|
Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TEN OPTIMUM (M) SDN. BHD. |
|
|
|
|
Registered Office : |
23, Jalan Ss2/30, 1st Floor, 47300 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
16.07.1993 |
|
|
|
|
Com. Reg. No.: |
270221-T |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing and Distribution oif Polythene, Plastic Bags
and Sheets |
|
|
|
|
No. of Employees : |
130 |
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 : |
Slow but correct |
|
|||
|
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. |
: |
270221-T |
||||
|
COMPANY NAME |
: |
TEN OPTIMUM (M) SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
16/07/1993 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
23, JALAN SS2/30, 1ST FLOOR, 47300 PETALING JAYA,
SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
1, LINTANG SULTAN HISHAMUDDIN 2, KAWASAN 20, KAWASAN PERINDUSTRIAN
BANDAR SULTAN SULAIMAN, 42008 PORT KLANG, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-31762822 |
||||
|
FAX.NO. |
: |
03-31762820 |
||||
|
EMAIL |
: |
TENOPTIMUM@PO.JARING.MY |
||||
|
CONTACT PERSON |
: |
IP LAI YING ( EXECUTIVE DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
22204 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING AND DISTRIBUTION OF POLYTHENE, PLASTIC BAGS
AND SHEETS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 25,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 11,400,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 52,294,341 [2013] |
||||
|
NET WORTH |
: |
MYR 49,304,516 [2013] |
||||
|
STAFF STRENGTH |
: |
130 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
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 and
distribution of polythene, plastic bags and sheets.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate
holding company of the Subject is KWAN FUNG INDUSTRIAL COMPANY LIMITED, a
company incorporated in HONG KONG.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
15/02/2013 |
MYR 25,000,000.00 |
MYR 11,400,000.00 |
|
30/11/1998 |
MYR 5,000,000.00 |
MYR 3,810,000.00 |
|
21/03/1994 |
MYR 5,000,000.00 |
MYR 2,600,000.00 |
|
16/12/1993 |
MYR 5,000,000.00 |
MYR 650,000.00 |
|
16/07/1993 |
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 |
(%) |
|
KWAN FUNG INDUSTRIAL COMPANY LIMITED |
UNIT S, 3F, CAMELPAINT BUILDING III, 60, HOI YUEN ROAD,
KWUN TONG, KOWLOON, HONG KONG. |
70512 |
11,400,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
11,400,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also
Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As
At |
|
711776P |
MALAYSIA |
EMINENT PROSPERITY SDN. BHD. |
99.00 |
31/12/2013 |
DIRECTOR 1
|
Name Of Subject |
: |
FRANCIS CHUN KWONG IP |
|
Address |
: |
2A, JALAN MENARA U8/9, BUKIT JELUTONG, SEKSYEN U8, 40150 SHAH
ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
511470502 |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
13/08/1993 |
DIRECTOR 2
|
Name Of Subject |
: |
MS. NG YOON LIN |
|
Address |
: |
6-2-5, ANGSA APARTMENT, SIRI SINAR, SEGAMBUT, MALAYSIA. |
|
IC / PP No |
: |
1391218 |
|
New IC No |
: |
470902-08-6066 |
|
Date of Birth |
: |
02/09/1947 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
30/06/2008 |
DIRECTOR 3
|
Name Of Subject |
: |
PATSY IP LAI YING |
|
Address |
: |
FLAT C, BLOCK 5, BEVERLY VILLAS, 16, LA SALLE ROAD,
KOWLOON, HONG KONG. |
|
IC / PP No |
: |
K00339769 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
01/11/1994 |
|
1) |
Name of Subject |
: |
FRANCIS CHUN KWONG IP |
|
Position |
: |
MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
IP LAI YING |
|
Position |
: |
EXECUTIVE DIRECTOR |
|
|
3) |
Name of Subject |
: |
WANG TING KIM |
|
Position |
: |
FINANCE MANAGER |
|
Auditor |
: |
RUSSELL BEDFORD LC & COMPANY |
|
Auditor' Address |
: |
BANGUNAN YEE SENG, 15, JALAN RAJA CHULAN, 50200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. LIM AY JU |
|
IC / PP No |
: |
A1546670 |
|
|
New IC No |
: |
700530-04-5124 |
|
|
Address |
: |
E2-502, BLOCK E2, PANGSAPURI SRI PELANGI, 1, JALAN BUMI U5/137,
SEKSYEN U5, TINGKAT 5, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
2) |
Name |
: |
STANDARD CHARTERED BANK |
|
3) |
Name |
: |
BAN HIN LEE BANK BERHAD |
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
04/05/1994 |
N/A |
STANDARD CHARTERED BANK |
- |
Satisfied |
|
2 |
04/05/1994 |
N/A |
BAN HIN LEE BANK BERHAD |
- |
Satisfied |
|
3 |
27/01/1995 |
N/A |
BAN HIN LEE BANK BERHAD |
- |
Satisfied |
|
4 |
27/01/1995 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BERHAD |
- |
Satisfied |
|
5 |
14/04/1995 |
N/A |
BAN HIN LEE BANK BERHAD |
- |
Satisfied |
|
6 |
03/04/1998 |
N/A |
BAN HIN LEE BANK BERHAD |
MYR 1,985,000.00 |
Satisfied |
|
7 |
04/09/1998 |
DEBENTURE
& OPEN CHARGE |
PHILEOALFIED BANK (MALAYSIA) BERHAD |
- |
Unsatisfied |
|
8 |
16/09/1998 |
OPEN
CHARGE |
PHILEOALLIED BANK (MALAYSIA) BERHAD |
- |
Unsatisfied |
|
9 |
16/09/1998 |
N/A |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
|
10 |
30/09/2004 |
N/A |
MALAYAN BANKING BERHAD |
MYR 20,300,000.00 |
Satisfied |
|
11 |
14/11/2005 |
N/A |
MALAYAN BANKING BHD |
MYR 1,400,000.00 |
Satisfied |
|
12 |
14/11/2005 |
N/A |
MALAYAN BANKING BHD |
MYR 1,200,000.00 |
Satisfied |
|
13 |
14/11/2005 |
N/A |
MALAYAN BANKING BHD |
MYR 10,100,000.00 |
Unsatisfied |
|
14 |
14/11/2005 |
N/A |
MALAYAN BANKING BHD |
MYR 6,200,000.00 |
Unsatisfied |
|
15 |
17/03/2009 |
N/A |
MAYBANK ISLAMIC BERHAD |
MYR 5,000,000.00 |
Satisfied |
|
16 |
30/03/2009 |
MEMO
OF 1ST PARTY 3RD LEGAL CHARGE |
MAYBANK ISLAMIC BERHAD |
MYR 5,000,000.00 |
Unsatisfied |
* 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.
* 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.
|
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 |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
Percentage |
: |
5% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
95% |
|
Export Market |
: |
AUSTRALIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
LETTER OF CREDIT (LC) |
|||
|
Type of Customer |
: |
RETAIL,DISTRIBUTORS |
|||
|
Products manufactured |
: |
|
|
|
Member(s) / Affiliate(s) |
: |
MALAYSIAN PLASTICS MANUFACTURERS ASSOCIATION (MPMA) |
|
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2012 |
2011 |
2010 |
2009 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
130 |
130 |
120 |
120 |
130 |
||||
|
Branch |
: |
YES |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing and
distribution of polythene, plastic bags and sheets.
The Subject produces a wire range of packaging materials as follows:
- Soft Loop Handle Bags
- Patch Handle Bags
- High & Low Density Flat and T-Shirt Bags
- Builders Film
- Carton Liners For Food Packaging
- Bags On Roll
The Subject utilises state-of-the-art machineries acquisitions of German
technology to ensure production of high quality products.
We were informed that the Subject produces its bags in plain and printed
formats based on the customers' requirements.
The Subject mainly produces 2 types of packaging bags as follows:
1) Shopping bags
2) T-shirt bags
The Subject produces according to its customers' requirements.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
0331762822 |
|
Current Telephone Number |
: |
03-31762822 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
1, LINTANG SULTAN HISHAMUDDIN 2, KAWASAN 20, KAWASAN
PERINDUSTRIAN BANDAR SULTAN SULAIMAN,42008,PORT KLANG,SELANGOR. |
|
Current Address |
: |
1, LINTANG SULTAN HISHAMUDDIN 2, KAWASAN 20, KAWASAN PERINDUSTRIAN
BANDAR SULTAN SULAIMAN, 42008 PORT KLANG, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 29th October 2014 we contacted one of the staff from the Subject and she provided
some information.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009
- 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(4.65%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(1.52%) |
] |
|
|
The fluctuating turnover reflects the fierce competition
among the existing and new market players.The Subject incurred losses during the
year due to the inefficient control of its operating costs. The Subject's
unfavourable returns on shareholders' funds indicate the management's
inefficiency in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
96
Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
123
Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
38
Days |
] |
|
|
The Subject could be incurring higher holding cost. As its
capital was tied up in stocks, it could face liquidity problems. The
Subject's debtors ratio was high. The Subject should tighten its credit
control and improve its collection period. 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 |
: |
Acceptable |
[ |
0.95
Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.46
Times |
] |
|
|
The Subject's liquid ratio was slightly low. This could
indicate that the Subject's working capital was slightly deficient. The
Subject will have to improve its liquidity position either by obtaining short
term financing or increase its paid up capital so that it can meet all its
short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
(0.60
Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.56
Times |
] |
|
|
The Subject incurred losses in the year. It did not
generate sufficient income to service its interest. If the situation
does not improve, the Subject may be vulnerable to default in servicing the interest.
The Subject was lowly geared thus it had a low financial risk. The Subject
was mainly financed by its shareholders' funds and internally generated
funds. In times of economic slowdown / downturn, the Subject being a lowly
geared company, will be able to compete better than those companies which are
highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's losses increased but its turnover showed a
fluctuating trend. This indicate the Subject was slowly losing its
market share due to its competitors. The Subject's liquidity was at an
acceptable range. If the Subject is able to obtain further short term
financing, it should be able to meet all its short term obligations. The
Subject's interest cover was negative, indicating that it did not generate
sufficient income to service its interest. If its result does not show
impressive improvements or succeed obtaining short term financing or capital
injection, it may not be able to service its interest and repay the loans.
The Subject as a lowly geared company, will be more secured compared to those
highly geared companies. It has the ability to meet all its long term
obligations. |
||||||
|
Overall financial condition of the Subject : LIMITED |
||||||
|
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 |
- |
|
|
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 |
|||||
|
MSIC CODE |
|
|
22204 : Manufacture of builders' plastics ware |
|
|
INDUSTRY : |
MANUFACTURING |
|
The Manufacturing sector is one of the important sectors
to the growth of the Malaysian economy. According to Ministry of Finance, the
manufacturing sector is expected to grow 4.9% in year 2013. Export
oriented-industries are expected to benefit from the higher growth of global
trade, while domesticoriented industries expand in line with the better
consumer sentiment and business confidence. The resource-based industries are
envisaged to grow steadily attributed to improved demand for petroleum,
chemical, rubber and plastic products. With better job prospects and higher
disposable income, the transportation equipment subsector, in particular, the
passenger car segment is expected to expand. |
|
|
Value-added of the manufacturing sector expanded 5% during
the first half of 2012. Output of the sector rose 5.2% during the first
sevenmonths of 2012 in line with the increase in sales value of manufactured
products by 6.5% to RM363.1 billion. Output from domesticoriented industries
continued to expand 8.6% while export-oriented industries grew 4.1%. |
|
|
According to the Department of Statistics, the sales value
of the Manufacturing sector in January 2013 posted a growth of 7.4% (RM3.6
billion) to record RM52.4 billion as compared to RM48.8 billion reported in
year 2012. Meanwhile, month-on-month basis, the sales value has decreased by
0.4% (RM0.2 billion) as compared with the preceding month. The sales value in
December 2012 has been revised positive 7.5% year-on-year to record RM52.6
billion. |
|
|
Output of rubber products increased 3.6% in the first
seven month of 2012 mainly supported by continuous demand for rubber gloves. Output
of rubber gloves grew 5.9% on account of the expansion in the global
healthcare industry and wider usage of gloves in other sectors. Similarly,
output of catheters, especially for use in medical appliances, also
registered a strong growth of 12.6%. Nevertheless, production of rubber tyres
and tubes reduced 10.9% in tandem with slowing external demand from the
automotive industry, especially China. |
|
|
Meanwhile, production of wood and wood products rebounded
4.6% largely supported by higher demand for wooden and cane furniture
(33.5%). The positive performance was attributed to vibrant higher demand
from major export destinations such as China and the United States (US) for
Malaysian-made furniture. Demand from China accelerated further following the
country’s rising income level and the implementation of zero import duty on
Malaysian made-furniture. Malaysia government has growth target of 6.5% for
wood based furniture where estimated to reach up to RM53 billion by year
2020.The government providing pioneer status for tax exemption and investment
tax allowance for this industry as a boost up step towards produce good
quality product and to meet the world demand. |
|
|
The output of chemicals and chemical products rose 9.9% in
the first seven month of year 2012 on account of increasing demand for
plastic products (11.8%) and basic chemicals (11.1%). External demand for
plastic packaging materials surged during the early part of the year 2012,
particularly from Japan and Thailand, as manufacturers resumed operations,
which were interrupted by natural calamities and power outages. Chemical
production are expected to show 7.5 % in year 2013 inline with Malaysia as
one of the largest contributor in world Chemicals & Chemical industries. |
|
|
Tax and non-tax incentives provided by goverment encourage
manufacturers to move up the value chain of manufacturing industry. The new
growth initiatives by goverment in the manufacturing sector such assolar and
medial services can be important drivers of growth apart from helping to
diversify the manufacturing base and contributing to the resilience of the
sector. |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
Incorporated
in 1993 as a Private Limited company, the Subject is principally engaged in
the manufacturing and distribution of polythene, plastic bags and sheets.
With experiences for about 20 years in the industry, the Subject's operation
has been running relatively stable since it has built up a relatively sound
and stable clientele base which has contributed to its business growth. With
an issued and paid up capital of MYR 11,400,000 and strong backing from its
holding company, the Subject has the ability to further expand its business
in the future compared to other corporation. |
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
TEN
OPTIMUM (M) 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 |
GROUP |
GROUP |
|
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 |
52,294,341 |
56,572,795 |
54,523,496 |
60,077,437 |
67,490,023 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
52,294,341 |
56,572,795 |
54,523,496 |
60,077,437 |
67,490,023 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(2,547,300) |
2,525,069 |
2,754,074 |
5,337,108 |
9,187,327 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(2,547,300) |
2,525,069 |
2,754,074 |
5,337,108 |
9,187,327 |
|
Taxation |
254,445 |
(217,312) |
(116,338) |
(1,115,438) |
(1,508,665) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(2,292,855) |
2,307,757 |
2,637,736 |
4,221,670 |
7,678,662 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
40,197,371 |
37,889,614 |
35,251,878 |
31,530,208 |
23,851,546 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
40,197,371 |
37,889,614 |
35,251,878 |
31,530,208 |
23,851,546 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
37,904,516 |
40,197,371 |
37,889,614 |
35,751,878 |
31,530,208 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
- |
(500,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
37,904,516 |
40,197,371 |
37,889,614 |
35,251,878 |
31,530,208 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
313,427 |
185,685 |
- |
30,671 |
11,824 |
|
Hire purchase |
822,016 |
770,841 |
- |
802,444 |
493,903 |
|
Term loan / Borrowing |
257,173 |
320,550 |
- |
435,842 |
488,995 |
|
Others |
198,318 |
195,699 |
- |
291,259 |
420,546 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,590,934 |
1,472,775 |
- |
1,560,216 |
1,415,268 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TEN
OPTIMUM (M) SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
50,124,135 |
45,118,428 |
47,734,427 |
45,182,388 |
47,083,287 |
|
Investments |
- |
- |
- |
146,800 |
46,000 |
|
Others |
100,800 |
100,800 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
100,800 |
100,800 |
146,800 |
146,800 |
46,000 |
|
Others |
46,000 |
46,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
46,000 |
46,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
50,270,935 |
45,265,228 |
47,881,227 |
45,329,188 |
47,129,287 |
|
Stocks |
13,796,213 |
12,901,547 |
- |
12,069,138 |
10,646,755 |
|
Trade debtors |
17,567,489 |
16,041,753 |
- |
19,132,795 |
23,260,375 |
|
Other debtors, deposits & prepayments |
1,573,702 |
3,442,357 |
- |
1,227,037 |
1,178,969 |
|
Amount due from holding company |
592,097 |
355,109 |
- |
- |
- |
|
Amount due from subsidiary companies |
5,098,802 |
5,267,836 |
- |
- |
- |
|
Cash & bank balances |
936,169 |
4,339,662 |
- |
6,276,720 |
8,303,962 |
|
Others |
157,965 |
- |
- |
1,259,594 |
674,891 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
39,722,437 |
42,348,264 |
40,634,980 |
39,965,284 |
44,064,952 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
89,993,372 |
87,613,492 |
88,516,207 |
85,294,472 |
91,194,239 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
5,471,125 |
4,728,220 |
- |
4,784,311 |
8,796,349 |
|
Other creditors & accruals |
1,461,699 |
1,134,447 |
- |
1,723,982 |
2,531,016 |
|
Hire purchase & lease creditors |
4,570,067 |
4,228,215 |
- |
3,708,359 |
2,651,153 |
|
Bank overdraft |
2,900,903 |
3,406,715 |
- |
- |
- |
|
Short term borrowings/Term loans |
1,212,672 |
1,145,187 |
- |
1,006,537 |
946,487 |
|
Other borrowings |
8,655,924 |
7,568,575 |
- |
- |
- |
|
Amounts owing to holding company |
- |
- |
- |
828,319 |
808,400 |
|
Amounts owing to subsidiary companies |
42,077 |
- |
- |
- |
- |
|
Amounts owing to director |
2,832,041 |
2,986 |
- |
993,180 |
1,390,297 |
|
Provision for taxation |
22,706 |
26,233 |
- |
20,992 |
379,754 |
|
Other liabilities |
- |
- |
- |
7,622,072 |
9,647,232 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
27,169,214 |
22,240,578 |
20,958,837 |
20,687,752 |
27,150,688 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
12,553,223 |
20,107,686 |
19,676,143 |
19,277,532 |
16,914,264 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
62,824,158 |
65,372,914 |
67,557,370 |
64,606,720 |
64,043,551 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
11,400,000 |
11,400,000 |
11,400,000 |
11,400,000 |
11,400,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
11,400,000 |
11,400,000 |
11,400,000 |
11,400,000 |
11,400,000 |
|
Retained profit/(loss) carried forward |
37,904,516 |
40,197,371 |
37,889,614 |
35,251,878 |
31,530,208 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
37,904,516 |
40,197,371 |
37,889,614 |
35,251,878 |
31,530,208 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
49,304,516 |
51,597,371 |
49,289,614 |
46,651,878 |
42,930,208 |
|
Long term loans |
2,558,897 |
3,774,649 |
- |
6,024,005 |
7,053,654 |
|
Hire purchase creditors |
7,580,245 |
6,287,294 |
- |
8,021,537 |
11,066,489 |
|
Deferred taxation |
3,380,500 |
3,713,600 |
- |
3,909,300 |
2,993,200 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
13,519,642 |
13,775,543 |
18,267,756 |
17,954,842 |
21,113,343 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
62,824,158 |
65,372,914 |
67,557,370 |
64,606,720 |
64,043,551 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TEN
OPTIMUM (M) SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
936,169 |
4,339,662 |
- |
6,276,720 |
8,303,962 |
|
Net Liquid Funds |
(1,964,734) |
932,947 |
- |
6,276,720 |
8,303,962 |
|
Net Liquid Assets |
(1,242,990) |
7,206,139 |
19,676,143 |
7,208,394 |
6,267,509 |
|
Net Current Assets/(Liabilities) |
12,553,223 |
20,107,686 |
19,676,143 |
19,277,532 |
16,914,264 |
|
Net Tangible Assets |
62,778,158 |
65,326,914 |
67,557,370 |
64,606,720 |
64,043,551 |
|
Net Monetary Assets |
(14,762,632) |
(6,569,404) |
1,408,387 |
(10,746,448) |
(14,845,834) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
27,478,708 |
26,410,635 |
- |
18,760,438 |
21,717,783 |
|
Total Liabilities |
40,688,856 |
36,016,121 |
39,226,593 |
38,642,594 |
48,264,031 |
|
Total Assets |
89,993,372 |
87,613,492 |
88,516,207 |
85,294,472 |
91,194,239 |
|
Net Assets |
62,824,158 |
65,372,914 |
67,557,370 |
64,606,720 |
64,043,551 |
|
Net Assets Backing |
49,304,516 |
51,597,371 |
49,289,614 |
46,651,878 |
42,930,208 |
|
Shareholders' Funds |
49,304,516 |
51,597,371 |
49,289,614 |
46,651,878 |
42,930,208 |
|
Total Share Capital |
11,400,000 |
11,400,000 |
11,400,000 |
11,400,000 |
11,400,000 |
|
Total Reserves |
37,904,516 |
40,197,371 |
37,889,614 |
35,251,878 |
31,530,208 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.03 |
0.20 |
- |
0.30 |
0.31 |
|
Liquid Ratio |
0.95 |
1.32 |
- |
1.35 |
1.23 |
|
Current Ratio |
1.46 |
1.90 |
1.94 |
1.93 |
1.62 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
96 |
83 |
- |
73 |
58 |
|
Debtors Ratio |
123 |
103 |
- |
116 |
126 |
|
Creditors Ratio |
38 |
31 |
- |
29 |
48 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.56 |
0.51 |
- |
0.40 |
0.51 |
|
Liabilities Ratio |
0.83 |
0.70 |
0.80 |
0.83 |
1.12 |
|
Times Interest Earned Ratio |
(0.60) |
2.71 |
- |
4.42 |
7.49 |
|
Assets Backing Ratio |
5.51 |
5.73 |
5.93 |
5.67 |
5.62 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(4.87) |
4.46 |
5.05 |
8.88 |
13.61 |
|
Net Profit Margin |
(4.38) |
4.08 |
4.84 |
7.03 |
11.38 |
|
Return On Net Assets |
(1.52) |
6.12 |
4.08 |
10.68 |
16.56 |
|
Return On Capital Employed |
(1.36) |
5.47 |
4.08 |
10.10 |
15.90 |
|
Return On Shareholders' Funds/Equity |
(4.65) |
4.47 |
5.35 |
9.05 |
17.89 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
- |
0.12 |
0.00 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
- |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.21 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.