|
Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ETIKA GLOBAL RESOURCES SDN. BHD. |
|
|
|
|
Registered Office : |
Suite B-12-01, Plaza Mont' Kiara, 2, Jalan Kiara, Mont' Kiara, 50480 Kuala
Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia. |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
14.10.2005 |
|
|
|
|
Com. Reg. No.: |
712752-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Sale and Distribution of Dairy Products |
|
|
|
|
No. of Employees : |
30 |
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 |
|
Payment Behaviour : |
Regular |
|
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 |
|
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
712752-M |
||||
|
COMPANY NAME |
: |
ETIKA GLOBAL
RESOURCES SDN. BHD. |
||||
|
FORMER NAME |
: |
WANGSARIN SDN BHD (13/03/2006) |
||||
|
INCORPORATION DATE |
: |
14/10/2005 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
SUITE B-12-01, PLAZA MONT' KIARA, 2, JALAN
KIARA, MONT' KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT LS 1 PERSIARAN SATU, MERU INDUSTRIAL
PARK, PERSIARAN HAMZAH LANG, 42200 KAPAR, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-33922988 |
||||
|
FAX.NO. |
: |
03-33931688 |
||||
|
CONTACT PERSON |
: |
KHOR SIN KOK ( EXECUTIVE DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
46322 |
||||
|
PRINCIPAL ACTIVITY |
: |
SALE AND DISTRIBUTION OF DAIRY PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 310,856,918 [2012] |
||||
|
NET WORTH |
: |
MYR 42,272,074 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
30 [2013] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT CAPABILITY |
: |
GOOD |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
|
|
|
|
||||
|
|
||||||
|
|
|
|
||||
|
|
||||||
The SC is a private limited company and is allowed to have a minimum of
one and a maximum of forty-nine shareholders. As a private limited company, the
SC must have at least two directors. A private limited company is a separate
legal entity from its shareholders. As a separate legal entity, the SC is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the equity
they have taken up and the creditors cannot claim on shareholders' personal
assets even if the SC is insolvent. The SC is governed by the Companies Act,
1965 and the company must file its annual returns, together with its financial
statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) sale and
distribution of dairy products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate and ultimate holding company of the SC is ETIKA
INTERNATIONAL HOLDINGS LIMITED, a company incorporated in SINGAPORE.
The major shareholder(s) of the SC are shown
as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ETIKA INTERNATIONAL HOLDINGS LIMITED |
SGX CENTRE II, 17-01, 4, SHENTON WAY,
068807, SINGAPORE. |
200313131Z |
500,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
500,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
DATO' KAMAL Y P TAN |
|
Address |
: |
30, JALAN TAMAN PANTAI, BUKIT PANTAI, 59100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
H0257258 |
|
New IC No |
: |
520229-71-5071 |
|
Date of Birth |
: |
29/02/1952 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
13/12/2005 |
|
|
|
|
|
Qualification |
: |
B.SC IN ECONS (ACCOUNTANCY & FINANCE)
LONDON SCHOOL OF ECONS, UK. |
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
DATO' JAYA J B TAN |
|
Address |
: |
27, BANGSAR HILL, JALAN MEDANG SERAI, OFF JALAN
MEDANG KAPAS, BUKIT BANDARAYA, BANGSAR, 59100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
H0257257 |
|
New IC No |
: |
471015-71-5377 |
|
Date of Birth |
: |
15/10/1947 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
13/12/2005 |
|
|
|
|
|
Qualification |
: |
M.MEC.ENG. IN AEROSPACE FROM ARIZONA, USA. |
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MR. KWONG YUEN SENG |
|
Address |
: |
2379, JALAN POKOK MANGGA, 75200 MELAKA, MELAKA,
MALAYSIA. |
|
IC / PP No |
: |
0868966 |
|
New IC No |
: |
390603-04-5125 |
|
Date of Birth |
: |
03/06/1939 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
23/11/2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
MR. MAH WENG CHOONG |
|
Address |
: |
9, LORONG KEMARIS 6, BUKIT BANDARAYA,
59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
2986453 |
|
New IC No |
: |
380611-10-5125 |
|
Date of Birth |
: |
11/06/1938 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
23/11/2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
MR. KHOR SIN KOK |
|
Address |
: |
69, JALAN SS 22/27A, 47400 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
5006331 |
|
New IC No |
: |
560729-07-5011 |
|
Date of Birth |
: |
29/07/1956 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
23/11/2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject |
: |
MR. TAN SAN MING |
|
Address |
: |
27, BANGSAR HILL, JALAN MEDANG SERAI, OFF
JALAN MEDANG KAPAS, BUKIT BANDARAYA, BANGSAR, 59100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
830811-14-5725 |
|
Date of Birth |
: |
11/08/1983 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
06/07/2009 |
|
Remark |
: |
ALTERNATE DIRECTOR TO DATO' JAYA J
B TAN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
ALEX TEE |
|
|
Position |
: |
EXPORT MANAGER |
|
|
|
|
|
|
2) |
Name of Subject |
: |
KHOR SIN KOK |
|
|
Position |
: |
EXECUTIVE DIRECTOR |
|
|
|
|
|
|
Auditor |
: |
BDO |
|
Auditor' Address |
: |
MENARA UNI.ASIA, 1008, JALAN SULTAN ISMAIL,
12TH FLOOR, 50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
|
|
|
|
1) |
Company Secretary |
: |
MS. LEE PEI SHAN |
|
|
IC / PP No |
: |
A2850801 |
|
|
New IC No |
: |
740725-08-5528 |
|
|
Address |
: |
32-14-3, PANDAN HEIGHT CONDOMINIUM,
LINCOLN TOWER, JALAN CHERAS LAMA, 55300 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
|
|
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the SC whether the subject has
been involved in any litigation. Our databank consists of 99% of the wound up
companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* We have checked through the SC in our defaulters' database which comprised of
debtors that have been blacklisted by our customers and debtors that have been
placed or assigned to us for collection since 1990. Information was provided by
third party where the debt amount can be disputed. Please check with creditors
for confirmation as alleged debts may have been paid since recorded or are
being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
|
|
|
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
The SC refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
DAIRY PRODUCTS
|
|||||
|
|
|
|
|||||
|
Competitor(s) |
: |
COTRA ENTERPRISES SDN BHD
|
|||||
|
|
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
|
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
|
COMPANY |
30 |
30 |
25 |
25 |
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) sale and distribution of
dairy products.
The SC's products ranges are including sweetened condensed milk, sweetened
condensed filled milk, sweetened creamer, evaporated milk, evaporates filled
milk and others.
Besides that, the SC also has a warehouse to keep stocks and materials.
The SC utilizes advanced machineries to ensure production of high quality
products.
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-33922988 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
LOT LS-1, PERSIARAN SATU, MERU INDUSTRIAL PARK
OFF PERSIARAN HAMZAH ALANG, 42200 KLANG, SELANGOR DARUL EHSAN |
|
Current Address |
: |
LOT LS 1 PERSIARAN SATU, MERU INDUSTRIAL
PARK, PERSIARAN HAMZAH LANG, 42200 KAPAR, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other
Investigations
On 30th September 2013 we contacted one of the staff from the SC and she
provided some information on the SC.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
55.00% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
55.00% |
] |
|
|
|
|
|
|
|
|
|
|
The SC's turnover increased steadily as
the demand for its products / services increased due to the goodwill built up
over the years.The SC's management have been efficient in controlling its
operating costs. Generally the SC was profitable. The favourable return on
shareholders' funds and return on net assets indicate that the SC's
management was efficient in utilising the assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
54 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
3 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 where the SC could be taking advantage of the
cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
9.03 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
9.03 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 |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
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. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
Generally, the SC's performance has improved
with higher turnover and profit. The SC was in good liquidity position with
its total current liabilities well covered by its total current assets. With
its current net assets, the SC should be able to repay its short term
obligations. 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. |
||||||
|
|
|
|
|
|
|
|
|
Overall
financial condition of the SC : STRONG |
||||||
|
Major Economic
Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic
Products ( % ) |
<0.5> |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private
Expenditure ( % ) |
<2.7> |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
<17.2> |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public
Expenditure ( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
<1.2> |
|
Investment ( % ) |
8.0 |
2.8 |
<0.3> |
15.9 |
4.2 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
<28,450> |
<40,482> |
<45,511> |
<42,297> |
<39,993> |
|
Government Finance
to GDP / Fiscal Deficit ( % ) |
<4.8> |
<5.6> |
<5.4> |
<4.5> |
<4.0> |
|
Inflation ( % Change in Composite CPI) |
<5.2> |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months
of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of
New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
<0.1> |
6.2 |
3.0 |
<0.0> |
- |
|
Liquidation of
Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
<34.5> |
417.8 |
- |
- |
|
|
|
|
|
|
|
|
Registration of
New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business
Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
- |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
- |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
- |
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.4 |
2.1 |
5.9 |
0.6 |
2.4 |
|
Palm Oil |
<1.1> |
<3.4> |
10.8 |
<2.8> |
- |
|
Rubber |
<19.8> |
9.9 |
6.1 |
<0.6> |
- |
|
Forestry & Logging |
<5.9> |
<3.3> |
<7.6> |
<2.2> |
- |
|
Fishing |
5.5 |
5.6 |
2.1 |
<0.7> |
- |
|
Other Agriculture |
9.0 |
7.9 |
7.1 |
6.4 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
413.7 |
508.4 |
634.1 |
- |
- |
|
% of Industry
Non-Performing Loans |
1.3 |
2.1 |
3.2 |
- |
- |
|
|
|
|
|
|
|
|
Mining |
<3.8> |
0.2 |
<5.7> |
1.5 |
2.7 |
|
Oil & Gas |
2.1 |
0.5 |
<1.7> |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
44.2 |
49.7 |
46.5 |
- |
- |
|
% of Industry
Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
<9.4> |
11.4 |
4.7 |
4.2 |
4.9 |
|
Exported-oriented
Industries |
<19.0> |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
<30.3> |
28.4 |
<4.9> |
1.6 |
- |
|
Rubber Products |
<10.1> |
25.3 |
15.4 |
3.6 |
- |
|
Wood Products |
<24.1> |
20.1 |
<4.9> |
4.6 |
- |
|
Textiles & Apparel |
<19.5> |
<0.4> |
14.8 |
<7.1> |
- |
|
Domestic-oriented
Industries |
<9.8> |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.2 |
- |
- |
|
Chemical & Chemical Products |
<7.7> |
16.2 |
5.5 |
9.9 |
- |
|
Plastic Products |
<9.1> |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
<32.7> |
29.3 |
2.4 |
- |
- |
|
Fabricated Metal Products |
<2.5> |
14.9 |
25.2 |
- |
- |
|
Non-metallic Mineral |
<15.5> |
20.2 |
27.1 |
6.6 |
- |
|
Transport Equipment |
<13.5> |
36.5 |
<10.4> |
13.7 |
- |
|
Paper & Paper Products |
<5.0> |
18.7 |
14.8 |
<7.8> |
- |
|
Crude Oil Refineries |
0.2 |
<11.4> |
9.3 |
- |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,007.3 |
6,217.5 |
6,537.2 |
- |
- |
|
% of Industry Non-Performing
Loans |
18.3 |
23.8 |
25.7 |
- |
- |
|
|
|
|
|
|
|
|
Construction |
5.8 |
5.1 |
4.4 |
15.5 |
11.2 |
|
Industry Non-Performing Loans ( MYR
Million ) |
3,241.8 |
4,038.5 |
3,856.9 |
- |
- |
|
% of Industry
Non-Performing Loans |
9.9 |
10.7 |
10.2 |
- |
- |
|
|
|
|
|
|
|
|
Services |
2.6 |
6.5 |
6.4 |
5.5 |
5.6 |
|
Electric, Gas & Water |
0.4 |
8.5 |
5.6 |
4.8 |
- |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.3 |
- |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
6.9 |
- |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.3 |
6.5 |
- |
|
Government Services |
2.0 |
6.7 |
7.6 |
5.6 |
- |
|
Other Services |
4.4 |
4.2 |
5.4 |
5.7 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry
Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing Production Index |
|||||
|
|
|
|
|
|
|
|
MSIC CODE |
|
|
46322 : Wholesale of dairy products |
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
According to the Retail Group Malaysia (RGM),
the wholesale and retail trade sector forecast to grow to 6% in year 2013.
During the first quarter of year 2013, RGM is estimating the retail industry
to grow 6.9%. Many retailers have been enjoying better sales since the
government handed out cash from mid-January of 2013 under the second round of
Bantuan Rakyat 1Malaysia to more than 12 million Malaysians. Bookstores and
related retail stores have also started enjoying rising sales since the RM250
1Malaysia Book Voucher was distributed to 1.3 million private and public
university students. Besides, since early February 2013, handphone traders
and retailers selling smartphone accessories have started to benefit from the
RM200 rebate on smartphones for 1.5 million young adults aged between 21 and
30 years with a monthly income of not more than RM3,000. |
|
|
|
|
|
The wholesale and retail trade sector grew
6.1% in the first half of the year 2012 driven by strong domestic consumption
and the increasing number of large format stores operating in Malaysia, including
180 foreign hypermarkets, superstores and departmental stores as at end of
August 2012. In addition, other indicators such as imports of consumption
goods were higher by 15.2%. |
|
|
|
|
|
In 2012, the wholesale and retail trade sector
growth to 5.5% driven by higher consumption which benefited from Government
initiatives under the 2012 Budget such as BR1M, Baucar Buku 1Malaysia (BB1M)
and the RM100 assistance for all primary and secondary school students. The
performance of the sector will also be supported by ongoing efforts to
modernise the retail segment under the ETP. In 2012, 500 retail shops and 50
workshops are targeted to be modernised under the Retail Shop Transformation
(TUKAR) and Automotive Workshop Modernisation (ATOM) programmes,
respectively. As at end of July 2012, 95 workshops have been modernised,
surpassing the yearly target, while 393 retail shops have been modernised. |
|
|
|
|
|
Growth of the sector is anticipated to
remain encouraging with ongoing efforts by the Government to increase its
contribution to the economy. Major initiatives include increasing the number
of large format stores such as hypermarkets, superstores and departmental
stores are carried out to boost the economy. |
|
|
|
|
|
Over 60% of Gross Domestic Product (GDP)
is contributed by domestic consumption, therefore the wholesale and retail
sector plays a crucial role in driving Malaysia's growth over the next decade
despite the ongoing global economic slowdown. By 2020, Malaysia's wholesale
and retail sector is expected to boost the country's total Gross National
Income (GNI) by RM156 billion, creating 454,190 new jobs. |
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : Average Growth |
|
|
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
ETIKA GLOBAL
RESOURCES SDN. BHD. |
|
Financial Year End |
2012-09-30 |
2011-09-30 |
2010-09-30 |
2009-09-30 |
2008-09-30 |
|
Months |
12 |
12 |
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 |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
310,856,918 |
303,584,520 |
245,636,921 |
213,738,322 |
189,845,665 |
|
Other Income |
4,291,034 |
4,303,437 |
140,943 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
315,147,952 |
307,887,957 |
245,777,864 |
213,738,322 |
189,845,665 |
|
Costs of Goods Sold |
<278,861,943> |
<273,638,017> |
<204,170,383> |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
36,286,009 |
34,249,940 |
41,607,481 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
23,247,821 |
21,047,014 |
25,801,329 |
25,974,895 |
17,525,850 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
23,247,821 |
21,047,014 |
25,801,329 |
25,974,895 |
17,525,850 |
|
Taxation |
- |
- |
- |
- |
<2,830> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
23,247,821 |
21,047,014 |
25,801,329 |
25,974,895 |
17,523,020 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
34,524,253 |
22,477,239 |
26,275,910 |
14,601,015 |
2,377,995 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
34,524,253 |
22,477,239 |
26,275,910 |
14,601,015 |
2,377,995 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
57,772,074 |
43,524,253 |
52,077,239 |
40,575,910 |
19,901,015 |
|
DIVIDENDS - Ordinary (paid & proposed) |
<16,000,000> |
<9,000,000> |
<29,600,000> |
<14,300,000> |
<5,300,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
41,772,074 |
34,524,253 |
22,477,239 |
26,275,910 |
14,601,015 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
ETIKA GLOBAL
RESOURCES SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
847,731 |
969,128 |
1,085,314 |
1,262,181 |
1,320,569 |
|
|
|
|
|
|
|
|
INTANGIBLE
ASSETS |
|
|
|
|
|
|
Intellectual property and license rights |
45,542 |
62,008 |
- |
- |
- |
|
Others |
- |
- |
74,494 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
45,542 |
62,008 |
74,494 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
893,273 |
1,031,136 |
1,159,808 |
1,262,181 |
1,320,569 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
- |
- |
96,058 |
2,501,478 |
- |
|
Trade debtors |
45,639,661 |
45,803,604 |
11,955,025 |
25,668,880 |
- |
|
Other debtors, deposits & prepayments |
901 |
2,606 |
3,280 |
56,247 |
- |
|
Amount due from related companies |
- |
- |
10,229,494 |
- |
- |
|
Cash & bank balances |
891,798 |
943,138 |
862,843 |
99,426 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
46,532,360 |
46,749,348 |
23,146,700 |
28,326,031 |
27,356,236 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
47,425,633 |
47,780,484 |
24,306,508 |
29,588,212 |
28,676,805 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
2,147,096 |
10,000,998 |
- |
- |
- |
|
Other creditors & accruals |
2,438,025 |
2,122,242 |
565,887 |
2,502,046 |
- |
|
Deposits from customers |
- |
- |
637,016 |
- |
- |
|
Amounts owing to holding company |
224,272 |
168,342 |
- |
- |
- |
|
Amounts owing to related companies |
330,616 |
148,010 |
126,366 |
310,256 |
- |
|
Other liabilities |
13,550 |
316,639 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
5,153,559 |
12,756,231 |
1,329,269 |
2,812,302 |
13,575,790 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
41,378,801 |
33,993,117 |
21,817,431 |
25,513,729 |
13,780,446 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
42,272,074 |
35,024,253 |
22,977,239 |
26,775,910 |
15,101,015 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
41,772,074 |
34,524,253 |
22,477,239 |
26,275,910 |
14,601,015 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
41,772,074 |
34,524,253 |
22,477,239 |
26,275,910 |
14,601,015 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
42,272,074 |
35,024,253 |
22,977,239 |
26,775,910 |
15,101,015 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
42,272,074 |
35,024,253 |
22,977,239 |
26,775,910 |
15,101,015 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ETIKA GLOBAL
RESOURCES SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
891,798 |
943,138 |
862,843 |
99,426 |
- |
|
Net Liquid Funds |
891,798 |
943,138 |
862,843 |
99,426 |
- |
|
Net Liquid Assets |
41,378,801 |
33,993,117 |
21,721,373 |
23,012,251 |
13,780,446 |
|
Net Current Assets/(Liabilities) |
41,378,801 |
33,993,117 |
21,817,431 |
25,513,729 |
13,780,446 |
|
Net Tangible Assets |
42,226,532 |
34,962,245 |
22,902,745 |
26,775,910 |
15,101,015 |
|
Net Monetary Assets |
41,378,801 |
33,993,117 |
21,721,373 |
23,012,251 |
13,780,446 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
0 |
- |
|
Total Liabilities |
5,153,559 |
12,756,231 |
1,329,269 |
2,812,302 |
13,575,790 |
|
Total Assets |
47,425,633 |
47,780,484 |
24,306,508 |
29,588,212 |
28,676,805 |
|
Net Assets |
42,272,074 |
35,024,253 |
22,977,239 |
26,775,910 |
15,101,015 |
|
Net Assets Backing |
42,272,074 |
35,024,253 |
22,977,239 |
26,775,910 |
15,101,015 |
|
Shareholders' Funds |
42,272,074 |
35,024,253 |
22,977,239 |
26,775,910 |
15,101,015 |
|
Total Share Capital |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
Total Reserves |
41,772,074 |
34,524,253 |
22,477,239 |
26,275,910 |
14,601,015 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.17 |
0.07 |
0.65 |
0.04 |
- |
|
Liquid Ratio |
9.03 |
3.66 |
17.34 |
9.18 |
- |
|
Current Ratio |
9.03 |
3.66 |
17.41 |
10.07 |
2.02 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
0 |
0 |
0 |
4 |
- |
|
Debtors Ratio |
54 |
55 |
18 |
44 |
- |
|
Creditors Ratio |
3 |
13 |
0 |
0 |
- |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
- |
|
Liabilities Ratio |
0.12 |
0.36 |
0.06 |
0.11 |
0.90 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
- |
|
Assets Backing Ratio |
84.45 |
69.92 |
45.81 |
53.55 |
30.20 |
|
PERFORMANCE RATIO
(%) |
|
|
|
|
|
|
Operating Profit Margin |
7.48 |
6.93 |
10.50 |
12.15 |
9.23 |
|
Net Profit Margin |
7.48 |
6.93 |
10.50 |
12.15 |
9.23 |
|
Return On Net Assets |
55.00 |
60.09 |
112.29 |
97.01 |
116.06 |
|
Return On Capital Employed |
54.94 |
59.99 |
111.93 |
97.01 |
116.06 |
|
Return On Shareholders' Funds/Equity |
55.00 |
60.09 |
112.29 |
97.01 |
116.04 |
|
Dividend Pay Out Ratio (Times) |
0.69 |
0.43 |
1.15 |
0.55 |
0.30 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
UK Pound |
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.