EXECUTIVE SUMMARY
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REGISTRATION NO.
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:
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LL08375-L
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COMPANY NAME
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:
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MACWORLD INDUSTRIES LIMITED
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FORMER NAME
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:
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N/A
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INCORPORATION DATE
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:
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04/08/2011
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COMPANY STATUS
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:
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EXIST
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LEGAL FORM
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:
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OTHERS
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LISTED STATUS
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:
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NO
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REGISTERED ADDRESS
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:
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LOT 20, JALAN BUNGA MAWAR, 3RD FLOOR, 87016 LABUAN,
WILAYAH PERSEKUTUAN, MALAYSIA.
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BUSINESS ADDRESS
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:
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N/A
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TEL.NO.
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:
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N/A
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FAX.NO.
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:
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N/A
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CONTACT PERSON
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:
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CHAI ( SECRETARY )
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INDUSTRY CODE
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:
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82
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PRINCIPAL ACTIVITY
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:
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ADMINISTRATION SERVICES AND OFFSHORE TRADING
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AUTHORISED CAPITAL
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:
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N/A
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ISSUED AND PAID UP CAPITAL
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:
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N/A
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SALES
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:
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N/A
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NET WORTH
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:
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N/A
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STAFF STRENGTH
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:
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N/A
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LITIGATION
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:
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CLEAR
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DEFAULTER CHECK
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:
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CLEAR
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FINANCIAL CONDITION
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:
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N/A
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PAYMENT
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:
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N/A
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MANAGEMENT CAPABILITY
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:
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WEAK
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COMMERCIAL RISK
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:
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N/A
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CURRENCY EXPOSURE
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:
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N/A
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GENERAL REPUTATION
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:
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SATISFACTORY
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INDUSTRY OUTLOOK
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:
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AVERAGE GROWTH
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The Subject is principally engaged in the (as a / as an)
administration services and offshore trading.
The Subject is not listed on Bursa Malaysia (Malaysia
Stock Exchange).
CHARACTERISTICS OF OFFSHORE COMPANIES
To participate in the offshore activities and enjoy the special tax advantage
provided under the Labuan Offshore Business Activity Tax Act 1990, an entity
must be an offshore company.
An offshore company in Labuan shall have the following characteristics:
(a) It must be a company limited by shares (sec 14(3) of the Offshore
Companies Act 1990);
(b) Any person may form an offshore company by subscribing to a memorandum;
(c) It is required to engage a trust company which is a company registered
under the Labuan Trust Companies Act 1990 to discharge its statutory duties
seince all documents required to be filed with the Labuan Financial Services
Authority must be filed through a trust company;
(d) There is no minimum capital requirement;
(e) It can be alter its share capital by a special resolution (sec. 51(10 of
the Offshore Companies Act 1990);
(f) It can reduce its share capita special resolution (sec.51(10 of the
Offshore Companies Act 1990);
(g) It may purchase its own shares (sec. 48(2)(3) of the Offshore Companies
Act 1990); and;
(h) There is no restriction in issuing share warrants.
PROHIBITED ACTIVITES
Offshore companies are prohibited from carrying on the following activities:
(a) the business of banking or insurance or any such similar business unless
it is licensed so to do under the relevant laws currently in force in
Malaysia;
(b) it must only carry on business in, from or through Labuan;
(c) it must not:
(1) except as permitted by the Offshore Banking Act 1990 or by the Labuan
Financial Services Authority carry on business with a resident of Malaysia;
(2) except as permitted by the Offshore Banking Act 1990, carry on banking business;
(3) Except for defraying its administrative and statutory expenses and where
Sec. 147 of the Offshore Companies Act 1990 applies, carry on business in
Malaysian currency;
(4) Except as permitted by the Offshore Insurance Act 1990, carry on business
as an insurance or a reinsurance company;
(5) Carry on shipping or petroleum operations in Malaysia; or
(6) Carry on any business of a trust company.
PERMITTED ACTIVIES
An offshore company may do the following:
(a) Make or maintain deposits with a person carrying on business within
Malaysia;
(b) Make or maintain professional contacts with any counsel and attorney,
accountant, book-keeper, trust company, domestic company wholly owned by a
trust company made available by the trust company to act or be appointed as a
resident director or a resident secretary of an offshore company;
(c) Prepare or maintain books and record with Malaysia;
(d) Hold, within Malaysia, meetings of its directors or members;
(e) Acquire or hold any lease of any property for the purpose of its
operation or as accommodation for its offices or employees; or
(f) Hold shares, debt obligations or other securities for the purposes of a
transaction entered into in the ordinary course of business in connection
with the lending of money.
No shareholders was found in our databank at the time of
investigation
No director found in our databank.
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1)
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Name of Subject
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:
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CHAI
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Position
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:
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SECRETARY
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No Auditor found in our databank
No company secretary was found in our databank.
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
LITIGATION CHECK AGAINST
SUBJECT
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* 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.
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SOURCES OF RAW MATERIALS:
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Local
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:
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N/A
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Overseas
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:
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N/A
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Ms Chai from the Registered Company, Weld Asia Trust Labuan Limited refused
to reveal any information on the Subject's payment record as it is
confidential.
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Local
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:
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N/A
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Overseas
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:
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N/A
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Credit Term
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:
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N/A
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Payment Mode
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:
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N/A
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Ms Chai from the Registered Company, Weld Asia Trust Labuan Limited refused
to reveal any information on the Subject's clientele as it is confidential.
Other Information:
The Subject is principally engaged in the (as a / as an) administration
services and offshore trading.
The Subject is an offshore trading company registered in Labuan. Ms Chai from
the Registered Company, Weld Asia Trust Labuan Limited informed us that she
is unable to reveal any information on the Subject as it is confidential.
Latest fresh investigations carried out on the Subject
indicated that :
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Telephone Number Provided By Client
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:
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N/A
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Current Telephone Number
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:
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N/A
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Match
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:
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N/A
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Address Provided by Client
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:
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3 FLOOR LOT 20 JALAN BUNGA MAWAR 87016 W P LABUAN
MALAYSIA
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Current Address
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:
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N/A
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Match
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:
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N/A
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Latest Financial Accounts
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:
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NO
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We have contacted the Subject's Accountant and its Company Secretary for
the latest financial accounts. However they have rejected our request in
view of the confidentiality of the documents.
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Other Investigations
On 11th March 2015 we contacted Ms Chai from the Subject's Registered
Company, Weld Asia Trust Labuan Limited. However, she refused to provide any
information on the Subject as it is confidential and requested us to send all
enquiries to the registered office.
The address provided belongs to the Subject's registered office.
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No latest financial accounts are available at the
Registry Office, thus we are not able to comment on the Subject's financial
performance.
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Overall financial condition of the
Subject : N/A
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MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
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|
Major Economic Indicators:
|
2011
|
2012
|
2013
|
2014*
|
2015**
|
|
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Population ( Million)
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28.7
|
29.3
|
29.8
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30.3
|
30.5
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Gross Domestic Products ( % )
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5.1
|
5.6
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5.3
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6.0
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6.0
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Domestic Demand ( % )
|
8.2
|
9.4
|
5.6
|
6.4
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6.2
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Private Expenditure ( % )
|
8.2
|
8.0
|
8.6
|
7.9
|
6.9
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|
Consumption ( % )
|
7.1
|
1.0
|
5.7
|
6.5
|
5.6
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Investment ( % )
|
12.2
|
11.7
|
13.3
|
12.0
|
10.7
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Public Expenditure ( % )
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8.4
|
13.3
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4.4
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2.3
|
4.2
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Consumption ( % )
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16.1
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11.3
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(1.2)
|
2.1
|
3.8
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Investment ( % )
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(0.3)
|
15.9
|
4.2
|
2.6
|
4.7
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|
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Balance of Trade ( MYR Million )
|
116,058
|
106,300
|
71,298
|
52,314
|
-
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Government Finance ( MYR Million )
|
(45,511)
|
(42,297)
|
(39,993)
|
(37,291)
|
-
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Government Finance to GDP / Fiscal Deficit ( % )
|
(5.4)
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(4.5)
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(4.0)
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(3.5)
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(3.0)
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Inflation ( % Change in Composite CPI)
|
3.1
|
1.6
|
2.5
|
3.3
|
4.0
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Unemployment Rate
|
3.3
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3.2
|
3.0
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3.0
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3.0
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Net International Reserves ( MYR Billion )
|
415
|
427
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-
|
417
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-
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Average Risk-Weighted Capital Adequacy Ratio ( % )
|
3.50
|
2.20
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-
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-
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-
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Average 3 Months of Non-performing Loans ( % )
|
14.80
|
14.70
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-
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-
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-
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Average Base Lending Rate ( % )
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6.60
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6.53
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6.53
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-
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-
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Business Loans Disbursed( % )
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15.3
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32.2
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-
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-
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-
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Foreign Investment ( MYR Million )
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23,546.1
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26,230.4
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38,238.0
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-
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-
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Consumer Loans ( % )
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-
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-
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-
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-
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-
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Registration of New Companies ( No. )
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45,455
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45,441
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46,321
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-
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-
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Registration of New Companies ( % )
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3.0
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(0.0)
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1.9
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-
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-
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Liquidation of Companies ( No. )
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132,485
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17,092
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26,430
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-
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-
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Liquidation of Companies ( % )
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417.8
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(87.1)
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54.6
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-
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-
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Registration of New Business ( No. )
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284,598
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324,761
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329,895
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-
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-
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Registration of New Business ( % )
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5.0
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14.0
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2.0
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-
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-
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Business Dissolved ( No. )
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20,121
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20,380
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18,161
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-
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-
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Business Dissolved ( % )
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1.9
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1.3
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(10.9)
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-
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-
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Sales of New Passenger Cars (' 000 Unit )
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535.1
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552.2
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576.7
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598.4
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610.3
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Cellular Phone Subscribers ( Million )
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35.3
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38.5
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43.0
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43.8
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-
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Tourist Arrival ( Million Persons )
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24.7
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25.0
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25.7
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28.0
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-
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Hotel Occupancy Rate ( % )
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60.6
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62.4
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62.6
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-
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-
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Credit Cards Spending ( % )
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15.6
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12.6
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-
|
-
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-
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Bad Cheque Offenders (No.)
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32,627
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26,982
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28,876
|
-
|
-
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Individual Bankruptcy ( No.)
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19,167
|
19,575
|
21,984
|
-
|
-
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Individual Bankruptcy ( % )
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5.8
|
2.1
|
12.3
|
-
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-
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INDUSTRIES ( % of Growth ):
|
2011
|
2012
|
2013
|
2014*
|
2015**
|
|
|
|
|
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Agriculture
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5.8
|
1.0
|
2.1
|
3.8
|
3.1
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Palm Oil
|
10.8
|
(0.3)
|
2.6
|
6.7
|
-
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Rubber
|
6.1
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(7.9)
|
(10.1)
|
(10.4)
|
-
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Forestry & Logging
|
(7.6)
|
(4.5)
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(7.8)
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(4.2)
|
-
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Fishing
|
2.1
|
4.3
|
1.6
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2.7
|
-
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Other Agriculture
|
7.1
|
6.4
|
8.2
|
6.2
|
-
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Industry Non-Performing Loans ( MYR Million )
|
634.1
|
-
|
-
|
-
|
-
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% of Industry Non-Performing Loans
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3.2
|
-
|
-
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-
|
-
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Mining
|
(5.4)
|
1.4
|
0.9
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(0.8)
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2.8
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Oil & Gas
|
(1.7)
|
-
|
-
|
-
|
-
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Other Mining
|
-
|
-
|
-
|
-
|
-
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Industry Non-performing Loans ( MYR Million )
|
46.5
|
-
|
-
|
-
|
-
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% of Industry Non-performing Loans
|
0.1
|
-
|
-
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-
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-
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|
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Manufacturing #
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4.7
|
4.8
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3.4
|
6.6
|
5.5
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Exported-oriented Industries
|
4.1
|
6.5
|
3.3
|
5.6
|
-
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Electrical & Electronics
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(4.0)
|
12.7
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6.9
|
13.3
|
-
|
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Rubber Products
|
20.7
|
3.0
|
11.7
|
(0.3)
|
-
|
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Wood Products
|
(5.1)
|
8.7
|
(2.7)
|
5.1
|
-
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Textiles & Apparel
|
13.2
|
(7.1)
|
(2.6)
|
11.5
|
-
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Domestic-oriented Industries
|
10.7
|
1.7
|
6.8
|
9.4
|
-
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Food, Beverages & Tobacco
|
4.80
|
2.70
|
3.60
|
6.13
|
6.13
|
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Chemical & Chemical Products
|
10.0
|
10.8
|
5.6
|
-
|
-
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Plastic Products
|
3.8
|
-
|
-
|
-
|
-
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Iron & Steel
|
2.2
|
(6.6)
|
5.0
|
0.1
|
-
|
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Fabricated Metal Products
|
21.8
|
13.8
|
9.9
|
2.9
|
-
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|
Non-metallic Mineral
|
12.1
|
2.9
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(2.0)
|
5.4
|
-
|
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Transport Equipment
|
12.0
|
3.4
|
13.8
|
22.9
|
-
|
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Paper & Paper Products
|
9.5
|
3.1
|
1.8
|
4.7
|
-
|
|
Crude Oil Refineries
|
9.3
|
-
|
-
|
-
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,537.2
|
-
|
-
|
-
|
-
|
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% 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
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
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|
* Estimate / Preliminary
|
|
|
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** Forecast
|
|
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# Based On Manufacturing Production Index
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MSIC CODE
|
|
82 : OFFICE ADMINISTRATIVE, OFFICE SUPPORT AND OTHER
BUSINESS SUPPORT ACTIVITIES
|
|
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|
INDUSTRY :
|
BUSINESS SERVICES
|
|
|
|
|
The services sector is expected to continue playing an important
role in driving the Malaysia economy as it will be a major contributor to
Malaysia's GDP with accounting for 55.4% share of GDP in 2015. It is also
the biggest contributor to total employment which is 59.4% in the first
half of 2014.
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In 2014, the services sector is expected to grow by 5.9%
and accounting for 55.3% of GDP, with wholesale trade, transport and
storage benefiting from higher trade-related activities. Meanwhile,
activities in retail-trade, accommodation and restaurants as well as
communication are expected to increase amid sustained household spending.
Nonetheless, higher tourist arrivals, in conjunction with Visit Malaysia
Year 2014, will provide support to growth. In 2015, the services sector
will spearhead growth by 5.6% with all subsectors recording expansion.
Growth will be driven by production-related activities such as wholesale
trade, transport and storage and reinforced by an improving external
sector.
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|
|
The wholesale and retail trade as well as accommodation
and restaurant subsectors are expected to grow by 7.1% and 5.9% in 2015
(7.7% and 6.1% in 2014) due to strong domestic consumption and higher
tourist arrivals following the Malaysia Year of Festivals 2015. Besides,
the finance and insurance subsector is expected to sustain growth at 1.4%
in 2015 (1.8% in 2014). The finance segment rose only 1.4% during the first
half of 2014 due to the slower growth in net interest and fee-based
incomes. Furthermore, the insurance segment moderated to 1.8% during the
first six months of 2014 following the slower performance of life insurance
business.
|
|
|
Moreover, the real estate and business services as well
as the transport and storage subsectors is expected to grow by 7.1% and
4.7% in 2015 (7.5% and 5.0% in 2014). The real estate and business services
subsectors expanded 8% during the first six months of 2014. During the
period, the business services segment recorded 8.9% growth mainly driven by
higher demand for professional services, particularly engineering services
in the construction sector as well as computer services.
|
|
|
Likewise, during the first half of 2014, the
communication subsector grew 10% with the continued increase in the number
of cellular phone subscribers as well as higher use of data services.
Growth of the subsector is expected to sustain at 9.6% in 2015 (10% in
2014) supported by strong demand for cellular and broadband services, amid
attractive promotions by the telecommunication industry players as well as
the launch of new smartphones and media tablets.
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However, the utilities subsector is expected to grow at
a slower pace of 3.6% in 2014 on account of lower electricity consumption
in the residential segment following the increase in electricity tariffs in
January 2014. The subsector is expected to grow by 3.9% in 2015. Moreover,
the other services subsector is expected to grow 4.5% in 2015 (4.8% in
2014) mainly driven by high-quality and affordable healthcare as well as an
increase in foreign Muslim patients seeking halal health treatment in
Malaysia. Meanwhile, the government services subsector is estimated to grow
5.6% in 2015 (6.1% in 2014) due to the moderate increase in emoluments as
well as supplies and services.
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Other than that, the implementation of Business Services
NKEA (National Key Economic Areas) plays a major role in nurturing
innovation and broadening the country's knowledge and skills base by
expanding the country's areas of specialization into new, untapped sectors.
It is expected to drive the service sector as well as Malaysia's economy to
grow. As identified under NKEA, the Entry Point Projects (EPPs) cover
maintenance, repair and overhaul (MRO) services, shared services and
outsourcing, data centers, green technology, pure-play engineering
services, and shipbuilding and ship repair. Through six Entry Point
Projects categorized under two key themes of accelerating the growth of
differentiated sectors and developing future segments, the NKEA is projected
to grow the Business Services sector’s contribution to GNI to RM78.7
billion by 2020 and expected to create 245,000 additional jobs by 2020.
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OVERALL INDUSTRY OUTLOOK : Average Growth
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CREDIT RISK EVALUATION &
RECOMMENDATION
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Incorporated in 2011, the Subject is focusing on administration services
and offshore trading. The Subject has been in business for less than 5
years and it has slowly been building up contact with its clients while competing
in the industry. However, it has yet to enjoy a stable market shares as it
need to compete many well established players in the same field.
We regard that the Subject's management capability is weak. Without capable
management, the Subject is unlikely to be successful and often contribute
to unacceptable levels of accountability. Weak management can affect
productivity, profitability, sales growth and ultimately can result in the
failure of a business.
No financial accounts are available for analysis. As such, we are not able
to comment on the Subject's current financial standing.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms.
Based on the above unfavourable condition, we regard granting credit to the
Subject to be quite risky. Hence, credit is not recommended.
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No latest financial accounts are available at the Registry Office.
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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.