|
Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
CONSUCARE INC. SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 2-2-5, Menara Klh Business Centre, 2, Jalan Kasipillay, 2 1/2
Miles, Jalan Ipoh, 2nd Floor, 51200 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.07.2002 |
|
|
|
|
Com. Reg. No.: |
585519-T |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the Distribute of Skin Care Related Products |
|
|
|
|
No. of Employees : |
5 [2014] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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. |
: |
585519-T |
||||
|
COMPANY NAME |
: |
CONSUCARE INC. SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
08/07/2002 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
SUITE 2-2-5, MENARA KLH BUSINESS CENTRE, 2, JALAN KASIPILLAY, 2 1/2 MILES,
JALAN IPOH, 2ND FLOOR, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
15 & 17, JALAN TSB 2, TAMAN INDUSTRI SUNGAI BULOH, 47000 SUNGAI
BULOH, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-61412278 |
||||
|
FAX.NO. |
: |
03-61412272 |
||||
|
EMAIL |
: |
INFO@LIVINGPROOF.COM.MY |
||||
|
WEB SITE |
: |
WWW.LIVINGPROOF.COM.MY |
||||
|
CONTACT PERSON |
: |
CHO SEE YOO ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
96020 |
||||
|
PRINCIPAL ACTIVITY |
: |
DISTRIBUTE OF SKIN CARE RELATED PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 303,035 [2012] |
||||
|
NET WORTH |
: |
MYR (1,146,359) [2012] |
||||
|
STAFF STRENGTH |
: |
5 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
POOR |
||||
|
MANAGEMENT CAPABILITY |
: |
WEAK |
||||
|
COMMERCIAL RISK |
: |
HIGH |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL 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) distribute of
skin care related products.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
30/06/2012 |
MYR 500,000.00 |
MYR 500,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MS. LAM EN HUI + |
2, JALAN CECAWI 6/5, SEKSYEN 6, KOTA DAMANSARA, 47810 PETALING JAYA,
SELANGOR, MALAYSIA. |
560731-02-5726 8217448 |
300,000.00 |
60.00 |
|
MR. CHO SEE YOO + |
2, JALAN CECAWI 6/5, SEKSYEN 6, KOTA DAMANSARA, 47810 PETALING JAYA,
SELANGOR, MALAYSIA. |
551111-08-5117 8195987 |
125,000.00 |
25.00 |
|
MR. CHO WE JUN |
2, JALAN CECAWI 6/5, SEKSYEN 6, KOTA DAMANSARA, 47810 PETALING JAYA,
SELANGOR, MALAYSIA. |
820927-10-5777 |
75,000.00 |
15.00 |
|
--------------- |
------ |
|||
|
500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. CHO SEE YOO |
|
Address |
: |
2, JALAN CECAWI 6/5, SEKSYEN 6, KOTA DAMANSARA, 47810 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
8195987 |
|
New IC No |
: |
551111-08-5117 |
|
Date of Birth |
: |
11/11/1955 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
24/07/2007 |
|
Qualification |
: |
B.SC (HONS) HOUSING, BLDG & PLANNING USM IN 1980. |
|
Profile |
: |
HAS VAST EXPERIENCE IN THE CONSTRUCTION OF VARIOUS COMMERCIAL & RESIDENTAL
PROJECTS. STARTED CAREER IN YEOH CHENG LIAM CONSTRUCTION S/B IN 1980 WHERE HE
WORKED AS SITE AGENT FOR 4 YEARS. JOINED K.H ANG & BROTHERS CONSTRUCTION
S/B & SUTERA AMAN S/B AS PARTNER UNTIL 1992 & 1993 RESPECTIVELY. |
DIRECTOR 2
|
Name Of Subject |
: |
MS. LAM EN HUI |
|
Address |
: |
2, JALAN CECAWI 6/5, SEKSYEN 6, KOTA DAMANSARA, 47810 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
8217448 |
|
New IC No |
: |
560731-02-5726 |
|
Date of Birth |
: |
31/07/1956 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
26/12/2007 |
|
1) |
Name of Subject |
: |
CHO SEE YOO |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name of Subject |
: |
LAM EN HUI |
|
Position |
: |
MANAGING EDITOR |
|
|
Auditor |
: |
WONG & CO |
|
Auditor' Address |
: |
SUITES 2-5-6 & 2-5-7, MENARA KLH BUSINESS CENTRE, 2, JALAN
KASIPILLAY, 2 1/2 MILES, JALAN IPOH, 5TH FLOOR, 51200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. WONG WING KAI @ WONG WENG FONG |
|
IC / PP No |
: |
1618409 |
|
|
New IC No |
: |
490629-03-5003 |
|
|
Address |
: |
3, JALAN TENGAS (8/8), 46050 PETALING JAYA, SELANGOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
PUBLIC BANK BHD |
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SUBJECT
* 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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers
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 |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
X |
] |
||||||||
|
Local |
: |
YES |
Percentage |
: |
100% |
|
|
Domestic Markets |
: |
MALAYSIA |
||||
|
Overseas |
: |
NO |
||||
|
Credit Term |
: |
N/A |
||||
|
Payment Mode |
: |
LETTER OF CREDIT (LC) |
||||
|
Type of Customer |
: |
PHARMACIES |
||||
|
CUSTOMER(S) |
: |
|
||||
|
Goods Traded |
: |
PRODUCT FOR SKIN CARE SYSTEM, ESSENTIALS, SUPPLEMENT, SPA BODY LINES,
CLINICAL, TREATMENT AND SPECIAL FUNCTIONS |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
5 |
2 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) distribute of skin
care related products.
According to Subject, they are pioneers in the use of advanced scientific research
and breakthrough technology from Europe including Gemmotheraphy*, to develop
anti-aging skincare and other personal products, dedicated to promote health,
wellness, beauty and everlasting youth.
Featuring ultra-active Phyto-Placentaâ (plant placenta) and enhanced with
proven beauty ingredients that are endorsed even by the reowned Harley Street,
London cosmetic surgeons and doctors who specialise in the beauty needs of
Europe's celebrities.
Subject advanced dermaceutical range of Living Proof live-cell skincare for
face and body, features the bio-stimulating plant placenta, Phyto-PlacentaTM,
active ingredients, which are extracted using breakthrough Live Cell Skincare
Technology in Laboratorie Gattefossé s.a., Paris, France
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
0361412278 |
|
Current Telephone Number |
: |
03-61412278 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
15 & 17, JLN TSB 2, TMN INDUSTRI SUNGAI BULOH, 47000 PETALING
JAYA, SELANGOR KUALA LUMPUR |
|
Current Address |
: |
15 & 17, JALAN TSB 2, TAMAN INDUSTRI SUNGAI BULOH, 47000 SUNGAI
BULOH, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 18th February 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
38.53% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
44.88% |
] |
|
|
The continuous fall in turnover could be due to the lower demand for
the Subject's products / services.Higher losses before tax during the year
could be due to the higher operating costs incurred. Although the Subject's
returns showed positive figures it is not reflective of the true situation.
The Subject incurred losses during the year and its shareholders' funds have
turned red. The positive returns on shareholders' funds is the result of
losses divided by negative shareholders' funds. The Subject's management was
inefficient in utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
492 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
381 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
596 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 debtors ratio
was high. The Subject should tighten its credit control and improve its
collection period. 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 |
: |
Unfavourable |
[ |
0.15 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.33 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working
capital deficiency. If the Subject cannot obtain additional financing or
injection of fresh capital, it may face difficulties in meeting its short term
obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
(71.85 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject incurred losses in the year. It did not generate
sufficient income to service its interest. If the situation does not
improve, the Subject may be vulnerable to default in servicing the interest.
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 : |
||||||
|
The Subject's losses could be attributed to the lower turnover which
in turn could be the result of unfavourable market conditions. Due to its weak
liquidity position, the Subject will be faced with problems in meeting all
its short term obligations if no short term loan is obtained or additional
capital injected into the Subject. The Subject's interest cover was negative,
indicating that it did not generate sufficient income to service its
interest. If its result does not show impressive improvements or succeed
obtaining short term financing or capital injection, it may not be able to
service its interest and repay the loans. 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 : POOR |
||||||
|
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 |
|
|
96020 : Hairdressing and other beauty treatment |
|
|
INDUSTRY : |
ECONOMY |
|
The country's gross domestic product (GDP) expanded by 6.4% in the 4th
quarter ended Dec 31 2012 on a year-on-year basis driven by sustained
domestic demand and high investment growth. For the full year 2012, the GDP
growth hit 5.6%, well above the government’s revised forecast of 4.5%-5.0%
made in year 2011. Despite the weak and uncertain global economic conditions,
there is remarkable optimism that Malaysia's economy could still continue to
grow at a relatively healthy pace. The government has, in fact, targeted a
gross domestic product (GDP) growth rate of between 4.5% and 5.5% for 2013.
This is quite an encouraging growth rate, and an achievable one at that,
according to most economists. |
|
|
Additionally, tepid economic growth in advanced economies and the
slowdown of emerging economies especially in China and India, point to
weakening global economic prospects. The deterioration in the external
environment and correction in commodity prices are expected to weigh on
Malaysia’s export performance during the second half of 2012. Nevertheless,
the vibrant domestic demand is expected to be sustained during the second
half of 2012, supported by both public and private sectors amid conducive
financial market conditions, stable prices and a favourable labour market.
The external sector provided little support with exports showing a slower
pace of decrease in 4th quarter of year 2012 to -1.5%, while imports also
decreased by -0.9% resulting in an actual increase in the level of net
exports compared to 3rd quarter of year 2012, although growth remained
negative relative to 4th quarter of year 2012. |
|
|
Domestic demand will be the main driver of the Malaysian economy
supported by private and public sector expenditure. Growth in private consumption
is expected to be buoyed by stable employment and income coupled with lower
inflation. The salary revision and bonus for civil servants, cash assistance
under Bantuan Rakyat 1Malaysia (BR1M), reward to the Federal Land Development
Authority (FELDA) settlers and other cash payments to assist various groups
supported private consumption. Private investment is envisaged to drive
economic growth over the medium term, underpinned by the ongoing
implementation of the Economic Transformation Programme (ETP) and vibrant
construction activity. Growth in private investment will be broad-based in
line with positive investors’ confidence and strong domestic demand. Public
investment will be largely led by the Non-Financial Public Enterprises’
(NFPEs) capital spending on oil and gas (O&G), telecommunications and
transportrelated industries. The Investment expenditure was about evenly
divided between structures and machinery & equipment, but the former
category showed continued strong growth at 25.0% over the 4th quarter ended
Dec 31 2011, while growth in the latter category slowed to 7.6% from 22.3% in
3rd quarter ended Sept 30 2012. |
|
|
Growth was broad based with all major sectors registering increases.
The only subsectors that posted declines were the textile manufacturing and
forestry and logging activities. The construction sector posted the strongest
growth, hitting 15% on the year 2012, not surprising given the spate of major
projects and related private sector property investment over the year. Besides,
the agriculture sectors had a slightly grew at 0.6% while the manufacturing
and mining industries continued growth at 4.2% and 1.5% respectively. The
service sector had drop to 5.5%. However, according to the Minister of
Finance, the agriculture and construction sectors are projected to expand
2.4% and 11.2% respectively while the manufacturing and the mining industries
are forecast to grow 4.9% and 2.7& respectively. Meanwhile, the service
sector is expected to grow 5.6%. |
|
|
With domestic demand remaining robust and signs of improvement in the
external sector, there are far less grounds for an interest rate cut, unlike
in the rest of the region where growth has, with the exception of Thailand,
been less than impressive. High capacity utilisation, strong credit growth
and the need to rein in household debt are all mitigating factors against an
easing of policy. Meanwhile, in maintaining the balance between economic
growth and inflationary pressures in Malaysia, it is expected that interest
rates in the country will remain stable through 2013. The benchmark overnight
policy rate (OPR) currently stands at 3%, which has been supportive of the
country's economic growth amid a low inflation environment with consumer
price index (CPI) growing at less than 2% in 2012. But with price pressures
expected to pick up in year 2014, with CPI expected to increase around 2% to
3%, some economists expect the OPR to likely be raised by 25 basis points to
3.25% in the second half of year 2014. |
|
|
In conclusion, the outlook for the Malaysian economy is going to be
challenging, with the ongoing global economic slowdown in view of the debt
crisis in Europe and the weakening of the US economy. Besdies, the loss of
growth momentum in Malaysia will continue and become serious enough to
sidetrack the country from its long-term development goals. Thus, nominal
Gross National Income (GNI) per capita is expected to increase 6.4% to
RM32,947 in year 2013. In terms of Public-Private Partnership (PPP) Facilitation
Fund, per capita income is expected to grow 4.4% to reach USD16,368. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal 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 |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
303,035 |
334,396 |
390,322 |
275,070 |
1,256,349 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
303,035 |
334,396 |
390,322 |
275,070 |
1,256,349 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(521,621) |
(414,346) |
(198,353) |
(169,411) |
(240,070) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(521,621) |
(414,346) |
(198,353) |
(169,411) |
(240,070) |
|
Taxation |
79,971 |
81,030 |
32,160 |
31,405 |
33,337 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(441,650) |
(333,316) |
(166,193) |
(138,006) |
(206,733) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(1,204,709) |
(871,393) |
(705,200) |
(567,194) |
(360,461) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(1,204,709) |
(871,393) |
(705,200) |
(567,194) |
(360,461) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(1,646,359) |
(1,204,709) |
(871,393) |
(705,200) |
(567,194) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(1,646,359) |
(1,204,709) |
(871,393) |
(705,200) |
(567,194) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
7,160 |
18,531 |
16,855 |
- |
- |
|
Letter of credit |
- |
1,476 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
7,160 |
20,007 |
16,855 |
- |
- |
|
|
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
50,818 |
78,303 |
107,318 |
50,300 |
51,759 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Deferred assets |
340,815 |
260,844 |
179,814 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
340,815 |
260,844 |
179,814 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
391,633 |
339,147 |
287,132 |
50,300 |
51,759 |
|
CURRENT ASSETS |
|||||
|
Stocks |
408,473 |
27,532 |
93,047 |
- |
- |
|
Trade debtors |
315,962 |
801,719 |
420,270 |
- |
- |
|
Other debtors, deposits & prepayments |
13,902 |
15,073 |
126,616 |
- |
- |
|
Cash & bank balances |
25,235 |
27,977 |
5,065 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
763,572 |
872,301 |
644,998 |
471,202 |
364,966 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
1,155,205 |
1,211,448 |
932,130 |
521,502 |
416,725 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
494,551 |
49,097 |
40,930 |
- |
- |
|
Other creditors & accruals |
1,781,452 |
1,199,484 |
587,521 |
- |
- |
|
Bank overdraft |
- |
258,353 |
265,849 |
- |
- |
|
Amounts owing to director |
25,561 |
409,224 |
409,224 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
2,301,564 |
1,916,158 |
1,303,524 |
726,702 |
483,919 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(1,537,992) |
(1,043,857) |
(658,526) |
(255,500) |
(118,953) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
(1,146,359) |
(704,710) |
(371,394) |
(205,200) |
(67,194) |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
(1,646,359) |
(1,204,709) |
(871,393) |
(705,200) |
(567,194) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(1,646,359) |
(1,204,710) |
(871,394) |
(705,200) |
(567,194) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
(1,146,359) |
(704,710) |
(371,394) |
(205,200) |
(67,194) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
(1,146,359) |
(704,710) |
(371,394) |
(205,200) |
(67,194) |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
25,235 |
27,977 |
5,065 |
- |
- |
|
Net Liquid Funds |
25,235 |
(230,376) |
(260,784) |
- |
- |
|
Net Liquid Assets |
(1,946,465) |
(1,071,389) |
(751,573) |
(255,500) |
(118,953) |
|
Net Current Assets/(Liabilities) |
(1,537,992) |
(1,043,857) |
(658,526) |
(255,500) |
(118,953) |
|
Net Tangible Assets |
(1,146,359) |
(704,710) |
(371,394) |
(205,200) |
(67,194) |
|
Net Monetary Assets |
(1,946,465) |
(1,071,389) |
(751,573) |
(255,500) |
(118,953) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
258,353 |
265,849 |
- |
- |
|
Total Liabilities |
2,301,564 |
1,916,158 |
1,303,524 |
726,702 |
483,919 |
|
Total Assets |
1,155,205 |
1,211,448 |
932,130 |
521,502 |
416,725 |
|
Net Assets |
(1,146,359) |
(704,710) |
(371,394) |
(205,200) |
(67,194) |
|
Net Assets Backing |
(1,146,359) |
(704,710) |
(371,394) |
(205,200) |
(67,194) |
|
Shareholders' Funds |
(1,146,359) |
(704,710) |
(371,394) |
(205,200) |
(67,194) |
|
Total Share Capital |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
Total Reserves |
(1,646,359) |
(1,204,710) |
(871,394) |
(705,200) |
(567,194) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.01 |
0.01 |
0.00 |
- |
- |
|
Liquid Ratio |
0.15 |
0.44 |
0.42 |
- |
- |
|
Current Ratio |
0.33 |
0.46 |
0.49 |
0.65 |
0.75 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
492 |
30 |
87 |
- |
- |
|
Debtors Ratio |
381 |
875 |
393 |
- |
- |
|
Creditors Ratio |
596 |
54 |
38 |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.00 |
(0.37) |
(0.72) |
- |
- |
|
Liabilities Ratio |
(2.01) |
(2.72) |
(3.51) |
(3.54) |
(7.20) |
|
Times Interest Earned Ratio |
(71.85) |
(19.71) |
(10.77) |
- |
- |
|
Assets Backing Ratio |
(2.29) |
(1.41) |
(0.74) |
(0.41) |
(0.13) |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(172.13) |
(123.91) |
(50.82) |
(61.59) |
(19.11) |
|
Net Profit Margin |
(145.74) |
(99.68) |
(42.58) |
(50.17) |
(16.46) |
|
Return On Net Assets |
44.88 |
55.96 |
48.87 |
82.56 |
357.28 |
|
Return On Capital Employed |
44.88 |
88.35 |
171.96 |
82.56 |
357.28 |
|
Return On Shareholders' Funds/Equity |
38.53 |
47.30 |
44.75 |
67.25 |
307.67 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
- |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
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.