|
Report Date : |
27.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
FINN CHEMICALS SDN. BHD. |
|
|
|
|
Registered Office : |
54B, Damai Complex, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.12.1988 |
|
|
|
|
Com. Reg. No.: |
176784-D |
|
|
|
|
Legal Form : |
Exempt Private (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is engaged in the trading of industrial chemicals. |
|
|
|
|
No of Employees : |
20 [2014] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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. |
: |
176784-D |
||||
|
COMPANY NAME |
: |
FINN CHEMICALS SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
13/12/1988 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
EXEMPT PRIVATE (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
54B, Damai Complex, Jalan Lumut, 50400 Kuala Lumpur, Wilayah
Persekutuan, Malaysia. |
||||
|
BUSINESS ADDRESS |
: |
7b, Persiaran Jubli Perak, Seksyen 22, 40300 Shah Alam, Selangor,
Malaysia. |
||||
|
TEL.NO. |
: |
03-51918881 |
||||
|
FAX.NO. |
: |
03-51922227 |
||||
|
EMAIL |
: |
ENQUIRY@FINNCHEM.COM.MY |
||||
|
WEB SITE |
: |
WWW.FINNCHEM.COM.MY |
||||
|
CONTACT PERSON |
: |
LEONG BUH KWONG ( MANAGING DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
46691 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF INDUSTRIAL CHEMICALS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 2,500,000.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 94,645,624 [2011] |
||||
|
NET WORTH |
: |
MYR 30,093,087 [2011] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
20 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
N/A |
||||
|
PAYMENT |
: |
N/A |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY / BACKGROUND
|
The Subject is an exempt private company which is allowed to have a
minimum of two and a maximum of twenty shareholders and all the shareholders
must be individuals. An exempt company is a type of private limited company. 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, suing or be sued by other companies. The Subject is governed by the
Companies Act, 1965 and must file in its annual return. The Subject need not
file in its financial statements but it has to file in a document duly signed
by its director in charge of its finance, the secretary and its auditor stating
that the Subject is able to meet all its obligations as and when they fall due.
Although the Subject is not required to file in its financial statements, it
also has to prepare its financial account which must be presented at the Annual
General Meeting.
The Subject is principally engaged in the (as a / as an) trading of
industrial 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 5,000,000.00 |
MYR 2,500,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. LEONG BUH KWONG + |
11 JALAN USJ5/1C, 47500 SUBANG JAYA, SELANGOR, MALAYSIA. |
580430-08-5993 5312317 |
1,150,000.00 |
46.00 |
|
MR. KAM KAR CHEONG + |
22, JALAN DATUK SULAIMAN 3, TAMAN TUN DR ISMAIL, 60000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
601218-10-5723 6124355 |
1,150,000.00 |
46.00 |
|
MR. YANG CHUN KUANG |
40, JALAN PP 3/6, TAMAN PUTRA PRIMA, 47100 PUCHONG, SELANGOR,
MALAYSIA. |
730216-06-5183 |
200,000.00 |
8.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
2,500,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
593287D |
MALAYSIA |
GF PROPERTIES SDN. BHD. |
50.00 |
29/03/2013 |
|
|
|
|
|
|
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. LEONG BUH KWONG |
|
Address |
: |
11 JALAN USJ5/1C, 47500 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
5312317 |
|
New IC No |
: |
580430-08-5993 |
|
Date of Birth |
: |
30/04/1958 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
13/12/1988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MR. KAM KAR CHEONG |
|
Address |
: |
22, JALAN DATUK SULAIMAN 3, TAMAN TUN DR ISMAIL, 60000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
6124355 |
|
New IC No |
: |
601218-10-5723 |
|
Date of Birth |
: |
18/12/1960 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
13/12/1988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
|
|
|
1) |
Name of Subject |
: |
LEONG BUH KWONG |
|
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
|
|
AUDITOR
|
|
Auditor |
: |
WONG WENG FOO & CO. |
|
Auditor' Address |
: |
41, DAMAI COMPLEX, JALAN DATO HAJI EUSOFF, 50400 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. HOH CHEE MUN |
|
|
IC / PP No |
: |
A0235185 |
|
|
New IC No |
: |
651007-10-5657 |
|
|
Address |
: |
17, JALAN CHERAS MEWAH 1, TAMAN CHERAS MEWAH, 56000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
MS. HOH LEONG CHING |
|
|
IC / PP No |
: |
A0654781 |
|
|
New IC No |
: |
670228-10-5830 |
|
|
Address |
: |
20, JALAN PERDANA 2/6, TAMAN PANDAN PERDANA, 55300 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
OCBC BANK (MALAYSIA) BHD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
PUBLIC BANK BHD |
|
|
|
|
|
|
|
|
|
|
|
3) |
Name |
: |
RHB BANK BHD |
|
|
|
|
|
|
|
|
|
|
|
4) |
Name |
: |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
|
|
|
|
|
|
|
|
|
|
|
|
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
27/10/1995 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 300,000.00 |
Unsatisfied |
|
2 |
09/08/1999 |
OPEN CHARGE |
UNITED OVERSEAS BANK MALAYSIA BHD |
- |
Satisfied |
|
3 |
09/08/1999 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 800,000.00 |
Unsatisfied |
|
4 |
13/02/2004 |
AGREEMENT, MEMO OF DEPOSIT & LETTER OF SET-OFF |
AMFINANCE BERHAD |
MYR 800,000.00 |
Unsatisfied |
|
5 |
11/10/2004 |
N/A |
RHB BANK BERHAD |
MYR 750,000.00 |
Unsatisfied |
|
6 |
23/03/2005 |
MEMO OF DEPOSIT & 1ST PARTY LETTER OF SET-OFF |
AMBANK (M) BHD |
MYR 2,600,000.00 |
Unsatisfied |
|
7 |
21/08/2006 |
OPEN CHARGE |
PUBLIC BANK BHD |
- |
Unsatisfied |
|
8 |
29/05/2009 |
CASH DEPOSIT AGREEMENT DATED 29TH MAY 2009 |
OCBC 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 |
|
Import Countries |
: |
UNITED STATES,EUROPE,CHINA |
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
SINGAPORE |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
Goods Traded |
: |
INDUSTRIAL CHEMICALS
|
|
|
|
|
|
|
|
Member(s) / Affiliate(s) |
: |
SMI ASSOCIATION OF MALAYSIA |
|
|
|
|
|
|
|
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 |
20 |
20 |
23 |
20 |
20 |
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of industrial
chemicals.
The Subject offers a wide range of chemicals includes epoxy curing amine, polyamide,
PU additives, catalysts, coating resins, acrylic flow additive, dibasic ester,
EEP solvent and others.
Besides that the Subjet also acts as a distributor for :
BASF - Beta Carotene
BASF Petronas - Phthalate based plasticizer, Na Hydrosulphite, NMP
Keim Additec - Wax emulsion, dispersion (Ultraluble)
Shell Chemical - Propylene Glycol - USP
We were informed that the Subject has a warehouse located at the same premises
to keep stocks and materials.
The Subject also providing transportation services and keep its products safely
for timely delivery to its clients.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-51918881 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
7B, PERSIARAN JUBLI PERAK, SEKSYEN 22,40300,SHAH ALAM,SELANGOR. |
|
Current Address |
: |
7B, PERSIARAN JUBLI PERAK, SEKSYEN 22, 40300 SHAH ALAM, SELANGOR,
MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
NO |
Other Investigations
On 26th November 2014 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL ANALYSIS
|
|
The Subject's latest financial accounts are up to 2011 which is out
dated in our opinion. Therefore, our comment on the Subject financial
performance is restricted thereto. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : N/A |
||||||
|
|
||||||
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
|
|
Major Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption ( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment ( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption ( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment ( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation ( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.3 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
3.0 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
- |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
- |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
- |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
- |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
- |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
- |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
- |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
- |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
- |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
- |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
- |
- |
|
Bad Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
|
|
|
|
|
|
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry & Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil & Gas |
(1.7) |
- |
- |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.6 |
5.5 |
|
Exported-oriented Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical & Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles & Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food, Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical & Chemical Products |
10.0 |
10.8 |
5.6 |
- |
- |
|
Plastic Products |
3.8 |
- |
- |
- |
- |
|
Iron & Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper & Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude Oil Refineries |
9.3 |
- |
- |
- |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,856.9 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric, Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport, Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale, Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance, Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
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) |
|
FINN CHEMICALS SDN. BHD. |
|
Financial Year
End |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
2007-12-31 |
|
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 |
94,645,624 |
81,410,201 |
65,369,877 |
78,757,448 |
54,517,233 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
94,645,624 |
81,410,201 |
65,369,877 |
78,757,448 |
54,517,233 |
|
Costs of Goods Sold |
(80,128,069) |
(68,735,692) |
(55,300,453) |
- |
(51,121,154) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
14,517,555 |
12,674,509 |
10,069,424 |
- |
3,396,079 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
8,323,385 |
8,350,386 |
6,138,531 |
6,566,720 |
3,969,466 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
8,323,385 |
8,350,386 |
6,138,531 |
6,566,720 |
3,969,466 |
|
Taxation |
(2,165,540) |
(2,117,483) |
(1,554,848) |
(1,733,154) |
(1,096,009) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
6,157,845 |
6,232,903 |
4,583,683 |
4,833,566 |
2,873,457 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
23,435,242 |
19,202,339 |
17,028,156 |
12,194,590 |
9,321,133 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
23,435,242 |
19,202,339 |
17,028,156 |
12,194,590 |
9,321,133 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
29,593,087 |
25,435,242 |
21,611,839 |
17,028,156 |
12,194,590 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(2,000,000) |
(2,000,000) |
(2,409,500) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
27,593,087 |
23,435,242 |
19,202,339 |
17,028,156 |
12,194,590 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
24,218 |
929 |
4,027 |
51,745 |
45,064 |
|
Bankers' acceptance |
257,427 |
128,188 |
- |
- |
280,435 |
|
Hire purchase |
16,478 |
21,968 |
17,324 |
19,374 |
16,590 |
|
Lease interest |
- |
- |
- |
- |
1,894 |
|
Term loan / Borrowing |
241,665 |
296,810 |
164,541 |
- |
- |
|
Trust receipts |
74,508 |
36,108 |
123,930 |
238,126 |
106,501 |
|
Others |
- |
- |
107,230 |
309,487 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
614,296 |
484,003 |
417,052 |
618,732 |
450,484 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
BALANCE SHEET
|
|
FINN CHEMICALS SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
1,221,505 |
1,403,221 |
975,239 |
1,061,328 |
685,033 |
|
|
|
|
|
|
|
|
Associated companies |
2,250,500 |
2,250,500 |
2,250,500 |
2,000,500 |
1,000,500 |
|
Investments |
427,300 |
400,800 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
2,677,800 |
2,651,300 |
2,250,500 |
2,000,500 |
1,000,500 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
3,899,305 |
4,054,521 |
3,225,739 |
3,061,828 |
1,685,533 |
|
|
|
|
|
|
|
|
Stocks |
12,322,626 |
12,953,396 |
7,568,076 |
10,921,532 |
8,311,170 |
|
Trade debtors |
21,356,301 |
20,635,702 |
14,484,690 |
15,786,166 |
15,614,598 |
|
Other debtors, deposits & prepayments |
1,408,878 |
1,678,223 |
272,384 |
38,616 |
198,868 |
|
Short term deposits |
6,522,273 |
4,320,649 |
2,388,209 |
2,125,782 |
2,050,021 |
|
Amount due from associated companies |
- |
- |
- |
- |
1,000,000 |
|
Cash & bank balances |
2,760,010 |
1,844,863 |
7,046,282 |
1,655,322 |
786,572 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
44,370,088 |
41,432,833 |
31,759,641 |
30,527,418 |
27,961,229 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
48,269,393 |
45,487,354 |
34,985,380 |
33,589,246 |
29,646,762 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
8,738,262 |
9,569,743 |
6,237,161 |
4,358,390 |
5,585,500 |
|
Other creditors & accruals |
1,293,402 |
1,054,043 |
539,876 |
671,538 |
605,238 |
|
Hire purchase & lease creditors |
157,209 |
140,470 |
155,313 |
155,104 |
60,920 |
|
Bank overdraft |
3,062 |
5,685 |
588 |
294,453 |
897,067 |
|
Short term borrowings/Term loans |
996,666 |
930,695 |
886,060 |
- |
- |
|
Bill & acceptances payable |
4,426,415 |
3,943,241 |
1,337,000 |
7,434,165 |
7,912,623 |
|
Amounts owing to director |
- |
- |
- |
840,841 |
- |
|
Provision for taxation |
381,168 |
659,084 |
239,174 |
424,587 |
167,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
15,996,184 |
16,302,961 |
9,395,172 |
14,179,078 |
15,228,348 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
28,373,904 |
25,129,872 |
22,364,469 |
16,348,340 |
12,732,881 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
32,273,209 |
29,184,393 |
25,590,208 |
19,410,168 |
14,418,414 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
2,500,000 |
2,500,000 |
2,500,000 |
2,100,000 |
2,100,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
2,500,000 |
2,500,000 |
2,500,000 |
2,100,000 |
2,100,000 |
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward |
27,593,087 |
23,435,242 |
19,202,339 |
17,028,156 |
12,194,590 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
27,593,087 |
23,435,242 |
19,202,339 |
17,028,156 |
12,194,590 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
30,093,087 |
25,935,242 |
21,702,339 |
19,128,156 |
14,294,590 |
|
|
|
|
|
|
|
|
Long term loans |
1,819,962 |
2,826,687 |
3,756,930 |
- |
- |
|
Hire purchase creditors |
275,160 |
353,464 |
79,939 |
235,012 |
82,824 |
|
Deferred taxation |
85,000 |
69,000 |
51,000 |
47,000 |
41,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
2,180,122 |
3,249,151 |
3,887,869 |
282,012 |
123,824 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
32,273,209 |
29,184,393 |
25,590,208 |
19,410,168 |
14,418,414 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
FINN CHEMICALS SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
9,282,283 |
6,165,512 |
9,434,491 |
3,781,104 |
2,836,593 |
|
Net Liquid Funds |
4,852,806 |
2,216,586 |
8,096,903 |
(3,947,514) |
(5,973,097) |
|
Net Liquid Assets |
16,051,278 |
12,176,476 |
14,796,393 |
5,426,808 |
4,421,711 |
|
Net Current Assets/(Liabilities) |
28,373,904 |
25,129,872 |
22,364,469 |
16,348,340 |
12,732,881 |
|
Net Tangible Assets |
32,273,209 |
29,184,393 |
25,590,208 |
19,410,168 |
14,418,414 |
|
Net Monetary Assets |
13,871,156 |
8,927,325 |
10,908,524 |
5,144,796 |
4,297,887 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
7,678,474 |
8,200,242 |
6,215,830 |
8,118,734 |
8,953,434 |
|
Total Liabilities |
18,176,306 |
19,552,112 |
13,283,041 |
14,461,090 |
15,352,172 |
|
Total Assets |
48,269,393 |
45,487,354 |
34,985,380 |
33,589,246 |
29,646,762 |
|
Net Assets |
32,273,209 |
29,184,393 |
25,590,208 |
19,410,168 |
14,418,414 |
|
Net Assets Backing |
30,093,087 |
25,935,242 |
21,702,339 |
19,128,156 |
14,294,590 |
|
Shareholders' Funds |
30,093,087 |
25,935,242 |
21,702,339 |
19,128,156 |
14,294,590 |
|
Total Share Capital |
2,500,000 |
2,500,000 |
2,500,000 |
2,100,000 |
2,100,000 |
|
Total Reserves |
27,593,087 |
23,435,242 |
19,202,339 |
17,028,156 |
12,194,590 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.58 |
0.38 |
1.00 |
0.27 |
0.19 |
|
Liquid Ratio |
2.00 |
1.75 |
2.57 |
1.38 |
1.29 |
|
Current Ratio |
2.77 |
2.54 |
3.38 |
2.15 |
1.84 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
48 |
58 |
42 |
51 |
56 |
|
Debtors Ratio |
82 |
93 |
81 |
73 |
105 |
|
Creditors Ratio |
40 |
51 |
41 |
20 |
40 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.26 |
0.32 |
0.29 |
0.42 |
0.63 |
|
Liabilities Ratio |
0.60 |
0.75 |
0.61 |
0.76 |
1.07 |
|
Times Interest Earned Ratio |
14.55 |
18.25 |
15.72 |
11.61 |
9.81 |
|
Assets Backing Ratio |
12.91 |
11.67 |
10.24 |
9.24 |
6.87 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
8.79 |
10.26 |
9.39 |
8.34 |
7.28 |
|
Net Profit Margin |
6.51 |
7.66 |
7.01 |
6.14 |
5.27 |
|
Return On Net Assets |
27.69 |
30.27 |
25.62 |
37.02 |
30.65 |
|
Return On Capital Employed |
27.56 |
30.12 |
25.46 |
36.18 |
28.75 |
|
Return On Shareholders' Funds/Equity |
20.46 |
24.03 |
21.12 |
25.27 |
20.10 |
|
Dividend Pay Out Ratio (Times) |
0.32 |
0.32 |
0.53 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.97.23 |
|
Euro |
1 |
Rs.77.21 |
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.