|
Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
PUBLIC AUTO SUPPLIERS SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 2-2-5, Menara Klh Business Centre, 2, Jalan Kasipillay, 2 1/2
Miles, Jalan Ipoh, 2nd Floor, 51200 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
31.12.1971 |
|
|
|
|
Com. Reg. No.: |
11578-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Dealer in Motor accessories and Spare Part |
|
|
|
|
No. of Employees : |
18 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself
since the 1970s from a producer of raw materials into an emerging multi-sector
economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve
high-income status by 2020 and to move farther up the value-added production
chain by attracting investments in Islamic finance, high technology industries,
biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a
series of projects and policy measures intended to accelerate the country's
economic growth. The government has also taken steps to liberalize some
services sub-sectors. The NAJIB administration also is continuing efforts to
boost domestic demand and reduce the economy''s dependence on exports.
Nevertheless, exports - particularly of electronics, oil and gas, palm oil and
rubber - remain a significant driver of the economy. As an oil and gas
exporter, Malaysia has profited from higher world energy prices, although the
rising cost of domestic gasoline and diesel fuel, combined with strained
government finances, has forced Kuala Lumpur to begin to reduce government
subsidies. The government is also trying to lessen its dependence on state oil
producer Petronas. The oil and gas sector supplies about 35% of government
revenue in 2011. Bank Negera Malaysia (central bank) maintains healthy foreign
exchange reserves, and a well-developed regulatory regime has limited
Malaysia''s exposure to riskier financial instruments and the global financial
crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity
prices or a general slowdown in global economic activity because exports are a
major component of GDP. In order to attract increased investment, NAJIB has
raised possible revisions to the special economic and social preferences
accorded to ethnic Malays under the New Economic Policy of 1970, but he has
encountered significant opposition, especially from Malay nationalists and
other vested interests.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
11578-M |
|
COMPANY NAME |
: |
PUBLIC AUTO SUPPLIERS SDN. BHD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
31/12/1971 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
SUITE 2-2-5, MENARA KLH BUSINESS CENTRE, 2, JALAN KASIPILLAY, 2 1/2
MILES, JALAN IPOH, 2ND FLOOR, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
BUSINESS ADDRESS |
: |
636 BATU 4, JALAN IPOH, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
TEL.NO. |
: |
03-62512922 |
|
FAX.NO. |
: |
03-62515789 |
|
CONTACT PERSON |
: |
ONG CHIEW KIAT ( DIRECTOR ) |
|
INDUSTRY CODE |
: |
45300 |
|
PRINCIPAL ACTIVITY |
: |
DEALER IN MOTOR ACCESSORIES AND SPARE PART |
|
AUTHORISED CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
|
SALES |
: |
MYR 4,182,607 [2011] |
|
NET WORTH |
: |
MYR 3,819,742 [2011] |
|
BANKER (S) |
|
PUBLIC BANK BHD |
|
STAFF STRENGTH |
: |
18 [2013] |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MARGINAL 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) dealer in motor
accessories and spare part.
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 |
(%) |
|
MS. ONG CHIEW KIAT + |
53A, JALAN CUMARASAMI, OFF BATU 4, JALAN IPOH, 51200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
360718-04-5048 8122635 |
33,679.00 |
33.68 |
|
MS. TAN SIEW FOONG + |
T.27, JALAN UMBUN DUA, TAMAN SETAPAK, 53000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
400306-71-5010 7647795 |
23,433.00 |
23.43 |
|
MR. ONG MENG SOON + |
53A, JALAN CUMARASAMI, BATU 3 3/4, JALAN IPOH, 51100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
570928-71-5287 5334872 |
22,300.00 |
22.30 |
|
MR. ONG SEOW KEE |
T-27, JALAN UMBUN DUA, SETAPAK GARDEN, 53000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
670324-10-5347 A0301584 |
5,900.00 |
5.90 |
|
MS. ONG LAY CHOO |
53A, JALAN CUMARASAMI, OFF BATU 4, JALAN IPOH, 51200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
590616-10-6296 |
5,344.00 |
5.34 |
|
MS. ONG LAY FONG + |
55, JALAN KANGSAR, TAMAN RAINBOW, 4 1/2 MILE, JALAN IPOH, 51200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
610908-10-5936 6310811 |
5,344.00 |
5.34 |
|
MS. ONG KEE LIAN |
T.27, JALAN UMBUN DUA, SETAPAK GARDEN, 53000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
731015-14-5384 A2613256 |
2,000.00 |
2.00 |
|
MS. ONG CHYI YING |
T.27, JALAN UMBUN DUA, SETAPAK GARDEN, 53000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
700826-10-5384 A1616552 |
2,000.00 |
2.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
100,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MS. ONG LAY FONG |
|
Address |
: |
55, JALAN KANGSAR, TAMAN RAINBOW, 4 1/2 MILE, JALAN IPOH, 51200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
6310811 |
|
New IC No |
: |
610908-10-5936 |
|
Date of Birth |
: |
08/09/1961 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
04/05/2009 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. ONG MENG SOON |
|
Address |
: |
53A, JALAN CUMARASAMI, BATU 3 3/4, JALAN IPOH, 51100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
5334872 |
|
New IC No |
: |
570928-71-5287 |
|
Date of Birth |
: |
28/09/1957 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
24/02/2009 |
DIRECTOR 3
|
Name Of Subject |
: |
MS. TAN SIEW FOONG |
|
Address |
: |
T.27, JALAN UMBUN DUA, TAMAN SETAPAK, 53000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
7647795 |
|
New IC No |
: |
400306-71-5010 |
|
Date of Birth |
: |
06/03/1940 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
18/01/1972 |
DIRECTOR 4
|
Name Of Subject |
: |
MS. ONG CHIEW KIAT |
|
Address |
: |
53A, JALAN CUMARASAMI, OFF BATU 4, JALAN IPOH, 51200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
8122635 |
|
New IC No |
: |
360718-04-5048 |
|
Date of Birth |
: |
18/07/1936 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
10/05/2007 |
|
1) |
Name of Subject |
: |
ONG CHIEW KIAT |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
WONG & CO |
|
Auditor' Address |
: |
SUITES 2-5-6 & 2-5-7, MENARA KLH BUSINESS CENTRE, 2, JALAN
KASIPILLAY, 2 1/2 MILES, JALAN IPOH, 5TH FLOOR, 51200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. WONG WENG FONG @ WONG WING KAI |
|
|
IC / PP No |
: |
1618409 |
|
|
New IC No |
: |
490629-03-5003 |
|
|
Address |
: |
3, JALAN TENGAS (8/8), 46050 PETALING JAYA, SELANGOR, MALAYSIA. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
PUBLIC BANK BHD |
|
|
|
|
|
|
2) |
Name |
: |
STANDARD CHARTERED BANK MALAYSIA BHD |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
15/06/1979 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BERHAD |
MYR 1,100,000.00 |
Satisfied |
|
2 |
15/06/1979 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BERHAD |
MYR 300,000.00 |
Satisfied |
|
3 |
15/06/1979 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BERHAD |
MYR 400,000.00 |
Satisfied |
|
4 |
15/06/1979 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BERHAD |
MYR 450,000.00 |
Satisfied |
|
5 |
15/06/1979 |
N/A |
STANDART CHARTERED BANK MALAYSIA BERHAD |
MYR 550,000.00 |
Satisfied |
|
8 |
15/04/1987 |
N/A |
STANDARD CHARTERED BANKMALAYSIA BERHAD |
MYR 100,000.00 |
Satisfied |
|
6 |
19/04/1989 |
OPEN CHARGE |
PERWIRA HABIB BANK MALAYSIA BERHAD |
MYR 300,000.00 |
Unsatisfied |
|
7 |
19/04/1989 |
OPEN CHARGE |
PERWIRA HABIB BANK MALAYSIA BERHAD |
MYR 150,000.00 |
Unsatisfied |
|
9 |
07/08/1990 |
OPEN CHARGE |
PERWIRA HABIB BANK MALAYSIA BERHAD |
MYR 200,000.00 |
Unsatisfied |
|
10 |
19/10/1994 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BHD |
N/A |
Unsatisfied |
|
11 |
20/10/1999 |
OPEN CHARGE |
PERWIRA AFFIN BANK BERHAD |
MYR 486,625.66 |
Unsatisfied |
|
12 |
01/10/2002 |
OPEN CHARGE |
PUBLIC BANK BERHAD |
MYR 568,181.79 |
Unsatisfied |
|
13 |
23/10/2003 |
N/A |
PUBLIC BANK BERHAD |
N/A |
Satisfied |
|
14 |
26/03/2008 |
FACILITILIES AGREEMENT |
PUBLIC BANK BHD |
MYR 800,000.00 |
Unsatisfied |
* 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 |
Percentage |
: |
30% |
|
Overseas |
: |
YES |
Percentage |
: |
70% |
|
Import Countries |
: |
CHINA,INDIA,THAILAND,GERMANY |
|||
The SC refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
X |
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|
|
|
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
AUTO PARTS FOR HEAVY VEHICLES SUCH AS BUS AND LORRY ETC
|
|
|
|
|
|
|
|
Ownership of premises |
: |
LEASED/RENTED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2010 |
2009 |
2008 |
|
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
|
COMPANY |
18 |
15 |
15 |
10 |
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) dealer in motor accessories
and spare part.
The SC refused to disclose its operation.
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-62512922 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
NO.636 , BATU 4 JALAN IPOH 51200, KUALA LUMPUR |
|
Current Address |
: |
636 BATU 4, JALAN IPOH, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 2nd October 2013 we contacted one of the staff from the SC and she provided
some information on the SC.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2008 - 2011 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2011 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
6.22% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
6.29% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.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. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
87 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
149 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
26 Days |
] |
|
|
|
|
|
|
|
|
|
|
The SC could be incurring higher holding cost. As its capital was tied
up in stocks, it could face liquidity problems. The SC's debtors ratio was
high. The SC should tighten its credit control and improve its collection
period. The SC had a favourable creditors' ratio where the SC could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
2.83 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
3.64 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the SC in order to
assure its creditors of its ability to meet short term obligations and the SC
was in a good liquidity position. Thus, we believe the SC is able to meet all
its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
80.30 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.13 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the SC was able to service the
interest. The favourable interest cover could indicate that the SC was making
enough profit to pay for the interest accrued. The SC was lowly geared thus
it had a low financial risk. The SC was mainly financed by its shareholders'
funds and internally generated funds. In times of economic slowdown /
downturn, the SC being a lowly geared company, will be able to compete better
than those companies which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Although the turnover was erratic, the SC had maintained a steady
growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. The SC was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the SC should be able to repay its short
term obligations. With the favourable interest cover, the SC could be able to
service all the accrued interest without facing any difficulties. The SC as a
lowly geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations. |
||||||
|
|
|
|
|
|
|
|
|
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 |
|
|
45300 : Wholesale and retail sale of all kinds of parts, components,
supplies, tools and accessories for motor vehicles |
|
|
|
|
|
INDUSTRY : |
MOTOR VECHICLE |
|
|
|
|
|
|
|
The total industry volume (TIV) for year 2013 forcasted 640 000 units.
This is an increase of 2.0% compared to the year 2012. Sales of passenger
vehicles in the year 2013 forcasted increase by 2.0% to 563 000 units
compared to 552 189 units at the year 2012. While sales of comercial vehicles
in year 2013 forcasted to increase by 2.0% to 77 000 units compared to 75 564
units at the year 2012. |
|
|
|
|
|
It is a big challenge for the TIV of year 2013 to create another high
record. However, Malaysia's GPD growth is forcasted to be 5.6% in year 2013.
This is driven by exports and domestic demand and is expected to give
confidence in consumer sentiments. Besides, multiplier effects from the
Economic Transformation Programme's (ETP) projects would give a further boost
to the domestic economy and create greater demand for new vehicles. |
|
|
|
|
|
According to the Malaysian Automotive Association (MAA), the
implimentation of the Bank Negara's guidelines on responsible financing
practices from 1st January 2012 coused a slowdown in new vehicle purchase in
first quarter 2012. However, the total industry volume (TIV) of the year 2012
surged to a historical high of 627,753 units which is an all time record
achievement for the industry. This record had overtaken the previous highest
record of 605,156 units achieved in 2010. It had also outperformed the MAA's
TIV forcast of 615,000 units. The main contributors to the growth were led by
Perodua and Proton, followed by Toyota, Honda and Nissan. |
|
|
|
|
|
The total registration of new passenger vehicles in year 2012 reached
552,189 unts compare with 535,113 units in year 2011. Which had bring an
increase of 3.2% (17,076 units) of growth rate in the registration of
passenger vehicles. While the total registration for commercial vehicles n
2012 was 75,564 units which is an increase of 6.2% (10,554 units). Besides,
the production of new vehicles also recorded an increase of 6.8% (36,105
units) in year 2012. According to the president of Malaysian Automotive
Association (MAA), the record new vehicle sales in 2012 was due to factors
such as strong economic growth, the implementation of infrastructure projects
under the Economic Transformation Programme (ETP), increased consumer
spending and consumption due to stable employment and rising disposable income,
introduction of new models at competitive prices as well as aggressive sales
campaigns by car companies. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
Incorporated in 1971, the SC is a Private Limited company, focusing on dealer
in motor accessories and spare part. With its long presence in the industry
coupled with its vast experiences in the business, the SC should have built up
certain goodwill with its clients over times. The capital standing of the SC is
fair. With an adequate share capital, the SC has the potential of expanding its
business in future.
Over the years, the SC should have build up its clientele base and received
supports from its regular customers. Investigation revealed that the SC's
interest lies mostly in the local market. Thus, any adverse changes to the
local economy might have a negative impact on the SC's business performance.
Being a small company, the SC's business operation is supported by 18
employees. 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.
Despite the lower turnover, the SC's pre-tax profit have increased compared to
the previous year. The higher profit could be due to better control of its
operating costs and efficiency in utilising its resources. The SC has generated
an unfavourable return on shareholders' funds indicating that the management
was inefficient in utilising its funds to generate return. The SC is in good
liquidity position with its current liabilities well covered by it current
assets. Hence, it has sufficient working capital to meet its short term
financial obligations. Being a lowly geared company, the SC is exposed to low
financial risk as it is mainly dependent on its internal funds to finance its
business needs. Given a positive net worth standing at MYR 3,819,742, the SC
should be able to maintain its business in the near terms.
Having a strong assets backing, the SC possesses latent assets as collateral
for further financial extension. Hence, it has good chance of getting loans if
the needs arises. The SC's supplier are from both the local and overseas
countries. This will eliminates the risk of dependency on deliveries from a
number of key suppliers and insufficient quantities of its raw materials.
Overall the SC has a good control over its resources.
Overall, the SC's payment habit is good as the SC has a good credit control and
it could be taking advantage of the cash discounts while maintaining a good
reputation with its creditors.
The industry has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the SC's future performance is very much depend on
its marketing strategies in order to retain its position in the market.
Based on the above condition, we recommend credit be granted to the SC
promptly.
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
PUBLIC AUTO SUPPLIERS SDN. BHD. |
|
Financial Year End |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
|
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 |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
TURNOVER |
4,182,607 |
4,249,019 |
4,121,006 |
4,641,128 |
|
Other Income |
300 |
199 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
4,182,907 |
4,249,218 |
4,121,006 |
4,641,128 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
295,706 |
243,150 |
222,982 |
207,453 |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES |
<58,033> |
<71,442> |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
237,673 |
171,708 |
222,982 |
207,453 |
|
Taxation |
- |
- |
<63,951> |
<64,082> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
237,673 |
171,708 |
159,031 |
143,371 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
2,782,069 |
2,610,361 |
2,451,330 |
2,451,331,441,774 |
|
Prior year adjustment |
- |
- |
- |
1,866,185 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
2,782,069 |
2,610,361 |
2,451,330 |
2,307,959 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
3,019,742 |
2,782,069 |
2,610,361 |
2,451,330 |
|
DIVIDENDS - Ordinary (paid & proposed) |
<200,000> |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
2,819,742 |
2,782,069 |
2,610,361 |
2,451,330 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
Bank overdraft |
2,997 |
3,290 |
5,748 |
5,618 |
|
Hire purchase |
- |
28 |
433 |
4,033 |
|
Term loan / Borrowing |
- |
- |
- |
2,926 |
|
Others |
- |
- |
550 |
8,656 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,997 |
3,318 |
6,731 |
21,233 |
|
PUBLIC AUTO SUPPLIERS SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
594,119 |
615,356 |
683,378 |
734,937 |
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
Deferred assets |
- |
- |
- |
2,348 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
- |
- |
- |
2,348 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
594,119 |
615,356 |
683,378 |
737,285 |
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Stocks |
992,010 |
909,983 |
973,909 |
1,007,502 |
|
Trade debtors |
1,706,238 |
1,669,591 |
1,795,386 |
2,178,949 |
|
Other debtors, deposits & prepayments |
26,387 |
136,318 |
254,027 |
243,021 |
|
Short term deposits |
1,113,681 |
1,083,193 |
1,054,969 |
1,025,748 |
|
Cash & bank balances |
610,009 |
547,591 |
81,151 |
89,023 |
|
Others |
4,512 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
4,452,837 |
4,346,676 |
4,159,442 |
4,544,243 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
5,046,956 |
4,962,032 |
4,842,820 |
5,281,528 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Trade creditors |
299,764 |
375,721 |
252,330 |
356,554 |
|
Other creditors & accruals |
142,766 |
159,168 |
309,709 |
556,283 |
|
Hire purchase & lease creditors |
- |
- |
1,814 |
15,887 |
|
Bill & acceptances payable |
511,760 |
352,025 |
131,196 |
553,992 |
|
Amounts owing to director |
268,185 |
268,185 |
501,471 |
336,100 |
|
Provision for taxation |
- |
18,504 |
29,882 |
9,567 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
1,222,475 |
1,173,603 |
1,226,402 |
1,828,383 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
3,230,362 |
3,173,073 |
2,933,040 |
2,715,860 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
3,824,481 |
3,788,429 |
3,616,418 |
3,453,145 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share capital |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
Retained profit/(loss) carried forward |
2,819,742 |
2,782,069 |
2,610,361 |
2,451,330 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
2,819,742 |
2,782,069 |
2,610,361 |
2,451,330 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
3,819,742 |
3,782,069 |
3,610,361 |
3,451,330 |
|
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
|
Hire purchase creditors |
- |
- |
- |
1,815 |
|
Deferred taxation |
4,739 |
6,360 |
6,057 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
4,739 |
6,360 |
6,057 |
1,815 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,824,481 |
3,788,429 |
3,616,418 |
3,453,145 |
|
|
============= |
============= |
============= |
============= |
|
PUBLIC AUTO SUPPLIERS SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
1,723,690 |
1,630,784 |
1,136,120 |
1,114,771 |
|
Net Liquid Funds |
1,211,930 |
1,278,759 |
1,004,924 |
560,779 |
|
Net Liquid Assets |
2,238,352 |
2,263,090 |
1,959,131 |
1,708,358 |
|
Net Current Assets/(Liabilities) |
3,230,362 |
3,173,073 |
2,933,040 |
2,715,860 |
|
Net Tangible Assets |
3,824,481 |
3,788,429 |
3,616,418 |
3,453,145 |
|
Net Monetary Assets |
2,233,613 |
2,256,730 |
1,953,074 |
1,706,543 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
Total Borrowings |
511,760 |
352,025 |
133,010 |
571,694 |
|
Total Liabilities |
1,227,214 |
1,179,963 |
1,232,459 |
1,830,198 |
|
Total Assets |
5,046,956 |
4,962,032 |
4,842,820 |
5,281,528 |
|
Net Assets |
3,824,481 |
3,788,429 |
3,616,418 |
3,453,145 |
|
Net Assets Backing |
3,819,742 |
3,782,069 |
3,610,361 |
3,451,330 |
|
Shareholders' Funds |
3,819,742 |
3,782,069 |
3,610,361 |
3,451,330 |
|
Total Share Capital |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
Total Reserves |
2,819,742 |
2,782,069 |
2,610,361 |
2,451,330 |
|
LIQUIDITY (Times) |
|
|
|
|
|
Cash Ratio |
1.41 |
1.39 |
0.93 |
0.61 |
|
Liquid Ratio |
2.83 |
2.93 |
2.60 |
1.93 |
|
Current Ratio |
3.64 |
3.70 |
3.39 |
2.49 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
87 |
78 |
86 |
79 |
|
Debtors Ratio |
149 |
143 |
159 |
171 |
|
Creditors Ratio |
26 |
32 |
22 |
28 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
Gearing Ratio |
0.13 |
0.09 |
0.04 |
0.17 |
|
Liabilities Ratio |
0.32 |
0.31 |
0.34 |
0.53 |
|
Times Interest Earned Ratio |
80.30 |
52.75 |
34.13 |
10.77 |
|
Assets Backing Ratio |
3.82 |
3.79 |
3.62 |
3.45 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
5.68 |
4.04 |
5.41 |
4.47 |
|
Net Profit Margin |
5.68 |
4.04 |
3.86 |
3.09 |
|
Return On Net Assets |
6.29 |
4.62 |
6.35 |
6.62 |
|
Return On Capital Employed |
6.29 |
4.62 |
6.35 |
6.59 |
|
Return On Shareholders' Funds/Equity |
6.22 |
4.54 |
4.40 |
4.15 |
|
Dividend Pay Out Ratio (Times) |
0.84 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.40 |
|
|
1 |
Rs.99.28 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.