|
Report No. : |
334835 |
|
Report Date : |
04.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
MALINDO AIRWAYS SDN. BHD. |
|
|
|
|
Registered Office : |
Unit 733, Block B, Mentari Business Park, Jalan Pjs 8/5, Bandar Sunway, 46150 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.09.2012 |
|
|
|
|
Com. Reg. No.: |
1018546-W |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the Air Transport Services. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow and Delayed |
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 previously 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. Falling global oil
prices in the second half of 2014 have strained government finances, shrunk
Malaysia’s current account surplus and put downward pressure on the ringgit.
The government is also trying to lessen its dependence on state oil producer
Petronas. The oil and gas sector supplied about 29% of government revenue in
2014. 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. Malaysia is a member of the 12-nation Trans-Pacific
Partnership free trade agreement negotiations and, with the nine other ASEAN
members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
1018546-W |
||||
|
COMPANY NAME |
: |
MALINDO AIRWAYS SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
27/09/2012 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
UNIT 733, BLOCK B, MENTARI BUSINESS PARK, JALAN PJS 8/5, BANDAR
SUNWAY, 46150 PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
C-5-05, BLOCK C, OASIS ARA DAMANSARA, JALAN PJU 1A/7A, 47301 PETALING JAYA,
SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-78415388 |
||||
|
FAX.NO. |
: |
N/A |
||||
|
WEB SITE |
: |
WWW.MALINDOAIR.COM |
||||
|
CONTACT PERSON |
: |
CHANDRAN A/L RAMA MUTHY ( CEO ) |
||||
|
INDUSTRY CODE |
: |
51 |
||||
|
PRINCIPAL ACTIVITY |
: |
AIR TRANSPORT SERVICES |
||||
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 167,126,000 [2013] |
||||
|
NET WORTH |
: |
MYR (66,917,000) [2013] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
WEAK |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
||||
HISTORY
/ BACKGROUND
|
The Subject is a private limited company and is allowed to have a
minimum of one and a maximum of forty-nine shareholders. As a private limited
company, the Subject must have at least two directors. A private limited
company is a separate legal entity from its shareholders. As a separate legal
entity, the Subject is capable of owning assets, entering into contracts, sue
or be sued by other companies. The liabilities of the shareholders are to the
extent of the equity they have taken up and the creditors cannot claim on
shareholders' personal assets even if the Subject is insolvent. The Subject is
governed by the Companies Act, 1965 and the company must file its annual
returns, together with its financial statements with the Registrar of
Companies.
The Subject is principally engaged in the (as a / as an) air transport
services.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
03/12/2014 |
MYR 5,000,000.00 |
MYR 1,000,000.00 |
|
27/09/2012 |
MYR 5,000,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
PT LION GRUP |
LION AIR TOWER, JALAN AM SANSAJI 19, JAKARTA PUSAT, 10130, INDONESIA. |
AHU-17817.AH.01.01 |
490,000.00 |
49.00 |
|
SKY ONE INVESTORS SDN. BHD. |
33A, SS18/1B, 47500 SUBANG JAYA, SELANGOR, MALAYSIA. |
1016453H |
460,000.00 |
46.00 |
|
NATIONAL AEROSPACE & DEFENCE INDUSTRIES SDN. BHD. |
MALAYSIA |
112324V |
50,000.00 |
5.00 |
|
--------------- |
------ |
|||
|
1,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown
as follow :
Local No |
Country |
Company |
(%) |
As At |
|
1077567V |
MALAYSIA |
MALINDO HOLIDAYS SDN. BHD. |
99.00 |
26/11/2014 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
RUSDI KIRANA |
|
Address |
: |
TAMAN MERUYA ILIR D-5/3RT/RW 001/002, MERUYA UTARA, KEMBANGAN JAKARTA
BARAT, JAKARTA, INDONESIA. |
|
IC / PP No |
: |
A5115612 |
|
Date of Appointment |
: |
27/09/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. CHANDRAN A/L RAMA MUTHY |
|
Address |
: |
15, JALAN SP 2/11B, TAMAN SUBANG PERDANA, SEKSYEN 2, SUBANG PERDANA,
40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
New IC No |
: |
791206-05-5175 |
|
Date of Birth |
: |
06/12/1979 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
08/10/2012 |
DIRECTOR 3
|
Name Of Subject |
: |
ANDI BURHAN DWI ARMEIN |
|
Address |
: |
JALAN MAMPANG PRAPATAN, VIII 8, JAKARTA, INDONESIA, 12790, MALAYSIA. |
|
IC / PP No |
: |
A7294594 |
|
Date of Appointment |
: |
05/04/2013 |
DIRECTOR 4
|
Name Of Subject |
: |
MS. TAN CHOOI KHENG |
|
Address |
: |
56, JALAN PUJ 5/9, TAMAN PUNCAK JALIL, PUTRA PERMAI, 43300 SERI KEMBANGAN,
SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A3911880 |
|
New IC No |
: |
780206-10-5706 |
|
Date of Birth |
: |
06/02/1978 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
30/01/2015 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
CHANDRAN A/L RAMA MUTHY |
|
Position |
: |
CEO |
|
AUDITOR
|
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
KPMG TOWER, 8 FIRST AVENUE, BANDAR UTAMA, LEVEL 10, 47800 PETALING
JAYA, SELANGOR, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. RITHAVUDIN AHAMED BIN BADRUDIN |
|
New IC No |
: |
780710-71-5001 |
|
|
Address |
: |
34, JALAN PJS 5/5, TAMAN DESA RIA, 46150 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
13/03/2013 |
AIRCRAFT |
WILMINGTO TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
SECURITY TRUSTEE |
USD 82,000,000.00 |
Unsatisfied |
|
2 |
19/03/2013 |
ASSIGNMENT OF INSURANCE |
WILMINGTO TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
SECURITY TRUSTEE |
USD 82,000,000.00 |
Unsatisfied |
|
3 |
07/06/2013 |
ASSIGNMENT OF INSURANCES |
WILMINGTO TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
SECURITY TRUSTEE |
USD 885,211,000.00 |
Unsatisfied |
|
8 |
20/03/2014 |
ASSIGNMENT OF INSURANCE |
ATLANTIC AVIATION 18 (L) BHD |
- |
Unsatisfied |
|
10 |
21/03/2014 |
ASSIGNMENT OF INSURANCE |
ATLANTIC AVIATION 18 (L) BHD. |
- |
Unsatisfied |
|
11 |
25/03/2014 |
ASSIGNMENT OF INSURANCES |
ATLANTIC AVIATION 18 (L) BHD. |
- |
Unsatisfied |
|
12 |
26/03/2014 |
ASSIGNMENT OF INSURANCES |
ATLANTIC AVIATION 18 (L) BHD. |
- |
Unsatisfied |
|
13 |
19/05/2014 |
ASSIGNMENT OF INSURANCE |
ATLANTIC AVIATION 20 (L) BHD. |
- |
Unsatisfied |
|
14 |
30/05/2014 |
ASSIGNMENT OF INSURANCES |
ATLANTIC AVIATION 20 (L) BHD. |
- |
Unsatisfied |
|
15 |
18/07/2014 |
ASSIGNMENT OF INSURANCES |
ATLANTIC AVIATION 21 (L) BHD. |
- |
Unsatisfied |
|
16 |
22/09/2014 |
ASSIGNMENT OF INSURANCE |
ATLANTIC AVIATION 21 (L) BHD. |
- |
|
|
17 |
23/10/2014 |
ASSIGNMENT OF INSURANCES |
ATLANTIC AVIATION 21 (L) BHD. |
- |
Unsatisfied |
|
19 |
11/12/2014 |
ASSIGNMENT OF INSURANCE |
BOC AVIATION (LABUAN) PTE. LTD |
- |
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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject is a service provider.
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 |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Services |
: |
AIR TRANSPORT SERVICES |
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) air transport
services.
Malindo Air is an up-and-coming airline based in Malaysia with headquarters in
Petaling Jaya, Selangor.
The Subject has a way of giving low air fare with premium in-flight services
included. That means baggage allowance and in-flight entertainment are taken
care of. Fuss-free and no hidden costs.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
603 2035 6699 |
|
Current Telephone Number |
: |
03-78415388 |
|
Match |
: |
NO |
|
Address Provided by Client |
: |
C-5-05, BLOCK C, OASIS AREA DAMANSARA 2 JALAN PJU 1A/71 47301 PETALING
JAYA SELANGOR |
|
Current Address |
: |
C-5-05, BLOCK C, OASIS ARA DAMANSARA, JALAN PJU 1A/7A, 47301 PETALING
JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
The Subject refused to disclose its number of employees and fax number.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
101.49% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
101.49% |
] |
|
|
Although the Subject's returns showed positive figures it is not reflective
of the true situation. The Subject incurred losses during the year and its
shareholders' funds have turned red. The positive returns on shareholders'
funds is the result of losses divided by negative shareholders' funds. The
Subject's management was inefficient in utilising the assets to generate
returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
3 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
7 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
40 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The favourable debtors' days could
be due to the good credit control measures implemented by the Subject. The
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 |
: |
Unfavourable |
[ |
0.39 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.40 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working capital
deficiency. If the Subject cannot obtain additional financing or injection of
fresh capital, it may face difficulties in meeting its short term
obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
(13,582.40 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 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 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 : |
||||||
|
Due to its weak liquidity position, the Subject will be faced with
problems in meeting all its short term obligations if no short term loan is
obtained or additional capital injected into the Subject. 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
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 : POOR |
||||||
|
|
||||||
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 |
3.2 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
2.9 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
4.00 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
6.85 |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
56.0 |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
43,486.6 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
49,144 |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
6.1 |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
21,753 |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
(17.7) |
- |
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
332,723 |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
1.0 |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
21,436 |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
18.0 |
- |
|
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 |
63.2 |
- |
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
13.5 |
- |
|
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) |
- |
- |
3.0 |
- |
|
Other Mining |
- |
- |
- |
46.6 |
- |
|
Industry Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.4 |
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 |
1.4 |
- |
|
Plastic Products |
3.8 |
- |
- |
2.7 |
- |
|
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 |
- |
- |
13.0 |
- |
|
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 |
|
|
51 : AIR TRANSPORT |
|
|
INDUSTRY : |
TRANSPORTATION |
|
In 2015, the transport and storage subsector is expected to growth by
4.7% due to the implementation of Government Transformation Programme (GTP)
and the Economic Transformation Programme (ETP). On the other hand, for 2014,
due to resilient domestic economic activity and improving global trade, the
transport and storage subsector is expected to grow 5%. |
|
|
Moreover, the land transport segment continued to record positive
growth of 6.2% during the first half of 2014 supported by higher freight
transported by road in line with improvement in trade-related activity. The
opening of Penang Second Bridge in March 2014 saw a healthy number of
vehicles using it to avoid traffic congestion. However, the increase in
passenger volume for bus services was only 1.9% over the first six months in
2014 (January - July 2013: 6%). |
|
|
Meanwhile, total rail ridership in the Klang Valley increased 5.9%
passengers due to improved service efficiency and increased frequencies. The 2.14KM
extension of Express Rail Link (ERL) from KLIA to KLIA2 will also increase
rail ridership. However, KTM Intercity Service contracted 18% because of the
fewer number of coaches in operation due to maintenance issues. Other than
that, The Electric Train Service (ETS) ridership on the Kuala Lumpur - Ipoh
route increased 11.7% supported by higher demand. |
|
|
During the first half in 2014, the air transport segment expanded 4.9%
supported by higher tourist arrivals and domestic passengers amid continuous
promotion of travel packages with competitive fares by airlines. The air
passenger segment continued to record positive with total passenger traffic
at airports nationwide increasing 10.3% during the first seven moths of 2014. |
|
|
According to Budget 2015, to improve the public transport system, the
Government will introduce the programmes included providing intercity bus
services to those residing outside Kuala Lumpur (KL) but work in KL, provide
Electric Train Service (ETS) for Ipoh-Butterworth route starting April 2015,
and upgrade stage bus services in several states (Kuching, Ipoh, Seremban,
Kuala Terengganu and Kangar) through a contracting system with existing bus
companies. The budget 2015 for transportation sector includes RM9 billion
development allocation for a LRT extension project from Bandar Utama to Shah
Alam and Klang, and RM23 billion for a second MRT line from Selayang to
Putrajaya. Government also will allocate RM5.3 billion for the construction
of Sungai Besi - Ulu Klang Expressway (SUKE), RM5 billion for West Coast
Expressway from Taiping to Banting, RM4.2 billion for construction of
Damansara - Shah Alam Highway (DASH), and RM1.6 billion for construction of
Eastern Klang Valley Expressway (EKVE). |
|
|
Additionally, improving urban public transport (UPT) is one of the
National Key Result Areas (NKRAs) under the Government Transformation
Programme (GTP). The aim is to improve the overall availability and
efficiency of UPT, including enhancing connectivity, providing an integrated
system and ensuring adequate facilities. Because of the improvement to UPT in
the Klang Valley, the public transport modal share has increased from 17% in
2010 to 21% in 2013. The programme covers improvement for Bus Services (RapidKL,
Bus Expressway Transit (BET), Bus Rapid Transit (BRT), bus stops), Rail
System (KTM, LRT, KL Monorail, Express Rail Link (ERL), MRT, Park n' Ride),
and Taxi Services. |
|
|
The Klang Valley Mass Transit Project (KVMRT) is one of the
improvements to do for UPT and it may boost the growth of transportation
sector. The Sungai Buloh - Kajang (SBK) line has started construction in
2012. The first phase of SBK Line from Sungai Buloh to Semantan will be
operational on 31 December 2016, while the second phase from Semantan to
Kajang will be operational on 31 July 2017. |
|
|
Furthermore, the Bus Rapid Transit (BRT) aims to create a dedicated
bus right-of-way at main corridors and is a specialized form of bus priority
services to meet the high level of passenger demand by incorporating aspects
of mass transit. One of the BRT corridors is the Kuala Lumpur - Klang
corridor, covering a distance of 34KM, and will pass through Federal Highway,
Jalan Syed Putra, and Jalan Tun Sambanthan. The KL-Klang BRT is estimated to
save more than one hour of daily travelling time for 600,000 passengers, and
is expected to be completed in 2017. |
|
|
In order to improve taxi services, the Centralized Taxi Services System
(CTSS) will be launched in 2015. It is a technology infrastructure to monitor
taxi services. It integrates and enhances the existing booking system. It is
targeted to raise the success rate of meeting passenger bookings. Besides, a
new business model for taxis has been introduced to increase the take-home
income for taxi drivers by reducing their operating cost. Under the Taxi
1Malaysia project, licenses will be offered to individual drivers. The Land
Public Transport Commission (SPAD) has launched a fleet of new taxis known as
Teksi 1Malaysia (TEKS1M). Through the TEKS1M initiative, 1,000 new Proton
Exora will be deployed in 2014. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
MALINDO AIRWAYS SDN. BHD. |
|
Financial Year End |
2013-12-31 |
|
Months |
12 |
|
Consolidated Account |
Company |
|
Audited Account |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
|
Financial Type |
FULL |
|
Currency |
MYR |
|
TURNOVER |
167,126,000 |
|
Other Income |
4,343,000 |
|
---------------- |
|
|
Total Turnover |
171,469,000 |
|
Costs of Goods Sold |
(179,756,000) |
|
---------------- |
|
|
Gross Profit |
(8,287,000) |
|
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(67,917,000) |
|
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(67,917,000) |
|
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(67,917,000) |
|
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(67,917,000) |
|
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(67,917,000) |
|
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
Others |
5,000 |
|
---------------- |
|
|
5,000 |
|
|
============= |
|
|
DEPRECIATION (as per notes to P&L) |
362,000 |
|
---------------- |
|
|
362,000 |
|
|
============= |
|
|
|
|
BALANCE
SHEET
|
|
MALINDO AIRWAYS SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
FIXED ASSETS |
3,005,000 |
|
---------------- |
|
|
TOTAL LONG TERM ASSETS |
3,005,000 |
|
Stocks |
1,252,000 |
|
Trade debtors |
3,167,000 |
|
Other debtors, deposits & prepayments |
12,714,000 |
|
Amount due from related companies |
19,755,000 |
|
Cash & bank balances |
9,126,000 |
|
---------------- |
|
|
TOTAL CURRENT ASSETS |
46,014,000 |
|
---------------- |
|
|
TOTAL ASSET |
49,019,000 |
|
============= |
|
|
CURRENT LIABILITIES |
|
|
Trade creditors |
19,558,000 |
|
Other creditors & accruals |
23,513,000 |
|
Amounts owing to holding company |
53,231,000 |
|
Amounts owing to related companies |
19,634,000 |
|
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
115,936,000 |
|
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(69,922,000) |
|
---------------- |
|
|
TOTAL NET ASSETS |
(66,917,000) |
|
============= |
|
|
SHARE CAPITAL |
|
|
Ordinary share capital |
1,000,000 |
|
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,000,000 |
|
Retained profit/(loss) carried forward |
(67,917,000) |
|
---------------- |
|
|
TOTAL RESERVES |
(67,917,000) |
|
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
(66,917,000) |
|
---------------- |
|
|
(66,917,000) |
|
|
============= |
|
|
|
|
FINANCIAL
RATIO
|
|
MALINDO AIRWAYS SDN. BHD. |
|
TYPES OF FUNDS |
|
|
Cash |
9,126,000 |
|
Net Liquid Funds |
9,126,000 |
|
Net Liquid Assets |
(71,174,000) |
|
Net Current Assets/(Liabilities) |
(69,922,000) |
|
Net Tangible Assets |
(66,917,000) |
|
Net Monetary Assets |
(71,174,000) |
|
PROFIT & LOSS ITEMS |
|
|
Earnings Before Interest & Tax (EBIT) |
0 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(67,550,000) |
|
BALANCE SHEET ITEMS |
|
|
Total Borrowings |
0 |
|
Total Liabilities |
115,936,000 |
|
Total Assets |
49,019,000 |
|
Net Assets |
(66,917,000) |
|
Net Assets Backing |
(66,917,000) |
|
Shareholders' Funds |
(66,917,000) |
|
Total Share Capital |
1,000,000 |
|
Total Reserves |
(67,917,000) |
|
LIQUIDITY (Times) |
|
|
Cash Ratio |
0.08 |
|
Liquid Ratio |
0.39 |
|
Current Ratio |
0.40 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
Stock Ratio |
3 |
|
Debtors Ratio |
7 |
|
Creditors Ratio |
40 |
|
SOLVENCY RATIOS (Times) |
|
|
Gearing Ratio |
0 |
|
Liabilities Ratio |
(1.73) |
|
Times Interest Earned Ratio |
(13,582.40) |
|
Assets Backing Ratio |
(66.92) |
|
PERFORMANCE RATIO (%) |
|
|
Operating Profit Margin |
(40.64) |
|
Net Profit Margin |
(40.64) |
|
Return On Net Assets |
101.49 |
|
Return On Capital Employed |
101.49 |
|
Return On Shareholders' Funds/Equity |
101.49 |
|
Dividend Pay Out Ratio (Times) |
0 |
|
NOTES TO ACCOUNTS |
|
|
Contingent Liabilities |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.96 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.