|
Report No. : |
304084 |
|
Report Date : |
23.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
TSA INDUSTRIES SDN. BHD. |
|
|
|
|
Formerly Known As : |
THIAN SOON INDUSTRIAL HARDWARE SDN BHD THIAN SOON ENGINEERING HARDWARE SDN BHD |
|
|
|
|
Registered Office : |
Wisma KVC, LOT 3, Jalan P10/12, Kawasan Perusahaan Bangi, 43650 Bandar
Baru Bangi, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
04/11/1993 |
|
|
|
|
Com. Reg. No.: |
280699-W |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Distribution of Non-Ferrous Metal & Other Industrial Hardware
Products |
|
|
|
|
No. of Employees : |
200 [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 – 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 |
EXECUTIVE
SUMMARY
|
|
REGISTRATION
NO. |
: |
280699-W |
||||
|
COMPANY
NAME |
: |
TSA
INDUSTRIES SDN. BHD. |
||||
|
FORMER
NAME |
: |
THIAN
SOON INDUSTRIAL HARDWARE SDN BHD (06/05/2004) |
||||
|
INCORPORATION
DATE |
: |
04/11/1993 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
WISMA
KVC, LOT 3, JALAN P10/12, KAWASAN PERUSAHAAN BANGI, 43650 BANDAR BARU BANGI,
SELANGOR, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
LOT
3998, JALAN 6/2A, TAMAN INDUSTRI SELESA JAYA, 43300 SERI KEMBANGAN, SELANGOR,
MALAYSIA. |
||||
|
TEL.NO. |
: |
03-89622888 |
||||
|
FAX.NO. |
: |
03-89623155 |
||||
|
EMAIL |
: |
TSA@TSA.COM.MY |
||||
|
WEB
SITE |
: |
WWW.TSA.COM.MY |
||||
|
CONTACT
PERSON |
: |
CHEW
KUAN FAH ( DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
46621
|
||||
|
PRINCIPAL
ACTIVITY |
: |
DISTRIBUTION
OF NON-FERROUS METAL & OTHER INDUSTRIAL HARDWARE PRODUCTS |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
5,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
2,300,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
181,602,044 [2013] |
||||
|
NET
WORTH |
: |
MYR
73,291,973 [2013] |
||||
|
STAFF
STRENGTH |
: |
200
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
MODERATE |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
||||
HISTORY
/ BACKGROUND
|
The Subject is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As a
private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act, 1965 and the company
must file its annual returns, together with its financial statements with the
Registrar of Companies.
The
Subject is principally engaged in the (as a / as an) distribution of
non-ferrous metal & other industrial hardware products.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The
immediate holding company of the Subject is KVC CORPORATION SDN. BHD., a
company incorporated in MALAYSIA.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
30/06/2014 |
MYR
5,000,000.00 |
MYR
2,300,000.00 |
|
31/12/1998 |
MYR
500,000.00 |
MYR
500,000.00 |
|
17/10/1994 |
MYR
500,000.00 |
MYR
250,000.00 |
|
08/04/1994 |
MYR
500,000.00 |
MYR
100,000.00 |
|
10/11/1993 |
MYR
100,000.00 |
MYR
3.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
KVC
CORPORATION SDN. BHD. |
WISMA
KVC, LOT 3, JALAN P10/12, KAWASAN PERUSAHAAN BANGI, 43650 BANDAR BARU BANGI,
SELANGOR, MALAYSIA. |
446118T |
2,300,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
2,300,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
(%) |
As
At |
|
726697M |
MALAYSIA |
TSA
INDUSTRIES (JOHOR) SDN. BHD. |
100.00 |
31/12/2013 |
|
726698H |
MALAYSIA |
TSA
INDUSTRIES (IPOH) SDN. BHD. |
100.00 |
31/12/2013 |
|
MALAYSIA |
TSA
INDUSTRIES (SEA) PTE.LTD. |
100.00 |
31/12/2013 |
|
|
726886V |
MALAYSIA |
TSA
INDUSTRIES (PENANG) SDN. BHD. |
100.00 |
31/12/2013 |
|
428714A |
MALAYSIA |
TSA
INDUSTRIES (SHAH ALAM) SDN. BHD. |
100.00 |
31/12/2013 |
|
505176A |
MALAYSIA |
ONE
CHOICE SALES AND MARKETING SDN. BHD. |
100.00 |
31/12/2013 |
|
395174K |
MALAYSIA |
TSA
EAST MALAYSIA SDN. BHD. |
100.00 |
31/12/2013 |
|
290974K |
MALAYSIA |
TSA
PIPES MANUFACTURING SDN. BHD. |
100.00 |
31/12/2013 |
|
646860U |
MALAYSIA |
MITRA
BINTANG SDN. BHD. |
100.00 |
31/12/2013 |
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
YEE KIM YUEN |
|
Address |
: |
8,
LORONG CHERAS PERDANA 8/34, TAMAN CHERAS PERDANA, BATU 9 3/4, 43200 KAJANG,
SELANGOR, MALAYSIA. |
|
IC
/ PP No |
: |
6110220 |
|
New
IC No |
: |
601218-10-6195 |
|
Date
of Birth |
: |
18/12/1960 |
|
Nationality |
: |
MALAYSIAN
CHINESE |
|
Date
of Appointment |
: |
04/11/1993 |
DIRECTOR
2
|
Name
Of Subject |
: |
MR.
CHEW KUAN FAH |
|
Address |
: |
11A,
JALAN WAWASAN 4/8, PUSAT BANDAR PUCHONG, 47100 PUCHONG, SELANGOR, MALAYSIA. |
|
IC
/ PP No |
: |
A0132314 |
|
New
IC No |
: |
650517-04-5311 |
|
Date
of Birth |
: |
17/05/1965 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
09/08/2004 |
DIRECTOR
3
|
Name
Of Subject |
: |
MR.
CHEN KHAI VOON |
|
Address |
: |
2-E,JALAN
BKT INDAH, PANGSAPURI BKT MEWAH, 43000 KAJANG, SELANGOR, MALAYSIA. |
|
IC
/ PP No |
: |
6050304 |
|
New
IC No |
: |
600924-10-6577 |
|
Date
of Birth |
: |
24/09/1960 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
21/08/2000 |
|
1)
|
Name
of Subject |
: |
CHEW
KUAN FAH |
|
Position |
: |
DIRECTOR,
MANAGING DIRECTOR |
|
|
2)
|
Name
of Subject |
: |
TECK
SOON TAN |
|
Position |
: |
FINANCE
MANAGER |
|
Auditor |
: |
WONG
CHAU HWA & CO. |
|
Auditor'
Address |
: |
33A,
JALAN SS 15/4E, 47500 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
1)
|
Company
Secretary |
: |
MS.
WONG CHOOI FUN |
|
New
IC No |
: |
730808-14-5208 |
|
|
Address |
: |
29
JALAN HUJAN MANIK, TAMAN OVERSEAS UNION, 58200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
CIMB
BANK BHD |
|
2)
|
Name |
: |
HONG
LEONG BANK BHD |
|
3)
|
Name |
: |
HSBC
BANK MALAYSIA BHD |
|
4)
|
Name |
: |
RHB
BANK BHD |
|
5)
|
Name |
: |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
|
6)
|
Name |
: |
AFFIN
BANK BERHAD |
ENCUMBRANCE
(S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
09/02/1995 |
N/A |
RHB
BANK BHD |
MYR
198,000.00 |
Satisfied |
|
2 |
30/09/1995 |
N/A |
AFFIN
BANK BERHAD |
MYR
1,550,000.00 |
Satisfied |
|
3 |
30/09/1995 |
N/A |
AFFIN
BANK BERHAD |
MYR
1,550,000.00 |
Satisfied |
|
5 |
11/03/1996 |
N/A |
AFFIN
BANK BERHAD |
MYR
127,200.00 |
Satisfied |
|
6 |
11/03/1996 |
N/A |
AFFIN
BANK BERHAD |
MYR
127,200.00 |
Satisfied |
|
4 |
29/03/1996 |
N/A |
BSN
COMMERCIAL BANK MALAYSIA BERHAD |
MYR
1,550,000.00 |
Satisfied |
|
7 |
24/07/1996 |
N/A |
BSN
COMMERCIAL BANK MALAYSIA BERHAD |
MYR
550,000.00 |
Satisfied |
|
8 |
24/07/1996 |
N/A |
AFFIN
BANK BERHAD |
MYR
550,000.00 |
Satisfied |
|
9 |
04/04/1997 |
N/A |
BSN
COMMERCIAL BANK MALAYSIA BERHAD |
MYR
550,000.00 |
Satisfied |
|
10 |
04/04/1997 |
N/A |
BSN
COMMERCIAL BANK MALAYSIA BERHAD |
MYR
1,200,000.00 |
Satisfied |
|
11 |
04/04/1997 |
N/A |
AFFIN
BANK BERHAD |
MYR
1,200,000.00 |
Satisfied |
|
12 |
04/04/1997 |
N/A |
BSN
COMMERCIAL BANK MALAYSIA BERHAD |
MYR
1,200,000.00 |
Satisfied |
|
13 |
20/06/1997 |
N/A |
BANK
OF COMMERCE M BERHAD |
MYR
750,000.00 |
Satisfied |
|
14 |
23/02/1998 |
N/A |
HONG
LEONG BANK BERHAD |
MYR
3,400,000.00 |
Satisfied |
|
15 |
11/12/2000 |
N/A |
BUMIPUTRACOMMERCE
BANK BERHAD |
MYR
2,550,000.00 |
Satisfied |
|
16 |
11/12/2000 |
N/A |
BUMIPUTRACOMMERCE
BANK BERHAD |
MYR
800,000.00 |
Satisfied |
|
17 |
19/02/2001 |
N/A |
RHB
BANK BERHAD |
MYR
2,000,000.00 |
Satisfied |
|
18 |
17/10/2001 |
N/A |
BUMIPUTRACOMMERCE
BANK BERHAD |
MYR
3,150,000.00 |
Satisfied |
|
19 |
06/12/2001 |
N/A |
UNITED
OVERSEAS BANK MALAYSIA BHD |
- |
Satisfied |
|
20 |
06/12/2001 |
N/A |
UNITED
OVERSEAS BANK MALAYSIA BHD |
MYR
6,100,000.00 |
Satisfied |
|
21 |
21/01/2002 |
N/A |
HONG
LEONG BANK BERHAD |
MYR
1,000,000.00 |
Satisfied |
|
22 |
14/06/2010 |
TRADE
FINANCING GENERAL AGREEMENT |
HSBC
BANK MALAYSIA BERHAD |
- |
Unsatisfied |
|
23 |
09/08/2011 |
MEMORANDUM
OF LEGAL CHARGE OVER DEPOSITS |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
- |
Unsatisfied |
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of the
wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Import
Countries |
: |
TAIWAN,KOREA,CHINA,JAPAN |
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 |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
95% |
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
5% |
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
30
- 60 DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Type
of Customer |
: |
DEALERS,END
USERS |
|||
OPERATIONS
|
|
Goods
Traded |
: |
FERROUS
AND NON-FERROUS PRODUCTS |
|||||
|
Award |
: |
1
) BUSINESS SUMMIT AWARD - GRAND STAR WINNER Year :2007 |
|||||
|
Competitor(s) |
: |
KEJORA
TEGUH SDN BHD |
|||||
|
Ownership
of premises |
: |
OWNED |
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
200 |
200 |
200 |
200 |
200 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) distribution of non-ferrous
metal & other industrial hardware products.
TSA Group is a reputable stainless steel manufacturer of ornamental, square
& rectangular pipe under the brand name TSS.
TSA Group also emphasizes on other products such as Pipes & Fittings,
Construction Materials, Switchboard Enclosures & Boxes Accessories, Safety
& Protection Items and Auto Parts & Components. Furthermore, TSA Group
is well-known in offering its customers value-added services such as
laser-cutting, plasma cutting and bandsawing that specially cater its
customers' requirement and design.
The Subject supplies non-ferrous materials includes copper, brass, bronze and
aluminium. The SC is one of the largest importer, stockiest and distributor in
hardware industries.
The Subject is a a leading industrial hardware supplier, it also specialised in
supplying wide product range of non-ferrous materials, pipes & fittings,
switchboard panel & accessories, protection & safety items and other
accessories.
Besides that the Subject offers ferrous materials such as stainless steel, mild
steel, carbon steel and galvanized steel
We were informed that the Subject sells its products in various shapes (Angle,
Flat Bar, Rod, Square, Rectangular, Pipe, Plate, Hexagon) thickness and sizes.
According to the Subject, it also provides value-added services such as CO2
laser-cutting, plasma cutting, oxy acetylene cut, guillotine shear and
bandsawing that specially cater its customers' requirement and design.
The Subject acts as the Headquarter and it has established a wide network of
offices strategically and well spread across different parts of Peninsular
Malaysia and East Malaysia to provide a consistent and faster responses to any
customer enquiries need and requirements.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-89622888 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
LOT 3998, JALAN 6/2A, TAMAN INDUSTRI SELESA
JAYA,43300,BALAKONG,SELANGOR. |
|
Current Address |
: |
LOT 3998, JALAN 6/2A, TAMAN INDUSTRI SELESA JAYA, 43300 SERI
KEMBANGAN, 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 |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
6.66% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
10.15% |
] |
|
|
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. The unfavourable
return on shareholders' funds could indicate that the Subject was inefficient
in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
95 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
88 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
32 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 |
[ |
1.36 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.16 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 |
[ |
2.94 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.90 Times |
] |
|
|
The Subject's interest cover was low. If its profits fall or when
interest rate rises, it may not be able to meet all its interest payment.
The Subject's gearing was slightly high. The Subject is utilising the
leverage concept to fund its expansion. However, the high gearing has added
financial risks to the Subject. It will be more vulnerable in times of
economy downturn. |
||||||
|
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. If
there is a fall in the Subject's profit or any increase in interest rate, the
Subject may not be able to generate sufficient cash-flow to service its
interest. The Subject's gearing was slightly high and its financial risk was
also high. If no plans are made to reduce its gearing, the Subject's
performance may deteriorate in the coming year. |
||||||
|
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 |
|||||
INDUSTRY
ANALYSIS
|
|
|
|
MSIC CODE |
|
|
|
46621 : Wholesale of ferrous and non-ferrous metal ores and metals |
||
|
INDUSTRY : |
TRADING |
|
|
The wholesale and retail trade is expected to increase 7.1% in 2015
(2014: 7.7%) driven by strong domestic consumption and higher tourist
arrivals following the Malaysia Year of Festivals 2015. Besides, in 2014, the
wholesale and retail trade subsector is expected to increase 7.7% (2013:
6.4%) supported by strong domestic consumption. |
||
|
According to Retail Group Malaysia (RGM), the pharmacy and personal
care sub-sector had slow growth rate of 2.6% for the first quarter of 2014,
while "other specialty stores" grew at a rate of 3.5%. During the
first quarter of 2014, fashion and fashion accessories recorded a sustainable
growth of 6.3% as compared with the same period last year (3.6%). |
||
|
The retail segment increased 10.1% (January - June 2013: 7.1%)
attributed to brisk sales in retail outlets such as hypermarkets and
large-scale superstores. Since the launch of the Small Retailer
Transformation programme (TUKAR) in January 2011 up to end-July 2014, 1,761
small retailer stores (end-July 2013: 1,381) have been modernized to improve
their competitiveness. In addition, the strong growth of the retail segment
was supported by 1Malaysia Unified Sales held from 29 June 2014 to 1
September 2014 to attract foreign and local tourists to shop in Malaysia.
Meanwhile, the wholesale segment expanded 8.2% (January - June 2013: 4.9%)
due to higher sales of non-agricultural intermediate products, such as
petrol, diesel, lubricants and household goods. Furthermore, food and
beverage outlets, laundry outlets, car wash centres, abd health and beauty
outlets took a hit from the water rationing in the Klang Valley since
February this year. |
||
|
On the other hand, in 2014, Malaysia's total trade is expected to grow
5.2% to RM1.44 trillion (2013: 4.5%; RM1.37 trillion) underpinned by recovery
in key advanced economies, resilient regional demand, and partly due to the
base effect arising from sluggish exports in the corresponding period last
year. Gross exports are anticipated to expand 6% to RM762.8 billion while
import decreased 4.3% to RM677.2 billion (2013: 2.4%; RM719.8 billion; 7%; RM
649.1 billion). Consequently, the trade surplus is expected to be higher at
RM85.6 billion or 7.9% of GDP in 2014 (2013: RM70.7 billion; 7.2%). |
||
|
Furthermore, gross exports rebounded by 10.7% to RM441.3 billion
during the first seven months of 2014 (January - July 2013: -2.8%; RM398.5
billion), with manufactured and mining exports rising at a double digit pace
of 11.4% and 12.5%. Shipment of agriculture products grew at a slower pace of
2.7%, primarily due to lower receipts of crude rubber (-24.6%) while export
growth of other commodities remained steady. Consequently, exports of
manufactured and mining products are expected to grow 6.1% and 6.4% in 2014
(2013: 5.1%; 3.3%). Meanwhile, agriculture exports are expected to rebound
sharply by 4.5% in 2014 (2013: -14.4%) despite moderating commodity prices.
Malaysia's top 3 trading partners are China, Singapore, and Japan. |
||
|
Over 60% of Gross Domestic Product (GDP) is contributed by domestic
consumption. Therefore the wholesale and retail sector plays a crucial role
in driving Malaysia's growth over the next decade despite the ongoing global
economic slowdown. By 2020, Malaysia's wholesale and retail sector is
expected to boost the country's total Gross National Income (GNI) by RM156
billion, creating 454,190 new jobs. |
||
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
||
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
Apart from supplying its products to the
local market, the Subject also exports to overseas countries. Its ability to
penetrate into the global market has benefited the Subject in terms of higher
profitability and well diversified its business risk. Hence, better growth
prospect can be expected. The Subject is a fairly large and rapidly growing
company with over 200 staff in its operations Overall, we regard that the
Subject's management capability is average. This indicates that the Subject
has greater potential to improve its business performance and raising income
for the Subject. To improve its quality products and services, we noted that
the Subject has received a number of certifications & awards. This will
improve the customer's confidence level to the Subject. We noted that both the turnover and
profits have increased compared to the previous year. The higher profit could
be due to increase in turnover and better control over its operating costs.
The Subject has generated an unfavourable return on shareholders' funds
indicating that the management was inefficient in utilising its funds to
generate return. The Subject is in good liquidity position with its current
liabilities well covered by it current assets. Hence, it has sufficient
working capital to meet its short term financial obligations. The gearing
level of the Subject is slightly high, therefore it faces moderate financial
risk. Given a positive net worth standing at MYR 73,291,973, the Subject
should be able to maintain its business in the near terms. Having a strong assets backing, the
Subject possesses latent assets as collateral for further financial
extension. Hence, it has good chance of getting loans if the needs arises.
The Subject's supplier are from both the local and overseas countries. This
will eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials. Overall the
Subject has a good control over its resources. The Subject's payment habit is average.
With its adequate working capital, the Subject should be able to pay its
short term debts. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry. Based on the above condition, we recommend credit be granted to the Subject promptly. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
TSA INDUSTRIES
SDN. BHD. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
Company |
Company |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
181,602,044 |
167,058,245 |
262,346,468 |
206,150,294 |
123,355,489 |
|
Other Income |
463,411 |
2,335,685 |
1,786,531 |
1,772,620 |
2,898,398 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
182,065,455 |
169,393,930 |
264,132,999 |
207,922,914 |
126,253,887 |
|
Costs of Goods Sold |
(151,937,424) |
(139,467,596) |
(209,986,423) |
(184,255,288) |
(99,804,314) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
30,128,031 |
29,926,334 |
54,146,576 |
23,667,626 |
26,449,573 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
6,530,101 |
4,146,216 |
33,093,540 |
6,727,354 |
9,468,561 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
6,530,101 |
4,146,216 |
33,093,540 |
6,727,354 |
9,468,561 |
|
Taxation |
(1,650,541) |
(2,238,933) |
(8,128,889) |
(1,606,208) |
(2,573,222) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
4,879,560 |
1,907,283 |
24,964,651 |
5,121,146 |
6,895,339 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
66,151,638 |
62,708,798 |
37,744,147 |
34,123,751 |
45,646,116 |
|
Prior year adjustment |
- |
1,535,557 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
66,151,638 |
64,244,355 |
37,744,147 |
34,123,751 |
45,646,116 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
71,031,198 |
66,151,638 |
62,708,798 |
39,244,897 |
52,541,455 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
- |
(1,500,750) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
71,031,198 |
66,151,638 |
62,708,798 |
37,744,147 |
52,541,455 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
86,939 |
78,358 |
169,318 |
53,811 |
1,154 |
|
Hire purchase |
- |
- |
- |
1,181 |
24,882 |
|
Lease interest |
31,157 |
206,879 |
140,725 |
- |
- |
|
Term loan / Borrowing |
1,664,374 |
2,059,904 |
1,120,909 |
830,320 |
487,209 |
|
Others |
1,581,797 |
1,747,021 |
2,264,986 |
1,163,912 |
154,772 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,364,267 |
4,092,162 |
3,695,938 |
2,049,224 |
668,017 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TSA INDUSTRIES
SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
28,932,226 |
31,596,890 |
6,777,628 |
2,721,456 |
30,604,366 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
- |
- |
7,059,658 |
7,059,658 |
- |
|
Investments |
55 |
24,588 |
4,694 |
4,600 |
29,200 |
|
Deferred assets |
- |
- |
- |
- |
100,434 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
55 |
24,588 |
7,064,352 |
7,064,258 |
129,634 |
|
Goodwill on consolidation |
- |
- |
- |
- |
48,094 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
- |
- |
- |
- |
48,094 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
28,932,281 |
31,621,478 |
13,841,980 |
9,785,714 |
30,782,094 |
|
Stocks |
47,423,876 |
46,239,880 |
24,808,307 |
21,890,770 |
42,803,742 |
|
Trade debtors |
43,718,785 |
43,770,155 |
83,211,714 |
67,367,658 |
52,452,680 |
|
Other debtors, deposits & prepayments |
14,661,487 |
18,686,298 |
27,366,097 |
15,663,663 |
849,045 |
|
Short term deposits |
- |
- |
420,000 |
- |
- |
|
Amount due from holding company |
11,374,336 |
12,479,480 |
15,780,507 |
- |
- |
|
Amount due from subsidiary companies |
- |
- |
21,809,145 |
12,163,939 |
- |
|
Amount due from related companies |
92,107 |
117,137 |
- |
- |
878,811 |
|
Cash & bank balances |
8,810,280 |
4,427,796 |
5,659,036 |
6,505,511 |
6,091,936 |
|
Others |
1,249,406 |
2,303,164 |
523,054 |
621,101 |
3,901,976 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
127,330,277 |
128,023,910 |
179,577,860 |
124,212,642 |
106,978,190 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
156,262,558 |
159,645,388 |
193,419,840 |
133,998,356 |
137,760,284 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
13,262,867 |
10,817,353 |
24,934,273 |
13,195,211 |
7,085,256 |
|
Other creditors & accruals |
3,010,850 |
3,189,682 |
1,466,498 |
2,298,033 |
2,823,329 |
|
Hire purchase & lease creditors |
1,338,683 |
1,250,183 |
1,262,128 |
- |
111,072 |
|
Bank overdraft |
- |
694,279 |
1,463,684 |
1,564,413 |
- |
|
Short term borrowings/Term loans |
3,633,748 |
4,489,346 |
4,740,591 |
1,340,591 |
4,015,229 |
|
Other borrowings |
- |
- |
6,141,609 |
4,818,880 |
- |
|
Bill & acceptances payable |
37,463,167 |
40,656,878 |
45,905,666 |
35,972,172 |
33,328,158 |
|
Amounts owing to holding company |
- |
- |
- |
1,517,133 |
13,694,762 |
|
Amounts owing to subsidiary companies |
- |
- |
4,779,250 |
18,572,698 |
- |
|
Amounts owing to related companies |
25,963 |
4,897 |
2,221,443 |
1,122,786 |
26,649 |
|
Provision for taxation |
84,085 |
- |
- |
- |
110,721 |
|
Other liabilities |
- |
- |
- |
7,984 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
58,819,363 |
61,102,618 |
92,915,142 |
80,409,901 |
61,195,176 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
68,510,914 |
66,921,292 |
86,662,718 |
43,802,741 |
45,783,014 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
97,443,195 |
98,542,770 |
100,504,698 |
53,588,455 |
76,565,108 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
2,300,000 |
2,300,000 |
2,300,000 |
2,300,000 |
2,300,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
2,300,000 |
2,300,000 |
2,300,000 |
2,300,000 |
2,300,000 |
|
General reserve |
(39,225) |
(10,805) |
- |
- |
- |
|
Retained profit/(loss) carried forward |
71,031,198 |
66,151,638 |
62,708,798 |
37,744,147 |
52,541,455 |
|
Others |
- |
11,010 |
94 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
70,991,973 |
66,151,843 |
62,708,892 |
37,744,147 |
52,541,455 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
73,291,973 |
68,451,843 |
65,008,892 |
40,044,147 |
54,841,455 |
|
Long term loans |
22,883,766 |
27,482,468 |
32,550,661 |
13,534,308 |
21,235,298 |
|
Lease obligations |
582,946 |
1,865,029 |
- |
- |
- |
|
Hire purchase creditors |
- |
- |
2,619,963 |
- |
- |
|
Deferred taxation |
684,510 |
743,430 |
325,182 |
10,000 |
488,355 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
24,151,222 |
30,090,927 |
35,495,806 |
13,544,308 |
21,723,653 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
97,443,195 |
98,542,770 |
100,504,698 |
53,588,455 |
76,565,108 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TSA INDUSTRIES
SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
8,810,280 |
4,427,796 |
6,079,036 |
6,505,511 |
6,091,936 |
|
Net Liquid Funds |
(28,652,887) |
(36,923,361) |
(41,290,314) |
(31,031,074) |
(27,236,222) |
|
Net Liquid Assets |
21,087,038 |
20,681,412 |
61,854,411 |
21,911,971 |
2,979,272 |
|
Net Current Assets/(Liabilities) |
68,510,914 |
66,921,292 |
86,662,718 |
43,802,741 |
45,783,014 |
|
Net Tangible Assets |
97,443,195 |
98,542,770 |
100,504,698 |
53,588,455 |
76,517,014 |
|
Net Monetary Assets |
(3,064,184) |
(9,409,515) |
26,358,605 |
8,367,663 |
(18,744,381) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
65,902,310 |
76,438,183 |
94,684,302 |
57,230,364 |
58,689,757 |
|
Total Liabilities |
82,970,585 |
91,193,545 |
128,410,948 |
93,954,209 |
82,918,829 |
|
Total Assets |
156,262,558 |
159,645,388 |
193,419,840 |
133,998,356 |
137,760,284 |
|
Net Assets |
97,443,195 |
98,542,770 |
100,504,698 |
53,588,455 |
76,565,108 |
|
Net Assets Backing |
73,291,973 |
68,451,843 |
65,008,892 |
40,044,147 |
54,841,455 |
|
Shareholders' Funds |
73,291,973 |
68,451,843 |
65,008,892 |
40,044,147 |
54,841,455 |
|
Total Share Capital |
2,300,000 |
2,300,000 |
2,300,000 |
2,300,000 |
2,300,000 |
|
Total Reserves |
70,991,973 |
66,151,843 |
62,708,892 |
37,744,147 |
52,541,455 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.15 |
0.07 |
0.07 |
0.08 |
0.10 |
|
Liquid Ratio |
1.36 |
1.34 |
1.67 |
1.27 |
1.05 |
|
Current Ratio |
2.16 |
2.10 |
1.93 |
1.54 |
1.75 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
95 |
101 |
35 |
39 |
127 |
|
Debtors Ratio |
88 |
96 |
116 |
119 |
155 |
|
Creditors Ratio |
32 |
28 |
43 |
26 |
26 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.90 |
1.12 |
1.46 |
1.43 |
1.07 |
|
Liabilities Ratio |
1.13 |
1.33 |
1.98 |
2.35 |
1.51 |
|
Times Interest Earned Ratio |
2.94 |
2.01 |
9.95 |
4.28 |
15.17 |
|
Assets Backing Ratio |
42.37 |
42.84 |
43.70 |
23.30 |
33.27 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
3.60 |
2.48 |
12.61 |
3.26 |
7.68 |
|
Net Profit Margin |
2.69 |
1.14 |
9.52 |
2.48 |
5.59 |
|
Return On Net Assets |
10.15 |
8.36 |
36.60 |
16.38 |
13.24 |
|
Return On Capital Employed |
10.02 |
8.20 |
35.64 |
15.91 |
13.21 |
|
Return On Shareholders' Funds/Equity |
6.66 |
2.79 |
38.40 |
12.79 |
12.57 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.29 |
0.00 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.93.33 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.