|
Report Date : |
29.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
W R GRACE SPECIALTY CHEMICALS ( |
|
|
|
|
Registered Office : |
Suite 1005, Wisma Hamzah-Kwong Hing, 1, Leboh Ampang, 10th Floor, 50100 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
12.12.1991 |
|
|
|
|
Com. Reg. No.: |
230690-T |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacture of micronised amorphous silica |
|
|
|
|
No of Employees : |
100 [2014] |
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 : |
No Complaints |
|
|
|
|
Litigation : |
Exist |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 32% of government revenue in 2013. Bank Negara 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 earlier raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|
|
|
REGISTRATION NO. |
: |
230690-T |
||||
|
COMPANY NAME |
: |
W R GRACE
SPECIALTY CHEMICALS (MALAYSIA) SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
12/12/1991 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
SUITE 1005, WISMA HAMZAH-KWONG HING, 1,
LEBOH AMPANG, 10TH FLOOR, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 114, GEBENG INDUSTRIAL ESTATE, BALOK,,
26080 KUANTAN, PAHANG, MALAYSIA. |
||||
|
TEL.NO. |
: |
09-5836646 |
||||
|
FAX.NO. |
: |
09-5836659 |
||||
|
WEB SITE |
: |
WWW.GRACE.COM |
||||
|
CONTACT PERSON |
: |
LAHUREE SUDIRAN ( DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
202 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF MICRONISED AMORPHOUS SILICA |
||||
|
AUTHORISED CAPITAL |
: |
MYR 20,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 101,244,000 [2012] |
||||
|
NET WORTH |
: |
MYR 76,164,000 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
100 [2014] |
||||
|
||||||
|
LITIGATION |
: |
TRACED |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
GOOD |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY / BACKGROUND
|
The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) manufacture of micronised amorphous silica.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate and ultimate holding company of the Subject is W.R. GRACE & CO., a company incorporated in UNITED STATES.
Share Capital
History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
30/06/2013 |
MYR 20,000,000.00 |
MYR 5,000,000.00 |
|
21/06/1999 |
MYR 20,125,000.00 |
MYR 5,101,282.00 |
|
27/12/1996 |
MYR 20,125,000.00 |
MYR 5,074,031.00 |
|
05/06/1995 |
MYR 20,125,000.00 |
MYR 5,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
W.R. GRACE & CO. |
7500, GRACE DRIVE COLUMBIA, MARYLAND
21044, UNITED STATES. |
13-5114230 |
5,000,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
5,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. SZETOO YU KENG |
|
Address |
: |
A5250, LORONG TOK SIRA 7, 25050 KUANTAN, PAHANG, MALAYSIA. |
|
IC / PP No |
: |
4909867 |
|
New IC No |
: |
551112-07-5105 |
|
Date of Birth |
: |
12/11/1955 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
12/12/2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
DATO' LAHUREE BIN SUDIRAN |
|
Address |
: |
7830, LORONG ALOR AKAR 24, PERKAMPUNGAN TERATAI, 25250 KUANTAN, PAHANG, MALAYSIA. |
|
IC / PP No |
: |
4433221 |
|
New IC No |
: |
530428-06-5031 |
|
Date of Birth |
: |
28/04/1953 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
23/06/1999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MS. TAY PEI PEI |
|
Address |
: |
33, DAIRY FARM ROAD, 04-01, 679051, SINGAPORE. |
|
IC / PP No |
: |
E2228390N |
|
Date of Appointment |
: |
27/04/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
NARAYAN RAM |
|
Address |
: |
F, 8, MYLAPORE HOUSE, 40, DR.RANGA ROAD, MYLAPORE, CHENNAI-600004 TAMILNAIDU, INDIA. |
|
IC / PP No |
: |
Z2388768 |
|
Date of Appointment |
: |
27/04/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
|
1) |
Name of Subject |
: |
LAHUREE SUDIRAN |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
|
2) |
Name of Subject |
: |
SZE TOO YUKENG |
|
|
Position |
: |
PLANT MANAGER |
|
|
|
|
|
|
3) |
Name of Subject |
: |
EWE SWEE HAI |
|
|
Position |
: |
LOGISTIC MANAGER |
|
|
|
|
|
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor' Address |
: |
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR CENTRAL, 50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. WON SWEE HWAN |
|
|
IC / PP No |
: |
A0331878 |
|
|
New IC No |
: |
660207-10-6712 |
|
|
Address |
: |
2, JALAN LANG PERUT PUTIH 9, KEPONG BARU, 52100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
MR. JASNI BIN ABDUL JALIL |
|
|
IC / PP No |
: |
7007140 |
|
|
New IC No |
: |
630309-07-5323 |
|
|
Address |
: |
47, JALAN SUNGAI CONGKAK 32/43, BUKIT RIMAU, 40460 SHAH ALAM, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
|
|
|
|
|
|
|
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
LEGAL ACTION
|
|
Code No |
: |
72 |
Case No |
: |
77888 |
||||||||
|
Year |
: |
2006 |
Place |
: |
KUALA LUMPUR |
||||||||
|
Court |
: |
MAGISTRATE COURT |
|
|
|
||||||||
|
Solicitor |
: |
LOPE & NATHAN |
|
|
|
||||||||
|
Plaintiff |
: |
FUJI XEROX ASIA PACIFIC PTE LTD |
|
|
|
||||||||
|
Defendants |
: |
|
|
|
|
||||||||
|
Amount Claimed |
: |
3783.42 |
|
|
|
|
|
|
|
|
|||
|
Nature of Claim |
: |
GDS SOLD & DELIVERED |
|
|
|
|
|
|
|
|
|||
|
Remark |
: |
LIST |
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
No winding up petition was found in our databank |
||
|
|
|
|
DEFAULTER CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection since 1990. Information
was provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
|
|
|
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
The Subject 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 |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
AUSTRALIA |
|||
|
Credit Term |
: |
30 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
OPERATIONS
|
|
Products manufactured |
: |
|
||
|
|
|
|
||
|
Product Brand Name |
: |
|
||
|
|
|
|
||
|
Award |
: |
1 ) MS ISO 9001 : 2000 Year :1999
|
||
|
|
|
|
||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMALL & MEDIUM ENTERPRISE CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM) |
||
|
|
|
|
||
|
Ownership of premises |
: |
OWNED
|
||
|
Production Capacity |
: |
|
||
|
Shifts |
: |
3 SHIFTS
|
||
|
|
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
2009 |
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
COMPANY |
100 |
100 |
102 |
102 |
100 |
103 |
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of
micronised amorphous silica.
The Subject is principally engaged in the manufacturing of silica based products
such as amorphous silica.
The Subject's silica products are mainly used in paints, plastics, papers and
personal care products.
We were informed that the Subject utilises the advance automated and semi-automated machineries to ensure production of high quality products.
The Subject's production capacity is based on the customers' requirements.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
09-5836646 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
LOT 114 GEBENG INDUSTRIAL ESTATE 26080 KUANTAN PAHANG |
|
Current Address |
: |
LOT 114, GEBENG INDUSTRIAL ESTATE, BALOK,, 26080 KUANTAN, PAHANG, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
The address provided is incomplete.
FINANCIAL ANALYSIS
|
|
|
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
20.50% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
27.45% |
] |
|
|
|
|
|
|
|
|
|
|
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 Subject's management had generated acceptable
return for its shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
34 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
65 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding cost. This
had reduced funds being tied up in stocks. The favourable debtors' days could
be due to the good credit control measures implemented by the Subject. The
unfavourable creditors' ratio could be due to the Subject taking advantage of
the credit granted by its suppliers. However this may affect the goodwill
between the Subject and its suppliers and the Subject may inadvertently have
to pay more for its future supplies. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
2.36 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
3.03 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in order
to assure its creditors of its ability to meet short term obligations and the
Subject was in a good liquidity position. Thus, we believe the Subject 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 Subject's interest cover was nil as it did not pay any interest during
the year. The Subject had no gearing and hence it had virtually no financial
risk. The Subject was financed by its shareholders' funds and internally
generated fund. During the economic downturn, the Subject, having a zero
gearing, will be able to compete better than those which are highly geared in
the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
Although the turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. The Subject did not make any interest payment during
the year. The Subject was dependent on its shareholders' funds to finance its
business needs. The Subject was a zero gearing company, it was solely
dependent on its shareholders to provide funds to finance its business. The
Subject has good chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial
condition of the Subject : STRONG |
||||||
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
|
|
Major Economic
Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic
Products ( % ) |
(0.5) |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private
Expenditure ( % ) |
(2.7) |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
(17.2) |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public
Expenditure ( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
(1.2) |
|
Investment ( % ) |
8.0 |
2.8 |
(0.3) |
15.9 |
4.2 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
(28,450) |
(40,482) |
(45,511) |
(42,297) |
(39,993) |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
(4.8) |
(5.6) |
(5.4) |
(4.5) |
(4.0) |
|
Inflation ( % Change in Composite CPI) |
(5.2) |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months
of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of
New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
(0.1) |
6.2 |
3.0 |
(0.0) |
- |
|
Liquidation of
Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
(34.5) |
417.8 |
- |
- |
|
|
|
|
|
|
|
|
Registration of
New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business
Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
- |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
- |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
- |
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.4 |
2.1 |
5.9 |
0.6 |
2.4 |
|
Palm Oil |
(1.1) |
(3.4) |
10.8 |
(2.8) |
- |
|
Rubber |
(19.8) |
9.9 |
6.1 |
(0.6) |
- |
|
Forestry & Logging |
(5.9) |
(3.3) |
(7.6) |
(2.2) |
- |
|
Fishing |
5.5 |
5.6 |
2.1 |
(0.7) |
- |
|
Other Agriculture |
9.0 |
7.9 |
7.1 |
6.4 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
413.7 |
508.4 |
634.1 |
- |
- |
|
% of Industry
Non-Performing Loans |
1.3 |
2.1 |
3.2 |
- |
- |
|
|
|
|
|
|
|
|
Mining |
(3.8) |
0.2 |
(5.7) |
1.5 |
2.7 |
|
Oil & Gas |
2.1 |
0.5 |
(1.7) |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing
Loans ( MYR Million ) |
44.2 |
49.7 |
46.5 |
- |
- |
|
% of Industry
Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
(9.4) |
11.4 |
4.7 |
4.2 |
4.9 |
|
Exported-oriented
Industries |
(19.0) |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
(30.3) |
28.4 |
(4.9) |
1.6 |
- |
|
Rubber Products |
(10.1) |
25.3 |
15.4 |
3.6 |
- |
|
Wood Products |
(24.1) |
20.1 |
(4.9) |
4.6 |
- |
|
Textiles & Apparel |
(19.5) |
(0.4) |
14.8 |
(7.1) |
- |
|
Domestic-oriented
Industries |
(9.8) |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.2 |
- |
- |
|
Chemical & Chemical Products |
(7.7) |
16.2 |
5.5 |
9.9 |
- |
|
Plastic Products |
(9.1) |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
(32.7) |
29.3 |
2.4 |
- |
- |
|
Fabricated Metal Products |
(2.5) |
14.9 |
25.2 |
- |
- |
|
Non-metallic Mineral |
(15.5) |
20.2 |
27.1 |
6.6 |
- |
|
Transport Equipment |
(13.5) |
36.5 |
(10.4) |
13.7 |
- |
|
Paper & Paper Products |
(5.0) |
18.7 |
14.8 |
(7.8) |
- |
|
Crude Oil Refineries |
0.2 |
(11.4) |
9.3 |
- |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,007.3 |
6,217.5 |
6,537.2 |
- |
- |
|
% of Industry
Non-Performing Loans |
18.3 |
23.8 |
25.7 |
- |
- |
|
|
|
|
|
|
|
|
Construction |
5.8 |
5.1 |
4.4 |
15.5 |
11.2 |
|
Industry Non-Performing Loans ( MYR
Million ) |
3,241.8 |
4,038.5 |
3,856.9 |
- |
- |
|
% of Industry
Non-Performing Loans |
9.9 |
10.7 |
10.2 |
- |
- |
|
|
|
|
|
|
|
|
Services |
2.6 |
6.5 |
6.4 |
5.5 |
5.6 |
|
Electric, Gas & Water |
0.4 |
8.5 |
5.6 |
4.8 |
- |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.3 |
- |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
6.9 |
- |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.3 |
6.5 |
- |
|
Government Services |
2.0 |
6.7 |
7.6 |
5.6 |
- |
|
Other Services |
4.4 |
4.2 |
5.4 |
5.7 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry
Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing Production
Index |
|||||
INDUSTRY ANALYSIS
|
|
MSIC CODE |
|
|
202 : Manufacture of other chemical products |
|
|
|
|
|
INDUSTRY : |
MANUFACTURING |
|
|
|
|
|
|
|
The Manufacturing sector is one of the important sectors to the growth
of the Malaysian economy. According to Ministry of Finance, the manufacturing
sector is expected to grow 4.9% in year 2013. Export oriented-industries are
expected to benefit from the higher growth of global trade, while domestic
oriented industries expand in line with the better consumer sentiment and
business confidence. The resource-based industries are envisaged to grow
steadily attributed to improved demand for petroleum, chemical, rubber and
plastic products. With better job prospects and higher disposable income, the
transportation equipment subsector, in particular, the passenger car segment
is expected to expand. |
|
|
|
|
|
Value-added of the manufacturing sector expanded 5% during the first
half of 2012. Output of the sector rose 5.2% during the first seven months of
2012 in line with the increase in sales value of manufactured products by
6.5% to RM363.1 billion. Output from domestic oriented industries continued
to expand 8.6% while export-oriented industries grew 4.1%. |
|
|
|
|
|
According to the Department of Statistics, the sales value of the Manufacturing
sector in January 2013 posted a growth of 7.4% (RM3.6 billion) to record
RM52.4 billion as compared to RM48.8 billion reported in year 2012.
Meanwhile, month-on-month basis, the sales value has decreased by 0.4% (RM0.2
billion) as compared with the preceding month. The sales value in December
2012 has been revised positive 7.5% year-on-year to record RM52.6 billion. |
|
|
|
|
|
Output of rubber products increased 3.6% in the first seven month of
2012 mainly supported by continuous demand for rubber gloves. Output of
rubber gloves grew 5.9% on account of the expansion in the global healthcare
industry and wider usage of gloves in other sectors. Similarly, output of
catheters, especially for use in medical appliances, also registered a strong
growth of 12.6%. Nevertheless, production of rubber tyres and tubes reduced
10.9% in tandem with slowing external demand from the automotive industry,
especially China. |
|
|
|
|
|
Meanwhile, production of wood and wood products rebounded 4.6% largely
supported by higher demand for wooden and cane furniture (33.5%). The
positive performance was attributed to vibrant higher demand from major
export destinations such as China and the United States (US) for
Malaysian-made furniture. Demand from China accelerated further following the
country’s rising income level and the implementation of zero import duty on
Malaysian made-furniture. Malaysia government has growth target of 6.5% for
wood based furniture where estimated to reach up to RM53 billion by year
2020.The government providing pioneer status for tax exemption and investment
tax allowance for this industry as a boost up step towards produce good
quality product and to meet the world demand. |
|
|
|
|
|
The output of chemicals and chemical products rose 9.9% in the first
seven month of year 2012 on account of increasing demand for plastic products
(11.8%) and basic chemicals (11.1%). External demand for plastic packaging
materials surged during the early part of the year 2012, particularly from
Japan and Thailand, as manufacturers resumed operations, which were
interrupted by natural calamities and power outages. Chemical production are
expected to show 7.5 % in year 2013 inline with Malaysia as one of the
largest contributor in world Chemicals & Chemical industries. |
|
|
|
|
|
Tax and non-tax incentives provided by government encourage
manufacturers to move up the value chain of manufacturing industry. The new
growth initiatives by government in the manufacturing sector such as solar
and medial services can be important drivers of growth apart from helping to
diversify the manufacturing base and contributing to the resilience of the
sector. |
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : Average Growth |
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
|
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
W R GRACE
SPECIALTY CHEMICALS (MALAYSIA) SDN. BHD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
|
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 |
101,244,000 |
91,652,000 |
102,673,000 |
87,671,000 |
86,634,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
101,244,000 |
91,652,000 |
102,673,000 |
87,671,000 |
86,634,000 |
|
Costs of Goods Sold |
(72,863,000) |
(69,434,000) |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
28,381,000 |
22,218,000 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
21,124,000 |
14,905,000 |
23,891,000 |
18,380,000 |
19,591,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
21,124,000 |
14,905,000 |
23,891,000 |
18,380,000 |
19,591,000 |
|
Taxation |
(5,512,000) |
(3,965,000) |
(5,666,000) |
(4,184,000) |
(5,384,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
15,612,000 |
10,940,000 |
18,225,000 |
14,196,000 |
14,207,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
72,242,000 |
61,302,000 |
43,077,000 |
76,781,000 |
62,574,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
72,242,000 |
61,302,000 |
43,077,000 |
76,781,000 |
62,574,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
87,854,000 |
72,242,000 |
61,302,000 |
90,977,000 |
76,781,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(16,791,000) |
- |
- |
(47,900,000) |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
71,063,000 |
72,242,000 |
61,302,000 |
43,077,000 |
76,781,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
W R GRACE
SPECIALTY CHEMICALS (MALAYSIA) SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
48,488,000 |
48,732,000 |
29,423,000 |
28,212,000 |
30,760,000 |
|
|
|
|
|
|
|
|
Deferred assets |
- |
768,000 |
1,043,000 |
1,481,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
- |
768,000 |
1,043,000 |
1,481,000 |
- |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
48,488,000 |
49,500,000 |
30,466,000 |
29,693,000 |
30,760,000 |
|
|
|
|
|
|
|
|
Stocks |
9,370,000 |
8,836,000 |
4,876,000 |
4,055,000 |
- |
|
Trade debtors |
39,000 |
8,288,000 |
11,786,000 |
7,545,000 |
- |
|
Other debtors, deposits & prepayments |
399,000 |
221,000 |
262,000 |
574,000 |
- |
|
Amount due from holding company |
16,688,000 |
120,000 |
- |
- |
- |
|
Amount due from subsidiary companies |
4,231,000 |
1,942,000 |
- |
- |
- |
|
Amount due from related companies |
- |
- |
3,215,000 |
2,215,000 |
- |
|
Cash & bank balances |
6,273,000 |
17,868,000 |
30,546,000 |
21,877,000 |
- |
|
Others |
5,467,000 |
4,947,000 |
1,874,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
42,467,000 |
42,222,000 |
52,559,000 |
36,266,000 |
57,449,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
90,955,000 |
91,722,000 |
83,025,000 |
65,959,000 |
88,209,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
12,941,000 |
13,139,000 |
5,341,000 |
9,629,000 |
- |
|
Other creditors & accruals |
- |
- |
9,249,000 |
2,053,000 |
- |
|
Amounts owing to subsidiary companies |
1,073,000 |
1,240,000 |
- |
- |
- |
|
Amounts owing to related companies |
- |
- |
2,032,000 |
5,063,000 |
- |
|
Provision for taxation |
- |
- |
- |
1,036,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
14,014,000 |
14,379,000 |
16,622,000 |
17,781,000 |
6,327,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
28,453,000 |
27,843,000 |
35,937,000 |
18,485,000 |
51,122,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
76,941,000 |
77,343,000 |
66,403,000 |
48,178,000 |
81,882,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
|
|
|
|
|
|
|
|
Capital reserve |
101,000 |
101,000 |
101,000 |
101,000 |
101,000 |
|
Retained profit/(loss) carried forward |
71,063,000 |
72,242,000 |
61,302,000 |
43,077,000 |
76,781,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
71,164,000 |
72,343,000 |
61,403,000 |
43,178,000 |
76,882,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
76,164,000 |
77,343,000 |
66,403,000 |
48,178,000 |
81,882,000 |
|
|
|
|
|
|
|
|
Deferred taxation |
777,000 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
777,000 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
76,941,000 |
77,343,000 |
66,403,000 |
48,178,000 |
81,882,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
W R GRACE
SPECIALTY CHEMICALS (MALAYSIA) SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
6,273,000 |
17,868,000 |
30,546,000 |
21,877,000 |
- |
|
Net Liquid Funds |
6,273,000 |
17,868,000 |
30,546,000 |
21,877,000 |
- |
|
Net Liquid Assets |
19,083,000 |
19,007,000 |
31,061,000 |
14,430,000 |
51,122,000 |
|
Net Current Assets/(Liabilities) |
28,453,000 |
27,843,000 |
35,937,000 |
18,485,000 |
51,122,000 |
|
Net Tangible Assets |
76,941,000 |
77,343,000 |
66,403,000 |
48,178,000 |
81,882,000 |
|
Net Monetary Assets |
18,306,000 |
19,007,000 |
31,061,000 |
14,430,000 |
51,122,000 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
0 |
- |
|
Total Liabilities |
14,791,000 |
14,379,000 |
16,622,000 |
17,781,000 |
6,327,000 |
|
Total Assets |
90,955,000 |
91,722,000 |
83,025,000 |
65,959,000 |
88,209,000 |
|
Net Assets |
76,941,000 |
77,343,000 |
66,403,000 |
48,178,000 |
81,882,000 |
|
Net Assets Backing |
76,164,000 |
77,343,000 |
66,403,000 |
48,178,000 |
81,882,000 |
|
Shareholders' Funds |
76,164,000 |
77,343,000 |
66,403,000 |
48,178,000 |
81,882,000 |
|
Total Share Capital |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
|
Total Reserves |
71,164,000 |
72,343,000 |
61,403,000 |
43,178,000 |
76,882,000 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.45 |
1.24 |
1.84 |
1.23 |
- |
|
Liquid Ratio |
2.36 |
2.32 |
2.87 |
1.81 |
- |
|
Current Ratio |
3.03 |
2.94 |
3.16 |
2.04 |
9.08 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
34 |
35 |
17 |
17 |
- |
|
Debtors Ratio |
0 |
33 |
42 |
31 |
- |
|
Creditors Ratio |
65 |
69 |
19 |
40 |
- |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
- |
|
Liabilities Ratio |
0.19 |
0.19 |
0.25 |
0.37 |
0.08 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
- |
|
Assets Backing Ratio |
15.39 |
15.47 |
13.28 |
9.64 |
16.38 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
20.86 |
16.26 |
23.27 |
20.96 |
22.61 |
|
Net Profit Margin |
15.42 |
11.94 |
17.75 |
16.19 |
16.40 |
|
Return On Net Assets |
27.45 |
19.27 |
35.98 |
38.15 |
23.93 |
|
Return On Capital Employed |
27.45 |
19.27 |
35.98 |
38.15 |
23.93 |
|
Return On Shareholders' Funds/Equity |
20.50 |
14.14 |
27.45 |
29.47 |
17.35 |
|
Dividend Pay Out Ratio (Times) |
1.08 |
0.00 |
0.00 |
3.37 |
- |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.47 |
|
|
1 |
Rs. 100.35 |
|
Euro |
1 |
Rs. 79.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
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.