|
Report No. : |
309270 |
|
Report Date : |
04.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHEMSTATION DCCM SDN. BHD. |
|
|
|
|
Registered Office : |
70b, Lebuh Beringin, 42000 Pelabuhan Klang, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
06.12.2000 |
|
|
|
|
Com. Reg. No.: |
534096-M |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trading of chemical products |
|
|
|
|
No. of Employee : |
10 [2015] |
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 : |
No complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 32% of government revenue in 2013. Bank Negara Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB earlier raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
534096-M |
||||
|
COMPANY NAME |
: |
CHEMSTATION DCCM SDN. BHD. |
||||
|
FORMER NAME |
: |
DOVECHEM DCCM SDN BHD (01/03/2013) |
||||
|
INCORPORATION DATE |
: |
06/12/2000 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
70B, LEBUH BERINGIN, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 15795 (2823), 5 1/2 MILES, JALAN KEBUN, KAMPUNG JAWA, SEKSYEN 32,
42450 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-55212020 |
||||
|
FAX.NO. |
: |
03-51615006 |
||||
|
WEB SITE |
: |
WWW.DOVECHEM.COM |
||||
|
CONTACT PERSON |
: |
NG IET PEW ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
46691 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF CHEMICAL PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 2,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,500,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 31,603,093 [2013] |
||||
|
NET WORTH |
: |
MYR 3,152,552 [2013] |
||||
|
STAFF STRENGTH |
: |
10 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
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) trading of chemical products.
The Subject is not
listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate
holding company of the Subject is CHEMSTATION SPECIALTY PTE. LTD., a company
incorporated in SINGAPORE.
Share Capital
History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
30/06/2014 |
MYR 2,000,000.00 |
MYR 1,500,000.00 |
|
20/11/2010 |
MYR 2,000,000.00 |
MYR 1,000,000.00 |
|
25/03/2003 |
MYR 500,000.00 |
MYR 500,000.00 |
|
05/12/2002 |
MYR 500,000.00 |
MYR 300,000.00 |
|
06/12/2000 |
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 |
(%) |
|
CHEMSTATION SPECIALTY PTE. LTD. |
19, KEPPEL ROAD, 03-05, JIT POH BUILDING, 089058, SINGAPORE. |
200903709Z |
1,500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. YAP CHIN GUAN |
|
Address |
: |
28, JALAN SUNGAI PULOH 9, OFF JALAN HAJI SIRAT, 42100 KLANG, SELANGOR,
MALAYSIA. |
|
IC / PP No |
: |
A0465767 |
|
New IC No |
: |
660831-10-5027 |
|
Date of Birth |
: |
31/08/1966 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
03/07/2009 |
DIRECTOR 2
|
Name Of Subject |
: |
ONG ONGGO TJANDRA HENDRAWAN |
|
Address |
: |
METRO PERMATA C1/8, 002/011, KARANG MULYA, KARANG TENGAH TANGERANG,
JAKARTA, INDONESIA, INDONESIA. |
|
IC / PP No |
: |
A3572605 |
|
Nationality |
: |
INDONESIAN |
|
Date of Appointment |
: |
25/09/2009 |
DIRECTOR 3
|
Name Of Subject |
: |
DATO' NG IET PEW |
|
Address |
: |
6, JALAN REDANG 1/1, TAMAN REDANG, 81100 JOHOR BAHRU, JOHOR, MALAYSIA. |
|
New IC No |
: |
600313-01-5879 |
|
Date of Birth |
: |
13/03/1960 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
06/12/2000 |
DIRECTOR 4
|
Name Of Subject |
: |
CHRISTINA NG |
|
Address |
: |
47, GREENBANK PARK, 589408, SINGAPORE. |
|
IC / PP No |
: |
E2044124L |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
07/11/2005 |
DIRECTOR 5
|
Name Of Subject |
: |
ANTA NG |
|
Address |
: |
19, DAIRY FARM ESTATE, 10-02, 679044, SINGAPORE. |
|
IC / PP No |
: |
E4311650K |
|
Date of Appointment |
: |
03/07/2009 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
NG IET PEW |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name of Subject |
: |
JAMES |
|
Position |
: |
CREDIT CONTROLLER |
|
AUDITOR
|
|
Auditor |
: |
TOR & CO. |
|
Auditor' Address |
: |
14, PERSIARAN 65C, PEKELILING BUSINESS CENTRE, JALAN PAHANG BARAT, OFF
JALAN TUN RAZAK, 53000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. TAN CHWEE LENG |
|
New IC No |
: |
780422-10-5102 |
|
|
Address |
: |
23, JALAN MUDA, OFF JALAN MERU, 41050 KLANG, SELANGOR, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
HSBC BANK MALAYSIA BHD |
ENCUMBRANCE
(S)
|
|
|||||
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
|
1 |
18/11/2010 |
TRADE FINANCING
GENERAL AGREEMENT |
HSBC BANK MALAYSIA BHD |
- |
Unsatisfied |
|
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
|||||
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Import Countries |
: |
KOREA,SINGAPORE,CHINA |
|||
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 |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
LETTER OF CREDIT (LC) |
|||
OPERATIONS
|
|||
|
Goods Traded |
: |
CHEMICALS |
|
|
Ownership of premises |
: |
LEASED/RENTED |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
10 |
10 |
10 |
10 |
6 |
||||
|
Branch |
: |
YES |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of chemical
products.
The Subject trades a wide range of chemicals including Polyvinyl Alcohol(PVOH),
Natural Red Iron Oxide, Epoxidise Soya Bean Oil (ESBO),Melamine Crystal, PVC
Paste Resin and others.
We were informed that the Subject's chemicals used for various industries such
as paint & coating, adhesive & sealants, printing ink & packaging,
rubber & plastic, house hold cleaning, personal care and cosmetic chemical.
Besides that, the Subject sells the chemicals in bags and drums. In addition,
the Subject's chemicals are comes in liquid and powder forms.
CURRENT
INVESTIGATION
|
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-55212020 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
L O T 15795 2823 5 1 2 MILES 42450 SELANGOR MALAYSIA |
|
Current Address |
: |
LOT 15795 (2823), 5 1/2 MILES, JALAN KEBUN, KAMPUNG JAWA, SEKSYEN 32,
42450 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 25th February 2015 we contacted one of the staff from the Subject and she
provided some information.
The address provided is incomplete.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
11.13% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
18.04% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The Subject's profit fell sharply because of
the high operating costs incurred. The Subject's management had generated
acceptable return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
27 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
77 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
18 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The high debtors' ratio could
indicate that the Subject was weak in its credit control. However, the Subject
could also giving longer credit periods to its customers in order to boost
its sales or to capture / retain its market share. The Subject had a
favourable creditors' ratio where the Subject could be taking advantage of
the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.23 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.52 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they fall
due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
2.87 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.99 Times |
] |
|
|
The Subject's interest cover was low. If its profits fall or when
interest rate rises, it may not be able to meet all its interest
payment. The Subject 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 recorded lower profits as its turnover showed a erratic
trend. The Subject's management was unable to control its costs efficiently
as its profit showed a downward trend. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. If there is a fall in the Subject's profit or any
increase in interest rate, the Subject may not be able to generate sufficient
cash-flow to service its interest. The Subject's gearing 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 : LIMITED |
||||||
|
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 |
|
|
46691 : Wholesale of industrial chemicals |
|
|
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) |
|
CHEMSTATION DCCM
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 |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
31,603,093 |
38,076,950 |
29,014,290 |
17,110,250 |
15,760,807 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
31,603,093 |
38,076,950 |
29,014,290 |
17,110,250 |
15,760,807 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
518,710 |
841,511 |
788,420 |
285,950 |
130,285 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
518,710 |
841,511 |
788,420 |
285,950 |
130,285 |
|
Taxation |
(167,716) |
(225,241) |
(237,616) |
(81,469) |
(66,320) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
350,994 |
616,270 |
550,804 |
204,481 |
63,965 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
1,102,346 |
786,076 |
235,272 |
30,791 |
(33,174) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
1,102,346 |
786,076 |
235,272 |
30,791 |
(33,174) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
1,453,340 |
1,402,346 |
786,076 |
235,272 |
30,791 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
(300,000) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
1,453,340 |
1,102,346 |
786,076 |
235,272 |
30,791 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bankers' acceptance |
170,705 |
189,053 |
180,187 |
111,453 |
- |
|
Hire purchase |
4,147 |
4,307 |
5,806 |
4,703 |
- |
|
Term loan / Borrowing |
68,825 |
46,083 |
38,582 |
- |
- |
|
Others |
33,617 |
61,454 |
- |
111,453 |
122,186 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
277,294 |
300,897 |
224,575 |
227,609 |
122,186 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
CHEMSTATION DCCM
SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
111,233 |
82,821 |
115,731 |
144,785 |
21,275 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
111,233 |
82,821 |
115,731 |
144,785 |
21,275 |
|
Stocks |
2,376,467 |
2,618,594 |
3,048,016 |
1,907,315 |
1,860,600 |
|
Trade debtors |
6,686,794 |
8,969,233 |
6,355,104 |
4,809,357 |
3,645,374 |
|
Other debtors, deposits & prepayments |
415,984 |
49,169 |
320,378 |
33,445 |
34,339 |
|
Amount due from related companies |
2,011,602 |
1,020,762 |
2,167,616 |
3,289,120 |
3,301,517 |
|
Cash & bank balances |
1,037,811 |
792,917 |
595,509 |
269,380 |
788,899 |
|
Others |
76,750 |
43,000 |
- |
22,674 |
34,243 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
12,605,408 |
13,493,675 |
12,486,623 |
10,331,291 |
9,664,972 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
12,716,641 |
13,576,496 |
12,602,354 |
10,476,076 |
9,686,247 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
1,579,888 |
2,221,563 |
1,429,385 |
1,328,428 |
822,833 |
|
Other creditors & accruals |
332,471 |
705,361 |
773,304 |
170,198 |
162,685 |
|
Hire purchase & lease creditors |
42,857 |
29,003 |
27,505 |
26,006 |
- |
|
Bill & acceptances payable |
6,162,210 |
5,846,268 |
4,536,988 |
2,790,000 |
3,126,000 |
|
Amounts owing to related companies |
186,464 |
224,451 |
162,042 |
4,449 |
423,224 |
|
Provision for taxation |
- |
- |
23,198 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
8,303,890 |
9,026,646 |
6,952,422 |
4,319,081 |
4,534,742 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
4,301,518 |
4,467,029 |
5,534,201 |
6,012,210 |
5,130,230 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
4,412,751 |
4,549,850 |
5,649,932 |
6,156,995 |
5,151,505 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
1,500,000 |
1,500,000 |
1,500,000 |
1,000,000 |
500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,500,000 |
1,500,000 |
1,500,000 |
1,000,000 |
500,000 |
|
Exchange equalisation/fluctuation reserve |
199,212 |
236,019 |
195,611 |
96,823 |
(46,932) |
|
Retained profit/(loss) carried forward |
1,453,340 |
1,102,346 |
786,076 |
235,272 |
30,791 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
1,652,552 |
1,338,365 |
981,687 |
332,095 |
(16,141) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
3,152,552 |
2,838,365 |
2,481,687 |
1,332,095 |
483,859 |
|
Hire purchase creditors |
60,172 |
40,981 |
69,984 |
97,488 |
- |
|
Deferred taxation |
3,000 |
3,000 |
3,000 |
3,500 |
3,600 |
|
Others |
1,197,027 |
1,667,504 |
3,095,261 |
4,723,912 |
4,664,046 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
1,260,199 |
1,711,485 |
3,168,245 |
4,824,900 |
4,667,646 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,412,751 |
4,549,850 |
5,649,932 |
6,156,995 |
5,151,505 |
|
|
|
============= |
============= |
============= |
============= |
============= |
FINANCIAL
RATIO
|
|
CHEMSTATION DCCM
SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
1,037,811 |
792,917 |
595,509 |
269,380 |
788,899 |
|
Net Liquid Funds |
(5,124,399) |
(5,053,351) |
(3,941,479) |
(2,520,620) |
(2,337,101) |
|
Net Liquid Assets |
1,925,051 |
1,848,435 |
2,486,185 |
4,104,895 |
3,269,630 |
|
Net Current Assets/(Liabilities) |
4,301,518 |
4,467,029 |
5,534,201 |
6,012,210 |
5,130,230 |
|
Net Tangible Assets |
4,412,751 |
4,549,850 |
5,649,932 |
6,156,995 |
5,151,505 |
|
Net Monetary Assets |
664,852 |
136,950 |
(682,060) |
(720,005) |
(1,398,016) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
6,265,239 |
5,916,252 |
4,634,477 |
2,913,494 |
3,126,000 |
|
Total Liabilities |
9,564,089 |
10,738,131 |
10,120,667 |
9,143,981 |
9,202,388 |
|
Total Assets |
12,716,641 |
13,576,496 |
12,602,354 |
10,476,076 |
9,686,247 |
|
Net Assets |
4,412,751 |
4,549,850 |
5,649,932 |
6,156,995 |
5,151,505 |
|
Net Assets Backing |
3,152,552 |
2,838,365 |
2,481,687 |
1,332,095 |
483,859 |
|
Shareholders' Funds |
3,152,552 |
2,838,365 |
2,481,687 |
1,332,095 |
483,859 |
|
Total Share Capital |
1,500,000 |
1,500,000 |
1,500,000 |
1,000,000 |
500,000 |
|
Total Reserves |
1,652,552 |
1,338,365 |
981,687 |
332,095 |
(16,141) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.12 |
0.09 |
0.09 |
0.06 |
0.17 |
|
Liquid Ratio |
1.23 |
1.20 |
1.36 |
1.95 |
1.72 |
|
Current Ratio |
1.52 |
1.49 |
1.80 |
2.39 |
2.13 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
27 |
25 |
38 |
41 |
43 |
|
Debtors Ratio |
77 |
86 |
80 |
103 |
84 |
|
Creditors Ratio |
18 |
21 |
18 |
28 |
19 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.99 |
2.08 |
1.87 |
2.19 |
6.46 |
|
Liabilities Ratio |
3.03 |
3.78 |
4.08 |
6.86 |
19.02 |
|
Times Interest Earned Ratio |
2.87 |
3.80 |
4.51 |
2.26 |
2.07 |
|
Assets Backing Ratio |
2.94 |
3.03 |
3.77 |
6.16 |
10.30 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
1.64 |
2.21 |
2.72 |
1.67 |
0.83 |
|
Net Profit Margin |
1.11 |
1.62 |
1.90 |
1.20 |
0.41 |
|
Return On Net Assets |
18.04 |
25.11 |
17.93 |
8.34 |
4.90 |
|
Return On Capital Employed |
17.87 |
24.95 |
17.84 |
8.31 |
4.90 |
|
Return On Shareholders' Funds/Equity |
11.13 |
21.71 |
22.19 |
15.35 |
13.22 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.49 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.84 |
|
|
1 |
Rs.95.14 |
|
Euro |
1 |
Rs.69.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.