|
Report No. : |
336174 |
|
Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
NES MANUFACTURING (M) SDN. BHD. |
|
|
|
|
Registered Office : |
41, Jalan Taman Medan Saujana, Taman Medan Saujana, Tingkat 2, 34600
Kamunting, Perak, |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
05.03.2008 |
|
|
|
|
Com. Reg. No.: |
808786-T |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of aluminium products, metal ingots. |
|
|
|
|
No. of Employee : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
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) manufacturing of aluminium
products, metal ingots. The Subject is
not listed on Bursa Malaysia (Malaysia Stock Exchange). Share Capital
History
The major
shareholder(s) of the Subject are shown as follows : Current
Shareholder(s) :
+ Also Director DIRECTORS
DIRECTOR 1
DIRECTOR 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1) |
Name of Subject |
: |
MUHAMMAD SAIFUDDIN SUNDAR BIN ABDULLAH |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
HISHAM & CO |
|
Auditor' Address |
: |
44A, JALAN TODAK, BANDAR SEBERANG JAYA, 13800 BUTTERWORTH, PULAU
PINANG, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. NORHASLINDA BINTI ADENAN |
|
New IC No |
: |
780727-08-6248 |
|
|
Address |
: |
98E, LORONG PINANG, KAMPUNG PINANG, 34600 KAMUNTING, PERAK,
MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD |
|
2) |
Name |
: |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
13/03/2009 |
FIXED AND FLOATING DEBENTURE |
BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD |
- |
Unsatisfied |
|
2 |
28/12/2009 |
MEMORANDUM OF DEPOSIT AND DEED OF ASSIGNMENT |
BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD |
- |
Unsatisfied |
|
3 |
30/04/2010 |
FACILITY AGREEMENT |
CIMB BANK BERHAD |
- |
Unsatisfied |
|
4 |
21/01/2011 |
DEBENTURE AND NEGATIVE PLEDGE |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD |
- |
Unsatisfied |
|
5 |
05/07/2011 |
MEMORANDUM OF DEPOSIT AND DEED OF ASSIGNMENT |
BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD |
- |
Unsatisfied |
|
6 |
17/10/2011 |
FACILITY AGREEMENT AND MEMORANDUM OF DEPOSIT |
BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD |
- |
Unsatisfied |
|
7 |
02/12/2014 |
DEBENTURE AND DEED OF ASSIGNMENT |
PERBADANAN USAHAWAN NATIONAL BERHAD |
MYR 4,000,000.00 |
Unsatisfied |
* A check has been conducted in our databank againt the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
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 |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its clientele.
|
Products manufactured |
: |
|
|
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
aluminium products, metal ingots.
Nes has established an off-site recovery facility for schedule waste metals
to recover for use of downstream manufacturing activities.
The ingot manufacturing process begins at its facility in the melt shop with
the melting of scrap metal in its furnace.
The melt shop's enhanced the molten chemistry refining capabilities allow us
to produce special alloy grades. Finally, molten aluminium is cast into
mould.
The ingots are used in die casting of automobile components and in the
engineering industry. Its furnace produces a wide range of ingots produce
according to customer's specification.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
605-8915880 |
|
Current Telephone Number |
: |
05-8915880 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
BLOCK C LOT 5658 JALAN PERUSAHAAN 1 KAMUNTING INDUSTRIAL ESTATE
MUKIM ASSAM KUMBANG 34600 TAIPING PERAK |
|
Current Address |
: |
BLOK C, LOT 5658, JALAN PERUSAHAAN 1, KAMUNTING INDUSTRIAL ESTATE,
MUKIM ASSAM KUMBANG, 34600 KAMUNTING, PERAK, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other
Investigations
On 10th August 2015 we contacted one of the staff from the Subject and he
provided some information.
The Subject refused to disclose its number of employees.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
1.17% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
2.93% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The Subject's profit fell sharply because of
the high operating costs incurred. 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 |
: |
Favourable |
[ |
47 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
14 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
19 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 |
: |
Favourable |
[ |
3.21 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
4.08 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 |
: |
Unfavourable |
[ |
1.56 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.80 Times |
] |
|
|
The Subject's interest cover was low. If its profits fall or when
interest rate rises, it may not be able to meet all its interest
payment. 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 : |
||||||
|
The Subject recorded lower profits as its turnover showed a erratic
trend. The Subject's management was unable to control its costs efficiently
as its profit showed a downward trend. 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. If there is a fall in the Subject's
profit or any increase in interest rate, the Subject may not be able to
generate sufficient cash-flow to service its interest. The Subject's
gearing was slightly high and its financial risk was also high. If no plans
are made to reduce its gearing, the Subject's performance may deteriorate
in the coming year. |
||||||
|
Overall financial condition of the
Subject : LIMITED |
||||||
|
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 |
|||||
|
MSIC CODE |
|
|
24202 : Production of aluminium from alumina |
|
|
INDUSTRY : |
MANUFACTURING |
|
The manufacturing sector is expected to grow by 5.5% in 2015. It
will be bolstered by strong domestic and export-oriented industries in line
with growing investment activities and favorable external demand. Moreover,
in 2014, the manufacturing sectors have spearheading growth. The
manufacturing sector is estimated to grow at a faster pace in 2014 on
higher exports of electronics and electrical (E&E) products as external
demand improves. |
|
|
The manufacturing sector expanded strongly during the first half of
2014, the highest growth in three years, spurred by higher global
semiconductor sales. Value-added of the manufacturing sector expanded 7.1%
during the first half of 2014. Production of the sector rose 6.6% in the
first seven months of 2014 supported by resilient domestic demand and
recovery in the external sector during the first seven months of the years.
The sales value of manufactured products rebounded by 7.7% in the first
seven months of 2014. The strong performance of the sector was on account
of higher output at 9.4% from the domestic-oriented industries,
particularly transport equipment, food and beverage. |
|
|
The manufacturing sector continued to attract domestic and foreign
investment with investment approved by Malaysian Investment Development
Authority (MIDA) totaling RM47.4 billion during the first six months of
2014, mainly from Japan, China and Germany. Meanwhile, the capacity
utilization rate remained steady at 80.4% during the second quarter of 2014
while average wage per employee and productivity improved to RM2,772 per
month and 5.9%, respectively during the first seven months of 2014. Boosted
by favorable domestic economic activity and recovery in the external sector,
the manufacturing sector is expected to record a better performance with
growth of 6.4% in 2014. |
|
|
In the meantime, production of wood products rebounded by 5.1%
largely supported by higher output in the saw-milling and planning of wood
segment at 25.9% during the first seven months of 2014. The positive
performance was attributed to vibrant residential and commercial
construction activities which contributed to increased use of timber frame
and glued laminated timber for cost savings compared to the use of concrete
and steel. Increased demand from major export destination such as the US,
Japan and Australia for Malaysian made furniture contributed to the higher
output, particularly wooden and cane furniture which rebounded by 2.2%. |
|
|
Production of rubber products contracted 0.3% in the first seven
months of 2014 on account of slower demand for rubber gloves and rubber
tyres. The decline in rubber tyres for vehicles was due to the weaker
external demand from the automotive industry, particularly from China.
Output of other rubber products contracted 3.8% following the product shift
from rubber-based to plastics, silicones and metal alloys in the
manufacture of medical devices. |
|
|
Besides, exports of manufactured products are expected to grow 6.1%
in 2014 boosted by the growing demand from advanced economies. However,
during the first seven months of 2014, manufactured exports surged 11.4%.
The robust growth was buoyed by strengthening demand in the US and EU,
reflecting significant exposure of Malaysian exports to the economic
performance in the advance economies. The strength in export was
broad-based with robust growth in both E&E and non- E&E subsectors. |
|
|
Under budget 2015, the Government will provide incentive in the form
of capital allowance on automation expenditure to encourage automation in
the manufacturing sector, which may help in the manufacturing sector. |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
Financial Year End |
2013-06-30 |
2012-06-30 |
2011-06-30 |
2010-06-30 |
2009-06-30 |
|
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 |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
14,085,777 |
19,708,383 |
12,456,317 |
12,252,137 |
6,641,132 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
14,085,777 |
19,708,383 |
12,456,317 |
12,252,137 |
6,641,132 |
|
Costs of Goods Sold |
(11,037,353) |
(16,020,279) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
3,048,424 |
3,688,104 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
92,382 |
285,671 |
125,493 |
119,546 |
83,019 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
92,382 |
285,671 |
125,493 |
119,546 |
83,019 |
|
Taxation |
(26,850) |
(25,832) |
- |
(18,646) |
(28,235) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
65,532 |
259,839 |
125,493 |
100,900 |
54,784 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
541,016 |
281,177 |
155,684 |
54,784 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
541,016 |
281,177 |
155,684 |
54,784 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
606,548 |
541,016 |
281,177 |
155,684 |
54,784 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
606,548 |
541,016 |
281,177 |
155,684 |
54,784 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Hire purchase |
48,019 |
52,400 |
- |
- |
- |
|
Term loan / Borrowing |
115,667 |
108,055 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
163,686 |
160,455 |
- |
- |
- |
|
|
============= |
============= |
- |
- |
- |
|
|
DEPRECIATION (as per notes to P&L) |
586,277 |
566,844 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
586,277 |
566,844 |
- |
- |
- |
|
|
============= |
============= |
|
NES MANUFACTURING (M) SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
2,322,814 |
2,889,090 |
3,194,634 |
1,831,377 |
1,186,939 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
2,322,814 |
2,889,090 |
3,194,634 |
1,831,377 |
1,186,939 |
|
Stocks |
1,825,214 |
1,401,675 |
- |
- |
- |
|
Trade debtors |
549,250 |
834,673 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
937,400 |
542,400 |
- |
- |
- |
|
Amount due from director |
5,039,662 |
5,335,718 |
- |
- |
- |
|
Cash & bank balances |
146,564 |
184,107 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
8,498,090 |
8,298,573 |
1,888,273 |
2,096,372 |
855,519 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
10,820,904 |
11,187,663 |
5,082,907 |
3,927,749 |
2,042,458 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
561,755 |
619,745 |
- |
- |
- |
|
Other creditors & accruals |
85,621 |
135,945 |
- |
- |
- |
|
Hire purchase & lease creditors |
257,555 |
305,116 |
- |
- |
- |
|
Bank overdraft |
411,682 |
430,955 |
- |
- |
- |
|
Short term borrowings/Term loans |
665,712 |
180,585 |
- |
- |
- |
|
Provision for taxation |
99,563 |
72,713 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
2,081,888 |
1,745,059 |
1,760,046 |
1,528,412 |
592,457 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
6,416,202 |
6,553,514 |
128,227 |
567,960 |
263,062 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
8,739,016 |
9,442,604 |
3,322,861 |
2,399,337 |
1,450,001 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
5,000,000 |
5,000,000 |
1,000,000 |
1,000,000 |
500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
5,000,000 |
5,000,000 |
1,000,000 |
1,000,000 |
500,000 |
|
Retained profit/(loss) carried forward |
606,548 |
541,016 |
281,177 |
155,684 |
80,556 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
606,548 |
541,016 |
281,177 |
155,684 |
80,556 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
5,606,548 |
5,541,016 |
1,281,177 |
1,155,684 |
580,556 |
|
Long term loans |
2,755,442 |
3,319,495 |
- |
- |
- |
|
Hire purchase creditors |
377,026 |
582,093 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
3,132,468 |
3,901,588 |
2,041,684 |
1,243,653 |
869,445 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
8,739,016 |
9,442,604 |
3,322,861 |
2,399,337 |
1,450,001 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
146,564 |
184,107 |
- |
- |
- |
|
Net Liquid Funds |
(265,118) |
(246,848) |
- |
- |
- |
|
Net Liquid Assets |
4,590,988 |
5,151,839 |
128,227 |
567,960 |
263,062 |
|
Net Current Assets/(Liabilities) |
6,416,202 |
6,553,514 |
128,227 |
567,960 |
263,062 |
|
Net Tangible Assets |
8,739,016 |
9,442,604 |
3,322,861 |
2,399,337 |
1,450,001 |
|
Net Monetary Assets |
1,458,520 |
1,250,251 |
(1,913,457) |
(675,693) |
(606,383) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
256,068 |
446,126 |
- |
- |
- |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
842,345 |
1,012,970 |
- |
- |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
4,467,417 |
4,818,244 |
- |
- |
- |
|
Total Liabilities |
5,214,356 |
5,646,647 |
3,801,730 |
2,772,065 |
1,461,902 |
|
Total Assets |
10,820,904 |
11,187,663 |
5,082,907 |
3,927,749 |
2,042,458 |
|
Net Assets |
8,739,016 |
9,442,604 |
3,322,861 |
2,399,337 |
1,450,001 |
|
Net Assets Backing |
5,606,548 |
5,541,016 |
1,281,177 |
1,155,684 |
580,556 |
|
Shareholders' Funds |
5,606,548 |
5,541,016 |
1,281,177 |
1,155,684 |
580,556 |
|
Total Share Capital |
5,000,000 |
5,000,000 |
1,000,000 |
1,000,000 |
500,000 |
|
Total Reserves |
606,548 |
541,016 |
281,177 |
155,684 |
80,556 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.07 |
0.11 |
- |
- |
- |
|
Liquid Ratio |
3.21 |
3.95 |
- |
- |
- |
|
Current Ratio |
4.08 |
4.76 |
1.07 |
1.37 |
1.44 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
47 |
26 |
- |
- |
- |
|
Debtors Ratio |
14 |
15 |
- |
- |
- |
|
Creditors Ratio |
19 |
14 |
- |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.80 |
0.87 |
- |
- |
- |
|
Liabilities Ratio |
0.93 |
1.02 |
2.97 |
2.40 |
2.52 |
|
Times Interest Earned Ratio |
1.56 |
2.78 |
- |
- |
- |
|
Assets Backing Ratio |
1.75 |
1.89 |
3.32 |
2.40 |
2.90 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.66 |
1.45 |
1.01 |
0.98 |
1.25 |
|
Net Profit Margin |
0.47 |
1.32 |
1.01 |
0.82 |
0.82 |
|
Return On Net Assets |
2.93 |
4.72 |
3.78 |
4.98 |
5.73 |
|
Return On Capital Employed |
2.72 |
4.38 |
3.78 |
4.98 |
5.73 |
|
Return On Shareholders' Funds/Equity |
1.17 |
4.69 |
9.80 |
8.73 |
9.44 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
- |
- |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.17 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared by
: |
ANK |
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.