|
Report No. : |
356110 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
FAMILY CEREAL SDN. BHD. |
|
|
|
|
Registered Office : |
Acctax Corporate Centre, 2, Jalan Bawasah,
First Floor, 10050 Pulau Pinang, Pulau Pinang |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
28.07.1992 |
|
|
|
|
Com. Reg. No.: |
245478-T |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing and marketing of cereal
products. |
|
|
|
|
No. of Employee : |
70 [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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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.
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. |
: |
245478-T |
||||
|
COMPANY NAME |
: |
FAMILY CEREAL SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
28/07/1992 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
ACCTAX
CORPORATE CENTRE, 2, JALAN BAWASAH, FIRST FLOOR, 10050 PULAU PINANG, PULAU
PINANG, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
PLOT 8, LORONG JELAWAT
1, SEBERANG JAYA INDUSTRIAL ESTATE, 13700 PERAI, PULAU PINANG, MALAYSIA. |
||||
|
TEL.NO. |
: |
04-3904077 |
||||
|
FAX.NO. |
: |
04-3905579 |
||||
|
EMAIL |
: |
INFO@FAMILYCEREAL.COM |
||||
|
WEB SITE |
: |
WWW.FAMILYCEREAL.COM |
||||
|
CONTACT PERSON |
: |
SAW BENG LIANG (
CEO ) |
||||
|
INDUSTRY CODE |
: |
01119 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING
AND MARKETING OF CEREAL PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR
10,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR
10,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 32,524,307
[2014] |
||||
|
NET WORTH |
: |
MYR 24,868,478
[2014] |
||||
|
STAFF STRENGTH |
: |
70 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
GOOD |
||||
|
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) manufacturing and marketing of cereal products.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the Subject
is MYLAR ELECTRONICS (M) SDN. BHD., a company incorporated in MALAYSIA.
Former Address(es)
|
Address |
As At Date |
|
151-B, VICTORIA STREET, GROUND FLOOR, 10300,
PULAU PINANG, MALAYSIA |
02/04/2007 |
|
243, BEACH STREET, 10300, PULAU PINANG,
MALAYSIA |
06/12/1999 |
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
30/06/2015 |
MYR 10,000,000.00 |
MYR 10,000,000.00 |
|
13/08/1992 |
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 |
(%) |
|
MYLAR ELECTRONICS (M) SDN. BHD. |
PLOT 8, LORONG JELAWAT 1, SEBERANG JAYA,
INDUSTRIAL ESTATE, 13700 PERAI, PULAU PINANG, MALAYSIA. |
187431D |
10,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
10,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc No |
Shareholding |
Last Updated |
|
CHAN EE MENG |
MALAYSIA |
760911-07-5073 |
N/A |
07/08/2007 |
|
CHAN SUAN PEW |
MALAYSIA |
490719-07-5041 |
N/A |
07/08/2007 |
|
LAW KING BOON |
MALAYSIA |
370416-10-5251 |
N/A |
07/08/2007 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. SAW BENSON |
|
Address |
: |
8A-5-2, 8, GURNEY, PERSIARAN GURNEY, 10250
GEORGETOWN, PULAU PINANG, MALAYSIA. |
|
Other Address(es) |
: |
- 71 MEDAN TEMBAGA, ISLAND PARK, 11600
PENANG, MALAYSIA. - 2-4-16, TIVOLLI VILLAS, JALAN MEDANG
TANDUK, 59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. - 66, JALAN SETIA BAKTI, BUKIT DAMANSARA,
50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A2816784 |
|
New IC No |
: |
740530-07-5063 |
|
Date of Birth |
: |
30/05/1974 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
10/06/2004 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. SAW EE CHEE @ SAW KENG WEE |
|
Address |
: |
8A-5-2, 8, GURNEY, PERSIARAN GURNEY, 10250
GEORGETOWN, PULAU PINANG, MALAYSIA. |
|
Other Address(es) |
: |
- 71, MEDAN TEMBAGA, 11600 PULAU PINANG,
PULAU PINANG, MALAYSIA. - SOLOK TEMBAGA SATU, ISLAND PARK, SERI
DELIMA, BUKIT GELUGOR, MALAYSIA. |
|
IC / PP No |
: |
0970344 |
|
New IC No |
: |
320106-71-5315 |
|
Date of Birth |
: |
06/01/1932 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
07/07/2004 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. SAW BENG LIANG |
|
Address |
: |
8A-5-2, 8, GURNEY, PERSIARAN GURNEY, 10250
GEORGETOWN, PULAU PINANG, MALAYSIA. |
|
Other Address(es) |
: |
71, MEDAN TEMBAGA, 11600 PULAU PINANG, PULAU
PINANG, MALAYSIA. |
|
IC / PP No |
: |
A1441336 |
|
New IC No |
: |
691201-07-5689 |
|
Date of Birth |
: |
01/12/1969 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
28/07/1992 |
|
1) |
Name of Subject |
: |
SAW BENG LIANG |
|
Position |
: |
CEO |
|
|
Auditor |
: |
LAI KWANG HOOI & CO. |
|
Auditor' Address |
: |
65, IRVING ROAD, 10400 GEORGETOWN, PULAU
PINANG, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. WONG MEE CHOON |
|
IC / PP No |
: |
7376295 |
|
|
New IC No |
: |
640707-07-5328 |
|
|
Address |
: |
35, LEBUH RAMBAI, 10, PAYA TERUBONG, 11060
PULAU PINANG, PULAU PINANG, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
HONG LEONG BANK 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 |
: |
YES |
|
Overseas |
: |
YES |
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 |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
AGENTS,HYPERMARKETS,DISTRIBUTORS |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Member(s) / Affiliate(s) |
: |
MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE) SMALL & MEDIUM ENTERPRISE MALAYSIA FOOD & BEVERAGE INDUSTRY |
|
|
Ownership of premises |
: |
LEASED/RENTED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2013 |
2010 |
||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
70 |
70 |
70 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing and
marketing of cereal products.
The Subject is a manufacturer of instant cereal flakes.
According to the Subject, it is also involved in the contract manufacturing of
products in various packaging.
The products range includes malt extract cereal, cereal-based baby and infant
food, instant pregelatinised starch, fruit and vegetable flake powders, malted
flours, non-dairy creamers, ice-cream powders etc.
Besides its core business of drum-dried, spray-dried and grain-milled food
ingredients, SC also has various other drying, extruding agglomerations,
blending and mixing facilities.
The Subject is equipped with various sizes of ribbon blender and various types
of packaging machines to pack the products in the forms of tin cans, composite
cans, sachets, pillow and gusseted packs, bulk packs and etc.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
7-07161022-599 |
|
Current Telephone Number |
: |
04-3904077 |
|
Match |
: |
NO |
|
Address Provided by Client |
: |
PLOT 8, LORONG JELAWAT 1, SEBERANG JAYA
INDUSTRIAL ESTATE,13700,PERAI,PULAU PINANG. |
|
Current Address |
: |
PLOT 8, LORONG JELAWAT 1, SEBERANG JAYA
INDUSTRIAL ESTATE, 13700 PERAI, PULAU PINANG, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 21st December 2015 we contacted one of the staff from the Subject and he
provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
6.72% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
9.01% |
] |
|
|
The fluctuating turnover reflects the fierce
competition among the existing and new market players.The dip in profit could
be due to the stiff market competition which reduced the Subject's profit
margin. The unfavourable return on shareholders' funds could indicate that
the Subject was inefficient in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
66 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
79 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
31 Days |
] |
|
|
The Subject could be incurring higher
holding cost. As its capital was tied up in stocks, it could face liquidity
problems. 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 |
: |
Favourable |
[ |
1.68 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.06 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 |
: |
Favourable |
[ |
37.66 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.17 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 was lowly geared thus it had a low financial risk. The
Subject was mainly financed by its shareholders' funds and internally
generated funds. In times of economic slowdown / downturn, the Subject being
a lowly geared company, will be able to compete better than those companies
which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
The Subject recorded lower profits as its
turnover showed a erratic trend. The Subject's management was unable to control
its costs efficiently as its profit showed a downward trend. The Subject was
in good liquidity position with its total current liabilities well covered by
its total current assets. With its current net assets, the Subject should be
able to repay its short term obligations. 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
: STRONG |
||||||
|
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 |
|
|
01119 : Growing of other cereals n.e.c. |
|
|
INDUSTRY : |
AGRICULTURE |
|
The agricultural sector has contributed to
the growth and be a major contributor to national income and export earnings.
It initially derived from the increase in the production of livestock,
fisheries, and other miscellaneous crops. |
|
|
The agriculture sector is expected to
record a growth of 3.1% in 2015. However, the agriculture sector in 2014 is
likely to remain more favourable and is expected to expand 3.8% (2013: 2.1%),
supported by higher production of crude palm oil (CPO) and food, especially
poultry, fruits and vegetables. The agriculture sector expanded 4.6% in the
first half of 2014 (January – June 2013: 3.2%), driven by higher CPO
production despite lower rubber output. Livestock, fruit and vegetables also
recorded positive growth following the Government’s measures to increase food
production to enhance food security and reduce the food import bill. In
addition, the implementations of fishermen’s market and Kedai Rakyat
Agrobazaar have contributed to higher production of food. |
|
|
The oil palm subsector rose 8.1% in the
first half of 2014 following higher CPO production. Production of CPO
increased 6.6% during the first seven months of 2014. On the other hand, the
rubber subsector declined 13.3% in the first half of 2014 due to lower output
and prices. Production of natural rubber dropped 13.2% to 0.3 million tonnes
mainly due to the hot weather conditions and prolonged wintering season
during the first quarter of the year. Taking into account the stable process
and improved weather conditions during the second half of 2014, the
production of rubber is expected to record a smaller contraction of 3.9% to
792,286 tonnes in 2014. |
|
|
Furthermore, livestock subsector grew 7%
over the first half of 2014 on account of higher output of poultry (10.2%)
and eggs (3.1%) to meet higher external and domestic demand. The fishing
subsector moderated to 1.3% over the first half of 2014 due to lower
aquaculture production and marine fish landings. Meanwhile, other agriculture
subsector expanded 7.4% over the first half of 2014 on account of higher
output of vegetables (7.2%), fruits (7.3%), and paddy (5.5%). |
|
|
Other than that, the agriculture exports
are expected to rebound by 4.5% in 2014 (2013: -14.4%). The export earning increased
3.7% to Rm40 billion over the first seven months of 2014 on account of higher
shipments of palm oil and other agriculture goods. |
|
|
According to budget 2015, from 2015 to
2017, the Government will allocate RM6 billion to Ministry of Agriculture and
Agro-Based Industry to implement 4 initiatives in order to strengthen food
supply chain, such as establishing 65 permanent farmers’ markets and 50 fish
markets that will operate daily in selected locations, introduce a weekly
auction programme for quality vegetables at reasonable prices, accelerating
planting and replanting of fruit trees, and providing RM100 million matching
grant to Farmers’ Organisation Authority to enable the members to obtain
loans to improve farm productivity and marketing channels. |
|
|
Conclusively, the agriculture sector is a
strong contributor to Malaysia's GDP and total employment due to the share of
agriculture sector to GDP is estimated to remain at 7% in 2014, and it
contributed 12.4% to total employment in Malaysia. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
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 |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
32,524,307 |
32,417,502 |
35,751,031 |
26,195,886 |
22,061,564 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
32,524,307 |
32,417,502 |
35,751,031 |
26,195,886 |
22,061,564 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
2,202,489 |
2,289,228 |
3,461,717 |
(752,066) |
(102,346) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
2,202,489 |
2,289,228 |
3,461,717 |
(752,066) |
(102,346) |
|
Taxation |
(531,371) |
(225,030) |
(876,573) |
142,811 |
(4,504) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,671,118 |
2,064,198 |
2,585,144 |
(609,255) |
(106,850) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
13,197,360 |
11,133,162 |
8,548,018 |
9,157,273 |
9,264,123 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
13,197,360 |
11,133,162 |
8,548,018 |
9,157,273 |
9,264,123 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
14,868,478 |
13,197,360 |
11,133,162 |
8,548,018 |
9,157,273 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
14,868,478 |
13,197,360 |
11,133,162 |
8,548,018 |
9,157,273 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bankers' acceptance |
27,361 |
54,013 |
- |
- |
- |
|
Hire purchase |
8,046 |
4,279 |
- |
- |
- |
|
Others |
24,674 |
2,806 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
60,081 |
61,098 |
- |
- |
- |
|
|
============= |
============= |
- |
- |
- |
|
|
DEPRECIATION (as per notes to P&L) |
890,755 |
867,119 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
890,755 |
867,119 |
- |
- |
- |
|
|
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
8,553,964 |
8,818,448 |
9,515,975 |
8,040,722 |
7,270,664 |
|
Investments |
3,300 |
3,300 |
- |
- |
- |
|
Deferred assets |
319,730 |
851,101 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
323,030 |
854,401 |
3,300 |
3,300 |
3,300 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
8,876,994 |
9,672,849 |
9,519,275 |
8,044,022 |
7,273,964 |
|
Stocks |
5,800,707 |
7,026,308 |
- |
- |
- |
|
Contract work-in-progress |
91,807 |
141,714 |
- |
- |
- |
|
Trade debtors |
7,018,224 |
5,802,862 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
7,567,171 |
7,102,129 |
- |
- |
- |
|
Amount due from holding company |
14,977 |
13,962 |
- |
- |
- |
|
Amount due from related companies |
10,054,566 |
6,668,266 |
- |
- |
- |
|
Cash & bank balances |
948,656 |
2,124,153 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
31,496,108 |
28,879,394 |
21,940,321 |
21,157,532 |
20,435,322 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
40,373,102 |
38,552,243 |
31,459,596 |
29,201,554 |
27,709,286 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
2,750,764 |
3,015,195 |
- |
- |
- |
|
Other creditors & accruals |
6,643,856 |
5,582,219 |
- |
- |
- |
|
Hire purchase & lease creditors |
132,182 |
43,807 |
- |
- |
- |
|
Bank overdraft |
1,550,595 |
- |
- |
- |
- |
|
Bill & acceptances payable |
2,413,532 |
4,838,192 |
- |
- |
- |
|
Amounts owing to holding company |
741,002 |
512,745 |
- |
- |
- |
|
Amounts owing to related companies |
11,560 |
- |
- |
- |
- |
|
Amounts owing to director |
1,026,897 |
1,347,635 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
15,270,388 |
15,339,793 |
10,267,537 |
10,553,114 |
8,388,018 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
16,225,720 |
13,539,601 |
11,672,784 |
10,604,418 |
12,047,304 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
25,102,714 |
23,212,450 |
21,192,059 |
18,648,440 |
19,321,268 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
|
Retained profit/(loss) carried forward |
14,868,478 |
13,197,360 |
11,133,162 |
8,548,018 |
9,157,273 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
14,868,478 |
13,197,360 |
11,133,162 |
8,548,018 |
9,157,273 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
24,868,478 |
23,197,360 |
21,133,162 |
18,548,018 |
19,157,273 |
|
Hire purchase creditors |
234,236 |
15,090 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
234,236 |
15,090 |
58,897 |
100,422 |
163,995 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
25,102,714 |
23,212,450 |
21,192,059 |
18,648,440 |
19,321,268 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
948,656 |
2,124,153 |
- |
- |
- |
|
Net Liquid Funds |
(3,015,471) |
(2,714,039) |
- |
- |
- |
|
Net Liquid Assets |
10,425,013 |
6,513,293 |
11,672,784 |
10,604,418 |
12,047,304 |
|
Net Current Assets/(Liabilities) |
16,225,720 |
13,539,601 |
11,672,784 |
10,604,418 |
12,047,304 |
|
Net Tangible Assets |
25,102,714 |
23,212,450 |
21,192,059 |
18,648,440 |
19,321,268 |
|
Net Monetary Assets |
10,190,777 |
6,498,203 |
11,613,887 |
10,503,996 |
11,883,309 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
2,262,570 |
2,350,326 |
- |
- |
- |
|
Earnings Before Interest, Taxes, Depreciation
And Amortization (EBITDA) |
3,153,325 |
3,217,445 |
- |
- |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
4,330,545 |
4,897,089 |
- |
- |
- |
|
Total Liabilities |
15,504,624 |
15,354,883 |
10,326,434 |
10,653,536 |
8,552,013 |
|
Total Assets |
40,373,102 |
38,552,243 |
31,459,596 |
29,201,554 |
27,709,286 |
|
Net Assets |
25,102,714 |
23,212,450 |
21,192,059 |
18,648,440 |
19,321,268 |
|
Net Assets Backing |
24,868,478 |
23,197,360 |
21,133,162 |
18,548,018 |
19,157,273 |
|
Shareholders' Funds |
24,868,478 |
23,197,360 |
21,133,162 |
18,548,018 |
19,157,273 |
|
Total Share Capital |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
|
Total Reserves |
14,868,478 |
13,197,360 |
11,133,162 |
8,548,018 |
9,157,273 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.06 |
0.14 |
- |
- |
- |
|
Liquid Ratio |
1.68 |
1.42 |
- |
- |
- |
|
Current Ratio |
2.06 |
1.88 |
2.14 |
2.00 |
2.44 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
66 |
81 |
- |
- |
- |
|
Debtors Ratio |
79 |
65 |
- |
- |
- |
|
Creditors Ratio |
31 |
34 |
- |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.17 |
0.21 |
- |
- |
- |
|
Liabilities Ratio |
0.62 |
0.66 |
0.49 |
0.57 |
0.45 |
|
Times Interest Earned Ratio |
37.66 |
38.47 |
- |
- |
- |
|
Assets Backing Ratio |
2.51 |
2.32 |
2.12 |
1.86 |
1.93 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
6.77 |
7.06 |
9.68 |
(2.87) |
(0.46) |
|
Net Profit Margin |
5.14 |
6.37 |
7.23 |
(2.33) |
(0.48) |
|
Return On Net Assets |
9.01 |
10.13 |
16.33 |
(4.03) |
(0.53) |
|
Return On Capital Employed |
8.45 |
10.11 |
16.33 |
(4.03) |
(0.53) |
|
Return On Shareholders' Funds/Equity |
6.72 |
8.90 |
12.23 |
(3.28) |
(0.56) |
|
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.66.30 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.72.33 |
|
MYR |
1 |
Rs.15.33 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.