RM3.6 billion) to
record RM52.4 billion as compared to RM48.8 billion reported in year 2012.
Meanwhile, month-on-month basis, the sales value has decreased by 0.4% (RM0.2
billion) as compared with the preceding month. The sales value in December
2012 has been revised positive 7.5% year-on-year to record RM52.6
billion. |
|
|
|
|
|
Output of rubber products increased 3.6% in the first seven month of
2012 mainly supported by continuous demand for rubber gloves. Output of
rubber gloves grew 5.9% on account of the expansion in the global healthcare
industry and wider usage of gloves in other sectors. Similarly, output of
catheters, especially for use in medical appliances, also registered a strong
growth of 12.6%. Nevertheless, production of rubber tyres and tubes reduced
10.9% in tandem with slowing external demand from the automotive industry,
especially China. |
|
|
|
|
|
Meanwhile, production of wood and wood products rebounded 4.6% largely
supported by higher demand for wooden and cane furniture (33.5%). The positive
performance was attributed to vibrant higher demand from major export
destinations such as China and the United States (US) for Malaysian-made
furniture. Demand from China accelerated further following the country’s
rising income level and the implementation of zero import duty on Malaysian
made-furniture. Malaysia government has growth target of 6.5% for wood based
furniture where estimated to reach up to RM53 billion by year 2020.The
government providing pioneer status for tax exemption and investment tax
allowance for this industry as a boost up step towards produce good quality
product and to meet the world demand. |
|
|
|
|
|
The output of chemicals and chemical products rose 9.9% in the first
seven month of year 2012 on account of increasing demand for plastic products
(11.8%) and basic chemicals (11.1%). External demand for plastic packaging
materials surged during the early part of the year 2012, particularly from
Japan and Thailand, as manufacturers resumed operations, which were
interrupted by natural calamities and power outages. Chemical production are
expected to show 7.5 % in year 2013 inline with Malaysia as one of the
largest contributor in world Chemicals & Chemical industries. |
|
|
|
|
|
Tax and non-tax incentives provided by goverment encourage
manufacturers to move up the value chain of manufacturing industry. The new
growth initiatives by goverment in the manufacturing sector such assolar and
medial services can be important drivers of growth apart from helping to
diversify the manufacturing base and contributing to the resilience of the
sector. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
Incorporated in 2001, the SC is a Private Limited company, focusing on
manufacturing and sale of roller shutters, racking systems, storage systems
& related steel products. With its long establishment in the market, the
SC has received strong support from its stable customers base. Its business
position in the market is quite stable and it is expected to enjoy better
market shares over its rivals. The SC is well backed by a listed company
shareholders which would stimulate further growth for the SC. Hence, the
potential growth of the SC is positive.
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
Financial Year
End |
2012-06-30 |
2011-06-30 |
2010-06-30 |
2009-06-30 |
2008-06-30 |
|
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 |
27,011,283 |
23,829,829 |
23,514,763 |
34,806,302 |
28,554,917 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
27,011,283 |
23,829,829 |
23,514,763 |
34,806,302 |
28,554,917 |
|
Costs of Goods Sold |
<22,697,767> |
<19,350,941> |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
4,313,516 |
4,478,888 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,234,817 |
1,389,327 |
1,029,537 |
1,194,211 |
1,671,710 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
1,234,817 |
1,389,327 |
1,029,537 |
1,194,211 |
1,671,710 |
|
Taxation |
<47,830> |
<431,091> |
<61,945> |
<189,096> |
<429,254> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
1,186,987 |
958,236 |
967,592 |
1,005,115 |
1,242,456 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
4,981,571 |
4,023,335 |
3,055,743 |
2,050,628 |
808,172 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
4,981,571 |
4,023,335 |
3,055,743 |
2,050,628 |
808,172 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
6,168,558 |
4,981,571 |
4,023,335 |
3,055,743 |
2,050,628 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
6,168,558 |
4,981,571 |
4,023,335 |
3,055,743 |
2,050,628 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
95,333 |
76,263 |
26,735 |
23,461 |
- |
|
Bankers' acceptance |
90,398 |
49,130 |
- |
- |
- |
|
Lease interest |
75,315 |
115,753 |
136,874 |
89,972 |
67,197 |
|
Term loan / Borrowing |
- |
- |
- |
- |
2,413 |
|
Others |
14,478 |
39,835 |
120,219 |
282,239 |
544,101 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
275,524 |
280,981 |
283,828 |
395,672 |
613,711 |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
3,685,910 |
4,339,898 |
5,166,995 |
3,787,242 |
3,199,310 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
3,685,910 |
4,339,898 |
5,166,995 |
3,787,242 |
3,199,310 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
16,003,966 |
20,551,528 |
17,507,388 |
12,608,752 |
14,422,077 |
|
Trade debtors |
715,770 |
1,626,697 |
1,868,016 |
2,344,515 |
2,667,197 |
|
Other debtors, deposits & prepayments |
217,205 |
214,140 |
266,251 |
146,515 |
689,452 |
|
Cash & bank balances |
1,017,521 |
1,044,986 |
1,682,645 |
730,023 |
242,120 |
|
Others |
- |
- |
354,117 |
678,491 |
125,651 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
17,954,462 |
23,437,351 |
21,678,417 |
16,508,296 |
18,146,497 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
21,640,372 |
27,777,249 |
26,845,412 |
20,295,538 |
21,345,807 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
4,772,365 |
12,410,102 |
- |
1,438,929 |
6,364,062 |
|
Other creditors & accruals |
1,379,758 |
2,001,785 |
5,399,658 |
645,365 |
79,192 |
|
Hire purchase & lease creditors |
636,768 |
877,111 |
895,373 |
502,890 |
368,833 |
|
Bank overdraft |
1,324,770 |
1,080,920 |
378,316 |
433,030 |
- |
|
Bill & acceptances payable |
1,331,000 |
1,085,000 |
600,000 |
1,246,000 |
- |
|
Amounts owing to holding company |
4,401,975 |
3,486,883 |
- |
- |
- |
|
Amounts owing to related companies |
263,457 |
239,985 |
8,639,016 |
11,765,475 |
10,966,772 |
|
Provision for taxation |
65,810 |
130,044 |
- |
- |
- |
|
Other liabilities |
645,476 |
484,953 |
5,036,106 |
- |
500,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
14,821,379 |
21,796,783 |
20,948,469 |
16,031,689 |
18,278,859 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
3,133,083 |
1,640,568 |
729,948 |
476,607 |
<132,362> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
6,818,993 |
5,980,466 |
5,896,943 |
4,263,849 |
3,066,948 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
6,168,558 |
4,981,571 |
4,023,335 |
3,055,743 |
2,050,628 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
6,168,558 |
4,981,571 |
4,023,335 |
3,055,743 |
2,050,628 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
6,268,558 |
5,081,571 |
4,123,335 |
3,155,743 |
2,150,628 |
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
|
|
Lease obligations |
340,435 |
596,895 |
1,474,008 |
930,806 |
701,320 |
|
Deferred taxation |
210,000 |
302,000 |
299,600 |
177,300 |
215,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
550,435 |
898,895 |
1,773,608 |
1,108,106 |
916,320 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
6,818,993 |
5,980,466 |
5,896,943 |
4,263,849 |
3,066,948 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
1,017,521 |
1,044,986 |
1,682,645 |
730,023 |
242,120 |
|
Net Liquid Funds |
<1,638,249> |
<1,120,934> |
704,329 |
<949,007> |
242,120 |
|
Net Liquid Assets |
<12,870,883> |
<18,910,960> |
<16,777,440> |
<12,132,145> |
<14,554,439> |
|
Net Current Assets/(Liabilities) |
3,133,083 |
1,640,568 |
729,948 |
476,607 |
<132,362> |
|
Net Tangible Assets |
6,818,993 |
5,980,466 |
5,896,943 |
4,263,849 |
3,066,948 |
|
Net Monetary Assets |
<13,421,318> |
<19,809,855> |
<18,551,048> |
<13,240,251> |
<15,470,759> |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
3,632,973 |
3,639,926 |
3,347,697 |
3,112,726 |
1,070,153 |
|
Total Liabilities |
15,371,814 |
22,695,678 |
22,722,077 |
17,139,795 |
19,195,179 |
|
Total Assets |
21,640,372 |
27,777,249 |
26,845,412 |
20,295,538 |
21,345,807 |
|
Net Assets |
6,818,993 |
5,980,466 |
5,896,943 |
4,263,849 |
3,066,948 |
|
Net Assets Backing |
6,268,558 |
5,081,571 |
4,123,335 |
3,155,743 |
2,150,628 |
|
Shareholders' Funds |
6,268,558 |
5,081,571 |
4,123,335 |
3,155,743 |
2,150,628 |
|
Total Share Capital |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
Total Reserves |
6,168,558 |
4,981,571 |
4,023,335 |
3,055,743 |
2,050,628 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.07 |
0.05 |
0.08 |
0.05 |
0.01 |
|
Liquid Ratio |
0.13 |
0.13 |
0.20 |
0.24 |
0.20 |
|
Current Ratio |
1.21 |
1.08 |
1.03 |
1.03 |
0.99 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
216 |
315 |
272 |
132 |
184 |
|
Debtors Ratio |
10 |
25 |
29 |
25 |
34 |
|
Creditors Ratio |
77 |
234 |
0 |
15 |
81 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.58 |
0.72 |
0.81 |
0.99 |
0.50 |
|
Liabilities Ratio |
2.45 |
4.47 |
5.51 |
5.43 |
8.93 |
|
Times Interest Earned Ratio |
5.48 |
5.94 |
4.63 |
4.02 |
3.72 |
|
Assets Backing Ratio |
68.19 |
59.80 |
58.97 |
42.64 |
30.67 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
4.57 |
5.83 |
4.38 |
3.43 |
5.85 |
|
Net Profit Margin |
4.39 |
4.02 |
4.11 |
2.89 |
4.35 |
|
Return On Net Assets |
22.15 |
27.93 |
22.27 |
37.29 |
74.52 |
|
Return On Capital Employed |
17.20 |
21.04 |
18.32 |
30.58 |
66.52 |
|
Return On Shareholders' Funds/Equity |
18.94 |
18.86 |
23.47 |
31.85 |
57.77 |
|
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.61.21 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.