|
Report No. : |
353514 |
|
Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALCOM NIKKEI SPECIALTY COATINGS SDN. BHD. |
|
|
|
|
Registered Office : |
3, Persiaran Waja, Kawasan Perindustrian Bukit Raja, 41050 Klang, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
28.08.1990 |
|
|
|
|
Com. Reg. No.: |
203469-H |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturer of coated finstock, the main component of an
air-conditioner's heat exchanger |
|
|
|
|
No. of Employee : |
46 [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. |
: |
203469-H |
||||
|
COMPANY
NAME |
: |
ALCOM
NIKKEI SPECIALTY COATINGS SDN. BHD. |
||||
|
FORMER
NAME |
: |
KAMBUNA
SDN BHD (12/10/1990) |
||||
|
INCORPORATION
DATE |
: |
28/08/1990 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
3,
PERSIARAN WAJA, KAWASAN PERINDUSTRIAN BUKIT RAJA, 41050 KLANG, SELANGOR,
MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
3,
PERSIARAN WAJA, KAWASAN PERINDUSTRIAN BUKIT RAJA, 41050 KLANG, SELANGOR,
MALAYSIA. |
||||
|
TEL.NO. |
: |
03-33412311 |
||||
|
FAX.NO. |
: |
03-33422203 |
||||
|
WEB
SITE |
: |
WWW.ALCOM.COM.MY |
||||
|
CONTACT
PERSON |
: |
HEON
CHEE SHYONG ( DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
25994 |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURER
OF COATED FINSTOCK, THE MAIN COMPONENT OF AN AIR-CONDITIONER'S HEAT EXCHANGER |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
25,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
12,250,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
127,439,011 [2014] |
||||
|
NET
WORTH |
: |
MYR
34,615,014 [2014] |
||||
|
STAFF
STRENGTH |
: |
46
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
SLOW
BUT CORRECT |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
GOOD |
||||
|
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 coated finstock, the main component of an
air-conditioner's heat exchanger.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the Subject
is ALUMINIUM COMPANY OF MALAYSIA BHD, a company incorporated in MALAYSIA.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
27/08/2014 |
MYR
25,000,000.00 |
MYR
12,250,000.00 |
|
28/02/1991 |
MYR
12,000,000.00 |
MYR
20,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
ALUMINIUM
COMPANY OF MALAYSIA BHD |
3,
PERSIARAN WAJA, BUKIT RAJA INDUSTRIAL ESTATE, 41050 KLANG, SELANGOR,
MALAYSIA. |
3859U |
12,250,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
12,250,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
Former
Shareholder(s) :
|
Name |
Country |
IC/PP/Loc
No |
Shareholding |
Last
Updated |
|
ALCAN
NIKKEI ASIA COMPANY LTD. |
MALAYSIA |
E993779 |
6,000,000.00 |
06/06/2006 |
|
ALCOM
(SINGAPORE) PTE.LTD. |
N/A |
XLZ00208787 |
N/A |
14/06/2007 |
DIRECTOR 1
|
Name
Of Subject |
: |
MR.
BERNARD WILLIAM A/L WILLIAM G GOMEZ |
|
Address |
: |
B-9-1,
IDAMAN PUTERA CONDOMINIUM, 7, JALAN 6/21D, MEDAN IDAMAN, 53100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Other
Address(es) |
: |
E
23 JALAN KERUIN, TAMAN SETAPAK, 53000 KUALA LUMPUR, MALAYSIA. |
|
IC
/ PP No |
: |
7158043 |
|
New
IC No |
: |
620820-10-6239 |
|
Date
of Birth |
: |
20/08/1962 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
27/05/2011 |
DIRECTOR
2
|
Name
Of Subject |
: |
MR.
HEON CHEE SHYONG |
|
Address |
: |
31,
JALAN ANGGERIK ARANDA 31/24, KOTA KEMUNING, 40460 SHAH ALAM, SELANGOR,
MALAYSIA. |
|
Other
Address(es) |
: |
20
JLN HUJAN ABU 4, OVERSEAS UNION GARDEN, 58200 KUALA LUMPUR, MALAYSIA. |
|
IC
/ PP No |
: |
A0823101 |
|
New
IC No |
: |
670930-10-5769 |
|
Date
of Birth |
: |
30/09/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
17/11/2014 |
|
1) |
Name
of Subject |
: |
HEON
CHEE SHYONG |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name
of Subject |
: |
BERNARD
WILLIAM A/L WILLIAM G GOMEZ |
|
Position |
: |
CHIEF
FINANCE MANAGER |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor'
Address |
: |
1,
SENTRAL, JALAN TRAVERS, KUALA LUMPUR SENTRAL, P.O.BOX 10192, LEVEL 10, 50706
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company
Secretary |
: |
MS.
LAM LEE SAN |
|
IC
/ PP No |
: |
A2855638 |
|
|
New
IC No |
: |
740810-14-5740 |
|
|
Address |
: |
B-02-17,
SRI CAMELLIA APARTMENT, JALAN PUTERI 7/15, BANDAR PUTERI PUCHONG, 47100
PUCHONG, SELANGOR, MALAYSIA. |
|
|
2) |
Company
Secretary |
: |
MS.
LEE LAI FONG |
|
IC
/ PP No |
: |
A2544372 |
|
|
New
IC No |
: |
730809-14-5250 |
|
|
Address |
: |
47,
JALAN USJ 11/2B, 47620 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN
BANKING BHD |
ENCUMBRANCE
(S)
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 |
: |
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 |
: |
YES |
|||
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
N/A |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Products
manufactured |
: |
|
|||
|
Award |
: |
1
) OHSAS 18001 Year :2004 |
|||
|
Member(s)
/ Affiliate(s) |
: |
FEDERATION
OF MALAYSIAN MANUFACTURERS (FMM) SMALL
& MEDIUM ENTERPRISE MALAYSIAN
INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI) |
|||
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2011 |
2010 |
|||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
46 |
50 |
43 |
43 |
|||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturer of coated
finstock, the main component of an air-conditioner's heat exchanger.
The Subject is engaged in the manufacturing of aluminum fin stock for
air-conditioners.
The Subject produces the products for the major air-conditioning manufacturing
companies.
The Subject is producing for the following brands in the market:
1) YORK
2) Hitachi
3) Panasonic
We have checked with the Malaysian National News Agency's (BERNAMA)
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
03-33412311 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
3,
PERSIARAN WAJA, KAWASAN PERINDUSTRIAN BUKIT RAJA,41050,KLANG,SELANGOR. |
|
Current
Address |
: |
3,
PERSIARAN WAJA, KAWASAN PERINDUSTRIAN BUKIT RAJA, 41050 KLANG, SELANGOR,
MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
4.18% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
5.08% |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.The management had succeeded in turning the Subject into a
profit making company. The profit could be due to better control of its
operating costs and efficiency in utilising its resources. 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 |
[ |
23
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
38
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
5
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 |
[ |
2.51
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
3.09
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 |
: |
Nil |
[ |
0.00
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The Subject's interest cover was nil as it did
not pay any interest during the year. 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 higher turnover had helped to reduce the
Subject's losses. 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. The Subject did not make any interest payment during the year.
The Subject was dependent on its shareholders' funds to finance its business
needs. The Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
Overall
financial condition of the Subject : FAIR |
||||||
|
Major
Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population
( Million) |
28.7 |
29.3 |
29.8 |
30.0 |
30.5 |
|
Gross
Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
4.7 |
|
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 |
82,480 |
85,258 |
|
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 |
3.2 |
|
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 |
49,203 |
- |
|
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 |
44.0 |
44.2 |
|
Tourist
Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
27.4 |
29.4 |
|
Hotel
Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
63.6 |
58.8 |
|
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) |
1.0 |
0.7 |
0.7 |
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 |
5.3 |
|
Electrical
& Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
7.9 |
|
Rubber
Products |
20.7 |
3.0 |
11.7 |
(0.3) |
3.4 |
|
Wood
Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
7.1 |
|
Textiles
& Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
7.2 |
|
Domestic-oriented
Industries |
10.7 |
1.7 |
6.8 |
9.4 |
3.3 |
|
Food,
Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
8.90 |
|
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 |
3.6 |
|
Non-metallic
Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
7.2 |
|
Transport
Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
7.6 |
|
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 |
|
|
25994
: Manufacture of metal household articles |
|
|
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 1990, the Subject is a
Private Limited company, focusing on manufacturer of coated finstock, the
main component of an air-conditioner's heat exchanger. The Subject has been
in business for over two decades. It has built up a strong clientele base and
good reputation will enable the Subject to further enhance its business in
the near term. The Subject is expected to enjoy a stable market shares. With
an issued and paid up capital of MYR 12,250,000 and strong backing from its
holding company, the Subject enjoys timely financial assistance should the
needs arise. These favourable conditions has minimised its risk in the
industry compared to other players.
|
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
ALCOM
NIKKEI SPECIALTY COATINGS SDN. BHD. |
|
Financial
Year End |
2014-03-31 |
2013-03-31 |
2012-03-31 |
2011-03-31 |
2010-03-31 |
|
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 |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
127,439,011 |
122,612,958 |
116,773,413 |
126,436,431 |
101,477,264 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
127,439,011 |
122,612,958 |
116,773,413 |
126,436,431 |
101,477,264 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
1,875,947 |
(115,312) |
(2,499,755) |
932,511 |
1,272,838 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
1,875,947 |
(115,312) |
(2,499,755) |
932,511 |
1,272,838 |
|
Taxation |
(429,193) |
103,576 |
664,974 |
(83,412) |
(137,661) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
1,446,754 |
(11,736) |
(1,834,781) |
849,099 |
1,135,177 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
20,542,290 |
20,512,163 |
22,346,944 |
21,497,845 |
20,362,668 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
20,542,290 |
20,512,163 |
22,346,944 |
21,497,845 |
20,362,668 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
21,989,044 |
20,500,427 |
20,512,163 |
22,346,944 |
21,497,845 |
|
TRANSFER
TO RESERVES - General |
13,470 |
41,863 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
22,002,514 |
20,542,290 |
20,512,163 |
22,346,944 |
21,497,845 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
DEPRECIATION
(as per notes to P&L) |
1,684,232 |
1,546,405 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,684,232 |
1,546,405 |
- |
- |
- |
|
|
============= |
============= |
|
ALCOM
NIKKEI SPECIALTY COATINGS SDN. BHD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
10,776,010 |
12,075,733 |
11,431,826 |
11,390,602 |
12,203,161 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
10,776,010 |
12,075,733 |
11,431,826 |
11,390,602 |
12,203,161 |
|
Stocks |
7,292,231 |
5,929,484 |
- |
- |
- |
|
Contract
work-in-progress |
648,268 |
712,666 |
- |
- |
- |
|
Trade
debtors |
13,393,419 |
15,009,995 |
- |
- |
- |
|
Other
debtors, deposits & prepayments |
45,620 |
69,302 |
- |
- |
- |
|
Short
term deposits |
9,375,000 |
13,809,000 |
- |
- |
- |
|
Amount
due from holding company |
1,251,518 |
1,326,761 |
- |
- |
- |
|
Cash
& bank balances |
6,235,007 |
801,511 |
- |
- |
- |
|
Others |
413,406 |
138,280 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
38,654,469 |
37,796,999 |
37,019,112 |
51,920,424 |
44,835,494 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
49,430,479 |
49,872,732 |
48,450,938 |
63,311,026 |
57,038,655 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
1,914,139 |
2,228,219 |
- |
- |
- |
|
Other
creditors & accruals |
1,026,749 |
986,434 |
- |
- |
- |
|
Amounts
owing to holding company |
9,561,212 |
11,251,395 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
12,502,100 |
14,466,048 |
12,991,502 |
25,582,936 |
20,137,264 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
26,152,369 |
23,330,951 |
24,027,610 |
26,337,488 |
24,698,230 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
36,928,379 |
35,406,684 |
35,459,436 |
37,728,090 |
36,901,391 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
12,250,000 |
12,250,000 |
12,250,000 |
12,250,000 |
12,250,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
12,250,000 |
12,250,000 |
12,250,000 |
12,250,000 |
12,250,000 |
|
RESERVES |
|||||
|
Share
premium |
362,500 |
362,500 |
362,500 |
362,500 |
362,500 |
|
Retained
profit/(loss) carried forward |
22,002,514 |
20,542,290 |
20,512,163 |
22,346,944 |
21,497,845 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
22,365,014 |
20,904,790 |
20,874,663 |
22,709,444 |
21,860,345 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
34,615,014 |
33,154,790 |
33,124,663 |
34,959,444 |
34,110,345 |
|
Deferred
taxation |
1,589,365 |
1,574,424 |
- |
- |
- |
|
Retirement
benefits provision |
724,000 |
677,470 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
2,313,365 |
2,251,894 |
2,334,773 |
2,768,646 |
2,791,046 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
36,928,379 |
35,406,684 |
35,459,436 |
37,728,090 |
36,901,391 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
ALCOM
NIKKEI SPECIALTY COATINGS SDN. BHD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
15,610,007 |
14,610,511 |
- |
- |
- |
|
Net
Liquid Funds |
15,610,007 |
14,610,511 |
- |
- |
- |
|
Net
Liquid Assets |
18,860,138 |
17,401,467 |
24,027,610 |
26,337,488 |
24,698,230 |
|
Net
Current Assets/(Liabilities) |
26,152,369 |
23,330,951 |
24,027,610 |
26,337,488 |
24,698,230 |
|
Net
Tangible Assets |
36,928,379 |
35,406,684 |
35,459,436 |
37,728,090 |
36,901,391 |
|
Net
Monetary Assets |
16,546,773 |
15,149,573 |
21,692,837 |
23,568,842 |
21,907,184 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
1,875,947 |
(115,312) |
- |
- |
- |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
3,560,179 |
1,431,093 |
- |
- |
- |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
- |
- |
- |
|
Total
Liabilities |
14,815,465 |
16,717,942 |
15,326,275 |
28,351,582 |
22,928,310 |
|
Total
Assets |
49,430,479 |
49,872,732 |
48,450,938 |
63,311,026 |
57,038,655 |
|
Net
Assets |
36,928,379 |
35,406,684 |
35,459,436 |
37,728,090 |
36,901,391 |
|
Net
Assets Backing |
34,615,014 |
33,154,790 |
33,124,663 |
34,959,444 |
34,110,345 |
|
Shareholders'
Funds |
34,615,014 |
33,154,790 |
33,124,663 |
34,959,444 |
34,110,345 |
|
Total
Share Capital |
12,250,000 |
12,250,000 |
12,250,000 |
12,250,000 |
12,250,000 |
|
Total
Reserves |
22,365,014 |
20,904,790 |
20,874,663 |
22,709,444 |
21,860,345 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
1.25 |
1.01 |
- |
- |
- |
|
Liquid
Ratio |
2.51 |
2.20 |
- |
- |
- |
|
Current
Ratio |
3.09 |
2.61 |
2.85 |
2.03 |
2.23 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
23 |
20 |
- |
- |
- |
|
Debtors
Ratio |
38 |
45 |
- |
- |
- |
|
Creditors
Ratio |
5 |
7 |
- |
- |
- |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
- |
- |
- |
|
Liabilities
Ratio |
0.43 |
0.50 |
0.46 |
0.81 |
0.67 |
|
Times
Interest Earned Ratio |
0 |
0 |
- |
- |
- |
|
Assets
Backing Ratio |
3.01 |
2.89 |
2.89 |
3.08 |
3.01 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
1.47 |
(0.09) |
(2.14) |
0.74 |
1.25 |
|
Net
Profit Margin |
1.14 |
(0.01) |
(1.57) |
0.67 |
1.12 |
|
Return
On Net Assets |
5.08 |
(0.33) |
(7.05) |
2.47 |
3.45 |
|
Return
On Capital Employed |
5.08 |
(0.33) |
(7.05) |
2.47 |
3.45 |
|
Return
On Shareholders' Funds/Equity |
4.18 |
(0.04) |
(5.54) |
2.43 |
3.33 |
|
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.66.79 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
|
MYR |
1 |
Rs. 15.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
AMR |
|
|
|
|
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.