|
Report Date : |
07.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
CELESTICA MALAYSIA SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 16-1, (Penthouse Upper), Menara Penang Garden, 42a, Jalan Sultan
Ahmad Shah, 10050 Pulau Pinang, Pulau Pinang |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
22.09.1998 |
|
|
|
|
Com. Reg. No.: |
469259-D |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the (as a / as an) manufactured of printed
circuit boards and electronic products. |
|
|
|
|
No of Employees : |
1,850 [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. |
: |
469259-D |
||||
|
COMPANY NAME |
: |
CELESTICA MALAYSIA SDN. BHD. |
||||
|
FORMER NAME |
: |
CELESTICA (M) SDN BHD (22/07/1999) |
||||
|
INCORPORATION DATE |
: |
22/09/1998 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
Private Limited |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
Suite 16-1, (Penthouse Upper), Menara Penang Garden, 42a, Jalan Sultan
Ahmad Shah, 10050 Pulau Pinang, Pulau Pinang, Malaysia. |
||||
|
BUSINESS ADDRESS |
: |
Plot 15 & 16, Jalan Hi Tech 2/3 Phase 1, Kulim Hi-Tech Park, 09000
Kulim, Kedah, Malaysia. |
||||
|
TEL.NO. |
: |
04-4033288 |
||||
|
FAX.NO. |
: |
04-4033279 |
||||
|
WEB SITE |
: |
WWW.CELESTICA.COM |
||||
|
CONTACT PERSON |
: |
YONG CHONG CHIN ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
26103 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURED OF PRINTED CIRCUIT BOARDS AND ELECTRONIC PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 10,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 9,880,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 882,639,145 [2013] |
||||
|
NET WORTH |
: |
MYR 335,368,792 [2013] |
||||
|
M1000 OVERALL RANKING |
: |
789[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
32[2011] |
||||
|
STAFF STRENGTH |
: |
1,850 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
GOOD |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL 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) manufactured of
printed circuit boards and electronic products.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the Subject's ranking are
as follows: |
|
||||
|
|||||
|
YEAR |
2011 |
2009 |
2008 |
2005 |
|
|
OVERALL RANKING |
789 |
319 |
262 |
313 |
|
|
INDUSTRY RANKING |
32 |
17 |
18 |
23 |
|
The immediate holding company of the Subject is CELESTICA CAYMAN
HOLDINGS 1 LIMITED, a company incorporated in CAYMAN ISLANDS.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
16/01/2013 |
MYR 10,000,000.00 |
MYR 9,880,000.00 |
|
01/01/1970 |
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 |
(%) |
|
CELESTICA CAYMAN HOLDINGS 1 LIMITED |
QUEENSGATE HOUSE, SOUTH CHURCH STREET, P.O BOX 1234 GT, GRAND CAYMAN,
CAYMAN ISLAND, CAYMAN ISLANDS. |
CR 131049 |
9,880,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
9,880,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MONICA FUNG NGAN YING |
|
Address |
: |
FLAT B, BLOCK 14, PRISTINE VILLA, 18, PAK LOK PATH, TAI WAI, NEW
TERRITORIES, HONG KONG. |
|
IC / PP No |
: |
HA9104439 |
|
Nationality |
: |
HONGKONGESE |
|
Date of Appointment |
: |
10/05/2007 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. YONG CHONG CHIN |
|
Address |
: |
18, JALAN BATU BUKIT, 10470 PULAU PINANG, PULAU PINANG, MALAYSIA. |
|
IC / PP No |
: |
6916980 |
|
New IC No |
: |
621226-07-5323 |
|
Date of Birth |
: |
26/12/1962 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
25/09/2006 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
CRAIG MUHLHAUSER |
|
Position |
: |
PRESIDENT |
|
|
2) |
Name of Subject |
: |
MARY GENDRON |
|
Position |
: |
SENIOR VICE PRESIDENT |
|
|
3) |
Name of Subject |
: |
YONG CHONG CHIN |
|
Position |
: |
MANAGING DIRECTOR |
|
|
4) |
Name of Subject |
: |
LIM CHENG SHING |
|
Position |
: |
FINANCIAL CONTROLLER |
|
|
5) |
Name of Subject |
: |
PAUL NICOLETTI |
|
Position |
: |
CHIEF FINANCE OFFICER |
|
|
6) |
Name of Subject |
: |
ABDUL RAFIQUE ADBUL RAHIM |
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
|
7) |
Name of Subject |
: |
JOHN PERI |
|
Position |
: |
CHIEF OPERATING OFFICER |
|
|
8) |
Name of Subject |
: |
N FARIZA |
|
Position |
: |
STAFF |
|
|
9) |
Name of Subject |
: |
STELLA |
|
Position |
: |
SECRETARY |
|
AUDITOR
|
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
HUNZA TOWER, 163E, KELAWEI ROAD, 18TH FLOOR, 10250 GEORGETOWN, PULAU
PINANG, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. ONG TZE-EN |
|
IC / PP No |
: |
A2054637 |
|
|
New IC No |
: |
720313-07-5210 |
|
|
Address |
: |
VILLA BATU BUKIT, 7-2-1, JALAN BATU BUKIT, 10470 PULAU PINANG, PULAU
PINANG, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
BANK OF AMERICA MALAYSIA BHD |
|
2) |
Name |
: |
CITIBANK BHD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
21/09/1999 |
N/A |
CITIBANK BERHAD |
MYR 250,000.00 |
Satisfied |
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 |
Percentage |
: |
30% |
|
Overseas |
: |
YES |
Percentage |
: |
70% |
|
Import Countries |
: |
ASIA,UNITED STATES,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 |
: |
EUROPE |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
LETTER OF CREDIT (LC) |
|||
|
Type of Customer |
: |
ELECTRICAL & ELECTRONIC INDUSTRIES,COMPUTER INDUSTRY,TELECOMUNICATION
INDUSTRY |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Competitor(s) |
: |
JABIL CIRCUIT SDN BHD |
|
|
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 |
1,850 |
1,800 |
1,800 |
1,800 |
1,800 |
||||
|
Branch |
: |
NO |
Information:
The Subject is principally engaged in the (as a / as an) manufactured of
printed circuit boards and electronic products.
Celestica's global manufacturing network comprises more than 40 locations in
the Americas, Europe and Asia. The company's global services include design and
engineering, manufacturing and systems assembly, fulfillment and after-market
services.
The Subject business is mainly focused on printed circuit boards assembly,
inspection & testing.
The Subject is one of the leading PCB assembler for the following industries:
1) Computing
2) Electrical and electronic
3) Telecommunication
4) Aerospace
The Subject designs its printed circuit boards based on clients' requirements
such as size, colours, patterns models and application of technologies (
completed process ).
The Subject is a member of the Celestica group of the companies. The group is a
global leader in the electronics manufacturing services industry.
The Subject factory is equipped with the state-of-the-art facilities and automated
machineries.
Besides that, the Subject has a warehouse located at the same premises
to keep the stocks and materials.
RECENT
DEVELOPMENT
|
21st October 2014
The Subject announced their third quarter 2014 financial results.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
04-4033288 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
PLOT 15, JALAN HI-TECH 2/3 PHASE 1, 09000, KULIM, KEDAH MALAYSIA KULIM
MALAYSIA |
|
Current Address |
: |
PLOT 15 & 16, JALAN HI TECH 2/3 PHASE 1, KULIM HI-TECH PARK, 09000
KULIM, KEDAH, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 5th November 2014 we contacted one of the staff from Subject and collect
some information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
22.14% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
24.57% |
] |
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.The
higher profit could be attributed to the increase in turnover. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
70 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
68 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
60 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. 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 |
[ |
1.55 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.48 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 |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover was nil as it did not pay any interest
during the year. The Subject had no gearing and hence it had virtually no
financial risk. The Subject was financed by its shareholders' funds and
internally generated fund. During the economic downturn, the Subject, having
a zero gearing, will be able to compete better than those which are highly
geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Generally, the Subject's performance has improved with higher turnover
and profit. The Subject was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the Subject should be able to repay its short term obligations. The
Subject did not make any interest payment during the year. The Subject was
dependent on its shareholders' funds to finance its business needs. The
Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
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 |
|
|
26103 : Manufacture of electrical capacitors and resistors |
|
|
INDUSTRY : |
ELECTRICAL & ELECTRONIC |
|
The Electrical & Electronics (E&E) industry is the leading
industry within the manufacturing sector and is the largest contributor to
manufacturing output, employment, investment, exports and imports. Malaysia
is a key player in the fast expanding Asia Pacific E&E market, its major
export destinations include Singapore, United States, Europe, Japan and
Taiwan. The E&E industry is targeted under the National Key Economic
Areas ( NKEA ) to gear the nation towards high-income economy by focusing on
high-value and high-growth manufacturing activities. |
|
|
According to Ministry of Finance, in the year 2013 the electrical and
electronic (E&E) subsector is expected to grow further, driven by higher demand
for electronic equipment and parts as well as semiconductors in line with
recovery in advanced economies. |
|
|
Output of E&E rebounded 1.6% during the first seven months of 2012
mainly driven by the higher production of semiconductor devices (14.5%) as
well as audio, visual and communication apparatus (6%). The improved
performance of E&E was partly due to chip vendors and storage producers
taking advantage of stable prices and supply of parts to replenish
inventories as well as the launching of new products which was delayed by
massive floods in Thailand during the fourth quarter of 2011. |
|
|
Despite the slowdown in global demand, E&E manufacturers continued
to invest in new technology and product development to upscale the value
chain. Approved capital spending in the E&E subsector amounted to RM1.72
billion in 46 projects, of which RM1.35 billion were from foreign investors.
This further reaffirms Malaysia as an attractive and cost-efficient E&E
manufacturing base in the region. The continued strong investments will
further strengthen growth in the E&E subsector and create more skilled
jobs. |
|
|
Softening of world demand for solar panels impact Malaysia on it's
downturn in small scale compared to China where it facing great impact. The decline
in E&E products was also due to the weak global demand. |
|
|
E&E has been instrumental in the development of the Northern
Corridor Klang Valley, Johor and Sarawak, contributing significantly to the
socio-economic development of the relevant communities.However, the E&E
sector faces significant challenges in maintaining growth with intense
competition from China, Taiwan, Singapore and other Asian countries. Over the
last 10 years, E&E's share of Malaysian exports has gradually declined. |
|
|
Malaysia's E&E sector remains focused on assembly, the lower
value-added part of the industry while Taiwan, South Korea and Singapore have
captured the higher value-added activities in research and development,
design and manufacturing. |
|
|
To propel the E&E industry to a higher level, under the Economic
Transformation Programme (ETP) launched by the Government, a few sub-sectors
namely integrated circuits, solar photovoltaics, light emitting diodes, and
solid state lighting & integrated electronics have been identified for
greater promotion based on their potential to contribute significantly
towards Gross National Income (GNI) targets 2020. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
CELESTICA MALAYSIA 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 |
882,639,145 |
671,214,049 |
647,273,292 |
591,671,636 |
394,479,894 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
882,639,145 |
671,214,049 |
647,273,292 |
591,671,636 |
394,479,894 |
|
Costs of Goods Sold |
(791,989,209) |
(613,094,887) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
90,649,936 |
58,119,162 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
83,953,195 |
49,548,539 |
44,235,254 |
44,376,823 |
(6,603,101) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
83,953,195 |
49,548,539 |
44,235,254 |
44,376,823 |
(6,603,101) |
|
Taxation |
(9,716,660) |
(4,558,094) |
(24,859) |
(4,288,402) |
3,755,710 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
74,236,535 |
44,990,445 |
44,210,395 |
40,088,421 |
(2,847,391) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
256,192,257 |
211,201,812 |
166,991,417 |
126,902,996 |
129,750,387 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
256,192,257 |
211,201,812 |
166,991,417 |
126,902,996 |
129,750,387 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
330,428,792 |
256,192,257 |
211,201,812 |
166,991,417 |
126,902,996 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
330,428,792 |
256,192,257 |
211,201,812 |
166,991,417 |
126,902,996 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
CELESTICA MALAYSIA SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
68,569,751 |
69,695,004 |
64,158,259 |
60,650,526 |
65,875,052 |
|
Deferred assets |
1,151,631 |
2,498,585 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,151,631 |
2,498,585 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
69,721,382 |
72,193,589 |
64,158,259 |
60,650,526 |
65,875,052 |
|
Stocks |
169,962,749 |
155,710,864 |
- |
87,709,531 |
89,728,686 |
|
Trade debtors |
163,621,462 |
129,752,107 |
- |
118,713,409 |
87,696,956 |
|
Other debtors, deposits & prepayments |
1,803,274 |
2,888,941 |
- |
3,907,025 |
2,163,415 |
|
Amount due from related companies |
17,116,615 |
3,827,321 |
- |
545,241 |
459,842 |
|
Cash & bank balances |
103,185,921 |
47,795,783 |
- |
63,933,007 |
33,298,450 |
|
Others |
- |
- |
- |
- |
322,770 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
455,690,021 |
339,975,016 |
295,436,052 |
274,808,213 |
213,670,119 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
525,411,403 |
412,168,605 |
359,594,311 |
335,458,739 |
279,545,171 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
129,794,430 |
107,979,915 |
- |
77,459,422 |
53,600,556 |
|
Other creditors & accruals |
48,570,273 |
33,430,163 |
- |
37,158,897 |
27,682,973 |
|
Amounts owing to related companies |
549,528 |
2,284,929 |
- |
40,360,824 |
59,656,582 |
|
Provision for taxation |
3,739,403 |
524,156 |
- |
1,630,640 |
- |
|
Other liabilities |
1,122,285 |
961,309 |
- |
1,450,831 |
1,390,750 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
183,775,919 |
145,180,472 |
137,409,466 |
158,060,614 |
142,330,861 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
271,914,102 |
194,794,544 |
158,026,586 |
116,747,599 |
71,339,258 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
341,635,484 |
266,988,133 |
222,184,845 |
177,398,125 |
137,214,310 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
4,940,000 |
4,940,000 |
4,940,000 |
4,940,000 |
4,940,000 |
|
Preference share capital |
- |
- |
- |
4,940,000 |
4,940,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
4,940,000 |
4,940,000 |
4,940,000 |
9,880,000 |
9,880,000 |
|
Retained profit/(loss) carried forward |
330,428,792 |
256,192,257 |
211,201,812 |
166,991,417 |
126,902,996 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
330,428,792 |
256,192,257 |
211,201,812 |
166,991,417 |
126,902,996 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
335,368,792 |
261,132,257 |
216,141,812 |
176,871,417 |
136,782,996 |
|
Others |
6,266,692 |
5,855,876 |
- |
526,708 |
431,314 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
6,266,692 |
5,855,876 |
6,043,033 |
526,708 |
431,314 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
341,635,484 |
266,988,133 |
222,184,845 |
177,398,125 |
137,214,310 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
CELESTICA MALAYSIA SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
103,185,921 |
47,795,783 |
- |
63,933,007 |
33,298,450 |
|
Net Liquid Funds |
103,185,921 |
47,795,783 |
- |
63,933,007 |
33,298,450 |
|
Net Liquid Assets |
101,951,353 |
39,083,680 |
158,026,586 |
29,038,068 |
(18,389,428) |
|
Net Current Assets/(Liabilities) |
271,914,102 |
194,794,544 |
158,026,586 |
116,747,599 |
71,339,258 |
|
Net Tangible Assets |
341,635,484 |
266,988,133 |
222,184,845 |
177,398,125 |
137,214,310 |
|
Net Monetary Assets |
95,684,661 |
33,227,804 |
151,983,553 |
28,511,360 |
(18,820,742) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
- |
0 |
0 |
|
Total Liabilities |
190,042,611 |
151,036,348 |
143,452,499 |
158,587,322 |
142,762,175 |
|
Total Assets |
525,411,403 |
412,168,605 |
359,594,311 |
335,458,739 |
279,545,171 |
|
Net Assets |
341,635,484 |
266,988,133 |
222,184,845 |
177,398,125 |
137,214,310 |
|
Net Assets Backing |
335,368,792 |
261,132,257 |
216,141,812 |
176,871,417 |
136,782,996 |
|
Shareholders' Funds |
335,368,792 |
261,132,257 |
216,141,812 |
176,871,417 |
136,782,996 |
|
Total Share Capital |
4,940,000 |
4,940,000 |
4,940,000 |
9,880,000 |
9,880,000 |
|
Total Reserves |
330,428,792 |
256,192,257 |
211,201,812 |
166,991,417 |
126,902,996 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.56 |
0.33 |
- |
0.40 |
0.23 |
|
Liquid Ratio |
1.55 |
1.27 |
- |
1.18 |
0.87 |
|
Current Ratio |
2.48 |
2.34 |
2.15 |
1.74 |
1.50 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
70 |
85 |
- |
54 |
83 |
|
Debtors Ratio |
68 |
71 |
- |
73 |
81 |
|
Creditors Ratio |
60 |
64 |
- |
48 |
50 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.00 |
0.00 |
- |
0.00 |
0.00 |
|
Liabilities Ratio |
0.57 |
0.58 |
0.66 |
0.90 |
1.04 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
- |
0.00 |
0.00 |
|
Assets Backing Ratio |
69.16 |
54.05 |
44.98 |
17.96 |
13.89 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
9.51 |
7.38 |
6.83 |
7.50 |
(1.67) |
|
Net Profit Margin |
8.41 |
6.70 |
6.83 |
6.78 |
(0.72) |
|
Return On Net Assets |
24.57 |
18.56 |
19.91 |
25.02 |
(4.81) |
|
Return On Capital Employed |
24.57 |
18.56 |
19.91 |
25.02 |
(4.81) |
|
Return On Shareholders' Funds/Equity |
22.14 |
17.23 |
20.45 |
22.67 |
(2.08) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
- |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
- |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.39 |
|
|
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.