|
Report No. : |
320926 |
|
Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
SYMBIOTICA SPECIALITY INGREDIENTS SDN. BHD. |
|
|
|
|
Registered Office : |
3-9-B, NB Plaza, 3000 Jalan Baru, 13700 Perai, Pulau Pinang |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.01.2014 |
|
|
|
|
Date of Incorporation : |
28.03.2001 |
|
|
|
|
Com. Reg. No.: |
543176-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of Pharmaceutical Ingredients. |
|
|
|
|
No. of Employees : |
70 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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. |
: |
543176-K |
|
COMPANY
NAME |
: |
SYMBIOTICA
SPECIALITY INGREDIENTS SDN. BHD. |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
28/03/2001 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
3-9-B,
NB PLAZA, 3000 JALAN BARU, 13700 PERAI, PULAU PINANG, MALAYSIA. |
|
BUSINESS
ADDRESS |
: |
LOT
3-9-B, NB PLAZA, 3000, JALAN BARU, 13700 PERAI, PULAU PINANG, MALAYSIA. |
|
TEL.NO. |
: |
04-3979799 |
|
FAX.NO. |
: |
04-3973979 |
|
EMAIL |
: |
SYMBIOTI@TM.NET.MY |
|
CONTACT
PERSON |
: |
AJOY
GOPINATH PRABHU ( DIRECTOR ) |
|
INDUSTRY
CODE |
: |
21009
|
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
OF PHARMACEUTICAL INGREDIENTS |
|
AUTHORISED
CAPITAL |
: |
MYR
5,000,000.00 DIVIDED INTO |
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
2,000,000.00 DIVIDED INTO |
|
SALES |
: |
MYR
52,664,344 [2014] |
|
NET
WORTH |
: |
MYR
17,685,236 [2014] |
|
STAFF
STRENGTH |
: |
70
[2015] |
|
|
|
|
|
BANKER
(S) |
|
PUBLIC
BANK BHD |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER
CHECK |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
STRONG |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
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) manufacturing of
pharmaceutical ingredients.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
31/07/2014 |
MYR
5,000,000.00 |
MYR
2,000,000.00 |
|
19/03/2003 |
MYR
1,000,000.00 |
MYR
1,000,000.00 |
|
14/08/2002 |
MYR
1,000,000.00 |
MYR
750,000.00 |
|
28/03/2001 |
MYR
500,000.00 |
MYR
250,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MS.
TUNG AI LING + |
14K,
TAMAN PERPADUAN, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
660516-02-5000
A0394718 |
1,400,000.00 |
70.00 |
|
MR.
AJOY GOPINATH PRABHU + |
14K,
TAMAN PERPADUAN, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
Z1808128 |
600,000.00 |
30.00 |
|
--------------- |
------ |
|||
|
2,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
AJOY GOPINATH PRABHU |
|
Address |
: |
14K,
TAMAN PERPADUAN, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
|
IC
/ PP No |
: |
Z1808128 |
|
Date
of Appointment |
: |
29/03/2001 |
DIRECTOR
2
|
Name
Of Subject |
: |
MS.
TUNG AI LING |
|
Address |
: |
14K,
TAMAN PERPADUAN, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
|
IC
/ PP No |
: |
A0394718 |
|
New
IC No |
: |
660516-02-5000 |
|
Date
of Birth |
: |
16/05/1966 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
29/03/2001 |
|
1)
|
Name
of Subject |
: |
AJOY
GOPINATH PRABHU |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
OOI
& ASSOCIATES |
|
Auditor'
Address |
: |
63,
JALAN SELAT, TAMAN SELAT, GROUND FLOOR, 12000 BUTTERWORTH, PULAU PINANG,
MALAYSIA. |
|
1)
|
Company
Secretary |
: |
MS.
OOI WAN KUAN |
|
IC
/ PP No |
: |
6374934 |
|
|
New
IC No |
: |
620115-07-5182 |
|
|
Address |
: |
1,
JALAN RAJA GOPAL, 10350 PULAU PINANG, PULAU PINANG, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
PUBLIC
BANK BHD |
|
2)
|
Name |
: |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
|
3)
|
Name |
: |
RHB
BANK BHD |
|
4)
|
Name |
: |
EON BANK BHD |
|
5)
|
Name |
: |
MALAYAN
BANKING BHD |
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
16/08/2001 |
N/A |
HONG
LEONG BANK BERHAD |
MYR
295,000.00 |
Satisfied |
|
2 |
12/09/2002 |
N/A |
CREDIT
GUARANTEE CORPORATION MALAYSIA BERHAD |
MYR
1,000,000.00 |
Satisfied |
|
3 |
07/10/2002 |
ALL
MONIES SPECIFIC DEBENTURE & OPEN CHARGE |
UNITED
OVERSEAS BANK MALAYSIA BERHAD |
MYR
1,500,000.00 |
Unsatisfied |
|
4 |
29/06/2004 |
N/A |
MALAYAN
BANKING BERHAD |
MYR
306,000.00 |
Satisfied |
|
5 |
29/06/2004 |
N/A |
MALAYAN
BANKING BERHAD |
MYR
250,000.00 |
Satisfied |
|
6 |
29/06/2004 |
N/A |
MALAYAN
BANKING BERHAD |
MYR
550,000.00 |
Satisfied |
|
7 |
20/12/2005 |
N/A |
MALAYAN
BANKING BHD |
MYR
60,000.00 |
Satisfied |
|
8 |
16/04/2007 |
ALL
MONIES SPECIFIC DEBENTURE & OPEN CHARGE |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
- |
Unsatisfied |
|
9 |
01/08/2008 |
FIRST
LEGAL CHARGE UNDER FORM 16A OF THE NATIONAL LAND CODE |
RHB
BANK BERHAD |
- |
Unsatisfied |
|
10 |
23/02/2009 |
N/A |
EON
BANK BHD |
MYR
700,000.00 |
Satisfied |
|
11 |
23/02/2009 |
N/A |
EON
BANK BHD |
MYR
200,000.00 |
Satisfied |
|
12 |
06/07/2010 |
FIRST
PARTY LEGAL CHARGE UNDER THE NATIONAL LAND |
PUBLIC
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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
||||
|
Domestic
Markets |
: |
MALAYSIA |
||||
|
Overseas |
: |
YES |
||||
|
Export
Market |
: |
INDIA |
||||
|
Credit
Term |
: |
30
- 60 DAYS |
||||
|
Payment
Mode |
: |
CHEQUES |
||||
|
Type
of Customer |
: |
DEALERS,PHARMACIES,PHARMACEUTICAL
INDUSTRIES |
||||
|
CUSTOMER(S) |
: |
|
||||
|
Products
manufactured |
: |
|
|||||
|
Product
Brand Name |
: |
|
|||||
|
Award |
: |
1
) ENTERPRISE 50 AWARD Year :2009 |
|||||
|
Competitor(s) |
: |
ALPHA
BIOLOGICS SDN BHD |
|||||
|
Member(s)
/ Affiliate(s) |
: |
MALAYSIA
EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) CHEMICAL
INDUSTRIES COUNCIL OF MALAYSIA (CICM) |
|||||
|
Ownership
of premises |
: |
OWNED |
|||||
|
Factory
/ Premises |
: |
NO
518 JALAN WAJA 4, TAMAN INDUSTRIAL WAJA, 09000 KULIM, KEDAH, MALAYSIA. |
|||||
|
Production
Line |
: |
4 |
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
70 |
65 |
56 |
56 |
50 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing of pharmaceutical
ingredients.
The Subjet is mainly focuses on the Active Pharmaceutical Ingredients (API).
The Subject products range includes Bethasone Valerate, Mometasone Furoate,
Bethasone Divropionate and others.
The Subject produces three types of ingredients as follows :
* Steroidal active pharmaceutical ingredients
* Non steroidal active pharmaceutical ingredients
* Pre-formulated ingredients
According to the Subject, it produces the API in powder forms.
The Subject utilizes advanced automated and semi-automated machineries at its
factory.
We were informed that the Subject also has R&D Department to ensure
production of API that meet the standard of quality that customers' demand.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
04-3979799 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
LOT
3-9-B, NB PLAZA, 3000, JALAN BARU,13700,PERAI,PULAU PINANG. |
|
Current
Address |
: |
LOT
3-9-B, NB PLAZA, 3000, JALAN BARU, 13700 PERAI, PULAU PINANG, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
On 7th May 2015 we contacted one of the staff from the Subject and he provided
some information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
23.39% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
30.79% |
] |
|
|
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. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
31
Days |
] |
|
|
Debtor
Ratio |
: |
Unfavourable |
[ |
70
Days |
] |
|
|
Creditors
Ratio |
: |
Unfavourable |
[ |
69
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 unfavourable creditors'
ratio could be due to the Subject taking advantage of the credit granted by
its suppliers. However this may affect the goodwill between the Subject and
its suppliers and the Subject may inadvertently have to pay more for its
future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Favourable |
[ |
1.64
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.92
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 |
: |
Favourable |
[ |
17.24
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.33
Times |
] |
|
|
The
interest cover showed that the Subject was able to service the interest. The
favourable interest cover could indicate that the Subject was making enough profit
to pay for the interest accrued. The Subject was lowly geared thus it had a
low financial risk. The Subject was mainly financed by its shareholders'
funds and internally generated funds. In times of economic slowdown /
downturn, the Subject being a lowly geared company, will be able to compete
better than those companies which are highly geared in the same industry. |
||||||
|
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. With the
favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. The Subject as a lowly
geared company, will be more secured compared to those highly geared companies.
It has the ability to meet all its long term obligations. |
||||||
|
Overall
financial condition of the Subject : STRONG |
||||||
|
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 |
|||||
|
MSIC
CODE |
|
|
21009
: Manufacture of other pharmaceuticals, medicinal chemical and botanical
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 |
|
|
Incorporated
in 2001, the Subject is a Private Limited company, focusing on manufacturing
of pharmaceutical ingredients. 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. With a paid up capital of MYR 2,000,000, the Subject
has greater opportunities to expand its business when the needs arise. Under
the control of its directors, we considered that the Subject's business
position in the market is much dependent on their abilities. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
Financial
Year End |
2014-01-31 |
2013-01-31 |
2012-01-31 |
2011-01-31 |
2010-01-31 |
|
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 |
52,664,344 |
49,698,070 |
45,947,754 |
40,865,508 |
30,682,822 |
|
Other
Income |
2,369,159 |
1,194,139 |
976,347 |
786,436 |
675,923 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
55,033,503 |
50,892,209 |
46,924,101 |
41,651,944 |
31,358,745 |
|
Costs
of Goods Sold |
(45,944,666) |
(44,204,501) |
(41,020,235) |
(37,244,142) |
(27,656,842) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
9,088,837 |
6,687,708 |
5,903,866 |
4,407,802 |
3,701,903 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
5,568,679 |
2,880,090 |
2,631,170 |
1,349,562 |
1,041,825 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
5,568,679 |
2,880,090 |
2,631,170 |
1,349,562 |
1,041,825 |
|
Taxation |
(1,432,406) |
(619,131) |
(470,706) |
(410,419) |
(208,091) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
4,136,273 |
2,260,959 |
2,160,464 |
939,143 |
833,734 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
11,788,963 |
9,528,004 |
7,367,540 |
6,428,397 |
5,594,663 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
11,788,963 |
9,528,004 |
7,367,540 |
6,428,397 |
5,594,663 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
15,925,236 |
11,788,963 |
9,528,004 |
7,367,540 |
6,428,397 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(240,000) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
15,685,236 |
11,788,963 |
9,528,004 |
7,367,540 |
6,428,397 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
81,054 |
109,734 |
95,378 |
51,775 |
46,491 |
|
Bankers'
acceptance |
125,816 |
138,473 |
139,696 |
113,916 |
63,095 |
|
Hire
purchase |
90,454 |
94,246 |
50,853 |
3,365 |
4,728 |
|
Term
loan / Borrowing |
36,308 |
43,552 |
39,969 |
57,112 |
23,237 |
|
Trust
receipts |
9,252 |
12,260 |
8,391 |
3,066 |
3,003 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
342,884 |
398,265 |
334,287 |
229,234 |
140,554 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
559,019 |
517,542 |
441,663 |
286,523 |
249,525 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
559,019 |
517,542 |
441,663 |
286,523 |
249,525 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
4,809,432 |
4,983,387 |
4,582,776 |
2,525,166 |
2,332,588 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
4,809,432 |
4,983,387 |
4,582,776 |
2,525,166 |
2,332,588 |
|
Stocks |
4,407,590 |
5,378,855 |
5,571,019 |
4,993,562 |
4,012,014 |
|
Trade
debtors |
10,169,996 |
9,226,998 |
9,750,434 |
8,108,469 |
6,152,355 |
|
Other
debtors, deposits & prepayments |
1,025,843 |
554,760 |
704,686 |
1,067,112 |
159,739 |
|
Short
term deposits |
2,467,417 |
2,394,580 |
2,323,046 |
2,300,635 |
2,239,010 |
|
Amount
due from related companies |
- |
- |
- |
- |
446,064 |
|
Cash
& bank balances |
12,019,813 |
6,317,080 |
3,451,854 |
1,949,503 |
2,912,597 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
30,090,659 |
23,872,273 |
21,801,039 |
18,419,281 |
15,921,779 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
34,900,091 |
28,855,660 |
26,383,815 |
20,944,447 |
18,254,367 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
8,740,762 |
6,953,081 |
6,540,046 |
4,887,342 |
4,585,043 |
|
Other
creditors & accruals |
1,506,871 |
1,960,837 |
1,445,387 |
1,470,879 |
1,891,977 |
|
Hire
purchase & lease creditors |
421,837 |
387,096 |
325,895 |
50,804 |
22,609 |
|
Bank
overdraft |
1,293,657 |
1,597,016 |
1,256,119 |
606,110 |
987,096 |
|
Short
term borrowings/Term loans |
114,822 |
107,369 |
100,534 |
88,627 |
105,106 |
|
Other
borrowings |
- |
- |
101,467 |
470,164 |
48,958 |
|
Bill
& acceptances payable |
2,589,000 |
2,055,000 |
3,265,000 |
3,096,000 |
1,510,000 |
|
Amounts
owing to director |
- |
- |
328 |
14,575 |
31,564 |
|
Provision
for taxation |
913,622 |
242,453 |
123,752 |
137,816 |
22,163 |
|
Other
liabilities |
119,303 |
91,763 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
15,699,874 |
13,394,615 |
13,158,528 |
10,822,317 |
9,204,516 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
14,390,785 |
10,477,658 |
8,642,511 |
7,596,964 |
6,717,263 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
19,200,217 |
15,461,045 |
13,225,287 |
10,122,130 |
9,049,851 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
Retained
profit/(loss) carried forward |
15,685,236 |
11,788,963 |
9,528,004 |
7,367,540 |
6,428,397 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
15,685,236 |
11,788,963 |
9,528,004 |
7,367,540 |
6,428,397 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
17,685,236 |
13,788,963 |
11,528,004 |
9,367,540 |
8,428,397 |
|
Long
term loans |
417,434 |
533,706 |
642,116 |
550,630 |
474,409 |
|
Hire
purchase creditors |
919,039 |
961,728 |
896,607 |
87,930 |
53,360 |
|
Deferred
taxation |
178,508 |
176,648 |
158,560 |
116,030 |
93,685 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
1,514,981 |
1,672,082 |
1,697,283 |
754,590 |
621,454 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
19,200,217 |
15,461,045 |
13,225,287 |
10,122,130 |
9,049,851 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TYPES
OF FUNDS |
|||||
|
Cash |
14,487,230 |
8,711,660 |
5,774,900 |
4,250,138 |
5,151,607 |
|
Net
Liquid Funds |
10,604,573 |
5,059,644 |
1,253,781 |
548,028 |
2,654,511 |
|
Net
Liquid Assets |
9,983,195 |
5,098,803 |
3,071,492 |
2,603,402 |
2,705,249 |
|
Net
Current Assets/(Liabilities) |
14,390,785 |
10,477,658 |
8,642,511 |
7,596,964 |
6,717,263 |
|
Net
Tangible Assets |
19,200,217 |
15,461,045 |
13,225,287 |
10,122,130 |
9,049,851 |
|
Net
Monetary Assets |
8,468,214 |
3,426,721 |
1,374,209 |
1,848,812 |
2,083,795 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
5,755,789 |
5,641,915 |
6,587,738 |
4,950,265 |
3,201,538 |
|
Total
Liabilities |
17,214,855 |
15,066,697 |
14,855,811 |
11,576,907 |
9,825,970 |
|
Total
Assets |
34,900,091 |
28,855,660 |
26,383,815 |
20,944,447 |
18,254,367 |
|
Net
Assets |
19,200,217 |
15,461,045 |
13,225,287 |
10,122,130 |
9,049,851 |
|
Net
Assets Backing |
17,685,236 |
13,788,963 |
11,528,004 |
9,367,540 |
8,428,397 |
|
Shareholders'
Funds |
17,685,236 |
13,788,963 |
11,528,004 |
9,367,540 |
8,428,397 |
|
Total
Share Capital |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
Total
Reserves |
15,685,236 |
11,788,963 |
9,528,004 |
7,367,540 |
6,428,397 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.92 |
0.65 |
0.44 |
0.39 |
0.56 |
|
Liquid
Ratio |
1.64 |
1.38 |
1.23 |
1.24 |
1.29 |
|
Current
Ratio |
1.92 |
1.78 |
1.66 |
1.70 |
1.73 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
31 |
40 |
44 |
45 |
48 |
|
Debtors
Ratio |
70 |
68 |
77 |
72 |
73 |
|
Creditors
Ratio |
69 |
57 |
58 |
48 |
61 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.33 |
0.41 |
0.57 |
0.53 |
0.38 |
|
Liabilities
Ratio |
0.97 |
1.09 |
1.29 |
1.24 |
1.17 |
|
Times
Interest Earned Ratio |
17.24 |
8.23 |
8.87 |
6.89 |
8.41 |
|
Assets
Backing Ratio |
9.60 |
7.73 |
6.61 |
5.06 |
4.52 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
10.57 |
5.80 |
5.73 |
3.30 |
3.40 |
|
Net
Profit Margin |
7.85 |
4.55 |
4.70 |
2.30 |
2.72 |
|
Return
On Net Assets |
30.79 |
21.20 |
22.42 |
15.60 |
13.07 |
|
Return
On Capital Employed |
28.26 |
18.79 |
20.03 |
14.65 |
11.75 |
|
Return
On Shareholders' Funds/Equity |
23.39 |
16.40 |
18.74 |
10.03 |
9.89 |
|
Dividend
Pay Out Ratio (Times) |
0.06 |
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.64.05 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.