|
Report No. : |
331628 |
|
Report Date : |
15.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
CACAO PARAMOUNT
SDN. BHD. |
|
|
|
|
Formerly Known As : |
CACAO SPECIALIST SDN BHD
|
|
|
|
|
Registered Office : |
318, Teck Guan Regency, Jalan St Patrick, Off Jalan Belunu, 91000 Tawau, Sabah |
|
|
|
|
Country : |
Malaysia. |
|
|
|
|
Financials (as on) : |
31.01.2014 |
|
|
|
|
Date of Incorporation : |
07.06.1979 |
|
|
|
|
Com. Reg. No.: |
48106-U |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the processing of
cocoa products. |
|
|
|
|
No. of Employees : |
Not Available |
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 : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC
OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. 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 previously profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplied about 29% of government revenue in 2014. 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. Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
48106-U |
||||
|
COMPANY NAME |
: |
CACAO PARAMOUNT SDN. BHD. |
||||
|
FORMER NAME |
: |
CACAO
SPECIALIST SDN BHD (18/09/1990) |
||||
|
INCORPORATION DATE |
: |
07/06/1979 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
318,
TECK GUAN REGENCY, JALAN ST PATRICK, OFF JALAN BELUNU, 91000 TAWAU, SABAH,
MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
318,
TECH GUAN REGENCY, JALAN ST PATRICK, OFF JALAN BELUNU, P.O.BOX 33, 91007
TAWAU, SABAH, MALAYSIA. |
||||
|
TEL.NO. |
: |
089-772277 |
||||
|
FAX.NO. |
: |
089-761052 |
||||
|
CONTACT PERSON |
: |
THAM
VUI VUN ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
10731
10403 |
||||
|
PRINCIPAL ACTIVITY |
: |
PROCESSING
OF COCOA PRODUCTS, KERNEL CRUSHING |
||||
|
AUTHORISED CAPITAL |
: |
MYR
12,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR
11,660,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
182,870,346 [2014] |
||||
|
NET WORTH |
: |
MYR
13,634,168 [2014] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
SLOW
BUT CORRECT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
N/A |
||||
|
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) processing of cocoa products, kernel
crushing.
The Subject is not
listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised Shared
Capital |
Issue & Paid
Up Capital |
|
18/07/2014 |
MYR 12,000,000.00 |
MYR 11,660,000.00 |
|
02/07/1994 |
MYR 9,000,000.00 |
MYR 8,850,000.00 |
|
08/05/1991 |
MYR 5,000,000.00 |
MYR 5,000,000.00 |
|
16/10/1990 |
MYR 5,000,000.00 |
MYR 2,450,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
TECK GUAN PERDANA
BERHAD |
318, TECK GUAN
REGENCY, JALAN ST.PATRICK, OFF JALAN BELUNU, 91000 TAWAU, SABAH, MALAYSIA. |
307097A |
11,660,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
11,660,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. THAM VUI VUN |
|
Address |
: |
16, TAMAN PERMATA, BATU 3 1/2,
JALAN KUHARA, 91000 TAWAU, SABAH, MALAYSIA. |
|
IC / PP No |
: |
H0220434 |
|
New IC No |
: |
570928-12-5009 |
|
Date of Birth |
: |
28/09/1957 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/04/2013 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. NG LIONG @ NG LEONG YEN |
|
Address |
: |
3593, TAMAN MAJU, JALAN KUHARA,
91000 TAWAU, SABAH, MALAYSIA. |
|
IC / PP No |
: |
H0150607 |
|
New IC No |
: |
530128-12-5055 |
|
Date of Birth |
: |
28/01/1953 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
16/01/1990 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. TANG AMIY @ TANG AH MEI |
|
Address |
: |
3600, TAMAN MAJU, BATU 2, JALAN
KUHARA, 91000 TAWAU, SABAH, MALAYSIA. |
|
IC / PP No |
: |
0247640 |
|
New IC No |
: |
470208-05-5243 |
|
Date of Birth |
: |
08/02/1947 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
11/01/1995 |
DIRECTOR 4
|
Name Of Subject |
: |
MR. MAPAHITA BIN TAHIR |
|
Address |
: |
KAMPUNG TANJUNG BATU LAUT, PETI
SURAT 61080, 91020 TAWAU, SABAH, MALAYSIA. |
|
IC / PP No |
: |
H0085141 |
|
New IC No |
: |
450323-71-5181 |
|
Date of Birth |
: |
26/11/1953 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
29/04/1991 |
DIRECTOR 5
|
Name Of Subject |
: |
MR. HONG NGIT MING |
|
Address |
: |
2456, LEE GARDEN, PETI SURAT
33, 91007 TAWAU, SABAH, MALAYSIA. |
|
IC / PP No |
: |
H0420993 |
|
New IC No |
: |
531126-12-5101 |
|
Date of Birth |
: |
26/11/1953 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
25/07/1985 |
|
1) |
Name of Subject |
: |
THAM VUI VUN |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
ERNST & YOUNG |
|
Auditor' Address |
: |
MPT 4604, LOT 17-28, BLOCK B,
BANDARAN BARU, JALAN BARU, 3RD FLOOR, 91000 TAWAU, SABAH, MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. CHAN KIN DAK @ TAN KIN DAK |
|
IC / PP No |
: |
H0080446 |
|
|
New IC No |
: |
590405-12-5569 |
|
|
Address |
: |
6282, TAMAN HOT SPRING JAYA,
JALAN AIR PANAS, 91000 TAWAU, SABAH, MALAYSIA. |
|
Banking relations are maintained principally
with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
25/06/1991 |
CHARGE |
STANDARD CHARTERED BANKMALAYSIA BERHAD |
MYR 5,000,000.00 |
Satisfied |
|
2 |
25/06/1991 |
DEBENTURE |
STANDARD CHARTERED BANKMALAYSIA BERHAD |
MYR 1.00 |
Satisfied |
|
3 |
03/08/1991 |
N/A |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE
BERHAD |
MYR 5,000,000.00 |
Satisfied |
|
4 |
10/01/1992 |
DEBENTURE |
STANDARD CHARTERED BANKMALAYSIA BERHAD |
MYR 1.00 |
Satisfied |
|
5 |
10/01/1992 |
CHARGE |
STANDARD CHARTERED BANKMALAYSIA BERHAD |
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 |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its clientele.
|
Products manufactured |
: |
|
|
|
Member(s) / Affiliate(s) |
: |
SMALL & MEDIUM ENTERPRISE |
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) processing of cocoa
products, kernel crushing.
The Subject is one of the pioneers in manufacturing of cocoa butter, cocoa
powder, Cocoa Cake, Cocoa Mass, palm kernel expeller.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By
Client |
: |
N/A |
|
Current Telephone Number |
: |
089-772277 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
BT 2 1/2, JLN TG BT LAUT, 91000
TAWAU, SABAH, MALAYSIA.RN318, TECK GUAN REGENCY, JALAN ST. PATRICK, OFF JALAN
BELUNU, P.O BOX 33, |
|
Current Address |
: |
318, TECH GUAN REGENCY, JALAN
ST PATRICK, OFF JALAN BELUNU, P.O.BOX 33, 91007 TAWAU, SABAH, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided osme
information.
The Subject refused to disclose its number of employees.
The address provided is as per stated in the report.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
41.11% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
32.86% |
] |
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.The management
had succeeded in turning the Subject into a profit making company. The profit
could be due to better control of its operating costs and efficiency in
utilising its resources. 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 |
: |
Favourable |
[ |
47 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
6 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
6 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 |
[ |
0.74 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.09 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 |
[ |
3.04 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.42 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 highly geared, thus
it had a high financial risk. The Subject was dependent on loans to finance
its business needs. In times of economic downturn and / or high interest
rate, the Subject will become less profitable and competitive than other
firms in the same industry, which are lowly geared. This is because the
Subject has to service the interest and to repay the loan, which will erode
part of its profits. The profits will fluctuate depending on the Subject's
turnover and the interest it needs to pay. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's turnover showed a volatile
trend but its losses were lower when compared to the previous corresponding period.
This could suggest that the Subject was more efficient in its operating cost
control and was more competitive. 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's gearing level was high and its going concern
will be in doubt if there is no injection of additional shareholders' funds
in times of economic downturn and / or high interest rates. |
||||||
|
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 |
|
|
10731 : Manufacture of cocoa products |
|
|
10403 : Manufacture of palm kernel oil |
|
|
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
1979, the Subject is a Private Limited company, focusing on processing of
cocoa products, kernel crushing. The Subject has been in business for over two
decades. It has built up a strong clientele base and good reputation will
enable the Subject to further enhance its business in the near term. The
Subject is expected to enjoy a stable market shares. With a large issued and
paid up capital of MYR 11,660,000 and strong backing from its shareholder,
the Subject enjoys timely financial assistance should the needs arise. These
favourable conditions has minimised its risk in the industry compared to
other players. 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. 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. Based on the higher profitability, the Subject has
generated a favourable return based on its existing shareholders' funds which
indicated that the management was efficient in utilising its funds to
generate income. Due to its weak liquidity position, the Subject may face
working capital deficiency in meeting its short term financial obligations if
no fresh capital are injected into the Subject. The high gearing ratio clearly
implied that the Subject was supported by more debt than equity. Thus, the
Subject is exposed to high financial risk. Given a positive net worth
standing at MYR 13,634,168, the Subject should be able to maintain its
business in the near terms. 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. Overall, the
Subject's payment habit is good as the Subject has a good credit control and
it could be taking advantage of the cash discounts while maintaining a good
reputation with its creditors. 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) |
|
Financial Year End |
2014-01-31 |
2013-01-31 |
2012-01-31 |
2011-01-31 |
2010-01-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
182,870,346 |
143,861,708 |
184,341,532 |
138,237,710 |
56,560,528 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
182,870,346 |
143,861,708 |
184,341,532 |
138,237,710 |
56,560,528 |
|
Costs of Goods Sold |
(165,176,102) |
(146,977,308) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
17,694,244 |
(3,115,600) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
7,070,485 |
(11,656,534) |
2,510,052 |
3,619,948 |
(1,898,842) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
7,070,485 |
(11,656,534) |
2,510,052 |
3,619,948 |
(1,898,842) |
|
Taxation |
(1,465,376) |
1,880,968 |
(1,154,710) |
(1,076,025) |
(138,209) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
5,605,109 |
(9,775,566) |
1,355,342 |
2,543,923 |
(2,037,051) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(9,415,339) |
356,022 |
(1,007,730) |
(2,766,002) |
(733,156) |
|
Prior year adjustment |
- |
- |
4,205 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(9,415,339) |
356,022 |
(1,003,525) |
(2,766,002) |
(733,156) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(3,810,230) |
(9,419,544) |
351,817 |
(222,079) |
(2,770,207) |
|
TRANSFER TO RESERVES - General |
30,814 |
4,205 |
4,205 |
(785,651) |
4,205 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(3,779,416) |
(9,415,339) |
356,022 |
(1,007,730) |
(2,766,002) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
1,348 |
15,063 |
- |
- |
- |
|
Bankers' acceptance |
205,645 |
865,224 |
- |
- |
- |
|
Term loan / Borrowing |
858,255 |
1,235,884 |
- |
- |
- |
|
Others |
2,407,313 |
1,388,548 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,472,561 |
3,504,719 |
- |
- |
- |
|
|
============= |
============= |
- |
- |
- |
|
|
DEPRECIATION (as per notes to P&L) |
1,075,520 |
1,083,625 |
- |
- |
- |
|
AMORTIZATION |
80,000 |
21,774 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,155,520 |
1,105,399 |
- |
- |
- |
|
|
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
24,280,372 |
24,414,244 |
23,979,069 |
23,992,893 |
16,314,768 |
|
Others |
1,920,000 |
2,000,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,920,000 |
2,000,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
26,200,372 |
26,414,244 |
23,979,069 |
23,992,893 |
16,314,768 |
|
Stocks |
23,315,877 |
22,851,255 |
- |
- |
- |
|
Trade debtors |
3,212,640 |
2,592,943 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
34,442,589 |
38,411,440 |
- |
- |
- |
|
Cash & bank balances |
12,116,224 |
20,812,398 |
- |
- |
- |
|
Others |
- |
245,173 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
73,087,330 |
84,913,209 |
80,442,716 |
101,569,855 |
111,666,586 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
99,287,702 |
111,327,453 |
104,421,785 |
125,562,748 |
127,981,354 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
2,639,538 |
585,543 |
- |
- |
- |
|
Other creditors & accruals |
816,941 |
1,670,433 |
- |
- |
- |
|
Bank overdraft |
110,219 |
33,884 |
- |
- |
- |
|
Short term borrowings/Term loans |
10,280,187 |
10,255,388 |
- |
- |
- |
|
Other borrowings |
2,000,000 |
2,000,000 |
- |
- |
- |
|
Bill & acceptances payable |
3,478,000 |
17,680,000 |
- |
- |
- |
|
Amounts owing to holding company |
18,452,608 |
11,635,138 |
- |
- |
- |
|
Amounts owing to related companies |
29,331,887 |
33,574,865 |
- |
- |
- |
|
Other liabilities |
95,646 |
316,149 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
67,205,026 |
77,751,400 |
52,554,400 |
67,846,838 |
80,657,768 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
5,882,304 |
7,161,809 |
27,888,316 |
33,723,017 |
31,008,818 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
32,082,676 |
33,576,053 |
51,867,385 |
57,715,910 |
47,323,586 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
11,660,000 |
11,660,000 |
11,660,000 |
11,660,000 |
11,660,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
11,660,000 |
11,660,000 |
11,660,000 |
11,660,000 |
11,660,000 |
|
Revaluation reserve |
5,753,584 |
5,784,398 |
3,440,925 |
3,449,335 |
3,449,335 |
|
Retained profit/(loss) carried forward |
(3,779,416) |
(9,415,339) |
356,022 |
(1,007,730) |
(2,766,002) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
1,974,168 |
(3,630,941) |
3,796,947 |
2,441,605 |
683,333 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
13,634,168 |
8,029,059 |
15,456,947 |
14,101,605 |
12,343,333 |
|
Long term loans |
17,178,742 |
25,546,994 |
- |
- |
- |
|
Deferred taxation |
1,269,766 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
18,448,508 |
25,546,994 |
36,410,438 |
43,614,305 |
34,980,253 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
32,082,676 |
33,576,053 |
51,867,385 |
57,715,910 |
47,323,586 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TYPES OF FUNDS |
|||||
|
Cash |
12,116,224 |
20,812,398 |
- |
- |
- |
|
Net Liquid Funds |
8,528,005 |
3,098,514 |
- |
- |
- |
|
Net Liquid Assets |
(17,433,573) |
(15,689,446) |
27,888,316 |
33,723,017 |
31,008,818 |
|
Net Current Assets/(Liabilities) |
5,882,304 |
7,161,809 |
27,888,316 |
33,723,017 |
31,008,818 |
|
Net Tangible Assets |
32,082,676 |
33,576,053 |
51,867,385 |
57,715,910 |
47,323,586 |
|
Net Monetary Assets |
(35,882,081) |
(41,236,440) |
(8,522,122) |
(9,891,288) |
(3,971,435) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
10,543,046 |
(8,151,815) |
- |
- |
- |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
11,698,566 |
(7,046,416) |
- |
- |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
33,047,148 |
55,516,266 |
- |
- |
- |
|
Total Liabilities |
85,653,534 |
103,298,394 |
88,964,838 |
111,461,143 |
115,638,021 |
|
Total Assets |
99,287,702 |
111,327,453 |
104,421,785 |
125,562,748 |
127,981,354 |
|
Net Assets |
32,082,676 |
33,576,053 |
51,867,385 |
57,715,910 |
47,323,586 |
|
Net Assets Backing |
13,634,168 |
8,029,059 |
15,456,947 |
14,101,605 |
12,343,333 |
|
Shareholders' Funds |
13,634,168 |
8,029,059 |
15,456,947 |
14,101,605 |
12,343,333 |
|
Total Share Capital |
11,660,000 |
11,660,000 |
11,660,000 |
11,660,000 |
11,660,000 |
|
Total Reserves |
1,974,168 |
(3,630,941) |
3,796,947 |
2,441,605 |
683,333 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.18 |
0.27 |
- |
- |
- |
|
Liquid Ratio |
0.74 |
0.80 |
- |
- |
- |
|
Current Ratio |
1.09 |
1.09 |
1.53 |
1.50 |
1.38 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
47 |
58 |
- |
- |
- |
|
Debtors Ratio |
6 |
7 |
- |
- |
- |
|
Creditors Ratio |
6 |
1 |
- |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
2.42 |
6.91 |
- |
- |
- |
|
Liabilities Ratio |
6.28 |
12.87 |
5.76 |
7.90 |
9.37 |
|
Times Interest Earned Ratio |
3.04 |
(2.33) |
- |
- |
- |
|
Assets Backing Ratio |
2.75 |
2.88 |
4.45 |
4.95 |
4.06 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
3.87 |
(8.10) |
1.36 |
2.62 |
(3.36) |
|
Net Profit Margin |
3.07 |
(6.80) |
0.74 |
1.84 |
(3.60) |
|
Return On Net Assets |
32.86 |
(24.28) |
4.84 |
6.27 |
(4.01) |
|
Return On Capital Employed |
32.75 |
(24.25) |
4.84 |
6.27 |
(4.01) |
|
Return On Shareholders' Funds/Equity |
41.11 |
(121.75) |
8.77 |
18.04 |
(16.50) |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
UK Pound |
1 |
Rs.98.20 |
|
Euro |
1 |
Rs.69.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.