|
Report No. : |
357366 |
|
Report Date : |
29.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
POREX TECHNOLOGIES SDN. BHD. |
|
|
|
|
Formerly Known as : |
POREX PRODUCTS MALAYSIA SDN BHD |
|
|
|
|
Registered Office : |
Menara Tokio Marine Life, 189 Jalan Tun
Razak, Level 16, 50400 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.08.2000 |
|
|
|
|
Com. Reg. No.: |
522541-U |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Manufacturer, distributor of porous plastic
components. |
|
|
|
|
No. of Employee : |
100 [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.
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. |
: |
522541-U |
||||
|
COMPANY NAME |
: |
POREX TECHNOLOGIES SDN. BHD. |
||||
|
FORMER NAME |
: |
POREX PRODUCTS MALAYSIA SDN BHD
(25/04/2005) |
||||
|
INCORPORATION DATE |
: |
02/08/2000 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
MENARA TOKIO MARINE LIFE, 189 JALAN TUN
RAZAK, LEVEL 16, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT PT 74, JALAN HULU TINGGI 26/6, SEKSYEN 26,
SEKSYEN A, HICOM INDUSTRIAL PARK, 40400 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-51913308 |
||||
|
FAX.NO. |
: |
03-51923308 |
||||
|
CONTACT PERSON |
: |
CHEH KAH MUN ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
222 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURER, DISTRIBUTOR OF POROUS PLASTIC
COMPONENTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 2,800,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 51,808,196 [2014] |
||||
|
NET WORTH |
: |
MYR 26,894,124 [2014] |
||||
|
STAFF STRENGTH |
: |
100 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
REGULAR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
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) manufacturer, distributor of porous plastic components.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the Subject
is POREX CORPORATION, a company incorporated in UNITED STATES.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
29/04/2015 |
MYR 5,000,000.00 |
MYR 2,800,000.00 |
|
02/08/2000 |
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 |
(%) |
|
POREX CORPORATION |
500, BOHANNON ROAD, FAIRBURN GA 30213 |
XLZ000017869 |
2,800,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
2,800,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
WILLIAM GRAHAM MIDGETTE |
|
Address |
: |
1320, WILMINGTON WAY, GRAYSON, GA, 30017,
UNITED STATES. |
|
IC / PP No |
: |
Z7523014 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
09/12/2005 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. CHEH KAH MUN |
|
Address |
: |
78, JALAN SS 22A/3, DAMANSARA JAYA, 47420
PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A0178659 |
|
New IC No |
: |
650626-08-5275 |
|
Date of Birth |
: |
26/06/1965 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
14/02/2011 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. CHAN HUAN SHEN |
|
Address |
: |
C-2-12, PANGSAPURI PELANGI HEIGHT, JALAN
PELANGI, 41300 KLANG, SELANGOR, MALAYSIA. |
|
New IC No |
: |
790905-08-5969 |
|
Date of Birth |
: |
05/09/1979 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
19/11/2012 |
|
1) |
Name of Subject |
: |
CHEH KAH MUN |
|
Position |
: |
MANAGING DIRECTOR |
|
|
Auditor |
: |
DELOITTE |
|
Auditor' Address |
: |
MENARA LGB, 1 JALAN WAN KADIR, TAMAN TUN
DR. ISMAIL, LEVEL 16, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. OOI BEE HONG |
|
IC / PP No |
: |
6796401 |
|
|
New IC No |
: |
620128-07-5560 |
|
|
Address |
: |
123A, JALAN CEMPAKA HUTAN, SIERRAMAS, 47000
SUNGAI BULOH, SELANGOR, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. LEW KEN LEE |
|
IC / PP No |
: |
A1768204 |
|
|
New IC No |
: |
710227-06-5172 |
|
|
Address |
: |
30, JALAN PUJ 2/19, TAMAN PUNCAK JALIL,
BANDAR PUTRA PERMAI, 43300 SERI KEMBANGAN, SELANGOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
|
2) |
Name |
: |
|
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
22/08/2003 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 1.00 |
Satisfied |
|
2 |
01/08/2006 |
MEMORANDUM OF LEGAL CHARGE OVER DEPOSITS |
UNITED OVERSEAS BANK (MALAYSIA) BHD. |
- |
Unsatisfied |
LITIGATION CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
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 |
[ |
X |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
30 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Shifts |
: |
2 SHIFT |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
100 |
100 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturer,
distributor of porous plastic components.
The Subject produces porous media solutions for filtration, wicking, venting,
diffusion, and media support applications.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-51913308 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
LOT P .T.74, JALAN HULU TINGGI 26/6 SEKSYEN
26, SEKOR A, HICOM IND PARK404000 SHAH ALAM SELANGOR D.E MALAYSIA |
|
Current Address |
: |
LOT PT 74, JALAN HULU TINGGI 26/6, SEKSYEN
26, SEKSYEN A, HICOM INDUSTRIAL PARK, 40400 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
The address provided is as per stated in the report.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
33.04% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
43.67% |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.The Subject's management have been efficient in controlling
its operating costs. Generally the Subject was profitable. The favourable
return on shareholders' funds and return on net assets indicate that the
Subject's management was efficient in utilising the assets to generate
returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
73 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
39 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
18 Days |
] |
|
|
The Subject could be incurring higher holding
cost. As its capital was tied up in stocks, it could face liquidity problems.
The favourable debtors' days could be due to the good credit control measures
implemented by the Subject. The Subject had a favourable creditors' ratio
where the Subject could be taking advantage of the cash discounts and also
wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
3.33 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
5.50 Times |
] |
|
|
A minimum liquid ratio of 1 should be
maintained by the Subject in order to assure its creditors of its ability to
meet short term obligations and the Subject was in a good liquidity position.
Thus, we believe the Subject is able to meet all its short term obligations
as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover was nil as it
did not pay any interest during the year. The Subject had no gearing and
hence it had virtually no financial risk. The Subject was financed by its shareholders'
funds and internally generated fund. During the economic downturn, the
Subject, having a zero gearing, will be able to compete better than those
which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Generally, the Subject's performance has
improved with higher turnover and profit. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. The Subject did not make any interest payment during
the year. The Subject was dependent on its shareholders' funds to finance its
business needs. The Subject was a zero gearing company, it was solely
dependant on its shareholders to provide funds to finance its business. The
Subject has good chance of getting loans, if the needs arises. |
||||||
|
Overall financial condition of the Subject
: STRONG |
||||||
|
Major Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population ( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption ( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment ( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption ( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment ( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
Balance of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government Finance to GDP / Fiscal Deficit
( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation ( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.2 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
2.9 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
3.50 |
2.20 |
- |
4.00 |
- |
|
Average 3 Months of Non-performing Loans (
% ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
6.85 |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
56.0 |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
43,486.6 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
49,144 |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
6.1 |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
21,753 |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
(17.7) |
- |
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
332,723 |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
1.0 |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
21,436 |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
18.0 |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
63.2 |
- |
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
13.5 |
- |
|
Bad Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry & Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
634.1 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil & Gas |
(1.7) |
- |
- |
3.0 |
- |
|
Other Mining |
- |
- |
- |
46.6 |
- |
|
Industry Non-performing Loans ( MYR Million
) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.4 |
5.5 |
|
Exported-oriented Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical & Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles & Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food, Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical & Chemical Products |
10.0 |
10.8 |
5.6 |
1.4 |
- |
|
Plastic Products |
3.8 |
- |
- |
2.7 |
- |
|
Iron & Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper & Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude Oil Refineries |
9.3 |
- |
- |
13.0 |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
6,537.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry Non-Performing Loans ( MYR Million
) |
3,856.9 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric, Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport, Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale, Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance, Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry Non-Performing Loans ( MYR Million
) |
6,825.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production
Index |
|||||
INDUSTRY ANALYSIS
|
|
MSIC CODE |
|
|
222 : Manufacture of plastic products |
|
|
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 |
|
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 |
FULL |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
51,808,196 |
49,796,429 |
40,381,490 |
35,936,466 |
33,651,758 |
|
Other Income |
- |
- |
23,489 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
51,808,196 |
49,796,429 |
40,404,979 |
35,936,466 |
33,651,758 |
|
Costs of Goods Sold |
(31,101,650) |
(30,287,730) |
(26,723,160) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
20,706,546 |
19,508,699 |
13,681,819 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
11,883,057 |
10,994,056 |
5,038,608 |
7,754,378 |
7,553,608 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
11,883,057 |
10,994,056 |
5,038,608 |
7,754,378 |
7,553,608 |
|
Taxation |
(2,996,484) |
(2,887,128) |
(1,463,814) |
(2,415,611) |
(1,624,885) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
8,886,573 |
8,106,928 |
3,574,794 |
5,338,767 |
5,928,723 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
21,282,551 |
21,800,573 |
23,565,779 |
22,646,012 |
16,717,289 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
21,282,551 |
21,800,573 |
23,565,779 |
22,646,012 |
16,717,289 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
30,169,124 |
29,907,501 |
27,140,573 |
27,984,779 |
22,646,012 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(6,075,000) |
(8,624,950) |
(5,340,000) |
(4,419,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
24,094,124 |
21,282,551 |
21,800,573 |
23,565,779 |
22,646,012 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
DEPRECIATION (as per notes to P&L) |
1,333,313 |
1,198,893 |
5,038,608 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,333,313 |
1,198,893 |
5,038,608 |
- |
- |
|
|
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
5,597,005 |
5,353,008 |
3,931,989 |
3,697,706 |
3,910,064 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
5,597,005 |
5,353,008 |
3,931,989 |
3,697,706 |
3,910,064 |
|
Stocks |
10,419,565 |
11,508,342 |
13,021,496 |
- |
- |
|
Trade debtors |
5,482,718 |
5,681,792 |
6,298,670 |
- |
- |
|
Other debtors, deposits & prepayments |
819,369 |
745,731 |
697,199 |
- |
- |
|
Short term deposits |
329,187 |
322,664 |
315,139 |
- |
- |
|
Amount due from related companies |
5,250,000 |
- |
- |
- |
- |
|
Cash & bank balances |
3,463,305 |
5,099,537 |
4,690,116 |
- |
- |
|
Others |
651,936 |
1,011,180 |
453,332 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
26,416,080 |
24,369,246 |
25,475,952 |
27,481,558 |
26,340,101 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
32,013,085 |
29,722,254 |
29,407,941 |
31,179,264 |
30,250,165 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
1,494,242 |
1,149,619 |
741,641 |
- |
- |
|
Other creditors & accruals |
1,503,510 |
1,585,948 |
1,951,385 |
- |
- |
|
Amounts owing to holding company |
244,893 |
1,413,792 |
1,763,670 |
- |
- |
|
Amounts owing to related companies |
1,558,115 |
1,172,143 |
157,081 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
4,800,760 |
5,321,502 |
4,613,777 |
4,372,130 |
4,727,270 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
21,615,320 |
19,047,744 |
20,862,175 |
23,109,428 |
21,612,831 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
27,212,325 |
24,400,752 |
24,794,164 |
26,807,134 |
25,522,895 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
2,800,000 |
2,800,000 |
2,800,000 |
2,800,000 |
2,800,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
2,800,000 |
2,800,000 |
2,800,000 |
2,800,000 |
2,800,000 |
|
Retained profit/(loss) carried forward |
24,094,124 |
21,282,551 |
21,800,573 |
23,565,779 |
22,646,012 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
24,094,124 |
21,282,551 |
21,800,573 |
23,565,779 |
22,646,012 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
26,894,124 |
24,082,551 |
24,600,573 |
26,365,779 |
25,446,012 |
|
Deferred taxation |
318,201 |
318,201 |
193,591 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
318,201 |
318,201 |
193,591 |
441,355 |
76,883 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
27,212,325 |
24,400,752 |
24,794,164 |
26,807,134 |
25,522,895 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
3,792,492 |
5,422,201 |
5,005,255 |
- |
- |
|
Net Liquid Funds |
3,792,492 |
5,422,201 |
5,005,255 |
- |
- |
|
Net Liquid Assets |
11,195,755 |
7,539,402 |
7,840,679 |
23,109,428 |
21,612,831 |
|
Net Current Assets/(Liabilities) |
21,615,320 |
19,047,744 |
20,862,175 |
23,109,428 |
21,612,831 |
|
Net Tangible Assets |
27,212,325 |
24,400,752 |
24,794,164 |
26,807,134 |
25,522,895 |
|
Net Monetary Assets |
10,877,554 |
7,221,201 |
7,647,088 |
22,668,073 |
21,535,948 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
11,883,057 |
10,994,056 |
5,038,608 |
- |
- |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
13,216,370 |
12,192,949 |
10,077,216 |
- |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
- |
- |
|
Total Liabilities |
5,118,961 |
5,639,703 |
4,807,368 |
4,813,485 |
4,804,153 |
|
Total Assets |
32,013,085 |
29,722,254 |
29,407,941 |
31,179,264 |
30,250,165 |
|
Net Assets |
27,212,325 |
24,400,752 |
24,794,164 |
26,807,134 |
25,522,895 |
|
Net Assets Backing |
26,894,124 |
24,082,551 |
24,600,573 |
26,365,779 |
25,446,012 |
|
Shareholders' Funds |
26,894,124 |
24,082,551 |
24,600,573 |
26,365,779 |
25,446,012 |
|
Total Share Capital |
2,800,000 |
2,800,000 |
2,800,000 |
2,800,000 |
2,800,000 |
|
Total Reserves |
24,094,124 |
21,282,551 |
21,800,573 |
23,565,779 |
22,646,012 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.79 |
1.02 |
1.08 |
- |
- |
|
Liquid Ratio |
3.33 |
2.42 |
2.70 |
- |
- |
|
Current Ratio |
5.50 |
4.58 |
5.52 |
6.29 |
5.57 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
73 |
84 |
118 |
- |
- |
|
Debtors Ratio |
39 |
42 |
57 |
- |
- |
|
Creditors Ratio |
18 |
14 |
10 |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
- |
- |
|
Liabilities Ratio |
0.19 |
0.23 |
0.20 |
0.18 |
0.19 |
|
Times Interest Earned Ratio |
0 |
0 |
0 |
- |
- |
|
Assets Backing Ratio |
9.72 |
8.71 |
8.86 |
9.57 |
9.12 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
22.94 |
22.08 |
12.48 |
21.58 |
22.45 |
|
Net Profit Margin |
17.15 |
16.28 |
8.85 |
14.86 |
17.62 |
|
Return On Net Assets |
43.67 |
45.06 |
20.32 |
28.93 |
29.60 |
|
Return On Capital Employed |
43.67 |
45.06 |
20.32 |
28.93 |
29.60 |
|
Return On Shareholders' Funds/Equity |
33.04 |
33.66 |
14.53 |
20.25 |
23.30 |
|
Dividend Pay Out Ratio (Times) |
0.68 |
1.06 |
1.49 |
0.83 |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
|
|
1 |
Rs.98.69 |
|
Euro |
1 |
Rs.72.55 |
|
MYR |
1 |
Rs.15.45 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TRU |
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.