MIRA INFORM REPORT
|
Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TALASCO MARINE SDN BHD |
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Formerly Known As : |
CHAMELON FASHION ACCESSORIES SDN. BHD. |
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Registered Office : |
66a, Damai Complex, Jalan
Lumut, Off Jalan Ipoh, 50400 Kuala Lumpur, Wilayah Persekutuan |
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Country : |
Malaysia |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
28.05.2005 |
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Com. Reg. No.: |
692947-U |
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Legal Form : |
Private Limited (Limited By Share) |
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Line of Business : |
Consultants, managers and advisers of shipping and maritime industry |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 |
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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.
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Source : CIA |
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SC - Subject Company (the company enquired
by you) |
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N/A - Not Applicable |
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EXECUTIVE SUMMARY
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REGISTRATION NO. |
: |
692947-U |
|
COMPANY NAME |
: |
TALASCO MARINE SDN.
BHD. |
|
FORMER NAME |
: |
CHAMELON FASHION ACCESSORIES SDN. BHD.
(20/04/2009) |
|
INCORPORATION DATE |
: |
28/05/2005 |
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COMPANY STATUS |
: |
EXIST |
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LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
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LISTED STATUS |
: |
NO |
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REGISTERED ADDRESS |
: |
66A, DAMAI COMPLEX, JALAN LUMUT, OFF JALAN
IPOH, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
C-3A-2, PLAZA KELANA JAYA, JALAN SS7-13A, KELANA
JAYA, 47301 PETALING JAYA, SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
03-78771711 |
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FAX.NO. |
: |
03-78771011 |
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WEB SITE |
: |
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CONTACT PERSON |
: |
ABDULLAH BIN LAD ( DIRECTOR ) |
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INDUSTRY CODE |
: |
501 |
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PRINCIPAL ACTIVITY |
: |
CONSULTANTS, MANAGERS AND ADVISERS OF
SHIPPING AND MARITIME INDUSTRY |
|
AUTHORISED CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
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SALES |
: |
MYR 6,640,493 [2011] |
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NET WORTH |
: |
MYR 797,769 [2011] |
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STAFF STRENGTH |
: |
N/A |
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LITIGATION |
: |
CLEAR |
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DEFAULTER CHECK |
: |
CLEAR |
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FINANCIAL CONDITION |
: |
LIMITED |
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PAYMENT |
: |
AVERAGE |
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MANAGEMENT CAPABILITY |
: |
AVERAGE |
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COMMERCIAL RISK |
: |
MODERATE |
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CURRENCY EXPOSURE |
: |
MODERATE |
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GENERAL REPUTATION |
: |
SATISFACTORY |
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INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
HISTORY / BACKGROUND
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) consultants, managers and advisers of shipping and maritime industry.
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 |
(%) |
|
MR. ABDULLAH BIN LAD + |
466, BATU 12, BUKIT BESAR, KOTA SARANG SEMUT, 06800 KOTA SARANG SEMUT, KEDAH, MALAYSIA. |
510618-02-5331 3949448 |
999,999.00 |
100.00 |
|
MS. PUTERI ELFAREZZA BINTI RIGIL WAHYU + |
6, JALAN 5/39, 46000 PETALING JAYA, SELANGOR, MALAYSIA. |
900528-14-5392 |
1.00 |
0.00 |
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|
--------------- |
------ |
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1,000,000.00 |
100.00 |
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============ |
===== |
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject |
: |
MS. PUTERI ELFAREZZA BINTI RIGIL WAHYU |
|
Address |
: |
6, JALAN 5/39, 46000 PETALING JAYA, SELANGOR, MALAYSIA. |
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New IC No |
: |
900528-14-5392 |
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Date of Birth |
: |
28/05/1990 |
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Nationality |
: |
MALAYSIAN |
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Date of Appointment |
: |
10/05/2011 |
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DIRECTOR 2
|
Name Of Subject |
: |
MR. ABDULLAH BIN LAD |
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Address |
: |
466, BATU 12, BUKIT BESAR, KOTA SARANG SEMUT, 06800 KOTA SARANG SEMUT, KEDAH, MALAYSIA. |
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IC / PP No |
: |
3949448 |
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New IC No |
: |
510618-02-5331 |
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Date of Birth |
: |
18/06/1951 |
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Nationality |
: |
MALAYSIAN |
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Date of Appointment |
: |
21/01/2011 |
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MANAGEMENT
|
1) |
Name of Subject |
: |
ABDULLAH BIN LAD |
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Position |
: |
DIRECTOR |
AUDITOR
|
Auditor |
: |
AZMAN AHMAD & CO |
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Auditor' Address |
: |
03-17B, KOMPLEKS PKNS, TINGKAT 3, 40000
SHAH ALAM, SELANGOR, MALAYSIA. |
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COMPANY SECRETARIES
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1) |
Company Secretary |
: |
MR. ANTHONY SAMMY A/L RATHNAM |
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IC / PP No |
: |
5409918 |
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New IC No |
: |
571115-08-6529 |
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Address |
: |
35, JALAN 19/144A, TAMAN BUKIT CHERAS, 56000
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
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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
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SOURCES OF RAW MATERIALS: |
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Local |
: |
YES |
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Overseas |
: |
YES |
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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 :
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OVERALL PAYMENT HABIT |
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Prompt 0-30 Days |
[ |
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] |
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Good 31-60 Days |
[ |
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] |
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Average 61-90 Days |
[ |
X |
] |
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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
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Local |
: |
YES |
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Domestic Markets |
: |
MALAYSIA |
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Overseas |
: |
YES |
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Export Market |
: |
ASIA |
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Credit Term |
: |
AS AGREED |
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Payment Mode |
: |
CHEQUES |
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OPERATIONS
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Services |
: |
CONSULTANTS, MANAGERS AND ADVISERS OF
SHIPPING AND MARITIME INDUSTRY
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Branch |
: |
NO
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Other
Information:
The SC is principally engaged in the (as a / as an) consultants, managers and
advisers of shipping and maritime industry.
The SC's activities embrace almost every service relating to marine business
including Ship owning and operations, 3rd Party Chartering, Petroleum products,
Methanol, Palm and Veg. Oil trading, Sale & Purchase of ships, New Ship
building services, Ship Management & consultation and Marine offshore
support and services.
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
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Telephone Number Provided By Client |
: |
N/A |
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Current Telephone Number |
: |
03-78771711 |
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Match |
: |
N/A |
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Address Provided by Client |
: |
C-3A-3 PLAZA KELANA JAYA 47301 SELANGOR,
DARUL EHSAN MALAYSIA |
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Current Address |
: |
C-3A-2, PLAZA KELANA JAYA, JALAN SS7-13A,
KELANA JAYA, 47301 PETALING JAYA, SELANGOR, MALAYSIA. |
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Match |
: |
YES |
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Latest Financial Accounts |
: |
YES |
Other
Investigations
we contacted one of the staff
from the SC and she provided some information on the SC.
The SC refused to disclose its number of employees.
FINANCIAL ANALYSIS
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Profitability |
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Turnover |
: |
Increased |
[ |
2,113.50% |
] |
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Profit/(Loss) Before Tax |
: |
Increased |
[ |
<46.81%> |
] |
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Return on Shareholder Funds |
: |
Unfavourable |
[ |
<14.20%> |
] |
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Return on Net Assets |
: |
Unfavourable |
[ |
<13.99%> |
] |
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The increase in turnover could be due to
the SC adopting an aggressive marketing strategy.Higher losses before tax
during the year could be due to the higher operating costs incurred. The SC's
unfavourable returns on shareholders' funds indicate the management's
inefficiency in utilising its assets to generate returns. |
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Working Capital
Control |
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Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
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Debtor Ratio |
: |
Unfavourable |
[ |
76 Days |
] |
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Creditors Ratio |
: |
Unfavourable |
[ |
75 Days |
] |
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As the SC is a service oriented company,
the SC does not need to keep stocks. The high debtors' ratio could indicate that
the SC was weak in its credit control. However, the SC could also giving
longer credit periods to its customers in order to boost its sales or to
capture / retain its market share. The unfavourable creditors' ratio could be
due to the SC taking advantage of the credit granted by its suppliers.
However this may affect the goodwill between the SC and its suppliers and the
SC may inadvertently have to pay more for its future supplies. |
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Liquidity |
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Liquid Ratio |
: |
Unfavourable |
[ |
0.61 Times |
] |
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Current Ratio |
: |
Unfavourable |
[ |
0.61 Times |
] |
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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. |
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Solvency |
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Interest Cover |
: |
Unfavourable |
[ |
<65.22
Times> |
] |
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Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
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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. |
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Overall
Assessment : |
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Although the SC's turnover increased its profits
however showed a reverse trend. The losses could be due to the management's
failure to maintain its competitiveness in the market. 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. |
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Overall financial condition of the SC : LIMITED |
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MALAYSIA ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic
Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
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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> |
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Investment ( % ) |
8.0 |
2.8 |
<0.3> |
15.9 |
4.2 |
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Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
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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 |
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|
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 ( % ) |
- |
- |
- |
- |
- |
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|
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 |
- |
- |
|
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|
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 |
- |
- |
|
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|
|
|
|
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 |
- |
|
|
|
|
|
|
|
|
|
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 |
|
|
501 : Sea and coastal water transport |
|
|
|
|
|
INDUSTRY : |
TRANSPORTATION |
|
|
|
|
|
|
|
The Malaysian transportation industry is forecast to grow at a
compound annual growth rate of 11.6% to reach RM203.71 billion in 2016. |
|
|
|
|
|
In 2013, the transportation industry is expected to have a growth of
6.7% due to the implementation of Government Transformation Programme and the
Economic Transformation Programme (ETP). According to Budget 2013, RM9.4
billion is allocated for the transportation sector, including RM4.2 billion
for improving access and connectivity in urban public transport. Substantial
provision is also made for the construction, maintenance and upgrading of
roads and bridges, railways, airports, ports and jetties as well as rural
infrastructure major ongoing transport projects include the East Coast
Highway (LPT) Phase II from Jabor to Kuala Terengganu and the Central Spine
Federal Road (Package 3). New projects slated for the year include upgrading
of roadworks between Donggongan to Simpang Jalan Papar Spur (Package 1)
(Sabah), Pekan-Nenasi-Endau (Pahang); and Batu Maung to Pulau Pinang Second
Bridge (Bayan Lepas Expressway) as well as upgrading of rail infrastructure
in Lembah Klang (Phase 1). Construction of the West Coast Highway from
Taiping to Banting is also expected to commence in 2013. |
|
|
|
|
|
During the first half of 2012, the transport and storage sector grew
5.9% due to sustained passenger travel and moderate trade activities. Growth
was also supported by initiatives to modernise the transport infrastructure,
particularly ports, airports and public transport. In 2012, the sector had
increased to 5.2% as domestic economic activities remain resilient amid a
moderate trade expansion. In addition, Malaysia ranked seventh in the Liner
Shipping Connectivity Index (LSCI) by the United Nations Conference on Trade
and Development (UNCTAD), underscoring the growing importance of Malaysia as
a regional logistics hub. The changing dynamics of the global shipping
environment have, however, affected the domestic maritime industry. The
introduction of ultra-large ships with a higher carrying capacity has lowered
the charter rates due to economies of scale. This has prompted domestic ports
to purchase new cranes andbuild new wharfs to cater for the berth of
ultra-large ships in efforts to remain competitive. |
|
|
|
|
|
The performance of the land transport segment is expected to remain
steady supported by initiatives to upgrade roads and public transport
infrastructure to ensure a seamless movement of goods and services. During
the first six months of 2012, the number of vehicles on tolled highways
increased 4.5% to 761.4 million. In urban public transport, total ridership
on RapidKL and RapidPenang bus services rose 3.8% to 67.5 million passengers
during the first six months of 2012. |
|
|
|
|
|
The air transport market plays an active role in Malaysia's economic
development by supporting the country's trade and tourism. The Malaysia's car
rental market developing into one of the most mature kind in the Asia-Pacific
region. Malaysia's rail network only covers 1,849km and transports 4-4.5
million passengers per year. As such, the rail transportmarket accounts for a
small share on the total passanger transportation industry. Malaysia also
emerging as an important cruise destination in the Asia-Pacific regoin.
During the first half of 2012, growth in the air transport segment was
moderate despite sustained demand for passenger travel. Total passenger
traffic in airports nationwide expanded 4.1% to 33.2 million partly
attributed to increased connectivity following the entry of new airlines to
Malaysia such as Mandala Airlines and Bangkok Airways. |
|
|
|
|
|
A world-class public transport system is imperative as the nation
moves towards a high-income and developed economy. The Sungai Buloh-Kajang Line
MY Rapid Transit (SBK-MRT) service, which is expected to be operational by
2017, will transform the urban public transport infrastructure in the Klang
Valley. Similarly, there is a need to improve the public transport system in
major cities outside Klang Valley to facilitate a seamless and efficient
movement of people, goods and services. |
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 2005, the SC is a Private Limited
company, focusing on consultants, managers and advisers of shipping and
maritime industry. Having been in business for more than 5 years, the SC has
established a remarkable clientele base for itself which has contributed to
its business growth. The capital standing of the SC is fair. With an adequate
share capital, the SC has the potential of expanding its business in future. The SC's payment habit is average. With
its adequate working capital, the SC should be able to pay its short term
debts. In view of the above, we recommend credit be granted to the SC with close monitoring. |
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
TALASCO MARINE
SDN. BHD. |
|
Financial Year End |
31/03/2011 |
31/03/2010 |
31/12/2008 |
31/12/2007 |
31/12/2006 |
|
Months |
12 |
15 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
6,640,493 |
300,000 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
6,640,493 |
300,000 |
- |
- |
- |
|
Costs of Goods Sold |
<5,153,000> |
<94,117> |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
1,487,493 |
205,883 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
<113,306> |
<77,177> |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
<113,306> |
<77,177> |
- |
- |
- |
|
Taxation |
- |
- |
<1,398> |
<1,258> |
<1,354> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
<113,306> |
<77,177> |
<1,398> |
<1,258> |
<1,354> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
<88,925> |
<11,748> |
<10,350> |
<9,092> |
<7,738> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
<88,925> |
<11,748> |
<10,350> |
<9,092> |
<7,738> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
<202,231> |
<88,925> |
<11,748> |
<10,350> |
<9,092> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
<202,231> |
<88,925> |
<11,748> |
<10,350> |
<9,092> |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Others |
1,711 |
356 |
- |
- |
- |
|
|
---------------- |
---------------- |
|
|
|
|
|
1,711 |
356 |
|
|
|
BALANCE SHEET
|
TALASCO MARINE
SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
1,798,374 |
65,621 |
- |
- |
- |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
1,798,374 |
65,621 |
- |
- |
- |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Trade debtors |
1,380,288 |
1,248,663 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
96,502 |
233,000 |
- |
- |
- |
|
Amount due from director |
- |
62,917 |
48,800 |
48,800 |
48,800 |
|
Cash & bank balances |
120,722 |
952 |
1,970 |
1,970 |
1,970 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
1,597,512 |
1,545,532 |
50,770 |
50,770 |
50,770 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
3,395,886 |
1,611,153 |
50,770 |
50,770 |
50,770 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
1,057,284 |
- |
- |
- |
- |
|
Other creditors & accruals |
1,540,833 |
456,453 |
3,656 |
2,258 |
1,824 |
|
Bank overdraft |
- |
19,231 |
- |
- |
- |
|
Amounts owing to related companies |
- |
- |
8,862 |
8,862 |
8,038 |
|
Amounts owing to director |
- |
224,394 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
2,598,117 |
700,078 |
12,518 |
11,120 |
9,862 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
<1,000,605> |
845,454 |
38,252 |
39,650 |
40,908 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
797,769 |
911,075 |
38,252 |
39,650 |
40,908 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
1,000,000 |
1,000,000 |
50,000 |
50,000 |
50,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
1,000,000 |
1,000,000 |
50,000 |
50,000 |
50,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
<202,231> |
<88,925> |
<11,748> |
<10,350> |
<9,092> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
<202,231> |
<88,925> |
<11,748> |
<10,350> |
<9,092> |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
797,769 |
911,075 |
38,252 |
39,650 |
40,908 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
797,769 |
911,075 |
38,252 |
39,650 |
40,908 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
FINANCIAL RATIO
|
TALASCO MARINE
SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
120,722 |
952 |
1,970 |
1,970 |
1,970 |
|
Net Liquid Funds |
120,722 |
<18,279> |
1,970 |
1,970 |
1,970 |
|
Net Liquid Assets |
<1,000,605> |
845,454 |
38,252 |
39,650 |
40,908 |
|
Net Current Assets/(Liabilities) |
<1,000,605> |
845,454 |
38,252 |
39,650 |
40,908 |
|
Net Tangible Assets |
797,769 |
911,075 |
38,252 |
39,650 |
40,908 |
|
Net Monetary Assets |
<1,000,605> |
845,454 |
38,252 |
39,650 |
40,908 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
19,231 |
0 |
0 |
0 |
|
Total Liabilities |
2,598,117 |
700,078 |
12,518 |
11,120 |
9,862 |
|
Total Assets |
3,395,886 |
1,611,153 |
50,770 |
50,770 |
50,770 |
|
Net Assets |
797,769 |
911,075 |
38,252 |
39,650 |
40,908 |
|
Net Assets Backing |
797,769 |
911,075 |
38,252 |
39,650 |
40,908 |
|
Shareholders' Funds |
797,769 |
911,075 |
38,252 |
39,650 |
40,908 |
|
Total Share Capital |
1,000,000 |
1,000,000 |
50,000 |
50,000 |
50,000 |
|
Total Reserves |
<202,231> |
<88,925> |
<11,748> |
<10,350> |
<9,092> |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.05 |
0.00 |
0.16 |
0.18 |
0.20 |
|
Liquid Ratio |
0.61 |
2.21 |
4.06 |
4.57 |
5.15 |
|
Current Ratio |
0.61 |
2.21 |
4.06 |
4.57 |
5.15 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
0 |
0 |
0 |
0 |
0 |
|
Debtors Ratio |
76 |
1,519 |
0 |
0 |
0 |
|
Creditors Ratio |
75 |
0 |
0 |
0 |
0 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.02 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
3.26 |
0.77 |
0.33 |
0.28 |
0.24 |
|
Times Interest Earned Ratio |
<65.22> |
<215.79> |
0.00 |
0.00 |
0.00 |
|
Assets Backing Ratio |
0.80 |
0.91 |
0.77 |
0.79 |
0.82 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
<1.71> |
<25.73> |
0.00 |
0.00 |
0.00 |
|
Net Profit Margin |
<1.71> |
<25.73> |
0.00 |
0.00 |
0.00 |
|
Return On Net Assets |
<13.99> |
<8.43> |
0.00 |
0.00 |
0.00 |
|
Return On Capital Employed |
<13.99> |
<8.26> |
0.00 |
0.00 |
0.00 |
|
Return On Shareholders' Funds/Equity |
<14.20> |
<8.47> |
<3.65> |
<3.17> |
<3.31> |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
UK Pound |
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.