|
Report No. : |
322724 |
|
Report Date : |
04.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
FRESENIUS MEDICAL
CARE TECHNOLOGIES (MALAYSIA) SDN. BHD. |
|
|
|
|
Formerly Known As : |
· COREMED SDN BHD · HAEMODYNAMICS (M) SDN BHD |
|
|
|
|
Registered Office : |
Suite S-21-H, Menara Northham, 55, Jalan Sultan Ahmad Shah, 21st Floor, 10050 Pulau Pinang, Pulau Pinang, Malaysia |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
|
|
|
|
|
Com. Reg. No.: |
167402-W |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Distribution and Trading of Medical and Laboratory
Equipment and Appliances, Hospital Supplies. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC
OVERVIEW
Malaysia, a middle-income country, has transformed itself
since the 1970s from a producer of raw materials into an emerging multi-sector economy.
Under current Prime Minister NAJIB, Malaysia is attempting to achieve
high-income status by 2020 and to move farther up the value-added production
chain by attracting investments in Islamic finance, high technology industries,
biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a
series of projects and policy measures intended to accelerate the country's
economic growth. The government has also taken steps to liberalize some
services sub-sectors. The NAJIB administration also is continuing efforts to
boost domestic demand and reduce the economy's dependence on exports.
Nevertheless, exports - particularly of electronics, oil and gas, palm oil and
rubber - remain a significant driver of the economy. As an oil and gas exporter,
Malaysia has profited from higher world energy prices, although the rising cost
of domestic gasoline and diesel fuel, combined with sustained budget deficits,
has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial
reductions in energy and sugar subsidies and the announcement of the 2015
implementation of a 6% goods and services tax. Falling global oil prices in the
second half of 2014 have 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 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. 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. |
: |
167402-W |
||||
|
COMPANY
NAME |
: |
FRESENIUS
MEDICAL CARE TECHNOLOGIES (MALAYSIA) SDN. BHD. |
||||
|
FORMER
NAME |
: |
COREMED
SDN BHD (23/04/2010) |
||||
|
INCORPORATION
DATE |
: |
04/01/1988 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
SUITE
S-21-H, MENARA NORTHHAM, 55, JALAN SULTAN AHMAD SHAH, 21ST FLOOR, 10050 PULAU
PINANG, PULAU PINANG, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
AXIS
TECHNOLOGY CENTRE, LOT 13, JALAN 51A/225, 2ND FLOOR, 46100 PETALING JAYA,
SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-79579866 |
||||
|
FAX.NO. |
: |
03-79571272 |
||||
|
HP.NO. |
: |
1800880842 |
||||
|
WEB
SITE |
: |
WWW.FMC-MY.COM |
||||
|
CONTACT
PERSON |
: |
SIVASHANKER
A/L V. KANAGASABAPATHY ( DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
46421
|
||||
|
PRINCIPAL
ACTIVITY |
: |
DISTRIBUTION
AND TRADING OF MEDICAL AND LABORATORY EQUIPMENT AND APPLIANCES, HOSPITAL
SUPPLIES |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
1,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
700,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
3,671,156 [2013] |
||||
|
NET
WORTH |
: |
MYR
3,390,573 [2013] |
||||
|
STAFF
STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
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 and trading
of medical and laboratory equipment and appliances, hospital supplies.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
27/06/2014 |
MYR
1,000,000.00 |
MYR
700,000.00 |
|
18/05/1991 |
MYR
300,000.00 |
MYR
300,000.00 |
|
18/01/1990 |
MYR
100,000.00 |
MYR
50,000.00 |
|
15/03/1988 |
MYR
100,000.00 |
MYR
18,002.00 |
|
04/01/1988 |
MYR
100,000.00 |
MYR
2.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
FRESENIUS
MEDICAL CARE MALAYSIA SDN. BHD. |
SUITE
S-21-H, MENARA NORTHAM, 55, JALAN SULATN AHMAD SHAH, 21ST FLOOR, 10050 PULAU PINANG,
PULAU PINANG, MALAYSIA. |
503486U |
700,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
700,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
SIVASHANKER A/L V. KANAGASABAPATHY |
|
Address |
: |
29,
JALAN TEMPINIS 3, LUCKY GARDEN, BANGSAR, 59100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC
/ PP No |
: |
7158272 |
|
New
IC No |
: |
630725-10-6221 |
|
Date
of Birth |
: |
25/07/1963 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
06/11/2009 |
DIRECTOR
2
|
Name
Of Subject |
: |
ROBERTO
FERNANDEZ FUSTE |
|
Address |
: |
HOUSE
7, LOBSTER BAY VILLAS, 115, TAI HANG HAU ROAD, CLEARWATER BAY, SAI KUNG, HONG
KONG. |
|
IC
/ PP No |
: |
XDA627292 |
|
Date
of Appointment |
: |
11/09/2008 |
DIRECTOR
3
|
Name
Of Subject |
: |
MAHESH
NAIR |
|
Address |
: |
37,
NASSIM ROAD, 05-01, NASSIM REGENCY, 258423, SINGAPORE. |
|
IC
/ PP No |
: |
E4039478 |
|
Nationality |
: |
AUSTRALIAN |
|
Date
of Appointment |
: |
10/09/2008 |
DIRECTOR
4
|
Name
Of Subject |
: |
MS.
CHENG CHEE HUI @ TAY KEE HUI |
|
Address |
: |
11,
JALAN SS 14/6G, 47500 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
IC
/ PP No |
: |
5388774 |
|
New
IC No |
: |
581013-01-5606 |
|
Date
of Birth |
: |
13/10/1958 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
30/06/2014 |
|
1)
|
Name
of Subject |
: |
SIVASHANKER
A/L V. KANAGASABAPATHY |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
SJ
GRANT THORNTON |
|
Auditor'
Address |
: |
SHERATON
IMPERIAL COURT, JALAN SULTAN ISMAIL, LEVEL 11, 50250 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
MS.
ADELINE TANG KOON LING |
|
New
IC No |
: |
810920-07-5166 |
|
|
Address |
: |
65,
LORONG RUSA 6, TAMAN SELAMAT, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA. |
|
|
2)
|
Company
Secretary |
: |
MS.
CHEAH GAIK SUAN |
|
IC
/ PP No |
: |
A2557331 |
|
|
New
IC No |
: |
731125-07-5284 |
|
|
Address |
: |
42-1121,
TIARA VIEW, JALAN LOH POH HENG, 11200 TANJONG TOKONG, PULAU PINANG, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
PUBLIC
BANK BHD |
ENCUMBRANCE
(S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
13/05/2005 |
N/A |
HONG
LEONG BANK BERHAD |
- |
Satisfied |
|
2 |
15/02/2006 |
FACILITY
AGREEMENT & DEED OF ASSIGNMENT & POWER OF ATTORNEY |
HONG
LEONG BANK BERHAD |
- |
Unsatisfied |
|
3 |
17/10/2006 |
FACILITIES
AGREEMENT & DEED OF ASSIGNMENT |
PUBLIC
BANK BERHAD |
- |
Unsatisfied |
|
4 |
15/11/2006 |
FACILITIES
AGREEMENT & DEED OF ASSIGNMENT |
PUBLIC
BANK BERHAD |
- |
Unsatisfied |
|
5 |
06/03/2008 |
FACILITY
AGREEMENT & DEED OF ASSIGNMENT & POWER OF ATTORNEY |
HONG
LEONG BANK BERHAD |
MYR
400,000.00 |
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 |
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 |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
MEDICAL
AND LABORATORY EQUIPMENT AND APPLIANCES, HOSPITAL SUPPLIES |
|
|
Member(s)
/ Affiliate(s) |
: |
MALAYSIAN
INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI) |
|
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) distribution and trading
of medical and laboratory equipment and appliances, hospital supplies.
The Group is the world's largest integrated provider of products and services
for individuals undergoing dialysis.
In Malaysia, the Subject distributes a full range of haemodialysis machines,
peritoneal dialysis systems, water treatment systems, dialysis consumables,
medical treatment chairs and other related products.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
03-79579866 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
SECOND
FLOOR, AXIS TECHNOLOGY CENTRE, LOT 13, JALAN 51A/225, 46100 PETALING JAYA
SELANGOR DARUL EHSAN |
|
Current
Address |
: |
AXIS
TECHNOLOGY CENTRE, LOT 13, JALAN 51A/225, 2ND FLOOR, 46100 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
The Subject refused to disclose its number of employees.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
(11.70%) |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
(6.28%) |
] |
|
|
The
continuous fall in turnover could be due to the lower demand for the
Subject's products / services.The Subject could be more efficient in
controlling its operating costs and had managed to reduce its losses during
the year. The Subject's unfavourable returns on shareholders' funds indicate
the management's inefficiency in utilising its assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Unfavourable |
[ |
182
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
0
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
18
Days |
] |
|
|
The
Subject could be incurring higher holding cost. As its capital was tied up in
stocks, it could face liquidity problems. 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 |
[ |
0.55
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.20
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 |
: |
Unfavourable |
[ |
(1.10
Times) |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
Subject incurred losses in the year. It did not generate sufficient income to
service its interest. If the situation does not improve, the Subject may
be vulnerable to default in servicing the interest. The Subject 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 : |
||||||
|
Although
the Subject's turnover decreased, its losses also decreased during the year.
This could be the result of more efficient control in its operating costs.
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's interest cover
was negative, indicating that it did not generate sufficient income to
service its interest. If its result does not show impressive improvements or
succeed obtaining short term financing or capital injection, it may not be
able to service its interest and repay the loans. The Subject 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 : POOR |
||||||
|
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 |
|
|
46421
: Wholesale of pharmaceutical and medical goods |
|
|
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
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
FRESENIUS
MEDICAL CARE TECHNOLOGIES (MALAYSIA) 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 |
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 |
3,671,156 |
6,014,407 |
6,595,069 |
8,157,565 |
11,354,436 |
|
Other
Income |
420,729 |
109,482 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
4,091,885 |
6,123,889 |
6,595,069 |
8,157,565 |
11,354,436 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(406,789) |
(804,057) |
(31,259) |
336,516 |
1,863,171 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(406,789) |
(804,057) |
(31,259) |
336,516 |
1,863,171 |
|
Taxation |
10,000 |
52,000 |
(93,898) |
(211,740) |
(537,500) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(396,789) |
(752,057) |
(125,157) |
124,776 |
1,325,671 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
3,087,362 |
3,839,419 |
3,964,576 |
3,839,800 |
2,514,129 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
3,087,362 |
3,839,419 |
3,964,576 |
3,839,800 |
2,514,129 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
2,690,573 |
3,087,362 |
3,839,419 |
3,964,576 |
3,839,800 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
2,690,573 |
3,087,362 |
3,839,419 |
3,964,576 |
3,839,800 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Others |
193,913 |
203,804 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
193,913 |
203,804 |
- |
- |
- |
|
|
============= |
============= |
- |
- |
- |
|
|
DEPRECIATION
(as per notes to P&L) |
180,697 |
181,611 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
180,697 |
181,611 |
- |
- |
- |
|
|
============= |
============= |
|
FRESENIUS
MEDICAL CARE TECHNOLOGIES (MALAYSIA) SDN. BHD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
2,822,255 |
2,994,434 |
3,055,758 |
3,189,179 |
3,903,555 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
2,822,255 |
2,994,434 |
3,055,758 |
3,189,179 |
3,903,555 |
|
Stocks |
1,829,086 |
1,685,244 |
- |
- |
- |
|
Trade
debtors |
- |
50,500 |
- |
- |
- |
|
Other
debtors, deposits & prepayments |
48,893 |
13,868 |
- |
- |
- |
|
Amount
due from related companies |
700,615 |
656,778 |
- |
- |
- |
|
Cash
& bank balances |
628,652 |
286,790 |
- |
- |
- |
|
Others |
185,001 |
669,531 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
3,392,247 |
3,362,711 |
3,297,027 |
3,841,043 |
4,559,931 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
6,214,502 |
6,357,145 |
6,352,785 |
7,030,222 |
8,463,486 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
177,257 |
7,894 |
- |
- |
- |
|
Other
creditors & accruals |
214,222 |
290,176 |
- |
- |
- |
|
Short
term borrowings/Term loans |
- |
173,124 |
- |
- |
- |
|
Amounts
owing to holding company |
2,331,931 |
1,484,067 |
- |
- |
- |
|
Amounts
owing to related companies |
100,519 |
845 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
2,823,929 |
1,956,106 |
1,027,324 |
1,502,270 |
2,773,023 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
568,318 |
1,406,605 |
2,269,703 |
2,338,773 |
1,786,908 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
3,390,573 |
4,401,039 |
5,325,461 |
5,527,952 |
5,690,463 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
700,000 |
700,000 |
700,000 |
700,000 |
700,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
700,000 |
700,000 |
700,000 |
700,000 |
700,000 |
|
Retained
profit/(loss) carried forward |
2,690,573 |
3,087,362 |
3,839,419 |
3,964,576 |
3,839,800 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
2,690,573 |
3,087,362 |
3,839,419 |
3,964,576 |
3,839,800 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
3,390,573 |
3,787,362 |
4,539,419 |
4,664,576 |
4,539,800 |
|
Long
term loans |
- |
603,677 |
- |
- |
- |
|
Deferred
taxation |
- |
10,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
- |
613,677 |
786,042 |
863,376 |
1,150,663 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,390,573 |
4,401,039 |
5,325,461 |
5,527,952 |
5,690,463 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
FRESENIUS
MEDICAL CARE TECHNOLOGIES (MALAYSIA) SDN. BHD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
628,652 |
286,790 |
- |
- |
- |
|
Net
Liquid Funds |
628,652 |
286,790 |
- |
- |
- |
|
Net
Liquid Assets |
(1,260,768) |
(278,639) |
2,269,703 |
2,338,773 |
1,786,908 |
|
Net
Current Assets/(Liabilities) |
568,318 |
1,406,605 |
2,269,703 |
2,338,773 |
1,786,908 |
|
Net
Tangible Assets |
3,390,573 |
4,401,039 |
5,325,461 |
5,527,952 |
5,690,463 |
|
Net
Monetary Assets |
(1,260,768) |
(892,316) |
1,483,661 |
1,475,397 |
636,245 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
776,801 |
- |
- |
- |
|
Total
Liabilities |
2,823,929 |
2,569,783 |
1,813,366 |
2,365,646 |
3,923,686 |
|
Total
Assets |
6,214,502 |
6,357,145 |
6,352,785 |
7,030,222 |
8,463,486 |
|
Net
Assets |
3,390,573 |
4,401,039 |
5,325,461 |
5,527,952 |
5,690,463 |
|
Net
Assets Backing |
3,390,573 |
3,787,362 |
4,539,419 |
4,664,576 |
4,539,800 |
|
Shareholders'
Funds |
3,390,573 |
3,787,362 |
4,539,419 |
4,664,576 |
4,539,800 |
|
Total
Share Capital |
700,000 |
700,000 |
700,000 |
700,000 |
700,000 |
|
Total
Reserves |
2,690,573 |
3,087,362 |
3,839,419 |
3,964,576 |
3,839,800 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.22 |
0.15 |
- |
- |
- |
|
Liquid
Ratio |
0.55 |
0.86 |
- |
- |
- |
|
Current
Ratio |
1.20 |
1.72 |
3.21 |
2.56 |
1.64 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
182 |
102 |
- |
- |
- |
|
Debtors
Ratio |
0 |
3 |
- |
- |
- |
|
Creditors
Ratio |
18 |
0 |
- |
- |
- |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.00 |
0.21 |
- |
- |
- |
|
Liabilities
Ratio |
0.83 |
0.68 |
0.40 |
0.51 |
0.86 |
|
Times
Interest Earned Ratio |
(1.10) |
(2.95) |
- |
- |
- |
|
Assets
Backing Ratio |
4.84 |
6.29 |
7.61 |
7.90 |
8.13 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
(11.08) |
(13.37) |
(0.47) |
4.13 |
16.41 |
|
Net
Profit Margin |
(10.81) |
(12.50) |
(1.90) |
1.53 |
11.68 |
|
Return
On Net Assets |
(6.28) |
(13.64) |
(0.59) |
6.09 |
32.74 |
|
Return
On Capital Employed |
(6.28) |
(13.64) |
(0.59) |
6.09 |
32.74 |
|
Return
On Shareholders' Funds/Equity |
(11.70) |
(19.86) |
(2.76) |
2.67 |
29.20 |
|
Dividend
Pay Out Ratio (Times) |
0.00 |
0.00 |
- |
- |
- |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
|
|
1 |
Rs.98.12 |
|
Euro |
1 |
Rs.71.28 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.