|
Report No. : |
301391 |
|
Report Date : |
05.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
MITSUI & CO. (ASIA PACIFIC) PTE. LTD. |
|
|
|
|
Registered Office : |
Millennium Office Block, 160 Jalan Bukit Bintang, 5th Floor, 55100 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
17.03.2008 |
|
|
|
|
Com. Reg. No.: |
995131-U |
|
|
|
|
Legal Form : |
Foreign (Limited By Share) |
|
|
|
|
Line of Business : |
Engaged in trading
of Chemicals, Steel, Iron, Parts for Cars and other related products. |
|
|
|
|
No of Employees : |
70 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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. |
: |
995131-U |
||||
|
COMPANY NAME |
: |
MITSUI & CO.
(ASIA PACIFIC) PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
17/03/2008 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
FOREIGN (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
MILLENNIUM OFFICE BLOCK, 160 JALAN BUKIT
BINTANG, 5TH FLOOR, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
MILLENNIUM OFFICE BLOCK, 160, JALAN BUKIT
BINTANG, 5TH FLOOR, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-21418099/21168000 |
||||
|
FAX.NO. |
: |
03-21481606 |
||||
|
CONTACT PERSON |
: |
TAKASHI YAMAUCHI ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
45300 46691 46622 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF CHEMICALS, STEEL, IRON, PARTS
FOR CARS AND OTHER RELATED PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
30,000,000.00 ORDINARY SHARE, OF A VALUE
OF MYR 30,000,000.00 |
||||
|
SALES |
: |
MYR 1,795,150,240 [2012] |
||||
|
NET WORTH |
: |
MYR 72,114,138 [2012] |
||||
|
STAFF STRENGTH |
: |
70 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
Regular |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
||||
The Subject is principally engaged in the (as a / as an) trading of chemicals, steel, iron, parts for cars and other related products.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
26/11/2014 |
MYR 30,000,000.00 |
MYR 0.00 |
|
26/09/2012 |
USD 225,101,415.00 |
No shareholders was found in our databank at the time of investigation
The Subject's interest
in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
731407U |
MALAYSIA |
TEJANA TRADING & MANAGEMENT SERVICES SDN. BHD. |
70.00 |
31/03/2011 |
DIRECTOR 1
|
Name Of Subject |
: |
MR. TAKASHI YAMAUCHI |
|
Address |
: |
238, ORCHARD BOULEVARD, 10-07, THE ORCHARD RESIDENCES, 237973, SINGAPORE. |
|
IC / PP No |
: |
TH3172938 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
28/04/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
SHINJI TSUCHIYA |
|
Address |
: |
57 B, DEVONSHIRE ROAD, 06-04, THE SUITES AT CENTRAL, 239899, SINGAPORE. |
|
IC / PP No |
: |
MS6662372 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2012 |
DIRECTOR 3
|
Name Of Subject |
: |
SHINJI SATO |
|
Address |
: |
1, ANDERSON ROAD, 08-03, SHANGRI-LA APARTMENTS, 259983, SINGAPORE. |
|
IC / PP No |
: |
TH1625935 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
02/04/2012 |
DIRECTOR 4
|
Name Of Subject |
: |
TOMOAKI WATANABE |
|
Address |
: |
18, MARINA BOULEVARD, 42-09, MARINA BAY RESIDENCES, 018980, SINGAPORE. |
|
IC / PP No |
: |
TG7775975 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2013 |
DIRECTOR 5
|
Name Of Subject |
: |
YUJI MURAKAMI |
|
Address |
: |
7, ORANGE GROVE ROAD, 03-155, TREETOPS EXECUTIVE RESIDENCES, 258355, SINGAPORE. |
|
IC / PP No |
: |
TH4989004 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
04/04/2013 |
DIRECTOR 6
|
Name Of Subject |
: |
KOHEI TAKATA |
|
Address |
: |
7, ORANGE GROVE ROAD, 03-169, TREETOPS
EXECUTIVE RESIDENCES, 258355, SINGAPORE. |
|
IC / PP No |
: |
TK2490769 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
08/04/2013 |
|
1) |
Name of Subject |
: |
TAKASHI YAMAUCHI |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name of Subject |
: |
ANDREW CHEN |
|
Position |
: |
CREDIT CONTROLLER |
|
|
3) |
Name of Subject |
: |
ADNAN MD SAAD |
|
Position |
: |
DEPUTY MANAGER |
|
|
Auditor |
: |
DELOITTE KASSIMCHAN |
|
Auditor' Address |
: |
UPTOWN 1, 1 JALAN SS 21/58, DAMANSARA
UPTOWN, LEVEL 19, 47400 PETALING JAYA, SELANGOR, MALAYSIA. |
|
1) |
Company Secretary |
: |
SHUICHI YOSHIDA |
|
IC / PP No |
: |
TH8110230 |
|
|
Address |
: |
30, JALAN LANGGAK GOLF, 55000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
Remarks |
: |
AGENT |
Banking relations are maintained principally
with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
No encumbrance was found in our databank at the
time of investigation.
* A check has been conducted in our databank
against 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 |
: |
30% |
|
Overseas |
: |
YES |
Percentage |
: |
70% |
|
Import Countries |
: |
JAPAN |
|||
|
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 |
: |
40% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
CHEMICALS, STEEL, IRON, PARTS FOR CARS AND
OTHER RELATED PRODUCTS |
|||||
|
Competitor(s) |
: |
AUTO BAVARIA SDN BHD |
|||||
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
2010 |
|||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|||
|
COMPANY |
70 |
60 |
60 |
60 |
60 |
78 |
|||
|
Branch |
: |
NO |
Other Information:
The Subject is principally
engaged in the (as a / as an) trading of chemicals, steel, iron, parts for cars
and other related products.
The Subject supplies its products to its related
companies as well as to other companies.
According to the Subject, it does not keep
stocks as it delivers the products directly to customers upon orders.
The Subject serves a wide range of customers
ranging from trading, manufacturing, construction, engineering, service
providers and others.
Latest fresh investigations carried
out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-21418099/21168000 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
MILLENNIUM OFFICE BLOCK, 160, JALAN BUKIT
BINTANG, 5TH FLOOR,55100,KUALA LUMPUR,WILAYAH PERSEKUTUAN. |
|
Current Address |
: |
MILLENNIUM OFFICE BLOCK, 160, JALAN BUKIT BINTANG,
5TH FLOOR, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
NO |
Other
Investigations
we
contacted one of the staff from the Subject and she provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
45.28% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
45.90% |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.The higher profit could be attributed to the increase in
turnover. 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 |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
19 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
29 Days |
] |
|
|
As the Subject is a service oriented
company, the Subject does not need to keep 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 |
: |
Favourable |
[ |
1.29 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.29 Times |
] |
|
|
A minimum liquid ratio of 1 should be
maintained by the Subject in order to assure its creditors of its ability to
meet short term obligations and the Subject was in a good liquidity position.
Thus, we believe the Subject is able to meet all its short term obligations
as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
410.25 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The interest cover showed that the Subject
was able to service the interest. The favourable interest cover could
indicate that the Subject was making enough profit to pay for the interest accrued.
The Subject 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. With the favourable interest cover, the Subject could be
able to service all the accrued interest without facing any difficulties. 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 : STABLE |
||||||
|
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 |
|
|
45300 : Wholesale and retail sale of all kinds of parts, components,
supplies, tools and accessories for motor vehicles |
|
|
46691 : Wholesale of industrial chemicals |
|
|
46622 : Wholesale of ferrous and non-ferrous semi-finished metal ores
and products n.e.c. |
|
|
INDUSTRY : |
MOTOR VECHICLE |
|
The forecasted annual Total Industry Volume (TIV) in the year 2015 is
693,500 units, which is the forecasted increase of 2.0% compared to the forecasted
annual TIV of 680,000 units for year 2014. The forecasted TIV for year 2014
is an estimated increase of 3.7% compared to the actual TIV of year 2013
(655,793 units). The factors that affected the forecasted TIV for year 2014
are the improving global economic conditions, investments in mega projects
related to Economic Transformation Projects (ETP), positive consumer's
sentiments, introduction of new models especially Energy Efficient Vehicles
(EEV), and aggressive promotional campaigns by car companies. However,
moderation in consumer's spending due to higher cost of living, and more
stringent lending practices including hire purchase loan also have an effect
in the forecasted TIV for year 2014. |
|
|
Besides that, the annual sales of passenger vehicles in the year 2015
are forecasted to be 610,300 units and it's an estimated increase of 2.0%
compared to the forecasted sales of passenger cars for year 2014. The
forecasted annual sales of passenger cars for year 2014 have an estimated
increase by 3.8% to 598,400 units compared to 576,657 units at the year 2013.
While annual sales of commercial vehicles in year 2015 is forecasted to be
83,200 units, which is a forecasted increase 2.0% compared to the forecasted
annual sales of commercial car in year 2014. The forecasted annual sales of
commercial car in year 2014 were estimated to increase by 3.1% to 81,600
units compared to 79,136 units at the year 2013. |
|
|
Other than that, for the total registration of new passenger vehicles
in the first six months of year 2014, it reached 296,779 units compare with
275,991 units over the same period in year 2013. This had brought an increase
of 7.5% (20,788 units) of growth rate in the registration of passenger
vehicles. While the total registration for commercial vehicles in the first
six months of year 2014 were 36,363 units, which was a decrease of 3.0%.
Besides, the production of new vehicles also recorded an increase of 8.3%
(24,381 units) over the first six months of year 2014. |
|
|
The National Automotive Policy 2014 envisions for Malaysia to be an
Energy Efficient Vehicles (EEV) hub in ASEAN including the production of
hybrids and electric vehicles (EV). This encompasses strategies and measures
to strengthen the entire value chain of the automotive industry. Thus, the
national car manufacturers, Proton and Perodua, lead in the industry's
response. Proton launched "Iriz" and believes the global standard
car will help to capture a larger share of the automotive market. Besides,
Perodua came up with the Axia model, which is Malaysia's first EEV and it
received similarly good response from consumers. |
|
|
Moreover, Auto industry players believe that the 2015 Budget will spur
manufacturing automation in their industry, due to the automation capital
allowance of up to 200 per cent on the expenditure incurred within a specific
period is a specialised incentive package, and will benefit manufacturers of
energy-efficient vehicles (EEVs), said by the CEO of Malaysian Automotive
Institute (MAI). |
|
|
The Goods and Services Tax (GST) that set at 6% will be implemented on
April 1, 2015, and the Sales and Services Tax (SST) of 10% will be abolished
on that same day. According to Malaysian Automotive Institute (MAI), the
implementation of the GST in 2015 should stimulate demand for vehicles with
the reduction of prices due to the abolishment of the SST. However, according
to Bernama, the gains could be offset by higher prices of imported auto parts
due to foreign exchange factors, even though prices for new cars are
generally expected to come down by between 1-3% after the implementation of
the Goods and Services Tax (GST). As auto components are mainly imported from
Japan, if the yen appreciates against the ringgit, the savings of 1-3% could
be much less because the components would now cost more and that would affect
retail car prices. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
|
Incorporated in 2008,
the Subject is a Foreign company, focusing on trading of chemicals, steel,
iron, parts for cars and other related products. Having been in business for
more than 5 years, the Subject has established a remarkable clientele base
for itself which has contributed to its business growth. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
MITSUI & CO.
(ASIA PACIFIC) PTE. LTD. |
|
Financial Year End |
2012-03-31 |
2011-03-31 |
2010-03-31 |
2009-03-31 |
|
Months |
12 |
12 |
12 |
13 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
1,795,150,240 |
1,343,625,195 |
1,148,428,944 |
1,343,122,722 |
|
Other Income |
29,719,500 |
19,042,431 |
23,551,773 |
22,073,666 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
1,824,869,740 |
1,362,667,626 |
1,171,980,717 |
1,365,196,388 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
34,544,043 |
16,515,907 |
18,997,909 |
19,324,524 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
34,544,043 |
16,515,907 |
18,997,909 |
19,324,524 |
|
Taxation |
(1,887,533) |
(1,953,582) |
(1,231,214) |
(3,955,018) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
32,656,510 |
14,562,325 |
17,766,695 |
15,369,506 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TRANSFER FROM RESERVES |
(45,178,637) |
- |
- |
- |
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD |
||||
|
As previously reported |
47,698,526 |
33,136,201 |
15,369,506 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
47,698,526 |
33,136,201 |
15,369,506 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
35,176,399 |
47,698,526 |
33,136,201 |
15,369,506 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
35,176,399 |
47,698,526 |
33,136,201 |
15,369,506 |
|
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
||||
|
Term loan / Borrowing |
75,147 |
78,135 |
- |
- |
|
Others |
9,262 |
12,436 |
66,684 |
2,685,853 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
84,409 |
90,571 |
66,684 |
2,685,853 |
|
|
============= |
============= |
============= |
============= |
|
MITSUI & CO.
(ASIA PACIFIC) PTE. LTD. |
|
ASSETS EMPLOYED: |
||||
|
FIXED ASSETS |
4,949,074 |
5,892,801 |
6,724,345 |
7,925,211 |
|
Investments |
26,090,569 |
25,918,179 |
27,682,145 |
30,088,819 |
|
Loans & advances - non-current |
188,851 |
264,120 |
314,795 |
255,337 |
|
Deferred assets |
1,504,333 |
1,484,758 |
1,606,617 |
1,442,766 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
27,783,753 |
27,667,057 |
29,603,557 |
31,786,922 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
32,732,827 |
33,559,858 |
36,327,902 |
39,712,133 |
|
Trade debtors |
91,612,130 |
103,322,337 |
63,732,187 |
126,182,174 |
|
Other debtors, deposits & prepayments |
935,435 |
941,924 |
1,043,195 |
1,370,805 |
|
Amount due from holding company |
46,773,576 |
45,374,431 |
33,448,524 |
- |
|
Amount due from related companies |
13,369,048 |
22,805,011 |
25,992,986 |
4,909,911 |
|
Cash & bank balances |
37,972,798 |
15,846,613 |
8,495,983 |
23,166,933 |
|
Others |
24,980 |
817,283 |
1,096,370 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
190,687,967 |
189,107,599 |
133,809,245 |
155,629,823 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
223,420,794 |
222,667,457 |
170,137,147 |
195,341,956 |
|
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
||||
|
Trade creditors |
140,444,607 |
135,485,724 |
80,615,338 |
45,845,768 |
|
Other creditors & accruals |
4,274,726 |
3,881,857 |
4,259,583 |
5,546,100 |
|
Short term borrowings/Term loans |
- |
- |
- |
530,583 |
|
Other borrowings |
- |
- |
11,200,000 |
- |
|
Amounts owing to holding company |
- |
- |
- |
75,810,045 |
|
Amounts owing to related companies |
3,088,714 |
3,419,737 |
1,521,171 |
768,153 |
|
Provision for taxation |
174,121 |
- |
- |
654,802 |
|
Other liabilities |
1,596 |
12,881 |
- |
4,584,083 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
147,983,764 |
142,800,199 |
97,596,092 |
133,739,534 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
42,704,203 |
46,307,400 |
36,213,153 |
21,890,289 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
75,437,030 |
79,867,258 |
72,541,055 |
61,602,422 |
|
============= |
============= |
============= |
============= |
|
|
Exchange equalisation/fluctuation reserve |
(849,652) |
(3,158,105) |
(149,971) |
2,623,886 |
|
Retained profit/(loss) carried forward |
35,176,399 |
47,698,526 |
33,136,201 |
15,369,506 |
|
Others |
37,787,391 |
30,967,829 |
35,221,629 |
39,287,641 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
72,114,138 |
75,508,250 |
68,207,859 |
57,281,033 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
72,114,138 |
75,508,250 |
68,207,859 |
57,281,033 |
|
Retirement benefits provision |
3,322,892 |
4,359,008 |
4,333,196 |
4,321,389 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
3,322,892 |
4,359,008 |
4,333,196 |
4,321,389 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
75,437,030 |
79,867,258 |
72,541,055 |
61,602,422 |
|
|
============= |
============= |
============= |
============= |
|
|
MITSUI & CO.
(ASIA PACIFIC) PTE. LTD. |
|
TYPES OF FUNDS |
||||
|
Cash |
37,972,798 |
15,846,613 |
8,495,983 |
23,166,933 |
|
Net Liquid Funds |
37,972,798 |
15,846,613 |
8,495,983 |
23,166,933 |
|
Net Liquid Assets |
42,704,203 |
46,307,400 |
36,213,153 |
21,890,289 |
|
Net Current Assets/(Liabilities) |
42,704,203 |
46,307,400 |
36,213,153 |
21,890,289 |
|
Net Tangible Assets |
75,437,030 |
79,867,258 |
72,541,055 |
61,602,422 |
|
Net Monetary Assets |
39,381,311 |
41,948,392 |
31,879,957 |
17,568,900 |
|
BALANCE SHEET ITEMS |
||||
|
Total Borrowings |
0 |
0 |
11,200,000 |
530,583 |
|
Total Liabilities |
151,306,656 |
147,159,207 |
101,929,288 |
138,060,923 |
|
Total Assets |
223,420,794 |
222,667,457 |
170,137,147 |
195,341,956 |
|
Net Assets |
75,437,030 |
79,867,258 |
72,541,055 |
61,602,422 |
|
Net Assets Backing |
72,114,138 |
75,508,250 |
68,207,859 |
57,281,033 |
|
Shareholders' Funds |
72,114,138 |
75,508,250 |
68,207,859 |
57,281,033 |
|
Total Share Capital |
0 |
0 |
0 |
0 |
|
Total Reserves |
72,114,138 |
75,508,250 |
68,207,859 |
57,281,033 |
|
LIQUIDITY
(Times) |
||||
|
Cash Ratio |
0.26 |
0.11 |
0.09 |
0.17 |
|
Liquid Ratio |
1.29 |
1.32 |
1.37 |
1.16 |
|
Current Ratio |
1.29 |
1.32 |
1.37 |
1.16 |
|
WORKING CAPITAL
CONTROL (Days) |
||||
|
Stock Ratio |
0 |
0 |
0 |
0 |
|
Debtors Ratio |
19 |
28 |
20 |
34 |
|
Creditors Ratio |
29 |
37 |
26 |
12 |
|
SOLVENCY RATIOS
(Times) |
||||
|
Gearing Ratio |
0.00 |
0.00 |
0.16 |
0.01 |
|
Liabilities Ratio |
2.10 |
1.95 |
1.49 |
2.41 |
|
Times Interest Earned Ratio |
410.25 |
183.35 |
285.89 |
8.19 |
|
Assets Backing Ratio |
- |
- |
- |
- |
|
PERFORMANCE
RATIO (%) |
||||
|
Operating Profit Margin |
1.92 |
1.23 |
1.65 |
1.44 |
|
Net Profit Margin |
1.82 |
1.08 |
1.55 |
1.14 |
|
Return On Net Assets |
45.90 |
20.79 |
26.28 |
35.73 |
|
Return On Capital Employed |
45.90 |
20.79 |
26.28 |
35.73 |
|
Return On Shareholders' Funds/Equity |
45.28 |
19.29 |
26.05 |
26.83 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.29 |
|
UK Pound |
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.