|
Report Date : |
01.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEMICAL MATE SDN. BHD. |
|
|
|
|
Registered Office : |
Tower 1, Avenue 5, Bangsar South City, Level 2, 59200 Kuala Lumpur,
Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
06.04.1995 |
|
|
|
|
Com. Reg. No.: |
339140-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is principally engaged in the trading of chemicals. |
|
|
|
|
No of Employees : |
10 [2014] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
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 |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
339140-K |
||||
|
COMPANY NAME |
: |
CHEMICAL MATE
SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
06/04/1995 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
TOWER 1, AVENUE 5, BANGSAR SOUTH CITY, LEVEL 2, 59200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
B-1-16, BLOCK B, TAIPAN 2, DAMANSARA, JALAN PJU1A/3, ARA DAMANSARA, 47301
PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-78427228 |
||||
|
FAX.NO. |
: |
03-78427128 |
||||
|
WEB SITE |
: |
WWW.CHEMICALMATE.COM |
||||
|
CONTACT PERSON |
: |
KENNETH CHANG BOON KIT ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
46691 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF CHEMICALS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 300,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 96,631,102 [2013] |
||||
|
NET WORTH |
: |
MYR 10,525,235 [2013] |
||||
|
STAFF STRENGTH |
: |
10 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
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) trading of
chemicals.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital
History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 500,000.00 |
MYR 300,000.00 |
|
19/06/2007 |
MYR 500,000.00 |
MYR 200,000.00 |
|
29/04/2002 |
MYR 100,000.00 |
MYR 100,000.00 |
|
29/12/2000 |
MYR 100,000.00 |
MYR 33,000.00 |
|
06/04/1995 |
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 |
(%) |
|
MR. KENNETH CHANG BOON KIT + |
19, JALAN UBIN U8/19F, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR,
MALAYSIA. |
690924-07-5119 |
270,000.00 |
90.00 |
|
MR. TEOW HER KOK @ CHANG CHOO CHAU + |
B1-07-1, BUKIT UTAMA 1 CONDOMINIUM, 3, CHANGKAT BUKIT UTAMA PJU 6,
BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR, MALAYSIA. |
391116-05-5005 3020590 |
30,000.00 |
10.00 |
|
--------------- |
------ |
|||
|
300,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. R SHARIFUDDIN HIZAN BIN R ZAINAL ABIDIN |
|
Address |
: |
7, LORONG 7A, TAMAN SRI UKAY, 68000 AMPANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
1697749 |
|
New IC No |
: |
460121-08-5395 |
|
Date of Birth |
: |
21/01/1946 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
07/01/2010 |
|
Profile |
: |
PENGARAH URUSAN KHIDMAT PERBADANAN KHIDMAT KORPORAT |
|
Other Info |
: |
JOHAN SETIA MAHKOTA (J.S.M.) |
DIRECTOR 2
|
Name Of Subject |
: |
MR. TEOW HER KOK @ CHANG CHOO CHAU |
|
Address |
: |
B1-07-1, BUKIT UTAMA 1 CONDOMINIUM, 3, CHANGKAT BUKIT UTAMA PJU 6,
BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
3020590 |
|
New IC No |
: |
391116-05-5005 |
|
Date of Birth |
: |
16/11/1939 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
06/04/1995 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. KENNETH CHANG BOON KIT |
|
Address |
: |
19, JALAN UBIN U8/19F, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR,
MALAYSIA. |
|
New IC No |
: |
690924-07-5119 |
|
Date of Birth |
: |
24/09/1969 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
09/11/2006 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
KENNETH CHANG BOON KIT |
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
BAKER TILLY MONTEIRO HENG |
|
Auditor' Address |
: |
TOWER 1, AVENUE 5, BANGSAR SOUTH CITY, LEVEL 10, 59200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. WONG YOUN KIM |
|
IC / PP No |
: |
A1617285 |
|
|
New IC No |
: |
700823-10-5530 |
|
|
Address |
: |
1041, JALAN KUANG GUNUNG 4, TAMAN KEPONG, 52100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. SIN MAY PENG |
|
New IC No |
: |
651206-10-6046 |
|
|
Address |
: |
70, JALAN SS 24/2, TAMAN MEGAH, 47301 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
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.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Import Countries |
: |
ASIA,EUROPE |
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 |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
CHEMICALS |
|
|
Ownership of premises |
: |
LEASED/RENTED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
10 |
10 |
5 |
5 |
4 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of chemicals.
The Subject sells mainly the olechemicals.
The products are one of the crucial ingredients for producing cosmetics,
hair care products and others.
The Subject's products are in liquid and glycerine form.
The Subject sells the products based on the customers' requirements.
Besides, the Subject also sells other industrial chemicals depends on the
customers orders.
The Subject also sells chemicals for the following industry:
1) Plastic
2) Rubber
3) Personal care
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-78427228 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
B-1-16, BLOCK B, TAIPAN 2, DAMANSARA, JALAN PJU1A/3, ARA
DAMANSARA,47301,PETALING JAYA,SELANGOR. |
|
Current Address |
: |
B-1-16, BLOCK B, TAIPAN 2, DAMANSARA, JALAN PJU1A/3, ARA DAMANSARA,
47301 PETALING JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 30th October 2014 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
21.21% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
27.42% |
] |
|
|
The continuous fall in turnover could be due to the lower demand for the
Subject's products / services.The Subject's management have been efficient in
controlling its operating costs. The Subject's management had generated
acceptable return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
74 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
37 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The high debtors' ratio could
indicate that the Subject was weak in its credit control. However, the
Subject could also giving longer credit periods to its customers in order to
boost its sales or to capture / retain its market share. 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 |
[ |
1.69 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.70 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they fall
due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
148.50 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.46 Times |
] |
|
|
The interest cover showed that the Subject was able to service the interest.
The favourable interest cover could indicate that the Subject was making
enough profit to pay for the interest accrued. The Subject 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 : |
||||||
|
Due to the efficient control of its operating costs, the Subject was
able to remain profitable despite lower turnover achieved during the year. The
Subject was in good liquidity position with its total current liabilities
well covered by its total current assets. With its current net assets, the
Subject should be able to repay its short term obligations. With the
favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. The Subject 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 : STRONG |
||||||
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic
Indicators: |
2010 |
2011 |
2012 |
2013 |
2014** |
|
Population ( Million) |
28.35 |
28.70 |
29.30 |
29.80 |
30.30 |
|
Gross Domestic Products ( % ) |
7.2 |
5.1 |
5.6 |
5.3 |
6.0 |
|
Domestic Demand ( % ) |
6.3 |
8.2 |
9.4 |
5.6 |
6.4 |
|
Private Expenditure ( % ) |
8.1 |
8.2 |
8.0 |
7.4 |
7.9 |
|
Consumption ( % ) |
6.7 |
7.1 |
1.0 |
5.7 |
6.5 |
|
Investment ( % ) |
17.7 |
12.2 |
11.7 |
13.3 |
12.0 |
|
Public Expenditure ( % ) |
3.8 |
8.4 |
13.3 |
1.2 |
2.3 |
|
Consumption ( % ) |
0.2 |
16.1 |
11.3 |
(1.2) |
2.1 |
|
Investment ( % ) |
2.8 |
(0.3) |
15.9 |
4.2 |
2.6 |
|
Balance of Trade ( MYR Million ) |
118,356 |
116,058 |
106,300 |
110,700 |
52,314 |
|
Government Finance ( MYR Million ) |
(40,482) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(5.6) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
|
Inflation ( % Change in Composite CPI) |
5.1 |
3.1 |
1.6 |
2.5 |
3.3 |
|
Unemployment Rate |
3.9 |
3.3 |
3.2 |
3.0 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
329 |
415 |
427 |
- |
417 |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
2.20 |
3.50 |
2.20 |
- |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
15.30 |
14.80 |
14.70 |
- |
- |
|
Average Base Lending Rate ( % ) |
6.30 |
6.60 |
6.53 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
14.7 |
15.3 |
32.2 |
- |
- |
|
Foreign Investment ( MYR Million ) |
22,517.9 |
23,546.1 |
26,230.4 |
38,238.0 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
44,148 |
45,455 |
45,441 |
46,321 |
- |
|
Registration of New Companies ( % ) |
6.2 |
3.0 |
(0.0) |
1.9 |
- |
|
Liquidation of Companies ( No. ) |
25,585 |
132,476 |
- |
- |
- |
|
Liquidation of Companies ( % ) |
(34.5) |
417.8 |
- |
- |
- |
|
Registration of New Business ( No. ) |
271,414 |
284,598 |
324,761 |
329,895 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business Dissolved ( No. ) |
19,738 |
20,121 |
- |
- |
- |
|
Business Dissolved ( % ) |
2.0 |
1.9 |
- |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
543.6 |
535.1 |
552.2 |
- |
- |
|
Cellular Phone Subscribers ( Million ) |
32.8 |
35.3 |
38.5 |
43.0 |
- |
|
Tourist Arrival ( Million Persons ) |
24.6 |
24.7 |
25.0 |
25.7 |
- |
|
Hotel Occupancy Rate ( % ) |
63.0 |
60.6 |
62.4 |
62.6 |
- |
|
Credit Cards Spending ( % ) |
14.1 |
15.6 |
12.6 |
- |
- |
|
Bad Cheque Offenders (No.) |
33,568 |
32,627 |
26,982 |
28,876 |
- |
|
Individual Bankruptcy ( No.) |
18,119 |
19,167 |
19,575 |
21,984 |
- |
|
Individual Bankruptcy ( % ) |
11.7 |
5.8 |
2.1 |
12.3 |
- |
|
INDUSTRIES ( %
of Growth ): |
2010 |
2011 |
2012 |
2013 |
2014** |
|
Agriculture |
2.4 |
5.8 |
1.0 |
2.1 |
3.8 |
|
Palm Oil |
(3.4) |
10.8 |
(0.3) |
2.6 |
- |
|
Rubber |
9.9 |
6.1 |
(7.9) |
(10.1) |
- |
|
Forestry & Logging |
(3.3) |
(7.6) |
(4.5) |
(7.8) |
- |
|
Fishing |
5.6 |
2.1 |
4.3 |
1.6 |
- |
|
Other Agriculture |
7.9 |
7.1 |
6.4 |
8.2 |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
508.4 |
634.1 |
- |
- |
- |
|
% of Industry Non-Performing Loans |
2.1 |
3.2 |
- |
- |
- |
|
Mining |
(0.3) |
(5.4) |
1.4 |
0.9 |
(0.8) |
|
Oil & Gas |
0.5 |
(1.7) |
- |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million
) |
49.7 |
46.5 |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
0.1 |
- |
- |
- |
|
Manufacturing # |
11.9 |
4.7 |
4.8 |
3.4 |
6.6 |
|
Exported-oriented Industries |
12.1 |
4.1 |
6.5 |
3.3 |
5.6 |
|
Electrical & Electronics |
28.4 |
(4.0) |
12.7 |
6.9 |
13.3 |
|
Rubber Products |
25.3 |
20.7 |
3.0 |
11.7 |
(0.3) |
|
Wood Products |
20.1 |
(5.1) |
8.7 |
(2.7) |
5.1 |
|
Textiles & Apparel |
(0.4) |
13.2 |
(7.1) |
(2.6) |
11.5 |
|
Domestic-oriented Industries |
16.3 |
10.7 |
1.7 |
6.8 |
9.4 |
|
Food, Beverages & Tobacco |
3.0 |
4.8 |
2.7 |
3.6 |
6.1 |
|
Chemical & Chemical Products |
16.2 |
10.0 |
10.8 |
5.6 |
- |
|
Plastic Products |
2.4 |
3.8 |
- |
- |
- |
|
Iron & Steel |
29.3 |
2.2 |
(6.6) |
5.0 |
0.1 |
|
Fabricated Metal Products |
14.9 |
21.8 |
13.8 |
9.9 |
2.9 |
|
Non-metallic Mineral |
20.2 |
12.1 |
2.9 |
(2.0) |
5.4 |
|
Transport Equipment |
36.5 |
12.0 |
3.4 |
13.8 |
22.9 |
|
Paper & Paper Products |
18.7 |
9.5 |
3.1 |
1.8 |
4.7 |
|
Crude Oil Refineries |
(11.4) |
9.3 |
- |
- |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
6,217.5 |
6,537.2 |
- |
- |
- |
|
% of Industry Non-Performing Loans |
23.8 |
25.7 |
- |
- |
- |
|
Construction |
11.4 |
4.7 |
18.6 |
10.9 |
10.0 |
|
Industry Non-Performing Loans ( MYR Million ) |
4,038.5 |
3,856.9 |
- |
- |
- |
|
% of Industry Non-Performing Loans |
10.7 |
10.2 |
- |
- |
- |
|
Services |
7.4 |
7.0 |
6.4 |
5.9 |
6.2 |
|
Electric, Gas & Water |
7.8 |
3.5 |
4.4 |
4.2 |
3.6 |
|
Transport, Storage & Communication |
7.7 |
6.5 |
7.1 |
7.3 |
7.5 |
|
Wholesale, Retail, Hotel & Restaurant |
4.7 |
5.2 |
4.7 |
5.9 |
6.9 |
|
Finance, Insurance & Real Estate |
6.10 |
6.90 |
9.70 |
3.70 |
4.65 |
|
Government Services |
5.9 |
12.4 |
9.4 |
8.3 |
6.1 |
|
Other Services |
4.4 |
5.1 |
3.9 |
5.1 |
4.8 |
|
Industry Non-Performing Loans ( MYR Million
) |
7,384.6 |
6,825.2 |
- |
- |
- |
|
% of Industry Non-Performing Loans |
25.7 |
23.4 |
- |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production Index |
|||||
INDUSTRY
ANALYSIS
|
|
MSIC CODE |
|
|
46691 : Wholesale of industrial chemicals |
|
|
INDUSTRY : |
TRADING |
|
According to the Retail Group Malaysia (RGM), the wholesale and retail
trade sector forecast to grow to 6% in year 2013. During the first quarter of
year 2013, RGM is estimating the retail industry to grow 6.9%. Many retailers
have been enjoying better sales since the government handed out cash from
mid-January of 2013 under the second round of Bantuan Rakyat 1Malaysia to
more than 12 million Malaysians. Bookstores and related retail stores have
also started enjoying rising sales since the RM250 1Malaysia Book Voucher was
distributed to 1.3 million private and public university students. Besides,
since early February 2013, handphone traders and retailers selling smartphone
accessories have started to benefit from the RM200 rebate on smartphones for
1.5 million young adults aged between 21 and 30 years with a monthly income
of not more than RM3,000. |
|
|
The wholesale and retail trade sector grew 6.1% in the first half of
the year 2012 driven by strong domestic consumption and the increasing number
of large format stores operating in Malaysia, including 180 foreign hypermarkets,
superstores and departmental stores as at end of August 2012. In addition,
other indicators such as imports of consumption goods were higher by 15.2%. |
|
|
In 2012, the wholesale and retail trade sector growth to 5.5% driven
by higher consumption which benefited from Government initiatives under the
2012 Budget such as BR1M, Baucar Buku 1Malaysia (BB1M) and the RM100
assistance for all primary and secondary school students. The performance of
the sector will also be supported by ongoing efforts to modernise the retail
segment under the ETP. In 2012, 500 retail shops and 50 workshops are
targeted to be modernised under the Retail Shop Transformation (TUKAR) and
Automotive Workshop Modernisation (ATOM) programmes, respectively. As at end
of July 2012, 95 workshops have been modernised, surpassing the yearly
target, while 393 retail shops have been modernised. |
|
|
Growth of the sector is anticipated to remain encouraging with ongoing
efforts by the Government to increase its contribution to the economy. Major
initiatives include increasing the number of large format stores such as
hypermarkets, superstores and departmental stores are carried out to boost
the economy. |
|
|
Over 60% of Gross Domestic Product (GDP) is contributed by domestic
consumption, therefore the wholesale and retail sector plays a crucial role
in driving Malaysia's growth over the next decade despite the ongoing global
economic slowdown. By 2020, Malaysia's wholesale and retail sector is
expected to boost the country's total Gross National Income (GNI) by RM156
billion, creating 454,190 new jobs. |
|
|
OVERALL INDUSTRY
OUTLOOK : Average Growth |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
CHEMICAL MATE
SDN. BHD. |
|
Financial Year
End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
96,631,102 |
113,185,170 |
167,995,671 |
187,469,770 |
117,534,582 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
96,631,102 |
113,185,170 |
167,995,671 |
187,469,770 |
117,534,582 |
|
Costs of Goods Sold |
(90,171,979) |
(108,517,034) |
(157,641,058) |
(176,196,041) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
6,459,123 |
4,668,136 |
10,354,613 |
11,273,729 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
2,892,859 |
1,840,811 |
4,253,345 |
3,496,780 |
2,825,646 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
2,892,859 |
1,840,811 |
4,253,345 |
3,496,780 |
2,825,646 |
|
Taxation |
(659,999) |
(502,391) |
(1,130,349) |
(909,755) |
(798,071) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
2,232,860 |
1,338,420 |
3,122,996 |
2,587,025 |
2,027,575 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
8,994,375 |
7,655,955 |
4,532,959 |
2,947,934 |
2,420,359 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
8,994,375 |
7,655,955 |
4,532,959 |
2,947,934 |
2,420,359 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
11,227,235 |
8,994,375 |
7,655,955 |
5,534,959 |
4,447,934 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(1,002,000) |
- |
- |
(1,002,000) |
(1,500,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
10,225,235 |
8,994,375 |
7,655,955 |
4,532,959 |
2,947,934 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bankers' acceptance |
- |
8,997 |
16,121 |
104,162 |
- |
|
Hire purchase |
2,372 |
6,691 |
11,873 |
4,264 |
8,775 |
|
Letter of credit |
17,240 |
16,839 |
- |
- |
- |
|
Others |
- |
3,657 |
26,031 |
19,288 |
40,364 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
19,612 |
36,184 |
54,025 |
127,714 |
49,139 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
CHEMICAL MATE
SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
363,383 |
710,424 |
977,350 |
1,160,897 |
850,319 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
363,383 |
710,424 |
977,350 |
1,160,897 |
850,319 |
|
Stocks |
86,914 |
- |
795,761 |
- |
262,338 |
|
Trade debtors |
19,706,141 |
5,481,383 |
15,002,023 |
30,207,628 |
12,890,880 |
|
Other debtors, deposits & prepayments |
77,000 |
78,377 |
30,429 |
11,550 |
969,720 |
|
Short term deposits |
3,687,882 |
1,639,331 |
- |
- |
- |
|
Cash & bank balances |
1,380,900 |
6,858,742 |
6,642,375 |
6,595,061 |
6,571,083 |
|
Others |
- |
- |
206,797 |
255,299 |
569,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
24,938,837 |
14,057,833 |
22,677,385 |
37,069,538 |
21,263,021 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
25,302,220 |
14,768,257 |
23,654,735 |
38,230,435 |
22,113,340 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
9,258,265 |
3,913,809 |
10,406,701 |
23,194,539 |
12,091,317 |
|
Other creditors & accruals |
367,887 |
740,920 |
1,801,407 |
2,524,409 |
2,094,236 |
|
Hire purchase & lease creditors |
6,631 |
87,463 |
89,037 |
36,635 |
90,344 |
|
Short term borrowings/Term loans |
4,787,519 |
- |
- |
- |
- |
|
Other borrowings |
- |
- |
531,150 |
3,670,688 |
- |
|
Bill & acceptances payable |
- |
- |
- |
1,169,000 |
3,368,000 |
|
Amounts owing to director |
55,703 |
524,865 |
2,632,094 |
2,742,698 |
1,141,453 |
|
Provision for taxation |
204,715 |
190,664 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
14,680,720 |
5,457,721 |
15,460,389 |
33,337,969 |
18,785,350 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
10,258,117 |
8,600,112 |
7,216,996 |
3,731,569 |
2,477,671 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
10,621,500 |
9,310,536 |
8,194,346 |
4,892,466 |
3,327,990 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
300,000 |
300,000 |
300,000 |
300,000 |
300,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
300,000 |
300,000 |
300,000 |
300,000 |
300,000 |
|
Retained profit/(loss) carried forward |
10,225,235 |
8,994,375 |
7,655,955 |
4,532,959 |
2,947,934 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
10,225,235 |
8,994,375 |
7,655,955 |
4,532,959 |
2,947,934 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
10,525,235 |
9,294,375 |
7,955,955 |
4,832,959 |
3,247,934 |
|
Hire purchase creditors |
- |
- |
84,447 |
12,036 |
49,579 |
|
Deferred taxation |
96,265 |
16,161 |
153,944 |
47,471 |
30,477 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
96,265 |
16,161 |
238,391 |
59,507 |
80,056 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
10,621,500 |
9,310,536 |
8,194,346 |
4,892,466 |
3,327,990 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
Contingent Liabilities |
5,501,090 |
4,500,000 |
4,000,000 |
FINANCIAL
RATIO
|
|
CHEMICAL MATE SDN.
BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
5,068,782 |
8,498,073 |
6,642,375 |
6,595,061 |
6,571,083 |
|
Net Liquid Funds |
5,068,782 |
8,498,073 |
6,642,375 |
5,426,061 |
3,203,083 |
|
Net Liquid Assets |
10,171,203 |
8,600,112 |
6,421,235 |
3,731,569 |
2,215,333 |
|
Net Current Assets/(Liabilities) |
10,258,117 |
8,600,112 |
7,216,996 |
3,731,569 |
2,477,671 |
|
Net Tangible Assets |
10,621,500 |
9,310,536 |
8,194,346 |
4,892,466 |
3,327,990 |
|
Net Monetary Assets |
10,074,938 |
8,583,951 |
6,182,844 |
3,672,062 |
2,135,277 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
4,794,150 |
87,463 |
704,634 |
4,888,359 |
3,507,923 |
|
Total Liabilities |
14,776,985 |
5,473,882 |
15,698,780 |
33,397,476 |
18,865,406 |
|
Total Assets |
25,302,220 |
14,768,257 |
23,654,735 |
38,230,435 |
22,113,340 |
|
Net Assets |
10,621,500 |
9,310,536 |
8,194,346 |
4,892,466 |
3,327,990 |
|
Net Assets Backing |
10,525,235 |
9,294,375 |
7,955,955 |
4,832,959 |
3,247,934 |
|
Shareholders' Funds |
10,525,235 |
9,294,375 |
7,955,955 |
4,832,959 |
3,247,934 |
|
Total Share Capital |
300,000 |
300,000 |
300,000 |
300,000 |
300,000 |
|
Total Reserves |
10,225,235 |
8,994,375 |
7,655,955 |
4,532,959 |
2,947,934 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.35 |
1.56 |
0.43 |
0.20 |
0.35 |
|
Liquid Ratio |
1.69 |
2.58 |
1.42 |
1.11 |
1.12 |
|
Current Ratio |
1.70 |
2.58 |
1.47 |
1.11 |
1.13 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
0 |
0 |
2 |
0 |
1 |
|
Debtors Ratio |
74 |
18 |
33 |
59 |
40 |
|
Creditors Ratio |
37 |
13 |
24 |
48 |
38 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.46 |
0.01 |
0.09 |
1.01 |
1.08 |
|
Liabilities Ratio |
1.40 |
0.59 |
1.97 |
6.91 |
5.81 |
|
Times Interest Earned Ratio |
148.50 |
51.87 |
79.73 |
28.38 |
58.50 |
|
Assets Backing Ratio |
35.41 |
31.04 |
27.31 |
16.31 |
11.09 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
2.99 |
1.63 |
2.53 |
1.87 |
2.40 |
|
Net Profit Margin |
2.31 |
1.18 |
1.86 |
1.38 |
1.73 |
|
Return On Net Assets |
27.42 |
20.16 |
52.57 |
74.08 |
86.38 |
|
Return On Capital Employed |
27.40 |
19.97 |
52.00 |
73.53 |
84.10 |
|
Return On Shareholders' Funds/Equity |
21.21 |
14.40 |
39.25 |
53.53 |
62.43 |
|
Dividend Pay Out Ratio (Times) |
0.45 |
0.00 |
0.00 |
0.39 |
0.74 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
5,501,090 |
4,500,000 |
4,000,000 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.