|
Report No. : |
320871 |
|
Report Date : |
07.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
PM STEEL AND ALLOYS INDUSTRIES SDN. BHD. |
|
|
|
|
Formerly Known As : |
PM FUTURE VISIONS SDN BHD |
|
|
|
|
Registered Office : |
177 A, Jalan Batu Tiga Lama, 41300 Klang, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
10.03.2003 |
|
|
|
|
Com. Reg. No.: |
608386-A |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Dealer in all kinds of scrap metals. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 32% of government revenue in 2013. Bank Negara Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB earlier raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays. Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
608386-A |
|
COMPANY NAME |
: |
PM STEEL AND ALLOYS INDUSTRIES SDN. BHD. |
|
FORMER NAME |
: |
PM FUTURE VISIONS SDN BHD (18/03/2005) |
|
INCORPORATION DATE |
: |
10/03/2003 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
177A, JALAN BATU TIGA LAMA, 41300 KLANG, SELANGOR, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
1, LENGKOK KELULI 2, KAWASAN PERUSAHAAN BUKIT RAJAH, 41050 KLANG,
SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
03-33423093 |
|
FAX.NO. |
: |
03-33423152 |
|
CONTACT PERSON |
: |
SHANMUGANATHAN A/L V.VELUCHETTY ( DIRECTOR ) |
|
INDUSTRY CODE |
: |
46698 |
|
PRINCIPAL ACTIVITY |
: |
DEALER IN ALL KINDS OF SCRAP METALS |
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 3,000,000.00 DIVIDED INTO |
|
SALES |
: |
MYR 110,268,663 [2013] |
|
NET WORTH |
: |
MYR 7,952,933 [2013] |
|
STAFF STRENGTH |
: |
N/A |
|
BANKER (S) |
|
MALAYAN BANKING BHD |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
SLOW BUT CORRECT |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) dealer in all kinds of scrap metals.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2012 |
MYR 5,000,000.00 |
MYR 3,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. SHANMUGANATHAN A/L V.VELUCHETTY + |
2, JALAN MAHKOTA 1, BANDAR BARU KLANG, 41150 KLANG, SELANGOR, MALAYSIA. |
611120-71-5063 8210040 |
1,301,500.00 |
43.38 |
|
MS. PUSHPAVALLI A/P PUNUSAMY + |
2, JALAN MAHKOTA 1, BANDAR BARU KLANG, SELANGOR, MALAYSIA. |
661211-02-5004 A0540196 |
773,000.00 |
25.77 |
|
RAJESHKUMAR DHANMAL JAIN + |
726-14A, JALAN SUNGAI RASA, PADANG JAWA, 41300 KLANG, SELANGOR, MALAYSIA. |
F8310318 |
417,000.00 |
13.90 |
|
SAPANA RAJESHKUMAR JAIN |
2, JLN MAHKOTA 1, BDR BARU KLANG, 41150 KLANG, SELANGOR, MALAYSIA. |
G 3911790 |
508,500.00 |
16.95 |
|
--------------- |
------ |
|||
|
3,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
RAJESHKUMAR DHANMAL JAIN |
|
Address |
: |
726-14A, JALAN SUNGAI RASA, PADANG JAWA, 41300 KLANG, SELANGOR,
MALAYSIA. |
|
IC / PP No |
: |
F8310318 |
|
Date of Appointment |
: |
12/02/2007 |
DIRECTOR 2
|
Name Of Subject |
: |
MS. PUSHPAVALLI A/P PUNUSAMY |
|
Address |
: |
2, JALAN MAHKOTA 1, BANDAR BARU KLANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A0540196 |
|
New IC No |
: |
661211-02-5004 |
|
Date of Birth |
: |
11/12/1966 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
10/03/2003 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. SHANMUGANATHAN A/L V.VELUCHETTY |
|
Address |
: |
2, JALAN MAHKOTA 1, BANDAR BARU KLANG, 41150 KLANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
8210040 |
|
New IC No |
: |
611120-71-5063 |
|
Date of Birth |
: |
20/11/1961 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
10/03/2003 |
|
1) |
Name of Subject |
: |
SHANMUGANATHAN A/L V.VELUCHETTY |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
C T ANG & COMPANY |
|
Auditor' Address |
: |
12A-02-2, LORONG BATU NILAM 4A, BANDAR BUKIT TINGGI, KLANG, SELANGOR,
MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. S.RAVICHANDER A/L V.SUPPIAH |
|
IC / PP No |
: |
6753601 |
|
|
New IC No |
: |
620226-10-5671 |
|
|
Address |
: |
41, JALAN BATAI LAUT 2, TAMAN BUKIT CEMERLANG, 41300 KLANG, SELANGOR,
MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
09/08/2011 |
N/A |
STANDARD CHARTERED BANK MALAYSIA BHD |
- |
Unsatisfied |
|
2 |
08/10/2012 |
N/A |
HONG LEONG BANK BERHAD |
- |
Unsatisfied |
* A check has been conducted in our databank againt the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* We have checked
through the Subject in our defaulters' database which comprised of debtors that
have been blacklisted by our customers and debtors that have been placed or
assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
ALL KINDS OF SCRAP METALS |
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) dealer in all kinds of
scrap metals.
The Subject refused to disclose its operation.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-33423093 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
NO 1 LENGKOK KELULI 2, KAWASAN PEPUAHAN BUKIT RAJ A 41050 KLANG
SELANGOR DARUL EHSAN |
|
Current Address |
: |
1, LENGKOK KELULI 2, KAWASAN PERUSAHAAN BUKIT RAJAH, 41050 KLANG,
SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other
Investigations
On 6th May 2015 we contacted one of the staff from the Subject and he provided some
information.
The Subject refused to disclose its number of employees.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
10.52% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
8.43% |
] |
|
|
The Subject's turnover increased steadily as the demand for its products
/ services increased due to the goodwill built up over the years.The higher
profit could be attributed to the increase in turnover. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
Liquidity |
||||||
|
Current Ratio |
: |
Acceptable |
[ |
1.09 Times |
] |
|
|
The Subject has an adequate liquidity position with its current
liabilities well covered by its current assets. With its net current assets, the
Subject should be able to repay its short term obligations. |
||||||
|
Solvency |
||||||
|
Liability Ratio |
: |
Unfavourable |
[ |
3.01 Times |
] |
|
|
The Subject has high liabilities ratio and it may face financial difficulties
if no additional capital is injected. |
||||||
|
Overall Assessment : |
||||||
|
Generally, the Subject's performance has improved with higher turnover
and profit. 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 liabilities level was high and its going concern will be in doubt
if there is no injection of additional shareholders' funds in times of
economic downturn and / or high interest rates. |
||||||
|
Overall financial condition of the Subject : FAIR |
||||||
|
Major Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population ( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption ( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment ( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption ( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment ( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
Balance of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation ( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.3 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
3.0 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
- |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
- |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
- |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
- |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
- |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
- |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
- |
- |
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
- |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
- |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
- |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
- |
- |
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
- |
- |
|
Bad Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry & Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil & Gas |
(1.7) |
- |
- |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.6 |
5.5 |
|
Exported-oriented Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical & Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles & Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food, Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical & Chemical Products |
10.0 |
10.8 |
5.6 |
- |
- |
|
Plastic Products |
3.8 |
- |
- |
- |
- |
|
Iron & Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper & Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude Oil Refineries |
9.3 |
- |
- |
- |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,856.9 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric, Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport, Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale, Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance, Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
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# Based On Manufacturing Production Index |
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MSIC CODE |
|
|
46698 : Wholesale of metal and non-metal waste and scrap and materials
for recycling |
|
|
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 |
|
|
Incorporated in 2003, the Subject is a
Private Limited company, focusing on dealer in all kinds of scrap metals.
Having been in the industry for over a decade, the Subject has achieved a
certain market share and has built up a satisfactory reputation in the
market. It should have received supports from its regular customers. A paid
up capital of MYR 3,000,000 allows the Subject to expand its business more
comfortably. We considered that the Subject's business position in the market
is much dependent on the efforts of its directors. Over the years, the Subject should have
build up its clientele base and received supports from its regular customers.
Investigation revealed that the Subject's interest lies mostly in the local
market. Thus, any adverse changes to the local economy might have a negative
impact on the Subject's business performance. Overall, we regard that the
Subject's management capability is average. This indicates that the Subject
has greater potential to improve its business performance and raising income
for the Subject. We noted that both the turnover and
profits have increased compared to the previous year. The higher profit could
be due to increase in turnover and better control over its operating costs.
Return on shareholders' funds of the Subject was at an acceptable range which
indicated that the management was efficient in utilising its funds to
generate income. The Subject managed to maintain an adequate liquidity level,
indicating that the Subject has the ability to meet its financial obligations.
The Subject has high liabilities ratio and it may face financial difficulties
if no additional capital is injected. Given a positive net worth standing at
MYR 7,952,933, the Subject should be able to maintain its business in the
near terms. Having a strong assets backing, the
Subject possesses latent assets as collateral for further financial
extension. Hence, it has good chance of getting loans if the needs arises.
The Subject's supplier are from both the local and overseas countries. This will
eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials. Overall the
Subject has a good control over its resources. Based on the above condition, we recommend credit be
granted to the Subject normally. |
|
|
|
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 |
SUMMARY |
SUMMARY |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
110,268,663 |
79,440,908 |
73,334,646 |
68,999,209 |
39,583,820 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
110,268,663 |
79,440,908 |
73,334,646 |
68,999,209 |
39,583,820 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,392,846 |
980,917 |
1,604,126 |
1,014,090 |
613,952 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,392,846 |
980,917 |
1,604,126 |
1,014,090 |
613,952 |
|
Taxation |
(556,349) |
(453,808) |
(540,276) |
(240,455) |
(96,247) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
836,497 |
527,109 |
1,063,850 |
773,635 |
517,705 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
4,116,436 |
3,589,327 |
2,525,477 |
1,751,842 |
1,667,037 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
4,116,436 |
3,589,327 |
2,525,477 |
1,751,842 |
1,667,037 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
4,952,933 |
4,116,436 |
3,589,327 |
2,525,477 |
2,184,742 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
- |
- |
(432,900) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
4,952,933 |
4,116,436 |
3,589,327 |
2,525,477 |
1,751,842 |
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
14,942,903 |
15,483,665 |
14,676,266 |
758,090 |
458,664 |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
190,236 |
108,229 |
42,289 |
- |
247,811 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
15,133,139 |
15,591,894 |
14,718,555 |
758,090 |
706,475 |
|
TOTAL CURRENT ASSETS |
16,783,394 |
15,539,965 |
7,476,473 |
10,426,194 |
7,100,964 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
31,916,533 |
31,131,859 |
22,195,028 |
11,184,284 |
7,807,439 |
|
============= |
============= |
============= |
============= |
============= |
|
|
TOTAL CURRENT LIABILITIES |
15,387,242 |
- |
6,253,472 |
6,678,722 |
4,087,859 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
1,396,152 |
15,539,965 |
1,223,001 |
3,747,472 |
3,013,105 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
16,529,291 |
31,131,859 |
15,941,556 |
4,505,562 |
3,719,580 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
3,000,000 |
3,000,000 |
3,000,000 |
1,950,000 |
1,950,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
3,000,000 |
3,000,000 |
3,000,000 |
1,950,000 |
1,950,000 |
|
Retained profit/(loss) carried forward |
4,952,933 |
4,116,436 |
3,589,327 |
2,525,477 |
1,751,842 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
4,952,933 |
4,116,436 |
3,589,327 |
2,525,477 |
1,751,842 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
7,952,933 |
7,116,436 |
6,589,327 |
4,475,477 |
3,701,842 |
|
TOTAL LONG TERM LIABILITIES |
8,576,358 |
24,015,423 |
9,352,229 |
30,085 |
17,738 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
16,529,291 |
31,131,859 |
15,941,556 |
4,505,562 |
3,719,580 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TYPES OF FUNDS |
|||||
|
Net Liquid Assets |
1,396,152 |
15,539,965 |
1,223,001 |
3,747,472 |
3,013,105 |
|
Net Current Assets/(Liabilities) |
1,396,152 |
15,539,965 |
1,223,001 |
3,747,472 |
3,013,105 |
|
Net Tangible Assets |
16,529,291 |
31,131,859 |
15,941,556 |
4,505,562 |
3,719,580 |
|
Net Monetary Assets |
(7,180,206) |
(8,475,458) |
(8,129,228) |
3,717,387 |
2,995,367 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Liabilities |
23,963,600 |
24,015,423 |
15,605,701 |
6,708,807 |
4,105,597 |
|
Total Assets |
31,916,533 |
31,131,859 |
22,195,028 |
11,184,284 |
7,807,439 |
|
Net Assets |
16,529,291 |
31,131,859 |
15,941,556 |
4,505,562 |
3,719,580 |
|
Net Assets Backing |
7,952,933 |
7,116,436 |
6,589,327 |
4,475,477 |
3,701,842 |
|
Shareholders' Funds |
7,952,933 |
7,116,436 |
6,589,327 |
4,475,477 |
3,701,842 |
|
Total Share Capital |
3,000,000 |
3,000,000 |
3,000,000 |
1,950,000 |
1,950,000 |
|
Total Reserves |
4,952,933 |
4,116,436 |
3,589,327 |
2,525,477 |
1,751,842 |
|
LIQUIDITY (Times) |
|||||
|
Current Ratio |
1.09 |
- |
1.20 |
1.56 |
1.74 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Liabilities Ratio |
3.01 |
3.37 |
2.37 |
1.50 |
1.11 |
|
Assets Backing Ratio |
5.51 |
10.38 |
5.31 |
2.31 |
1.91 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
1.26 |
1.23 |
2.19 |
1.47 |
1.55 |
|
Net Profit Margin |
0.76 |
0.66 |
1.45 |
1.12 |
1.31 |
|
Return On Net Assets |
8.43 |
3.15 |
10.06 |
22.51 |
16.51 |
|
Return On Capital Employed |
8.43 |
3.15 |
10.06 |
22.51 |
16.51 |
|
Return On Shareholders' Funds/Equity |
10.52 |
7.41 |
16.15 |
17.29 |
13.99 |
|
Dividend Pay Out Ratio (Times) |
- |
- |
- |
- |
0.84 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
|
|
1 |
Rs.96.81 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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.