|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MACWORLD INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
U0195 Jalan Merdeka, Federal Territory Of Labuan, 87007
Labuan, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Date of Incorporation : |
04.08.2011 |
|
|
|
|
Com. Reg. No.: |
LL08375-L |
|
|
|
|
Legal Form : |
Offshore Company |
|
|
|
|
Line of Business : |
Engaged in administration services and offshore trading |
|
|
|
|
No. of Employees |
Not Available |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
LL08375-L |
|
COMPANY NAME |
: |
MACWORLD INDUSTRIES LIMITED |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
04/08/2011 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
Offshore Company |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
U0195 JALAN MERDEKA, FEDERAL TERRITORY OF LABUAN, 87007 LABUAN, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
N/A |
|
TEL.NO. |
: |
N/A |
|
FAX.NO. |
: |
N/A |
|
CONTACT PERSON |
: |
N/A |
|
|
|
|
|
INDUSTRY CODE |
: |
74101 |
|
PRINCIPAL ACTIVITY |
: |
ADMINISTRATION SERVICES AND OFFSHORE TRADING |
|
AUTHORISED CAPITAL |
: |
N/A |
|
ISSUED AND PAID UP CAPITAL |
: |
N/A |
|
|
|
|
|
SALES |
: |
N/A |
|
NET WORTH |
: |
N/A |
|
|
|
|
|
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 |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
The Subject is
principally engaged in the (as a / as an) administration services and offshore
trading.
The Subject is
not listed on Bursa Malaysia (Malaysia Stock Exchange).
CHARACTERISTICS OF OFFSHORE COMPANIES
To participate in
the offshore activities and enjoy the special tax advantage provided under the
Labuan Offshore Business Activity Tax Act 1990, an entity must be an offshore
company.
An offshore
company in Labuan shall have the following characteristics:
(a) It must be a
company limited by shares (sec 14(3) of the Offshore Companies Act 1990);
(b) Any person
may form an offshore company by subscribing to a memorandum;
(c) It is
required to engage a trust company which is a company registered under the
Labuan Trust Companies Act 1990 to discharge its statutory duties seince all
documents required to be filed with the Labuan Financial Services Authority
must be filed through a trust company;
(d) There is no
minimum capital requirement;
(e) It can be
alter its share capital by a special resolution (sec. 51(10 of the Offshore
Companies Act 1990);
(f) It can reduce
its share capita special resolution (sec.51(10 of the Offshore Companies Act
1990);
(g) It may
purchase its own shares (sec. 48(2)(3) of the Offshore Companies Act 1990);
and;
(h) There is no
restriction in issuing share warrants.
PROHIBITED ACTIVITES
Offshore
companies are prohibited from carrying on the following activities:
(a) the business
of banking or insurance or any such similar business unless it is licensed so
to do under the relevant laws currently in force in Malaysia;
(b) it must only
carry on business in, from or through Labuan;
(c) it must not:
(1) except as
permitted by the Offshore Banking Act 1990 or by the Labuan Financial Services
Authority carry on business with a resident of Malaysia;
(2) except as
permitted by the Offshore Banking Act 1990, carry on banking business;
(3) Except for
defraying its administrative and statutory expenses and where Sec. 147 of the
Offshore Companies Act 1990 applies, carry on business in Malaysian currency;
(4) Except as
permitted by the Offshore Insurance Act 1990, carry on business as an insurance
or a reinsurance company;
(5) Carry on
shipping or petroleum operations in Malaysia; or
(6) Carry on any business of a trust company.
PERMITTED ACTIVIES
An offshore
company may do the following:
(a) Make or
maintain deposits with a person carrying on business within Malaysia;
(b) Make or
maintain professional contacts with any counsel and attorney, accountant, book-keeper,
trust company, domestic company wholly owned by a trust company made available
by the trust company to act or be appointed as a resident director or a
resident secretary of an offshore company;
(c) Prepare or
maintain books and record with Malaysia;
(d) Hold, within
Malaysia, meetings of its directors or members;
(e) Acquire or
hold any lease of any property for the purpose of its operation or as
accommodation for its offices or employees; or
(f) Hold shares,
debt obligations or other securities for the purposes of a transaction entered
into in the ordinary course of business in connection with the lending of
money.
No shareholders
was found in our databank at the time of investigation
No director found
in our databank.
No data found in
our databank.
No Auditor found
in our databank
No company
secretary was found in our databank.
No Banker found
in our databank.
No encumbrance was
found in our databank at the time of investigation.
* A check has
been conducted in our databank against the Subject whether the subject has been
involved in any litigation. Our databank consists of 99% of the wound up companies
in Malaysia.
No legal action
was found in our databank.
No winding up
petition was found in our databank.
* We have checked
through the Subject in our defaulters' database which comprised of debtors that
have been blacklisted by our customers and debtors that have been placed or
assigned to us for collection 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 staff from
the registered company refused to disclose the Subject's suppliers.
Local : N/A
Overseas : N/A
The staff from
the registered company refused to disclose any information on the Subject's
clientele.
|
Services |
: |
ADMINISTRATION SERVICES AND OFFSHORE
TRADING
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally
engaged in the (as a / as an) administration services and offshore
trading.
The Subject is an offshore trading company
registered in Labuan. The staff from the SC's Registered Company, EC Trust
(Labuan) Bhd, informed us that she is unable to reveal any information on the
SC as it is confidential.
The Subject is a related company of MAC WORLD
INDUSTRIES SDN BHD located in Petaling Jaya dealing in the followings:
* Palm Oil & Palm Products (Edible)
* Industrial Grade Palm Oil
* Soft Oils (In consumer packs)
* Flavors & Colors
* Commodities
* Oleo Chemicals
* Coconut Oil
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 |
: |
3-11, BLOCK B, PHILEO DAMANSARA II, NO.15,
JALAN 16/11, OFF JALAN DAMANSARA 46350 PETALING JAYA, SELANGOR DARUL EHSA |
|
Current Address |
: |
N/A |
|
Match |
: |
N/A |
|
|
|
|
|
Latest Financial Accounts |
: |
NO |
Other
Investigations
we contacted one of the staff from the
registered office and she only provided limited information.
She however refused to disclose information on
the Subject's number of employees and bankers.
The address provided belongs to MAC WORLD
INDUSTRIES SDN BHD. The staff from this company refused to disclose any
information on the Subject.
|
No latest financial accounts are available
at the Registry Office, thus we are not able to comment on the Subject's
financial performance. |
||||||
|
|
|
|
|
|
|
|
|
Overall
financial condition of the Subject : N/A |
||||||
|
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 |
|
|
74101 : Activities of interior decorators |
|
|
|
|
|
INDUSTRY : |
BUSINESS SERVICES |
|
|
|
|
|
|
|
The services sector is expected to continue playing an important role in
driving the malaysia economy. The services activity might slow down going
forward, considering that at the global level, the services sector has
already taken some hits. The sector's output expansion was the weakest in the
2010 to 2012 growth period. |
|
|
|
|
|
The services sector is projected to continue to drive growth in 2012.
Growth will be supported by consumer-related sub-sectors, which is likely to
cushion the effects of slower trade-related activity during the year 2012. In
the wholesale and retail service sub-sector, growth will be led by the retail
segment, in line with the trend in private consumption. However, growth in
the wholesale services expected to be lower. Growth in the finance and
insurance sub-sector is expected to remain firm, supported by bank lending
activity. In the insurance segment, growth is expected to emanate from the
general insurance business, following favourable motor vehicle sales and the
implementation of the new motor cover framework which will enhance efficiency
in the motor insurance and takaful sector. |
|
|
|
|
|
Growth in the communication sub-sector is projected to be sustained,
amidst margin compression resulting from rising competition among service
providers. Growth will be supported by the expected launch of advanced
wireless technology, the ongoing widening of the High-Speed Broadband (HSBB)
infrastructure and Government initiatives to promote broadband services
nationwide. In the year 2012, Communication service sector expanded to 9.3%
propelled by the higher consumption in mobile phone services and data
communication. Meanwhile, growth in the transport and storage sub-sector is
anticipated to moderate, amidst the uncertain external outlook. Malaysia’s
banking sector had seen quite an overhaul in the past decade and was now a
model of stability. While it seemed likely that the international situation
would slow lending somewhat in 2012, it would still rise at a respectable
rate, and the long-term path should see further growth and reform. |
|
|
|
|
|
In year 2012, Services sector recorded a growth of 5.8% underpinned by
Wholesale & Retail and Communication. The growth of 5.7% in Wholesale
& Retail Trade service was supported by the expansion in retail segment
particularly in household appliances & equipments, pharmaceutical
products and personal care products services. |
|
|
|
|
|
Accroding to Ministry of Finance, the services sector are expected to
remain upbeat in 2013, with the accelerated implementation with major initiatives
under the National Key Result Areas and continued investment in the seven
services subsectors under the National Key Economic Areas. It said that these
initiatives are expected to drive the wholesale and retail trade, finance and
insurance, and communication subsectors, which are expected to grow 6.8%,
5.2% and 8.2% respectively. |
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The Business Services sector is a key one which continues to
accelerate changes within specialised areas in many developed nations and
consequently drive higher economic growth and greater efficiency. According
to the Minister of Human Resource, the Business Services sector has a unique
role to play in driving the competitiveness of a wide range of business
segments, industries and professional services. Therefore, the Malaysian
business services sector is on track to contribute RM78.7 billion to the
gross national income (GNP) by 2020. The growth of the service sector are
also expected to create 107,000 new jobs by 2020. |
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Malaysian government has used various measures to promote the
development of its service industries. Policies pursued by the government of
Malaysia in promoting consolidation within the banking sector, encouraging
the development of private hospitals, and investing in port facilities could
seek to strengthen the industries. The Malaysian government has liberalized
some barriers to the foreign provision of services, and recent liberalization
could result in an increase of contribution of services sector to the economy
growth of the country. |
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OVERALL INDUSTRY OUTLOOK : Average Growth |
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Incorporated in
2011, the Subject is focusing on administration services and offshore trading.
The Subject has been in business for less than 5 years and it has slowly been
building up contact with its clients while competing in the industry.
However, it has yet to enjoy a stable market shares as it need to compete
many well established players in the same field. |
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No latest financial accounts are available at
the Registry Office.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.08 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.