|
Report No. : |
352336 |
|
Report Date : |
04.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAI OHM ELECTRONICS (M) SDN. BHD. |
|
|
|
|
Formerly Known As : |
CRESCENT LINE SDN BHD |
|
|
|
|
Registered Office : |
Suite 12-02, Menara Zurich, 170, Jalan Argyll, 12th Floor, 10050 Pulau
Pinang, Pulau Pinang |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
23.10.1989 |
|
|
|
|
Com. Reg. No.: |
188441-H |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the manufacturer of wire forms, thick film chip
resistors, carbon film & metal film fixed resistors. |
|
|
|
|
No. of Employees : |
Not Available |
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 |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
188441-H |
||||
|
COMPANY NAME |
: |
TAI OHM ELECTRONICS (M) SDN. BHD. |
||||
|
FORMER NAME |
: |
CRESCENT LINE SDN BHD (16/03/1990) |
||||
|
INCORPORATION DATE |
: |
23/10/1989 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
SUITE 12-02, MENARA ZURICH, 170, JALAN ARGYLL, 12TH FLOOR, 10050 PULAU
PINANG, PULAU PINANG, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
564-D, LORONG PERUSAHAAN BARU 2, PRAI INDUSTRIAL PARK, 13600 PRAI,
PULAU PINANG, MALAYSIA. |
||||
|
TEL.NO. |
: |
04-3900480 |
||||
|
FAX.NO. |
: |
04-3994300 |
||||
|
WEB SITE |
: |
WWW.TAIOHM.COM.MY |
||||
|
CONTACT PERSON |
: |
LIN TAI SAN ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
26103 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURER OF WIRE FORMS, THICK FILM CHIP RESISTORS, CARBON FILM
& METAL FILM FIXED RESISTORS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 6,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 2,626,005.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 22,476,783 [2014] |
||||
|
NET WORTH |
: |
MYR 16,152,263 [2014] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
||||
HISTORY
/ BACKGROUND
|
The Subject is a private limited company and is allowed to have a minimum
of one and a maximum of forty-nine shareholders. As a private limited company,
the Subject must have at least two directors. A private limited company is a
separate legal entity from its shareholders. As a separate legal entity, the
Subject is capable of owning assets, entering into contracts, sue or be sued by
other companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act, 1965 and the company must file its annual returns, together
with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) manufacturer of
wire forms, thick film chip resistors, carbon film & metal film fixed
resistors.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Former Address(es)
|
Address |
As At Date |
|
PLOT 564-D,LRG.PERUSAHAAN BARU DUA, KAW.PERUSAHAAN PRAI, 13600, PULAU
PINANG, MALAYSIA |
15/02/2013 |
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
30/06/2015 |
MYR 6,000,000.00 |
MYR 2,626,005.00 |
|
03/09/1990 |
MYR 6,000,000.00 |
MYR 1,747,984.00 |
|
26/10/1989 |
MYR 25,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
CHIANG TSAI PAO + |
346N, LENGKOK PEMANCAR, 11700 GELUGOR, PULAU PINANG, MALAYSIA. |
133003302 |
502,224.00 |
19.13 |
|
WANG CHIN-RONG + |
17, HSIN CHUAN TZU, TAOYUAN, TAIWAN. |
132363163 |
502,224.00 |
19.13 |
|
LIN TAI SAN + |
346N, LENGKOK PEMANCAR, 11700 GELUGOR, PULAU PINANG, MALAYSIA. |
135170313 |
334,816.00 |
12.75 |
|
TA-I TECHNOLOGY CO.LTD. |
NO. 26, LANE 470, NAN-SHAN ROAD, SEC.2, LU-CHU HSIANG, TAOYUAN,
TAIWAN, R.O.C. |
XLZ00212187 |
1,286,741.00 |
49.00 |
|
--------------- |
------ |
|||
|
2,626,005.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
186851M |
MALAYSIA |
TAI OHM MARKETING (M) SDN. BHD. |
- |
4.00 |
26/11/2014 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
LIN TAI SAN |
|
Address |
: |
346N, LENGKOK PEMANCAR, 11700 GELUGOR, PULAU PINANG, MALAYSIA. |
|
IC / PP No |
: |
135170313 |
|
Nationality |
: |
TAIWANESE |
|
Date of Appointment |
: |
13/02/1990 |
DIRECTOR 2
|
Name Of Subject |
: |
CHIANG TSAI PAO |
|
Address |
: |
346N, LENGKOK PEMANCAR, 11700 GELUGOR, PULAU PINANG, MALAYSIA. |
|
IC / PP No |
: |
133003302 |
|
Nationality |
: |
TAIWANESE |
|
Date of Appointment |
: |
20/03/1990 |
DIRECTOR 3
|
Name Of Subject |
: |
WANG CHIN-RONG |
|
Address |
: |
17, HSIN CHUAN TZU, TAOYUAN, TAIWAN. |
|
IC / PP No |
: |
132363163 |
|
Nationality |
: |
TAIWANESE |
|
Date of Appointment |
: |
19/03/1990 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
LIN TAI SAN |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
DELOITTE |
|
Auditor' Address |
: |
HUNZA TOWER, 163E KELAWEI ROAD, LEVEL 12A, 10250 GEORGETOWN, PULAU
PINANG, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. GUNN CHIT GEOK |
|
IC / PP No |
: |
3455868 |
|
|
New IC No |
: |
490915-07-5030 |
|
|
Address |
: |
23, PERSIARAN MIDLANDS, 10250 GEORGETOWN, PULAU PINANG, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. CHEW SIEW CHENG |
|
IC / PP No |
: |
A2170032 |
|
|
New IC No |
: |
720405-07-5218 |
|
|
Address |
: |
1-V, LORONG DELIMA 17, ISLAND GLADES, 11700 GELUGOR, PULAU PINANG,
MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
RHB BANK BHD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
25/09/1990 |
N/A |
DEVELOPMENT COMMERCIAL BANK BHD |
MYR 400,000.00 |
Unsatisfied |
|
2 |
03/12/1992 |
N/A |
DEVELOPMENT AND COMMERCIAL BANK BHD |
MYR 1,060,000.00 |
Satisfied |
|
3 |
01/02/1996 |
DEBENTURE BY WAY OF FIXED AND FLOATING CHARGE |
DCB BANK BERHAD |
MYR 1,200,000.00 |
Unsatisfied |
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors that
have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject 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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
||
|
Member(s) / Affiliate(s) |
: |
SMI ASSOCIATION OF MALAYSIA |
||
|
Production Line |
: |
7 LINES |
||
|
Production Capacity |
: |
|
||
|
Shifts |
: |
2 SHIFTS |
||
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
80 |
||||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturer of wire forms,
thick film chip resistors, carbon film & metal film fixed resistors.
The Subject is engaged in the manufacturing of resistors for the electronic
industries.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
043900480 |
|
Current Telephone Number |
: |
04-3900480 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
564-D, LORONG PERUSAHAAN BARU 2, PRAI INDUSTRIAL
PARK,13600,PERAI,PULAU PINANG. |
|
Current Address |
: |
564-D, LORONG PERUSAHAAN BARU 2, PRAI INDUSTRIAL PARK, 13600 PRAI,
PULAU PINANG, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its number of employees.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
13.05% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
16.42% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The Subject's management have been efficient
in controlling its operating costs. The Subject's management had generated
acceptable return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Acceptable |
[ |
59 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
68 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
99 Days |
] |
|
|
The Subject kept adequate stocks to meet its normal business
transactions without incurring excessive storage costs. The high debtors'
ratio could indicate that the Subject was weak in its credit control.
However, the Subject could also giving longer credit periods to its customers
in order to boost its sales or to capture / retain its market share. The
unfavourable creditors' ratio could be due to the Subject taking advantage of
the credit granted by its suppliers. However this may affect the goodwill
between the Subject and its suppliers and the Subject may inadvertently have
to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Acceptable |
[ |
0.95 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.44 Times |
] |
|
|
The Subject's liquid ratio was slightly low. This could indicate that
the Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
295.66 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.01 Times |
] |
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was making
enough profit to pay for the interest accrued. The Subject had no gearing and
hence it had virtually no financial risk. The Subject was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the Subject, having a zero gearing, will be able to compete better
than those which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. The Subject's liquidity was at an
acceptable range. If the Subject is able to obtain further short term
financing, it should be able to meet all its short term obligations. With the
favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. 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 : FAIR |
||||||
|
|
||||||
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population ( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption ( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment ( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption ( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment ( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
Balance of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation ( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.2 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
2.9 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
4.00 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
6.85 |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
56.0 |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
43,486.6 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
49,144 |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
6.1 |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
21,753 |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
(17.7) |
- |
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
332,723 |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
1.0 |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
21,436 |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
18.0 |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
63.2 |
- |
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
13.5 |
- |
|
Bad Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry & Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil & Gas |
(1.7) |
- |
- |
3.0 |
- |
|
Other Mining |
- |
- |
- |
46.6 |
- |
|
Industry Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.4 |
5.5 |
|
Exported-oriented Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical & Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles & Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food, Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical & Chemical Products |
10.0 |
10.8 |
5.6 |
1.4 |
- |
|
Plastic Products |
3.8 |
- |
- |
2.7 |
- |
|
Iron & Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper & Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude Oil Refineries |
9.3 |
- |
- |
13.0 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,856.9 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric, Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport, Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale, Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance, Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production Index |
|||||
INDUSTRY
ANALYSIS
|
|
MSIC CODE |
|
|
26103 : Manufacture of electrical capacitors and resistors |
|
|
INDUSTRY : |
ELECTRICAL & ELECTRONIC |
|
The electrical & electronics (E&E) industry is the leading
subsector in Malaysia's manufacturing sector, contributing significantly to
the country's exports (32.8 %) and employment (27.2 %) in 2013. E&E
products have been the largest traded items for Malaysia for several decades
since the industry inception in the 1960s. The E&E industry in Malaysia
is focused on strengthening the three major ecosystems of semiconductors,
solar and LED technologies. |
|
|
In the E&E subsector, production grew more strongly by 13.3% during
the first seven months of 2014 mainly driven by electronic components,
communication equipment and domestic appliances. The output of printed
circuit boards and semiconductor devices rose in line with the growing demand
for consumer electronics, particularly mobile devices, as well as improving
global PC sales. Early in 2014, global PC sales rose on a moderating trend
due to the replacement of PCs with a new operating system. Prices of PCs are
also falling, narrowing the price differential with tablets. In contrast, the
output of general-purpose machinery decreased 8.8% on account of the decline
in manufacture of air-conditioning machine as well as lifting and handling
equipment. |
|
|
Malaysia being a part of the global E&E production network that stands
to gain from the stronger growth in worldwide semiconductor sales. In 2015,
the export-oriented industries, particularly the E&E subsector will
benefit from the improvement in external conditions in line with improving
global growth. The E&E subsector is expected to grow further driven by
higher demand of semiconductors, electronic components, communication and
computer peripherals with the upswing of global electronics demand. |
|
|
Receipts from E&E products grew at an impressive 10.6% in the first
seven months of 2014, rebounding from a contraction of 2.9% in the
corresponding period last year. The steady improvement in the global economy,
coupled with a pickup in the ICT industry led a surge of 20.1% in export of
semiconductor devices. In addition, the robust demand for mid- to low-end
smartphones and tablets, notably in emerging markets has driven higher
shipments of telecommunication equipment and parts, which turned around with
a stronger growth of 30.9% to the US, Netherlands, Singapore and Mexico. |
|
|
According to Ministry of International Trade and Industry, the healthy
growth in the E&E sector will help boost the country's economy. The
E&E sector is important to Malaysia. Exports of manufactured goods for
September 2014 rose by 2.2 % to RM49.14 billion compared with September 2013,
driven by higher exports of E&E products. Hence, gross exports are
expected to grow 3.2% in 2015 mainly supported by E&E. |
|
|
The growth of semiconductor will continue to spearhead the growth of
the E&E industry in Malaysia and has benefited from the global demand in
the usage of mobile devices, storage devices, and optoelectronics (photonics,
fibre optics, LEDs) and embedded technology integrated circuits, PCBs, LEDs.
The E&E industry is targeted under the National Key Economic Areas (NKEA)
to gear the nation towards high-income economy by focusing on high-value and
high-growth manufacturing activities. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
TAI OHM ELECTRONICS (M) 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 |
22,476,783 |
23,129,004 |
19,814,793 |
21,537,430 |
17,067,692 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
22,476,783 |
23,129,004 |
19,814,793 |
21,537,430 |
17,067,692 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
2,674,919 |
2,569,037 |
1,129,915 |
2,511,649 |
2,099,889 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
2,674,919 |
2,569,037 |
1,129,915 |
2,511,649 |
2,099,889 |
|
Taxation |
(566,725) |
(652,775) |
(472,981) |
(338,066) |
(390,792) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
2,108,194 |
1,916,262 |
656,934 |
2,173,583 |
1,709,097 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
11,992,943 |
10,273,761 |
10,268,902 |
8,608,049 |
7,694,608 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
11,992,943 |
10,273,761 |
10,268,902 |
8,608,049 |
7,694,608 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
14,101,137 |
12,190,023 |
10,925,836 |
10,781,632 |
9,403,705 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(574,879) |
(197,080) |
(652,075) |
(512,730) |
(795,656) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
13,526,258 |
11,992,943 |
10,273,761 |
10,268,902 |
8,608,049 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Hire purchase |
9,078 |
11,184 |
11,184 |
7,111 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
9,078 |
11,184 |
11,184 |
7,111 |
- |
|
|
============= |
============= |
============= |
============= |
- |
|
|
DEPRECIATION (as per notes to P&L) |
748,206 |
757,451 |
785,665 |
797,464 |
501,211 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
748,206 |
757,451 |
785,665 |
797,464 |
501,211 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
TAI OHM ELECTRONICS (M) SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
4,629,901 |
4,897,971 |
4,643,209 |
5,351,818 |
4,047,607 |
|
Investments |
8,440,883 |
7,101,471 |
5,097,631 |
7,035,779 |
6,569,530 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
8,440,883 |
7,101,471 |
5,097,631 |
7,035,779 |
6,569,530 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
13,070,784 |
11,999,442 |
9,740,840 |
12,387,597 |
10,617,137 |
|
Stocks |
3,621,073 |
3,723,266 |
3,035,443 |
3,801,904 |
2,978,356 |
|
Trade debtors |
4,200,992 |
4,948,318 |
3,466,793 |
3,470,920 |
3,201,092 |
|
Other debtors, deposits & prepayments |
457,632 |
657,984 |
624,787 |
712,445 |
346,404 |
|
Short term deposits |
- |
- |
- |
- |
21,125 |
|
Cash & bank balances |
2,421,721 |
1,850,223 |
2,439,575 |
952,757 |
759,727 |
|
Others |
- |
- |
63,228 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
10,701,418 |
11,179,791 |
9,629,826 |
8,938,026 |
7,306,704 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
23,772,202 |
23,179,233 |
19,370,666 |
21,325,623 |
17,923,841 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
6,086,948 |
6,689,559 |
5,185,448 |
6,968,614 |
5,378,134 |
|
Other creditors & accruals |
1,181,692 |
1,318,382 |
729,654 |
887,677 |
770,419 |
|
Hire purchase & lease creditors |
55,800 |
76,734 |
101,364 |
101,364 |
- |
|
Provision for taxation |
99,599 |
159,910 |
- |
21,263 |
284,234 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
7,424,039 |
8,244,585 |
6,016,466 |
7,978,918 |
6,432,787 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
3,277,379 |
2,935,206 |
3,613,360 |
959,108 |
873,917 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
16,348,163 |
14,934,648 |
13,354,200 |
13,346,705 |
11,491,054 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
2,626,005 |
2,626,005 |
2,626,005 |
2,626,005 |
2,626,005 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
2,626,005 |
2,626,005 |
2,626,005 |
2,626,005 |
2,626,005 |
|
Retained profit/(loss) carried forward |
13,526,258 |
11,992,943 |
10,273,761 |
10,268,902 |
8,608,049 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
13,526,258 |
11,992,943 |
10,273,761 |
10,268,902 |
8,608,049 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
16,152,263 |
14,618,948 |
12,899,766 |
12,894,907 |
11,234,054 |
|
Hire purchase creditors |
27,900 |
83,700 |
160,434 |
261,798 |
- |
|
Deferred taxation |
168,000 |
232,000 |
294,000 |
190,000 |
257,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
195,900 |
315,700 |
454,434 |
451,798 |
257,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
16,348,163 |
14,934,648 |
13,354,200 |
13,346,705 |
11,491,054 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
TAI OHM ELECTRONICS (M) SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
2,421,721 |
1,850,223 |
2,439,575 |
952,757 |
780,852 |
|
Net Liquid Funds |
2,421,721 |
1,850,223 |
2,439,575 |
952,757 |
780,852 |
|
Net Liquid Assets |
(343,694) |
(788,060) |
577,917 |
(2,842,796) |
(2,104,439) |
|
Net Current Assets/(Liabilities) |
3,277,379 |
2,935,206 |
3,613,360 |
959,108 |
873,917 |
|
Net Tangible Assets |
16,348,163 |
14,934,648 |
13,354,200 |
13,346,705 |
11,491,054 |
|
Net Monetary Assets |
(539,594) |
(1,103,760) |
123,483 |
(3,294,594) |
(2,361,439) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
2,683,997 |
2,580,221 |
1,141,099 |
2,518,760 |
2,099,889 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
3,432,203 |
3,337,672 |
1,926,764 |
3,316,224 |
2,601,100 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
83,700 |
160,434 |
261,798 |
363,162 |
0 |
|
Total Liabilities |
7,619,939 |
8,560,285 |
6,470,900 |
8,430,716 |
6,689,787 |
|
Total Assets |
23,772,202 |
23,179,233 |
19,370,666 |
21,325,623 |
17,923,841 |
|
Net Assets |
16,348,163 |
14,934,648 |
13,354,200 |
13,346,705 |
11,491,054 |
|
Net Assets Backing |
16,152,263 |
14,618,948 |
12,899,766 |
12,894,907 |
11,234,054 |
|
Shareholders' Funds |
16,152,263 |
14,618,948 |
12,899,766 |
12,894,907 |
11,234,054 |
|
Total Share Capital |
2,626,005 |
2,626,005 |
2,626,005 |
2,626,005 |
2,626,005 |
|
Total Reserves |
13,526,258 |
11,992,943 |
10,273,761 |
10,268,902 |
8,608,049 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.33 |
0.22 |
0.41 |
0.12 |
0.12 |
|
Liquid Ratio |
0.95 |
0.90 |
1.10 |
0.64 |
0.67 |
|
Current Ratio |
1.44 |
1.36 |
1.60 |
1.12 |
1.14 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
59 |
59 |
56 |
64 |
64 |
|
Debtors Ratio |
68 |
78 |
64 |
59 |
68 |
|
Creditors Ratio |
99 |
106 |
96 |
118 |
115 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.01 |
0.01 |
0.02 |
0.03 |
0 |
|
Liabilities Ratio |
0.47 |
0.59 |
0.50 |
0.65 |
0.60 |
|
Times Interest Earned Ratio |
295.66 |
230.71 |
102.03 |
354.21 |
0 |
|
Assets Backing Ratio |
6.23 |
5.69 |
5.09 |
5.08 |
4.38 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
11.90 |
11.11 |
5.70 |
11.66 |
12.30 |
|
Net Profit Margin |
9.38 |
8.29 |
3.32 |
10.09 |
10.01 |
|
Return On Net Assets |
16.42 |
17.28 |
8.54 |
18.87 |
18.27 |
|
Return On Capital Employed |
16.36 |
17.19 |
8.48 |
18.73 |
18.27 |
|
Return On Shareholders' Funds/Equity |
13.05 |
13.11 |
5.09 |
16.86 |
15.21 |
|
Dividend Pay Out Ratio (Times) |
0.27 |
0.10 |
0.99 |
0.24 |
0.47 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.70.67 |
|
MYR |
1 |
Rs.15.89 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.