|
Report Date : |
27.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRILLION RUBBER SDN. BHD. |
|
|
|
|
Registered Office : |
B2 & B3, Jalan Bakar Arang, 1st Floor , 08000 Sungai Petani, Kedah |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
07.07.2009 |
|
|
|
|
Com. Reg. No.: |
863408-D |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacture and Trading of Rubber Products |
|
|
|
|
No. of Employees : |
85 |
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. |
: |
863408-D |
|
COMPANY NAME |
: |
TRILLION RUBBER SDN. BHD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
07/07/2009 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
B2 & B3, JALAN BAKAR ARANG, 1ST FLOOR , 08000 SUNGAI PETANI,
KEDAH, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
PLOT 1, LOT 5614, SUNGAI KETAPAN, 08300 GURUN, KEDAH, MALAYSIA. |
|
TEL.NO. |
: |
04-4619687 |
|
FAX.NO. |
: |
04-4619686 |
|
CONTACT PERSON |
: |
GOY BOON KIAN @ WEE WEARN LEE ( MANAGING DIRECTOR ) |
|
INDUSTRY CODE |
: |
221 |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE AND TRADING OF RUBBER PRODUCTS |
|
AUTHORISED CAPITAL |
: |
MYR 10,000,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 5,125,000.00 DIVIDED INTO |
|
SALES |
: |
MYR 345,843,439 [2011] |
|
NET WORTH |
: |
MYR 16,951,868 [2011] |
|
BANKER (S) |
|
BANGKOK BANK BHD |
|
STAFF STRENGTH |
: |
85 [2013] |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
|
PROPOSED CREDIT LIMIT |
: |
MYR 6,295,000 (USD 1,999,000) |
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) manufacture and
trading of rubber products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The ultimate holding company of the SC is SOUTHLAND RESOURCES CO., LTD.,
a company incorporated in THAILAND.
The major shareholder(s) of the SC are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SOUTHLAND RESOURCES CO. LTD. |
55, RAJYIDEE ROAD, HATYAI SUB DISTRICT, HATYAI DISTRICT, SONGKHLA
PROVINCE, THAILAND. |
0905539002719 |
3,350,000.00 |
65.37 |
|
MR. GOY BOON KIAN @ WEE WEARN LEE + |
167-31-3, GURNEY PARK, 10250 GEORGETOWN, PULAU PINANG, MALAYSIA. |
481016-01-5259 |
1,025,000.00 |
20.00 |
|
ING-ORN TASARNVONG |
52, KLONGJID ROAD, HADYAI SUB-DISTRICT, HADYAI DISTRICT, SONGKLA PROVINCE,
SONGKLA PROVINCE, THAILAND. |
I934766 |
350,000.00 |
6.83 |
|
LIM THIAM CHYE + |
20, PENSHURST PLACE, 556435, SINGAPORE. |
E0573065N |
150,000.00 |
2.93 |
|
FENG NIAN COMPANY PTE. LTD. |
8, CROSS STREET, #23-03, PWC BUILDING, 048424, SINGAPORE. |
200310407C |
250,000.00 |
4.88 |
|
|
|
|
--------------- |
------ |
|
|
|
|
5,125,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
LEONG TIM FOOK |
|
Address |
: |
2, KIM YAM ROAD, RIVIERA POINT, 06-02 , 239320, SINGAPORE. |
|
IC / PP No |
: |
S2000628E |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
02/09/2009 |
DIRECTOR 2
|
Name Of Subject |
: |
PHERM TIRASARNVONG |
|
Address |
: |
167-31-3, GURNEY PARK, 10250 GEORGETOWN, PULAU PINANG, MALAYSIA. |
|
IC / PP No |
: |
C794175 |
|
Nationality |
: |
N/A |
|
Date of Appointment |
: |
07/07/2009 |
DIRECTOR 3
|
Name Of Subject |
: |
DATO' HJ ALIASAK BIN AMBIA |
|
Address |
: |
82, LORONG SERI MENANTI, BUKIT CHEDANG, 70300 SEREMBAN, NEGERI
SEMBILAN, MALAYSIA. |
|
New IC No |
: |
400904-05-5075 |
|
Date of Birth |
: |
04/09/1940 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/11/2011 |
DIRECTOR 4
|
Name Of Subject |
: |
MR. QUAH SWEE KHENG |
|
Address |
: |
12, JALAN RADIN 3, TAMAN SERI PETALING, 57000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
New IC No |
: |
531215-07-5011 |
|
Date of Birth |
: |
15/12/1953 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/01/2012 |
DIRECTOR 5
|
Name Of Subject |
: |
LIM THIAM CHYE |
|
Address |
: |
20, PENSHURST PLACE, 556435, SINGAPORE. |
|
IC / PP No |
: |
E0573065N |
|
Date of Appointment |
: |
20/05/2011 |
DIRECTOR 6
|
Name Of Subject |
: |
MR. GOY BOON KIAN @ WEE WEARN LEE |
|
Address |
: |
167-31-3, GURNEY PARK, 10250 GEORGETOWN, PULAU PINANG, MALAYSIA. |
|
New IC No |
: |
481016-01-5259 |
|
Date of Birth |
: |
16/10/1948 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
07/07/2009 |
|
1) |
Name of Subject |
: |
GOY BOON KIAN @ WEE WEARN LEE |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
H.T. TAN & ASSOCIATES |
|
Auditor' Address |
: |
B2 & B3, JALAN BAKAR ARANG, 2ND FLOOR, 08000 SUNGAI PETANI, KEDAH,
MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. LAW SEUW CHING |
|
|
IC / PP No |
: |
5274616B |
|
|
New IC No |
: |
570808-02-6356 |
|
|
Address |
: |
B11, LORONG INTAN C/3, TAMAN INTAN, 08000 SUNGAI PETANI, KEDAH,
MALAYSIA. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
BANGKOK BANK BHD |
|
|
|
|
|
|
2) |
Name |
: |
AMBANK (M) BHD |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
22/08/2011 |
N/A |
AMBANK (M) BHD |
MYR 7,000,000.00 |
Unsatisfied |
|
2 |
23/02/2012 |
N/A |
BANGKOK BANK BHD |
N/A |
Unsatisfied |
|
3 |
16/01/2013 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BERHAD |
USD 5,000,000.00 |
Unsatisfied |
|
4 |
07/03/2013 |
N/A |
CIMB BANK BERHAD |
6,000,000.00 |
Unsatisfied |
|
6 |
07/03/2013 |
N/A |
CIMB BANK BERHAD |
2,000,000.00 |
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 |
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 |
[ |
X |
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Products manufactured |
: |
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2013 |
2011 |
|
||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
85 |
55 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacture and trading of
rubber products.
The SC manufactures raw materials especially the rubber products for tyre
industry.
The SC however refused to reveal more information on its operation.
No projects found in our databank
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
03 22960000 |
|
Current Telephone Number |
: |
04-4619687 |
|
Match |
: |
NO |
|
|
|
|
|
Address Provided by Client |
: |
SUITEA, 61/63 LEBUH BISHOP, GEORGE TOWN, 1ST FLOOR, 10200 PULAU
PINANG, PULAU PINANG, MALAYSIA |
|
Current Address |
: |
PLOT 1, LOT 5614, SUNGAI KETAPAN, 08300 GURUN, KEDAH, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 23rd July 2013 we contacted one of the staff from the SC and she provided some
information on the SC.
The SC has shifted from the address provided.
The SC is not aware of the telephone number provided.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2009 - 2011 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2011 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
45.29% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
67.37% |
] |
|
|
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. Generally the SC was
profitable. The favourable return on shareholders' funds and return on net
assets indicate that the SC's management was efficient in utilising the
assets to generate returns. |
||||||
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
13 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
38 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
18 Days |
] |
|
|
The SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the SC. 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 |
[ |
1.03 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.23 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the SC in order to
assure its creditors of its ability to meet short term obligations and the SC
was in a good liquidity position. Thus, we believe the SC is able to meet all
its short term obligations as and when they fall due. |
||||||
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
10.69 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.18 Times |
] |
|
|
The interest cover showed that the SC was able to service the interest.
The favourable interest cover could indicate that the SC was making enough
profit to pay for the interest accrued. The SC was lowly geared thus it had a
low financial risk. The SC was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the SC
being a lowly geared company, will be able to compete better than those
companies which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
|
|
|
|
|
|
|
Generally, the SC's performance has improved with higher turnover and
profit. The SC was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the SC should be able to repay its short term obligations. With the
favourable interest cover, the SC could be able to service all the accrued
interest without facing any difficulties. The SC as a lowly geared company,
will be more secured compared to those highly geared companies. It has the
ability to meet all its long term obligations. |
||||||
|
Overall financial condition of the SC : STABLE |
||||||
|
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 |
|
|
221 : Manufacture of rubber products |
|
|
|
|
|
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 2009, the SC is a Private Limited company, focusing on
manufacture and trading of rubber products. Having been in the industry for 5 years,
the SC has started to stabilise its business position in the market. Having
strong support from its holding company has enabled the SC to remain
competitive despite the challenging business environment. The capital standing
of the SC is fair. With an adequate share capital, the SC has the potential of
expanding its business in future.
Over the years, the SC has penetrated into both the local and overseas market.
The SC has positioned itself in the global market and is competing in the
industry. Its stable clientele base will enable the SC to further enhance its
business in the near term. Being a moderate size company, the SC has a total
workforce of 85 employees in its business operations. Overall, we regard that
the SC's management capability is average. This indicates that the SC has
greater potential to improve its business performance and raising income for
the SC.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. Based on the higher profitability, the
SC has generated a favourable return based on its existing shareholders' funds
which indicated that the management was efficient in utilising its funds to generate
income. The SC is in good liquidity position with its current liabilities well
covered by it current assets. Hence, it has sufficient working capital to meet
its short term financial obligations. Being a lowly geared company, the SC is
exposed to low financial risk as it is mainly dependent on its internal funds
to finance its business needs. Given a positive net worth standing at MYR
16,951,868, the SC should be able to maintain its business in the near terms.
The SC's supplier are from both the local and overseas countries. This will
eliminates the risk of dependency on deliveries from a number of key suppliers
and insufficient quantities of its raw materials. Overall the SC has a good
control over its resources.
Overall, the SC's payment habit is good as the SC has a good credit control and
it could be taking advantage of the cash discounts while maintaining a good
reputation with its creditors.
The industry shows an upward trend and this trend is very likely to sustain in
the near terms. Hence, the SC is expected to benefit from the favourable
outlook of the industry.
Based on the above condition, we recommend credit be granted to the SC
promptly.
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
TRILLION RUBBER SDN. BHD. |
|
Financial Year End |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Months |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
|
TURNOVER |
345,843,439 |
187,076,971 |
6,077,591 |
|
Other Income |
5,241,884 |
104,159 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
Total Turnover |
351,085,323 |
187,181,130 |
6,077,591 |
|
Costs of Goods Sold |
<33,106,462> |
<179,209,093> |
- |
|
|
---------------- |
---------------- |
---------------- |
|
Gross Profit |
317,978,861 |
7,972,037 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) FROM OPERATIONS |
10,392,104 |
4,954,013 |
<218,560> |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
10,392,104 |
4,954,013 |
<218,560> |
|
Taxation |
<2,714,827> |
<1,230,000> |
0 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
7,677,277 |
3,724,013 |
<218,560> |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
As previously reported |
3,505,453 |
<218,560> |
- |
|
|
---------------- |
---------------- |
---------------- |
|
As restated |
3,505,453 |
<218,560> |
- |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
11,182,730 |
3,505,453 |
<218,560> |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
11,182,730 |
3,505,453 |
<218,560> |
|
|
============= |
============= |
============= |
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
Others |
1,072,391 |
521,941 |
- |
|
|
---------------- |
---------------- |
|
|
|
1,072,391 |
521,941 |
|
|
TRILLION RUBBER SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
FIXED ASSETS |
2,088,568 |
2,361,817 |
2,272,970 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
Deferred assets |
100,992 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
100,992 |
- |
0 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
2,189,560 |
2,361,817 |
2,272,970 |
|
CURRENT ASSETS |
|
|
|
|
Stocks |
12,626,873 |
15,356,236 |
- |
|
Trade debtors |
36,313,421 |
36,219,062 |
- |
|
Other debtors, deposits & prepayments |
4,069,444 |
164,427 |
- |
|
Short term deposits |
3,042,300 |
- |
- |
|
Cash & bank balances |
22,742,818 |
11,642,437 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
78,794,856 |
63,382,162 |
19,907,021 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
80,984,416 |
65,743,979 |
22,179,991 |
|
|
============= |
============= |
============= |
|
CURRENT LIABILITIES |
|
|
|
|
Trade creditors |
1,673,894 |
59,899 |
- |
|
Other creditors & accruals |
4,192,163 |
2,279,767 |
- |
|
Hire purchase & lease creditors |
99,355 |
84,147 |
- |
|
Short term borrowings/Term loans |
2,965,367 |
- |
- |
|
Amounts owing to holding company |
53,932,500 |
55,941,000 |
- |
|
Amounts owing to director |
27,781 |
5,424 |
- |
|
Provision for taxation |
1,075,766 |
909,432 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
63,966,826 |
59,279,669 |
17,459,792 |
|
|
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
14,828,030 |
4,102,493 |
2,447,229 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
17,017,590 |
6,464,310 |
4,720,199 |
|
|
============= |
============= |
============= |
|
SHARE CAPITAL |
|
|
|
|
Ordinary share capital |
5,125,000 |
5,125,000 |
4,900,002 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
5,125,000 |
5,125,000 |
4,900,002 |
|
RESERVES |
|
|
|
|
Share premium |
644,138 |
<2,234,151> |
- |
|
Retained profit/(loss) carried forward |
11,182,730 |
3,505,453 |
<218,560> |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
11,826,868 |
1,271,302 |
<218,560> |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
16,951,868 |
6,396,302 |
4,681,442 |
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
Hire purchase creditors |
65,722 |
26,008 |
- |
|
Deferred taxation |
- |
42,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
65,722 |
68,008 |
38,757 |
|
|
---------------- |
---------------- |
---------------- |
|
|
17,017,590 |
6,464,310 |
4,720,199 |
|
|
============= |
============= |
============= |
|
TRILLION RUBBER SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
Cash |
25,785,118 |
11,642,437 |
- |
|
Net Liquid Funds |
25,785,118 |
11,642,437 |
- |
|
Net Liquid Assets |
2,201,157 |
<11,253,743> |
2,447,229 |
|
Net Current Assets/(Liabilities) |
14,828,030 |
4,102,493 |
2,447,229 |
|
Net Tangible Assets |
17,017,590 |
6,464,310 |
4,720,199 |
|
Net Monetary Assets |
2,135,435 |
<11,321,751> |
2,408,472 |
|
BALANCE SHEET ITEMS |
|
|
|
|
Total Borrowings |
3,130,444 |
110,155 |
- |
|
Total Liabilities |
64,032,548 |
59,347,677 |
17,498,549 |
|
Total Assets |
80,984,416 |
65,743,979 |
22,179,991 |
|
Net Assets |
17,017,590 |
6,464,310 |
4,720,199 |
|
Net Assets Backing |
16,951,868 |
6,396,302 |
4,681,442 |
|
Shareholders' Funds |
16,951,868 |
6,396,302 |
4,681,442 |
|
Total Share Capital |
5,125,000 |
5,125,000 |
4,900,002 |
|
Total Reserves |
11,826,868 |
1,271,302 |
<218,560> |
|
LIQUIDITY (Times) |
|
|
|
|
Cash Ratio |
0.40 |
0.20 |
- |
|
Liquid Ratio |
1.03 |
0.81 |
- |
|
Current Ratio |
1.23 |
1.07 |
1.14 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
Stock Ratio |
13 |
30 |
- |
|
Debtors Ratio |
38 |
71 |
- |
|
Creditors Ratio |
18 |
0 |
- |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
Gearing Ratio |
0.18 |
0.02 |
- |
|
Liabilities Ratio |
3.78 |
9.28 |
3.74 |
|
Times Interest Earned Ratio |
10.69 |
10.49 |
- |
|
Assets Backing Ratio |
3.32 |
1.26 |
0.96 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
Operating Profit Margin |
3.00 |
2.65 |
<3.60> |
|
Net Profit Margin |
2.22 |
1.99 |
<3.60> |
|
Return On Net Assets |
67.37 |
84.71 |
<4.63> |
|
Return On Capital Employed |
66.98 |
83.62 |
<4.63> |
|
Return On Shareholders' Funds/Equity |
45.29 |
58.22 |
<4.67> |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
- |
|
NOTES TO ACCOUNTS |
|
|
|
|
Contingent Liabilities |
0 |
0 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.91 |
|
|
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.