|
Report Date : |
24.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
VINYL CHLORIDE ( |
|
|
|
|
Formerly Known As : |
LAND & GENERAL PETROCHEMICALS SDN BHD |
|
|
|
|
Registered Office : |
Tower 1, Petronas Twin Towers, Kuala Lumpur City Centre,
50088 Kuala Lumpur, Wilayah Persekutuan, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
21.07.1993 |
|
|
|
|
Com. Reg. No.: |
270713-V |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is principally engaged in the dormant. |
|
|
|
|
No. of Employees |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Dormant |
|
Payment Behaviour : |
-- |
|
Litigation : |
-- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Malaysia. |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
MALAYSIA ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 32% of government revenue in 2013. Bank Negara Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB earlier raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays
|
Source
: CIA |
|
REGISTRATION NO. |
: |
270713-V |
|
COMPANY NAME |
: |
VINYL CHLORIDE (MALAYSIA) SDN. BHD. |
|
FORMER NAME |
: |
LAND & GENERAL
PETROCHEMICALS SDN BHD (16/11/1995) |
|
INCORPORATION DATE |
: |
21/07/1993 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
TOWER 1, PETRONAS TWIN TOWERS, KUALA LUMPUR CITY CENTRE, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
N/A |
|
TEL.NO. |
: |
N/A |
|
FAX.NO. |
: |
N/A |
|
CONTACT PERSON |
: |
N/A |
|
|
|
|
|
INDUSTRY CODE |
: |
0 |
|
PRINCIPAL ACTIVITY |
: |
DORMANT |
|
AUTHORISED CAPITAL |
: |
MYR 500,000,000.00
DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 213,247,000.00
DIVIDED INTO |
|
|
|
|
|
SALES |
: |
MYR 669,796,872 [2012] |
|
NET WORTH |
: |
MYR (404,686,889) [2012] |
|
M1000 OVERALL RANKING |
: |
313[2009] |
|
M1000 INDUSTRY RANKING |
: |
18[2009] |
|
|
|
|
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
N/A |
|
PAYMENT |
: |
N/A |
|
MANAGEMENT CAPABILITY |
: |
N/A |
|
|
|
|
|
COMMERCIAL RISK |
: |
N/A |
|
CURRENCY EXPOSURE |
: |
N/A |
|
GENERAL REPUTATION |
: |
N/A |
|
INDUSTRY OUTLOOK |
: |
NOT YET DETERMINED |
HISTORY / BACKGROUND
|
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) dormant.
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 |
313 |
355 |
|
|
INDUSTRY RANKING |
18 |
20 |
|
The immediate holding company of the Subject is PETRONAS CHEMICALS GROUP BERHAD, a company incorporated in MALAYSIA.
The ultimate holding company of the Subject is PETROLIAM NASIONAL BERHAD, a company incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
21/02/2014 |
MYR 500,000,000.00 |
MYR 213,247,000.00 |
|
15/02/2013 |
MYR 500,000,000.00 |
MYR 203,610,000.00 |
|
31/12/2011 |
MYR 492,803,000.00 |
MYR 210,807,000.00 |
|
21/03/2007 |
MYR 500,000,000.00 |
MYR 210,807,000.00 |
|
08/01/1999 |
MYR 500,000,000.00 |
MYR 207,610,000.00 |
|
30/05/1998 |
MYR 500,000,000.00 |
MYR 203,610,000.00 |
|
05/01/1998 |
MYR 500,000,000.00 |
MYR 36,010,000.00 |
|
21/07/1993 |
MYR 100,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
PETRONAS CHEMICALS GROUP BERHAD |
TOWER 1, PETRONAS TWIN TOWERS, KUALA LUMPUR CITY CENTRE, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
459830K |
213,247.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
213,247.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. RUSLAN HALIM BIN ISLAHUDIN |
|
Address |
: |
4, JALAN P18H 1/3, PRESINT 18, 62100 PUTRAJAYA, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A3372323 |
|
New IC No |
: |
750424-14-5389 |
|
Date of Birth |
: |
24/04/1975 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/07/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MS. WAN SHAMILAH BINTI WAN MUHAMMAD SAIDI |
|
Address |
: |
10, JALAN PJU 10/26D, ARA DAMANSARA, 47301 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A1707233 |
|
New IC No |
: |
701117-03-5410 |
|
Date of Birth |
: |
17/11/1970 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/08/2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MR. AHMAD ZAIYAN BIN MOHD KASSIM |
|
Address |
: |
13, JALAN 49, PERUMAHAN RANTAU LAUT, PETRONAS, 24300 KERTEH, TERENGGANU, MALAYSIA. |
|
IC / PP No |
: |
A1098444 |
|
New IC No |
: |
690101-08-5009 |
|
Date of Birth |
: |
01/01/1969 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/07/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
MR. ABDUL AZIZ BIN OTHMAN |
|
Address |
: |
4, JALAN JERAM SATU 8/22A, SEKSYEN 8, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A0189753 |
|
New IC No |
: |
650806-02-5253 |
|
Date of Birth |
: |
06/08/1965 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
17/08/2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
MR. YUSA' BIN HASSAN |
|
Address |
: |
2, JALAN SUASA 7/1L, SESKYEN 7, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
7007274 |
|
New IC No |
: |
630318-01-5701 |
|
Date of Birth |
: |
18/03/1963 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
20/04/2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
No data found in our databank.
AUDITOR
|
|
Auditor |
: |
HANAFIAH RASLAN & MOHAMAD |
|
Auditor' Address |
: |
MENARA PERMINT, JALAN SULTAN ISMAIL, TINGKAT 9, 20200 KUALA TERENGGANU, TERENGGANU, MALAYSIA. |
|
|
|
|
|
|
|
|
|
1) |
Company Secretary |
: |
MS. MEK YAM @ MARIAM BINTI HASSAN |
|
|
IC / PP No |
: |
A2742752 |
|
|
New IC No |
: |
740210-03-5388 |
|
|
Address |
: |
11, JALAN SUAKASIH 3/6, BANDAR TUN HUSSEIN ONN, 43200 CHERAS, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank 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.
DEFAULTER CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection since 1990. Information
was provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
|
|
|
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
CLIENTELE
|
|
Local |
: |
N/A |
|
|
|
|
|
Overseas |
: |
N/A |
|
|
|
|
OPERATIONS
|
|
Certification of Products |
: |
1) MS 1012 : 2003
|
|
|
|
|
|
|
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) MALAYSIAN PLASTICS MANUFACTURERS ASSOCIATION (MPMA) SMALL & MEDIUM ENTERPRISE MALAYSIAN INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI) |
|
|
|
|
|
|
|
Ownership of premises |
: |
OWNED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2012 |
2011 |
2010 |
2009 |
|
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
|
COMPANY |
300 |
304 |
300 |
290 |
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) dormant.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
N/A |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
COMPLEX PENTADBIRAN PETRO KIMIA PETRONAS, KM 105, JALAN KUANTAN, KUALA TERENGGANU,24300,KERTEH,TERENGGANU. |
|
Current Address |
: |
N/A |
|
Match |
: |
N/A |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
we contacted Ms Fadhilah from the Petronas Group of Companies. According to
her, the Subject's business had been ceased since early last year (2013).
However, she refused to disclose the reason for this.
The address provided belongs to the Subject's former factory location.
FINANCIAL ANALYSIS
|
|
The Subject is a dormant company. Thus it is not appropriate for us to comment on the Subject's financial performance. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : N/A |
||||||
|
MALAYSIA ECONOMIC / INDUSTRY OUTLOOK |
|
Major Economic Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic Products ( % ) |
(0.5) |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private Expenditure ( % ) |
(2.7) |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
(17.2) |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public Expenditure ( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
(1.2) |
|
Investment ( % ) |
8.0 |
2.8 |
(0.3) |
15.9 |
4.2 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
(28,450) |
(40,482) |
(45,511) |
(42,297) |
(39,993) |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(4.8) |
(5.6) |
(5.4) |
(4.5) |
(4.0) |
|
Inflation ( % Change in Composite CPI) |
(5.2) |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
(0.1) |
6.2 |
3.0 |
(0.0) |
- |
|
Liquidation of Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
(34.5) |
417.8 |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
- |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
- |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
- |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.4 |
2.1 |
5.9 |
0.6 |
2.4 |
|
Palm Oil |
(1.1) |
(3.4) |
10.8 |
(2.8) |
- |
|
Rubber |
(19.8) |
9.9 |
6.1 |
(0.6) |
- |
|
Forestry & Logging |
(5.9) |
(3.3) |
(7.6) |
(2.2) |
- |
|
Fishing |
5.5 |
5.6 |
2.1 |
(0.7) |
- |
|
Other Agriculture |
9.0 |
7.9 |
7.1 |
6.4 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
413.7 |
508.4 |
634.1 |
- |
- |
|
% of Industry Non-Performing Loans |
1.3 |
2.1 |
3.2 |
- |
- |
|
|
|
|
|
|
|
|
Mining |
(3.8) |
0.2 |
(5.7) |
1.5 |
2.7 |
|
Oil & Gas |
2.1 |
0.5 |
(1.7) |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
44.2 |
49.7 |
46.5 |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
(9.4) |
11.4 |
4.7 |
4.2 |
4.9 |
|
Exported-oriented Industries |
(19.0) |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
(30.3) |
28.4 |
(4.9) |
1.6 |
- |
|
Rubber Products |
(10.1) |
25.3 |
15.4 |
3.6 |
- |
|
Wood Products |
(24.1) |
20.1 |
(4.9) |
4.6 |
- |
|
Textiles & Apparel |
(19.5) |
(0.4) |
14.8 |
(7.1) |
- |
|
Domestic-oriented Industries |
(9.8) |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.2 |
- |
- |
|
Chemical & Chemical Products |
(7.7) |
16.2 |
5.5 |
9.9 |
- |
|
Plastic Products |
(9.1) |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
(32.7) |
29.3 |
2.4 |
- |
- |
|
Fabricated Metal Products |
(2.5) |
14.9 |
25.2 |
- |
- |
|
Non-metallic Mineral |
(15.5) |
20.2 |
27.1 |
6.6 |
- |
|
Transport Equipment |
(13.5) |
36.5 |
(10.4) |
13.7 |
- |
|
Paper & Paper Products |
(5.0) |
18.7 |
14.8 |
(7.8) |
- |
|
Crude Oil Refineries |
0.2 |
(11.4) |
9.3 |
- |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,007.3 |
6,217.5 |
6,537.2 |
- |
- |
|
% of Industry Non-Performing Loans |
18.3 |
23.8 |
25.7 |
- |
- |
|
|
|
|
|
|
|
|
Construction |
5.8 |
5.1 |
4.4 |
15.5 |
11.2 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,241.8 |
4,038.5 |
3,856.9 |
- |
- |
|
% of Industry Non-Performing Loans |
9.9 |
10.7 |
10.2 |
- |
- |
|
|
|
|
|
|
|
|
Services |
2.6 |
6.5 |
6.4 |
5.5 |
5.6 |
|
Electric, Gas & Water |
0.4 |
8.5 |
5.6 |
4.8 |
- |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.3 |
- |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
6.9 |
- |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.3 |
6.5 |
- |
|
Government Services |
2.0 |
6.7 |
7.6 |
5.6 |
- |
|
Other Services |
4.4 |
4.2 |
5.4 |
5.7 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
INDUSTRY ANALYSIS
|
|
MSIC CODE |
|
|
0 : DORMANT |
|
|
|
|
|
INDUSTRY : |
DORMANT |
|
|
|
|
|
|
|
The Subject is a dormant company and it is not active in its business operation. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Not Yet Determined |
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
VINYL CHLORIDE (MALAYSIA) SDN. BHD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2011-03-31 |
2010-03-31 |
2009-03-31 |
|
Months |
12 |
9 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
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 |
SUMMARY |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
669,796,872 |
347,922,985 |
787,473,295 |
854,186,567 |
854,776,573 |
|
Other Income |
123,568,242 |
2,721,803 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
793,365,114 |
350,644,788 |
787,473,295 |
854,186,567 |
854,776,573 |
|
Costs of Goods Sold |
(711,409,576) |
(400,333,275) |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
81,955,538 |
(49,688,487) |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(363,897,063) |
(115,324,895) |
(358,234,399) |
(60,376,058) |
(63,653,702) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(363,897,063) |
(115,324,895) |
(358,234,399) |
(60,376,058) |
(63,653,702) |
|
Taxation |
- |
- |
0 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(363,897,063) |
(115,324,895) |
(358,234,399) |
(60,376,058) |
(63,653,702) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
(1,280,573,795) |
(1,165,248,900) |
(647,445,600) |
(587,069,542) |
(523,415,840) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
(1,280,573,795) |
(1,165,248,900) |
(647,445,600) |
(587,069,542) |
(523,415,840) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(1,644,470,858) |
(1,280,573,795) |
(1,005,679,999) |
(647,445,600) |
(587,069,542) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(1,644,470,858) |
(1,280,573,795) |
(1,005,679,999) |
(647,445,600) |
(587,069,542) |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Term loan / Borrowing |
- |
- |
- |
- |
18,007,383 |
|
Others |
- |
13,531,189 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
13,531,189 |
- |
- |
18,007,383 |
|
|
============= |
============= |
|
============= |
============= |
|
VINYL CHLORIDE (MALAYSIA) SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
4,307,887 |
133,250,376 |
231,252,893 |
462,172,749 |
483,641,221 |
|
|
|
|
|
|
|
|
Others |
- |
- |
- |
5,988,007 |
6,111,684 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
- |
- |
0 |
5,988,007 |
6,111,684 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
4,307,887 |
133,250,376 |
231,252,893 |
468,160,756 |
489,752,905 |
|
|
|
|
|
|
|
|
Trade debtors |
93 |
660 |
- |
607,190 |
2,623,426 |
|
Other debtors, deposits & prepayments |
970,590 |
10,467,689 |
- |
104,779,057 |
85,249,205 |
|
Short term deposits |
- |
- |
- |
106,819,056 |
50,730,198 |
|
Loans & advances - current portion |
28,339 |
81,294 |
- |
- |
- |
|
Interest receivable |
15,381 |
67,984 |
- |
- |
- |
|
Deposits with financial institutions |
41,657,971 |
55,655,034 |
- |
- |
- |
|
Amount due from holding company |
405,697 |
544,342 |
- |
- |
- |
|
Amount due from related companies |
69,984,068 |
88,563,198 |
- |
- |
- |
|
Cash & bank balances |
57,363 |
10,569 |
- |
54,544 |
130,878 |
|
Others |
27,988,325 |
125,276,120 |
- |
126,272,157 |
95,867,511 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
141,107,827 |
280,666,890 |
246,599,498 |
338,532,004 |
234,601,218 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
145,415,714 |
413,917,266 |
477,852,391 |
806,692,760 |
724,354,123 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
3,187,996 |
2,428,499 |
- |
5,564,819 |
3,591,364 |
|
Other creditors & accruals |
29,198,933 |
17,536,275 |
- |
423,663,297 |
17,718,776 |
|
Short term borrowings/Term loans |
- |
112,700,000 |
- |
15,000,000 |
15,000,000 |
|
Amounts owing to holding company |
17,938,962 |
52,732,464 |
- |
- |
190,500,816 |
|
Amounts owing to related companies |
126,574,402 |
192,813,674 |
- |
- |
66,078,371 |
|
Lease payables |
- |
9,019,639 |
- |
- |
- |
|
Other liabilities |
150,322,473 |
- |
- |
- |
1,342,490 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
327,222,766 |
387,230,551 |
241,803,663 |
444,228,116 |
294,231,817 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
(186,114,939) |
(106,563,661) |
4,795,835 |
(105,696,112) |
(59,630,599) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
(181,807,052) |
26,686,715 |
236,048,728 |
362,464,644 |
430,122,306 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
210,807,000 |
210,807,000 |
210,807,000 |
210,807,000 |
210,807,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
210,807,000 |
210,807,000 |
210,807,000 |
210,807,000 |
210,807,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Share premium |
310,180,700 |
310,180,700 |
310,180,700 |
310,180,700 |
310,180,700 |
|
Capital reserve |
718,796,269 |
718,796,269 |
76,781,514 |
76,781,514 |
76,781,514 |
|
Retained profit/(loss) carried forward |
(1,644,470,858) |
(1,280,573,795) |
(1,005,679,999) |
(647,445,600) |
(587,069,542) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
(615,493,889) |
(251,596,826) |
(618,717,785) |
(260,483,386) |
(200,107,328) |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
(404,686,889) |
(40,789,826) |
(407,910,785) |
(49,676,386) |
10,699,672 |
|
|
|
|
|
|
|
|
Other long term borrowings |
- |
- |
- |
386,717,588 |
392,759,157 |
|
Lease obligations |
- |
67,476,541 |
- |
- |
- |
|
Others |
222,879,837 |
- |
- |
25,423,442 |
26,663,477 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
222,879,837 |
67,476,541 |
643,959,513 |
412,141,030 |
419,422,634 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
(181,807,052) |
26,686,715 |
236,048,728 |
362,464,644 |
430,122,306 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
VINYL CHLORIDE (MALAYSIA) SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
57,363 |
10,569 |
- |
106,873,600 |
50,861,076 |
|
Net Liquid Funds |
57,363 |
10,569 |
- |
106,873,600 |
50,861,076 |
|
Net Liquid Assets |
(186,114,939) |
(106,563,661) |
4,795,835 |
(105,696,112) |
(59,630,599) |
|
Net Current Assets/(Liabilities) |
(186,114,939) |
(106,563,661) |
4,795,835 |
(105,696,112) |
(59,630,599) |
|
Net Tangible Assets |
(181,807,052) |
26,686,715 |
236,048,728 |
362,464,644 |
430,122,306 |
|
Net Monetary Assets |
(408,994,776) |
(174,040,202) |
(639,163,678) |
(517,837,142) |
(479,053,233) |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
180,176,541 |
- |
401,717,588 |
407,759,157 |
|
Total Liabilities |
550,102,603 |
454,707,092 |
885,763,176 |
856,369,146 |
713,654,451 |
|
Total Assets |
145,415,714 |
413,917,266 |
477,852,391 |
806,692,760 |
724,354,123 |
|
Net Assets |
(181,807,052) |
26,686,715 |
236,048,728 |
362,464,644 |
430,122,306 |
|
Net Assets Backing |
(404,686,889) |
(40,789,826) |
(407,910,785) |
(49,676,386) |
10,699,672 |
|
Shareholders' Funds |
(404,686,889) |
(40,789,826) |
(407,910,785) |
(49,676,386) |
10,699,672 |
|
Total Share Capital |
210,807,000 |
210,807,000 |
210,807,000 |
210,807,000 |
210,807,000 |
|
Total Reserves |
(615,493,889) |
(251,596,826) |
(618,717,785) |
(260,483,386) |
(200,107,328) |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.00 |
0.00 |
- |
0.24 |
0.17 |
|
Liquid Ratio |
0.43 |
0.72 |
- |
0.76 |
0.80 |
|
Current Ratio |
0.43 |
0.72 |
1.02 |
0.76 |
0.80 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
0 |
0 |
- |
0 |
0 |
|
Debtors Ratio |
0 |
0 |
- |
0 |
1 |
|
Creditors Ratio |
2 |
2 |
- |
2 |
2 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
(4.42) |
- |
(8.09) |
38.11 |
|
Liabilities Ratio |
(1.36) |
(11.15) |
(2.17) |
(17.24) |
66.70 |
|
Times Interest Earned Ratio |
0.00 |
(7.52) |
- |
0.00 |
(2.53) |
|
Assets Backing Ratio |
(0.86) |
0.13 |
1.12 |
1.72 |
2.04 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
(54.33) |
(33.15) |
(45.49) |
(7.07) |
(7.45) |
|
Net Profit Margin |
(54.33) |
(33.15) |
(45.49) |
(7.07) |
(7.45) |
|
Return On Net Assets |
200.16 |
(381.44) |
(151.76) |
(16.66) |
(10.61) |
|
Return On Capital Employed |
200.16 |
(381.44) |
(151.76) |
(16.66) |
(10.61) |
|
Return On Shareholders' Funds/Equity |
89.92 |
282.73 |
87.82 |
121.54 |
(594.91) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
- |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
- |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.18 |
|
|
1 |
Rs.102.68 |
|
Euro |
1 |
Rs.81.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.