|
Report No. : |
326772 |
|
Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MIECO
MANUFACTURING SDN. BHD. |
|
|
|
|
Registered Office : |
Menara Brdb, 285,Jalan Maarof, Bukit Bandaraya, Level 11,
59000 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
04.07.2003 |
|
|
|
|
Com. Reg. No.: |
620690-T |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and marketing of
chipboards and other related products |
|
|
|
|
No. of Employee : |
800 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
620690-T |
||||
|
COMPANY NAME |
: |
MIECO MANUFACTURING SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
04/07/2003 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
MENARA BRDB, 285,JALAN MAAROF, BUKIT BANDARAYA, LEVEL 11, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 74, KAWASAN PERINDUSTRIAN GEBENG, 26080 KUANTAN, PAHANG, MALAYSIA. |
||||
|
TEL.NO. |
: |
09-5835120 |
||||
|
FAX.NO. |
: |
09-5833408 |
||||
|
|
: |
MKTG@MIECO.COM.MY |
||||
|
WEB SITE |
: |
WWW.MIECO.COM.MY |
||||
|
CONTACT PERSON |
: |
LIM SUAT CHUI ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
16292 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING AND MARKETING OF CHIPBOARDS AND OTHER RELATED PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 100,000,000.00
DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 50,000,000.00
DIVIDED INTO |
||||
|
SALES |
: |
MYR 289,439,498 [2013] |
||||
|
NET WORTH |
: |
MYR (59,813,264) [2013] |
||||
|
M1000 OVERALL RANKING |
: |
806[2009] |
||||
|
M1000 INDUSTRY RANKING |
: |
47[2009] |
||||
|
STAFF STRENGTH |
: |
800 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
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) manufacturing and marketing of chipboards and other related products.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the Subject's ranking are as follows: |
|||
|
YEAR |
2009 |
2008 |
|
|
OVERALL RANKING |
806 |
797 |
|
|
INDUSTRY RANKING |
47 |
52 |
|
The immediate holding company of the Subject is MIECO CHIPBOARD BERHAD, a company incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
30/06/2014 |
MYR 100,000,000.00 |
MYR 50,000,000.00 |
|
15/07/2003 |
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 |
(%) |
|
MIECO CHIPBOARD BERHAD |
MENARA BRDB, 285, JALAN MAAROF, BUKIT BANDARAYA, LEVEL 11, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
12849K |
50,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
50,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MS. LIM SUAT CHUI |
|
Address |
: |
13, JALAN 10/4, 46000 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A0162509 |
|
New IC No |
: |
650823-10-7066 |
|
Date of Birth |
: |
23/08/1965 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
30/06/2014 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. LOW KIM SENG |
|
Address |
: |
32, JALAN BU 2/4, BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
8220737 |
|
New IC No |
: |
550423-10-5231 |
|
Date of Birth |
: |
23/04/1955 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/03/2005 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. CHRISTOPHER MANIVANNAN |
|
Address |
: |
67 JALAN SS 23/5, 47400 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
7446813 |
|
New IC No |
: |
640923-10-5851 |
|
Date of Birth |
: |
23/09/1964 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
16/10/2013 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
LIM SUAT CHUI |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name of Subject |
: |
ABDUL WAHAB BIN MOHAMAD |
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
|
3) |
Name of Subject |
: |
JUNAINI BINTI IBRAHIM |
|
Position |
: |
REGIONAL HUMAN RESOURCE MANAGER |
|
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor' Address |
: |
1, SENTRAL, JALAN TRAVERS, KUALA LUMPUR CENTRAL, 50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. YAP CHOON FON |
|
IC / PP No |
: |
A2940034 |
|
|
New IC No |
: |
741215-14-5222 |
|
|
Address |
: |
25B JALAN LAGENDA 14, TAMAN LAGENDA MAS, 43200 CHERAS, SELANGOR, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. HO SWEE LING |
|
IC / PP No |
: |
5730323 |
|
|
New IC No |
: |
590808-10-5992 |
|
|
Address |
: |
60, JALAN BUNGA KEMBOJA 1, TAMAN MUDA CHERAS, 56100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
PUBLIC BANK BHD |
|
2) |
Name |
: |
RHB BANK BHD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
18/12/2013 |
LETTER OF UNDERTAKING |
AMBANK (M) BERHAD |
- |
Unsatisfied |
|
2 |
18/12/2013 |
SALE AGREEMENT ASSIGNMENT, GEBENG PROPERTIES DEBENTURE AND LIPIS PROPERTIES DEBENTURE |
AMBANK (M) BERHAD |
- |
Unsatisfied |
|
4 |
30/09/2014 |
FACILITIES AFGREEMENT, GEBENG PROPERTY DEBENTURE, AND LIPIS PROPERTY DEBENTURE |
OCBC BANK (MALAYSIA) BERHAD |
- |
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 |
Percentage |
: |
60% |
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Import Countries |
: |
EUROPE,ASIA |
|||
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 |
: |
33% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
67% |
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Product Brand Name |
: |
|
|
|
Award |
: |
1 ) PRODUCT CERTIFICATION GRANT Year :2002 |
|
|
Competitor(s) |
: |
EKOWOOD INTERNATIONAL BHD |
|
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2011 |
2010 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
800 |
735 |
800 |
807 |
857 |
||||
|
Branch |
: |
YES |
|
|
No of Branches |
: |
2 |
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing and marketing
of chipboards and other related products.
The Subject's particleboards, or sometimes known as chipboards, conform to
international quality standards such as the European Community's BS EN 312
standard, applicable for both moisture-resistant and non-moisture resistant
boards with E1 and E2 formaldehyde emission levels.
The Particleboard production begins with the Upstream process. Using state of
the art German technology, MIECO has two production lines that are capable of
producing over 280,000 cubic meters annually.
The upstream department begins the process of using rubber residuals to produce
high quality chipboards.
The Subject places a strong emphasis in human resource development. Factory
personnels are constantly sent for training, and marketing staff also
participate and visit international exhibitions and trade fairs to keep up with
the latest industry trends.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
60 3 2282 3223 |
|
Current Telephone Number |
: |
09-5835120 |
|
Match |
: |
NO |
|
Address Provided by Client |
: |
LEVEL 11, MENARA BRDB 285 JALAN MAAROF, BUKIT BANDARAYA 59000 KUALA MALAYSIA |
|
Current Address |
: |
LOT 74, KAWASAN PERINDUSTRIAN GEBENG, 26080 KUANTAN, PAHANG, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 15th May 2015, we contacted one of the staff from the Subject and he provided
some information on the Subject.
The address provided belongs to the Subject registered office.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
113.63% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(18.21%) |
] |
|
|
The fluctuating turnover reflects the fierce competition among the existing and new market players.Higher losses before tax during the year could be due to the higher operating costs incurred. Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Acceptable |
[ |
58 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
53 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
74 Days |
] |
|
|
The Subject kept adequate stocks to meet its normal business transactions without incurring excessive storage costs. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.33 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.61 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 |
[ |
(6.50 Times) |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
(1.02 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's gearing was negative during the year as its shareholders' funds was in the red. This means the Subject is running its business using borrowed money. We consider the Subject as facing high financial risks. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's losses increased but its turnover showed a fluctuating trend. This indicate the Subject was slowly losing its market share due to its competitors. 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 has high financial risks. If its shareholders do not inject more capital into the company or if its business performance does not improve, its going concern may be in question. |
||||||
|
Overall financial condition of the Subject : POOR |
||||||
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
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 |
|
|
16292 : Manufacture of other products of wood, cane, articles of cork, straw and plaiting materials |
|
|
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 |
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
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 |
FULL |
SUMMARY |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
289,439,498 |
304,083,122 |
294,831,870 |
172,037,051 |
184,806,534 |
|
Other Income |
61,672 |
332,561 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
289,501,170 |
304,415,683 |
294,831,870 |
172,037,051 |
184,806,534 |
|
Costs of Goods Sold |
0 |
0 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
289,501,170 |
304,415,683 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(72,762,917) |
(9,956,864) |
2,930,411 |
1,751,625 |
(13,617,139) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(72,762,917) |
(9,956,864) |
2,930,411 |
1,751,625 |
(13,617,139) |
|
Taxation |
4,794,617 |
2,549,160 |
235,543 |
(2,250) |
1,835,340 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(67,968,300) |
(7,407,704) |
3,165,954 |
1,749,375 |
(11,781,799) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(41,844,964) |
(33,423,610) |
(37,887,294) |
(39,636,669) |
(27,854,870) |
|
Prior year adjustment |
- |
- |
1,297,730 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(41,844,964) |
(33,423,610) |
(36,589,564) |
(39,636,669) |
(27,854,870) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(109,813,264) |
(40,831,314) |
(33,423,610) |
(37,887,294) |
(39,636,669) |
|
TRANSFER TO RESERVES - General |
- |
(1,013,650) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(109,813,264) |
(41,844,964) |
(33,423,610) |
(37,887,294) |
(39,636,669) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
153,257 |
105,947 |
66,920 |
- |
388,566 |
|
Bankers' acceptance |
2,260,177 |
1,891,474 |
1,022,212 |
- |
- |
|
Hire purchase |
0 |
1,660 |
3,344 |
- |
3,348 |
|
Loan from holding company |
6,709,901 |
8,434,018 |
9,556,567 |
- |
- |
|
Revolving loans |
268,391 |
112,548 |
- |
- |
6,800 |
|
Term loan / Borrowing |
100,220 |
133,733 |
- |
- |
- |
|
Others |
212,896 |
2,305 |
- |
- |
11,038,157 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
9,704,842 |
10,681,685 |
10,649,043 |
- |
11,436,871 |
|
|
============= |
============= |
============= |
- |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
16,944,584 |
17,528,341 |
18,384,286 |
- |
18,553,048 |
|
AMORTIZATION |
- |
- |
- |
- |
236,253 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
16,944,584 |
17,528,341 |
18,384,286 |
- |
18,789,301 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
411,249,218 |
476,219,195 |
480,129,176 |
488,823,664 |
502,389,448 |
|
Others |
- |
- |
219,685 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
- |
- |
219,685 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
411,249,218 |
476,219,195 |
480,348,861 |
488,823,664 |
502,389,448 |
|
Stocks |
45,631,323 |
59,900,995 |
49,385,362 |
- |
40,578,295 |
|
Trade debtors |
41,853,739 |
36,136,412 |
42,612,940 |
- |
22,613,767 |
|
Other debtors, deposits & prepayments |
3,794,644 |
2,072,594 |
3,332,108 |
- |
3,418,419 |
|
Short term deposits |
82,676 |
80,890 |
- |
- |
1,301,626 |
|
Amount due from related companies |
- |
- |
19,462 |
- |
- |
|
Cash & bank balances |
2,187,565 |
5,345,722 |
5,762,687 |
- |
921,079 |
|
Others |
6,406,682 |
63,313 |
80,933 |
- |
8,132 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
99,956,629 |
103,599,926 |
101,193,492 |
- |
68,841,318 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
511,205,847 |
579,819,121 |
581,542,353 |
488,823,664 |
571,230,766 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
58,617,680 |
48,895,160 |
34,871,631 |
- |
20,534,699 |
|
Other creditors & accruals |
14,776,546 |
13,128,515 |
15,337,235 |
- |
20,053,926 |
|
Hire purchase & lease creditors |
- |
- |
- |
- |
30,396 |
|
Bank overdraft |
4,860,935 |
1,483,583 |
2,817,238 |
- |
6,830,935 |
|
Other borrowings |
55,208,222 |
51,509,467 |
25,727,081 |
- |
- |
|
Bill & acceptances payable |
- |
- |
- |
- |
20,616,681 |
|
Amounts owing to holding company |
16,497,504 |
34,662,000 |
27,963,960 |
- |
- |
|
Amounts owing to related companies |
14,689,548 |
8,165,516 |
4,937,194 |
- |
- |
|
Other liabilities |
244,797 |
- |
331,369 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
164,895,232 |
157,844,241 |
111,985,708 |
- |
68,066,637 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(64,938,603) |
(54,244,315) |
(10,792,216) |
- |
774,681 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
346,310,615 |
421,974,880 |
469,556,645 |
488,823,664 |
503,164,129 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
|
Retained profit/(loss) carried forward |
(109,813,264) |
(41,844,964) |
(33,423,610) |
(37,887,294) |
(39,636,669) |
|
Others |
- |
- |
- |
(24,370) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(109,813,264) |
(41,844,964) |
(33,423,610) |
(37,911,664) |
(39,636,669) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
(59,813,264) |
8,155,036 |
16,576,390 |
12,088,336 |
10,363,331 |
|
Long term loans |
950,000 |
1,550,000 |
2,150,000 |
- |
- |
|
Hire purchase creditors |
- |
- |
- |
- |
45,614 |
|
Deferred taxation |
405,173,879 |
4,795,200 |
7,345,000 |
- |
7,580,000 |
|
Others |
- |
407,474,644 |
443,485,255 |
476,735,328 |
485,175,184 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
406,123,879 |
413,819,844 |
452,980,255 |
476,735,328 |
492,800,798 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
346,310,615 |
421,974,880 |
469,556,645 |
488,823,664 |
503,164,129 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCIAL RATIO |
|
TYPES OF FUNDS |
|||||
|
Cash |
2,270,241 |
5,426,612 |
5,762,687 |
- |
2,222,705 |
|
Net Liquid Funds |
(2,590,694) |
3,943,029 |
2,945,449 |
- |
(25,224,911) |
|
Net Liquid Assets |
(110,569,926) |
(114,145,310) |
(60,177,578) |
- |
(39,803,614) |
|
Net Current Assets/(Liabilities) |
(64,938,603) |
(54,244,315) |
(10,792,216) |
- |
774,681 |
|
Net Tangible Assets |
346,310,615 |
421,974,880 |
469,556,645 |
488,823,664 |
503,164,129 |
|
Net Monetary Assets |
(516,693,805) |
(527,965,154) |
(513,157,833) |
(476,735,328) |
(532,604,412) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
61,287,548 |
54,655,598 |
30,694,319 |
- |
27,530,426 |
|
Total Liabilities |
571,019,111 |
571,664,085 |
564,965,963 |
476,735,328 |
560,867,435 |
|
Total Assets |
511,205,847 |
579,819,121 |
581,542,353 |
488,823,664 |
571,230,766 |
|
Net Assets |
346,310,615 |
421,974,880 |
469,556,645 |
488,823,664 |
503,164,129 |
|
Net Assets Backing |
(59,813,264) |
8,155,036 |
16,576,390 |
12,088,336 |
10,363,331 |
|
Shareholders' Funds |
(59,813,264) |
8,155,036 |
16,576,390 |
12,088,336 |
10,363,331 |
|
Total Share Capital |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
|
Total Reserves |
(109,813,264) |
(41,844,964) |
(33,423,610) |
(37,911,664) |
(39,636,669) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.01 |
0.03 |
0.05 |
- |
0.03 |
|
Liquid Ratio |
0.33 |
0.28 |
0.46 |
- |
0.42 |
|
Current Ratio |
0.61 |
0.66 |
0.90 |
- |
1.01 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
58 |
72 |
61 |
- |
80 |
|
Debtors Ratio |
53 |
43 |
53 |
- |
45 |
|
Creditors Ratio |
74 |
59 |
43 |
- |
41 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
(1.02) |
6.70 |
1.85 |
- |
2.66 |
|
Liabilities Ratio |
(9.55) |
70.10 |
34.08 |
39.44 |
54.12 |
|
Times Interest Earned Ratio |
(6.50) |
0.07 |
1.28 |
- |
(0.19) |
|
Assets Backing Ratio |
6.93 |
8.44 |
9.39 |
9.78 |
10.06 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(25.14) |
(3.27) |
0.99 |
1.02 |
(7.37) |
|
Net Profit Margin |
(23.48) |
(2.44) |
1.07 |
1.02 |
(6.38) |
|
Return On Net Assets |
(18.21) |
0.17 |
2.89 |
0.36 |
(0.43) |
|
Return On Capital Employed |
(17.94) |
0.17 |
2.87 |
0.36 |
(0.43) |
|
Return On Shareholders' Funds/Equity |
113.63 |
(90.84) |
19.10 |
14.47 |
(113.69) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
- |
0.00 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
- |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
UK Pound |
1 |
Rs.98.90 |
|
Euro |
1 |
Rs.72.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.