|
Report No. : |
306943 |
|
Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA SHYEN
HORNG METAL SDN. BHD. |
|
|
|
|
Formerly Known As : |
MALKAYA ENTERPRISES SDN BHD |
|
|
|
|
Registered Office : |
Chamber E, Lian Seng Courts, 275 Jalan Haruan 1, Oakland Industrial Park, 70200 Seremban, Negeri Sembilan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.07.2013 |
|
|
|
|
Date of Incorporation : |
09.06.1997 |
|
|
|
|
Com. Reg. No.: |
434300-K |
|
|
|
|
Legal Form : |
Private Limited (Limited by Share) |
|
|
|
|
Line of Business : |
Manufacturing of Aluminium Extrusion Billets. |
|
|
|
|
No. of Employees : |
165 [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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. The
NAJIB administration also 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. As an oil and gas exporter, Malaysia has
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. The government is also trying to lessen its
dependence on state oil producer Petronas. The oil and gas sector supplies
about 32% of government revenue in 2013. Bank Negara Malaysia (central bank)
maintains healthy foreign exchange reserves, and a well-developed regulatory
regime has limited Malaysia's exposure to riskier financial instruments and the
global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall
in commodity prices or a general slowdown in global economic activity because
exports are a major component of GDP. In order to attract increased investment,
NAJIB earlier 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.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
434300-K |
||||
|
COMPANY NAME |
: |
FORMOSA SHYEN HORNG METAL SDN. BHD. |
||||
|
FORMER NAME |
: |
MALKAYA ENTERPRISES SDN BHD (02/01/1998) |
||||
|
INCORPORATION DATE |
: |
09/06/1997 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
CHAMBER E, LIAN SENG COURTS, 275 JALAN HARUAN 1, OAKLAND INDUSTRIAL PARK,
70200 SEREMBAN, NEGERI SEMBILAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 2-33, JALAN PERINDUSTRIAN MAHKOTA 7, TAMAN PERINDUSTRIAN MAHKOTA,
43700 BERANANG, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-87244662 |
||||
|
FAX.NO. |
: |
03-87244661 |
||||
|
WEB SITE |
: |
WWW.FORMOSA.COM.MY |
||||
|
CONTACT PERSON |
: |
TAN WAN LAY ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
24202 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF ALUMINIUM EXTRUSION BILLETS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 50,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 30,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 427,752,095 [2013] |
||||
|
NET WORTH |
: |
MYR 63,653,927 [2013] |
||||
|
M1000 OVERALL RANKING |
: |
894[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
19[2011] |
||||
|
STAFF STRENGTH |
: |
165 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE 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 aluminium extrusion billets.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the Subject's ranking are
as follows: |
|||
|
YEAR |
2011 |
||
|
OVERALL RANKING |
894 |
||
|
INDUSTRY RANKING |
19 |
||
The immediate holding company of the Subject is A-RANK BERHAD, a company
incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 50,000,000.00 |
MYR 30,000,000.00 |
|
03/02/2004 |
MYR 5,000,000.00 |
MYR 1,250,000.00 |
|
19/06/1997 |
MYR 100,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
A-RANK BERHAD |
LOT 2-33, JALAN PERINDUSTRIAN MAHKOTA 7, TAMAN PERINDUSTRIAN MAHKOTA,
43700 BERANANG, SELANGOR, MALAYSIA. |
633621X |
30,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
30,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. TAN WAN LAY |
|
Address |
: |
93, KAMPUNG BARU PAJAM, 71700 MANTIN, NEGERI SEMBILAN, MALAYSIA. |
|
IC / PP No |
: |
7294326 |
|
New IC No |
: |
640305-05-5447 |
|
Date of Birth |
: |
05/03/1964 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
21/08/1997 |
DIRECTOR 2
|
Name Of Subject |
: |
IR SHAHRIR BIN ABDUL JALIL |
|
Address |
: |
NO 10 JALAN SETIAKASIH 1, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
6191712 |
|
New IC No |
: |
610515-07-5529 |
|
Date of Birth |
: |
15/05/1961 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
17/01/2004 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. GAN CHOON SUN |
|
Address |
: |
1, JALAN PRIMA SAUJANA 4/1, SEKSYEN 4, TAMAN PRIMA SAUJANA, 43000
KAJANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A0256188 |
|
New IC No |
: |
651210-04-5063 |
|
Date of Birth |
: |
10/12/1965 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
17/09/2009 |
DIRECTOR 4
|
Name Of Subject |
: |
MR. AHMED AZHAR BIN ABDULLAH |
|
Address |
: |
116D, VILLA INTAN, JALAN U-THANT, 55000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
6148296 |
|
New IC No |
: |
610210-10-6427 |
|
Date of Birth |
: |
10/02/1961 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
20/10/2005 |
|
1) |
Name of Subject |
: |
TAN WAN LAY |
|
Position |
: |
MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
VINCENT TAN |
|
Position |
: |
ACCOUNTANT |
|
|
3) |
Name of Subject |
: |
FAM LIAN SATT |
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
|
4) |
Name of Subject |
: |
GAN CHOON SUN |
|
Position |
: |
GENERAL MANAGER |
|
|
5) |
Name of Subject |
: |
HISRALL |
|
Position |
: |
SECRETARY |
|
Auditor |
: |
BDO |
|
Auditor' Address |
: |
MENARA UNIVERSITI ASIA,1008 JALAN SULTAN ISMAIL, 12TH FLOOR, KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. NG BEE LIAN |
|
IC / PP No |
: |
5780702 |
|
|
New IC No |
: |
591125-08-5042 |
|
|
Address |
: |
253 JALAN DUYUNG 11, TAMAN DUYUNG, JALAN SUNGAI UJONG, 70200 SEREMBAN,
NEGERI SEMBILAN, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
22/09/1998 |
N/A |
PHILEOALLIED BANK MALAYSIA BERHAD |
- |
Satisfied |
|
2 |
22/09/1998 |
N/A |
PHILEOALLIED BANK MALAYSIA BERHAD |
- |
Satisfied |
|
3 |
30/08/2001 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 2,500,000.00 |
Satisfied |
|
4 |
30/08/2001 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 2,000,000.00 |
Satisfied |
|
5 |
30/08/2001 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 5,100,000.00 |
Satisfied |
|
6 |
30/08/2001 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 22,400,000.00 |
Satisfied |
|
7 |
10/12/2004 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 6,400,000.00 |
Satisfied |
|
8 |
10/12/2004 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 11,500,000.00 |
Satisfied |
|
9 |
10/12/2004 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 4,000,000.00 |
Unsatisfied |
|
10 |
10/12/2004 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 12,000,000.00 |
Satisfied |
|
11 |
10/12/2004 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 12,000,000.00 |
Satisfied |
|
12 |
10/12/2004 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 4,000,000.00 |
Satisfied |
|
13 |
10/12/2004 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 6,400,000.00 |
Satisfied |
|
14 |
10/12/2004 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 12,000,000.00 |
Satisfied |
|
15 |
10/12/2004 |
N/A |
UNITED OVERSEAS BANK MALAYSIA BHD |
MYR 4,000,000.00 |
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 |
Percentage |
: |
60% |
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Import Countries |
: |
ASIA,EUROPE |
|||
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that:
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
Percentage |
: |
60% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Export Market |
: |
BANGLADESH |
|||
|
Credit Term |
: |
30 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Products manufactured |
: |
|
|
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMALL & MEDIUM ENTERPRISE |
|
|
Ownership of premises |
: |
OWNED |
|
|
Factory Size |
: |
6 Acres |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2011 |
2010 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
165 |
160 |
160 |
160 |
160 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
aluminium extrusion billets.
The Subject specializes in the production and supply of a wide range of customised
aluminium homogenised extrusion billets from small to large diameters, all of
which conform to international specifications.
The Subject's production facilities are as follow:
- Six units of melting furnaces, each of 25 metric tonnes capacity all linked
to heat regenerating burner systems that can both enhance energy conservation
and increase productivity.
- Two units of vertical direct chilled, hydraulic controlled casting lines from
Australia helps drives casting operations using the latest technology.
- One unit of vertical hot-top casting line forms the support system.
- Two units of 35 metric tonnes homogenising ovens with one unit air cooling
booth.
- Five units of cutting saws to shorten the cutting process and thus ensure
speedier delivery of products.
- Two units Dust Extraction System, consisting of cyclone and filtration system
for a cleaner and friendlier.
All these facilities are consistently being monitored and upgraded to produce
billets to meet the increasingly discerning demand of its customers.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
603-8724 4662/63/67 |
|
Current Telephone Number |
: |
03-87244662 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
LOT 2-33, JALAN PERINDUSTRIAN MAHKOTA 7,
TAMAN PERINDUSTRIAN MAHKOTA,43700,BERANANG,SELANGOR. |
|
Current Address |
: |
LOT 2-33, JALAN PERINDUSTRIAN MAHKOTA 7, TAMAN
PERINDUSTRIAN MAHKOTA, 43700 BERANANG, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
12.55% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
14.39% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The Subject's management have been efficient in
controlling its operating costs. The Subject's management had generated
acceptable return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
25 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
26 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
2 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost. This
had reduced funds being tied up in stocks. 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 |
: |
Unfavourable |
[ |
0.63 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.13 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working
capital deficiency. If the Subject cannot obtain additional financing or
injection of fresh capital, it may face difficulties in meeting its short
term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Acceptable |
[ |
8.09 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.73 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no sharp fall
in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and
repay the loans. The Subject was lowly geared thus it had a low financial
risk. The Subject was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the
Subject being a lowly geared company, will be able to compete better than
those companies which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in controlling
its costs and profitability. Due to its weak liquidity position, the Subject
will be faced with problems in meeting all its short term obligations if no
short term loan is obtained or additional capital injected into the Subject.
The Subject had an acceptable interest cover. If there is no sudden sharp
increase in interest rate or fall in the Subject's profit, we do believe the
Subject is able to generate sufficient cash flow to service its interest
payment. 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 : FAIR |
||||||
|
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 |
3.3 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
3.0 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
- |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
- |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
- |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
- |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
- |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
- |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
- |
- |
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
- |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
- |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
- |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
- |
- |
|
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 |
- |
- |
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
- |
- |
|
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) |
- |
- |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.6 |
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 |
- |
- |
|
Plastic Products |
3.8 |
- |
- |
- |
- |
|
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 |
- |
- |
- |
- |
|
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 |
|
|
24202 : Production of aluminium from alumina |
|
|
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 |
|
|
Incorporated in 1997, the Subject is a Private Limited company, focusing
on manufacturing of aluminium extrusion billets. With its long establishment
in the market, the Subject has received strong support from its stable
customers base. Its business position in the market is quite stable and it is
expected to enjoy better market shares over its rivals. The Subject is a
large entity with strong capital position of MYR 30,000,000. We are confident
with the Subject's business and its future growth prospect. The Subject is
well backed by a listed holding company which would stimulate further growth
for the Subject. Hence, the potential growth of the Subject is positive.
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
FORMOSA SHYEN HORNG METAL SDN. BHD. |
|
Financial Year End |
2013-07-31 |
2012-07-31 |
2011-07-31 |
2010-07-31 |
2009-07-31 |
|
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 |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
427,752,095 |
400,432,513 |
421,010,392 |
364,476,447 |
341,007,266 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
427,752,095 |
400,432,513 |
421,010,392 |
364,476,447 |
341,007,266 |
|
Costs of Goods Sold |
(412,890,039) |
(386,276,045) |
- |
(350,554,232) |
(345,140,122) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
14,862,056 |
14,156,468 |
- |
13,922,215 |
(4,132,856) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
8,970,350 |
8,267,407 |
8,359,734 |
8,528,148 |
(10,617,198) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
8,970,350 |
8,267,407 |
8,359,734 |
8,528,148 |
(10,617,198) |
|
Taxation |
(981,863) |
(712,037) |
(1,018,281) |
(2,092,988) |
2,606,832 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
7,988,487 |
7,555,370 |
7,341,453 |
6,435,160 |
(8,010,366) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
43,165,440 |
35,787,031 |
32,404,658 |
29,719,498 |
39,604,864 |
|
Prior year adjustment |
- |
3,573,039 |
(209,080) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
43,165,440 |
39,360,070 |
32,195,578 |
29,719,498 |
39,604,864 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
51,153,927 |
46,915,440 |
39,537,031 |
36,154,658 |
31,594,498 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(21,250,000) |
(3,750,000) |
(3,750,000) |
(3,750,000) |
(1,875,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
29,903,927 |
43,165,440 |
35,787,031 |
32,404,658 |
29,719,498 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
4,686 |
25,963 |
- |
- |
104,088 |
|
Bankers' acceptance |
804,590 |
1,055,283 |
- |
- |
- |
|
Term loan / Borrowing |
- |
- |
- |
123,839 |
59,484 |
|
Others |
455,891 |
579,980 |
- |
1,595,546 |
2,270,757 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,265,167 |
1,661,226 |
- |
1,719,385 |
2,434,329 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FORMOSA SHYEN HORNG METAL SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
63,441,282 |
63,187,265 |
62,475,213 |
65,027,679 |
59,611,988 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
63,441,282 |
63,187,265 |
62,475,213 |
65,027,679 |
59,611,988 |
|
Stocks |
29,714,437 |
27,112,624 |
- |
32,611,790 |
18,378,999 |
|
Trade debtors |
30,424,639 |
24,228,744 |
- |
19,888,922 |
23,142,764 |
|
Other debtors, deposits & prepayments |
4,154,921 |
9,334,068 |
- |
9,150,275 |
3,370,071 |
|
Short term deposits |
- |
- |
- |
- |
637,000 |
|
Cash & bank balances |
1,580,092 |
4,409,361 |
- |
3,534,143 |
3,688,469 |
|
Others |
1,034,607 |
- |
- |
266,050 |
266,050 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
66,908,696 |
65,084,797 |
62,967,259 |
65,451,180 |
49,483,353 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
130,349,978 |
128,272,062 |
125,442,472 |
130,478,859 |
109,095,341 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
2,371,582 |
4,085,826 |
- |
2,521,673 |
2,320,644 |
|
Other creditors & accruals |
10,494,225 |
26,486,534 |
- |
6,133,871 |
5,235,201 |
|
Bank overdraft |
- |
- |
- |
2,752,488 |
- |
|
Short term borrowings/Term loans |
46,341,690 |
42,604,390 |
- |
- |
10,628,983 |
|
Bill & acceptances payable |
- |
- |
- |
58,441,000 |
36,967,000 |
|
Amounts owing to holding company |
- |
- |
- |
1,800,000 |
1,875,000 |
|
Provision for taxation |
2,860 |
394 |
- |
- |
- |
|
Other liabilities |
10,562 |
428,342 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
59,220,919 |
73,605,486 |
78,861,294 |
71,649,032 |
57,026,828 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
7,687,777 |
(8,520,689) |
(15,894,035) |
(6,197,852) |
(7,543,475) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
71,129,059 |
54,666,576 |
46,581,178 |
58,829,827 |
52,068,513 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
30,000,000 |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
30,000,000 |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
|
RESERVES |
|||||
|
Share premium |
3,750,000 |
3,750,000 |
3,750,000 |
3,750,000 |
3,750,000 |
|
Retained profit/(loss) carried forward |
29,903,927 |
43,165,440 |
35,787,031 |
32,404,658 |
29,719,498 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
33,653,927 |
46,915,440 |
39,537,031 |
36,154,658 |
33,469,498 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
63,653,927 |
48,165,440 |
40,787,031 |
37,404,658 |
34,719,498 |
|
Deferred taxation |
7,475,132 |
6,501,136 |
- |
4,793,065 |
2,700,077 |
|
Others |
- |
- |
- |
16,632,104 |
14,648,938 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
7,475,132 |
6,501,136 |
5,794,147 |
21,425,169 |
17,349,015 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
71,129,059 |
54,666,576 |
46,581,178 |
58,829,827 |
52,068,513 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
FORMOSA SHYEN HORNG METAL SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
1,580,092 |
4,409,361 |
- |
3,534,143 |
4,325,469 |
|
Net Liquid Funds |
1,580,092 |
4,409,361 |
- |
(57,659,345) |
(32,641,531) |
|
Net Liquid Assets |
(22,026,660) |
(35,633,313) |
(15,894,035) |
(38,809,642) |
(25,922,474) |
|
Net Current Assets/(Liabilities) |
7,687,777 |
(8,520,689) |
(15,894,035) |
(6,197,852) |
(7,543,475) |
|
Net Tangible Assets |
71,129,059 |
54,666,576 |
46,581,178 |
58,829,827 |
52,068,513 |
|
Net Monetary Assets |
(29,501,792) |
(42,134,449) |
(21,688,182) |
(60,234,811) |
(43,271,489) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
46,341,690 |
42,604,390 |
- |
61,193,488 |
47,595,983 |
|
Total Liabilities |
66,696,051 |
80,106,622 |
84,655,441 |
93,074,201 |
74,375,843 |
|
Total Assets |
130,349,978 |
128,272,062 |
125,442,472 |
130,478,859 |
109,095,341 |
|
Net Assets |
71,129,059 |
54,666,576 |
46,581,178 |
58,829,827 |
52,068,513 |
|
Net Assets Backing |
63,653,927 |
48,165,440 |
40,787,031 |
37,404,658 |
34,719,498 |
|
Shareholders' Funds |
63,653,927 |
48,165,440 |
40,787,031 |
37,404,658 |
34,719,498 |
|
Total Share Capital |
30,000,000 |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
|
Total Reserves |
33,653,927 |
46,915,440 |
39,537,031 |
36,154,658 |
33,469,498 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.03 |
0.06 |
- |
0.05 |
0.08 |
|
Liquid Ratio |
0.63 |
0.52 |
- |
0.46 |
0.55 |
|
Current Ratio |
1.13 |
0.88 |
0.80 |
0.91 |
0.87 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
25 |
25 |
- |
33 |
20 |
|
Debtors Ratio |
26 |
22 |
- |
20 |
25 |
|
Creditors Ratio |
2 |
4 |
- |
3 |
2 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.73 |
0.88 |
- |
1.64 |
1.37 |
|
Liabilities Ratio |
1.05 |
1.66 |
2.08 |
2.49 |
2.14 |
|
Times Interest Earned Ratio |
8.09 |
5.98 |
- |
5.96 |
(3.36) |
|
Assets Backing Ratio |
2.37 |
43.73 |
37.26 |
47.06 |
41.65 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
2.10 |
2.06 |
1.99 |
2.34 |
(3.11) |
|
Net Profit Margin |
1.87 |
1.89 |
1.74 |
1.77 |
(2.35) |
|
Return On Net Assets |
14.39 |
18.16 |
17.95 |
17.42 |
(15.72) |
|
Return On Capital Employed |
14.39 |
18.16 |
17.95 |
16.64 |
(15.72) |
|
Return On Shareholders' Funds/Equity |
12.55 |
15.69 |
18.00 |
17.20 |
(23.07) |
|
Dividend Pay Out Ratio (Times) |
2.66 |
0.50 |
0.51 |
0.58 |
0.23 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
- |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.