|
Report No. : |
311574 |
|
Report Date : |
16.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
PALING INDUSTRIES SDN. BHD. |
|
|
|
|
Registered Office : |
Unit 203, Blokc, Damansara Intan, 1, Jalan Ss 20/27, Tingkat 2, 47400 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.08.1971 |
|
|
|
|
Com. Reg. No.: |
11039-V |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is engaged in the manufacturing of plastic cisterns, pipes and
fittings. |
|
|
|
|
No. of Employees : |
200 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
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. 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. |
: |
11039-V |
||||
|
COMPANY NAME |
: |
PALING INDUSTRIES SDN. BHD. |
||||
|
FORMER NAME |
: |
VINCO INDUSTRY SDN BHD (06/01/1973) |
||||
|
INCORPORATION DATE |
: |
18/08/1971 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
UNIT 203, BLOKC, DAMANSARA INTAN, 1, JALAN SS 20/27, TINGKAT 2, 47400
PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 12, JALAN PERUSAHAAN EMPAT, 68100 BATU CAVES, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-61898333/61896389 |
||||
|
FAX.NO. |
: |
03-61883810 |
||||
|
EMAIL |
: |
GENERAL@PALING.COM.MY |
||||
|
WEB SITE |
: |
WWW.PALING.COM.MY |
||||
|
CONTACT PERSON |
: |
TOM LYDIE JOHAN VAN GYSEGHEM ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
22209 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF PLASTIC CISTERNS, PIPES AND FITTINGS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 20,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 4,500,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 45,288,459 [2013] |
||||
|
NET WORTH |
: |
MYR 33,015,092 [2013] |
||||
|
STAFF STRENGTH |
: |
200 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
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) manufacturing
of plastic cisterns, pipes and fittings.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the Subject is GLYNWED HOLDING B. V., a
company incorporated in NETHERLANDS.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
28/06/2013 |
MYR 20,000,000.00 |
MYR 4,500,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
GLYNWED HOLDING B. V. |
INDUSTRIETERREIN 11, 5981 NK PANNINGEN, NETHERLANDS. |
XLZ00212511 |
4,500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
4,500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
352462P |
MALAYSIA |
LIGA CANGGIH SDN. BHD. |
100.00 |
26/11/2014 |
|
690277D |
MALAYSIA |
PASTI BUMI SDN. BHD. |
49.00 |
26/11/2014 |
|
|
|
|
|
|
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
TOM LYDIE JOHAN VAN GYSEGHEM |
|
Address |
: |
2, TAMAN HIJAU, UKAY HEIGHTS, 68000 AMPANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
EH976102 |
|
Date of Appointment |
: |
22/10/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
COLIN DAVID LEACH |
|
Address |
: |
25, BENBOW STREET, ST HELIERS, AUCKLAND 1071, NEW ZEALAND. |
|
IC / PP No |
: |
LN267688 |
|
Date of Appointment |
: |
08/01/2008 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. OOI SIM MUN |
|
Address |
: |
A-3A-8, KONDOMINIUM DYNASTY KLANG, JALAN BATU TIGA LAMA, 41300 KLANG, SELANGOR,
MALAYSIA. |
|
IC / PP No |
: |
A1808457 |
|
New IC No |
: |
710312-07-5615 |
|
Date of Birth |
: |
12/03/1971 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
26/11/2014 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
TOM LYDIE JOHAN VAN GYSEGHEM |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name of Subject |
: |
SHIRLEY |
|
Position |
: |
ACCOUNTANT |
|
AUDITOR
|
|
Auditor |
: |
YUEN TANG & CO |
|
Auditor' Address |
: |
301, BANGUNAN LEE YAN LIAN, JALAN TUN PERAK, 50050 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. CHONG FOOK SIN |
|
IC / PP No |
: |
7621227 |
|
|
New IC No |
: |
470314-01-5173 |
|
|
Address |
: |
5, JALAN PJU 1A/56, DAMANSARA IDAMAN, 47500 SUBANG JAYA, SELANGOR,
MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MR. KAN CHEE JING |
|
IC / PP No |
: |
A2298936 |
|
|
New IC No |
: |
721220-08-5537 |
|
|
Address |
: |
BLOCK C-12-10, DANAU IDAMAN, JALAN 2/109F, TAMAN DANAU DESA, 58100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
ALLIANCE BANK MALAYSIA BHD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
23/08/1973 |
N/A |
BANGKOK BANK LTD |
MYR 320,000.00 |
Satisfied |
|
2 |
01/11/1974 |
N/A |
BANGKOK BANK LTD |
MYR 400,000.00 |
Satisfied |
|
5 |
27/07/1979 |
N/A |
BANGKOK BANK LTD |
MYR 500,000.00 |
Satisfied |
|
4 |
09/11/1979 |
N/A |
MIDF |
MYR 190,000.00 |
Satisfied |
|
6 |
22/03/1982 |
N/A |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD |
MYR 350,000.00 |
Satisfied |
|
7 |
24/01/1983 |
N/A |
BANGKOK BANK LTD |
MYR 1,150,000.00 |
Satisfied |
|
8 |
16/09/1983 |
N/A |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD |
MYR 400,000.00 |
Satisfied |
|
9 |
15/12/1986 |
N/A |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD |
MYR 550,000.00 |
Satisfied |
|
10 |
16/02/1990 |
N/A |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD |
MYR 280,000.00 |
Satisfied |
|
11 |
22/10/1990 |
N/A |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD |
MYR 375,000.00 |
Satisfied |
|
12 |
09/09/1991 |
N/A |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD |
MYR 900,000.00 |
Satisfied |
|
13 |
03/08/1992 |
N/A |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD |
MYR 900,000.00 |
Satisfied |
|
14 |
29/12/1992 |
N/A |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD |
MYR 3,000,000.00 |
Satisfied |
|
15 |
08/06/2006 |
OPEN CHARGE |
PUBLIC INVESTMENT BANK 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 |
|
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 |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
SINGAPORE |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
LETTER OF CREDIT (LC) |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
||
|
Product Brand Name |
: |
|
||
|
Award |
: |
1 ) MS ISO 9001 : 2000 Year :2003 |
||
|
Certification of Products |
: |
1) MS 979:PT.2:1985 |
||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) MALAYSIAN PLASTICS MANUFACTURERS ASSOCIATION (MPMA) SMI ASSOCIATION OF MALAYSIA SMALL & MEDIUM ENTERPRISE MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) |
||
|
Ownership of premises |
: |
OWNED |
||
|
Factory Size |
: |
LARGE |
||
|
Production Capacity |
: |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
2010 |
|||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|||
|
COMPANY |
200 |
200 |
150 |
150 |
156 |
150 |
|||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
plastic cisterns, pipes and fittings.
The Subject produces a wide range of products from pipes and fittings to
sanitary products for various applications in water and building industries.
The Subject's product range are includes PVC pressure pipes and fittings, soil,
waste and vent (SWV) system, underground sewer system, rainwater piping system,
telecom and electrical conduits.
We were informed that the Subject also provides custom-made products based on
the customers' specification.
Besides that the Subject has been continuously engaged in enhancing its
material formulation, processing equipment and tools, and testing facilities in
order to improve the performance and reliability of its products.
The Subject has a training center in Bandar Damansara Perdana and the training
are held upon request too.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-61898333/61896389 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
LOT 12, JALAN PARUSAHAAN EMPAT, 68100 BATU CAVES, SELANGOR, DARUL
EHSAN, MALAYSIA |
|
Current Address |
: |
LOT 12, JALAN PERUSAHAAN EMPAT, 68100 BATU CAVES, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(4.27%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(3.15%) |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The Subject incurred losses during the year
due to the inefficient control of its operating costs. 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 |
[ |
66 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
68 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
43 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. 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 |
[ |
1.91 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.74 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 |
[ |
(372.96 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 : |
||||||
|
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. 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. 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 : LIMITED |
||||||
|
|
||||||
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 |
|
|
22209 : Manufacture of diverse plastic products n.e.c. |
|
|
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) |
|
PALING INDUSTRIES SDN. BHD. |
|
Financial Year
End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
45,288,459 |
47,416,918 |
42,946,960 |
39,739,558 |
33,322,254 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
45,288,459 |
47,416,918 |
42,946,960 |
39,739,558 |
33,322,254 |
|
Costs of Goods Sold |
(32,683,699) |
(33,032,125) |
(31,017,129) |
(29,439,545) |
(24,185,869) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
12,604,760 |
14,384,793 |
11,929,831 |
10,300,013 |
9,136,385 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(1,088,602) |
3,875,736 |
2,817,949 |
2,279,407 |
2,155,622 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(1,088,602) |
3,875,736 |
2,817,949 |
2,279,407 |
2,155,622 |
|
Taxation |
(321,245) |
(759,535) |
(242,352) |
(222,912) |
(565,338) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(1,409,847) |
3,116,201 |
2,575,597 |
2,056,495 |
1,590,284 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
29,243,514 |
26,116,322 |
23,480,339 |
21,412,853 |
19,811,578 |
|
Prior year adjustment |
- |
- |
49,395 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
29,243,514 |
26,116,322 |
23,529,734 |
21,412,853 |
19,811,578 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
27,833,667 |
29,232,523 |
26,105,331 |
23,469,348 |
21,401,862 |
|
TRANSFER TO RESERVES - General |
10,991 |
10,991 |
10,991 |
10,991 |
10,991 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
27,844,658 |
29,243,514 |
26,116,322 |
23,480,339 |
21,412,853 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
- |
115 |
1,057 |
1,485 |
2,851 |
|
Hire purchase |
- |
- |
- |
6,454 |
16,764 |
|
Term loan / Borrowing |
2,911 |
24,935 |
49,093 |
66,789 |
105,340 |
|
Others |
- |
- |
- |
163,913 |
90,252 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,911 |
25,050 |
50,150 |
238,641 |
215,207 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
PALING INDUSTRIES SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
17,284,641 |
16,661,320 |
16,075,889 |
16,210,380 |
17,057,059 |
|
Associated companies |
49,000 |
49,000 |
49,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
49,000 |
49,000 |
49,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
17,333,641 |
16,710,320 |
16,124,889 |
16,210,380 |
17,057,059 |
|
Stocks |
8,236,359 |
11,854,310 |
11,662,485 |
9,869,202 |
12,209,132 |
|
Trade debtors |
8,423,618 |
6,796,317 |
5,393,605 |
5,217,506 |
5,253,623 |
|
Other debtors, deposits & prepayments |
3,190,906 |
562,709 |
1,145,611 |
850,750 |
152,557 |
|
Short term deposits |
3,400,000 |
6,850,000 |
3,600,000 |
3,800,000 |
450,000 |
|
Amount due from holding company |
- |
- |
- |
- |
50,220 |
|
Amount due from related companies |
975,073 |
1,327,886 |
669,535 |
1,016,450 |
822,636 |
|
Amount due from associated companies |
- |
- |
4,000 |
111,166 |
166,364 |
|
Cash & bank balances |
2,267,300 |
2,191,666 |
1,705,319 |
921,581 |
442,634 |
|
Others |
487,093 |
- |
73,502 |
78,398 |
76,870 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
26,980,349 |
29,582,888 |
24,254,057 |
21,865,053 |
19,624,036 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
44,313,990 |
46,293,208 |
40,378,946 |
38,075,433 |
36,681,095 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
3,861,337 |
6,479,190 |
4,335,469 |
4,373,464 |
3,158,258 |
|
Other creditors & accruals |
4,392,338 |
1,148,340 |
1,164,203 |
990,320 |
1,118,147 |
|
Hire purchase & lease creditors |
- |
- |
- |
- |
144,296 |
|
Short term borrowings/Term loans |
- |
246,000 |
516,000 |
516,000 |
516,000 |
|
Bill & acceptances payable |
- |
- |
- |
- |
882,000 |
|
Amounts owing to related companies |
1,576,747 |
2,313,027 |
1,005,768 |
1,096,201 |
1,559,258 |
|
Provision for taxation |
- |
73,101 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
9,830,422 |
10,259,658 |
7,021,440 |
6,975,985 |
7,377,959 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
17,149,927 |
19,323,230 |
17,232,617 |
14,889,068 |
12,246,077 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
34,483,568 |
36,033,550 |
33,357,506 |
31,099,448 |
29,303,136 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
4,500,000 |
4,500,000 |
4,500,000 |
4,500,000 |
4,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
4,500,000 |
4,500,000 |
4,500,000 |
4,500,000 |
4,500,000 |
|
Capital reserve |
670,434 |
681,425 |
692,416 |
703,407 |
714,398 |
|
Retained profit/(loss) carried forward |
27,844,658 |
29,243,514 |
26,116,322 |
23,480,339 |
21,412,853 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
28,515,092 |
29,924,939 |
26,759,343 |
24,183,746 |
22,127,251 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
33,015,092 |
34,424,939 |
31,259,343 |
28,683,746 |
26,627,251 |
|
Long term loans |
- |
- |
246,000 |
762,000 |
1,278,000 |
|
Hire purchase creditors |
- |
- |
- |
- |
3,876 |
|
Deferred taxation |
890,726 |
1,016,524 |
1,151,385 |
1,056,529 |
901,480 |
|
Retirement benefits provision |
577,750 |
592,087 |
700,778 |
597,173 |
492,529 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
1,468,476 |
1,608,611 |
2,098,163 |
2,415,702 |
2,675,885 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
34,483,568 |
36,033,550 |
33,357,506 |
31,099,448 |
29,303,136 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
PALING INDUSTRIES SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
5,667,300 |
9,041,666 |
5,305,319 |
4,721,581 |
892,634 |
|
Net Liquid Funds |
5,667,300 |
9,041,666 |
5,305,319 |
4,721,581 |
10,634 |
|
Net Liquid Assets |
8,913,568 |
7,468,920 |
5,570,132 |
5,019,866 |
36,945 |
|
Net Current Assets/(Liabilities) |
17,149,927 |
19,323,230 |
17,232,617 |
14,889,068 |
12,246,077 |
|
Net Tangible Assets |
34,483,568 |
36,033,550 |
33,357,506 |
31,099,448 |
29,303,136 |
|
Net Monetary Assets |
7,445,092 |
5,860,309 |
3,471,969 |
2,604,164 |
(2,638,940) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
246,000 |
762,000 |
1,278,000 |
2,824,172 |
|
Total Liabilities |
11,298,898 |
11,868,269 |
9,119,603 |
9,391,687 |
10,053,844 |
|
Total Assets |
44,313,990 |
46,293,208 |
40,378,946 |
38,075,433 |
36,681,095 |
|
Net Assets |
34,483,568 |
36,033,550 |
33,357,506 |
31,099,448 |
29,303,136 |
|
Net Assets Backing |
33,015,092 |
34,424,939 |
31,259,343 |
28,683,746 |
26,627,251 |
|
Shareholders' Funds |
33,015,092 |
34,424,939 |
31,259,343 |
28,683,746 |
26,627,251 |
|
Total Share Capital |
4,500,000 |
4,500,000 |
4,500,000 |
4,500,000 |
4,500,000 |
|
Total Reserves |
28,515,092 |
29,924,939 |
26,759,343 |
24,183,746 |
22,127,251 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.58 |
0.88 |
0.76 |
0.68 |
0.12 |
|
Liquid Ratio |
1.91 |
1.73 |
1.79 |
1.72 |
1.01 |
|
Current Ratio |
2.74 |
2.88 |
3.45 |
3.13 |
2.66 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
66 |
91 |
99 |
91 |
134 |
|
Debtors Ratio |
68 |
52 |
46 |
48 |
58 |
|
Creditors Ratio |
43 |
72 |
51 |
54 |
48 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.00 |
0.01 |
0.02 |
0.04 |
0.11 |
|
Liabilities Ratio |
0.34 |
0.34 |
0.29 |
0.33 |
0.38 |
|
Times Interest Earned Ratio |
(372.96) |
155.72 |
57.19 |
10.55 |
11.02 |
|
Assets Backing Ratio |
7.66 |
8.01 |
7.41 |
6.91 |
6.51 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(2.40) |
8.17 |
6.56 |
5.74 |
6.47 |
|
Net Profit Margin |
(3.11) |
6.57 |
6.00 |
5.17 |
4.77 |
|
Return On Net Assets |
(3.15) |
10.83 |
8.60 |
8.10 |
8.09 |
|
Return On Capital Employed |
(3.15) |
10.83 |
8.60 |
8.10 |
8.05 |
|
Return On Shareholders' Funds/Equity |
(4.27) |
9.05 |
8.24 |
7.17 |
5.97 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
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.62.67 |
|
|
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.