|
Report Date : |
25.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUNCHIRIN INDUSTRIES (MALAYSIA) BERHAD |
|
|
|
|
Formerly Known As : |
SUNCHIRIN INDUSTRY (M) BHD |
|
|
|
|
Registered Office : |
Lot 7, Jalan Api-Api 26/1, Hicom Industrial Estate, Section 26, 40400
Shah Alam, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
31.10.1986 |
|
|
|
|
Com. Reg. No.: |
157215-V |
|
|
|
|
Legal Form : |
Public (Limited By Share) |
|
|
|
|
Line of Business : |
Manufacturer of motor vehicle component parts. |
|
|
|
|
No. of Employees : |
500 |
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
* Adopted
abbreviations : |
SC - Subject Company (the company enquired by you) |
|
|
|
|
|
N/A - Not Applicable |
|
|
REGISTRATION NO. |
: |
157215-V |
||||
|
COMPANY NAME |
: |
SUNCHIRIN INDUSTRIES
(MALAYSIA) BERHAD |
||||
|
FORMER NAME |
: |
SUNCHIRIN INDUSTRY (M) BHD (04/05/1995) |
||||
|
INCORPORATION DATE |
: |
31/10/1986 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PUBLIC (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
YES |
||||
|
LISTED DATE |
: |
01/07/1996 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
LOT 7, JALAN API-API 26/1, HICOM
INDUSTRIAL ESTATE, SECTION 26, 40400 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 7, JALAN API-API 26/1, HICOM INDUSTRIAL
ESTATE, SECTION 26, 40400 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-51911558 |
||||
|
FAX.NO. |
: |
03-51911811 |
||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
MITSURU ISHIMOTO ( GROUP MANAGING DIRECTOR
) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
29300 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF MOTOR VEHICLE COMPONENT
PARTS. |
||||
|
AUTHORISED CAPITAL |
: |
MYR 50,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 40,957,000.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 202,810,434 [2012] |
||||
|
NET WORTH |
: |
MYR 108,762,305 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
500 [2013] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
||||
As a public limited company, the SC must have at least one shareholder but there is no limit on the maximum number of shareholders. The SC must have at least two directors. A public limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, suing or be sued by other companies. The liabilities of the shareholders are only up 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 must file in its annual return, together with its financial statements with the Registrar of Companies. In Malaysia, all the companies seeking listing on the Bursa Malaysia (Malaysia Stock Exchange) must be public limited companies.
The SC is principally engaged in the (as a / as an) manufacturing of motor vehicle component parts..
The SC was listed on the Main Board of Bursa Malaysia Securities Bhd on 01/07/1996
The major
shareholder(s) of the SC are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
NICHIRIN CO., LTD. |
C/O LOT 7, JALAN API-API 26/1, SECTION 26, P.O.BOX 7153, 40704 SHAH ALAM, SELANGOR, MALAYSIA. |
AFXLZ00212203 |
8,318,100.00 |
20.31 |
|
SUNRISE INDUSTRY CO., LTD. |
C/O LOT 7, JALAN API-API 26/1, SECTION 26, P.O.BOX 7153, 40704 SHAH ALAM, SELANGOR, MALAYSIA. |
AFXLZ00212202 |
6,332,417.00 |
15.46 |
|
MASAHITO HIRAISHI + |
2-540 SUKAIN, KODERA-CHO, HIMEJA CIT, KANZAKI-GUN, HYOGO, 679-21, JAPAN. |
TG6335638 |
1,674,820.00 |
4.09 |
|
TAKATOSHI YAMAMOTO |
C/O SUNCHIRIN IND. (M) BHD, LOT 7, JALAN API-API 26/1, SECTION 26, P.O.BOX 7153, 40704 SHAH ALAM, SELANGOR, MALAYSIA. |
TG6593776 |
1,550,000.00 |
3.78 |
|
MAYBAN NOMINEES (TEMPATAN) SDN BHD |
194, AL-IDRUS COMMERCIAL CENTRE, JALAN SATOK, 93400 KUCHING, SARAWAK, MALAYSIA. |
258939 |
1,500,000.00 |
3.66 |
|
MR. WAN MOHAMAD ZIN BIN MAT AMIN + |
NO 5 JALAN PJU 3/19, TROPICANA INDAH RESORT HOMES, 47410 PETALING JAYA, SELANGOR, MALAYSIA. |
470204-03-5325 |
1,500,000.00 |
3.66 |
|
RHB NOMINEES (TEMPATAN) SDN BHD |
|
AFAFAF259064 |
771,000.00 |
1.88 |
|
CITIGROUP NOMINESS (ASING) SDN.BHD. |
MENARA CITIBANK, 165, JALAN AMPANG, LEVEL 44, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
263875 |
688,700.00 |
1.68 |
|
MR. LIM HONG LIANG |
NO.35, JALAN MEDANG TANDUK, BUKIT BANDARAYA, 59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
590511-07-5681 |
653,500.00 |
1.60 |
|
HDM NOMINEES (ASING) SDN BHD |
WISMA SRI PINANG, 60, GREEN HILL, LEVELS 2,3,4,7 & 8, 10200 GEORGE TOWN, PULAU PINANG, MALAYSIA. |
278474 |
633,386.00 |
1.55 |
|
MR. QUAH LAKE JEN |
23 JALAN MATA AIR, DI JALAN GENTING KELANG, SETAPAK, 53200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
830824-14-5943 |
625,400.00 |
1.53 |
|
DATO' FARUK BIN OTHMAN + |
11 JALAN SETIA MURNI 6, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
480213-01-5237 |
446,100.00 |
1.09 |
|
MS. AIDA BINTI FARUK |
NO.6,LORONG BASONG, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, MALAYSIA. |
791211-14-5554 |
446,100.00 |
1.09 |
|
MR. SIAH CHONG YONG + |
25 JALAN 19/32, TAMAN JINJANG BARU, 52000 KUALA LUMPUR, MALAYSIA. |
631217-10-6385 |
63,000.00 |
0.15 |
|
MITSURU ISHIMOTO + |
19-10-4,ROYAL TOWER, MONT KIARA PALMA, JLN KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
TZ0787316 |
51,000.00 |
0.12 |
|
MR. KIM KWEI TSANG + |
LEVEL 13A, TOWER C, MEGAN AVENUE II, 12, JALAN YAP KWAN SENG, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
730430-05-5293 |
9,000.00 |
0.02 |
|
REMAINING SHAREHOLDERS |
|
|
15,694,477.00 |
38.32 |
|
|
|
|
--------------- |
------ |
|
|
|
|
40,957,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The SC interest in
other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
|
INDONESIA |
PT SUNCHIRIN INDUSTRIES INDONESIA |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
THAILAND |
SUNCHIRIN INDUSTRY (THAILAND) LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
681089 |
MALAYSIA |
SUNCHIRIN CORPORATION SDN. BHD. |
100.00 |
29/03/2013 |
|
|
|
|
|
|
|
479849 |
MALAYSIA |
SUNCHIRIN PRODUCTION SERVICES SDN. BHD. |
100.00 |
29/03/2013 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. LIM KAU CHIA |
|
Address |
: |
12, JALAN CHENGAL 3/14, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
610623-10-5123 |
|
Date of Birth |
: |
23/06/1961 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
03/01/2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
TAMIYO MAEDA |
|
Address |
: |
UTASHIKIYAMA 1-7-21, TARUMI-KU KOBE-SHI, HYOGO 6550037, JAPAN. |
|
IC / PP No |
: |
TH2642078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
29/03/2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MICHIAKI NAGAI |
|
Address |
: |
6-11-15 SHINZAIKE HONCHO, HIMEJI, HYOGO, JAPAN. |
|
IC / PP No |
: |
TH0210425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
03/01/2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
MR. KIM KWEI TSANG |
|
Address |
: |
LEVEL 13A, TOWER C, MEGAN AVENUE II, 12,
JALAN YAP KWAN SENG, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
730430-05-5293 |
|
Date of Birth |
: |
30/04/1973 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
18/02/2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
MITSURU ISHIMOTO |
|
Address |
: |
19-10-4,ROYAL TOWER, MONT KIARA PALMA, JLN
KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
TZ0787316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment |
: |
26/05/2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject |
: |
MR. SIAH CHONG YONG |
|
Address |
: |
25 JALAN 19/32, TAMAN JINJANG BARU, 52000
KUALA LUMPUR, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
631217-10-6385 |
|
Date of Birth |
: |
17/12/1963 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
20/05/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 7
|
Name Of Subject |
: |
DATO' FARUK BIN OTHMAN |
|
Address |
: |
11 JALAN SETIA MURNI 6, BUKIT DAMANSARA, 50490
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
480213-01-5237 |
|
Date of Birth |
: |
13/02/1948 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
16/06/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 8
|
Name Of Subject |
: |
MR. WAN MOHAMAD ZIN BIN MAT AMIN |
|
Address |
: |
NO 5 JALAN PJU 3/19, TROPICANA INDAH
RESORT HOMES, 47410 PETALING JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
470204-03-5325 |
|
Date of Birth |
: |
04/02/1947 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
13/11/1995 |
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 9
|
Name Of Subject |
: |
MASAHITO HIRAISHI |
|
Address |
: |
2-540 SUKAIN, KODERA-CHO, HIMEJA CIT, KANZAKI-GUN,
HYOGO, 679-21, JAPAN. |
|
IC / PP No |
: |
TG6335638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
20/05/2010 |
|
1) |
Name of Subject |
: |
MITSURU ISHIMOTO |
|
|
Position |
: |
GROUP MANAGING DIRECTOR |
|
|
|
|
|
|
2) |
Name of Subject |
: |
LEE |
|
|
Position |
: |
FINANCE & ACCOUNTS MANAGER |
|
|
|
|
|
|
3) |
Name of Subject |
: |
STACEY LEE SEAK MOEY |
|
|
Position |
: |
FINANCE MANAGER |
|
|
|
|
|
|
4) |
Name of Subject |
: |
LEE HOCK CHUAN |
|
|
Position |
: |
BUSINESS DEVELOPMENT MANAGER |
|
|
|
|
|
|
5) |
Name of Subject |
: |
FAUZAN KASTAMAM |
|
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
|
|
|
|
|
6) |
Name of Subject |
: |
MASAHITO HIRAISHI |
|
|
Position |
: |
EXECUTIVE CHAIRMAN |
|
Auditor |
: |
RUSSELL BEDFORD LC & COMPANY |
|
Auditor' Address |
: |
BANGUNAN YEE SENG,15, JALAN RAJA CHULAN,
10TH FLOOR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
1) |
Company Secretary |
: |
MR. LIM KAU CHIA |
|
|
|
|
|
|
|
New IC No |
: |
610623-10-5123 |
|
|
Address |
: |
12, JALAN CHENGAL 3/14, 40000 SHAH ALAM,
SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
MS. LEONG OI WAH |
|
|
IC / PP No |
: |
5988820 |
|
|
New IC No |
: |
601003-10-6390 |
|
|
Address |
: |
21, JALAN 4/54, 46050 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
CIMB BANK BHD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
MALAYAN BANKING BHD |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
01/10/1987 |
N/A |
MALAYAN BANKING BERHAD |
MYR 115,000.00 |
Satisfied |
|
2 |
15/03/1988 |
N/A |
MALAYAN BANKING BERHAD |
MYR 4,550,000.00 |
Satisfied |
|
3 |
23/05/1989 |
N/A |
MALAYAN BANKING BERHAD |
MYR 1,300,000.00 |
Satisfied |
|
4 |
13/12/1989 |
N/A |
CIMB BANK BERHAD |
MYR 2,100,000.00 |
Satisfied |
|
5 |
15/12/2011 |
N/A |
MAYBANK INTERNATIONAL (L) LTD |
N/A |
Unsatisfied |
* 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 |
|
|
|
|
A trade enquiry
with SC's suppliers revealed the following:
|
|
|
Supplier 1 |
|
Types of Supplies |
: |
CUSTOMIZED SPARE PARTS |
|
Time Known |
: |
8 YEARS |
|
Credit Term |
: |
90 DAYS |
|
Mode of Payment |
: |
CHEQUES |
|
Credit Limit |
: |
N/A |
|
Mthly Avg Trx. |
: |
N/A |
|
Outstanding amount |
: |
N/A |
|
Payment Record |
: |
GOOD |
According to our trade survey and the historical financial accounts, we are of
the opinion that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
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Poor >120 Days |
[ |
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] |
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Local |
: |
YES |
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Domestic Markets |
: |
MALAYSIA |
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Overseas |
: |
YES |
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Export Market |
: |
ASIA |
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Credit Term |
: |
30 - 60 DAYS |
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Payment Mode |
: |
TELEGRAPHIC TRANSFER (TT) |
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Type of Customer |
: |
AUTOMOTIVE INDUSTRIES |
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Products manufactured |
: |
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Brand Name |
: |
SUNCRN, ZETPOWER
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Competitor(s) |
: |
DELLOYD INDUSTRIES (M) SDN BHD
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Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM) SMI ASSOCIATION OF MALAYSIA SMALL & MEDIUM ENTERPRISE MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE) |
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Ownership of premises |
: |
OWNED
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Total Number of Employees: |
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YEAR |
2013 |
2012 |
2011 |
2010 |
2009 |
2008 |
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GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
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COMPANY |
500 |
500 |
500 |
500 |
450 |
400 |
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Branch |
: |
NO
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Other
Information:
The SC is principally
engaged in the (as a / as an) manufacturing of motor vehicle component
parts..
The SC's product categories comprises precision machined parts, metal stamping
parts, and automobile parts as follows:
* Precision Machined Parts - stainless steel parts, and nuts and bolts.
* Stamping Parts - motorcycle parts, brackets for car body, motorcycle parts,
receiver drier brackets, brackets for control unit in car alarm system, and
fuse terminator.
* Automobile Parts - automotive air-conditioning hose assembly, couplings,
pipings, power steering suction connector, power steering hose assembly, water
inlet, air suction connector, breather tube, oil cooler tube, hydraulic
couplings, and mufflers.
The SC utilizes advanced automated and semi-automated machineries to ensure
production of high quality products.
All products are manufactured according to technical drawings and Japanese
manufacturing systems apply.
Main production machineries are as follows:
* CNC Machining JNC-16/JNC-25/SR 32
* TIG Welder
* Bench Lathe
* End Former 40 ton/30 ton/25 ton
* CNC Bending Machine Robot & Loader
* CNC Lathe Machine
* Robodrill Self Center
* Press Machines 150 ton/110 ton/65 ton/60 ton/35 ton/30 ton
* Hose Crimping Machine
The SC manufactures its products for HONDA, DENSO, PERODUA and others.
No projects found in our databank
24/06/2011
Sunchirin Industries (Malaysia) Berhad - Proposed acquisition of two plots of
adjoining lands (the Property) by PT Sunchirin Industries Indonesia, a
subsidiary of SUNCHIRIN (Proposed Acquisition).
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
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Telephone Number Provided By Client |
: |
51911558 |
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Current Telephone Number |
: |
03-51911558 |
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Match |
: |
YES |
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Address Provided by Client |
: |
LOT 7, JALAN API-API 26/1, HICOM
INDUSTRIAL ESTATE, SECTION 26, 40400, SHAH ALA MALAYSIA |
|
Current Address |
: |
LOT 7, JALAN API-API 26/1, HICOM INDUSTRIAL
ESTATE, SECTION 26, 40400 SHAH ALAM, SELANGOR, MALAYSIA. |
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Match |
: |
NO |
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Latest Financial Accounts |
: |
YES |
Other
Investigations
we contacted one of the Senior staff
from the Admin Department. She provided some information on the SC.
The address provided is incomplete.
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Profitability |
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Turnover |
: |
Increased |
[ |
2008 - 2012 |
] |
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Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
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Return on Shareholder Funds |
: |
Unfavourable |
[ |
2.66% |
] |
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Return on Net Assets |
: |
Unfavourable |
[ |
4.99% |
] |
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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. |
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Working Capital
Control |
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Stock Ratio |
: |
Acceptable |
[ |
64 Days |
] |
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Debtor Ratio |
: |
Unfavourable |
[ |
94 Days |
] |
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Creditors Ratio |
: |
Unfavourable |
[ |
63 Days |
] |
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The SC kept adequate stocks to meet its
normal business transactions without incurring excessive storage costs. The
SC's debtors ratio was high. The SC should tighten its credit control and improve
its collection period. 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. |
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Liquidity |
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Liquid Ratio |
: |
Favourable |
[ |
1.02 Times |
] |
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Current Ratio |
: |
Unfavourable |
[ |
1.37 Times |
] |
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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. |
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Solvency |
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Interest Cover |
: |
Unfavourable |
[ |
2.62 Times |
] |
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Gearing Ratio |
: |
Acceptable |
[ |
0.94 Times |
] |
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The SC's interest cover was low. If its
profits fall or when interest rate rises, it may not be able to meet all its
interest payment. The SC's gearing was slightly high. The SC is utilising the
leverage concept to fund its expansion. However, the high gearing has added
financial risks to the SC. It will be more vulnerable in times of economy
downturn. |
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Overall
Assessment : |
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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. If there is a fall in the SC's profit or any increase in
interest rate, the SC may not be able to generate sufficient cash-flow to
service its interest. The SC's gearing was slightly high and its financial
risk was also high. If no plans are made to reduce its gearing, the SC's
performance may deteriorate in the coming year. |
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Overall
financial condition of the SC : POOR |
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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 |
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|
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 |
|
|
29300 : Manufacture of parts and accessories for motor vehicles |
|
|
|
|
|
INDUSTRY : |
MOTOR VECHICLE |
|
|
|
|
|
|
|
The total industry volume (TIV) for year 2013 forcasted 640 000 units.
This is an increase of 2.0% compared to the year 2012. Sales of passenger
vehicles in the year 2013 forcasted increase by 2.0% to 563 000 units
compared to 552 189 units at the year 2012. While sales of comercial vehicles
in year 2013 forcasted to increase by 2.0% to 77 000 units compared to 75 564
units at the year 2012. |
|
|
|
|
|
It is a big challenge for the TIV of year 2013 to create another high
record. However, Malaysia's GPD growth is forcasted to be 5.6% in year 2013. This
is driven by exports and domestic demand and is expected to give confidence
in consumer sentiments. Besides, multiplier effects from the Economic
Transformation Programme's (ETP) projects would give a further boost to the
domestic economy and create greater demand for new vehicles. |
|
|
|
|
|
According to the Malaysian Automotive Association (MAA), the
implimentation of the Bank Negara's guidelines on responsible financing
practices from 1st January 2012 coused a slowdown in new vehicle purchase in first
quarter 2012. However, the total industry volume (TIV) of the year 2012
surged to a historical high of 627,753 units which is an all time record
achievement for the industry. This record had overtaken the previous highest
record of 605,156 units achieved in 2010. It had also outperformed the MAA's
TIV forcast of 615,000 units. The main contributors to the growth were led by
Perodua and Proton, followed by Toyota, Honda and Nissan. |
|
|
|
|
|
The total registration of new passenger vehicles in year 2012 reached
552,189 unts compare with 535,113 units in year 2011. Which had bring an
increase of 3.2% (17,076 units) of growth rate in the registration of
passenger vehicles. While the total registration for commercial vehicles n
2012 was 75,564 units which is an increase of 6.2% (10,554 units). Besides,
the production of new vehicles also recorded an increase of 6.8% (36,105
units) in year 2012. According to the president of Malaysian Automotive
Association (MAA), the record new vehicle sales in 2012 was due to factors
such as strong economic growth, the implementation of infrastructure projects
under the Economic Transformation Programme (ETP), increased consumer
spending and consumption due to stable employment and rising disposable
income, introduction of new models at competitive prices as well as
aggressive sales campaigns by car companies. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
|
Incorporated in 1986,
the SC is a Public Listed company, focusing on manufacturing of motor vehicle
component parts. The SC has been in business for over two decades. It has
built up a strong clientele base and good reputation will enable the SC to
further enhance its business in the near term. The SC is expected to enjoy a
stable market shares. Having strong support from its shareholder has enabled
the SC to remain competitive despite the challenging business environment.
The SC is a large entity with strong capital position. We are confident with
the SC's business and its future growth prospect. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
SUNCHIRIN
INDUSTRIES (MALAYSIA) BERHAD |
|
Financial Year End |
31/12/2012 |
31/12/2011 |
31/12/2010 |
31/12/2009 |
31/12/2008 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
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 |
202,810,434 |
155,892,045 |
155,104,177 |
122,438,943 |
136,780,573 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
202,810,434 |
155,892,045 |
155,104,177 |
122,438,943 |
136,780,573 |
|
Costs of Goods Sold |
<181,209,306> |
<135,186,002> |
<129,435,131> |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
21,601,128 |
20,706,043 |
25,669,046 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
4,703,439 |
1,141,236 |
13,113,668 |
6,074,290 |
8,493,959 |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED
COMPANIES |
406,549 |
620,014 |
760,670 |
775,052 |
825,175 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
5,109,988 |
1,761,250 |
13,874,338 |
6,849,342 |
9,319,134 |
|
Taxation |
<2,212,900> |
<1,342,442> |
<1,598,604> |
<1,406,438> |
<1,201,847> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
2,897,088 |
418,808 |
12,275,734 |
5,442,904 |
8,117,287 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
60,990,438 |
64,606,570 |
54,734,848 |
52,158,444 |
46,340,909 |
|
Prior year adjustment |
- |
<177,144> |
<18,892> |
- |
347,873 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
60,990,438 |
64,429,426 |
54,715,956 |
52,158,444 |
46,688,782 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
63,887,526 |
64,848,234 |
66,991,690 |
57,601,348 |
54,806,069 |
|
TRANSFER TO RESERVES - General |
98,779 |
<18,946> |
<410,000> |
- |
<100,100> |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
<3,838,850> |
<1,975,120> |
<2,866,500> |
<2,547,525> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
63,986,305 |
60,990,438 |
64,606,570 |
54,734,848 |
52,158,444 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
65,552 |
76,270 |
30 |
- |
- |
|
Bankers' acceptance |
65,743 |
37,343 |
- |
- |
- |
|
Hire purchase |
62,807 |
- |
- |
- |
- |
|
Letter of credit |
132,153 |
- |
- |
- |
- |
|
Revolving loans |
173,907 |
72,422 |
- |
- |
- |
|
Term loan / Borrowing |
1,754,171 |
629,798 |
194,405 |
- |
- |
|
Others |
898,741 |
67,547 |
- |
52,328,000 |
153,164 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,153,074 |
883,380 |
194,435 |
52,328,000 |
153,164 |
|
SUNCHIRIN
INDUSTRIES (MALAYSIA) BERHAD |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
118,416,101 |
93,189,631 |
48,022,718 |
35,945,970 |
38,150,584 |
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Associated companies |
7,297,848 |
7,208,980 |
6,102,057 |
5,746,974 |
5,031,296 |
|
Investments |
- |
- |
314,300 |
- |
3,500,000 |
|
Deferred assets |
1,377,162 |
281,273 |
78,054 |
- |
- |
|
Others |
30,030 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
8,705,040 |
7,490,253 |
6,494,411 |
5,746,974 |
8,531,296 |
|
|
|
|
|
|
|
|
INTANGIBLE
ASSETS |
|
|
|
|
|
|
Deferred/Expenditure carried forward |
- |
- |
256,582 |
- |
- |
|
Computer software |
276,831 |
286,715 |
- |
- |
- |
|
Others |
863,367 |
943,190 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
1,140,198 |
1,229,905 |
256,582 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
128,261,339 |
101,909,789 |
54,773,711 |
41,692,944 |
46,681,880 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
35,362,004 |
34,967,095 |
23,785,535 |
18,653,031 |
18,315,155 |
|
Trade debtors |
52,496,265 |
41,187,777 |
34,612,604 |
31,826,371 |
25,965,858 |
|
Other debtors, deposits & prepayments |
12,000,728 |
6,646,855 |
9,419,097 |
6,258,893 |
3,353,096 |
|
Short term deposits |
20,657,510 |
563,747 |
21,813,415 |
35,066,328 |
25,205,470 |
|
Amount due from associated companies |
- |
- |
- |
- |
40 |
|
Cash & bank balances |
16,303,111 |
20,237,118 |
7,988,028 |
1,752,045 |
10,926,442 |
|
Others |
434,151 |
1,485,879 |
284,251 |
199,338 |
473,493 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
137,253,769 |
105,088,471 |
97,902,930 |
93,756,006 |
84,239,554 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
265,515,108 |
206,998,260 |
152,676,641 |
135,448,950 |
130,921,434 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
31,481,085 |
31,631,468 |
21,655,649 |
18,099,977 |
19,345,973 |
|
Other creditors & accruals |
17,379,912 |
6,710,499 |
7,054,227 |
6,418,553 |
4,664,715 |
|
Hire purchase & lease creditors |
2,329,257 |
- |
- |
- |
- |
|
Bank overdraft |
820,135 |
517,094 |
48,082 |
671,971 |
460,459 |
|
Short term borrowings/Term loans |
40,610,846 |
20,076,825 |
- |
1,221,778 |
473,420 |
|
Bill & acceptances payable |
4,342,000 |
922,000 |
- |
- |
- |
|
Amounts owing to associated companies |
- |
- |
317,355 |
249,620 |
128,276 |
|
Provision for taxation |
877,615 |
532,773 |
643,736 |
307,536 |
316,147 |
|
Other liabilities |
1,994,888 |
16,779 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
99,835,738 |
60,407,438 |
29,719,049 |
26,969,435 |
25,388,990 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
37,418,031 |
44,681,033 |
68,183,881 |
66,786,571 |
58,850,564 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
165,679,370 |
146,590,822 |
122,957,592 |
108,479,515 |
105,532,444 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
40,957,000 |
40,957,000 |
40,957,000 |
40,957,000 |
40,957,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
40,957,000 |
40,957,000 |
40,957,000 |
40,957,000 |
40,957,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Share premium |
7,161,950 |
7,161,950 |
7,161,950 |
7,161,950 |
7,161,950 |
|
Exchange equalisation/fluctuation reserve |
<39,824> |
1,794,126 |
2,351,514 |
2,849,765 |
2,095,637 |
|
Statutory reserve |
1,247,700 |
1,247,700 |
1,247,700 |
837,700 |
837,700 |
|
Retained profit/(loss) carried forward |
63,986,305 |
60,990,438 |
64,606,570 |
54,734,848 |
52,158,444 |
|
Others |
<4,550,826> |
<4,546,198> |
<3,976,075> |
<213,361> |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
67,805,305 |
66,648,016 |
71,391,659 |
65,370,902 |
62,253,731 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
108,762,305 |
107,605,016 |
112,348,659 |
106,327,902 |
103,210,731 |
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
|
Long term loans |
45,253,403 |
35,970,291 |
8,211,008 |
- |
423,193 |
|
Hire purchase creditors |
9,023,840 |
- |
- |
- |
- |
|
Deferred taxation |
763,000 |
1,052,362 |
826,439 |
1,013,402 |
882,794 |
|
Retirement benefits provision |
1,876,822 |
1,963,153 |
1,571,486 |
1,138,211 |
1,015,726 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
56,917,065 |
38,985,806 |
10,608,933 |
2,151,613 |
2,321,713 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
165,679,370 |
146,590,822 |
122,957,592 |
108,479,515 |
105,532,444 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SUNCHIRIN
INDUSTRIES (MALAYSIA) BERHAD |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
36,960,621 |
20,800,865 |
29,801,443 |
36,818,373 |
36,131,912 |
|
Net Liquid Funds |
31,798,486 |
19,361,771 |
29,753,361 |
36,146,402 |
35,671,453 |
|
Net Liquid Assets |
2,056,027 |
9,713,938 |
44,398,346 |
48,133,540 |
40,535,409 |
|
Net Current Assets/(Liabilities) |
37,418,031 |
44,681,033 |
68,183,881 |
66,786,571 |
58,850,564 |
|
Net Tangible Assets |
164,539,172 |
145,360,917 |
122,701,010 |
108,479,515 |
105,532,444 |
|
Net Monetary Assets |
<54,861,038> |
<29,271,868> |
33,789,413 |
45,981,927 |
38,213,696 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
102,553,388 |
57,558,632 |
8,259,090 |
1,893,749 |
1,357,072 |
|
Total Liabilities |
156,752,803 |
99,393,244 |
40,327,982 |
29,121,048 |
27,710,703 |
|
Total Assets |
265,515,108 |
206,998,260 |
152,676,641 |
135,448,950 |
130,921,434 |
|
Net Assets |
165,679,370 |
146,590,822 |
122,957,592 |
108,479,515 |
105,532,444 |
|
Net Assets Backing |
108,762,305 |
107,605,016 |
112,348,659 |
106,327,902 |
103,210,731 |
|
Shareholders' Funds |
108,762,305 |
107,605,016 |
112,348,659 |
106,327,902 |
103,210,731 |
|
Total Share Capital |
40,957,000 |
40,957,000 |
40,957,000 |
40,957,000 |
40,957,000 |
|
Total Reserves |
67,805,305 |
66,648,016 |
71,391,659 |
65,370,902 |
62,253,731 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.37 |
0.34 |
1.00 |
1.37 |
1.42 |
|
Liquid Ratio |
1.02 |
1.16 |
2.49 |
2.78 |
2.60 |
|
Current Ratio |
1.37 |
1.74 |
3.29 |
3.48 |
3.32 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
64 |
82 |
56 |
56 |
49 |
|
Debtors Ratio |
94 |
96 |
81 |
95 |
69 |
|
Creditors Ratio |
63 |
85 |
61 |
54 |
52 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.94 |
0.53 |
0.07 |
0.02 |
0.01 |
|
Liabilities Ratio |
1.44 |
0.92 |
0.36 |
0.27 |
0.27 |
|
Times Interest Earned Ratio |
2.62 |
2.99 |
72.36 |
1.13 |
61.84 |
|
Assets Backing Ratio |
4.02 |
3.55 |
3.00 |
2.65 |
2.58 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
2.52 |
1.13 |
8.95 |
5.59 |
6.81 |
|
Net Profit Margin |
1.43 |
0.27 |
7.91 |
4.45 |
5.93 |
|
Return On Net Assets |
4.99 |
1.80 |
11.44 |
54.55 |
8.98 |
|
Return On Capital Employed |
4.86 |
1.78 |
11.41 |
54.22 |
8.94 |
|
Return On Shareholders' Funds/Equity |
2.66 |
0.39 |
10.93 |
5.12 |
7.86 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
9.17 |
0.16 |
0.53 |
0.31 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.45 |
|
UK Pound |
1 |
Rs.91.24 |
|
Euro |
1 |
Rs.78.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.