|
Report Date : |
30.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEDERMAN (MALAYSIA) SDN. BHD. |
|
|
|
|
Formerly Known As : |
DANTHERM FILTRATION SDN. BHD. (09/08/2011) |
|
|
|
|
Registered Office : |
3-1, Jalan Indrahana 2, Off Jalan Kuchai Lama, 58200 Kuala Lumpur,
Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
11.03.2010 |
|
|
|
|
Com. Reg. No.: |
892768-T |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Trading of Dust and Air Filtration Products |
|
|
|
|
No. of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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. |
: |
892768-T |
|
COMPANY NAME |
: |
NEDERMAN (MALAYSIA) SDN. BHD. |
|
FORMER NAME |
: |
DANTHERM FILTRATION SDN. BHD. (09/08/2011) |
|
INCORPORATION DATE |
: |
11/03/2010 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
3-1, JALAN INDRAHANA 2, OFF JALAN KUCHAI LAMA, 58200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
61, JALAN SURIA PUCHONG 2, PUSAT PERDAGANGAN SURIA PUCHONG, 47110
PUCHONG, SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
03-89401192 |
|
FAX.NO. |
: |
03-89401196 |
|
CONTACT PERSON |
: |
WONG SOONG SENG ( MANAGING DIRECTOR ) |
|
INDUSTRY CODE |
: |
466 |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF DUST AND AIR FILTRATION PRODUCTS |
|
AUTHORISED CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 300,000.00 DIVIDED INTO |
|
SALES |
: |
MYR 1,054,173 [2011] |
|
NET WORTH |
: |
MYR <273,180> [2011] |
|
BANKER (S) |
|
HSBC BANK MALAYSIA BHD |
|
STAFF STRENGTH |
: |
4 [2013] |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
FAIR |
|
MANAGEMENT CAPABILITY |
: |
WEAK |
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
The SC is a private limited company and is allowed to have a minimum of
one and a maximum of forty-nine shareholders. As a private limited company, the
SC must have at least two directors. A private limited company is a separate
legal entity from its shareholders. As a separate legal entity, the SC is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the equity
they have taken up and the creditors cannot claim on shareholders' personal
assets even if the SC is insolvent. The SC is governed by the Companies Act,
1965 and the company must file its annual returns, together with its financial
statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) trading of dust and
air filtration products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The major shareholder(s) of the SC are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
NEDERMAN S.E.A. CO LTD |
66/1, MOO 11, BANGKRUAY-SAINOI ROAD, T.BANGBUATHONG A.BANGBUATHONG,
NONTHABURI, 11110, THAILAND. |
0105534081588 |
300,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
300,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. LEONG WENG KIT |
|
Address |
: |
20, LORONG SERI TERUNTUM 107, TAMAN SERI TERUNTUM, 26100 BALOK,
PAHANG, MALAYSIA. |
|
New IC No |
: |
680921-06-5127 |
|
Date of Birth |
: |
21/09/1968 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
11/03/2010 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. WONG SOONG SENG |
|
Address |
: |
4, JALAN PU 2/1B, TAMAN PUCHONG UTAMA, 47100 PUCHONG, SELANGOR,
MALAYSIA. |
|
New IC No |
: |
740607-04-5373 |
|
Date of Birth |
: |
07/06/1974 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
11/03/2010 |
DIRECTOR 3
|
Name Of Subject |
: |
HENRIK AAQUIST |
|
Address |
: |
PORTLAND STREET HOUSE 208, 3, SONGJIANG ROAD, XIE TANG SUZHOU SIP,
JIANGSU, 215123, CHINA. |
|
IC / PP No |
: |
102400139 |
|
Date of Appointment |
: |
11/03/2010 |
DIRECTOR 4
|
Name Of Subject |
: |
JOHN SCHILLING WESTBROOK |
|
Address |
: |
342/25, PRUEK PIROM REGENT, RAM INTRA SOI 14, THARAENG BANG KHEN,
BANGKOK 10230, THAILAND. |
|
IC / PP No |
: |
E4064353 |
|
Nationality |
: |
AUSTRALIAN |
|
Date of Appointment |
: |
16/01/2012 |
|
1) |
Name of Subject |
: |
WONG SOONG SENG |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
TAI, YAPP & CO. |
|
Auditor' Address |
: |
3-2, JALAN INDRAHANA 2, OFF JALAN KUCHAI LAMA, 58200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. KRISHNAN @ TAN BOON SENG |
|
|
|
|
|
|
|
New IC No |
: |
521013-10-5869 |
|
|
Address |
: |
37, JALAN UTARA, 46200 PETALING JAYA, SELANGOR, MALAYSIA. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
HSBC BANK MALAYSIA BHD |
|
|
|
|
|
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
* 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 |
: |
NO |
Percentage |
: |
0% |
|
Overseas |
: |
YES |
Percentage |
: |
100% |
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 |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
X |
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
SINGAPORE |
|||
|
Credit Term |
: |
30 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
DUST AND AIR FILTRATION PRODUCTS
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2013 |
|
|||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
4 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a /
as an) trading of dust and air filtration products.
The SC is mainly involved in industrial air filtration and resource management.
The SC is also involved in the following industries:
a) Welding, cutting and blasting.
b) Composite machining
c) Wood working industry
No projects found in our databank
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-89401192 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
NO.61, JALAN SURIA PUCHONG 2, PUSAT PERDAGANGAN SURIA PUCHONG 10
PUCHONG, SELA MALAYSIA |
|
Current Address |
: |
61, JALAN SURIA PUCHONG 2, PUSAT PERDAGANGAN SURIA PUCHONG, 47110
PUCHONG, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 24th July 2013, we contacted a staff from the SC and she provided some
information on the SC.
The address provided is incomplete and the postcode provided is incorrect.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
128.12% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
<20.78%> |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
44.20% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
41.27% |
] |
|
|
|
|
|
|
|
|
|
|
The increase in turnover could be due to the SC adopting an aggressive
marketing strategy.The SC could be more efficient in controlling its
operating costs and had managed to reduce its losses during the year.
Although the SC's returns showed positive figures it is not reflective of the
true situation. The SC incurred losses during the year and its shareholders'
funds have turned red. The positive returns on shareholders' funds is the
result of losses divided by negative shareholders' funds. The SC's management
was inefficient in utilising the assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
84 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
85 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
3 Days |
] |
|
|
|
|
|
|
|
|
|
|
The SC could be incurring higher holding cost. As its capital was tied
up in stocks, it could face liquidity problems. The SC's debtors ratio was
high. The SC should tighten its credit control and improve its collection
period. 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 |
: |
Unfavourable |
[ |
0.47 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.69 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 |
: |
Unfavourable |
[ |
<14.09 Times> |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC incurred losses in the year. It did not generate sufficient
income to service its interest. If the situation does not improve, the SC may
be vulnerable to default in servicing the interest. The SC had no gearing and
hence it had virtually no financial risk. The SC was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the SC, having a zero gearing, will be able to compete better than
those which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
The higher turnover had helped to reduce the SC's losses. 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's interest cover was negative,
indicating that it did not generate sufficient income to service its
interest. If its result does not show impressive improvements or succeed
obtaining short term financing or capital injection, it may not be able to
service its interest and repay the loans. The SC was a zero gearing company,
it was solely dependant on its shareholders to provide funds to finance its
business. The SC has good chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : POOR |
||||||
|
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 |
|
|
466 : Other specialized wholesale |
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
According to the Retail Group Malaysia (RGM), the wholesale and retail
trade sector forecast to grow to 6% in year 2013. During the first quarter of
year 2013, RGM is estimating the retail industry to grow 6.9%. Many retailers
have been enjoying better sales since the government handed out cash from
mid-January of 2013 under the second round of Bantuan Rakyat 1Malaysia to
more than 12 million Malaysians. Bookstores and related retail stores have
also started enjoying rising sales since the RM250 1Malaysia Book Voucher was
distributed to 1.3 million private and public university students. Besides,
since early February 2013, handphone traders and retailers selling smartphone
accessories have started to benefit from the RM200 rebate on smartphones for
1.5 million young adults aged between 21 and 30 years with a monthly income
of not more than RM3,000. |
|
|
|
|
|
The wholesale and retail trade sector grew 6.1% in the first half of
the year 2012 driven by strong domestic consumption and the increasing number
of large format stores operating in Malaysia, including 180 foreign
hypermarkets, superstores and departmental stores as at end of August 2012.
In addition, other indicators such as imports of consumption goods were
higher by 15.2%. |
|
|
|
|
|
In 2012, the wholesale and retail trade sector growth to 5.5% driven
by higher consumption which benefited from Government initiatives under the
2012 Budget such as BR1M, Baucar Buku 1Malaysia (BB1M) and the RM100
assistance for all primary and secondary school students. The performance of
the sector will also be supported by ongoing efforts to modernise the retail
segment under the ETP. In 2012, 500 retail shops and 50 workshops are
targeted to be modernised under the Retail Shop Transformation (TUKAR) and
Automotive Workshop Modernisation (ATOM) programmes, respectively. As at end
of July 2012, 95 workshops have been modernised, surpassing the yearly
target, while 393 retail shops have been modernised. |
|
|
|
|
|
Growth of the sector is anticipated to remain encouraging with ongoing
efforts by the Government to increase its contribution to the economy. Major
initiatives include increasing the number of large format stores such as
hypermarkets, superstores and departmental stores are carried out to boost
the economy. |
|
|
|
|
|
Over 60% of Gross Domestic Product (GDP) is contributed by domestic
consumption, therefore the wholesale and retail sector plays a crucial role
in driving Malaysia's growth over the next decade despite the ongoing global
economic slowdown. By 2020, Malaysia's wholesale and retail sector is
expected to boost the country's total Gross National Income (GNI) by RM156
billion, creating 454,190 new jobs. |
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
Incorporated in 2010, the SC is a Private Limited company, focusing on
trading of dust and air filtration products. The SC has been in business for
less than 5 years and it has slowly been building up contact with its clients
while competing in the industry. However, it has yet to enjoy a stable market
shares as it need to compete many well established players in the same field.
Presently, issued and paid up capital of the SC stand at MYR300,000.
Apart from supplying its products to the local market, the SC also exports to
overseas countries. Its ability to penetrate into the global market has
benefited the SC in terms of higher profitability and well diversified its
business risk. Hence, better growth prospect can be expected. Being a small
company, the SC's business operation is supported by 4 employees. Overall, we
regard that the SC's management capability is weak. Without capable management,
the SC is unlikely to be successful and often contribute to unacceptable levels
of accountability. Weak management can affect productivity, profitability,
sales growth and ultimately can result in the failure of a business.
Despite the higher turnover, the SC suffered pre-tax losses which reflected a
highly competitive business environment. The SC has generated an unfavourable
return on shareholders' funds indicating that the management was inefficient in
utilising its funds to generate return. Due to its weak liquidity position, the
SC may face working capital deficiency in meeting its short term financial
obligations if no fresh capital are injected into the SC. Being a zero geared
company, the SC virtually has no financial risk as it is mainly dependent on
its internal funds to finance its business. The SC's unfavourable financial
performance over the years has wiped out its shareholders' funds to a deficit
of MYR -273,180. Therefore, the SC as a going concern is much dependent on its
ability to generate sufficient cash flow and obtain additional financing to
meet its future obligations.
Without a strong assets backing, the SC may face difficulties in getting loans
for its future expansion and continued growth . Investigation revealed that the
SC's supplies are 100% sourced from overseas countries. As an imported oriented
company, its forex exposure is high. The SC faces foreign currency fluctuation
which may affect its overall operating costs.
The SC's overall payment habit is fair and this clearly implied a weak credit
control of the SC.
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.
In view of above and due to its red shareholders' fund, we do not recommend any
credit be granted to the SC.
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
NEDERMAN (MALAYSIA) SDN. BHD. |
|
Financial Year End |
31/12/2011 |
31/12/2010 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
MYR |
MYR |
|
|
|
|
|
TURNOVER |
1,054,173 |
462,109 |
|
Other Income |
3,509 |
- |
|
|
---------------- |
---------------- |
|
Total Turnover |
1,057,682 |
462,109 |
|
Costs of Goods Sold |
<728,096> |
<302,388> |
|
|
---------------- |
---------------- |
|
Gross Profit |
329,586 |
159,721 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
<120,754> |
<152,428> |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
<120,754> |
<152,428> |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
<120,754> |
<152,428> |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
<152,428> |
- |
|
|
---------------- |
---------------- |
|
As restated |
<152,428> |
- |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
<273,182> |
<152,428> |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
<273,182> |
<152,428> |
|
|
============= |
============= |
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
Others |
8,000 |
3,500 |
|
|
---------------- |
---------------- |
|
|
8,000 |
3,500 |
|
NEDERMAN (MALAYSIA) SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
58,127 |
- |
|
|
|
|
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
58,127 |
- |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
Stocks |
241,853 |
- |
|
Trade debtors |
245,725 |
44,825 |
|
Other debtors, deposits & prepayments |
23,136 |
- |
|
Cash & bank balances |
230,632 |
172,455 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
741,346 |
217,280 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
799,473 |
217,280 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Trade creditors |
5,640 |
24,339 |
|
Other creditors & accruals |
121,466 |
9,630 |
|
Other liabilities & accruals |
47,800 |
21,042 |
|
Interest payable |
11,500 |
3,500 |
|
Amounts owing to holding company |
886,247 |
311,195 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
1,072,653 |
369,706 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
<331,307> |
<152,426> |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
<273,180> |
<152,426> |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
2 |
2 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
2 |
2 |
|
|
|
|
|
RESERVES |
|
|
|
Retained profit/(loss) carried forward |
<273,182> |
<152,428> |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
<273,182> |
<152,428> |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
<273,180> |
<152,426> |
|
|
|
|
|
|
---------------- |
---------------- |
|
|
<273,180> |
<152,426> |
|
|
============= |
============= |
|
|
|
|
|
NEDERMAN (MALAYSIA) SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
Cash |
230,632 |
172,455 |
|
Net Liquid Funds |
230,632 |
172,455 |
|
Net Liquid Assets |
<573,160> |
<152,426> |
|
Net Current Assets/(Liabilities) |
<331,307> |
<152,426> |
|
Net Tangible Assets |
<273,180> |
<152,426> |
|
Net Monetary Assets |
<573,160> |
<152,426> |
|
BALANCE SHEET ITEMS |
|
|
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
1,072,653 |
369,706 |
|
Total Assets |
799,473 |
217,280 |
|
Net Assets |
<273,180> |
<152,426> |
|
Net Assets Backing |
<273,180> |
<152,426> |
|
Shareholders' Funds |
<273,180> |
<152,426> |
|
Total Share Capital |
2 |
2 |
|
Total Reserves |
<273,182> |
<152,428> |
|
LIQUIDITY (Times) |
|
|
|
Cash Ratio |
0.22 |
0.47 |
|
Liquid Ratio |
0.47 |
0.59 |
|
Current Ratio |
0.69 |
0.59 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
Stock Ratio |
84 |
0 |
|
Debtors Ratio |
85 |
35 |
|
Creditors Ratio |
3 |
29 |
|
SOLVENCY RATIOS (Times) |
|
|
|
Gearing Ratio |
0.00 |
0.00 |
|
Liabilities Ratio |
<3.93> |
<2.43> |
|
Times Interest Earned Ratio |
<14.09> |
<42.55> |
|
Assets Backing Ratio |
<136,590.00> |
<76,213.00> |
|
PERFORMANCE RATIO (%) |
|
|
|
Operating Profit Margin |
<11.45> |
<32.99> |
|
Net Profit Margin |
<11.45> |
<32.99> |
|
Return On Net Assets |
41.27 |
97.71 |
|
Return On Capital Employed |
41.27 |
97.71 |
|
Return On Shareholders' Funds/Equity |
44.20 |
100.00 |
|
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.59.29 |
|
|
1 |
Rs.91.18 |
|
Euro |
1 |
Rs.78.71 |
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.