|
Report No. : |
321803 |
|
Report Date : |
13.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
GREENWELL OLEOCHEMICALS SDN. BHD. |
|
|
|
|
Formerly Known As : |
GREENWELL SPECIALTY CHEMICAL SDN BHD
|
|
|
|
|
Registered Office : |
52 B, Persiaran Green Hill, 30450 Ipoh, Perak |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
24.04.1998 |
|
|
|
|
Com. Reg. No.: |
461439-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of Oleochemicals. |
|
|
|
|
No. of Employees : |
10 [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. |
: |
461439-M |
|
COMPANY
NAME |
: |
GREENWELL
OLEOCHEMICALS SDN. BHD. |
|
FORMER
NAME |
: |
GREENWELL
SPECIALTY CHEMICAL SDN BHD (04/09/2002) |
|
INCORPORATION
DATE |
: |
24/04/1998 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
52B,
PERSIARAN GREEN HILL, 30450 IPOH, PERAK, MALAYSIA. |
|
BUSINESS
ADDRESS |
: |
18,
JALAN BULAN BT U5/BT, SECTION U5, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
03-78468625 |
|
FAX.NO. |
: |
03-78468867 |
|
EMAIL |
: |
MARKETING@GREENWELL.COM.MY |
|
WEB
SITE |
: |
WWW.GREENWELL.COM.MY |
|
CONTACT
PERSON |
: |
TAN
KOK HOONG ( DIRECTOR ) |
|
INDUSTRY
CODE |
: |
46691
|
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF OF OLEOCHEMICALS |
|
AUTHORISED
CAPITAL |
: |
MYR
5,000,000.00 DIVIDED INTO |
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
2,000,000.00 DIVIDED INTO |
|
SALES |
: |
MYR
66,116,454 [2013] |
|
NET
WORTH |
: |
MYR
5,847,096 [2013] |
|
STAFF
STRENGTH |
: |
10
[2015] |
|
|
|
|
|
BANKER
(S) |
|
HSBC
BANK MALAYSIA BHD |
|
|
|
|
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER
CHECK |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
STRONG |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
N/A |
|
CURRENCY
EXPOSURE |
: |
N/A |
|
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 of of
oleochemicals.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
30/06/2014 |
MYR
5,000,000.00 |
MYR
2,000,000.00 |
|
20/09/2007 |
MYR
1,000,000.00 |
MYR
1,000,000.00 |
|
08/02/2006 |
MYR
1,000,000.00 |
MYR
600,000.00 |
|
28/04/1999 |
MYR
100,000.00 |
MYR
100,000.00 |
|
28/04/1999 |
MYR
100,000.00 |
MYR
100,000.00 |
|
30/04/1998 |
MYR
100,000.00 |
MYR
2.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MR.
TAN KOK HOONG + |
19,
JALAN USJ 6/2H, UEP SUBANG JAYA, 47600 SUBANG JAYA, SELANGOR, MALAYSIA. |
560613-71-5099
4968597 |
1,000,000.00 |
50.00 |
|
INNOVATIVE
PROJECT MANAGEMENT SDN. BHD. |
18,
JALAN BULAN H U5/H, SECTION U5, SUNGAI BULOH BATU 3, 40150 SHAH ALAM, SELANGOR,
MALAYSIA. |
451768H |
500,000.00 |
25.00 |
|
GREENWELL
HOLDINGS SDN. BHD. |
18,
JALAN BULAN HU 5/H, SECTION U5,SUNGAI BULOH, 40150 SHAH ALAM, SELANGOR,
MALAYSIA. |
457938P |
500,000.00 |
25.00 |
|
--------------- |
------ |
|||
|
2,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
(%) |
As
At |
|
539465W |
MALAYSIA |
EUREKA
BINTANG SDN. BHD. |
100.00 |
26/11/2014 |
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
LIM LOI HENG |
|
Address |
: |
131,
JALAN DATUK SULAIMAN, TAMAN TUN DR ISMAIL, 60000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC
/ PP No |
: |
4125205 |
|
New
IC No |
: |
510906-08-5179 |
|
Date
of Birth |
: |
06/09/1951 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
06/07/2012 |
DIRECTOR
2
|
Name
Of Subject |
: |
MR.
HO KEE PEE |
|
Address |
: |
10,
JALAN USJ 4/9E, PETALING JAYA, 47500 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
IC
/ PP No |
: |
8159401 |
|
New
IC No |
: |
531207-03-5511 |
|
Date
of Birth |
: |
07/12/1953 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
10/06/1998 |
DIRECTOR
3
|
Name
Of Subject |
: |
MR.
TAN KOK HOONG |
|
Address |
: |
19,
JALAN USJ 6/2H, UEP SUBANG JAYA, 47600 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
IC
/ PP No |
: |
4968597 |
|
New
IC No |
: |
560613-71-5099 |
|
Date
of Birth |
: |
13/06/1956 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
19/05/1999 |
|
1)
|
Name
of Subject |
: |
TAN
KOK HOONG |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
FOLKS
DFK & CO |
|
Auditor'
Address |
: |
48A,
PESIARAN GREEN HILL, 1ST FLOOR, 30450 IPOH, PERAK, MALAYSIA. |
|
1)
|
Company
Secretary |
: |
MS.
HUNG SOW MEI |
|
IC
/ PP No |
: |
4750911 |
|
|
New
IC No |
: |
550415-08-6552 |
|
|
Address |
: |
52B,
PERSIARAN GREEN HILL, 30450 IPOH, PERAK, MALAYSIA. |
|
|
2)
|
Company
Secretary |
: |
MS.
CHOO LIH JIUN |
|
IC
/ PP No |
: |
A2118682 |
|
|
New
IC No |
: |
720706-08-5276 |
|
|
Address |
: |
52B,
PERSIARAN GREEN HILL, 30450 IPOH, PERAK, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
HSBC
BANK MALAYSIA BHD |
|
2)
|
Name |
: |
MALAYAN
BANKING BHD |
|
3)
|
Name |
: |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
11/11/2002 |
OPEN
CHARGE |
HSBC
BANK MALAYSIA BERHAD |
- |
Unsatisfied |
|
2 |
03/05/2005 |
N/A |
MALAYAN
BANKING BERHAD |
MYR
860,000.00 |
Satisfied |
|
3 |
26/12/2006 |
N/A |
MALAYAN
BANKING BHD |
MYR
382,500.00 |
Satisfied |
|
4 |
27/05/2009 |
A
MEMORANDUM OF DEPOSIT OF FIXED DEPOSIT AND/OR NEGOTIABLE CERTIFICATE OF
DEPOSIT DATED OF 27/05/2009 |
MALAYAN
BANKING BHD |
- |
Unsatisfied |
|
6 |
23/12/2014 |
1ST
PARTY |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
- |
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 |
[ |
X |
] |
Average
61-90 Days |
[ |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its clientele information.
|
Goods
Traded |
: |
OLEOCHEMICALS |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2012 |
2011 |
|||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
10 |
7 |
10 |
6 |
|||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of of
oleochemicals.
The Subject is engaged in the sale of oleo chemicals products.
Basic oleochemicals such as Fatty acids, Fatty alcohols, Fatty esters as well
as other Oleochemical Derivatives like, Fatty amines, Amides, Stearates,
Oleates, Food emulsifiers, Plasticisers/stabilizers, Sulphonates/sulphates,
Soap noodles.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
03-78468625 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
18,
JALAN BULAN BT U5/BT, SECTION U5,40150,SHAH ALAM,SELANGOR. |
|
Current
Address |
: |
18,
JALAN BULAN BT U5/BT, SECTION U5, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
On
11th 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 |
: |
Increased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Favourable |
[ |
31.36% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
43.24% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and new
market players.The higher profit could be attributed to the increase in
turnover. Generally the Subject was profitable. The favourable return on
shareholders' funds and return on net assets indicate that the Subject's
management was efficient in utilising the assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
4
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
23
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
4
Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the Subject. 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 |
[ |
2.84
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
3.13
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 |
[ |
25.39
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.23
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 : |
||||||
|
Although
the turnover was erratic, the Subject had maintained a steady growth in its
profit. This indicate the management's efficiency in controlling its costs
and profitability. 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 |
|
|
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 1998, the Subject is a
Private Limited company, focusing on trading of of oleochemicals. 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
2,000,000 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. Being a small company, the Subject's
business operation is supported by 10 employees. 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. Based on
the higher profitability, the Subject has generated a favourable return based
on its existing shareholders' funds which indicated that the management was
efficient in utilising its funds to generate income. The Subject is in good
liquidity position with its current liabilities well covered by it current
assets. Hence, it has sufficient working capital to meet its short term
financial obligations. Being a lowly geared company, the Subject is exposed
to low financial risk as it is mainly dependent on its internal funds to
finance its business needs. Given a positive net worth standing at MYR
5,847,096, the Subject should be able to maintain its business in the near
terms. Overall, the Subject's payment habit is
good as the Subject has a good credit control and it could be taking
advantage of the cash discounts while maintaining a good reputation with its
creditors. The industry shows an upward trend and this
trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry.
|
|
|
|
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 |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
66,116,454 |
45,536,055 |
49,153,531 |
28,085,837 |
26,137,480 |
|
Other
Income |
353,927 |
222,047 |
434,353 |
29,006 |
38,279 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
66,470,381 |
45,758,102 |
49,587,884 |
28,114,843 |
26,175,759 |
|
Costs
of Goods Sold |
(62,615,441) |
(43,231,336) |
(46,276,723) |
(26,026,455) |
(24,744,788) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
3,854,940 |
2,526,766 |
3,311,161 |
2,088,388 |
1,430,971 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
2,428,841 |
1,243,380 |
2,083,194 |
982,445 |
306,475 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
2,428,841 |
1,243,380 |
2,083,194 |
982,445 |
306,475 |
|
Taxation |
(595,449) |
(304,825) |
(504,016) |
(226,885) |
(79,936) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
1,833,392 |
938,555 |
1,579,178 |
755,560 |
226,539 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
2,491,821 |
1,953,266 |
1,674,088 |
918,528 |
1,091,989 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
2,491,821 |
1,953,266 |
1,674,088 |
918,528 |
1,091,989 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
4,325,213 |
2,891,821 |
3,253,266 |
1,674,088 |
1,318,528 |
|
CAPITALISATION
FOR BONUS ISSUES |
- |
- |
(1,000,000) |
- |
- |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(600,000) |
(400,000) |
(300,000) |
- |
(400,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
3,725,213 |
2,491,821 |
1,953,266 |
1,674,088 |
918,528 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
- |
5,311 |
4,437 |
26,125 |
26,125 |
|
Bankers'
acceptance |
69,687 |
20,210 |
20,595 |
20,162 |
17,444 |
|
Hire
purchase |
7,380 |
7,380 |
- |
2,987 |
5,944 |
|
Term
loan / Borrowing |
- |
17,160 |
20,933 |
22,293 |
23,679 |
|
Others |
22,506 |
24,940 |
20,043 |
40,194 |
95,087 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
99,573 |
75,001 |
66,008 |
111,761 |
168,279 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
103,038 |
104,405 |
100,596 |
20,728 |
89,680 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
103,038 |
104,405 |
100,596 |
20,728 |
89,680 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
606,218 |
708,876 |
784,278 |
480,645 |
491,377 |
|
Goodwill
on consolidation |
9,690 |
9,690 |
9,690 |
9,690 |
9,690 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
9,690 |
9,690 |
9,690 |
9,690 |
9,690 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
615,908 |
718,566 |
793,968 |
490,335 |
501,067 |
|
Stocks |
720,890 |
1,352,080 |
1,183,300 |
1,239,427 |
458,677 |
|
Trade
debtors |
4,237,665 |
5,005,714 |
6,090,185 |
3,518,639 |
2,383,821 |
|
Other
debtors, deposits & prepayments |
275,706 |
219,165 |
218,279 |
247,188 |
41,957 |
|
Short
term deposits |
776,966 |
755,004 |
734,317 |
716,193 |
1,041,394 |
|
Amount
due from director |
12,230 |
12,230 |
12,230 |
16,229 |
- |
|
Cash
& bank balances |
1,614,336 |
1,385,689 |
707,205 |
470,975 |
1,180,487 |
|
Others |
43,961 |
262,154 |
- |
135,635 |
120,846 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
7,681,754 |
8,992,036 |
8,945,516 |
6,344,286 |
5,227,182 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
8,297,662 |
9,710,602 |
9,739,484 |
6,834,621 |
5,728,249 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
750,690 |
4,196,199 |
4,102,184 |
2,804,066 |
2,145,940 |
|
Other
creditors & accruals |
371,335 |
383,730 |
893,630 |
274,509 |
769,470 |
|
Hire
purchase & lease creditors |
60,000 |
60,000 |
- |
- |
23,464 |
|
Bank
overdraft |
- |
2,311 |
38,735 |
306,969 |
60,685 |
|
Short
term borrowings/Term loans |
- |
- |
38,894 |
36,585 |
36,879 |
|
Bill
& acceptances payable |
1,263,000 |
391,000 |
500,000 |
500,000 |
- |
|
Amounts
owing to director |
5,541 |
5,541 |
5,541 |
5,541 |
8,311 |
|
Provision
for taxation |
- |
- |
10,442 |
- |
- |
|
Other
liabilities |
- |
- |
- |
- |
500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
2,450,566 |
5,038,781 |
5,589,426 |
3,927,670 |
3,544,749 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
5,231,188 |
3,953,255 |
3,356,090 |
2,416,616 |
1,682,433 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
5,847,096 |
4,671,821 |
4,150,058 |
2,906,951 |
2,183,500 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
2,000,000 |
2,000,000 |
2,000,000 |
1,000,000 |
1,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
2,000,000 |
2,000,000 |
2,000,000 |
1,000,000 |
1,000,000 |
|
Retained
profit/(loss) carried forward |
3,725,213 |
2,491,821 |
1,953,266 |
1,674,088 |
918,528 |
|
Others |
121,883 |
180,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
3,847,096 |
2,671,821 |
1,953,266 |
1,674,088 |
918,528 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
5,847,096 |
4,671,821 |
3,953,266 |
2,674,088 |
1,918,528 |
|
Long
term loans |
- |
- |
196,792 |
232,863 |
264,972 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
- |
- |
196,792 |
232,863 |
264,972 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
5,847,096 |
4,671,821 |
4,150,058 |
2,906,951 |
2,183,500 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES
OF FUNDS |
|||||
|
Cash |
2,391,302 |
2,140,693 |
1,441,522 |
1,187,168 |
2,221,881 |
|
Net
Liquid Funds |
1,128,302 |
1,747,382 |
902,787 |
380,199 |
2,161,196 |
|
Net
Liquid Assets |
4,510,298 |
2,601,175 |
2,172,790 |
1,177,189 |
1,223,756 |
|
Net
Current Assets/(Liabilities) |
5,231,188 |
3,953,255 |
3,356,090 |
2,416,616 |
1,682,433 |
|
Net
Tangible Assets |
5,837,406 |
4,662,131 |
4,140,368 |
2,897,261 |
2,173,810 |
|
Net
Monetary Assets |
4,510,298 |
2,601,175 |
1,975,998 |
944,326 |
958,784 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
1,323,000 |
453,311 |
774,421 |
1,076,417 |
386,000 |
|
Total
Liabilities |
2,450,566 |
5,038,781 |
5,786,218 |
4,160,533 |
3,809,721 |
|
Total
Assets |
8,297,662 |
9,710,602 |
9,739,484 |
6,834,621 |
5,728,249 |
|
Net
Assets |
5,847,096 |
4,671,821 |
4,150,058 |
2,906,951 |
2,183,500 |
|
Net
Assets Backing |
5,847,096 |
4,671,821 |
3,953,266 |
2,674,088 |
1,918,528 |
|
Shareholders'
Funds |
5,847,096 |
4,671,821 |
3,953,266 |
2,674,088 |
1,918,528 |
|
Total
Share Capital |
2,000,000 |
2,000,000 |
2,000,000 |
1,000,000 |
1,000,000 |
|
Total
Reserves |
3,847,096 |
2,671,821 |
1,953,266 |
1,674,088 |
918,528 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.98 |
0.42 |
0.26 |
0.30 |
0.63 |
|
Liquid
Ratio |
2.84 |
1.52 |
1.39 |
1.30 |
1.35 |
|
Current
Ratio |
3.13 |
1.78 |
1.60 |
1.62 |
1.47 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
4 |
11 |
9 |
16 |
6 |
|
Debtors
Ratio |
23 |
40 |
45 |
46 |
33 |
|
Creditors
Ratio |
4 |
35 |
32 |
39 |
32 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.23 |
0.10 |
0.20 |
0.40 |
0.20 |
|
Liabilities
Ratio |
0.42 |
1.08 |
1.46 |
1.56 |
1.99 |
|
Times
Interest Earned Ratio |
25.39 |
17.58 |
32.56 |
9.79 |
2.82 |
|
Assets
Backing Ratio |
2.92 |
2.33 |
2.07 |
2.90 |
2.17 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
3.67 |
2.73 |
4.24 |
3.50 |
1.17 |
|
Net
Profit Margin |
2.77 |
2.06 |
3.21 |
2.69 |
0.87 |
|
Return
On Net Assets |
43.24 |
28.22 |
51.79 |
37.64 |
21.74 |
|
Return
On Capital Employed |
42.73 |
27.79 |
51.19 |
33.94 |
20.85 |
|
Return
On Shareholders' Funds/Equity |
31.36 |
20.09 |
39.95 |
28.25 |
11.81 |
|
Dividend
Pay Out Ratio (Times) |
0.33 |
0.43 |
0.19 |
0.00 |
1.77 |
|
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
: |
SUB |
|
|
|
|
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.