|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
995131-U
|
|
COMPANY NAME
|
:
|
MITSUI & CO. (ASIA PACIFIC) PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
17/03/2008
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
FOREIGN
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
5TH FLOOR, MILLENNIUM OFFICE BLOCK, 160 JALAN BUKIT BINTANG, 55100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
5TH FLOOR, MILLENNIUM OFFICE BLOCK, 160 JALAN BUKIT BINTANG, 55100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-21418099
|
|
FAX.NO.
|
:
|
03-21481606
|
|
CONTACT PERSON
|
:
|
RAVINDREN ( DEPUTY GENERAL MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
45300
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF CHEMICALS, STEEL, IRON, PARTS FOR CARS AND OTHER RELATED PRODUCTS
|
|
AUTHORISED CAPITAL
|
:
|
225,101,415.00 ORDINARY SHARE, OF A VALUE OF SGD 225,101,415.00
|
|
|
|
|
|
|
|
|
|
SALES
|
:
|
MYR 1,343,625,195 [2011]
|
|
NET WORTH
|
:
|
MYR 75,508,250 [2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
60 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
HISTORY / BACKGROUND
The SC is principally engaged in the (as a / as an) trading of chemicals,
steel, iron, parts for cars and other related products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
No shareholders was found in our databank
at the time of investigation
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
731407
|
MALAYSIA
|
TEJANA TRADING & MANAGEMENT SERVICES SDN. BHD.
|
70.00
|
31/03/2011
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
ISAO UEDA
|
|
Address
|
:
|
7 ORANGE GROVE ROAD, #03-169 TREETOPS EXECUTIVE RESIDENCES, 258355,
SINGAPORE.
|
|
IC / PP No
|
:
|
TG7089878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
20/09/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
TAKASHI YAMAUCHI
|
|
Address
|
:
|
238 ORCHARD BOULEVARD, #10-07 THE ORCHARD RESIDENCES, 237973,
SINGAPORE.
|
|
IC / PP No
|
:
|
TH3172938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
28/04/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MASANUBO ITOH
|
|
Address
|
:
|
7 ORANGE GROVE ROAD, #04-204 TREETOPS EXECUTIVE, RESIDENCES, 258355,
SINGAPORE.
|
|
IC / PP No
|
:
|
TG3782341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
18/05/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MAKATO KOTO
|
|
Address
|
:
|
2 KIM SENG WALK, #8-13 GREAT WORLD SERVICE APARTMENT, 239404,
SINGAPORE.
|
|
IC / PP No
|
:
|
TZ0671400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
13/01/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
SHINJI TSUCHIYA
|
|
Address
|
:
|
57 B DEVONSHIRE ROAD, #06-04, THE SUITES AT CENTRAL, 239899,
SINGAPORE.
|
|
IC / PP No
|
:
|
MS6662372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
01/04/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject
|
:
|
SHINJI SATO
|
|
Address
|
:
|
1, ANDERSON ROAD, #08-03 SHANGRI-LA APARTMENTS, 259983, SINGAPORE.
|
|
IC / PP No
|
:
|
TH1625935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
02/04/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
RAVINDREN
|
|
|
Position
|
:
|
DEPUTY GENERAL MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
SARINA MOHD DERUS
|
|
|
Position
|
:
|
EXECUTIVE
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
SUE ANN
|
|
|
Position
|
:
|
EXECUTIVE
|
AUDITOR
|
Auditor
|
:
|
DELOITTE KASSIMCHAN
|
|
Auditor' Address
|
:
|
UPTOWN 1, 1 JALAN SS 21/58, DAMANSARA UPTOWN, LEVEL 19, 47400
PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
COMPANY SECRETARIES
No company secretary was found in our databank.
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
|
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* 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.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
30%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
70%
|
|
Import Countries
|
:
|
JAPAN
|
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
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Export Market
|
:
|
ASIA
EUROPE
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
LETTER OF CREDIT (LC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
CHEMICALS, STEEL, IRON, PARTS FOR CARS AND OTHER RELATED PRODUCTS
|
|
|
|
|
|
Competitor(s)
|
:
|
AUTO BAVARIA
SDN BHD
EON TRADING SDN BHD
PROTON EDAR SDN BHD
WEARNE BROTHERS (1983) SDN BHD
YHI (MALAYSIA) SDN BHD
|
|
|
|
|
|
Ownership of
premises
|
:
|
OWNED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
2010
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
60
|
60
|
60
|
78
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of chemicals,
steel, iron, parts for cars and other related products.
The SC supplies its products to its related companies as well as to other
companies.
According to the SC, it does not keep stocks as it delivers the products
directly to customers upon orders.
The SC serves a wide range of customers ranging from trading, manufacturing,
construction, engineering, service providers and others.
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
0321418099
|
|
Current Telephone Number
|
:
|
03-21418099
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
160 JALAN BUKIT BINTANG,55100,KUALA LUMPUR,WILAYAH PERSEKUTUAN.
|
|
Current Address
|
:
|
5TH FLOOR, MILLENNIUM OFFICE BLOCK, 160 JALAN BUKIT BINTANG, 55100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the SC staff from Human Resource Department Ms Sue and
she provided some information regarding to the SC.
The address provided is incomplete.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2009 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2009 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
19.29%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
20.79%
|
]
|
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The dip in profit could be due to the stiff
market competition which reduced the SC's profit margin. The SC's
management had generated acceptable return for its shareholders using its
assets.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
28 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
37 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
As the SC is a service oriented company, the SC does not need to
keep 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
as evidenced by its favourable collection days. The SC could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.32 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.32 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
|
[
|
183.35 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 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 had no gearing and
hence it had virtually no financial risk. The SC was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the SC, having a zero gearing, will be able to compete better
than those which are highly geared in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
The SC recorded lower profits as its turnover showed a erratic trend.
The SC's management was unable to control its costs efficiently as its
profit showed a downward trend. The SC was in good liquidity position with
its total current liabilities well covered by its total current assets.
With its current net assets, the SC should be able to repay its short term
obligations. With the favourable interest cover, the SC could be able to
service all the accrued interest without facing any difficulties. The SC
was a zero gearing company, it was solely dependant on its shareholders to
provide funds to finance its business. The SC has good chance of getting
loans, if the needs arises.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : STRONG
|
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
|
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
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY ANALYSIS
|
MSIC CODE
|
|
45300 : Wholesale and retail sale of all kinds of parts, components,
supplies, tools 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
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
Incorporated in 2008, the SC is a Foreign company, focusing on trading of
chemicals, steel, iron, parts for cars and other related products. Having been
in business for 6 years, the SC has established a remarkable clientele base
for itself which has contributed to its business growth.
Over the years, the SC has established an extensive clientele base in the
market. Besides catering to the local market, the SC has penetrated into
other countries. With the contribution of both local and overseas
customers, the SC is likely to be exposed to lower commercial risk. Hence,
we believe that the SC has better business expansion opportunities in the
future. Being a moderate size company, the SC has a total workforce of 60
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.
Financially, the SC registered a higher turnover compared to previous year.
However, its profits showed a reverse trend. The lower profit achieved was
a result of higher operating cost and increased competition. Return on shareholders'
funds of the SC was at an acceptable range 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 zero geared company, the SC
virtually has no financial risk as it is mainly dependent on its internal
funds to finance its business. Given a positive net worth standing at MYR
75,508,250, 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 has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the SC's future performance is very much depend
on its marketing strategies in order to retain its position in the market.
Based on the above condition, we recommend credit be granted to the SC
promptly.
|
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
MITSUI &
CO. (ASIA PACIFIC) PTE. LTD.
|
|
Financial Year End
|
31/03/2011
|
31/03/2010
|
31/03/2009
|
|
Months
|
12
|
12
|
13
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
TURNOVER
|
1,343,625,195
|
1,148,428,944
|
1,343,122,722
|
|
Other Income
|
19,042,431
|
23,551,773
|
-
|
|
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
1,362,667,626
|
1,171,980,717
|
1,343,122,722
|
|
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
16,515,907
|
18,997,909
|
19,324,524
|
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
16,515,907
|
18,997,909
|
19,324,524
|
|
Taxation
|
<1,953,582>
|
<1,231,214>
|
<3,955,018>
|
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
14,562,325
|
17,766,695
|
15,369,506
|
|
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
As previously reported
|
33,136,201
|
15,369,506
|
-
|
|
|
----------------
|
----------------
|
----------------
|
|
As restated
|
33,136,201
|
15,369,506
|
-
|
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
47,698,526
|
33,136,201
|
15,369,506
|
|
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
47,698,526
|
33,136,201
|
15,369,506
|
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
Others
|
90,571
|
66,684
|
2,685,853
|
|
|
----------------
|
----------------
|
----------------
|
|
|
90,571
|
66,684
|
2,685,853
|
BALANCE SHEET
|
MITSUI &
CO. (ASIA PACIFIC) PTE. LTD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
5,892,801
|
6,724,345
|
7,925,211
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
Investments
|
25,918,179
|
27,682,145
|
30,088,819
|
|
Loans & advances - non-current
|
264,120
|
314,795
|
255,337
|
|
Deferred assets
|
1,484,758
|
1,606,617
|
1,442,766
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
27,667,057
|
29,603,557
|
31,786,922
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
33,559,858
|
36,327,902
|
39,712,133
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
Trade debtors
|
103,322,337
|
63,732,187
|
126,182,174
|
|
Other debtors, deposits & prepayments
|
941,924
|
1,043,195
|
1,370,805
|
|
Amount due from holding company
|
45,374,431
|
33,448,524
|
-
|
|
Amount due from related companies
|
22,805,011
|
25,992,986
|
4,909,911
|
|
Cash & bank balances
|
15,846,613
|
8,495,983
|
23,166,933
|
|
Others
|
817,283
|
1,096,370
|
-
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
189,107,599
|
133,809,245
|
155,629,823
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
222,667,457
|
170,137,147
|
195,341,956
|
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade creditors
|
135,485,724
|
80,615,338
|
45,845,768
|
|
Other creditors & accruals
|
3,881,857
|
4,259,583
|
5,546,100
|
|
Short term borrowings/Term loans
|
-
|
-
|
530,583
|
|
Other borrowings
|
-
|
11,200,000
|
-
|
|
Amounts owing to holding company
|
-
|
-
|
75,810,045
|
|
Amounts owing to related companies
|
3,419,737
|
1,521,171
|
768,153
|
|
Provision for taxation
|
-
|
-
|
654,802
|
|
Other liabilities
|
12,881
|
-
|
4,584,083
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
142,800,199
|
97,596,092
|
133,739,534
|
|
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
46,307,400
|
36,213,153
|
21,890,289
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
79,867,258
|
72,541,055
|
61,602,422
|
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
Exchange equalisation/fluctuation reserve
|
<3,158,105>
|
<149,971>
|
2,623,886
|
|
Retained profit/(loss) carried forward
|
47,698,526
|
33,136,201
|
15,369,506
|
|
Others
|
30,967,829
|
35,221,629
|
39,287,641
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
75,508,250
|
68,207,859
|
57,281,033
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
75,508,250
|
68,207,859
|
57,281,033
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
Retirement benefits provision
|
4,359,008
|
4,333,196
|
4,321,389
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
4,359,008
|
4,333,196
|
4,321,389
|
|
|
----------------
|
----------------
|
----------------
|
|
|
79,867,258
|
72,541,055
|
61,602,422
|
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
FINANCIAL RATIO
|
MITSUI &
CO. (ASIA PACIFIC) PTE. LTD.
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
15,846,613
|
8,495,983
|
23,166,933
|
|
Net Liquid Funds
|
15,846,613
|
8,495,983
|
23,166,933
|
|
Net Liquid Assets
|
46,307,400
|
36,213,153
|
21,890,289
|
|
Net Current Assets/(Liabilities)
|
46,307,400
|
36,213,153
|
21,890,289
|
|
Net Tangible Assets
|
79,867,258
|
72,541,055
|
61,602,422
|
|
Net Monetary Assets
|
41,948,392
|
31,879,957
|
17,568,900
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Borrowings
|
0
|
11,200,000
|
530,583
|
|
Total Liabilities
|
147,159,207
|
101,929,288
|
138,060,923
|
|
Total Assets
|
222,667,457
|
170,137,147
|
195,341,956
|
|
Net Assets
|
79,867,258
|
72,541,055
|
61,602,422
|
|
Net Assets Backing
|
75,508,250
|
68,207,859
|
57,281,033
|
|
Shareholders' Funds
|
75,508,250
|
68,207,859
|
57,281,033
|
|
Total Share Capital
|
0
|
0
|
0
|
|
Total Reserves
|
75,508,250
|
68,207,859
|
57,281,033
|
|
LIQUIDITY (Times)
|
|
|
|
|
Cash Ratio
|
0.11
|
0.09
|
0.17
|
|
Liquid Ratio
|
1.32
|
1.37
|
1.16
|
|
Current Ratio
|
1.32
|
1.37
|
1.16
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
0
|
0
|
0
|
|
Debtors Ratio
|
28
|
20
|
34
|
|
Creditors Ratio
|
37
|
26
|
12
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.16
|
0.01
|
|
Liabilities Ratio
|
1.95
|
1.49
|
2.41
|
|
Times Interest Earned Ratio
|
183.35
|
285.89
|
8.19
|
|
Assets Backing Ratio
|
-
|
-
|
-
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
1.23
|
1.65
|
1.44
|
|
Net Profit Margin
|
1.08
|
1.55
|
1.14
|
|
Return On Net Assets
|
20.79
|
26.28
|
35.73
|
|
Return On Capital Employed
|
20.79
|
26.28
|
35.73
|
|
Return On Shareholders' Funds/Equity
|
19.29
|
26.05
|
26.83
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
|