|
Report Date : |
15.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEA HORSE CORPORATION SDN.BHD. |
|
|
|
|
Formerly Known As : |
SEA HORSE (SARAWAK) CO SDN BHD |
|
|
|
|
Registered Office : |
Lot 983, Section 66, Jalan Tambatan, Pending Industrial Estate, 93450 Kuching, Sarawak |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.10.1978 |
|
|
|
|
Com. Reg. No.: |
42827-A |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Processors of seafood and culturing of prawns |
|
|
|
|
No. of Employees : |
Not Available |
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. |
: |
42827-A |
||||
|
COMPANY NAME |
: |
SEA HORSE CORPORATION SDN.BHD. |
||||
|
FORMER NAME |
: |
SEA HORSE (SARAWAK) CO SDN BHD (11/05/1987) |
||||
|
INCORPORATION DATE |
: |
16/10/1978 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
LOT 983, SECTION 66, JALAN TAMBATAN, PENDING INDUSTRIAL ESTATE, 93450
KUCHING, SARAWAK, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 983, SECTION 66, JALAN TAMBATAN PENDING INDUSTRIAL ESTATE, 93450
KUCHING, SARAWAK, MALAYSIA. |
||||
|
TEL.NO. |
: |
082-331762 |
||||
|
FAX.NO. |
: |
082-489631 |
||||
|
CONTACT PERSON |
: |
NG CHOR PIAK ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
10201 |
||||
|
PRINCIPAL ACTIVITY |
: |
PROCESSORS OF SEAFOOD AND CULTURING OF PRAWNS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,520,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 99,477,841 [2012] |
||||
|
NET WORTH |
: |
MYR 32,824,162 [2012] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
N/A |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
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) processors of
seafood and culturing of prawns.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
17/01/2013 |
MYR 5,000,000.00 |
MYR 1,520,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
NG CHOR PIAK + |
3, JALAN SUNGAI DUA, 11700 GELUGOR, PULAU PINANG, MALAYSIA. |
480225-71-5329 3897281 |
8,669.00 |
57.03 |
|
SIM JIN TONG + |
LOT 10924, JALAN HUP KEE, 93350 KUCHING, SARAWAK, MALAYSIA. |
490923-13-5013 K247937 |
2,083.00 |
13.70 |
|
LEE CHOON KHENG + |
262, LOT 8512, LORONG RESAK 2D, TAMAN KALI, 93300 KUCHING, SARAWAK,
MALAYSIA. |
521129-07-5315 4390582 |
1,114.00 |
7.33 |
|
MR. SUN TEE SENG + |
361, LOT 2560, MAYLING GARDEN, POH KWONG PARK, 93150 KUCHING, SARAWAK,
MALAYSIA. |
490915-13-5291 K283931 |
1,040.00 |
6.84 |
|
MR. SU KUANG YIAW |
59B, BROOKE DRIVE 6, 96000 SIBU, SARAWAK, MALAYSIA. |
591227-13-5581 K670347 |
440.00 |
2.89 |
|
MR. SU KWANG TENG |
59B, PERSIARAN BROOKE 6, 96000 SIBU, SARAWAK, MALAYSIA. |
771024-13-5571 K0389152 |
440.00 |
2.89 |
|
MR. KHO CHAI YAM |
LOT 11344, S/L23 STUTONG AVENUE, JALAN STUTONG, 93350 KUCHING,
SARAWAK, MALAYSIA. |
551113-13-5579 K651666 |
320.00 |
2.11 |
|
MR. VOON SHOONG LIONG |
LOT 983, SECTION 66, JALAN TAMBATAN, PENDING INDUSTRIAL ESTATE, 93450 KUCHING,
SARAWAK, MALAYSIA. |
520210-13-5069 K538722 |
288.00 |
1.89 |
|
LIU TJIN FO |
JALAN PAFAR TURI, RT8, RW4, 45, SINGKAWAN, KALIMANTAN BARAT,
INDONESIA. |
AG366899 |
257.00 |
1.69 |
|
LIU TJHIN TUNG |
JALAN RADEN SALEH, RT02/RW02, 12, CILHDUG, TANGERANG, JAWA BARAT,
INDONESIA. |
H401125 |
256.00 |
1.68 |
|
VOON MIN PUI |
LOT 983, SECTION 66, JALAN TAMBATAN, PENDING INDUSTRIAL ESTATE, 93450
KUCHING, SARAWAK, MALAYSIA. |
K778363 |
180.00 |
1.18 |
|
MR. CHAN SHENG HANN |
60, LORONG 3, JALAN SEKAMA, 93300 KUCHING, SARAWAK, MALAYSIA. |
820410-13-5543 |
113.00 |
0.74 |
|
--------------- |
------ |
|||
|
15,200.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
597432W |
MALAYSIA |
MARINE LIFE HATCHERY SDN. BHD. |
100.00 |
29/03/2013 |
|
516587X |
MALAYSIA |
EBI FOOD SDN. BHD. |
100.00 |
29/03/2013 |
|
22587U |
MALAYSIA |
INDUSTRI COLD STORAGE ENTERPRISE SENDIRIAN BERHAD |
100.00 |
29/03/2013 |
|
461568M |
MALAYSIA |
SEA HORSE MARINE LIFE SDN. BHD. |
100.00 |
29/03/2013 |
|
250775H |
MALAYSIA |
TA HSIN ENTERPRISE SDN. BHD. |
100.00 |
29/03/2013 |
|
64533U |
MALAYSIA |
TAITO (SARAWAK) CO. SDN. BHD. |
100.00 |
29/03/2013 |
|
596575V |
MALAYSIA |
SEA HORSE AQUACULTURE SDN. BHD. |
100.00 |
29/03/2013 |
|
481351P |
MALAYSIA |
GROW FARM CARE PRODUCT SDN. BHD. |
90.00 |
29/03/2013 |
|
516260A |
MALAYSIA |
MP PRINTING & PACKAGING SDN. BHD. |
70.00 |
29/03/2013 |
|
363132K |
MALAYSIA |
SINAR MAHSURI SDN. BHD. |
50.00 |
29/03/2013 |
DIRECTOR 1
|
Name Of Subject |
: |
MR. SUN TEE SENG |
|
Address |
: |
361, LOT 2560, MAYLING GARDEN, POH KWONG PARK, 93150 KUCHING, SARAWAK,
MALAYSIA. |
|
IC / PP No |
: |
K283931 |
|
New IC No |
: |
490915-13-5291 |
|
Date of Birth |
: |
15/09/1949 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
27/05/1988 |
DIRECTOR 2
|
Name Of Subject |
: |
LEE CHOON KHENG |
|
Address |
: |
262, LOT 8512, LORONG RESAK 2D, TAMAN KALI, 93300 KUCHING, SARAWAK, MALAYSIA. |
|
IC / PP No |
: |
4390582 |
|
New IC No |
: |
521129-07-5315 |
|
Date of Birth |
: |
29/11/1952 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
30/04/1982 |
DIRECTOR 3
|
Name Of Subject |
: |
SIM JIN TONG |
|
Address |
: |
LOT 10924, JALAN HUP KEE, 93350 KUCHING, SARAWAK, MALAYSIA. |
|
IC / PP No |
: |
K247937 |
|
New IC No |
: |
490923-13-5013 |
|
Date of Birth |
: |
23/09/1949 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
30/04/1982 |
DIRECTOR 4
|
Name Of Subject |
: |
NG CHOR PIAK |
|
Address |
: |
3, JALAN SUNGAI DUA, 11700 GELUGOR, PULAU PINANG, MALAYSIA. |
|
IC / PP No |
: |
3897281 |
|
New IC No |
: |
480225-71-5329 |
|
Date of Birth |
: |
25/02/1948 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
16/10/1978 |
|
1) |
Name of Subject |
: |
NG CHOR PIAK |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
TEO & COMPANY |
|
Auditor' Address |
: |
LOT 119, SECTION 54, WISMA LIAN HUAT, JALAN PETANAK, 1ST FLOOR, 93100
KUCHING, SARAWAK, MALAYSIA. |
|
1) |
Company Secretary |
: |
SIM JIN TONG |
|
IC / PP No |
: |
K247937 |
|
|
New IC No |
: |
490923-13-5013 |
|
|
Address |
: |
LOT 10924, JALAN HUP KEE, 93350 KUCHING, SARAWAK, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
STANDARD CHARTERED BANK MALAYSIA BHD |
|
2) |
Name |
: |
OCBC BANK (MALAYSIA) BHD |
|
3) |
Name |
: |
HSBC BANK MALAYSIA BHD |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
10/12/1982 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BERHAD |
MYR 650,000.00 |
Satisfied |
|
2 |
10/12/1982 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BERHAD |
MYR 70,000.00 |
Satisfied |
|
3 |
10/12/1982 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BERHAD |
MYR 100,000.00 |
Satisfied |
|
4 |
10/12/1982 |
N/A |
STANDARD CHARTERED BANKMALAYSIA BERHAD |
MYR 1,627,000.00 |
Satisfied |
|
5 |
23/05/1997 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BHD |
MYR 2,447,000.00 |
Satisfied |
|
6 |
03/10/2005 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BHD |
- |
Satisfied |
|
7 |
03/10/2005 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BHD |
- |
Satisfied |
|
8 |
03/04/2007 |
MEMORANDUM OF CHARGE |
OCBC BANK (MALAYSIA) BERHAD |
- |
Unsatisfied |
|
9 |
02/11/2010 |
MEMORANDUM OF CHARGE |
CIMB BANK BERHAD |
- |
Unsatisfied |
|
10 |
25/07/2013 |
N/A |
OCBC BANK (MALAYSIA) BHD |
- |
Unsatisfied |
|
11 |
05/08/2013 |
SECURITY OVER DEPOSIT |
HSBC BANK MALAYSIA BHD |
MYR 1,000,000.00 |
Unsatisfied |
* 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 |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its clientele.
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2013 |
||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
200 |
||||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) processors of seafood
and culturing of prawns.
The Subject is engaged in th processing of seafood especially prawns.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
082-331762 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
LOT 983, SECTION 66 JALAN PERBADANAN, PENDING INDUSTRIAL ESTATE 93450,
KUCHING, SARAWAK |
|
Current Address |
: |
LOT 983, SECTION 66, JALAN TAMBATAN PENDING INDUSTRIAL ESTATE, 93450
KUCHING, SARAWAK, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 12th March 2014 we contacted one of the staff from the Subject and she
provided some information.
The Subject refused to disclose its number of employees.
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
3.49% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
73.55% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
4.19% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
7.40% |
] |
|
|
The lower turnover could be due to the unfavourable market
conditions.The Subject's profit fell sharply because of the high operating
costs incurred. The unfavourable return on shareholders' funds could indicate
that the Subject was inefficient in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
17 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
30 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
21 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 |
[ |
1.54 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 |
: |
Acceptable |
[ |
8.12 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.22 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no sharp fall
in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and
repay the loans. The Subject was lowly geared thus it had a low financial
risk. The Subject was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the
Subject being a lowly geared company, will be able to compete better than
those companies which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's performance deteriorated over the years with lower
turnover and profit. The Subject was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. The Subject had an acceptable interest cover. If there is no
sudden sharp increase in interest rate or fall in the Subject's profit, we do
believe the Subject is able to generate sufficient cash flow to service its
interest payment. The Subject as a lowly geared company, will be more secured
compared to those highly geared companies. It has the ability to meet all its
long term obligations. |
||||||
|
Overall financial condition of the Subject : LIMITED |
||||||
|
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 |
|
|
10201 : Canning of fish, crustaceans and mollusks |
|
|
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 |
|
|
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The Subject's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency on
deliveries from a number of key suppliers and insufficient quantities of its
raw materials. Overall the Subject has a good control over its resources.
|
|
|
|
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 |
GROUP |
GROUP |
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 |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
99,477,841 |
103,072,975 |
61,886,465 |
49,109,325 |
35,780,349 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
99,477,840 |
103,072,974 |
61,886,465 |
49,109,325 |
35,780,349 |
|
Costs of Goods Sold |
(88,701,299) |
(85,034,588) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
10,776,542 |
18,038,386 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
2,304,150 |
8,710,441 |
2,620,207 |
4,550,789 |
888,811 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
2,304,149 |
8,710,441 |
2,620,207 |
4,550,789 |
888,811 |
|
Taxation |
(890,798) |
(1,372,552) |
0 |
0 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,413,351 |
7,337,889 |
2,620,207 |
4,550,789 |
888,811 |
|
Minority interests |
(39,043) |
(44,058) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
1,374,309 |
7,293,831 |
2,620,207 |
4,550,789 |
888,811 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
1,374,309 |
7,293,831 |
2,620,207 |
4,550,789 |
888,811 |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
26,467,242 |
13,812,275 |
11,192,068 |
7,142,879 |
6,254,068 |
|
Prior year adjustment |
- |
6,957,136 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
26,467,242 |
20,769,411 |
11,192,068 |
7,142,879 |
6,254,068 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
27,841,551 |
28,063,242 |
13,812,275 |
11,693,668 |
7,142,879 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
(1,596,000) |
- |
(501,600) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
27,841,551 |
26,467,242 |
13,812,275 |
11,192,068 |
7,142,879 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
323,515 |
222,007 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
323,514 |
222,007 |
- |
- |
- |
|
|
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
25,657,549 |
20,819,886 |
13,105,339 |
11,011,514 |
3,863,817 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Investments |
146,113 |
767,585 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
146,113 |
767,584 |
- |
- |
510,000 |
|
INTANGIBLE ASSETS |
|||||
|
Goodwill on consolidation |
593,598 |
593,598 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
593,598 |
593,598 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
26,397,260 |
22,181,068 |
13,105,339 |
11,011,514 |
4,373,817 |
|
CURRENT ASSETS |
|||||
|
Stocks |
4,724,847 |
5,436,188 |
- |
- |
- |
|
Trade debtors |
8,087,832 |
10,989,309 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
4,855,934 |
2,649,399 |
- |
- |
- |
|
Short term deposits |
3,250,149 |
3,095,706 |
- |
- |
- |
|
Amount due from director |
396,504 |
- |
- |
- |
- |
|
Cash & bank balances |
2,455,596 |
5,817,119 |
- |
- |
- |
|
Others |
2,139,495 |
1,169,337 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
25,910,355 |
29,157,057 |
14,088,258 |
14,150,163 |
12,011,659 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
52,307,615 |
51,338,125 |
27,193,597 |
25,161,677 |
16,385,476 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
5,193,265 |
6,323,379 |
- |
- |
- |
|
Other creditors & accruals |
6,393,998 |
4,820,957 |
- |
- |
- |
|
Hire purchase & lease creditors |
1,041,265 |
842,925 |
- |
- |
- |
|
Bank overdraft |
1,053,598 |
2,627,620 |
- |
- |
- |
|
Short term borrowings/Term loans |
360,506 |
341,121 |
- |
- |
- |
|
Bill & acceptances payable |
2,573,000 |
2,980,176 |
- |
- |
- |
|
Amounts owing to director |
- |
219,235 |
- |
- |
- |
|
Provision for taxation |
180,834 |
688,232 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
16,796,466 |
18,843,645 |
10,641,717 |
11,314,469 |
7,026,910 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
9,113,889 |
10,313,412 |
3,446,541 |
2,835,694 |
4,984,749 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
35,511,149 |
32,494,480 |
16,551,880 |
13,847,208 |
9,358,566 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
1,520,000 |
1,520,000 |
1,520,000 |
1,520,000 |
1,520,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,520,000 |
1,520,000 |
1,520,000 |
1,520,000 |
1,520,000 |
|
RESERVES |
|||||
|
Capital reserve |
3,173,325 |
770,520 |
- |
- |
- |
|
Retained profit/(loss) carried forward |
27,841,551 |
26,467,242 |
13,812,275 |
11,192,068 |
7,142,879 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
31,014,875 |
27,237,761 |
13,812,275 |
11,192,068 |
7,142,879 |
|
MINORITY INTEREST |
289,287 |
250,244 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
32,824,162 |
29,008,005 |
15,332,275 |
12,712,068 |
8,662,879 |
|
LONG TERM LIABILITIES |
|||||
|
Long term loans |
526,651 |
894,939 |
- |
- |
- |
|
Hire purchase creditors |
1,603,704 |
1,973,537 |
- |
- |
- |
|
Deferred taxation |
556,632 |
618,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
2,686,987 |
3,486,475 |
1,219,605 |
1,135,140 |
695,687 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
35,511,149 |
32,494,480 |
16,551,880 |
13,847,208 |
9,358,566 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
5,705,745 |
8,912,825 |
- |
- |
- |
|
Net Liquid Funds |
2,079,147 |
3,305,029 |
- |
- |
- |
|
Net Liquid Assets |
4,389,042 |
4,877,224 |
3,446,541 |
2,835,694 |
4,984,749 |
|
Net Current Assets/(Liabilities) |
9,113,889 |
10,313,412 |
3,446,541 |
2,835,694 |
4,984,749 |
|
Net Tangible Assets |
34,917,551 |
31,900,882 |
16,551,880 |
13,847,208 |
9,358,566 |
|
Net Monetary Assets |
1,702,055 |
1,390,749 |
2,226,936 |
1,700,554 |
4,289,062 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
7,158,725 |
9,660,319 |
- |
- |
- |
|
Total Liabilities |
19,483,453 |
22,330,120 |
11,861,322 |
12,449,609 |
7,722,597 |
|
Total Assets |
52,307,615 |
51,338,125 |
27,193,597 |
25,161,677 |
16,385,476 |
|
Net Assets |
35,511,149 |
32,494,480 |
16,551,880 |
13,847,208 |
9,358,566 |
|
Net Assets Backing |
32,824,162 |
29,008,005 |
15,332,275 |
12,712,068 |
8,662,879 |
|
Shareholders' Funds |
32,824,162 |
29,008,005 |
15,332,275 |
12,712,068 |
8,662,879 |
|
Total Share Capital |
1,520,000 |
1,520,000 |
1,520,000 |
1,520,000 |
1,520,000 |
|
Total Reserves |
31,014,875 |
27,237,761 |
13,812,275 |
11,192,068 |
7,142,879 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.34 |
0.47 |
- |
- |
- |
|
Liquid Ratio |
1.26 |
1.26 |
- |
- |
- |
|
Current Ratio |
1.54 |
1.55 |
1.32 |
1.25 |
1.71 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
17 |
19 |
- |
- |
- |
|
Debtors Ratio |
30 |
39 |
- |
- |
- |
|
Creditors Ratio |
21 |
27 |
- |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.22 |
0.33 |
- |
- |
- |
|
Liabilities Ratio |
0.59 |
0.77 |
0.77 |
0.98 |
0.89 |
|
Times Interest Earned Ratio |
8.12 |
40.23 |
- |
- |
- |
|
Assets Backing Ratio |
22.97 |
20.99 |
10.89 |
9.11 |
6.16 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
2.32 |
8.45 |
4.23 |
9.27 |
2.48 |
|
Net Profit Margin |
1.38 |
7.08 |
4.23 |
9.27 |
2.48 |
|
Return On Net Assets |
7.40 |
27.49 |
15.83 |
32.86 |
9.50 |
|
Return On Capital Employed |
6.83 |
24.27 |
15.83 |
32.86 |
9.50 |
|
Return On Shareholders' Funds/Equity |
4.19 |
25.14 |
17.09 |
35.80 |
10.26 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.22 |
- |
0.11 |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.85.23 |
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.