|
Report No. : |
321627 |
|
Report Date : |
13.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
EPIC CHEMICALS SDN. BHD. |
|
|
|
|
Registered Office : |
1-1B (Room 2), Jalan Pandan Indah 4/34, Pandan Indah, 55100 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
15.05.2000 |
|
|
|
|
Com. Reg. No.: |
514320-M |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Trading in all type of chemical and food product and ingredient. |
|
|
|
|
No. of Employees : |
15 [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 : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. 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. |
: |
514320-M |
|
COMPANY
NAME |
: |
EPIC
CHEMICALS SDN. BHD. |
|
FORMER
NAME |
: |
E3
TECHNOLOGY SDN. BHD. (12/10/2001) |
|
INCORPORATION
DATE |
: |
15/05/2000 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
1-1B(ROOM
2), JALAN PANDAN INDAH 4/34, PANDAN INDAH, 55100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
BUSINESS
ADDRESS |
: |
17,
JALAN INDUSTRI MAS 12, TAMAN MAS SEPANG, 47130 PUCHONG, SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
03-80631133 |
|
FAX.NO. |
: |
03-80511838 |
|
CONTACT
PERSON |
: |
TAN
SOON HOCK ( EXECUTIVE DIRECTOR ) |
|
INDUSTRY
CODE |
: |
46691
|
|
PRINCIPAL
ACTIVITY |
: |
TRADING
IN ALL TYPE OF CHEMICAL AND FOOD PRODUCT AND INGREDIENT |
|
AUTHORISED
CAPITAL |
: |
MYR
1,000,000.00 DIVIDED INTO |
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
650,000.00 DIVIDED INTO |
|
SALES |
: |
MYR
32,981,246 [2013] |
|
NET
WORTH |
: |
MYR
8,532,856 [2013] |
|
STAFF
STRENGTH |
: |
15
[2015] |
|
|
|
|
|
BANKER
(S) |
|
ALLIANCE
BANK MALAYSIA BHD |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER
CHECK |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
FAIR |
|
PAYMENT |
: |
GOOD |
|
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) trading in all type of
chemical and food product and ingredient.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The
immediate holding company of the Subject is EPIC INGREDIENTS SDN. BHD., a
company incorporated in MALAYSIA.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
30/06/2012 |
MYR
1,000,000.00 |
MYR
650,000.00 |
|
31/12/2007 |
MYR
500,000.00 |
MYR
300,000.00 |
|
02/12/2002 |
MYR
100,000.00 |
MYR
100,000.00 |
|
04/12/2001 |
MYR
100,000.00 |
MYR
50,000.00 |
|
15/05/2000 |
MYR
100,000.00 |
MYR
10.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MR.
CHAN KOK WOEI + |
9,
BATU 6 1/2, JALAN PUCHONG, 58200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
710611-10-5941
A1926151 |
195,000.00 |
30.00 |
|
EPIC
INGREDIENTS SDN. BHD. |
19,
JALAN INDUSTRI MAS 12, TAMAN MAS SEPANG, 47130 PUCHONG, SELANGOR, MALAYSIA. |
472454A |
455,000.00 |
70.00 |
|
--------------- |
------ |
|||
|
650,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
TAN SOON HOCK |
|
Address |
: |
R1-01-08,
SUBANG PERDANA COURT 8, JALAN PERSIARAN MULIA, 47501 SUBANG JAYA, SELANGOR,
MALAYSIA. |
|
IC
/ PP No |
: |
A0878414 |
|
New
IC No |
: |
671209-07-5239 |
|
Date
of Birth |
: |
09/12/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
15/05/2000 |
DIRECTOR
2
|
Name
Of Subject |
: |
MR.
CHAN KOK WOEI |
|
Address |
: |
9,
BATU 6 1/2, JALAN PUCHONG, 58200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC
/ PP No |
: |
A1926151 |
|
New
IC No |
: |
710611-10-5941 |
|
Date
of Birth |
: |
11/06/1971 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
18/10/2001 |
|
1)
|
Name
of Subject |
: |
TAN
SOON HOCK |
|
Position |
: |
EXECUTIVE
DIRECTOR |
|
|
Auditor |
: |
KW
LOH & ASSOCIATES |
|
Auditor'
Address |
: |
1-1B,
JALAN PANDAN INDAH 4/34, PANDAN INDAH, 55100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
1)
|
Company
Secretary |
: |
MR.
YEE KOK WAH |
|
IC
/ PP No |
: |
A0748968 |
|
|
New
IC No |
: |
670604-10-5907 |
|
|
Address |
: |
18,
JALAN BJ 14, TAMAN BALAKONG JAYA, 43300 SERI KEMBANGAN, SELANGOR, MALAYSIA. |
|
|
2)
|
Company
Secretary |
: |
MS.
YOONG YUIT YUEN |
|
IC
/ PP No |
: |
8111290 |
|
|
New
IC No |
: |
521026-08-5270 |
|
|
Address |
: |
22,
LORONG SS23/10B, 47400 PETALING JAYA, SELANGOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
ALLIANCE
BANK MALAYSIA BHD |
|
2)
|
Name |
: |
OCBC
BANK (MALAYSIA) BHD |
|
3)
|
Name |
: |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
13/02/2006 |
FACILITIES
AGREEMENT, MEMORANDUM OF DEPOSIT |
ALLIANCE
BANK MALAYSIA BHD |
MYR
500,000.00 |
Satisfied |
|
2 |
25/09/2007 |
CASH
DEPOSIT AGREEMENT |
OCBC
BANK (MALAYSIA) BHD |
- |
Unsatisfied |
|
3 |
13/11/2009 |
MEMORANDUM
OF LEGAL CHARGE OVER DEPOSITS |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
- |
Unsatisfied |
|
4 |
30/05/2011 |
MEMORANDUM
OF LEGAL CHARGE OVER DEPOSITS |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
- |
Unsatisfied |
|
5 |
19/09/2011 |
FIRST
LEGAL CHARGE |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
MYR
1,700,000.00 |
Unsatisfied |
|
6 |
14/10/2011 |
SECOND
LEGAL CHARGE |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
MYR
2,500,000.00 |
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 |
|
Import
Countries |
: |
CHINA,INDIA |
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 |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
30
- 60 DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Type
of Customer |
: |
FOOD
MANUFACTURERS,MANUFACTURING INDUSTRIES |
|||
|
Goods
Traded |
: |
CHEMICAL
AND FOOD PRODUCT AND INGREDIENT |
|
|
Ownership
of premises |
: |
LEASED/RENTED |
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
15 |
15 |
15 |
10 |
10 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading in all type of
chemical and food product and ingredient.
The Subject mainly sells food ingredients and additives.
The Subject sells a wide range of products.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
03-80631133 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
17,
JALAN INDUSTRI MAS 12, TAMAN MAS SEPANG,47130,PUCHONG,SELANGOR. |
|
Current
Address |
: |
17,
JALAN INDUSTRI MAS 12, TAMAN MAS SEPANG, 47130 PUCHONG, SELANGOR, 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 |
: |
Erratic |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
11.58% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
15.24% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The Subject's profit fell sharply because of the high
operating costs incurred. The Subject's management had generated acceptable
return for its shareholders using its assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Unfavourable |
[ |
72
Days |
] |
|
|
Debtor
Ratio |
: |
Acceptable |
[ |
59
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
13
Days |
] |
|
|
The
Subject could be incurring higher holding cost. As its capital was tied up in
stocks, it could face liquidity problems. The Subject's management was quite
efficient in handling its debtors. The Subject's debtors days were at an
acceptable range, thus the risk of its debts turning bad was minimised. 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 |
[ |
1.11
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.94
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 |
[ |
11.00
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.69
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 : |
||||||
|
The
Subject recorded lower profits as its turnover showed a erratic trend. The
Subject's management was unable to control its costs efficiently as its
profit showed a downward trend. The Subject was in good liquidity position with
its total current liabilities well covered by its total current assets. With
its current net assets, the Subject should be able to repay its short term
obligations. 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 : 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 |
|||||
|
#
Based On Manufacturing Production Index |
|||||
|
MSIC
CODE |
|
|
46691
: Wholesale of industrial chemicals |
|
|
INDUSTRY
: |
TRADING |
|
The wholesale and retail trade is expected to
increase 7.1% in 2015 (2014: 7.7%) driven by strong domestic consumption and
higher tourist arrivals following the Malaysia Year of Festivals 2015.
Besides, in 2014, the wholesale and retail trade subsector is expected to
increase 7.7% (2013: 6.4%) supported by strong domestic consumption. |
|
|
According to Retail Group Malaysia (RGM),
the pharmacy and personal care sub-sector had slow growth rate of 2.6% for
the first quarter of 2014, while "other specialty stores" grew at a
rate of 3.5%. During the first quarter of 2014, fashion and fashion
accessories recorded a sustainable growth of 6.3% as compared with the same
period last year (3.6%). |
|
|
The retail segment increased 10.1% (January
- June 2013: 7.1%) attributed to brisk sales in retail outlets such as
hypermarkets and large-scale superstores. Since the launch of the Small
Retailer Transformation programme (TUKAR) in January 2011 up to end-July
2014, 1,761 small retailer stores (end-July 2013: 1,381) have been modernized
to improve their competitiveness. In addition, the strong growth of the
retail segment was supported by 1Malaysia Unified Sales held from 29 June
2014 to 1 September 2014 to attract foreign and local tourists to shop in
Malaysia. Meanwhile, the wholesale segment expanded 8.2% (January - June
2013: 4.9%) due to higher sales of non-agricultural intermediate products,
such as petrol, diesel, lubricants and household goods. Furthermore, food and
beverage outlets, laundry outlets, car wash centres, abd health and beauty
outlets took a hit from the water rationing in the Klang Valley since
February this year. |
|
|
On the other hand, in 2014, Malaysia's
total trade is expected to grow 5.2% to RM1.44 trillion (2013: 4.5%; RM1.37 trillion)
underpinned by recovery in key advanced economies, resilient regional demand,
and partly due to the base effect arising from sluggish exports in the
corresponding period last year. Gross exports are anticipated to expand 6% to
RM762.8 billion while import decreased 4.3% to RM677.2 billion (2013: 2.4%;
RM719.8 billion; 7%; RM 649.1 billion). Consequently, the trade surplus is
expected to be higher at RM85.6 billion or 7.9% of GDP in 2014 (2013: RM70.7
billion; 7.2%). |
|
|
Furthermore, gross exports rebounded by
10.7% to RM441.3 billion during the first seven months of 2014 (January -
July 2013: -2.8%; RM398.5 billion), with manufactured and mining exports
rising at a double digit pace of 11.4% and 12.5%. Shipment of agriculture
products grew at a slower pace of 2.7%, primarily due to lower receipts of
crude rubber (-24.6%) while export growth of other commodities remained
steady. Consequently, exports of manufactured and mining products are
expected to grow 6.1% and 6.4% in 2014 (2013: 5.1%; 3.3%). Meanwhile,
agriculture exports are expected to rebound sharply by 4.5% in 2014 (2013:
-14.4%) despite moderating commodity prices. Malaysia's top 3 trading
partners are China, Singapore, and Japan. |
|
|
Over 60% of Gross Domestic Product (GDP) is
contributed by domestic consumption. Therefore the wholesale and retail
sector plays a crucial role in driving Malaysia's growth over the next decade
despite the ongoing global economic slowdown. By 2020, Malaysia's wholesale
and retail sector is expected to boost the country's total Gross National
Income (GNI) by RM156 billion, creating 454,190 new jobs. |
|
|
OVERALL
INDUSTRY OUTLOOK : Average Growth |
|
|
Incorporated in 2000, the Subject is a Private
Limited company, focusing on trading in all type of chemical and food product
and ingredient. 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. Presently, the issued and paid up capital of the Subject stands at
MYR 650,000. However, with a strong backing from its holding company, the
Subject enjoys timely financial assistance should the needs arise.
|
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
Financial
Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
32,981,246 |
44,817,503 |
37,643,854 |
27,022,479 |
22,515,254 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
32,981,246 |
44,817,503 |
37,643,854 |
27,022,479 |
22,515,254 |
|
Costs
of Goods Sold |
(27,489,374) |
(38,563,180) |
(32,064,781) |
(22,831,330) |
(19,306,564) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
5,491,872 |
6,254,323 |
5,579,073 |
4,191,149 |
3,208,690 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
1,345,457 |
2,009,552 |
1,809,327 |
1,451,397 |
922,061 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
1,345,457 |
2,009,552 |
1,809,327 |
1,451,397 |
922,061 |
|
Taxation |
(357,453) |
(546,206) |
(492,094) |
(387,854) |
(230,715) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
988,004 |
1,463,346 |
1,317,233 |
1,063,543 |
691,346 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
7,096,352 |
5,633,007 |
4,315,774 |
3,327,231 |
2,635,885 |
|
Prior
year adjustment |
- |
(1) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
7,096,352 |
5,633,006 |
4,315,774 |
3,327,231 |
2,635,885 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
8,084,356 |
7,096,352 |
5,633,007 |
4,390,774 |
3,327,231 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(201,500) |
- |
- |
(75,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
7,882,856 |
7,096,352 |
5,633,007 |
4,315,774 |
3,327,231 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
425 |
2,238 |
- |
- |
1,282 |
|
Bankers'
acceptance |
48,783 |
114,109 |
231,044 |
173,049 |
98,854 |
|
Hire
purchase |
13,585 |
15,804 |
17,810 |
15,205 |
15,777 |
|
Term
loan / Borrowing |
71,741 |
93,312 |
50,524 |
34,041 |
46,636 |
|
Trust
receipts |
- |
- |
- |
4,754 |
18,917 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
134,534 |
225,463 |
299,378 |
227,049 |
181,466 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
195,671 |
171,062 |
196,520 |
172,160 |
122,800 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
195,671 |
171,062 |
196,520 |
172,160 |
122,800 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
2,335,419 |
2,239,621 |
2,296,800 |
543,078 |
392,818 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
2,335,419 |
2,239,621 |
2,296,800 |
543,077 |
392,818 |
|
Stocks |
6,510,760 |
5,536,963 |
5,661,038 |
4,500,354 |
2,940,937 |
|
Trade
debtors |
5,360,465 |
9,078,980 |
10,008,797 |
6,128,746 |
4,946,228 |
|
Other
debtors, deposits & prepayments |
491,153 |
1,082,642 |
346,480 |
501,927 |
336,481 |
|
Short
term deposits |
2,130,110 |
1,889,152 |
1,664,995 |
643,364 |
637,576 |
|
Amount
due from holding company |
109,554 |
57,100 |
48,191 |
179,852 |
14,359 |
|
Amount
due from director |
- |
121,000 |
121,000 |
100,000 |
130,000 |
|
Cash
& bank balances |
613,105 |
1,251,369 |
420,280 |
44,588 |
225,323 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
15,215,147 |
19,017,206 |
18,270,781 |
12,098,831 |
9,230,904 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
17,550,566 |
21,256,827 |
20,567,581 |
12,641,908 |
9,623,722 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
954,628 |
873,547 |
1,338,686 |
1,304,775 |
705,819 |
|
Other
creditors & accruals |
1,370,681 |
1,320,973 |
3,592,429 |
907,410 |
1,026,190 |
|
Hire
purchase & lease creditors |
33,897 |
95,362 |
98,868 |
118,870 |
95,118 |
|
Bank
overdraft |
- |
- |
37,473 |
387,922 |
- |
|
Short
term borrowings/Term loans |
4,658,714 |
8,851,517 |
430,272 |
249,366 |
321,012 |
|
Other
borrowings |
- |
- |
5,381,954 |
2,503,742 |
1,467,370 |
|
Amounts
owing to holding company |
23,540 |
175,989 |
1,271,513 |
1,256,046 |
896,862 |
|
Amounts
owing to director |
435,000 |
285,000 |
295,000 |
308,000 |
400,000 |
|
Provision
for taxation |
359,728 |
549,684 |
492,763 |
375,958 |
236,456 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
7,836,188 |
12,152,072 |
12,938,958 |
7,412,088 |
5,148,827 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
7,378,959 |
6,865,134 |
5,331,823 |
4,686,743 |
4,082,077 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
9,714,378 |
9,104,755 |
7,628,623 |
5,229,820 |
4,474,895 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
650,000 |
650,000 |
300,000 |
300,000 |
300,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
650,000 |
650,000 |
300,000 |
300,000 |
300,000 |
|
Retained
profit/(loss) carried forward |
7,882,856 |
7,096,352 |
5,633,007 |
4,315,774 |
3,327,231 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
7,882,856 |
7,096,352 |
5,633,006 |
4,315,774 |
3,327,231 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
8,532,856 |
7,746,352 |
5,933,006 |
4,615,774 |
3,627,231 |
|
Long
term loans |
1,113,965 |
1,254,674 |
1,566,007 |
384,900 |
607,172 |
|
Hire
purchase creditors |
51,259 |
85,156 |
107,558 |
206,426 |
229,668 |
|
Deferred
taxation |
16,298 |
18,573 |
22,052 |
22,721 |
10,824 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
1,181,522 |
1,358,403 |
1,695,617 |
614,046 |
847,664 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
9,714,378 |
9,104,755 |
7,628,623 |
5,229,820 |
4,474,895 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TYPES
OF FUNDS |
|||||
|
Cash |
2,743,215 |
3,140,521 |
2,085,275 |
687,952 |
862,899 |
|
Net
Liquid Funds |
2,743,215 |
3,140,521 |
2,047,802 |
300,030 |
862,899 |
|
Net
Liquid Assets |
868,199 |
1,328,171 |
(329,215) |
186,389 |
1,141,140 |
|
Net
Current Assets/(Liabilities) |
7,378,959 |
6,865,134 |
5,331,823 |
4,686,743 |
4,082,077 |
|
Net
Tangible Assets |
9,714,378 |
9,104,755 |
7,628,623 |
5,229,820 |
4,474,895 |
|
Net
Monetary Assets |
(313,323) |
(30,232) |
(2,024,832) |
(427,657) |
293,476 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
5,857,835 |
10,286,709 |
7,622,132 |
3,851,226 |
2,720,340 |
|
Total
Liabilities |
9,017,710 |
13,510,475 |
14,634,575 |
8,026,134 |
5,996,491 |
|
Total
Assets |
17,550,566 |
21,256,827 |
20,567,581 |
12,641,908 |
9,623,722 |
|
Net
Assets |
9,714,378 |
9,104,755 |
7,628,623 |
5,229,820 |
4,474,895 |
|
Net
Assets Backing |
8,532,856 |
7,746,352 |
5,933,006 |
4,615,774 |
3,627,231 |
|
Shareholders'
Funds |
8,532,856 |
7,746,352 |
5,933,006 |
4,615,774 |
3,627,231 |
|
Total
Share Capital |
650,000 |
650,000 |
300,000 |
300,000 |
300,000 |
|
Total
Reserves |
7,882,856 |
7,096,352 |
5,633,006 |
4,315,774 |
3,327,231 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.35 |
0.26 |
0.16 |
0.09 |
0.17 |
|
Liquid
Ratio |
1.11 |
1.11 |
0.97 |
1.03 |
1.22 |
|
Current
Ratio |
1.94 |
1.56 |
1.41 |
1.63 |
1.79 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
72 |
45 |
55 |
61 |
48 |
|
Debtors
Ratio |
59 |
74 |
97 |
83 |
80 |
|
Creditors
Ratio |
13 |
8 |
15 |
21 |
13 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.69 |
1.33 |
1.28 |
0.83 |
0.75 |
|
Liabilities
Ratio |
1.06 |
1.74 |
2.47 |
1.74 |
1.65 |
|
Times
Interest Earned Ratio |
11.00 |
9.91 |
7.04 |
7.39 |
6.08 |
|
Assets
Backing Ratio |
14.95 |
14.01 |
25.43 |
17.43 |
14.92 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
4.08 |
4.48 |
4.81 |
5.37 |
4.10 |
|
Net
Profit Margin |
3.00 |
3.27 |
3.50 |
3.94 |
3.07 |
|
Return
On Net Assets |
15.24 |
24.55 |
27.64 |
32.09 |
24.66 |
|
Return
On Capital Employed |
15.18 |
24.29 |
27.16 |
29.26 |
24.15 |
|
Return
On Shareholders' Funds/Equity |
11.58 |
18.89 |
22.20 |
23.04 |
19.06 |
|
Dividend
Pay Out Ratio (Times) |
0.20 |
0.00 |
0.00 |
0.07 |
0.00 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.20 |
|
|
1 |
Rs.100.03 |
|
Euro |
1 |
Rs.71.91 |
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.