|
Report Date : |
11.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
FUSAN CLAYS & GLAZES SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 102, 46, Persiaran Mergastua, Jalan 56, Kepong Baru, 1st Floor, 52100
Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
20.03.1997 |
|
|
|
|
Com. Reg. No.: |
423909-W |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of Composite Glaze, |
|
|
|
|
No. of Employees : |
25 [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 |
|
REGISTRATION NO. |
: |
423909-W |
||||
|
COMPANY NAME |
: |
FUSAN CLAYS & GLAZES SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
20/03/1997 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
SUITE 102, 46, PERSIARAN MERGASTUA, JALAN 56, KEPONG BARU, 1ST FLOOR,
52100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
31-2, 2ND FLOOR, BLOK J, JAYA ONE, JALAN UNIVERSITI, SEKSYEN 13, 46200
PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-79607863 |
||||
|
FAX.NO. |
: |
03-79604831 |
||||
|
CONTACT PERSON |
: |
KONG TECK SENG ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
23921 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF COMPOSITE GLAZE |
||||
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 2,339,460.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 20,038,229 [2013] |
||||
|
NET WORTH |
: |
MYR 4,186,667 [2013] |
||||
|
STAFF STRENGTH |
: |
25 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
FAIR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
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) manufacturing of composite glaze.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the Subject is H. ROGERS (M) SDN. BHD., a company incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 5,000,000.00 |
MYR 2,339,460.00 |
|
09/06/1997 |
MYR 1,000,000.00 |
MYR 630,000.00 |
|
27/03/1997 |
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 |
(%) |
|
H. ROGERS (M) SDN. BHD. |
H-93-2, BLOCK H, JAYA ONE, 72A, JALAN UNIVERSITI, 46200 PETALING JAYA, SELANGOR, MALAYSIA. |
134955D |
2,339,460.00 |
100.00 |
|
--------------- |
------ |
|||
|
2,339,460.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MS. FOO MEE NEE |
|
Address |
: |
5, JALAN SRI HARTAMAS 10, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
IC / PP No |
: |
A0843936 |
|
New IC No |
: |
671029-08-5720 |
|
Date of Birth |
: |
29/10/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/07/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. KONG TECK WOON |
|
Address |
: |
1, JALAN 21/14, SEA PARK, 46300 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A1926989 |
|
New IC No |
: |
710702-10-5023 |
|
Date of Birth |
: |
02/07/1971 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/07/2008 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. KONG TECK SENG |
|
Address |
: |
1, JALAN 21/14, SEA PARK, 46300 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A0122008 |
|
New IC No |
: |
641226-10-7469 |
|
Date of Birth |
: |
26/12/1964 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
20/03/1997 |
|
1) |
Name of Subject |
: |
KONG TECK SENG |
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
SEOW & CO. |
|
Auditor' Address |
: |
SUITE 101, 46, PERSIARAN MERGASTUA, JALAN 56, KEPONG BARU, FIRST FLOOR,
52100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. NG KAM MAY |
|
IC / PP No |
: |
A0791198 |
|
|
New IC No |
: |
670928-05-5088 |
|
|
Address |
: |
11A, JALAN SS 22/28, DAMANSARA JAYA, 47400 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
EON BANK BHD |
|
2) |
Name |
: |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
|
3) |
Name |
: |
ALLIANCE BANK MALAYSIA BHD |
ENCUMBRANCE
(S)
|
|
|||||
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
|
1 |
20/05/1998 |
FIXED |
EON BANK BERHAD |
MYR 618,000.00 |
Satisfied |
|
|
2 |
20/05/1998 |
FIXED |
EON BANK BERHAD |
MYR 500,000.00 |
Satisfied |
|
|
3 |
19/09/2000 |
N/A |
ARABMALAYSIAN FINANCE BERHAD |
MYR 100,000.00 |
Satisfied |
|
|
4 |
21/11/2001 |
FIXED |
EON BANK BERHAD |
MYR 600,000.00 |
Satisfied |
|
|
5 |
21/11/2001 |
FIXED |
EON BANK BERHAD |
MYR 350,000.00 |
Satisfied |
|
|
6 |
14/05/2002 |
N/A |
AMFINANCE BERHAD |
MYR 400,000.00 |
Satisfied |
|
|
7 |
08/07/2004 |
N/A |
EXPORTIMPORT BANK OF MALAYSIA BERHAD |
MYR 500,000.00 |
Satisfied |
|
|
8 |
08/07/2004 |
N/A |
EXPORTIMPORT BANK OF MALAYSIA BERHAD |
MYR 500,000.00 |
Satisfied |
|
|
9 |
07/09/2006 |
FIRST LEGAL
CHARGE |
UNITED OVERSEAS BANK (MALAYSIA) BHD. |
MYR 2,600,000.00 |
Unsatisfied |
|
|
10 |
07/09/2006 |
FIRST LEGAL
CHARGE |
UNITED OVERSEAS BANK (MALAYSIA) BHD. |
MYR 400,000.00 |
Unsatisfied |
|
|
11 |
27/12/2007 |
THIRD LEGAL
CHARGE |
UNITED OVERSEAS BANK (MALAYSIA) BHD. |
MYR 800,000.00 |
Unsatisfied |
|
|
12 |
27/12/2007 |
MEMO OF LEGAL
CHARGE |
UNITED OVERSEAS BANK (MALAYSIA) BHD. |
- |
Unsatisfied |
|
|
13 |
15/01/2009 |
1ST LEGAL CHARGE |
UNITED OVERSEAS BANK (MALAYSIA) BHD. |
MYR 139,000.00 |
Unsatisfied |
|
|
14 |
23/02/2010 |
MEMO OF LEGAL
CHARGE |
UNITED OVERSEAS BANK (MALAYSIA) BHD. |
- |
Unsatisfied |
|
|
15 |
12/01/2011 |
ALL MONIES LOAN
AGREEMENT CUM DEED OF ASSIGNMENT |
UNITED OVERSEAS BANK (MALAYSIA) BHD. |
- |
Unsatisfied |
|
|
16 |
22/06/2011 |
2ND LEGAL CHARGE
UNDER THE NATIONAL LAND CODE |
UNITED OVERSEAS BANK (MALAYSIA) BHD. |
MYR 5,600,000.00 |
Unsatisfied |
|
|
17 |
22/06/2011 |
4TH LEGAL CHARGE
UNDER THE NATIONAL LAND CODE |
UNITED OVERSEAS BANK (MALAYSIA) BHD. |
MYR 2,200,000.00 |
Unsatisfied |
|
|
18 |
21/03/2012 |
MEMO OF DEPOSIT |
ALLIANCE BANK MALAYSIA BHD. |
- |
Unsatisfied |
|
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 |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
X |
] |
Poor >120 Days |
[ |
] |
||||||||
CLIENTELE
|
|||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|||
|
Products manufactured |
: |
|
|
|
Competitor(s) |
: |
GUOCERA TILE INDUSTRIES SDN BHD |
|
|
Member(s) / Affiliate(s) |
: |
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) |
|
|
Ownership of premises |
: |
OWNED |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
25 |
25 |
25 |
20 |
20 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
composite glaze.
The Subject specialises in custom blending
minerals/chemicals for special applications.
The Subject undertakes custom blending of
additives, clay-blends, clay-bodies, composite-glazes, pigments and others.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that:
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-79607863 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
J-32-2, BLOCK-J, N 72A/5 JALAN UNIVERCITY 46200 PETALING JAYA SELANGOR
|
|
Current Address |
: |
31-2, 2ND FLOOR, BLOK J, JAYA ONE, JALAN UNIVERSITI, SEKSYEN 13, 46200
PETALING JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
The Subject is not aware of the address provided.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
30.76% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
37.32% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The higher profit could be attributed to the
increase in turnover. Generally the Subject was profitable. The favourable
return on shareholders' funds and return on net assets indicate that the
Subject's management was efficient in utilising the assets to generate
returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
10 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
47 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
75 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
unfavourable creditors' ratio could be due to the Subject taking advantage of
the credit granted by its suppliers. However this may affect the goodwill
between the Subject and its suppliers and the Subject may inadvertently have
to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.00 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.07 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 |
[ |
3.53 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.16 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 highly geared, thus it had a high financial
risk. The Subject was dependent on loans to finance its business needs. In
times of economic downturn and / or high interest rate, the Subject will
become less profitable and competitive than other firms in the same industry,
which are lowly geared. This is because the Subject has to service the
interest and to repay the loan, which will erode part of its profits. The
profits will fluctuate depending on the Subject's turnover and the interest
it needs to pay. |
||||||
|
Overall Assessment : |
||||||
|
Although the turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in controlling
its costs and profitability. 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's gearing level was high and its going concern
will be in doubt if there is no injection of additional shareholders' funds
in times of economic downturn and / or high interest rates. |
||||||
|
Overall financial condition of the Subject : FAIR |
||||||
|
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 |
|
|
|
23921 : Manufacture of non-refractory ceramic |
||
|
INDUSTRY : |
CONSTRUCTION |
|
|
The construction sector consists of four subsectors: residential,
non-residential, civil engineering and special trade works. During a period of
rapid economic expansion, the sector generally outperforms Gross Domestic
Product (GDP) growth. |
||
|
Construction's contribution to gross domestic product (GDP) is
expected to fall to 11.2% in 2013 from 15 % in 2012, with all subsectors
registering steady growth. The sector is expected to benefit from the
acceleration of ongoing construction activities, particularly from the
Economic Transformation Programme (ETP) and Second Rolling Plan (RP2)
construction-related projects. Of significance, exploration activities in
O&G industries and major projects such as the electrified double-tracking
between lpoh -Padang Besar, LPT2 Jabur - Kuala Terengganu, MRT and the River
of Life are expected to drive the growth of the civil engineering subsector.
The non-residential subsector is expected to expand spurred by the industrial
building segment and the commencement of construction of the Tun Razak
Exchange (TRX). The residential subsector is also projected to expand, albeit
at a moderate pace, after recording several years of strong growth. Key
housing development projects, particularly in Sungai Buloh and Bandar
Malaysia in Sungai Besi, which are expected to commence in 2013, will support
residential construction activities. According to the Minister of Finance,
the domestic demand is expected to grow at 5.6% and will remain the main
driver of growth in 2013 underpinned by strong private sector expenditure. |
||
|
The industry is set to receive a further boost from a wave of new developments
earmarked for 2013, including rail projects worth an estimated $52 billion
that should be launched in the coming year. It was predicted that the growth
in other sectors will largely drive Malaysia's economy but the construction
sector's contribution to GDP could still remain stable. However, while the
construction sector is expected to have a solid 2013, it remains hampered by
a shortage of skilled labourers, with rapid growth in recent years triggering
a drain on its workforce. In late November of 2012, the Builders Association
Malaysia (MBAM) request the government to do more to facilitate the training
of building workers or run the risk of supplyside bottlenecks delaying new
projects. |
||
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
||
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
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 Subject's overall payment habit is
fair and this clearly implied a weak credit control of the Subject. Based on the above condition, we recommend
credit be granted to the Subject promptly. |
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
FUSAN CLAYS
& GLAZES 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 |
SUMMARY |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
20,038,229 |
18,938,308 |
20,581,362 |
19,475,680 |
18,303,270 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
20,038,229 |
18,938,308 |
20,581,362 |
19,475,680 |
18,303,270 |
|
Costs of Goods Sold |
(18,707,662) |
(16,697,797) |
- |
(17,486,699) |
(16,516,649) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
1,330,567 |
2,240,511 |
- |
1,988,981 |
1,786,621 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,278,028 |
215,426 |
243,234 |
258,118 |
234,038 |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES |
- |
- |
- |
23,039 |
(29,854) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,278,028 |
215,426 |
243,234 |
281,157 |
204,184 |
|
Taxation |
9,993 |
(106,756) |
(20,990) |
(146,493) |
(55,430) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,288,021 |
108,670 |
222,244 |
134,664 |
148,754 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
1,198,501 |
1,089,831 |
953,954 |
936,263 |
876,509 |
|
Prior year adjustment |
- |
- |
13,633 |
- |
11,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
1,198,501 |
1,089,831 |
967,587 |
936,263 |
887,509 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
2,486,522 |
1,198,501 |
1,189,831 |
1,070,927 |
1,036,263 |
|
TRANSFER TO RESERVES - General |
360,685 |
- |
- |
- |
- |
|
DIVIDENDS - Ordinary (paid & proposed) |
(1,000,000) |
- |
(100,000) |
(116,973) |
(100,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
1,847,207 |
1,198,501 |
1,089,831 |
953,954 |
936,263 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
157,817 |
151,736 |
- |
67,020 |
81,790 |
|
Bankers' acceptance |
208,961 |
215,530 |
- |
143,077 |
136,861 |
|
Hire purchase |
26,141 |
34,911 |
- |
13,075 |
- |
|
Term loan / Borrowing |
28,663 |
43,221 |
- |
20,495 |
21,952 |
|
Trust receipts |
93,133 |
65,386 |
- |
14,192 |
17,330 |
|
Others |
(10,184) |
(10,272) |
- |
27,817 |
27,156 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
504,531 |
500,512 |
- |
285,676 |
285,089 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FUSAN CLAYS
& GLAZES SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
2,205,960 |
3,887,338 |
3,913,535 |
3,155,636 |
2,455,785 |
|
Associated companies |
- |
1,133,566 |
- |
- |
- |
|
Investments |
2,000,000 |
2,000,000 |
- |
514,727 |
491,688 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
2,000,000 |
3,133,566 |
1,133,566 |
514,727 |
491,688 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
4,205,960 |
7,020,904 |
5,047,101 |
3,670,363 |
2,947,473 |
|
Stocks |
561,100 |
836,512 |
- |
986,623 |
777,180 |
|
Trade debtors |
2,592,430 |
2,487,970 |
- |
3,168,553 |
3,071,605 |
|
Other debtors, deposits & prepayments |
1,847,435 |
3,036,903 |
- |
743,893 |
567,165 |
|
Short term deposits |
943,827 |
1,411,517 |
- |
827,650 |
577,109 |
|
Amount due from holding company |
493,918 |
- |
- |
- |
- |
|
Amount due from related companies |
551,041 |
- |
- |
648,780 |
646,497 |
|
Amount due from associated companies |
- |
1,318,176 |
- |
1,526,282 |
1,064,310 |
|
Amount due from director |
948,652 |
- |
- |
- |
979,524 |
|
Cash & bank balances |
44,760 |
20,458 |
- |
49,822 |
60,297 |
|
Others |
872,435 |
- |
- |
774,331 |
768,652 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
8,855,598 |
9,111,536 |
11,549,580 |
8,725,934 |
8,512,339 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
13,061,558 |
16,132,440 |
16,596,681 |
12,396,297 |
11,459,812 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
3,867,704 |
2,814,134 |
- |
2,492,410 |
2,375,901 |
|
Other creditors & accruals |
145,267 |
484,103 |
- |
85,118 |
170,354 |
|
Hire purchase & lease creditors |
150,568 |
168,195 |
- |
94,358 |
- |
|
Bank overdraft |
1,928,534 |
2,103,605 |
- |
1,688,745 |
1,098,911 |
|
Short term borrowings/Term loans |
107,965 |
199,471 |
- |
83,112 |
83,112 |
|
Other borrowings |
899,121 |
1,167,512 |
- |
277,956 |
255,915 |
|
Bill & acceptances payable |
1,185,000 |
4,382,000 |
- |
2,136,000 |
3,310,000 |
|
Amounts owing to director |
710 |
- |
- |
1,000,650 |
- |
|
Provision for taxation |
- |
47,806 |
- |
20,079 |
93,024 |
|
Dividends payable/proposed |
- |
- |
- |
116,973 |
100,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
8,284,869 |
11,366,826 |
11,573,416 |
7,995,401 |
7,487,217 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
570,729 |
(2,255,290) |
(23,836) |
730,533 |
1,025,122 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
4,776,689 |
4,765,614 |
5,023,265 |
4,400,896 |
3,972,595 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
2,339,460 |
2,339,460 |
2,339,460 |
2,339,460 |
2,339,460 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
2,339,460 |
2,339,460 |
2,339,460 |
2,339,460 |
2,339,460 |
|
Revaluation reserve |
- |
360,685 |
360,685 |
360,685 |
360,685 |
|
Retained profit/(loss) carried forward |
1,847,207 |
1,198,501 |
1,089,831 |
953,954 |
936,263 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
1,847,207 |
1,559,186 |
1,450,516 |
1,314,639 |
1,296,948 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
4,186,667 |
3,898,646 |
3,789,976 |
3,654,099 |
3,636,408 |
|
Long term loans |
356,009 |
466,424 |
- |
226,735 |
286,666 |
|
Hire purchase creditors |
220,968 |
352,375 |
- |
399,718 |
- |
|
Deferred taxation |
13,045 |
48,169 |
- |
120,344 |
49,521 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
590,022 |
866,968 |
1,233,289 |
746,797 |
336,187 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,776,689 |
4,765,614 |
5,023,265 |
4,400,896 |
3,972,595 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
FUSAN CLAYS
& GLAZES SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
988,587 |
1,431,975 |
- |
877,472 |
637,406 |
|
Net Liquid Funds |
(2,124,947) |
(5,053,630) |
- |
(2,947,273) |
(3,771,505) |
|
Net Liquid Assets |
9,629 |
(3,091,802) |
(23,836) |
(256,090) |
247,942 |
|
Net Current Assets/(Liabilities) |
570,729 |
(2,255,290) |
(23,836) |
730,533 |
1,025,122 |
|
Net Tangible Assets |
4,776,689 |
4,765,614 |
5,023,265 |
4,400,896 |
3,972,595 |
|
Net Monetary Assets |
(580,393) |
(3,958,770) |
(1,257,125) |
(1,002,887) |
(88,245) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
4,848,165 |
8,839,582 |
- |
4,906,624 |
5,034,604 |
|
Total Liabilities |
8,874,891 |
12,233,794 |
12,806,705 |
8,742,198 |
7,823,404 |
|
Total Assets |
13,061,558 |
16,132,440 |
16,596,681 |
12,396,297 |
11,459,812 |
|
Net Assets |
4,776,689 |
4,765,614 |
5,023,265 |
4,400,896 |
3,972,595 |
|
Net Assets Backing |
4,186,667 |
3,898,646 |
3,789,976 |
3,654,099 |
3,636,408 |
|
Shareholders' Funds |
4,186,667 |
3,898,646 |
3,789,976 |
3,654,099 |
3,636,408 |
|
Total Share Capital |
2,339,460 |
2,339,460 |
2,339,460 |
2,339,460 |
2,339,460 |
|
Total Reserves |
1,847,207 |
1,559,186 |
1,450,516 |
1,314,639 |
1,296,948 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.12 |
0.13 |
- |
0.11 |
0.09 |
|
Liquid Ratio |
1.00 |
0.73 |
- |
0.97 |
1.03 |
|
Current Ratio |
1.07 |
0.80 |
1.00 |
1.09 |
1.14 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
10 |
16 |
- |
18 |
15 |
|
Debtors Ratio |
47 |
48 |
- |
59 |
61 |
|
Creditors Ratio |
75 |
62 |
- |
52 |
53 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.16 |
2.27 |
- |
1.34 |
1.38 |
|
Liabilities Ratio |
2.12 |
3.14 |
3.38 |
2.39 |
2.15 |
|
Times Interest Earned Ratio |
3.53 |
1.43 |
- |
1.98 |
1.72 |
|
Assets Backing Ratio |
2.04 |
2.04 |
2.15 |
1.88 |
1.70 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
6.38 |
1.14 |
1.18 |
1.44 |
1.12 |
|
Net Profit Margin |
6.43 |
0.57 |
1.08 |
0.69 |
0.81 |
|
Return On Net Assets |
37.32 |
15.02 |
4.84 |
12.88 |
12.32 |
|
Return On Capital Employed |
26.00 |
10.17 |
4.84 |
9.17 |
9.65 |
|
Return On Shareholders' Funds/Equity |
30.76 |
2.79 |
5.86 |
3.69 |
4.09 |
|
Dividend Pay Out Ratio (Times) |
0.78 |
0.00 |
0.45 |
0.87 |
0.67 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
- |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.45 |
|
|
1 |
Rs.97.76 |
|
Euro |
1 |
Rs.76.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared by
: |
NIT |
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.