MIRA INFORM REPORT
|
Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
LEE PINEAPPLE COMPANY PTE LTD |
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|
Registered Office : |
Batu 8 1/2, Jalan Skudai, 80000 Johor Bahru, Johor |
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|
Country : |
Malaysia |
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|
Financials (as on) : |
31.12.2011 |
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|
Date of Incorporation : |
09.12.1931 |
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Com. Reg. No.: |
991557-T |
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|
Legal Form : |
Foreign |
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Line of Business : |
Manufacture of Canned Pineapples and Pineapple Juices. |
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|
No. of Employees : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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|
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
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* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
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|
N/A - Not Applicable |
Executive Summary
|
REGISTRATION NO. |
: |
991557-T |
|
COMPANY NAME |
: |
LEE PINEAPPLE
COMPANY PTE LTD |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
09/12/1931 |
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COMPANY STATUS |
: |
EXIST |
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LEGAL FORM |
: |
FOREIGN |
|
LISTED STATUS |
: |
NO |
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REGISTERED ADDRESS |
: |
BATU 8 1/2, JALAN SKUDAI, 80000 JOHOR
BAHRU, JOHOR, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
BATU 8 1/2, JALAN SKUDAI, 80000 JOHOR
BAHRU, JOHOR, MALAYSIA. |
|
TEL.NO. |
: |
07-5561411 |
|
FAX.NO. |
: |
07-5573755 |
|
CONTACT PERSON |
: |
LEE SENG TEE ( DIRECTOR ) |
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|
|
|
|
INDUSTRY CODE |
: |
10303 |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF CANNED PINEAPPLES AND
PINEAPPLE JUICES |
|
AUTHORISED CAPITAL |
: |
N/A |
|
|
|
|
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|
|
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SALES |
: |
SGD 64,350,123 [2011] |
|
NET WORTH |
: |
SGD 781,640,603 [2011] |
|
|
|
|
|
STAFF STRENGTH |
: |
350 [2013] |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
HISTORY / BACKGROUND
The SC is principally engaged in the (as a / as an) manufacture of
canned pineapples and pineapple juices.
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 |
|
1804 |
MALAYSIA |
PENINSULA PLANTATIONS SDN BHD |
75.50 |
31/12/2011 |
DIRECTORS
DIRECTOR 1
|
Name Of Subject |
: |
HUANG THIAY SHERNG |
|
Address |
: |
4 YARROW GARDENS, 455009, SINGAPORE. |
|
IC / PP No |
: |
0289427J |
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Date of Appointment |
: |
27/12/1993 |
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DIRECTOR 2
|
Name Of Subject |
: |
FONG SOON YOONG |
|
Address |
: |
10, JEDBURGH GARDEN, 457075, SINGAPORE. |
|
IC / PP No |
: |
0168896J |
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Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
30/04/2007 |
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DIRECTOR 3
|
Name Of Subject |
: |
CHONG KWOK KIAN |
|
Address |
: |
7, 2ND STREET, EAST COAST PARK, 456326,
SINGAPORE. |
|
IC / PP No |
: |
0280308 |
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Date of Appointment |
: |
08/08/1989 |
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DIRECTOR 4
|
Name Of Subject |
: |
LEE SHIH HUA |
|
Address |
: |
19, CHANCERY LANE, 309509, SINGAPORE. |
|
IC / PP No |
: |
0150435E |
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Nationality |
: |
SINGAPOREAN |
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Date of Appointment |
: |
26/05/1987 |
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DIRECTOR 5
|
Name Of Subject |
: |
PANG NGIAP CHIEW |
|
Address |
: |
APARTMENT BLOCK 9, JALAN BATU 07-25, 1534,
SINGAPORE. |
|
IC / PP No |
: |
1713971A |
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Date of Appointment |
: |
30/04/2007 |
Management
|
1) |
Name of Subject |
: |
LEE SENG TEE |
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|
Position |
: |
DIRECTOR |
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2) |
Name of Subject |
: |
CHONG KWOK KIAN |
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Position |
: |
DIRECTOR |
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3) |
Name of Subject |
: |
LEE SAN YEE |
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Position |
: |
GENERAL MANAGER |
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4) |
Name of Subject |
: |
PHUA KIAN POON |
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|
Position |
: |
PLANT MANAGER |
Auditor
|
Auditor |
: |
ERNST & YOUNG |
|
Auditor' Address |
: |
LEVEL 23A, MENARA MILENIUM, JALAN
DAMANLELA, PUSAT BANDAR DAMANSARA, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
Company secretaries
No company secretary was found in our databank.
Banking
No Banker found in our databank.
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 |
: |
100% |
|
Overseas |
: |
NO |
Percentage |
: |
0% |
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 |
[ |
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] |
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Fair 91-120 Days |
[ |
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] |
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Poor >120 Days |
[ |
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] |
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Clientele
|
Local |
: |
YES |
|||
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Domestic Markets |
: |
MALAYSIA |
|||
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Overseas |
: |
YES |
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Export Market |
: |
SINGAPORE |
|||
Operations
|
Products manufactured |
: |
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Brand Name |
: |
LEE,TREE HOUSE, FRUIT TREE, GOLDEN DEW
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Award |
: |
1 ) MS ISO 9001 : 2000 Year :1999
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Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM) MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE) MALAYSIA FOOD & BEVERAGE INDUSTRY |
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Total Number of Employees: |
|||||
|
YEAR |
2013 |
2010 |
|||
|
GROUP |
350 |
N/A |
|||
|
COMPANY |
N/A |
360 |
|||
|
Branch |
: |
YES
|
|
||
Other
Information:
The SC is principally engaged in the (as a / as an) manufacture of canned
pineapples and pineapple juices.
We are informed that SC is engages with the manufacturing of the canned
pineapples and pineapple juices.
SC using 100% of local pineapples to process its products.
Its products is supply to the local and overseas markets.
Projects
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
02 07 8894696 |
|
Current Telephone Number |
: |
07-5561411 |
|
Match |
: |
NO |
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|
|
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|
Address Provided by Client |
: |
8 1/2 MS JALAN SKUDAL 81300 JOHOR BAHARU
WEST MALAYSIA |
|
Current Address |
: |
BATU 8 1/2, JALAN SKUDAI, 80000 JOHOR
BAHRU, JOHOR, MALAYSIA. |
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Match |
: |
NO |
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Latest Financial Accounts |
: |
YES |
Other Investigations
On 21st May 2013, we contacted one of the SC's staff from Admin Department. She
provided some information of the SC.
The address provided is incorrect.
The SC refused to disclose its banker.
FINANCIAL ANALYSIS
|
Profitability |
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|
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|
Turnover |
: |
Increased |
[ |
2008 - 2011 |
] |
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|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2011 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
1.48% |
] |
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|
Return on Net Assets |
: |
Unfavourable |
[ |
1.84% |
] |
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The SC's turnover increased steadily as
the demand for its products / services increased due to the goodwill built up
over the years.The higher profit could be attributed to the increase in
turnover. The unfavourable return on shareholders' funds could indicate that
the SC was inefficient in utilising its assets to generate returns. |
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Working Capital
Control |
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Stock Ratio |
: |
Acceptable |
[ |
56 Days |
] |
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|
Debtor Ratio |
: |
Favourable |
[ |
38 Days |
] |
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|
Creditors Ratio |
: |
Favourable |
[ |
24 Days |
] |
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The SC kept adequate stocks to meet its
normal business transactions without incurring excessive storage costs. 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. |
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Liquidity |
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Liquid Ratio |
: |
Favourable |
[ |
4.44 Times |
] |
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|
Current Ratio |
: |
Favourable |
[ |
6.07 Times |
] |
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|
A minimum liquid ratio of 1 should be
maintained by the SC in order to assure its creditors of its ability to meet
short term obligations and the SC was in a good liquidity position. Thus, we
believe the SC is able to meet all its short term obligations as and when
they fall due. |
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Solvency |
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Interest Cover |
: |
Nil |
[ |
0.00 Times |
] |
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|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
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|
The SC's interest cover was nil as it did
not pay any interest during the year. 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. |
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Overall
Assessment : |
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|
Generally, the SC's performance has
improved with higher turnover and profit. The SC was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the SC should be able to repay its short
term obligations. The SC did not make any interest payment during the year.
The SC was dependent on its shareholders' funds to finance its business
needs. 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. |
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Overall
financial condition of the SC : FAIR |
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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 |
|||||
|
|
|
|
|
|
|
Industry Analysis
|
MSIC CODE |
|
|
10303 : Pineapple canning |
|
|
|
|
|
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 |
|
CREDIT RISK EVALUATION & RECOMMENDATION
Incorporated in 1931, the SC is a Foreign company, focusing on manufacture
of canned pineapples and pineapple juices. The SC has been in business for over
two decades. It has built up a strong clientele base and good reputation will
enable the SC to further enhance its business in the near term. The SC is
expected to enjoy a stable market shares.
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. The SC is a fairly large and rapidly growing company
with over 350 staff in its 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. Return on shareholders' funds of the
SC was low range which indicated that the management was efficient in utilising
its funds to generate income. 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 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. Given a positive net worth standing
at SGD 781,640,603, the SC should be able to maintain its business in the near
terms.
We noted that the SC's supplies are solely sourced from local market. Being
highly dependent on a limited number of suppliers could lead to delays, lost of
revenue and increased costs if such resources become unavailable or shortage.
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.
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
LEE PINEAPPLE
COMPANY PTE LTD |
|
Financial Year End |
31/12/2011 |
31/12/2010 |
31/12/2009 |
31/12/2008 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
SGD |
SGD |
SGD |
SGD |
|
|
|
|
|
|
|
TURNOVER |
64,350,123 |
61,872,928 |
21,059,114 |
22,125,475 |
|
Other Income |
3,273,395 |
3,062,440 |
106,164,145 |
1,097,560 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
67,623,518 |
64,935,368 |
127,223,259 |
23,223,035 |
|
Costs of Goods Sold |
<54,003,284> |
<56,471,869> |
<19,212,292> |
<19,289,301> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
13,620,234 |
8,463,499 |
108,010,967 |
3,933,734 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
14,378,185 |
8,569,364 |
131,104,836 |
<91,869,353> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
14,378,185 |
8,569,364 |
131,104,836 |
<91,869,353> |
|
Taxation |
<2,777,590> |
<1,388,509> |
<315,845> |
<629,635> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
11,600,595 |
7,180,855 |
130,788,991 |
<92,498,988> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
11,600,595 |
7,180,855 |
130,788,991 |
<92,498,988> |
|
Extraordinary items |
81,001,561 |
114,057,097 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
92,602,156 |
121,237,952 |
130,788,991 |
<92,498,988> |
|
TRANSFER FROM RESERVES |
- |
- |
<4,480,354> |
<172> |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
662,204,543 |
149,337,098 |
29,028,461 |
125,527,621 |
|
Prior year adjustment |
- |
391,629,493 |
<2,000,000> |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
662,204,543 |
540,966,591 |
27,028,461 |
125,527,621 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
754,806,699 |
662,204,543 |
153,337,098 |
33,028,461 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
<4,000,000> |
<4,000,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
754,806,699 |
662,204,543 |
149,337,098 |
29,028,461 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
Others |
- |
- |
3,838,222 |
1,739,578 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
- |
3,838,222 |
1,739,578 |
|
|
|
============= |
============= |
============= |
BALANCE SHEET
|
LEE PINEAPPLE
COMPANY PTE LTD |
|
ASSETS EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
656,953,356 |
567,997,258 |
185,109,860 |
192,598,683 |
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
Subsidiary companies |
- |
- |
161,931,926 |
60,710,740 |
|
Development properties/expenditure |
185,428 |
168,628 |
54,624 |
57,499 |
|
Investment properties |
40,430,000 |
39,650,000 |
15,643,446 |
16,628,460 |
|
Investments |
5,204,073 |
5,204,073 |
994,508,544 |
493,059,016 |
|
Others |
48,738,701 |
54,545,518 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
94,558,202 |
99,568,219 |
1,172,138,540 |
570,455,715 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
751,511,558 |
667,565,477 |
1,357,248,400 |
763,054,398 |
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Stocks |
9,749,644 |
13,757,156 |
8,445,702 |
6,015,767 |
|
Trade debtors |
6,664,005 |
5,372,166 |
1,695,921 |
1,406,184 |
|
Other debtors, deposits & prepayments |
2,580,506 |
2,754,148 |
1,617,890 |
17,054,165 |
|
Short term deposits |
- |
- |
1,445,725 |
1,359,482 |
|
Deposits with financial institutions |
5,882,188 |
3,502,188 |
- |
- |
|
Cash & bank balances |
11,419,157 |
10,256,850 |
13,112,190 |
17,930,853 |
|
Others |
23,395 |
3,395 |
30,125 |
16,924 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
36,318,895 |
35,645,903 |
26,347,553 |
43,783,375 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
787,830,453 |
703,211,380 |
1,383,595,953 |
806,837,773 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
Trade creditors |
3,582,373 |
6,124,887 |
3,829,604 |
1,912,895 |
|
Other creditors & accruals |
2,404,743 |
2,014,141 |
87,661,346 |
26,165,157 |
|
Short term borrowings/Term loans |
- |
- |
160,000,000 |
100,000,000 |
|
Provision for taxation |
- |
- |
590,818 |
812,818 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
5,987,116 |
8,139,028 |
252,081,768 |
128,890,870 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
30,331,779 |
27,506,875 |
<225,734,215> |
<85,107,495> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
781,843,337 |
695,072,352 |
1,131,514,185 |
677,946,903 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share capital |
- |
- |
300,000,000 |
300,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
- |
- |
300,000,000 |
300,000,000 |
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
Retained profit/(loss) carried forward |
754,806,699 |
662,204,543 |
149,337,098 |
29,028,461 |
|
Others |
26,833,904 |
32,640,721 |
682,030,087 |
348,745,442 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
781,640,603 |
694,845,264 |
831,367,185 |
377,773,903 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
781,640,603 |
694,845,264 |
1,131,367,185 |
677,773,903 |
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
Deferred taxation |
202,734 |
227,088 |
147,000 |
173,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
202,734 |
227,088 |
147,000 |
173,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
781,843,337 |
695,072,352 |
1,131,514,185 |
677,946,903 |
|
|
============= |
============= |
============= |
============= |
FINANCIAL RATIO
|
LEE PINEAPPLE
COMPANY PTE LTD |
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
11,419,157 |
10,256,850 |
14,557,915 |
19,290,335 |
|
Net Liquid Funds |
11,419,157 |
10,256,850 |
14,557,915 |
19,290,335 |
|
Net Liquid Assets |
20,582,135 |
13,749,719 |
<234,179,917> |
<91,123,262> |
|
Net Current Assets/(Liabilities) |
30,331,779 |
27,506,875 |
<225,734,215> |
<85,107,495> |
|
Net Tangible Assets |
781,843,337 |
695,072,352 |
1,131,514,185 |
677,946,903 |
|
Net Monetary Assets |
20,379,401 |
13,522,631 |
<234,326,917> |
<91,296,262> |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
Total Borrowings |
0 |
0 |
160,000,000 |
100,000,000 |
|
Total Liabilities |
6,189,850 |
8,366,116 |
252,228,768 |
129,063,870 |
|
Total Assets |
787,830,453 |
703,211,380 |
1,383,595,953 |
806,837,773 |
|
Net Assets |
781,843,337 |
695,072,352 |
1,131,514,185 |
677,946,903 |
|
Net Assets Backing |
781,640,603 |
694,845,264 |
1,131,367,185 |
677,773,903 |
|
Shareholders' Funds |
781,640,603 |
694,845,264 |
1,131,367,185 |
677,773,903 |
|
Total Share Capital |
0 |
0 |
300,000,000 |
300,000,000 |
|
Total Reserves |
781,640,603 |
694,845,264 |
831,367,185 |
377,773,903 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
Cash Ratio |
1.91 |
1.26 |
0.06 |
0.15 |
|
Liquid Ratio |
4.44 |
2.69 |
0.07 |
0.29 |
|
Current Ratio |
6.07 |
4.38 |
0.10 |
0.34 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
56 |
82 |
147 |
100 |
|
Debtors Ratio |
38 |
32 |
29 |
23 |
|
Creditors Ratio |
24 |
40 |
73 |
36 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.14 |
0.15 |
|
Liabilities Ratio |
0.01 |
0.01 |
0.22 |
0.19 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
35.16 |
<51.81> |
|
Assets Backing Ratio |
- |
- |
- |
- |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
22.34 |
13.85 |
622.56 |
<415.22> |
|
Net Profit Margin |
18.03 |
11.61 |
621.06 |
<418.07> |
|
Return On Net Assets |
1.84 |
1.23 |
11.93 |
<13.29> |
|
Return On Capital Employed |
1.84 |
1.23 |
11.93 |
<13.29> |
|
Return On Shareholders' Funds/Equity |
1.48 |
1.03 |
11.56 |
<13.65> |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.03 |
0.04 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.