|
Report No. : |
353482 |
|
Report Date : |
14.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
BAHRU STAINLESS SDN. BHD. |
|
|
|
|
Registered Office : |
Ptd 4069 (Plo 108), Jalan Rumbia 4, Tanjung
Langsat Industrial, Complex, 81700 Pasir Gudang, Johor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.03.2008 |
|
|
|
|
Com. Reg. No.: |
811430-H |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Manufacturing of stainless steel. |
|
|
|
|
No. of Employee : |
100 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA ECONOMIC OVERVIEW
Malaysia,
a middle-income country, has transformed itself since the 1970s from a producer
of raw materials into an emerging multi-sector economy. Under current Prime
Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020
and to move farther up the value-added production chain by attracting
investments in Islamic finance, high technology industries, biotechnology, and
services. NAJIB's Economic Transformation Program (ETP) is a series of projects
and policy measures intended to accelerate the country's economic growth. The
government has also taken steps to liberalize some services sub-sectors.
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. |
: |
811430-H |
||||
|
COMPANY NAME |
: |
BAHRU STAINLESS SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
27/03/2008 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED
(LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
PTD 4069 (PLO 108),
JALAN RUMBIA 4, TANJUNG LANGSAT INDUSTRIAL, COMPLEX, 81700 PASIR GUDANG,
JOHOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
PTD 4069 (PLO
108), JALAN RUMBIA 4, TANJUNG LANGSAT INDUSTRIAL COMPLEX, 81700 PASIR GUDANG,
JOHOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
07-2546440 |
||||
|
FAX.NO. |
: |
07-2513186 |
||||
|
HP.NO. |
: |
0197795888 |
||||
|
WEB SITE |
: |
WWW.ACERINOX.COM |
||||
|
CONTACT PERSON |
: |
BENJAMIN RAMOS
FLORES ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
24102 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF
STAINLESS STEEL |
||||
|
AUTHORISED CAPITAL |
: |
MYR
1,151,600,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR
1,151,600,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 791,083,000
[2013] |
||||
|
NET WORTH |
: |
MYR 986,374,000
[2013] |
||||
|
STAFF STRENGTH |
: |
100 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE 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) manufacturing of stainless steel.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate and ultimate holding company of
the Subject is ACERINOX, S. A., a company incorporated in SPAIN.
Former Address(es)
|
Address |
As At Date |
|
LOT PTD 3532, JALAN TEGAR, PERINDUSTRIAN
TANJUNG LANGSAT, 81700, JOHOR, MALAYSIA |
15/02/2013 |
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
20/06/2013 |
MYR 1,151,600,000.00 |
MYR 1,151,600,000.00 |
|
01/11/2010 |
MYR 1,151,600,000.00 |
MYR 701,600,000.00 |
|
30/03/2009 |
MYR 551,600,000.00 |
MYR 397,000,000.00 |
|
24/12/2008 |
MYR 1,000,000,000.00 |
MYR 106,000,000.00 |
|
10/12/2008 |
MYR 1,000,000,000.00 |
MYR 16,000,000.00 |
|
27/03/2008 |
MYR 100,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ACERINOX, S. A. |
CALLE SANTIAGO DE COMPOSTELA, 100, MADRID |
XLZ00213186 |
771,572.00 |
67.00 |
|
NISSHIN STEEL CO. LTD. |
4-1, MARUNOUCHI 3-CHOME, CHIYODA-KU, TOKYO |
0199-01-023784 |
345,480.00 |
30.00 |
|
METAL ONE CORPORATION |
JAPAN |
0104-01-049321 |
34,548.00 |
3.00 |
|
--------------- |
------ |
|||
|
1,151,600.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc No |
Shareholding |
Last Updated |
|
PETER JOHN A/L FRANCIS |
MALAYSIA |
591109-10-5445 |
N/A |
N/A |
|
RAMOS FLORES BENJAMIN |
SINGAPORE |
XDA918292 |
N/A |
09/07/2009 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. BENJAMIN RAMOS FLORES |
|
Address |
: |
132, TANJONG RHU ROAD, PEBBLE BAY, 04-10,
436919, SINGAPORE. |
|
Other Address(es) |
: |
- NO. 51, JALAN PONDEROSA 1/10, TAMAN
PONDEROSA, 81100 JOHOR BAHRU, JOHOR, MALAYSIA. - 19-B, JALAN STULANG DARAT, 80300 JOHOR
BAHRU, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
XDA918292 |
|
Nationality |
: |
SPANIARD |
|
Date of Appointment |
: |
27/03/2008 |
DIRECTOR 2
|
Name Of Subject |
: |
BERNARDO VELAZQUEZ HERREROS |
|
Address |
: |
SOPELANA 9 CASA 4, MADRID, 28023, SPAIN. |
|
IC / PP No |
: |
AAI151372 |
|
Nationality |
: |
SPANIARD |
|
Date of Appointment |
: |
07/04/2009 |
DIRECTOR 3
|
Name Of Subject |
: |
HIROYUKI MIZUMOTO |
|
Address |
: |
UNIT 14-E2, BLOCK D, THE STRAITS, VIEW
CONDOMINIUM, JALAN PERMAS, SELATAN, BANDAR BARU PERMAS JAYA, 81750 MASAI,
JOHOR, MALAYSIA. |
|
IC / PP No |
: |
MZ0697921 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
16/04/2009 |
DIRECTOR 4
|
Name Of Subject |
: |
DANIEL TOMAS AZPITARTE ZEMP |
|
Address |
: |
C / JUAN DE HERRERA 14, 401, SAN SEBASTIAN
DE LOS, REYES, MADRID, 28703, SPAIN. |
|
IC / PP No |
: |
AAA159226 |
|
Date of Appointment |
: |
19/06/2014 |
DIRECTOR 5
|
Name Of Subject |
: |
OSWALD WOLFE GOMEZ |
|
Address |
: |
PLO 108, JALAN RUMBIA 4, TANJUNG LANGSAT,
INDUSTRIAL COMPLEX, 81700 PASIR GUDANG, JOHOR, MALAYSIA. |
|
Other Address(es) |
: |
NO. 11, JALAN ANJUNG 3/4,, HORIZON HILLS,
79100 NUSAJAYA, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
AAI372044 |
|
Date of Appointment |
: |
01/11/2014 |
DIRECTOR 6
|
Name Of Subject |
: |
RYO HATTORI |
|
Address |
: |
6-1005, OKANOMARCHI, 564-1, SHINANOCHO,
TOTSUKA-KU, YOKOHAMA-CITY, KANAGAWA 244-0801, JAPAN. |
|
IC / PP No |
: |
TK5162836 |
|
Date of Appointment |
: |
04/12/2014 |
|
1) |
Name of Subject |
: |
BENJAMIN RAMOS FLORES |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
KPMG TOWER, 8 FIRST AVENUE, BANDAR UTAMA, LEVEL
10, 47800 PETALING JAYA, SELANGOR, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. JERRY YIN WA |
|
IC / PP No |
: |
A0397689 |
|
|
New IC No |
: |
660629-01-5634 |
|
|
Address |
: |
20, JALAN MOLEK 3/16, TAMAN MOLEK, 81100
JOHOR BAHRU, JOHOR, 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.
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 |
|||
|
No of Customer |
: |
N/A |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
||
|
Production Line |
: |
N/A |
||
|
Production Capacity |
: |
|
||
|
Shifts |
: |
N/A |
||
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
100 |
100 |
100 |
100 |
150 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
stainless steel.
The Subject mainly focuses on cold rolled stainless steel sheets and other
metal product and hardware.
The Subject utilizes advanced automated and semi automated machinery to ensure
production of high quality products.
RECENT DEVELOPMENT
|
4 Sep 2012
KUB (M) Bhd's unit KUB Power Sdn Bhd has accepted a contract award from Bahru
Stainless Sdn Bhd for a project worth RM33.9 million.
In a filing to Bursa Malaysia today, KUB said the project to "Supply,
Install, Lay, Erect, Test and Commission A 275V Outdoor Conventional Single
Busbar Electrical System" is at the stainless steel integrated plant in
Tanjung Langsat, Pasir Gudang, Johor.
"The contract tenure is for a period of 365 days," it said, adding it
will contribute positively to the group‘s earnings and earnings per share of
KUB Group for the financial year ending Dec 31, 2012.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
07-2546440 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
PTD 4069 (PLO 108), JALAN RUMBIA 4, TANJUNG
LANGSAT INDUSTRIAL COMPLEX,81700,PASIR GUDANG,JOHOR. |
|
Current Address |
: |
PTD 4069 (PLO 108), JALAN RUMBIA 4, TANJUNG
LANGSAT INDUSTRIAL COMPLEX, 81700 PASIR GUDANG, JOHOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 8th December 2015 we contacted one of the staff from the Subject and he
provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(10.58%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(8.47%) |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.Higher losses before tax during the year could be due to
the higher operating costs incurred. The Subject's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
55 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
81 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
23 Days |
] |
|
|
The Subject's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks. 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 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 |
[ |
0.21 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.27 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 |
: |
Unfavourable |
[ |
(11.37 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.22 Times |
] |
|
|
The Subject incurred losses in the year. It
did not generate sufficient income to service its interest. If the
situation does not improve, the Subject may be vulnerable to default in servicing
the interest. 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 : |
||||||
|
Although the Subject's turnover increased its
profits however showed a reverse trend. The losses could be due to the
management's failure to maintain its competitiveness in the market. 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's interest cover
was negative, indicating that it did not generate sufficient income to
service its interest. If its result does not show impressive improvements or
succeed obtaining short term financing or capital injection, it may not be
able to service its interest and repay the loans. 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
: POOR |
||||||
|
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 |
|||||
INDUSTRY ANALYSIS
|
|
MSIC CODE |
|
|
24102 : Production of bars and rods of
stainless steel or other alloy steel |
|
|
INDUSTRY : |
MANUFACTURING |
|
The manufacturing sector is expected to
grow by 5.5% in 2015. It will be bolstered by strong domestic and
export-oriented industries in line with growing investment activities and
favorable external demand. Moreover, in 2014, the manufacturing sectors have
spearheading growth. The manufacturing sector is estimated to grow at a
faster pace in 2014 on higher exports of electronics and electrical (E&E)
products as external demand improves. |
|
|
The manufacturing sector expanded strongly during
the first half of 2014, the highest growth in three years, spurred by higher
global semiconductor sales. Value-added of the manufacturing sector expanded
7.1% during the first half of 2014. Production of the sector rose 6.6% in the
first seven months of 2014 supported by resilient domestic demand and
recovery in the external sector during the first seven months of the years.
The sales value of manufactured products rebounded by 7.7% in the first seven
months of 2014. The strong performance of the sector was on account of higher
output at 9.4% from the domestic-oriented industries, particularly transport
equipment, food and beverage. |
|
|
The manufacturing sector continued to
attract domestic and foreign investment with investment approved by Malaysian
Investment Development Authority (MIDA) totaling RM47.4 billion during the
first six months of 2014, mainly from Japan, China and Germany. Meanwhile,
the capacity utilization rate remained steady at 80.4% during the second
quarter of 2014 while average wage per employee and productivity improved to
RM2,772 per month and 5.9%, respectively during the first seven months of
2014. Boosted by favorable domestic economic activity and recovery in the
external sector, the manufacturing sector is expected to record a better
performance with growth of 6.4% in 2014. |
|
|
In the meantime, production of wood
products rebounded by 5.1% largely supported by higher output in the
saw-milling and planning of wood segment at 25.9% during the first seven
months of 2014. The positive performance was attributed to vibrant
residential and commercial construction activities which contributed to
increased use of timber frame and glued laminated timber for cost savings
compared to the use of concrete and steel. Increased demand from major export
destination such as the US, Japan and Australia for Malaysian made furniture
contributed to the higher output, particularly wooden and cane furniture
which rebounded by 2.2%. |
|
|
Production of rubber products contracted 0.3%
in the first seven months of 2014 on account of slower demand for rubber
gloves and rubber tyres. The decline in rubber tyres for vehicles was due to
the weaker external demand from the automotive industry, particularly from
China. Output of other rubber products contracted 3.8% following the product
shift from rubber-based to plastics, silicones and metal alloys in the
manufacture of medical devices. |
|
|
Besides, exports of manufactured products
are expected to grow 6.1% in 2014 boosted by the growing demand from advanced
economies. However, during the first seven months of 2014, manufactured
exports surged 11.4%. The robust growth was buoyed by strengthening demand in
the US and EU, reflecting significant exposure of Malaysian exports to the
economic performance in the advance economies. The strength in export was
broad-based with robust growth in both E&E and non- E&E subsectors. |
|
|
Under budget 2015, the Government will provide
incentive in the form of capital allowance on automation expenditure to
encourage automation in the manufacturing sector, which may help in the
manufacturing sector. |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
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 |
791,083,000 |
535,403,000 |
74,789,000 |
- |
- |
|
Other Income |
4,247,000 |
6,979,000 |
490,000 |
21,000 |
514,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
795,330,000 |
542,382,000 |
75,279,000 |
21,000 |
514,000 |
|
Costs of Goods Sold |
(823,973,000) |
(593,293,000) |
(82,565,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
(28,643,000) |
(50,911,000) |
(7,286,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(104,364,000) |
(94,053,000) |
(21,372,000) |
(16,899,000) |
(7,075,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(104,364,000) |
(94,053,000) |
(21,372,000) |
(16,899,000) |
(7,075,000) |
|
Taxation |
- |
136,000 |
(136,000) |
(38,000) |
(214,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(104,364,000) |
(93,917,000) |
(21,508,000) |
(16,937,000) |
(7,289,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(139,811,000) |
(45,894,000) |
(24,386,000) |
(7,449,000) |
(160,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(139,811,000) |
(45,894,000) |
(24,386,000) |
(7,449,000) |
(160,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(244,175,000) |
(139,811,000) |
(45,894,000) |
(24,386,000) |
(7,449,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(244,175,000) |
(139,811,000) |
(45,894,000) |
(24,386,000) |
(7,449,000) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
8,437,000 |
8,843,000 |
214,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
8,437,000 |
8,843,000 |
214,000 |
- |
- |
|
|
============= |
============= |
============= |
- |
- |
|
|
DEPRECIATION (as per notes to P&L) |
11,280,000 |
10,296,000 |
6,907,000 |
3,368,000 |
2,690,000 |
|
AMORTIZATION |
960,000 |
923,000 |
512,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
12,240,000 |
11,219,000 |
7,419,000 |
3,368,000 |
2,690,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
2,540,068,000 |
2,112,568,000 |
1,560,119,000 |
1,145,081,000 |
516,314,000 |
|
Computer software |
982,000 |
1,625,000 |
2,071,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
982,000 |
1,625,000 |
2,071,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
2,541,050,000 |
2,114,193,000 |
1,562,190,000 |
1,145,081,000 |
516,314,000 |
|
Stocks |
119,034,000 |
126,520,000 |
92,247,000 |
820,000 |
- |
|
Trade debtors |
174,849,000 |
144,490,000 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
47,310,000 |
45,850,000 |
45,926,000 |
43,033,000 |
323,000 |
|
Short term deposits |
4,841,000 |
111,031,000 |
189,921,000 |
236,910,000 |
50,019,000 |
|
Amount due from holding company |
10,000 |
27,000 |
443,000 |
289,000 |
132,000 |
|
Amount due from related companies |
66,415,000 |
73,281,000 |
28,134,000 |
221,000 |
38,000 |
|
Cash & bank balances |
104,318,000 |
39,619,000 |
23,657,000 |
20,717,000 |
20,706,000 |
|
Others |
- |
303,000 |
166,000 |
166,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
516,777,000 |
541,121,000 |
380,494,000 |
302,156,000 |
71,218,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
3,057,827,000 |
2,655,314,000 |
1,942,684,000 |
1,447,237,000 |
587,532,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
52,534,000 |
19,451,000 |
3,902,000 |
- |
- |
|
Other creditors & accruals |
98,961,000 |
271,820,000 |
61,376,000 |
92,915,000 |
41,392,000 |
|
Hire purchase & lease creditors |
63,000 |
50,000 |
- |
- |
- |
|
Short term borrowings/Term loans |
48,644,000 |
11,334,000 |
- |
- |
- |
|
Other borrowings |
21,000,000 |
- |
- |
- |
- |
|
Amounts owing to holding company |
1,460,381,000 |
830,150,000 |
516,165,000 |
475,581,000 |
517,000 |
|
Amounts owing to related companies |
243,806,000 |
326,063,000 |
59,792,000 |
5,670,000 |
1,422,000 |
|
Provision for taxation |
- |
- |
- |
- |
50,000 |
|
Other liabilities |
- |
14,447,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
1,925,389,000 |
1,473,315,000 |
641,235,000 |
574,166,000 |
43,381,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(1,408,612,000) |
(932,194,000) |
(260,741,000) |
(272,010,000) |
27,837,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,132,438,000 |
1,181,999,000 |
1,301,449,000 |
873,071,000 |
544,151,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
701,600,000 |
551,600,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
701,600,000 |
551,600,000 |
|
Retained profit/(loss) carried forward |
(244,175,000) |
(139,811,000) |
(45,894,000) |
(24,386,000) |
(7,449,000) |
|
Others |
78,949,000 |
(11,326,000) |
(18,503,000) |
(18,266,288) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(165,226,000) |
(151,137,000) |
(64,397,000) |
(42,652,000) |
(7,449,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
986,374,000 |
1,000,463,000 |
1,087,203,000 |
658,948,000 |
544,151,000 |
|
Long term loans |
145,930,000 |
181,339,000 |
199,616,000 |
194,386,000 |
- |
|
Lease obligations |
134,000 |
197,000 |
- |
- |
- |
|
Others |
- |
- |
14,630,000 |
19,737,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
146,064,000 |
181,536,000 |
214,246,000 |
214,123,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,132,438,000 |
1,181,999,000 |
1,301,449,000 |
873,071,000 |
544,151,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
109,159,000 |
150,650,000 |
213,578,000 |
257,627,000 |
70,725,000 |
|
Net Liquid Funds |
109,159,000 |
150,650,000 |
213,578,000 |
257,627,000 |
70,725,000 |
|
Net Liquid Assets |
(1,527,646,000) |
(1,058,714,000) |
(352,988,000) |
(272,830,000) |
27,837,000 |
|
Net Current Assets/(Liabilities) |
(1,408,612,000) |
(932,194,000) |
(260,741,000) |
(272,010,000) |
27,837,000 |
|
Net Tangible Assets |
1,131,456,000 |
1,180,374,000 |
1,299,378,000 |
873,071,000 |
544,151,000 |
|
Net Monetary Assets |
(1,673,710,000) |
(1,240,250,000) |
(567,234,000) |
(486,953,000) |
27,837,000 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(95,927,000) |
(85,210,000) |
(21,158,000) |
(16,899,000) |
(7,075,000) |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
(83,687,000) |
(73,991,000) |
(13,739,000) |
(13,531,000) |
(4,385,000) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
215,771,000 |
192,920,000 |
199,616,000 |
194,386,000 |
0 |
|
Total Liabilities |
2,071,453,000 |
1,654,851,000 |
855,481,000 |
788,289,000 |
43,381,000 |
|
Total Assets |
3,057,827,000 |
2,655,314,000 |
1,942,684,000 |
1,447,237,000 |
587,532,000 |
|
Net Assets |
1,132,438,000 |
1,181,999,000 |
1,301,449,000 |
873,071,000 |
544,151,000 |
|
Net Assets Backing |
986,374,000 |
1,000,463,000 |
1,087,203,000 |
658,948,000 |
544,151,000 |
|
Shareholders' Funds |
986,374,000 |
1,000,463,000 |
1,087,203,000 |
658,948,000 |
544,151,000 |
|
Total Share Capital |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
701,600,000 |
551,600,000 |
|
Total Reserves |
(165,226,000) |
(151,137,000) |
(64,397,000) |
(42,652,000) |
(7,449,000) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.06 |
0.10 |
0.33 |
0.45 |
1.63 |
|
Liquid Ratio |
0.21 |
0.28 |
0.45 |
0.52 |
1.64 |
|
Current Ratio |
0.27 |
0.37 |
0.59 |
0.53 |
1.64 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
55 |
86 |
450 |
0 |
0 |
|
Debtors Ratio |
81 |
99 |
0 |
0 |
0 |
|
Creditors Ratio |
23 |
12 |
17 |
0 |
0 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.22 |
0.19 |
0.18 |
0.29 |
0 |
|
Liabilities Ratio |
2.10 |
1.65 |
0.79 |
1.20 |
0.08 |
|
Times Interest Earned Ratio |
(11.37) |
(9.64) |
(98.87) |
0 |
0 |
|
Assets Backing Ratio |
0.98 |
1.02 |
1.13 |
1.24 |
0.99 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(13.19) |
(17.57) |
(28.58) |
0 |
0 |
|
Net Profit Margin |
(13.19) |
(17.54) |
(28.76) |
0 |
0 |
|
Return On Net Assets |
(8.47) |
(7.21) |
(1.63) |
(1.94) |
(1.30) |
|
Return On Capital Employed |
(8.46) |
(7.20) |
(1.62) |
(1.94) |
(1.30) |
|
Return On Shareholders' Funds/Equity |
(10.58) |
(9.39) |
(1.98) |
(2.57) |
(1.34) |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
MYR |
1 |
Rs.15.42 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.