|
Report No. : |
352526 |
|
Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
DIC COMPOUNDS (MALAYSIA) SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 18.01, Mwe Plaza, 8, Lebuh Farquhar, 18th Floor, 10200 George
Town, Pulau Pinang |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
21.06.1988 |
|
|
|
|
Com. Reg. No.: |
171369-U |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturer of colorants for plastics, plastic compounds &
plastics masterbatches |
|
|
|
|
No. of Employee : |
140 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
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. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.
The NAJIB administration 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. Gross exports of goods and services constitute more than 80% of GDP. The oil and gas sector supplied about 29% of government revenue in 2014. 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 trying to lessen its dependence on state oil producer Petronas.
Bank Negara Malaysia (the central bank) maintains healthy foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. In order to attract increased investment, NAJIB 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 |
|
REGISTRATION
NO. |
: |
171369-U |
||||
|
COMPANY
NAME |
: |
DIC
COMPOUNDS (MALAYSIA) SDN. BHD. |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
21/06/1988 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
SUITE
18.01, MWE PLAZA, 8, LEBUH FARQUHAR, 18TH FLOOR, 10200 GEORGE TOWN, PULAU
PINANG, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
PLOT
481, LORONG PERUSAHAAN BARU 2, KAWASAN PERINDUSTRIAN PRAI, 13600 PRAI, PULAU
PINANG, MALAYSIA. |
||||
|
TEL.NO. |
: |
04-3803200 |
||||
|
FAX.NO. |
: |
04-3803224 |
||||
|
WEB
SITE |
: |
WWW.DCM-DIC.COM.MY |
||||
|
CONTACT
PERSON |
: |
KOJI
MORIOKA ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
20221 |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURER
OF COLORANTS FOR PLASTICS, PLASTIC COMPOUNDS & PLASTICS MASTERBATCHES |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
20,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
19,600,002.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
155,525,237 [2014] |
||||
|
NET
WORTH |
: |
MYR
52,744,187 [2014] |
||||
|
STAFF
STRENGTH |
: |
140
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
||||
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders.
As a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act, 1965 and the company
must file its annual returns, together with its financial statements with the
Registrar of Companies.
The
Subject is principally engaged in the (as a / as an) manufacturer of colorants
for plastics, plastic compounds & plastics masterbatches.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The
immediate holding company of the Subject is DIC CORPORATION, a company
incorporated in JAPAN.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
19/03/2015 |
MYR
20,000,000.00 |
MYR
19,600,002.00 |
|
18/08/1989 |
MYR
15,000,000.00 |
MYR
14,000,002.00 |
|
31/10/1988 |
MYR
10,000,000.00 |
MYR
5,500,002.00 |
|
27/06/1988 |
MYR
10,000,000.00 |
MYR
2.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
DIC
CORPORATION |
7-20,
NIBONBASHI, 3-CHOME, CHUO-KU, TOKYO, 103 |
0114-01-003807 |
17,640,002.00 |
90.00 |
|
DIC
ASIA PACIFIC PTE LTD |
78,
SHENTON WAY, 19-01 |
196700304Z |
1,960,000.00 |
10.00 |
|
--------------- |
------ |
|||
|
19,600,002.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
Former
Shareholder(s) :
|
Name |
Country |
IC/PP/Loc
No |
Shareholding |
Last
Updated |
|
DAINIPPON
INK AND CHEMICALS INC. |
N/A |
XLZ000001837 |
19,600,002.00 |
10/03/2009 |
|
DIC
CORPORATION |
JAPAN |
011401003807 |
N/A |
N/A |
DIRECTOR
1
|
Name
Of Subject |
: |
SHUJI
FURUTA |
|
Address |
: |
2,
MARINA BOULEVARD, 07-05,THE SAIL @ MARINA BAY, 018987, SINGAPORE. |
|
IC
/ PP No |
: |
TH4725556 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
14/11/2014 |
DIRECTOR
2
|
Name
Of Subject |
: |
TAKEHIRO
ICHINOTSUBO |
|
Address |
: |
35-8-4,
MUTIARA VILLA, JALAN BAGAN JERMAL, 10250 GEORGETOWN, PULAU PINANG, MALAYSIA. |
|
IC
/ PP No |
: |
TZ0845398 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
17/09/2009 |
DIRECTOR
3
|
Name
Of Subject |
: |
YOSHIRO
TOMITA |
|
Address |
: |
35-8-4,
MUTIARA VILLA, JALAN BAGAN JERMAL, 10250 GEORGETOWN, PULAU PINANG, MALAYSIA. |
|
IC
/ PP No |
: |
TK5257612 |
|
Date
of Appointment |
: |
01/04/2014 |
DIRECTOR
4
|
Name
Of Subject |
: |
KIYOTAKA
KAWASHIMA |
|
Address |
: |
503,
3-16-16, MINAMI-CHO, CHUO-KU, CHIBA CITY, CHIBA PREFCETURE, JAPAN. |
|
IC
/ PP No |
: |
TK2644933 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
12/06/2012 |
DIRECTOR
5
|
Name
Of Subject |
: |
KOJI
MORIOKA |
|
Address |
: |
1B-5-6,
QUAYSIDE, LORONG SERI TANJUNG PINANG, JALAN SRI TANJUNG PINANG, 10470 PULAU
PINANG, PULAU PINANG, MALAYSIA. |
|
IC
/ PP No |
: |
TK3218437 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
14/11/2014 |
DIRECTOR
6
|
Name
Of Subject |
: |
TAKESHI
FUJIOKA |
|
Address |
: |
16-10,
KINUGAWA 2, CHOME, OTSU-CITY, SHIGA, 520-0244, JAPAN. |
|
IC
/ PP No |
: |
TZ0544661 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
14/11/2014 |
|
1) |
Name
of Subject |
: |
KOJI
MORIOKA |
|
Position |
: |
MANAGING
DIRECTOR |
|
Auditor |
: |
DELOITTE |
|
Auditor'
Address |
: |
HUNZA
TOWER, 163E, JALAN KELAWEI, LEVEL 12A, 10250 GEORGETOWN, PULAU PINANG,
MALAYSIA. |
|
1) |
Company
Secretary |
: |
MR.
CHAI CHURN HWA |
|
IC
/ PP No |
: |
6750318 |
|
|
New
IC No |
: |
620705-08-5241 |
|
|
Address |
: |
SUITE
18.01, MWE PLAZA, 8, LEBUH FARQUHAR, 18TH. FLOOR, 10200 GEORGE TOWN, PULAU
PINANG, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN
BANKING BHD |
|
2) |
Name |
: |
RHB
BANK BHD |
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the Subject whether the Subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Import
Countries |
: |
EUROPE,ASIA |
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 |
: |
YES |
|||
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
SINGAPORE |
|||
|
Credit
Term |
: |
30
- 60 DAYS |
|||
|
Payment
Mode |
: |
TELEGRAPHIC
TRANSFER (TT) |
|||
|
Products
manufactured |
: |
|
|
|
Member(s)
/ Affiliate(s) |
: |
FEDERATION
OF MALAYSIAN MANUFACTURERS (FMM) MALAYSIAN
PLASTICS MANUFACTURERS ASSOCIATION (MPMA) SMI
ASSOCIATION OF MALAYSIA SMALL
& MEDIUM ENTERPRISE CHEMICAL
INDUSTRIES COUNCIL OF MALAYSIA (CICM) |
|
|
Ownership
of premises |
: |
OWNED |
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
140 |
140 |
140 |
140 |
150 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturer of
colorants for plastics, plastic compounds & plastics masterbatches.
The Subject's products range includes colouring plastic compounds, dry colour,
masterbatches, plastic dairen and etc.
We were informed that the Subject's products are mainly used in the electronic
and packaging industries.
The Subject utilizes advanced automated and semi-automated machineries to
ensure production of high quality products.
Besides that, the Subject has a warehouse located at the same premises to keep
stocks and materials.
The Subject has a workforce of dedicated personnel who uphold quality and
safety as a common duty and responsibility. Equipped with state-of-the-art
facilities. Its plant operates on a 24,000 square meter land area located at
Perai Industrial Estate in Penang, Malaysia.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
04-3803200 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
PLOT
481, LORONG PERUSAHAAN BARU 2, KAWASAN PERINDUSTRIAN PRAI,13600,PRAI,PULAU
PINANG. |
|
Current
Address |
: |
PLOT
481, LORONG PERUSAHAAN BARU 2, KAWASAN PERINDUSTRIAN PRAI, 13600 PRAI, PULAU
PINANG, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We contacted on of the staff from the Subject and she provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
4.03% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
6.69% |
] |
|
|
The
continuous fall in turnover could be due to the lower demand for the
Subject's products / services.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 |
: |
Unfavourable |
[ |
66
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
14
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
22
Days |
] |
|
|
The
Subject could be incurring higher holding cost. As its capital was tied up in
stocks, it could face liquidity problems. The favourable debtors' days could
be due to the good credit control measures implemented by the Subject. The
Subject had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Unfavourable |
[ |
0.65
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.30
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 |
: |
Acceptable |
[ |
5.58
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.49
Times |
] |
|
|
The
Subject's interest cover was slightly low. If there is no sharp fall in its profit
or sudden increase in the interest rates, we believe the Subject is able to
generate sufficient income to service its interest and repay the loans. The
Subject was lowly geared thus it had a low financial risk. The Subject was
mainly financed by its shareholders' funds and internally generated funds. In
times of economic slowdown / downturn, the Subject being a lowly geared
company, will be able to compete better than those companies which are highly
geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
The
Subject's performance deteriorated over the years with lower turnover and
profit. 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 had an
acceptable interest cover. If there is no sudden sharp increase in interest
rate or fall in the Subject's profit, we do believe the Subject is able to
generate sufficient cash flow to service its interest payment. The Subject as
a lowly geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations. |
||||||
|
Overall
financial condition of the Subject : LIMITED |
||||||
|
Major
Economic Indicators: |
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 |
|
|
20221
: Manufacture of paints, varnishes and similar coatings ink and mastics |
|
|
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 |
|
|
Incorporated in 1988, the Subject is a Private
Limited company, focusing on manufacturer of colorants for plastics, plastic
compounds & plastics masterbatches. The Subject has been in business for
over two decades. It has built up a strong clientele base and satisfactory
reputation will enable the Subject to further enhance its business in the
near term. The Subject is expected to enjoy a stable market shares. The
Subject is a large entity with strong capital position of MYR 19,600,002. We
are confident with the Subject's business and its future growth prospect.
Having strong support from its holding company has enabled the Subject to
remain competitive despite the challenging business environment.
|
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
DIC
COMPOUNDS (MALAYSIA) SDN. BHD. |
|
Financial
Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
155,525,237 |
156,847,719 |
158,500,202 |
172,540,501 |
149,249,451 |
|
Other
Income |
357,039 |
282,605 |
1,782,978 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
155,882,276 |
157,130,324 |
160,283,180 |
172,540,501 |
149,249,451 |
|
Costs
of Goods Sold |
(140,475,415) |
(140,293,380) |
(139,409,149) |
(152,752,417) |
(131,569,791) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
15,406,861 |
16,836,944 |
20,874,031 |
19,788,084 |
17,679,660 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
3,132,248 |
6,216,219 |
6,882,125 |
7,112,928 |
6,328,198 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
3,132,248 |
6,216,219 |
6,882,125 |
7,112,928 |
6,328,198 |
|
Taxation |
(1,006,432) |
(845,014) |
(407,854) |
(1,400,000) |
(299,521) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
2,125,816 |
5,371,205 |
6,474,271 |
5,712,928 |
6,028,677 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
28,795,528 |
23,424,323 |
19,089,011 |
13,376,083 |
9,743,406 |
|
Prior
year adjustment |
- |
- |
461,041 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
28,795,528 |
23,424,323 |
19,550,052 |
13,376,083 |
9,743,406 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
30,921,344 |
28,795,528 |
26,024,323 |
19,089,011 |
15,772,083 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(2,844,682) |
- |
(2,600,000) |
- |
(2,396,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
28,076,662 |
28,795,528 |
23,424,323 |
19,089,011 |
13,376,083 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
- |
- |
9,643 |
10,778 |
8,203 |
|
Bankers'
acceptance |
- |
- |
- |
- |
22,826 |
|
Term
loan / Borrowing |
- |
- |
- |
45,991 |
244,099 |
|
Others |
683,293 |
908,427 |
1,014,820 |
634,844 |
19,415 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
683,293 |
908,427 |
1,024,463 |
691,613 |
294,543 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
5,895,457 |
4,941,698 |
5,192,748 |
4,350,069 |
3,727,468 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
5,895,457 |
4,941,698 |
5,192,748 |
4,350,069 |
3,727,468 |
|
|
============= |
============= |
============= |
============= |
============= |
|
DIC
COMPOUNDS (MALAYSIA) SDN. BHD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
44,212,281 |
39,755,620 |
36,141,079 |
39,032,117 |
22,114,090 |
|
Investments |
- |
- |
- |
- |
120,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
- |
- |
- |
- |
120,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
44,212,281 |
39,755,620 |
36,141,079 |
39,032,117 |
22,234,090 |
|
Stocks |
28,033,189 |
28,811,668 |
24,085,697 |
26,702,494 |
17,452,968 |
|
Trade
debtors |
5,858,794 |
5,710,379 |
5,526,548 |
23,366,746 |
25,000,770 |
|
Other
debtors, deposits & prepayments |
3,410 |
3,206 |
1,333 |
236,439 |
3,083 |
|
Amount
due from holding company |
7,853,365 |
8,829,439 |
11,256,460 |
- |
- |
|
Amount
due from related companies |
10,943,194 |
9,551,256 |
7,200,008 |
- |
- |
|
Cash
& bank balances |
1,825,760 |
3,892,296 |
5,455,589 |
2,937,366 |
2,740,338 |
|
Others |
1,420,637 |
1,333,395 |
206,206 |
162,500 |
642,668 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
55,938,349 |
58,131,639 |
53,731,841 |
53,405,545 |
45,839,827 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
100,150,630 |
97,887,259 |
89,872,920 |
92,437,662 |
68,073,917 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
8,301,740 |
7,911,042 |
8,214,581 |
11,484,891 |
12,316,857 |
|
Other
creditors & accruals |
6,071,404 |
6,936,049 |
3,649,840 |
6,360,199 |
4,024,284 |
|
Bank
overdraft |
- |
- |
- |
- |
294,233 |
|
Short
term borrowings/Term loans |
25,599,455 |
24,801,413 |
28,026,222 |
24,085,100 |
10,646,458 |
|
Amounts
owing to holding company |
2,145,984 |
2,836,661 |
1,541,040 |
321,992 |
- |
|
Amounts
owing to related companies |
1,035,133 |
575,891 |
718,387 |
187,642 |
5,100,000 |
|
Provision
for taxation |
- |
13,312 |
53,646 |
- |
436,000 |
|
Dividends
payable/proposed |
- |
- |
- |
- |
980,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
43,153,716 |
43,074,368 |
42,203,716 |
42,439,824 |
33,797,832 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
12,784,633 |
15,057,271 |
11,528,125 |
10,965,721 |
12,041,995 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
56,996,914 |
54,812,891 |
47,669,204 |
49,997,838 |
34,276,085 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
19,600,002 |
19,600,002 |
19,600,002 |
19,600,002 |
19,600,002 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
19,600,002 |
19,600,002 |
19,600,002 |
19,600,002 |
19,600,002 |
|
Exchange
equalisation/fluctuation reserve |
5,067,523 |
1,656,131 |
(1,497,021) |
- |
- |
|
Retained
profit/(loss) carried forward |
28,076,662 |
28,795,528 |
23,424,323 |
19,089,011 |
13,376,083 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
33,144,185 |
30,451,659 |
21,927,302 |
19,089,011 |
13,376,083 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
52,744,187 |
50,051,661 |
41,527,304 |
38,689,013 |
32,976,085 |
|
Long
term loans |
- |
1,562,158 |
3,641,900 |
8,808,825 |
- |
|
Deferred
taxation |
4,252,727 |
3,199,072 |
2,500,000 |
2,500,000 |
1,300,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
4,252,727 |
4,761,230 |
6,141,900 |
11,308,825 |
1,300,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
56,996,914 |
54,812,891 |
47,669,204 |
49,997,838 |
34,276,085 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DIC
COMPOUNDS (MALAYSIA) SDN. BHD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
1,825,760 |
3,892,296 |
5,455,589 |
2,937,366 |
2,740,338 |
|
Net
Liquid Funds |
1,825,760 |
3,892,296 |
5,455,589 |
2,937,366 |
2,446,105 |
|
Net
Liquid Assets |
(15,248,556) |
(13,754,397) |
(12,557,572) |
(15,736,773) |
(5,410,973) |
|
Net
Current Assets/(Liabilities) |
12,784,633 |
15,057,271 |
11,528,125 |
10,965,721 |
12,041,995 |
|
Net
Tangible Assets |
56,996,914 |
54,812,891 |
47,669,204 |
49,997,838 |
34,276,085 |
|
Net
Monetary Assets |
(19,501,283) |
(18,515,627) |
(18,699,472) |
(27,045,598) |
(6,710,973) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
3,815,541 |
7,124,646 |
7,906,588 |
7,804,541 |
6,622,741 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
9,710,998 |
12,066,344 |
13,099,336 |
12,154,610 |
10,350,209 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
25,599,455 |
26,363,571 |
31,668,122 |
32,893,925 |
10,940,691 |
|
Total
Liabilities |
47,406,443 |
47,835,598 |
48,345,616 |
53,748,649 |
35,097,832 |
|
Total
Assets |
100,150,630 |
97,887,259 |
89,872,920 |
92,437,662 |
68,073,917 |
|
Net
Assets |
56,996,914 |
54,812,891 |
47,669,204 |
49,997,838 |
34,276,085 |
|
Net
Assets Backing |
52,744,187 |
50,051,661 |
41,527,304 |
38,689,013 |
32,976,085 |
|
Shareholders'
Funds |
52,744,187 |
50,051,661 |
41,527,304 |
38,689,013 |
32,976,085 |
|
Total
Share Capital |
19,600,002 |
19,600,002 |
19,600,002 |
19,600,002 |
19,600,002 |
|
Total
Reserves |
33,144,185 |
30,451,659 |
21,927,302 |
19,089,011 |
13,376,083 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.04 |
0.09 |
0.13 |
0.07 |
0.08 |
|
Liquid
Ratio |
0.65 |
0.68 |
0.70 |
0.63 |
0.84 |
|
Current
Ratio |
1.30 |
1.35 |
1.27 |
1.26 |
1.36 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
66 |
67 |
55 |
56 |
43 |
|
Debtors
Ratio |
14 |
13 |
13 |
49 |
61 |
|
Creditors
Ratio |
22 |
21 |
22 |
27 |
34 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.49 |
0.53 |
0.76 |
0.85 |
0.33 |
|
Liabilities
Ratio |
0.90 |
0.96 |
1.16 |
1.39 |
1.06 |
|
Times
Interest Earned Ratio |
5.58 |
7.84 |
7.72 |
11.28 |
22.48 |
|
Assets
Backing Ratio |
2.91 |
2.80 |
2.43 |
2.55 |
1.75 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
2.01 |
3.96 |
4.34 |
4.12 |
4.24 |
|
Net
Profit Margin |
1.37 |
3.42 |
4.08 |
3.31 |
4.04 |
|
Return
On Net Assets |
6.69 |
13.00 |
16.59 |
15.61 |
19.32 |
|
Return
On Capital Employed |
6.69 |
13.00 |
16.59 |
15.61 |
19.16 |
|
Return
On Shareholders' Funds/Equity |
4.03 |
10.73 |
15.59 |
14.77 |
18.28 |
|
Dividend
Pay Out Ratio (Times) |
1.34 |
0 |
0.40 |
0 |
0.40 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.52 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.70.44 |
|
MYR |
1 |
Rs. 15.76 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.