|
Report Date : |
18.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
KANEKA EPERAN SDN. BHD. |
|
|
|
|
Registered Office : |
Lot 123-124, Jalan Gebeng 2/3, Gebeng Industrial Estates, 26080 Kuantan, Pahang |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
12.07.1996 |
|
|
|
|
Com. Reg. No.: |
393957-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturer of Foams |
|
|
|
|
No. of Employees : |
50 |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. |
: |
393957-K |
||||
|
COMPANY NAME |
: |
KANEKA EPERAN SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
12/07/1996 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
LOT 123-124, JALAN GEBENG 2/3, GEBENG INDUSTRIAL ESTATES,
26080 KUANTAN, PAHANG, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 123-124, JALAN GEBENG 2/3, GEBENG INDUSTRIAL ESTATE,
26080 KUANTAN, PAHANG, MALAYSIA. |
||||
|
TEL.NO. |
: |
09-5826000 |
||||
|
FAX.NO. |
: |
09-5837777 |
||||
|
CONTACT PERSON |
: |
MASAHIRO KOZAI ( MANAGING DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
22203 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURER OF FOAMS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 20,000,000.00 DIVIDED INTO
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 16,000,000.00 DIVIDED INTO
|
||||
|
|
|
|
||||
|
SALES |
: |
MYR 38,561,523 [2013] |
||||
|
NET WORTH |
: |
MYR 42,182,627 [2013] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
50 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The Subject is a private limited company and is allowed to
have a minimum of one and a maximum of forty-nine shareholders. As a private
limited company, the Subject must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a separate
legal entity, the Subject is capable of owning assets, entering into contracts,
sue or be sued by other companies. The liabilities of the shareholders are to
the extent of the equity they have taken up and the creditors cannot claim on
shareholders' personal assets even if the Subject is insolvent. The Subject is
governed by the Companies Act, 1965 and the company must file its annual
returns, together with its financial statements with the Registrar of
Companies.
The Subject is principally engaged in the (as a / as an)
manufacturer of foams.
The Subject is not listed on Bursa Malaysia (Malaysia Stock
Exchange).
The immediate holding company of the Subject is KANEKA
CORPORATION, a company incorporated in JAPAN.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
30/09/2011 |
MYR 20,000,000.00 |
MYR 16,000,000.00 |
|
31/03/1997 |
MYR 12,000,000.00 |
MYR 12,000,000.00 |
|
28/02/1997 |
MYR 12,000,000.00 |
MYR 10,800,000.00 |
|
15/08/1996 |
MYR 12,000,000.00 |
MYR 1,000,000.00 |
|
12/07/1996 |
MYR 12,000,000.00 |
MYR 3.00 |
The major shareholder(s) of the Subject are shown as follows
:
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
KANEKA CORPORATION |
3-2-4, NAKANOSHIMA KITA-KU, OSAKA, 5308288, JAPAN. |
XLZ000006873 |
16,000,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
16,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. MASAHIRO KOZAI |
|
Address |
: |
LOT 123-124 JALAN GEBENG 2/3,, GEBENG INDUSTRIAL ESTATE,
26080 KUANTAN, PAHANG, MALAYSIA. |
|
IC / PP No |
: |
TH2721575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
02/04/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
IKUO AOI |
|
Address |
: |
A-503, MARINE CITY, KANAZAWABUNKO, 391, SHIBAMACHI,KANAZAWA-WARD,
YOKOHAMA-CITY, KANAGAWA-PREFECTURE, JAPAN, JAPAN. |
|
IC / PP No |
: |
TG7110778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
31/03/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MR. KOKI TAKAHASHI |
|
Address |
: |
A-6-3, TIFFANI KIARA, 1, CHANGKAT DUTA KIARA, OFF JALAN
DUTA KIARA, MONT' KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
TK6809284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
31/03/2014 |
|
1) |
Name of Subject |
: |
MASAHIRO KOZAI |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
KPMG TOWER, 8, BANDAR UTAMA, 1ST FLOOR, LEVEL 10, 47800
PETALING JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
1) |
Company Secretary |
: |
MS. SEOW SIEW CHAN |
|
|
IC / PP No |
: |
A1414783 |
|
|
New IC No |
: |
690816-06-5300 |
|
|
Address |
: |
A-5644, LORONG ALOR AKAR 25, 25250 KUANTAN, PAHANG,
MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
* 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 since 1990. Information
was provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
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 |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
Products manufactured |
: |
|
|||||
|
|
|
|
|||||
|
Award |
: |
1 ) ISO/ TS 16949 : 2002 Year
:2005
|
|||||
|
|
|
|
|||||
|
Competitor(s) |
: |
CAMEL FOAM INDUSTRIES SDN BHD
|
|||||
|
|
|
|
|||||
|
Ownership of premises |
: |
OWNED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
|
COMPANY |
50 |
50 |
50 |
54 |
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturer of foams.
The Subject mainly focuses on manufacturing polyethylene polypropylene beads
foams.
The Subject utilizes advanced automated and semi-automated machineries to
ensure production of high quality products.
Latest fresh investigations carried out on the Subject
indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
09-5826000 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
SUITE 1502, 15TH FLOOR, CENTRE POINT SOUTH, MID VALLEY
CITY LINGKARAN SYED PUTRA 59200 KUALA LUMPUR |
|
Current Address |
: |
LOT 123-124, JALAN GEBENG 2/3, GEBENG INDUSTRIAL ESTATE,
26080 KUANTAN, PAHANG, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 18th September 2014 we contacted one of the staff from the Subject's Company
Secretary and she provided some information.
We tried to contact the Subject numerous ocassions but not answered. Therefore
we contacted the Subject's Company Secretary.
She is not aware of the address provided.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
4.87% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
6.88% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition
among the existing and new market players.The higher profit could be attributed
to the increase in turnover. The unfavourable return on shareholders' funds
could indicate that the Subject was inefficient in utilising its assets to
generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
96 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
32 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
7 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject could be incurring higher holding cost. As its
capital was tied up in stocks, it could face liquidity problems. The
favourable debtors' days could be due to the good credit control measures
implemented by the Subject. 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 |
[ |
10.13 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
13.47 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 : |
|
|
|
|
|
|
|
Although the turnover was erratic, the Subject had
maintained a steady growth in its profit. This indicate the management's
efficiency in controlling its costs and profitability. The Subject was in good
liquidity position with its total current liabilities well covered by its
total current assets. With its current net assets, the Subject should be able
to repay its short term obligations. The Subject 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 : FAIR |
||||||
|
Major Economic Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic Products ( % ) |
(0.5) |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private Expenditure ( % ) |
(2.7) |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
(17.2) |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public Expenditure ( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
(1.2) |
|
Investment ( % ) |
8.0 |
2.8 |
(0.3) |
15.9 |
4.2 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
(28,450) |
(40,482) |
(45,511) |
(42,297) |
(39,993) |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(4.8) |
(5.6) |
(5.4) |
(4.5) |
(4.0) |
|
Inflation ( % Change in Composite CPI) |
(5.2) |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
(0.1) |
6.2 |
3.0 |
(0.0) |
- |
|
Liquidation of Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
(34.5) |
417.8 |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
28,876 |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
21,984 |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
12.3 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.1 |
2.4 |
5.8 |
1.3 |
2.1 |
|
Palm Oil |
(1.1) |
(3.4) |
10.8 |
(2.8) |
- |
|
Rubber |
(19.8) |
9.9 |
6.1 |
(0.6) |
- |
|
Forestry & Logging |
(5.9) |
(3.3) |
(7.6) |
(2.2) |
- |
|
Fishing |
5.5 |
5.6 |
2.1 |
(0.7) |
- |
|
Other Agriculture |
9.0 |
7.9 |
7.1 |
6.4 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
413.7 |
508.4 |
634.1 |
- |
- |
|
% of Industry Non-Performing Loans |
1.3 |
2.1 |
3.2 |
- |
- |
|
|
|
|
|
|
|
|
Mining |
(6.5) |
(0.3) |
(5.4) |
1.0 |
0.7 |
|
Oil & Gas |
2.1 |
0.5 |
(1.7) |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
44.2 |
49.7 |
46.5 |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
(9.0) |
11.9 |
4.7 |
4.8 |
3.5 |
|
Exported-oriented Industries |
(19.0) |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
(30.3) |
28.4 |
(4.0) |
12.7 |
18.6 |
|
Rubber Products |
(10.1) |
25.3 |
20.7 |
3.0 |
8.2 |
|
Wood Products |
(24.1) |
20.1 |
(5.1) |
8.7 |
(3.1) |
|
Textiles & Apparel |
(19.5) |
(0.4) |
13.2 |
(7.1) |
(2.6) |
|
Domestic-oriented Industries |
(9.8) |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.8 |
2.7 |
3.6 |
|
Chemical & Chemical Products |
(7.7) |
16.2 |
10.0 |
10.8 |
(0.7) |
|
Plastic Products |
(9.1) |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
(32.7) |
29.3 |
2.2 |
(6.6) |
3.4 |
|
Fabricated Metal Products |
(2.5) |
14.9 |
21.8 |
13.8 |
12.2 |
|
Non-metallic Mineral |
(15.5) |
20.2 |
12.1 |
2.9 |
(0.4) |
|
Transport Equipment |
(13.5) |
36.5 |
12.0 |
3.4 |
13.8 |
|
Paper & Paper Products |
(5.0) |
18.7 |
9.5 |
3.1 |
2.3 |
|
Crude Oil Refineries |
0.2 |
(11.4) |
9.3 |
- |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,007.3 |
6,217.5 |
6,537.2 |
- |
- |
|
% of Industry Non-Performing Loans |
18.3 |
23.8 |
25.7 |
- |
- |
|
|
|
|
|
|
|
|
Construction |
6.2 |
11.4 |
4.7 |
18.6 |
10.9 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,241.8 |
4,038.5 |
3,856.9 |
- |
- |
|
% of Industry Non-Performing Loans |
9.9 |
10.7 |
10.2 |
- |
- |
|
|
|
|
|
|
|
|
Services |
2.9 |
7.4 |
7.1 |
6.4 |
5.9 |
|
Electric, Gas & Water |
1.4 |
7.8 |
3.5 |
4.4 |
4.2 |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.1 |
7.3 |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
4.7 |
5.9 |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.9 |
9.7 |
3.7 |
|
Government Services |
3.4 |
5.9 |
12.4 |
9.4 |
8.3 |
|
Other Services |
3.8 |
4.4 |
5.1 |
3.9 |
5.1 |
|
Industry Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing
Production Index |
|||||
|
MSIC CODE |
|
|
22203 : Manufacture of plastic articles for the packing of
goods |
|
|
|
|
|
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 1996, the
Subject is a Private Limited company, focusing on manufacturer of foams.
Having been in the industry for over a decade, the Subject has achieved a
certain market share and has built up a satisfactory reputation in the
market. It should have received supports from its regular customers. Having
strong support from its holding company has enabled the Subject to remain
competitive despite the challenging business environment. The Subject is a
large entity with strong capital position. We are confident with the
Subject's business and its future growth prospect. |
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
KANEKA EPERAN SDN. BHD. |
|
Financial Year End |
2013-03-31 |
2012-03-31 |
2011-03-31 |
2010-03-31 |
2009-03-31 |
|
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 |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
38,561,523 |
37,248,589 |
44,200,328 |
40,323,770 |
41,465,640 |
|
Other Income |
- |
- |
630,799 |
256,760 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
38,561,523 |
37,248,589 |
44,831,127 |
40,580,530 |
41,465,640 |
|
Costs of Goods Sold |
(25,656,029) |
(26,081,654) |
(30,179,038) |
(26,150,436) |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
12,905,494 |
11,166,935 |
14,652,089 |
14,430,094 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
2,900,807 |
1,888,090 |
2,654,573 |
2,921,309 |
2,196,690 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
2,900,807 |
1,888,090 |
2,654,573 |
2,921,309 |
2,196,690 |
|
Taxation |
(844,454) |
(478,203) |
(576,121) |
(1,333,015) |
(610,456) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
2,056,353 |
1,409,887 |
2,078,452 |
1,588,294 |
1,586,234 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
24,958,274 |
24,588,387 |
23,309,935 |
22,521,641 |
22,295,407 |
|
Prior year adjustment |
- |
(1,040,000) |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
24,958,274 |
23,548,387 |
23,309,935 |
22,521,641 |
22,295,407 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
27,014,627 |
24,958,274 |
25,388,387 |
24,109,935 |
23,881,641 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(832,000) |
- |
(800,000) |
(800,000) |
(1,360,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
26,182,627 |
24,958,274 |
24,588,387 |
23,309,935 |
22,521,641 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
KANEKA EPERAN SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
4,118,328 |
5,115,597 |
6,418,358 |
7,830,468 |
10,101,025 |
|
|
|
|
|
|
|
|
Deferred assets |
196,109 |
138,535 |
80,175 |
160,946 |
- |
|
Others |
- |
17,834 |
20,896 |
53,096 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
196,109 |
156,369 |
101,071 |
214,042 |
- |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
4,314,437 |
5,271,966 |
6,519,429 |
8,044,510 |
10,101,025 |
|
|
|
|
|
|
|
|
Stocks |
10,130,432 |
6,257,953 |
5,762,972 |
6,966,483 |
- |
|
Trade debtors |
3,418,049 |
4,625,906 |
5,345,790 |
4,825,825 |
- |
|
Other debtors, deposits & prepayments |
287,913 |
667,563 |
412,504 |
195,466 |
- |
|
Amount due from holding company |
- |
- |
21,598,723 |
12,205,007 |
- |
|
Amount due from related companies |
21,499,387 |
19,304,007 |
- |
- |
- |
|
Cash & bank balances |
5,535,557 |
7,536,350 |
4,424,533 |
11,345,109 |
- |
|
Others |
33,785 |
441,176 |
243,087 |
219,423 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
40,905,123 |
38,832,955 |
37,787,609 |
35,757,313 |
31,746,453 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
45,219,560 |
44,104,921 |
44,307,038 |
43,801,823 |
41,847,478 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
494,297 |
547,761 |
791,376 |
691,969 |
- |
|
Other creditors & accruals |
1,190,024 |
1,144,088 |
1,045,401 |
2,117,998 |
- |
|
Bank overdraft |
- |
- |
1,238 |
33,919 |
- |
|
Amounts owing to holding company |
632,427 |
798,133 |
1,880,636 |
1,648,002 |
- |
|
Amounts owing to related companies |
646,617 |
656,665 |
- |
- |
- |
|
Other liabilities |
73,568 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
3,036,933 |
3,146,647 |
3,718,651 |
4,491,888 |
3,325,837 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
37,868,190 |
35,686,308 |
34,068,958 |
31,265,425 |
28,420,616 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
38,521,641 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
16,000,000 |
16,000,000 |
16,000,000 |
16,000,000 |
16,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
16,000,000 |
16,000,000 |
16,000,000 |
16,000,000 |
16,000,000 |
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward |
26,182,627 |
24,958,274 |
24,588,387 |
23,309,935 |
22,521,641 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
26,182,627 |
24,958,274 |
24,588,387 |
23,309,935 |
22,521,641 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
38,521,641 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
38,521,641 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
KANEKA EPERAN SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
5,535,557 |
7,536,350 |
4,424,533 |
11,345,109 |
- |
|
Net Liquid Funds |
5,535,557 |
7,536,350 |
4,423,295 |
11,311,190 |
- |
|
Net Liquid Assets |
27,737,758 |
29,428,355 |
28,305,986 |
24,298,942 |
28,420,616 |
|
Net Current Assets/(Liabilities) |
37,868,190 |
35,686,308 |
34,068,958 |
31,265,425 |
28,420,616 |
|
Net Tangible Assets |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
38,521,641 |
|
Net Monetary Assets |
27,737,758 |
29,428,355 |
28,305,986 |
24,298,942 |
28,420,616 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
1,238 |
33,919 |
- |
|
Total Liabilities |
3,036,933 |
3,146,647 |
3,718,651 |
4,491,888 |
3,325,837 |
|
Total Assets |
45,219,560 |
44,104,921 |
44,307,038 |
43,801,823 |
41,847,478 |
|
Net Assets |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
38,521,641 |
|
Net Assets Backing |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
38,521,641 |
|
Shareholders' Funds |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
38,521,641 |
|
Total Share Capital |
16,000,000 |
16,000,000 |
16,000,000 |
16,000,000 |
16,000,000 |
|
Total Reserves |
26,182,627 |
24,958,274 |
24,588,387 |
23,309,935 |
22,521,641 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
1.82 |
2.40 |
1.19 |
2.53 |
- |
|
Liquid Ratio |
10.13 |
10.35 |
8.61 |
6.41 |
- |
|
Current Ratio |
13.47 |
12.34 |
10.16 |
7.96 |
9.55 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
96 |
61 |
48 |
63 |
- |
|
Debtors Ratio |
32 |
45 |
44 |
44 |
- |
|
Creditors Ratio |
7 |
8 |
10 |
10 |
- |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
- |
|
Liabilities Ratio |
0.07 |
0.08 |
0.09 |
0.11 |
0.09 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
- |
|
Assets Backing Ratio |
2.64 |
2.56 |
2.54 |
2.46 |
2.41 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
7.52 |
5.07 |
6.01 |
7.24 |
5.30 |
|
Net Profit Margin |
5.33 |
3.79 |
4.70 |
3.94 |
3.83 |
|
Return On Net Assets |
6.88 |
4.61 |
6.54 |
7.43 |
5.70 |
|
Return On Capital Employed |
6.88 |
4.61 |
6.54 |
7.43 |
5.70 |
|
Return On Shareholders' Funds/Equity |
4.87 |
3.44 |
5.12 |
4.04 |
4.12 |
|
Dividend Pay Out Ratio (Times) |
0.40 |
0.00 |
0.38 |
0.50 |
0.86 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.95 |
|
|
1 |
Rs.99.32 |
|
Euro |
1 |
Rs.78.96 |
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.