|
Report No. : |
355865 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
TREFFERT COATINGS (S.E.A.) SDN. BHD. |
|
|
|
|
Formerly Known As : |
TREFFERT-INCHEM (S.E.A.) SDN BHD |
|
|
|
|
Registered Office : |
Suite 3.6, Menara Pelangi, 2, Jalan Kuning, Taman Pelangi, Level 3,
80400 Johor Bahru, Johor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
10.03.1997 |
|
|
|
|
Com. Reg. No.: |
422302-P |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Manufacturing of coatings |
|
|
|
|
No. of Employee : |
40 [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 : |
Unknown |
|
|
|
|
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 |
TREFFERT
COATINGS (S.E.A.) SDN. BHD.
|
REGISTRATION
NO. |
: |
422302-P |
||||
|
COMPANY
NAME |
: |
TREFFERT
COATINGS (S.E.A.) SDN. BHD. |
||||
|
FORMER
NAME |
: |
TREFFERT-INCHEM
(S.E.A.) SDN BHD (21/12/2004) |
||||
|
INCORPORATION
DATE |
: |
10/03/1997 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
SUITE
3.6, MENARA PELANGI, 2, JALAN KUNING, TAMAN PELANGI, LEVEL 3, 80400 JOHOR BAHRU,
JOHOR, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
PLO
577, JALAN KELULI 8, KAWASAN PERINDUSTRIAN PASIR GUDANG, 81700 PASIR GUDANG,
JOHOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
07-2515115 |
||||
|
FAX.NO. |
: |
07-2514115 |
||||
|
CONTACT
PERSON |
: |
LAI
KEUNG FATT ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
20221 |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
OF COATINGS |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
5,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
4,600,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
22,028,911 [2012] |
||||
|
NET
WORTH |
: |
MYR
9,913,013 [2012] |
||||
|
STAFF
STRENGTH |
: |
40
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
N/A |
||||
|
PAYMENT |
: |
N/A |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
MODERATE |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
MARGINAL
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) manufacturing of coatings.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The
immediate holding company of the Subject is TREFFERT ASIA PACIFIC PTE. LTD., a
company incorporated in SINGAPORE.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
15/02/2013 |
MYR
5,000,000.00 |
MYR
4,600,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
TREFFERT
ASIA PACIFIC PTE. LTD. |
20,
PECK SEAH STREET, #05-00 079312 ,SINGAPORE |
XLZ00213731 |
4,600,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
4,600,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
Former
Shareholder(s) :
|
Name |
Country |
IC/PP/Loc
No |
Shareholding |
Last
Updated |
|
TREFFERT
HOLDINGS INTERNATIONAL PTE. LTD. |
N/A |
XLZ00002195 |
4,600,000.00 |
15/06/2009 |
DIRECTOR 1
|
Name
Of Subject |
: |
MARCEL
CHRISTIAN DISSEL |
|
Address |
: |
VOGELSANGSTRASSE
18, CH-8006, ZURICH, SWITZERLAND. |
|
IC
/ PP No |
: |
NM7LCR635 |
|
Nationality |
: |
SAINT
HELENIAN |
|
Date
of Appointment |
: |
06/04/2011 |
DIRECTOR
2
|
Name
Of Subject |
: |
TAMER
NASR TALAAT |
|
Address |
: |
FELSENEGGSTRASSE
14, CH-8707 UETIKON, SWITZERLAND. |
|
IC
/ PP No |
: |
F1320395 |
|
Nationality |
: |
SWISS |
|
Date
of Appointment |
: |
06/04/2011 |
DIRECTOR
3
|
Name
Of Subject |
: |
MS.
LIAU YEONG YEONG |
|
Address |
: |
BLK
A, 08-10, PAN VISTA APARTMENT, 15, JALAN PERMAS 7, PERMAS JAYA, 81750 MASAI,
JOHOR, MALAYSIA. |
|
Other
Address(es) |
: |
JLN
MOLEK 2 - 2/42 TMN MOLEK, TAMAN MOLEK, JOHOR JAYA, 81700 PASIR GUDANG, JOHOR,
MALAYSIA. |
|
IC
/ PP No |
: |
A0574792 |
|
New
IC No |
: |
670210-01-5052 |
|
Date
of Birth |
: |
10/02/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
06/04/2011 |
DIRECTOR
4
|
Name
Of Subject |
: |
MR.
LAI KEUNG FATT |
|
Address |
: |
63,
JALAN PULAI PERDANA 3/9, TAMAN SRI PULAI PERDANA, 81110 PULAI, JOHOR,
MALAYSIA. |
|
IC
/ PP No |
: |
A1547356 |
|
New
IC No |
: |
700723-04-5171 |
|
Date
of Birth |
: |
23/07/1970 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
16/04/2013 |
DIRECTOR
5
|
Name
Of Subject |
: |
ANDREAS
DAVID HARTMANN |
|
Address |
: |
SPEICHERSTRASSE
27, CH-9000 ST., GALLEN, SWITZERLAND. |
|
IC
/ PP No |
: |
F2109659 |
|
Date
of Appointment |
: |
31/07/2012 |
|
1) |
Name
of Subject |
: |
LAI
KEUNG FATT |
|
Position |
: |
MANAGING
DIRECTOR |
|
|
2) |
Name
of Subject |
: |
LIAU
YEONG YEONG |
|
Position |
: |
FINANCE
MANAGER |
|
Auditor |
: |
KPMG |
|
Auditor'
Address |
: |
KPMG
TOWER, 8 FIRST AVENUE, BANDAR UTAMA, LEVEL 10, 47800 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
1) |
Company
Secretary |
: |
MS.
SUJATA MENON A/P K.R.D.S. CHANDRAN |
|
IC
/ PP No |
: |
A1515978 |
|
|
New
IC No |
: |
700202-01-5954 |
|
|
Address |
: |
3,
JALAN PUTEH 5, TAMAN PELANGI, 80400 JOHOR BAHRU, JOHOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
CIMB
BANK BHD |
|
2) |
Name |
: |
PUBLIC
BANK BHD |
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
04/07/1997 |
N/A |
PUBLIC
BANK BERHAD |
MYR
30,000.00 |
Satisfied |
|
2 |
27/12/1997 |
FDR |
PUBLIC
BANK BERHAD |
MYR
25,000.00 |
Satisfied |
|
3 |
20/12/1999 |
N/A |
PUBLIC
BANK BERHAD |
MYR
44,120.00 |
Satisfied |
|
4 |
26/01/2000 |
N/A |
PUBLIC
BANK BERHAD |
MYR
1,750.00 |
Satisfied |
|
5 |
12/06/2000 |
N/A |
PUBLIC
BANK BERHAD |
MYR
7,800.00 |
Satisfied |
|
6 |
27/06/2000 |
N/A |
PUBLIC
BANK BERHAD |
MYR
10,100.00 |
Satisfied |
|
7 |
04/07/2000 |
N/A |
PUBLIC
BANK BERHAD |
MYR
7,800.00 |
Satisfied |
|
8 |
15/07/2000 |
N/A |
PUBLIC
BANK BERHAD |
MYR
10,000.00 |
Satisfied |
|
9 |
28/07/2000 |
N/A |
PUBLIC
BANK BERHAD |
MYR
8,100.00 |
Satisfied |
|
11 |
12/10/2001 |
N/A |
PUBLIC
BANK BERHAD |
MYR
100,000.00 |
Unsatisfied |
|
10 |
16/10/2001 |
N/A |
BUMIPUTRA
COMMERCE BANK BERHAD |
MYR
5,800,000.00 |
Satisfied |
|
12 |
01/11/2002 |
N/A |
BUMIPUTRACOMMERCE
BANK BERHAD |
MYR
2,450,000.00 |
Unsatisfied |
|
13 |
07/08/2003 |
FDR |
BUMIPUTRACOMMERCE
BANK BERHAD |
MYR
5,800,000.00 |
Unsatisfied |
|
14 |
22/11/2006 |
INWARD
LETTER OF CREDIT |
CIMB
BANK BERHAD |
- |
Satisfied |
* A check has been conducted in our databank againt the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* We have checked through the Subject in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Local |
: |
YES |
||||
|
Domestic
Markets |
: |
MALAYSIA |
||||
|
Overseas |
: |
YES |
||||
|
Export
Market |
: |
INDONESIA |
||||
|
Credit
Term |
: |
30
- 60 DAYS |
||||
|
Payment
Mode |
: |
CHEQUES |
||||
|
Type
of Customer |
: |
MANUFACTURING
INDUSTRIES,FURNITURE INDUSTRY |
||||
|
CUSTOMER(S) |
: |
|
||||
|
Products
manufactured |
: |
|
|
|
Ownership
of premises |
: |
OWNED |
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2013 |
2012 |
2010 |
|||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
40 |
38 |
41 |
44 |
|||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
coatings.
The Subject produces waterbase wood-coating products mainly for wood
preservations.
We were informed that the Subject also specializes in waterborne and acrylic
UV-curable finishing systems.
The coatings are used for particle boards, fibreboards, parquet, veneered
flooring panels, foils, profile wood, veneered raw flushed doors and etc.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
072515115 |
|
Current
Telephone Number |
: |
07-2515115 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
PLO
577, JALAN KELULI 8, KAWASAN PERINDUSTRIAN PASIR GUDANG,81700,PASIR
GUDANG,JOHOR. |
|
Current
Address |
: |
PLO
577, JALAN KELULI 8, KAWASAN PERINDUSTRIAN PASIR GUDANG, 81700 PASIR GUDANG,
JOHOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
NO |
Other
Investigations
We contacted one of the staff from the Subject and he provided some information.
|
The
Subject's latest financial accounts are up to 2012 which is out dated in our
opinion. Therefore, our comment on the Subject financial performance is
restricted thereto. |
||||||
|
Overall
financial condition of the Subject : N/A |
||||||
|
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 |
|
|
20221
: Manufacture of paints, varnishes and similar coatings ink and mastics |
|
|
INDUSTRY
: |
MANUFACTURING |
|
The manufacturing sector is expected to
grow by 4.3% in 2015. Export-oriented industries are expected to benefit from
higher demand as a result of improving growth in advanced economies, while
domestic-oriented industries will be boosted by resilient domestic economic
activities. The resource-based industry is envisaged to grow steadily
attributed to improved demand for chemical, petroleum, rubber, wood and
plastic products. In addition, strong construction activities following the
implementation of infrastructure projects under the 11MP will augur well for
growth in iron and steel as well as cement segments. |
|
|
In first six months of 2015, the sector
expanded at a slower pace of 4.9%. Output of the sector moderated to 4.8%
while the sales value of manufactured products grew marginally by 0.1% to
RM379.9 billion during the first seven months of 2015. Output from export-oriented
industries also increased at a slower pace of 5.3% due to weaker global
demand. The manufacturing sector continued to attract domestic and foreign
investments, with projects approved by the Malaysian Investment Development
Authority (MIDA) valued at RM49.5 billion for the first six months of
2015. |
|
|
Besides that, production of wood and wood
products rose by 7.1% largely supported by higher demand for wooden and cane
furniture as well as particleboard and fibreboard with output up by 6.5% and
35.4%, respectively. The overall positive performance of the wood products
sub-sector was attributed to higher demand from the US, Singapore and
Australia. Output of rubber products rebounded to 3.4%, mainly due to higher
output of rubber gloves and rubber tires for vehicles. The rubber-based
industry stands to benefit from the strengthening US dollar, as most of the
input costs are in ringgit while sales are in US dollar. |
|
|
Exports of manufactured goods decreased by 3%
due to the high base effect during the corresponding period in year 2014.
Although, a weak ringgit should have bolstered exports, however, softened by
weak external demand coupled with the depreciation in regional currencies
during the period. During the first eight months of 2015, the slower
expansion in E&E exports and weaker earnings from the non-E&E segment
weighed down the overall exports of manufactured goods. Receipts from
chemicals and chemical products continued to grow, albeit at a slower pace of
5.7%, mainly due to a slack in the demand for organic chemical products
(-3.5%) as major markets. However, the overall growth in the sub-sector was
supported by higher exports of plastics in primary form. |
|
|
In addition, export earnings of wood products
remained high at RM9.8 billion during the first eight months of 2015, it
supported by strong demand for wooden furniture. demand for veneer and
plywood, contracted by 7.4% following lower demand mainly from Japan. Exports
of textile, clothing and footwear grew at a slower pace of 6.8% mainly due to
a contraction in the exports of the textile segment, particularly textile
yarns and woven fabrics. During the first eight months of 2015, the total
registered foreign workers in the country increased to 2.2 million. The
employment of foreign workers was largely concentrated in the manufacturing
sectors. Under the 11MP, the Government will improve the management of
foreign workers through the establishment of an improved framework to take
into consideration the relevant laws, rules, regulations, national policies
and directives relating to recruitment, employment and repatriation of
workers. |
|
|
Under budget 2015, the Government will provide
a new incentive that is, Special Reinvestment Allowance to promote
reinvestment among existing companies in the manufacturing sectors. The rate
of claim is at 60% of the qualifying capital expenditure and is allowed to be
set off against 70% of statutory income from year of assessment 2016 to
2018. |
|
|
OVERALL
INDUSTRY OUTLOOK : Marginal Growth |
|
|
Incorporated in 1997, the Subject is a Private
Limited company, focusing on manufacturing of coatings. Having been in the
industry for over a decade, the Subject has achieved a certain market share
and has built up a satisfactory reputation in the market. It should have
received supports from its regular customers. Presently, the issued and paid
up capital of the Subject stands at MYR 4,600,000. The Subject have a strong
support from its holding company.
|
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
TREFFERT
COATINGS (S.E.A.) SDN. BHD. |
|
Financial
Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
|
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 |
SUMMARY |
SUMMARY |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
22,028,911 |
27,706,566 |
29,180,902 |
31,333,565 |
37,632,909 |
|
Other
Income |
- |
- |
75,069 |
43,621 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
22,028,911 |
27,706,566 |
29,255,971 |
31,377,186 |
37,632,909 |
|
Costs
of Goods Sold |
- |
- |
(22,874,432) |
(24,351,278) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
- |
- |
6,381,539 |
7,025,908 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
205,634 |
(2,423,814) |
(443,631) |
(110,146) |
(43,588) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
205,634 |
(2,423,814) |
(443,631) |
(110,146) |
(43,588) |
|
Taxation |
- |
342,000 |
14,611 |
15,281 |
(86,226) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
205,634 |
(2,081,814) |
(429,020) |
(94,865) |
(129,814) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
5,107,379 |
7,189,193 |
7,618,213 |
7,713,078 |
7,842,892 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
5,107,379 |
7,189,193 |
7,618,213 |
7,713,078 |
7,842,892 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
5,313,013 |
5,107,379 |
7,189,193 |
7,618,213 |
7,713,078 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
5,313,013 |
5,107,379 |
7,189,193 |
7,618,213 |
7,713,078 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Others |
- |
- |
130,901 |
148,555 |
239,998 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
- |
130,901 |
148,555 |
239,998 |
|
|
- |
- |
============= |
============= |
============= |
|
|
TREFFERT
COATINGS (S.E.A.) SDN. BHD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
6,216,497 |
6,682,719 |
7,293,289 |
7,759,769 |
6,779,753 |
|
Others |
- |
- |
- |
- |
1,685,161 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
- |
- |
- |
- |
1,685,161 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
6,216,497 |
6,682,719 |
7,293,289 |
7,759,769 |
8,464,914 |
|
Stocks |
- |
- |
4,251,423 |
3,548,651 |
6,053,577 |
|
Trade
debtors |
- |
- |
4,703,264 |
5,240,468 |
6,801,279 |
|
Other
debtors, deposits & prepayments |
- |
- |
63,758 |
87,902 |
184,482 |
|
Short
term deposits |
- |
- |
- |
- |
167,112 |
|
Amount
due from holding company |
- |
- |
16,674 |
33,844 |
- |
|
Amount
due from related companies |
- |
- |
1,149,221 |
887,952 |
1,904 |
|
Cash
& bank balances |
- |
- |
1,693,750 |
2,817,209 |
1,365,488 |
|
Others |
- |
- |
643,891 |
541,530 |
377,816 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
9,406,659 |
11,352,034 |
12,521,981 |
13,157,556 |
14,951,658 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
15,623,156 |
18,034,753 |
19,815,270 |
20,917,325 |
23,416,572 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
- |
- |
- |
- |
5,181,207 |
|
Other
creditors & accruals |
- |
- |
- |
- |
1,063,975 |
|
Hire
purchase & lease creditors |
- |
- |
- |
- |
134,304 |
|
Bank
overdraft |
- |
- |
- |
- |
857,273 |
|
Short
term borrowings/Term loans |
- |
- |
349,603 |
670,856 |
279,784 |
|
Bill
& acceptances payable |
- |
- |
- |
- |
208,000 |
|
Amounts
owing to related companies |
- |
- |
- |
- |
1,823,356 |
|
Provision
for taxation |
- |
- |
342,000 |
433,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
- |
8,298,188 |
691,603 |
1,103,856 |
9,547,899 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
9,406,659 |
3,053,846 |
11,830,378 |
12,053,700 |
5,403,759 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
15,623,156 |
9,736,565 |
19,123,667 |
19,813,469 |
13,868,673 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
4,600,000 |
4,600,000 |
4,600,000 |
4,600,000 |
4,600,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
4,600,000 |
4,600,000 |
4,600,000 |
4,600,000 |
4,600,000 |
|
Retained
profit/(loss) carried forward |
5,313,013 |
5,107,379 |
7,189,193 |
7,618,213 |
7,713,078 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
5,313,013 |
5,107,379 |
7,189,193 |
7,618,213 |
7,713,078 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
9,913,013 |
9,707,379 |
11,789,193 |
12,218,213 |
12,313,078 |
|
Long
term loans |
- |
- |
1,500,387 |
1,645,605 |
856,353 |
|
Hire
purchase creditors |
- |
- |
- |
- |
195,242 |
|
Deferred
taxation |
- |
- |
- |
- |
504,000 |
|
Others |
- |
- |
5,834,087 |
5,949,651 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
5,710,143 |
29,186 |
7,334,474 |
7,595,256 |
1,555,595 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
15,623,156 |
9,736,565 |
19,123,667 |
19,813,469 |
13,868,673 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TREFFERT
COATINGS (S.E.A.) SDN. BHD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
- |
- |
1,693,750 |
2,817,209 |
1,532,600 |
|
Net
Liquid Funds |
- |
- |
1,693,750 |
2,817,209 |
675,327 |
|
Net
Liquid Assets |
9,406,659 |
3,053,846 |
7,578,955 |
8,505,049 |
(649,818) |
|
Net
Current Assets/(Liabilities) |
9,406,659 |
3,053,846 |
11,830,378 |
12,053,700 |
5,403,759 |
|
Net
Tangible Assets |
15,623,156 |
9,736,565 |
19,123,667 |
19,813,469 |
13,868,673 |
|
Net
Monetary Assets |
3,696,516 |
3,024,660 |
244,481 |
909,793 |
(2,205,413) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
- |
- |
0 |
0 |
0 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
- |
- |
0 |
0 |
0 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
- |
- |
1,849,990 |
2,316,461 |
2,322,956 |
|
Total
Liabilities |
5,710,143 |
8,327,374 |
8,026,077 |
8,699,112 |
11,103,494 |
|
Total
Assets |
15,623,156 |
18,034,753 |
19,815,270 |
20,917,325 |
23,416,572 |
|
Net
Assets |
15,623,156 |
9,736,565 |
19,123,667 |
19,813,469 |
13,868,673 |
|
Net
Assets Backing |
9,913,013 |
9,707,379 |
11,789,193 |
12,218,213 |
12,313,078 |
|
Shareholders'
Funds |
9,913,013 |
9,707,379 |
11,789,193 |
12,218,213 |
12,313,078 |
|
Total
Share Capital |
4,600,000 |
4,600,000 |
4,600,000 |
4,600,000 |
4,600,000 |
|
Total
Reserves |
5,313,013 |
5,107,379 |
7,189,193 |
7,618,213 |
7,713,078 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
- |
- |
2.45 |
2.55 |
0.16 |
|
Liquid
Ratio |
- |
- |
11.96 |
8.70 |
0.93 |
|
Current
Ratio |
- |
1.37 |
18.11 |
11.92 |
1.57 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
- |
- |
53 |
41 |
59 |
|
Debtors
Ratio |
- |
- |
59 |
61 |
66 |
|
Creditors
Ratio |
- |
- |
0 |
0 |
50 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
- |
- |
0.16 |
0.19 |
0.19 |
|
Liabilities
Ratio |
0.58 |
0.86 |
0.68 |
0.71 |
0.90 |
|
Times
Interest Earned Ratio |
- |
- |
(2.39) |
0.26 |
0.82 |
|
Assets
Backing Ratio |
3.40 |
2.12 |
4.16 |
4.31 |
3.01 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
0.93 |
(8.75) |
(1.52) |
(0.35) |
(0.12) |
|
Net
Profit Margin |
0.93 |
(7.51) |
(1.47) |
(0.30) |
(0.34) |
|
Return
On Net Assets |
1.32 |
(24.89) |
(1.64) |
0.19 |
1.42 |
|
Return
On Capital Employed |
1.32 |
(24.89) |
(1.64) |
0.19 |
1.32 |
|
Return
On Shareholders' Funds/Equity |
2.07 |
(21.45) |
(3.64) |
(0.78) |
(1.05) |
|
Dividend
Pay Out Ratio (Times) |
- |
- |
0 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
- |
0 |
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. 15.39 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.