|
Report Date : |
16.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELEKTRISOLA ( |
|
|
|
|
Registered Office : |
Jalan Damai 1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
07.02.1990 |
|
|
|
|
Com. Reg. No.: |
193121-P |
|
|
|
|
Legal Form : |
Private Limited (Limited by Share) |
|
|
|
|
Line of Business : |
Produce & Trade In Magnet Wires. |
|
|
|
|
No of Employees : |
800 [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 : |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
|
REGISTRATION NO. |
: |
193121-P |
|
COMPANY NAME |
: |
ELEKTRISOLA ( |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
07/02/1990 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
ELEKTRISOLA ( |
|
BUSINESS ADDRESS |
: |
JALAN DAMAI 1, JANDA BAIK, 28750 BENTONG, |
|
TEL.NO. |
: |
09-2210888 |
|
FAX.NO. |
: |
09-2210800 |
|
WEB SITE |
: |
WWW.ELEKTRISOLA.COM |
|
CONTACT PERSON |
: |
THILO JOCHEN WESTERHAUSEN ( MANAGING
DIRECTOR ) |
|
|
|
|
|
INDUSTRY CODE |
: |
27320 |
|
PRINCIPAL ACTIVITY |
: |
PRODUCE &
TRADE IN MAGNET WIRES |
|
AUTHORISED CAPITAL |
: |
MYR
100,000,000.00 DIVIDED INTO |
|
ISSUED AND PAID
UP CAPITAL |
: |
MYR
48,000,000.00 DIVIDED INTO |
|
|
|
|
|
SALES |
: |
MYR 340,660,444 [2013] |
|
NET WORTH |
: |
MYR 234,503,414 [2013] |
|
M1000 OVERALL RANKING |
: |
707[2009] |
|
M1000 INDUSTRY RANKING |
: |
16[2009] |
|
|
|
|
|
STAFF STRENGTH |
: |
800 [2014] |
|
BANKER (S) |
|
CIMB BANK BHD HSBC BANK MALAYSIA BHD |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
HIGH |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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) produce & trade in magnet wires.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the Subject's ranking are
as follows: |
|||
|
|
|
|
|
|
YEAR |
2009 |
2008 |
|
|
OVERALL RANKING |
707 |
661 |
|
|
INDUSTRY RANKING |
16 |
11 |
|
The immediate holding company of the Subject is DR SCHILDBACH FINANZ GMBH, a company incorporated in GERMANY.
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 100,000,000.00 |
MYR 48,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
DR SCHILDBACH FINANZ GMBH |
IN DER HUTTENWIESE, 51574 REICHSHOF-ECKENHAGEN,
WEST GERMANY, GERMANY. |
HRB 1553 |
48,000,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
48,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
|
Country |
Company |
(%) |
As At |
|
|
INDIA |
ELEKTRISOLA (INDIA) PVT LTD |
99.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
INDONESIA |
PT ELEKTRISOLAR INDONESIA |
99.00 |
31/12/2012 |
DIRECTOR 1
|
Name Of Subject |
: |
MR. THILO JOCHEN WESTERHAUSEN |
|
Address |
: |
JALAN DAMAI SATU, JANDA BAIK, 28750
BENTONG, PAHANG, MALAYSIA. |
|
IC / PP No |
: |
C4K5KK242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
21/05/1992 |
DIRECTOR 2
|
Name Of Subject |
: |
OLIVER SCHILDBACH |
|
Address |
: |
WARTHSRABE 47, D-51674 WIEHL. |
|
IC / PP No |
: |
C78NJ2C02 |
|
Date of Appointment |
: |
24/08/1990 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. MOHD KHAIRI BIN MOHD ANUAR |
|
Address |
: |
LOT 4178 KAMPUNG BARU KETARI, 28700
BENTONG, PAHANG, MALAYSIA. |
|
IC / PP No |
: |
A0928002 |
|
New IC No |
: |
680301-05-5657 |
|
Date of Birth |
: |
01/03/1968 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
11/11/2009 |
DIRECTOR 4
|
Name Of Subject |
: |
DETLEF SCHILDBACH |
|
Address |
: |
AM FEHLBERG 29, D-51580
REICHSHOF-ECKENHAGEN, GERMANY. |
|
IC / PP No |
: |
533514113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment |
: |
24/08/1990 |
|
1) |
Name of Subject |
: |
THILO JOCHEN WESTERHAUSEN |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor' Address |
: |
1 SENTRAL, JALAN TRAVERS, K.L. CENTRAL,
P.O.BOX 10192, LEVEL 15, 50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. SEE SIEW CHENG |
|
|
IC / PP No |
: |
A0735809 |
|
|
New IC No |
: |
670505-10-5880 |
|
|
Address |
: |
17, JALAN ARA SD7/4G, BANDAR SRI DAMANSARA,
52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
2) |
Company Secretary |
: |
MS. LEONG SHIAK WAN |
|
|
IC / PP No |
: |
A1393261 |
|
|
New IC No |
: |
691117-10-5486 |
|
|
Address |
: |
207, BLOCK E, PARADESA TROPICA, 7 PERSIARAN
MERANTI PJU 9, BANDAR SRI DAMANSARA, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
Banking relations are maintained principally with:
|
1) |
Name |
: |
CIMB BANK BHD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
HSBC BANK MALAYSIA BHD |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
07/06/1994 |
FIXED AND FLOATING CHARGE |
BANK OF COMMERCE (M) BERHAD |
MYR 6,000,000.00 |
Unsatisfied |
|
2 |
07/06/1994 |
FIXED AND FLOATING CHARGE |
HONGKONG BANK MALAYSIA BERHAD |
MYR 4,000,000.00 |
Unsatisfied |
|
3 |
09/01/2008 |
MEMORANDUM OF THIRD LEGAL CHARGE |
HSBC BANK MALAYSIA BERHAD |
- |
Unsatisfied |
* A check has been conducted
in our databank against the Subject 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 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.
No blacklisted record & debt collection case
was found in our defaulters' databank.
SOURCES OF RAW MATERIALS:
|
Local |
: |
YES |
Percentage |
: |
20% |
|
Overseas |
: |
YES |
Percentage |
: |
80% |
|
Import Countries |
: |
EUROPE,ASIA |
|||
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 |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
Percentage |
: |
30% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
70% |
|
Export Market |
: |
CHINA
|
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
DISTRIBUTORS,CONTRACTOR,ELECTRICAL
& ELECTRONIC INDUSTRIES,ELECTRICAL & MECHANICAL CONTRACTORS |
|||
|
Products manufactured |
: |
|
|||||
|
|
|
|
|||||
|
Product Brand Name |
: |
|
|||||
|
|
|
|
|||||
|
Award |
: |
1) ISO/ TS 16949 : 2002 Year :2004 2) MS ISO 14001 Year :2002 3) OHSAS 18001 Year :2001 4) QS 9000 Year :1999 5 ) MS ISO 9001 : 2000 Year :1995
|
|||||
|
|
|
|
|||||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMI ASSOCIATION OF MALAYSIA MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE) SMALL & MEDIUM ENTERPRISE MALAYSIAN INTERNATIONAL CHAMBER OF COMMERCE
AND INDUSTRY (MICCI) |
|||||
|
|
|
|
|||||
|
Ownership of premises |
: |
OWNED
|
|
|
|
|
|
|
|
|
|
|
|
Total Number of Employees:
|
||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
|
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
COMPANY |
800 |
750 |
1,000 |
1,000 |
1,000 |
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally
engaged in the (as a / as an) produce & trade in magnet wires.
The Subject produces an ultra-fine copper wires
mainly for electrical and electronic, telecommunication and automotive
industries
The Subject's products range as follows:
* Metal : Copper, different
brass types, aluminium and copper clad aluminium.
* Diameters: 0,010 - 0,50
mm, for technical.
* Insulation: Wide range of
different coating available such as enamelled wire types and selfbonding wire
* Colours: Available on request.
* Spool sizes: Different
spool sizes available such as big spools available for high productivity on
automatic high speed winding machines, (0,05 mm wires up to 20 kg per spool).
* Lubrication: Precisely metered lubrication
with very small tolerance avoids potting and taping problems, while ensuring
super wind ability with no wire breaks.
We were informed that the
Subject's products are manufactured according to its customers' specifications.
The Subject utilizes an
advanced automated and semi-automated machines to ensure production of high
quality products.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
09-2210888 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
JALAN DAMAI 1, JANDA
BAIK,28750,BENTONG,PAHANG. |
|
Current Address |
: |
JALAN DAMAI 1,
JANDA BAIK, 28750 BENTONG, PAHANG, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff
from the Subject and she provided some information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
15.41% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
13.45% |
] |
|
|
|
|
|
|
|
|
|
|
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 |
: |
Unfavourable |
[ |
90 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
56 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
19 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject could be incurring higher
holding cost. As its capital was tied up in stocks, it could face liquidity
problems. The Subject's management was quite efficient in handling its
debtors. The Subject's debtors days were at an acceptable range, thus the
risk of its debts turning bad was minimised. The Subject had a favourable
creditors' ratio where the Subject could be taking advantage of the cash
discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
2.36 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
3.88 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 |
: |
Favourable |
[ |
56.52 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was
able to service the interest. The favourable interest cover could indicate
that the Subject was making enough profit to pay for the interest accrued.
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. With the favourable
interest cover, the Subject could be able to service all the accrued interest
without facing any difficulties. The Subject was a zero gearing company, it
was solely dependant 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 |
||||||
|
Major Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption ( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment ( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption ( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment ( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government Finance to GDP / Fiscal Deficit
( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation ( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.3 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
3.0 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
3.50 |
2.20 |
- |
- |
- |
|
Average 3 Months of Non-performing Loans (
% ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
- |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
- |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
- |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
- |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
- |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
- |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
- |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
- |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
- |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
- |
- |
|
Bad Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
|
|
|
|
|
|
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry & Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry Non-Performing
Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
% of Industry
Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil & Gas |
(1.7) |
- |
- |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry
Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.6 |
5.5 |
|
Exported-oriented Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical & Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles & Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food, Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical & Chemical Products |
10.0 |
10.8 |
5.6 |
- |
- |
|
Plastic Products |
3.8 |
- |
- |
- |
- |
|
Iron & Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper & Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude Oil Refineries |
9.3 |
- |
- |
- |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
% of Industry
Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry Non-Performing Loans ( MYR Million
) |
3,856.9 |
- |
- |
- |
- |
|
% of Industry
Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric, Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport, Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale, Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance, Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
% of Industry
Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing Production
Index |
|||||
MSIC CODE
27320 : Manufacture of other electronic and
electric wires and cables
Industry: Manufacturing
The manufacturing sector is expected to grow
by 5.5% in 2015. It will be bolstered by strong domestic and export-oriented
industries in line with growing investment activities and favorable external
demand. Moreover, in 2014, the manufacturing sectors have spearheading growth.
The manufacturing sector is estimated to grow at a faster pace in 2014 on
higher exports of electronics and electrical (E&E) products as external
demand improves.
The manufacturing sector expanded strongly
during the first half of 2014, the highest growth in three years, spurred by
higher global semiconductor sales. Value-added of the manufacturing sector
expanded 7.1% during the first half of 2014. Production of the sector rose 6.6%
in the first seven months of 2014 supported by resilient domestic demand and
recovery in the external sector during the first seven months of the years. The
sales value of manufactured products rebounded by 7.7% in the first seven
months of 2014. The strong performance of the sector was on account of higher
output at 9.4% from the domestic-oriented industries, particularly transport
equipment, food and beverage
The manufacturing sector continued to attract
domestic and foreign investment with investment approved by Malaysian
Investment Development Authority (MIDA) totaling RM47.4 billion during the
first six months of 2014, mainly from Japan, China and Germany. Meanwhile, the
capacity utilization rate remained steady at 80.4% during the second quarter of
2014 while average wage per employee and productivity improved to RM2,772 per
month and 5.9%, respectively during the first seven months of 2014. Boosted by
favorable domestic economic activity and recovery in the external sector, the
manufacturing sector is expected to record a better performance with growth of
6.4% in 2014.
In the meantime, production of wood products
rebounded by 5.1% largely supported by higher output in the saw-milling and
planning of wood segment at 25.9% during the first seven months of 2014. The
positive performance was attributed to vibrant residential and commercial
construction activities which contributed to increased use of timber frame and
glued laminated timber for cost savings compared to the use of concrete and
steel. Increased demand from major export destination such as the US, Japan and
Australia for Malaysian made furniture contributed to the higher output,
particularly wooden and cane furniture which rebounded by 2.2%.
Production of rubber products contracted 0.3%
in the first seven months of 2014 on account of slower demand for rubber gloves
and rubber tyres. The decline in rubber tyres for vehicles was due to the
weaker external demand from the automotive industry, particularly from China.
Output of other rubber products contracted 3.8% following the product shift from
rubber-based to plastics, silicones and metal alloys in the manufacture of
medical devices.
Besides, exports of manufactured products are
expected to grow 6.1% in 2014 boosted by the growing demand from advanced economies.
However, during the first seven months of 2014, manufactured exports surged
11.4%. The robust growth was buoyed by strengthening demand in the US and EU,
reflecting significant exposure of Malaysian exports to the economic
performance in the advance economies. The strength in export was broad-based
with robust growth in both E&E and non- E&E subsectors.
Under budget 2015, the Government will
provide incentive in the form of capital allowance on automation expenditure to
encourage automation in the manufacturing sector, which may help in the
manufacturing sector.
OVERALL INDUSTRY OUTLOOK : Average Growth
Incorporated in 1990, the Subject is a Private Limited company, focusing on
produce & trade in magnet wires. The Subject has been in business for over
two decades. It has built up a strong clientele base and good reputation will
enable the Subject to further enhance its business in the near term. The
Subject is expected to enjoy a stable market shares. The Subject is a large
entity with strong capital position of MYR 48,000,000. We are confident with
the Subject's business and its future growth prospect. Having strong support
from its holding company has enabled the Subject to remain competitive despite
the challenging business environment.
Over the years, the Subject has established an extensive clientele base in the
market. Besides catering to the local market, the Subject has penetrated into
other countries. With the contribution of both local and overseas customers,
the Subject is likely to be exposed to lower commercial risk. Hence, we believe
that the Subject has better business expansion opportunities in the future.
Being a large entity, the Subject has a steady workforce of 800 personnel to
support its business operations. Its future prospects seem to be fairly good as
its business operations are running relatively stable. Overall, we regard that
the Subject's management capability is average. This indicates that the Subject
has greater potential to improve its business performance and raising income
for the Subject. To improve its quality products and services, we noted that
the Subject has received a number of certifications & awards. This will
improve the customer's confidence level to the Subject.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. Return on shareholders' funds of the
Subject was at an acceptable range which indicated that the management was
efficient in utilising its funds to generate income. The Subject 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 zero geared company, the Subject virtually has
no financial risk as it is mainly dependent on its internal funds to finance
its business. Given a positive net worth standing at MYR 234,503,414, the
Subject should be able to maintain its business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The Subject'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 Subject has a good control over its resources.
We regard that the Subject's overall payment habit is prompt. The Subject had a
favourable creditors' ratio as evidenced by its favourable collection
days.
The industry shows an upward trend and this trend is very likely to sustain in
the near terms. Hence, the Subject is expected to benefit from the favourable
outlook of the industry.
In view of the above favourable condition, we recommend credit be proceeded to
the Subject with favourable term.
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
ELEKTRISOLA (MALAYSIA) SDN. BHD. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
340,660,444 |
332,424,211 |
387,382,669 |
418,668,938 |
258,542,648 |
|
Other Income |
11,734,996 |
6,326,995 |
9,585,689 |
14,250,713 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
352,395,440 |
338,751,206 |
396,968,358 |
432,919,651 |
258,542,648 |
|
Costs of Goods Sold |
(290,694,570) |
(299,034,191) |
(356,398,414) |
(384,760,401) |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
61,700,870 |
39,717,015 |
40,569,944 |
48,159,250 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
36,197,948 |
14,112,566 |
10,481,308 |
21,754,758 |
(2,479,775) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
36,197,948 |
14,112,566 |
10,481,308 |
21,754,758 |
(2,479,775) |
|
Taxation |
(61,294) |
(157,320) |
(56,028) |
2,933,244 |
(58,763) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
36,136,654 |
13,955,246 |
10,425,280 |
24,688,002 |
(2,538,538) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
150,671,049 |
136,715,803 |
126,290,523 |
101,602,521 |
104,141,059 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
150,671,049 |
136,715,803 |
126,290,523 |
101,602,521 |
104,141,059 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
186,807,703 |
150,671,049 |
136,715,803 |
126,290,523 |
101,602,521 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
186,807,703 |
150,671,049 |
136,715,803 |
126,290,523 |
101,602,521 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
- |
- |
272,005 |
458,630 |
98,491 |
|
Term loan / Borrowing |
2,762 |
76,553 |
565,656 |
520,718 |
955,229 |
|
Others |
649,232 |
935,124 |
1,153,133 |
1,231,529 |
2,335,100 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
651,994 |
1,011,677 |
1,990,794 |
2,210,877 |
3,388,820 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
107,646,601 |
120,039,133 |
144,510,882 |
168,609,585 |
185,157,265 |
|
|
|
|
|
|
|
|
Loans & advances - non-current |
4,959,131 |
5,163,998 |
- |
- |
5,867,044 |
|
Deferred assets |
3,255,600 |
3,251,367 |
3,383,513 |
3,382,661 |
453,878 |
|
Others |
- |
- |
5,372,415 |
5,313,743 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
8,214,731 |
8,415,365 |
8,755,928 |
8,696,404 |
6,320,922 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
115,861,332 |
128,454,498 |
153,266,810 |
177,305,989 |
191,478,187 |
|
|
|
|
|
|
|
|
Stocks |
83,762,096 |
83,305,339 |
85,067,770 |
89,723,308 |
91,007,138 |
|
Trade debtors |
52,398,494 |
52,377,371 |
44,974,166 |
56,930,965 |
50,307,581 |
|
Other debtors, deposits & prepayments |
1,185,545 |
877,808 |
912,710 |
1,060,296 |
1,228,695 |
|
Amount due from related companies |
45,940,628 |
16,509,521 |
25,739,075 |
16,879,078 |
12,231,322 |
|
Cash & bank balances |
29,613,710 |
22,328,874 |
11,119,811 |
18,101,747 |
6,668,346 |
|
Others |
137,212 |
441,168 |
229,869 |
85,202 |
53,823 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
213,037,685 |
175,840,081 |
168,043,401 |
182,780,596 |
161,496,905 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
328,899,017 |
304,294,579 |
321,310,211 |
360,086,585 |
352,975,092 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
15,340,068 |
14,712,087 |
7,336,581 |
15,078,197 |
15,072,247 |
|
Other creditors & accruals |
8,292,876 |
7,977,786 |
6,227,934 |
11,757,781 |
8,054,693 |
|
Short term borrowings/Term loans |
- |
- |
5,824,420 |
1,862,595 |
1,792,656 |
|
Other borrowings |
- |
- |
6,911,000 |
17,251,775 |
14,253,918 |
|
Amounts owing to related companies |
31,142,536 |
29,916,722 |
74,381,001 |
2,867,049 |
10,986,756 |
|
Provision for taxation |
100,995 |
474,194 |
244,545 |
86,330 |
97,042 |
|
Other liabilities |
- |
- |
- |
31,986,344 |
42,290,343 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
54,876,475 |
53,080,789 |
100,925,481 |
80,890,071 |
92,547,655 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
158,161,210 |
122,759,292 |
67,117,920 |
101,890,525 |
68,949,250 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
274,022,542 |
251,213,790 |
220,384,730 |
279,196,514 |
260,427,437 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
48,000,000 |
48,000,000 |
48,000,000 |
48,000,000 |
48,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
48,000,000 |
48,000,000 |
48,000,000 |
48,000,000 |
48,000,000 |
|
|
|
|
|
|
|
|
Exchange equalisation/fluctuation reserve |
(304,289) |
(286,058) |
- |
- |
- |
|
Retained profit/(loss) carried forward |
186,807,703 |
150,671,049 |
136,715,803 |
126,290,523 |
101,602,521 |
|
Others |
- |
- |
(262,073) |
(227,497) |
(148,178) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
186,503,414 |
150,384,991 |
136,453,730 |
126,063,026 |
101,454,343 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
234,503,414 |
198,384,991 |
184,453,730 |
174,063,026 |
149,454,343 |
|
|
|
|
|
|
|
|
Long term loans |
- |
- |
- |
23,923,998 |
30,574,744 |
|
Retirement benefits provision |
18,128 |
18,749 |
- |
- |
- |
|
Others |
39,501,000 |
52,810,050 |
35,931,000 |
81,209,490 |
80,398,350 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
39,519,128 |
52,828,799 |
35,931,000 |
105,133,488 |
110,973,094 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
274,022,542 |
251,213,790 |
220,384,730 |
279,196,514 |
260,427,437 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
29,613,710 |
22,328,874 |
11,119,811 |
18,101,747 |
6,668,346 |
|
Net Liquid Funds |
29,613,710 |
22,328,874 |
11,119,811 |
18,101,747 |
6,668,346 |
|
Net Liquid Assets |
74,399,114 |
39,453,953 |
(17,949,850) |
12,167,217 |
(22,057,888) |
|
Net Current Assets/(Liabilities) |
158,161,210 |
122,759,292 |
67,117,920 |
101,890,525 |
68,949,250 |
|
Net Tangible Assets |
274,022,542 |
251,213,790 |
220,384,730 |
279,196,514 |
260,427,437 |
|
Net Monetary Assets |
34,879,986 |
(13,374,846) |
(53,880,850) |
(92,966,271) |
(133,030,982) |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
12,735,420 |
43,038,368 |
46,621,318 |
|
Total Liabilities |
94,395,603 |
105,909,588 |
136,856,481 |
186,023,559 |
203,520,749 |
|
Total Assets |
328,899,017 |
304,294,579 |
321,310,211 |
360,086,585 |
352,975,092 |
|
Net Assets |
274,022,542 |
251,213,790 |
220,384,730 |
279,196,514 |
260,427,437 |
|
Net Assets Backing |
234,503,414 |
198,384,991 |
184,453,730 |
174,063,026 |
149,454,343 |
|
Shareholders' Funds |
234,503,414 |
198,384,991 |
184,453,730 |
174,063,026 |
149,454,343 |
|
Total Share Capital |
48,000,000 |
48,000,000 |
48,000,000 |
48,000,000 |
48,000,000 |
|
Total Reserves |
186,503,414 |
150,384,991 |
136,453,730 |
126,063,026 |
101,454,343 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.54 |
0.42 |
0.11 |
0.22 |
0.07 |
|
Liquid Ratio |
2.36 |
1.74 |
0.82 |
1.15 |
0.76 |
|
Current Ratio |
3.88 |
3.31 |
1.67 |
2.26 |
1.75 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
90 |
91 |
80 |
78 |
128 |
|
Debtors Ratio |
56 |
58 |
42 |
50 |
71 |
|
Creditors Ratio |
19 |
18 |
8 |
14 |
21 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.07 |
0.25 |
0.31 |
|
Liabilities Ratio |
0.40 |
0.53 |
0.74 |
1.07 |
1.36 |
|
Times Interest Earned Ratio |
56.52 |
14.95 |
6.26 |
10.84 |
0.27 |
|
Assets Backing Ratio |
5.71 |
5.23 |
4.59 |
5.82 |
5.43 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
10.63 |
4.25 |
2.71 |
5.20 |
(0.96) |
|
Net Profit Margin |
10.61 |
4.20 |
2.69 |
5.90 |
(0.98) |
|
Return On Net Assets |
13.45 |
6.02 |
5.66 |
8.58 |
0.35 |
|
Return On Capital Employed |
13.45 |
6.02 |
5.66 |
8.58 |
0.35 |
|
Return On Shareholders' Funds/Equity |
15.41 |
7.03 |
5.65 |
14.18 |
(1.70) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.65 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.78.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.