|
Report No. : |
356883 |
|
Report Date : |
30.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
VICTORY PLASTER CEILING SDN. BHD. |
|
|
|
|
Registered Office : |
40-3, Lebuh Pulau Pinang, Pusat Perniagaan Nbc, Off Jalan Meru,
2nd Floor, 41050 Klang, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.05.2014 |
|
|
|
|
Date of Incorporation : |
05.06.2002 |
|
|
|
|
Com. Reg. No.: |
581960-W |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
The Subject engaged in trading in plaster products and plaster
ceiling contract works. |
|
|
|
|
No. of Employee : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
581960-W |
|
COMPANY NAME |
: |
VICTORY PLASTER CEILING SDN. BHD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
05/06/2002 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
40-3, LEBUH PULAU PINANG, PUSAT PERNIAGAAN NBC, OFF JALAN MERU,
2ND FLOOR, 41050 KLANG, SELANGOR, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
3-1, BLOK A, ZENITH CORPORATE PARK, JALAN SS7/26, 47301 PETALING
JAYA, SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
N/A |
|
FAX.NO. |
: |
N/A |
|
CONTACT PERSON |
: |
N/A |
|
INDUSTRY CODE |
: |
43909 |
|
PRINCIPAL ACTIVITY |
: |
TRADING IN PLASTER PRODUCTS AND PLASTER CEILING CONTRACT WORKS |
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 2,500,000.00 DIVIDED INTO |
|
SALES |
: |
MYR 933,785 [2014] |
|
NET WORTH |
: |
MYR 2,092,486 [2014] |
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
UNKNOWN |
|
MANAGEMENT CAPABILITY |
: |
N/A |
|
COMMERCIAL RISK |
: |
N/A |
|
CURRENCY EXPOSURE |
: |
N/A |
|
GENERAL REPUTATION |
: |
N/A |
|
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) trading in
plaster products and plaster ceiling contract works.
The Subject is not listed on Bursa Malaysia (Malaysia Stock
Exchange).
Former Address(es)
|
Address |
As At Date |
|
8-2, JALAN ARA SD 7/3A, BANDAR SRI DAMANSARA, 52200, WILAYAH PERSEKUTUAN,
MALAYSIA |
01/12/2006 |
|
20, LORONG KASAWARI 4, TAMAN ENG ANN, TINGKAT 1, 41150,
SELANGOR, MALAYSIA |
06/06/2006 |
|
38-2, JALAN 25/70A, DESA SRI HARTAMAS, 50480, WILAYAH
PERSEKUTUAN, MALAYSIA |
08/01/2009 |
|
20, LORONG KASAWARI 4, TAMAN ENG ANN, TINGKAT 1, 41150,
SELANGOR, MALAYSIA |
13/03/2012 |
|
NO. 6,6A,6B,LORONG BENDAHARA 38, OFF JALAN SG. JATI, TAMAN SERI
INDAH, 41200, SELANGOR, MALAYSIA |
15/02/2013 |
|
NO 42 JLN SERULING 58, TAMAN KLANG JAYA, 41200, SELANGOR,
MALAYSIA |
N/A |
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
30/11/2014 |
MYR 5,000,000.00 |
MYR 2,500,000.00 |
|
01/12/2006 |
MYR 5,000,000.00 |
MYR 484,000.00 |
|
25/03/2003 |
MYR 500,000.00 |
MYR 300,000.00 |
|
07/06/2002 |
MYR 100,000.00 |
MYR 50,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MS. TEE BEE HAA + |
1, LORONG BENDAHARA 42, TAMAN SRI INDAH, JALAN SUNGAI JATI,
41000 KLANG, SELANGOR, MALAYSIA. |
700810-10-5566 A1587417 |
2,499,999.00 |
100.00 |
|
MR. LIM BOON PENG + |
1, LORONG BENDAHARA 42, TAMAN SRI INDAH, JALAN SUNGAI JATI, 41000
KLANG, SELANGOR, MALAYSIA. |
560302-01-5423 8204361 |
1.00 |
0.00 |
|
--------------- |
------ |
|||
|
2,500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc No |
Shareholding |
Last Updated |
|
KALAISELVI A/P RENGANATHAN |
MALAYSIA |
671109-10-5576 |
N/A |
N/A |
|
TAN CHIN SHIONG |
MALAYSIA |
751231-08-5679 |
N/A |
N/A |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. LIM BOON PENG |
|
Address |
: |
1, LORONG BENDAHARA 42, TAMAN SRI INDAH, JALAN SUNGAI JATI,
41000 KLANG, SELANGOR, MALAYSIA. |
|
Other Address(es) |
: |
- JLN TENGKU BADAR, JALAN TENGKU BADAR UTARA, PANDAMARAN, 41000
KLANG, SELANGOR, MALAYSIA. - 43,LRG.BUNGOR, OFF JLN.SAMY, PORT KELANG, MALAYSIA. |
|
IC / PP No |
: |
8204361 |
|
New IC No |
: |
560302-01-5423 |
|
Date of Birth |
: |
02/03/1956 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
11/01/2010 |
DIRECTOR 2
|
Name Of Subject |
: |
MS. TEE BEE HAA |
|
Address |
: |
1, LORONG BENDAHARA 42, TAMAN SRI INDAH, JALAN SUNGAI JATI,
41000 KLANG, SELANGOR, MALAYSIA. |
|
Other Address(es) |
: |
NO. 18, JALAN SOLOK SG 2B/KS3, SUNGAI BERTEK, 41200 KLANG, SELANGOR,
MALAYSIA. |
|
IC / PP No |
: |
A1587417 |
|
New IC No |
: |
700810-10-5566 |
|
Date of Birth |
: |
10/08/1970 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/05/2007 |
MANAGEMENT
|
No data found in our databank.
AUDITOR
|
|
Auditor |
: |
CM LING & CO. |
|
Auditor' Address |
: |
11A-3B, JALAN PJU 1/3D, SUNWAYMAS COMMERCIAL CENTRE, 47301
PETALING JAYA, SELANGOR, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. YAP CHUAN YIK |
|
IC / PP No |
: |
7098020 |
|
|
New IC No |
: |
630719-10-5505 |
|
|
Address |
: |
160E, JALAN LIMAU BESAR, OFF JALAN MERU, 41050 KLANG, SELANGOR,
MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. TEH POH PING |
|
IC / PP No |
: |
A0997989 |
|
|
New IC No |
: |
680517-10-5262 |
|
|
Address |
: |
160E, JALAN LIMAU BESAR, OFF JALAN MERU, 41050 KLANG, SELANGOR,
MALAYSIA. |
|
|
|
|
|
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
17/08/2011 |
N/A |
PUBLIC BANK BERHAD |
- |
Satisfied |
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors that
have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
CLIENTELE
|
No data found in our databank.
OPERATIONS
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading in plaster
products and plaster ceiling contract works.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
N/A |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
A-9-1, 9TH FLOOR, MEGAN PHEONIX JALAN 2-142A, OFF JALAN CHERAS
KUALA LUMPUR 56000 |
|
Current Address |
: |
3-1, BLOK A, ZENITH CORPORATE PARK, JALAN SS7/26, 47301 PETALING
JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
N/A |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We were unable to contact the Subject.
we contacted the Subject's company Secretary but they had lost contact with the
Subject.
We found contact number based on the address provided at 03-9100 3506 but it
has no connection with the Subject.
We were unable to verify the business address.
We found another contact number for the Subject at 03-5162 3592 but it invalid.
We manged to contact Mrs Lim, wife of one of the Subject's Director Mr Lim on
her mobile at 0122325366 but she refused to cooperate with us.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(12.01%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(7.89%) |
] |
|
|
The fluctuating turnover reflects the fierce competition among
the existing and new market players.The Subject incurred losses during the
year due to the inefficient control of its operating costs. The Subject's
unfavourable returns on shareholders' funds indicate the management's
inefficiency in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
297 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
405 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
24 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its
capital was tied up in stocks, it could face liquidity problems. The
Subject's debtors ratio was high. The Subject should tighten its credit
control and improve its collection period. The Subject had a favourable
creditors' ratio where the Subject could be taking advantage of the cash
discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
2.79 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
3.81 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 |
: |
Unfavourable |
[ |
(2.22 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.34 Times |
] |
|
|
The Subject incurred losses in the year. It did not generate sufficient
income to service its interest. If the situation does not improve, the
Subject may be vulnerable to default in servicing the interest. The Subject
was lowly geared thus it had a low financial risk. The Subject was mainly
financed by its shareholders' funds and internally generated funds. In times
of economic slowdown / downturn, the Subject being a lowly geared company,
will be able to compete better than those companies which are highly geared
in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's losses increased but its turnover showed a
fluctuating trend. This indicate the Subject was slowly losing its
market share due to its competitors. 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's interest cover was negative, indicating that
it did not generate sufficient income to service its interest. If its result
does not show impressive improvements or succeed obtaining short term
financing or capital injection, it may not be able to service its interest
and repay the loans. The Subject as a lowly geared company, will be more
secured compared to those highly geared companies. It has the ability to meet
all its long term obligations. |
||||||
|
Overall financial condition of the Subject : LIMITED |
||||||
|
|
||||||
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
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 |
|
|
43909 : Other specialized construction activities, n.e.c. |
|
|
INDUSTRY : |
CONSTRUCTION |
|
The construction sector consists of four subsectors:
residential, non-residential, civil engineering and special trade works. During
a period of rapid economic expansion, the sector generally outperforms Gross
Domestic Product (GDP) growth. |
|
|
In 2014, the construction sector is expected to further expand
by 12.7% and contribute 4% to GDP, supported by the civil engineering and
residential subsectors. The civil engineering subsector will be driven by oil
and gas (O&G) as well as transportation projects. Meanwhile, growth in
the residential subsector is mainly due to the construction of private
residential projects ranging from medium to high-end properties. The sector
is expected to benefit from the acceleration of ongoing construction
activities, particularly from the Economic Transformation Programme (ETP)
construction-related projects. In 2015, the construction sector is expected
to grow by 10.7% supported by commencement of O&G related projects such
as RAPID as well as ongoing transportation related infrastructure projects. |
|
|
On the other hand, civil engineering subsector expanded 6.3% during
the first half of 2014, but growth has moderated following the completion of
some major projects, including KLIA2, Second Penang Bridge and Manjung
coal-power plant. However, ongoing civil engineering projects, particularly
O&G related activities and expansion of electricity power stations and
transmission lines, will still contribute significantly to the subsector.
These include the development of Floating Liquefied Natural Gas 1 Project
(FLNG 1) and Sabah Ammonia Urea Plant (SAMUR) projects, and electricity power
plants in Manjung and Seberang Prai. Other key projects which will boost
growth in the subsector include the ongoing MRT Line 1 project and LRT
extension, clean water supply and electrification expansion projects to rural
areas especially of Kuantan Port, extension of DUKE and construction of West
Coast Expressway the Central Spine Road from Bentong to Kuala Krai. |
|
|
Besides, growth in the non-residential subsector turned around
sharply by 14% in line with healthy business activity during the first half
of 2014. This was reflected by increased construction activities especially
for commercial buildings with the incoming supply of shops. The subsector is
expected to remain stable in 2015 supported by encouraging demand for
industrial and commercial buildings. Major commercial building projects such
as the 118-storey Menara Warisan and Bukit Bintang City Centre are expected
to contribute to the growth of the sector. |
|
|
Moreover, the residential subsector expanded strongly by 22.1%
during the first half of 2014 supported by higher growth in incoming supply.
Meanwhile, new housing approvals increased significantly by 32.6%. Despite
the decline in housing starts at 5.3%, residential activity is expected to
remain stable. The subsector is expected to remain strong in view of the
increased demand for housing in 2015, particularly from the middle-income
group. Demand for affordable housing will remain favorable amid several
Government initiatives such as PR1MA. |
|
|
Under budget 2015, Government will allocate the total of RM48.25
billion for the construction cost of Sungai Besi - Ulu Klang Expressway
(SUKE), West Coast Expressway from Taiping to Banting, Damansara - Shah Alam
Highway (DASH), Eastern Klang Valley Expressway (EKVE), upgrading the East
Coast railway line, Second MRT Line from Selayang to Putrajaya, and LRT 3
Project. Besides, the Government intends to start construction of the
1,663-km Pan-Borneo Highway comprising 936 km in Sarawak and 727 km in Sabah at
a total construction cost of RM27 billion. Other than that, Government will
also allocate RM3 billion for the construction of Air Langat 2 Water
Treatment Plant to resolve the problem of water supply shortage in the Klang
Valley. |
|
|
Starting from 1st April, 2015, all types of construction
services including construction of residential houses or agricultural
buildings and building materials are subject to 6% of Goods and Services Tax.
According to Real Estate and Housing Developers' Association Malaysia
(Rehda), home prices will raise once the goods and services tax (GST) comes
into play and it will have an impact on construction industry. |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
VICTORY PLASTER CEILING SDN. BHD. |
|
Financial Year End |
2014-05-31 |
2013-05-31 |
2012-05-31 |
2011-05-31 |
2010-05-31 |
|
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 |
933,785 |
2,195,861 |
1,579,432 |
3,198,665 |
1,736,528 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
933,785 |
2,195,861 |
1,579,432 |
3,198,665 |
1,736,528 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(251,386) |
268,382 |
(717,762) |
(143,303) |
172,154 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(251,386) |
268,382 |
(717,762) |
(143,303) |
172,154 |
|
Taxation |
- |
(56,169) |
118,454 |
(16,873) |
(53,400) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(251,386) |
212,213 |
(599,308) |
(160,176) |
118,754 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(156,128) |
(368,341) |
230,967 |
391,143 |
272,389 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(156,128) |
(368,341) |
230,967 |
391,143 |
272,389 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(407,514) |
(156,128) |
(368,341) |
230,967 |
391,143 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(407,514) |
(156,128) |
(368,341) |
230,967 |
391,143 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
77,964 |
118,536 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
77,964 |
118,536 |
- |
- |
- |
|
|
============= |
============= |
- |
- |
- |
|
|
DEPRECIATION (as per notes to P&L) |
9,644 |
63,619 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
9,644 |
63,619 |
- |
- |
- |
|
|
============= |
============= |
||||
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
VICTORY PLASTER CEILING SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
45,804 |
326,620 |
2,241,095 |
2,334,739 |
357,380 |
|
Deferred assets |
49,000 |
49,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
49,000 |
49,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
94,804 |
375,620 |
2,241,095 |
2,334,739 |
357,380 |
|
Stocks |
760,582 |
1,386,138 |
- |
- |
- |
|
Trade debtors |
1,035,426 |
700,643 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
618,633 |
615,782 |
- |
- |
- |
|
Amount due from director |
435,447 |
502,103 |
- |
- |
- |
|
Cash & bank balances |
2,210 |
32,485 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
2,852,298 |
3,237,151 |
2,534,429 |
2,947,014 |
3,793,970 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
2,947,102 |
3,612,771 |
4,775,524 |
5,281,753 |
4,151,350 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
60,159 |
106,567 |
- |
- |
- |
|
Other creditors & accruals |
73,945 |
135,265 |
- |
- |
- |
|
Hire purchase & lease creditors |
- |
67,122 |
- |
- |
- |
|
Bank overdraft |
529,814 |
550,311 |
- |
- |
- |
|
Short term borrowings/Term loans |
84,528 |
100,040 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
748,446 |
959,305 |
1,631,653 |
2,131,735 |
1,122,512 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
2,103,852 |
2,277,846 |
902,776 |
815,279 |
2,671,458 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
2,198,656 |
2,653,466 |
3,143,871 |
3,150,018 |
3,028,838 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
|
Retained profit/(loss) carried forward |
(407,514) |
(156,128) |
(368,341) |
230,967 |
391,143 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(407,514) |
(156,128) |
(368,341) |
230,967 |
391,143 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
2,092,486 |
2,343,872 |
2,131,659 |
2,730,967 |
2,891,143 |
|
Long term loans |
106,170 |
190,309 |
- |
- |
- |
|
Hire purchase creditors |
- |
119,285 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
106,170 |
309,594 |
1,012,212 |
419,051 |
137,695 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,198,656 |
2,653,466 |
3,143,871 |
3,150,018 |
3,028,838 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
VICTORY PLASTER CEILING SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
2,210 |
32,485 |
- |
- |
- |
|
Net Liquid Funds |
(527,604) |
(517,826) |
- |
- |
- |
|
Net Liquid Assets |
1,343,270 |
891,708 |
902,776 |
815,279 |
2,671,458 |
|
Net Current Assets/(Liabilities) |
2,103,852 |
2,277,846 |
902,776 |
815,279 |
2,671,458 |
|
Net Tangible Assets |
2,198,656 |
2,653,466 |
3,143,871 |
3,150,018 |
3,028,838 |
|
Net Monetary Assets |
1,237,100 |
582,114 |
(109,436) |
396,228 |
2,533,763 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(173,422) |
386,918 |
- |
- |
- |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(163,778) |
450,537 |
- |
- |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
720,512 |
1,027,067 |
- |
- |
- |
|
Total Liabilities |
854,616 |
1,268,899 |
2,643,865 |
2,550,786 |
1,260,207 |
|
Total Assets |
2,947,102 |
3,612,771 |
4,775,524 |
5,281,753 |
4,151,350 |
|
Net Assets |
2,198,656 |
2,653,466 |
3,143,871 |
3,150,018 |
3,028,838 |
|
Net Assets Backing |
2,092,486 |
2,343,872 |
2,131,659 |
2,730,967 |
2,891,143 |
|
Shareholders' Funds |
2,092,486 |
2,343,872 |
2,131,659 |
2,730,967 |
2,891,143 |
|
Total Share Capital |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
|
Total Reserves |
(407,514) |
(156,128) |
(368,341) |
230,967 |
391,143 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0 |
0.03 |
- |
- |
- |
|
Liquid Ratio |
2.79 |
1.93 |
- |
- |
- |
|
Current Ratio |
3.81 |
3.37 |
1.55 |
1.38 |
3.38 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
297 |
230 |
- |
- |
- |
|
Debtors Ratio |
405 |
116 |
- |
- |
- |
|
Creditors Ratio |
24 |
18 |
- |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.34 |
0.44 |
- |
- |
- |
|
Liabilities Ratio |
0.41 |
0.54 |
1.24 |
0.93 |
0.44 |
|
Times Interest Earned Ratio |
(2.22) |
3.26 |
- |
- |
- |
|
Assets Backing Ratio |
0.88 |
1.06 |
1.26 |
1.26 |
1.21 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(26.92) |
12.22 |
(45.44) |
(4.48) |
9.91 |
|
Net Profit Margin |
(26.92) |
9.66 |
(37.94) |
(5.01) |
6.84 |
|
Return On Net Assets |
(7.89) |
14.58 |
(22.83) |
(4.55) |
5.68 |
|
Return On Capital Employed |
(6.36) |
11.83 |
(22.83) |
(4.55) |
5.68 |
|
Return On Shareholders' Funds/Equity |
(12.01) |
9.05 |
(28.11) |
(5.87) |
4.11 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.37 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.72.85 |
|
MYR |
1 |
Rs.15.43 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
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.