|
Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
PACIFIC OLEOCHEMICALS SDN. BHD. |
|
|
|
|
Formerly Known As : |
AKZO NOBEL OLEOCHEMICALS SDN BHD |
|
|
|
|
Registered Office : |
Wisma Dls, 6, Jalan Jurunilai U1/20, Hicom-Glenmarie Industrial Park,
40150 Shah Alam, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.11.1980 |
|
|
|
|
Com. Reg. No.: |
64175-U |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacture of Distilled Fatty Acid, Stearic Acid, Fractionated Fatty
Acid and Refined Glycerine |
|
|
|
|
No. of Employees : |
200 [2014] |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. |
: |
64175-U |
||||
|
COMPANY NAME |
: |
PACIFIC OLEOCHEMICALS SDN. BHD. |
||||
|
FORMER NAME |
: |
AKZO NOBEL OLEOCHEMICALS SDN BHD
(10/05/2006) |
||||
|
INCORPORATION DATE |
: |
11/11/1980 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
WISMA DLS, 6, JALAN JURUNILAI U1/20, HICOM-GLENMARIE INDUSTRIAL PARK,
40150 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LEVEL 3, WISMA DLS, NO 6, JALAN JURUNILAI U1/20, HICOM-GLENMARIE INDUSTRIAL
PARK, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-55692739 |
||||
|
FAX.NO. |
: |
03-55691658 |
||||
|
EMAIL |
: |
POC@PACIFICOLEO.COM |
||||
|
WEB SITE |
: |
WWW.PACIFICOLEO.COM |
||||
|
CONTACT PERSON |
: |
KHOO HENG SUAN ( CHAIRMAN ) |
||||
|
INDUSTRY CODE |
: |
202 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF DISTILLED FATTY ACID, STEARIC ACID, FRACTIONATED FATTY
ACID AND REFINED GLYCERINE |
||||
|
AUTHORISED CAPITAL |
: |
MYR 100,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 100,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 530,954,412 [2012] |
||||
|
NET WORTH |
: |
MYR 202,598,379 [2012] |
||||
|
STAFF STRENGTH |
: |
200 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
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) manufacture of
distilled fatty acid, stearic acid, fractionated fatty acid and refined
glycerine.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the Subject is LAM SOON PLANTATIONS SDN.
BHD., a company incorporated in MALAYSIA.
The ultimate holding company of the Subject is LAM SOON (M) BHD, a
company incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
18/12/2013 |
MYR 100,000,000.00 |
MYR 100,000,000.00 |
|
23/04/2013 |
MYR 100,000,000.00 |
MYR 50,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
LAM SOON PLANTATIONS SDN. BHD. |
WISMA DLS, NO. 6, JALAN JURUNILAI U1/20, HICOM-GLENMARIE INDUSTRIAL
PARK, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
40857X |
100,000,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
100,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. TAN GEOK CHAI |
|
Address |
: |
44, JALAN SURIA 2, TAMAN SURIA, 81100 JOHOR BAHRU, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
4424813 |
|
New IC No |
: |
530404-01-5419 |
|
Date of Birth |
: |
04/04/1953 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/11/1999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MR. KHOO HENG SUAN |
|
Address |
: |
21,JALAN SS 2/57, 47300 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
0869939 |
|
New IC No |
: |
470109-04-5509 |
|
Date of Birth |
: |
09/01/1947 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/12/1987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
WHANG SHANG YING |
|
Address |
: |
26A, TUDOR CLOSE, 2797953, SINGAPORE. |
|
IC / PP No |
: |
1483019G |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
24/04/1997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
MR. RAJA ABDUL RASHID BIN RAJA BADIOZAMAN |
|
Address |
: |
DL 64,TAMAN BUKIT AMPANG, JALAN BUKIT BELACAN, 68000 AMPANG, SELANGOR,
MALAYSIA. |
|
|
|
|
|
New IC No |
: |
400718-08-5289 |
|
Date of Birth |
: |
18/07/1940 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
17/03/2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
MR. RICHARD SAKIAN BIN GUNTING |
|
Address |
: |
HSE 73, LORONG POKOK SERAYA 1, TAMAN KHIDMAT, 88400 KOTA KINABALU,
SABAH, MALAYSIA. |
|
IC / PP No |
: |
H0391094 |
|
New IC No |
: |
510704-12-5451 |
|
Date of Birth |
: |
04/07/1951 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/02/2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
KHOO HENG SUAN |
|
|
Position |
: |
CHAIRMAN |
|
|
|
|
|
|
Auditor |
: |
ERNST & YOUNG |
|
Auditor' Address |
: |
SUITE 11.2A, LEVEL 11, MENARA PELANGI, 2, JALAN KUNING, TAMAN PELANGI,
LEVEL 11, 80400 JOHOR BAHRU, JOHOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
1) |
Company Secretary |
: |
MS. THIAN YEW FONG |
|
|
IC / PP No |
: |
5493695 |
|
|
New IC No |
: |
581201-10-6150 |
|
|
Address |
: |
206B, FRASER EAST TOWER, GASING HGHTS.CONDO, 92,JLN.5/60, 46000
PETALING JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
07/12/1982 |
N/A |
MALAYSIA INDUSTRIAL DEVELOPMENT FINANCE BHD |
MYR 3,000,000.00 |
Satisfied |
|
2 |
29/09/1983 |
N/A |
MSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD |
MYR 3,000,000.00 |
Satisfied |
* A check has been conducted in our databank againt 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 since 1990. Information
was provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
|
|
|
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
The 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 |
: |
40% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
TELEGRAPHIC TRANSFER (TT) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured |
: |
|
|
|
|
|
|
|
|
Award |
: |
|
|
|
|
|
|
|
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMI ASSOCIATION OF MALAYSIA SMALL & MEDIUM ENTERPRISE MALAYSIAN INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI) CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM) MALAYSIA FOOD & BEVERAGE INDUSTRY |
|
|
|
|
|
|
|
Ownership of premises |
: |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
200 |
200 |
200 |
190 |
189 |
|
|
|
|
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of
distilled fatty acid, stearic acid, fractionated fatty acid and refined
glycerine.
The Subject is one of the leading producers of Oleochemicals offering a wide
range of fatty acids, glycerine and specialty products.
We were informed that the all of Subject's products are derived from renewable
vegetable raw materials, mainly from palm oil and palm kernel oil.
The Subject is producing the semi finished products which are widely
used in cosmetic products, food, rubbers and other related products.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-55692739 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
PLO 285, JALAN PEKELILING TIMUR P O BOX 143, 81707 PASIR GUDANG JOHAR
DARUL TAKZIM, |
|
Current Address |
: |
LEVEL 3, WISMA DLS, NO 6, JALAN JURUNILAI U1/20, HICOM-GLENMARIE INDUSTRIAL
PARK, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 11th February 2014 we contacted one of the staff from the Subject and she provided
some information.
The address provided belongs to the Subject's factory.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
10.47% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
16.38% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.The Subject's management have been efficient in
controlling its operating costs. The Subject's management had generated
acceptable return for its shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
31 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
37 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
22 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 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 |
[ |
1.26 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.79 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 |
[ |
369.38 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 : FAIR |
||||||
|
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 |
|
|
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
domesticoriented 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 sevenmonths of
2012 in line with the increase in sales value of manufactured products by
6.5% to RM363.1 billion. Output from domesticoriented 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 goverment encourage
manufacturers to move up the value chain of manufacturing industry. The new
growth initiatives by goverment in the manufacturing sector such assolar 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 |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
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 |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
530,954,412 |
674,933,293 |
459,913,656 |
388,644,466 |
589,773,496 |
|
Other Income |
8,577,373 |
4,533,304 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
539,531,785 |
679,466,597 |
459,913,656 |
388,644,466 |
589,773,496 |
|
Costs of Goods Sold |
(472,585,640) |
(603,290,177) |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
66,946,145 |
76,176,420 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
33,841,671 |
31,165,377 |
27,603,141 |
31,471,748 |
27,900,791 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
33,841,671 |
31,165,377 |
27,603,141 |
31,471,748 |
27,900,791 |
|
Taxation |
(12,636,194) |
5,381,486 |
(5,953,775) |
3,115,645 |
(10,123,563) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
21,205,477 |
36,546,863 |
21,649,366 |
34,587,393 |
17,777,228 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
131,392,902 |
94,846,039 |
72,776,644 |
38,189,251 |
20,412,023 |
|
Prior year adjustment |
- |
- |
420,029 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
131,392,902 |
94,846,039 |
73,196,673 |
38,189,251 |
20,412,023 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
152,598,379 |
131,392,902 |
94,846,039 |
72,776,644 |
38,189,251 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
152,598,379 |
131,392,902 |
94,846,039 |
72,776,644 |
38,189,251 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Term loan / Borrowing |
91,866 |
667,566 |
- |
- |
- |
|
Others |
- |
- |
460,707 |
469,062 |
286,728 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
91,866 |
667,566 |
460,707 |
469,062 |
286,728 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
139,696,794 |
157,305,589 |
176,110,788 |
152,116,493 |
177,972,193 |
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Deferred assets |
- |
4,645,302 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
- |
4,645,302 |
- |
- |
- |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
139,696,794 |
161,950,891 |
176,110,788 |
152,116,493 |
177,972,193 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
45,048,628 |
55,922,365 |
50,186,376 |
33,657,169 |
34,753,407 |
|
Trade debtors |
53,479,379 |
68,374,677 |
73,530,135 |
32,988,494 |
36,424,930 |
|
Other debtors, deposits & prepayments |
4,511,041 |
817,992 |
6,172,302 |
16,972,819 |
1,284,959 |
|
Short term deposits |
42,145,910 |
45,922,494 |
11,432,040 |
31,636,988 |
38,879,204 |
|
Amount due from holding company |
200 |
- |
- |
- |
- |
|
Amount due from related companies |
1,625,913 |
- |
- |
- |
- |
|
Cash & bank balances |
1,544,205 |
1,732,683 |
1,445,322 |
14,132,939 |
427,608 |
|
Others |
4,252,395 |
1,822,800 |
2,173,296 |
10,430,578 |
152,939 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
152,607,671 |
174,593,011 |
144,939,471 |
139,818,987 |
111,923,047 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
292,304,465 |
336,543,902 |
321,050,259 |
291,935,480 |
289,895,240 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
28,561,405 |
29,443,920 |
31,425,220 |
12,042,493 |
7,054,108 |
|
Other creditors & accruals |
14,094,630 |
22,279,032 |
158,674,170 |
7,908,130 |
9,115,414 |
|
Bank overdraft |
- |
- |
- |
- |
244,534 |
|
Bill & acceptances payable |
- |
17,506,000 |
10,377,000 |
- |
- |
|
Amounts owing to holding company |
- |
- |
- |
810 |
- |
|
Amounts owing to related companies |
42,475,478 |
84,331,671 |
- |
176,483,462 |
212,701,895 |
|
Provision for taxation |
- |
- |
938,132 |
- |
- |
|
Other liabilities |
61,875 |
1,590,377 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
85,193,388 |
155,151,000 |
201,414,522 |
196,434,895 |
229,115,951 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
67,414,283 |
19,442,011 |
(56,475,051) |
(56,615,908) |
(117,192,904) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
207,111,077 |
181,392,902 |
119,635,737 |
95,500,585 |
60,779,289 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
50,000,000 |
50,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
50,000,000 |
50,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
152,598,379 |
131,392,902 |
94,846,039 |
72,776,644 |
38,189,251 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
152,598,379 |
131,392,902 |
94,846,039 |
72,776,644 |
38,189,251 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
202,598,379 |
181,392,902 |
114,846,039 |
92,776,644 |
58,189,251 |
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
|
|
Deferred taxation |
4,512,698 |
- |
4,789,698 |
2,723,941 |
2,590,038 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
4,512,698 |
- |
4,789,698 |
2,723,941 |
2,590,038 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
207,111,077 |
181,392,902 |
119,635,737 |
95,500,585 |
60,779,289 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
43,690,115 |
47,655,177 |
12,877,362 |
45,769,927 |
39,306,812 |
|
Net Liquid Funds |
43,690,115 |
30,149,177 |
2,500,362 |
45,769,927 |
39,062,278 |
|
Net Liquid Assets |
22,365,655 |
(36,480,354) |
(106,661,427) |
(90,273,077) |
(151,946,311) |
|
Net Current Assets/(Liabilities) |
67,414,283 |
19,442,011 |
(56,475,051) |
(56,615,908) |
(117,192,904) |
|
Net Tangible Assets |
207,111,077 |
181,392,902 |
119,635,737 |
95,500,585 |
60,779,289 |
|
Net Monetary Assets |
17,852,957 |
(36,480,354) |
(111,451,125) |
(92,997,018) |
(154,536,349) |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
17,506,000 |
10,377,000 |
0 |
244,534 |
|
Total Liabilities |
89,706,086 |
155,151,000 |
206,204,220 |
199,158,836 |
231,705,989 |
|
Total Assets |
292,304,465 |
336,543,902 |
321,050,259 |
291,935,480 |
289,895,240 |
|
Net Assets |
207,111,077 |
181,392,902 |
119,635,737 |
95,500,585 |
60,779,289 |
|
Net Assets Backing |
202,598,379 |
181,392,902 |
114,846,039 |
92,776,644 |
58,189,251 |
|
Shareholders' Funds |
202,598,379 |
181,392,902 |
114,846,039 |
92,776,644 |
58,189,251 |
|
Total Share Capital |
50,000,000 |
50,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
|
Total Reserves |
152,598,379 |
131,392,902 |
94,846,039 |
72,776,644 |
38,189,251 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.51 |
0.31 |
0.06 |
0.23 |
0.17 |
|
Liquid Ratio |
1.26 |
0.76 |
0.47 |
0.54 |
0.34 |
|
Current Ratio |
1.79 |
1.13 |
0.72 |
0.71 |
0.49 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
31 |
30 |
40 |
32 |
22 |
|
Debtors Ratio |
37 |
37 |
58 |
31 |
23 |
|
Creditors Ratio |
22 |
18 |
25 |
11 |
4 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.10 |
0.09 |
0.00 |
0.00 |
|
Liabilities Ratio |
0.44 |
0.86 |
1.80 |
2.15 |
3.98 |
|
Times Interest Earned Ratio |
369.38 |
47.69 |
60.91 |
68.10 |
98.31 |
|
Assets Backing Ratio |
4.14 |
3.63 |
5.98 |
4.78 |
3.04 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
6.37 |
4.62 |
6.00 |
8.10 |
4.73 |
|
Net Profit Margin |
3.99 |
5.41 |
4.71 |
8.90 |
3.01 |
|
Return On Net Assets |
16.38 |
17.55 |
23.46 |
33.45 |
46.38 |
|
Return On Capital Employed |
16.38 |
17.55 |
23.46 |
33.45 |
46.19 |
|
Return On Shareholders' Funds/Equity |
10.47 |
20.15 |
18.85 |
37.28 |
30.55 |
|
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.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.