|
Report No. : |
322742 |
|
Report Date : |
14.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
MIECO MANUFACTURING SDN. BHD. |
|
|
|
|
Registered Office : |
Menara Brdb, 285,Jalan Maarof, Bukit Bandaraya, Level 11, 59000 Kuala
Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.07.2003 |
|
|
|
|
Com. Reg. No.: |
620690-T |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
·
Engaged in Manufacturing, Developing & Marketing MIECO Decorative
MFC, Electron Beam Foil Chipboard ('EBFC') and Polymer Faced Chipboard
('PFC') products, MIECO Worktop, MIECO DPF Board & DIY Furniture Series
under the MIECO brand name. · Manufacturer of other products of wood, cane, articles of cork, straw and plaiting materials |
|
|
|
|
No. of Employees |
735 [2014] |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Malaysia ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the
1970s from a producer of raw materials into an emerging multi-sector economy.
Under current Prime Minister NAJIB, Malaysia is attempting to achieve
high-income status by 2020 and to move farther up the value-added production
chain by attracting investments in Islamic finance, high technology industries,
biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a
series of projects and policy measures intended to accelerate the country's
economic growth. The government has also taken steps to liberalize some
services sub-sectors. The NAJIB administration also is continuing efforts to
boost domestic demand and reduce the economy's dependence on exports.
Nevertheless, exports - particularly of electronics, oil and gas, palm oil and
rubber - remain a significant driver of the economy. As an oil and gas
exporter, Malaysia has profited from higher world energy prices, although the
rising cost of domestic gasoline and diesel fuel, combined with sustained
budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls,
through initial reductions in energy and sugar subsidies and the announcement
of the 2015 implementation of a 6% goods and services tax. The government is
also trying to lessen its dependence on state oil producer Petronas. The oil
and gas sector supplies about 32% of government revenue in 2013. Bank Negara
Malaysia (central bank) maintains healthy foreign exchange reserves, and a
well-developed regulatory regime has limited Malaysia's exposure to riskier
financial instruments and the global financial crisis. Nevertheless, Malaysia
could be vulnerable to a fall in commodity prices or a general slowdown in
global economic activity because exports are a major component of GDP. In order
to attract increased investment, NAJIB earlier raised possible revisions to the
special economic and social preferences accorded to ethnic Malays under the New
Economic Policy of 1970, but retreated in 2013 after he encountered significant
opposition from Malay nationalists and other vested interests. In September
2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP),
policies that favor and advance the economic condition of ethnic Malays.
|
Source : CIA |
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
620690-T |
||||
|
COMPANY NAME |
: |
MIECO
MANUFACTURING SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
04/07/2003 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
MENARA BRDB, 285,JALAN MAAROF, BUKIT BANDARAYA,
LEVEL 11, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 74, KAWASAN PERINDUSTRIAN GEBENG,
26080 KUANTAN, PAHANG, MALAYSIA. |
||||
|
TEL.NO. |
: |
09-5835120 |
||||
|
FAX.NO. |
: |
09-5833408 |
||||
|
EMAIL |
: |
|||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
YONG SENG YEOW ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
16292 |
||||
|
PRINCIPAL ACTIVITY |
: |
·
Engaged in Manufacturing, Developing &
Marketing MIECO Decorative MFC, Electron Beam Foil Chipboard ('EBFC') and
Polymer Faced Chipboard ('PFC') products, MIECO Worktop, MIECO DPF Board
& DIY Furniture Series under the MIECO brand name · Manufacturer of other products of wood, cane, articles of cork, straw and plaiting materials |
||||
|
AUTHORISED CAPITAL |
: |
MYR 100,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 50,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 304,083,122 [2012] |
||||
|
NET WORTH |
: |
MYR 8,155,036 [2012] |
||||
|
M1000 OVERALL RANKING |
: |
806[2009] |
||||
|
M1000 INDUSTRY RANKING |
: |
47[2009] |
||||
|
STAFF STRENGTH |
: |
735 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
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
and marketing of chipboards and other related products.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the Subject's ranking are
as follows: |
|||
|
YEAR |
2009 |
2008 |
|
|
OVERALL RANKING |
806 |
797 |
|
|
INDUSTRY RANKING |
47 |
52 |
|
The immediate holding company of the Subject is MIECO CHIPBOARD BERHAD,
a company incorporated in MALAYSIA.
The ultimate holding company of the Subject is BANDAR RAYA DEVELOPMENTS BERHAD,
a company incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 100,000,000.00 |
MYR 50,000,000.00 |
|
04/07/2003 |
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 |
(%) |
|
MIECO CHIPBOARD BERHAD |
MENARA BRDB, 285, JALAN MAAROF, BUKIT BANDARAYA, LEVEL 11, 59000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
12849K |
50,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
50,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
DATO' YONG SENG YEOW |
|
Address |
: |
21, JALAN PENGATUCARA U1/51C, SAUJANA O-LOT, 40150 SHAH ALAM,
SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
4446189 |
|
New IC No |
: |
530409-04-5123 |
|
Date of Birth |
: |
09/04/1953 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
04/07/2003 |
DIRECTOR 2
|
Name Of Subject |
: |
DATO' JAGANATH DEREK STEVEN SABAPATHY |
|
Address |
: |
NO.98 LORONG SETAIBISTARI SATU, BUKIT DAMANSARA, 50490 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
K671584 |
|
New IC No |
: |
570415-10-6419 |
|
Date of Birth |
: |
15/04/1957 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/03/2005 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. LOW KIM SENG |
|
Address |
: |
NO.32,JALAN BU 2/4, BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
IC / PP No |
: |
8220737 |
|
New IC No |
: |
550423-10-5231 |
|
Date of Birth |
: |
23/04/1955 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/03/2005 |
|
Profile |
: |
A MEMBER OF THE MALAYSIAN INSTITUTE OF ACCOUNTANTS AND AN ASSOCIATE OF
THE CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS. FROM 1979 TO 1982:WAS WITH
GENTING BHD AS A MANAGEMENT TRAINEE. FROM 1982 TO 1989:WAS WITH MULTI-PURPOSE
HOLDINGS BHD AS AN ASSISTANT ACCOUNTANT. NOVEMBER 1989:JOINED BANDAR RAYA AS
FINANCIAL CONTROLLER AND WAS PROMOTED TO GROUP FINANCIAL CONTROLLER IN 1991.
HE WAS FURTHER PROMOTED TO GROUP GENERAL MANAGER IN OCTOBER 1992. HE WAS ALSO
THE GROUP GENERAL MANAGER OF BANDAR RAYA. |
DIRECTOR 4
|
Name Of Subject |
: |
MR. CHRISTOPHER MANIVANNAN |
|
Address |
: |
67 JALAN SS 23/5, 47400 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
7446813 |
|
New IC No |
: |
640923-10-5851 |
|
Date of Birth |
: |
23/09/1964 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
16/10/2013 |
|
1) |
Name of Subject |
: |
YONG SENG YEOW |
|
Position |
: |
MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
ABDUL WAHAB BIN MOHAMAD |
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
|
3) |
Name of Subject |
: |
JUNAINI BINTI IBRAHIM |
|
Position |
: |
REGIONAL HUMAN RESOURCE MANAGER |
|
|
4) |
Name of Subject |
: |
NUR AZMAN |
|
Position |
: |
ASSISTANT HUMAN RESOURCES DIRECTOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor' Address |
: |
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR SENTRAL, LEVEL 10, 50470 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. HO SWEE LING |
|
IC / PP No |
: |
5730323 |
|
|
New IC No |
: |
590808-10-5992 |
|
|
Address |
: |
NO. 60, JALAN BUNGA KEMBOJA 1, TAMAN MUDA CHERAS, 56100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. YAP CHOON FON |
|
IC / PP No |
: |
A2940034 |
|
|
New IC No |
: |
741215-14-5222 |
|
|
Address |
: |
25B, JALAN LAGENDA 14, TAMAN LAGENDA MAS, 43200 CHERAS, SELANGOR,
MALAYSIA. |
|
Banking relations are maintained
principally with :
|
1) |
Name |
: |
PUBLIC BANK BHD |
|
2) |
Name |
: |
RHB BANK BHD |
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank against 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 since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our
defaulters' databank.
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
60% |
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Import Countries |
: |
GERMANY,CHINA,ITALY |
|||
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 |
Percentage |
: |
33% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
67% |
|
Export Market |
: |
SOUTH EAST ASIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
FURNITURE INDUSTRY |
|||
|
Products manufactured |
: |
|
|
|
Product Brand |
: |
MIECO |
|
|
Award |
: |
1 ) PRODUCT CERTIFICATION GRANT Year :2002 |
|
|
Competitor(s) |
: |
EKOWOOD INTERNATIONAL BHD |
|
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2011 |
2010 |
2009 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
735 |
800 |
807 |
857 |
917 |
||||
|
Branch |
: |
YES |
|
|
No of Branches |
: |
2 |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing and marketing of chipboards and other related products.
The Subject's particleboards, or sometimes known as chipboards, conform to international quality standards such as the European Community's BS EN 312 standard, applicable for both moisture-resistant and non-moisture resistant boards with E1 and E2 formaldehyde emission levels.
The Particleboard production begins with the Upstream process. Using state of the art German technology, MIECO has two production lines that are capable of producing over 280,000 cubic meters annually.
The upstream department begins
the process of using rubber residuals to produce high quality chipboards.
The Subject places a strong emphasis in human resource development. Factory
personnels are constantly sent for training, and marketing staff also
participate and visit international exhibitions and trade fairs to keep up with
the latest industry trends.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
09-5835120 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
0.01 30TH FLOOR MENERA MULTI PURPOSE CAPITAL
SQUARE NO 8 JALAN MUNSHI ABDULLAH 50100 KUALA LUMPUR MALAYSIA |
|
Current Address |
: |
LOT 74, KAWASAN PERINDUSTRIAN GEBENG,
26080 KUANTAN, PAHANG, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other
Investigations
we contacted one of the staff from the Subject and
he provided some information on the Subject.
the address provided belongs to Metra
Management Sdn. Bhd
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(90.84%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
0.17% |
] |
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.The
Subject incurred losses during the year due to the inefficient control of its
operating costs. The Subject's unfavourable returns on shareholders' funds
indicate the management's inefficiency in utilising its assets to generate
returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
72 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
43 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
59 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. 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 |
: |
Unfavourable |
[ |
0.28 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.66 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working capital
deficiency. If the Subject cannot obtain additional financing or injection of
fresh capital, it may face difficulties in meeting its short term
obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
0.07 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
6.70 Times |
] |
|
|
The Subject's interest cover was low. If its profits fall or when
interest rate rises, it may not be able to meet all its interest
payment. The Subject was highly geared, thus it had a high financial risk.
The Subject was dependent on loans to finance its business needs. In times of
economic downturn and / or high interest rate, the Subject will become less
profitable and competitive than other firms in the same industry, which are
lowly geared. This is because the Subject has to service the interest and to
repay the loan, which will erode part of its profits. The profits will
fluctuate depending on the Subject's turnover and the interest it needs to
pay. |
||||||
|
Overall Assessment : |
||||||
|
Although the Subject's turnover increased its profits however showed a
reverse trend. The losses could be due to the management's failure to maintain
its competitiveness in the market. Due to its weak liquidity position, the
Subject will be faced with problems in meeting all its short term obligations
if no short term loan is obtained or additional capital injected into the
Subject. If there is a fall in the Subject's profit or any increase in
interest rate, the Subject may not be able to generate sufficient cash-flow
to service its interest. The Subject's gearing level was high and its going
concern will be in doubt if there is no injection of additional shareholders'
funds in times of economic downturn and / or high interest rates. |
||||||
|
Overall financial condition of the Subject : POOR |
||||||
|
Major Economic
Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic
Products ( % ) |
(0.5) |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private
Expenditure ( % ) |
(2.7) |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
(17.2) |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public
Expenditure ( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
(1.2) |
|
Investment ( % ) |
8.0 |
2.8 |
(0.3) |
15.9 |
4.2 |
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
(28,450) |
(40,482) |
(45,511) |
(42,297) |
(39,993) |
|
Government Finance
to GDP / Fiscal Deficit ( % ) |
(4.8) |
(5.6) |
(5.4) |
(4.5) |
(4.0) |
|
Inflation ( % Change in Composite CPI) |
(5.2) |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months
of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of
New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
(0.1) |
6.2 |
3.0 |
(0.0) |
- |
|
Liquidation of
Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
(34.5) |
417.8 |
- |
- |
|
Registration of
New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business
Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
- |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
- |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
- |
|
INDUSTRIES ( %
of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
Agriculture |
0.4 |
2.1 |
5.9 |
0.6 |
2.4 |
|
Palm Oil |
(1.1) |
(3.4) |
10.8 |
(2.8) |
- |
|
Rubber |
(19.8) |
9.9 |
6.1 |
(0.6) |
- |
|
Forestry & Logging |
(5.9) |
(3.3) |
(7.6) |
(2.2) |
- |
|
Fishing |
5.5 |
5.6 |
2.1 |
(0.7) |
- |
|
Other Agriculture |
9.0 |
7.9 |
7.1 |
6.4 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
413.7 |
508.4 |
634.1 |
- |
- |
|
% of Industry
Non-Performing Loans |
1.3 |
2.1 |
3.2 |
- |
- |
|
Mining |
(3.8) |
0.2 |
(5.7) |
1.5 |
2.7 |
|
Oil & Gas |
2.1 |
0.5 |
(1.7) |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
44.2 |
49.7 |
46.5 |
- |
- |
|
% of Industry
Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
Manufacturing # |
(9.4) |
11.4 |
4.7 |
4.2 |
4.9 |
|
Exported-oriented
Industries |
(19.0) |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
(30.3) |
28.4 |
(4.9) |
1.6 |
- |
|
Rubber Products |
(10.1) |
25.3 |
15.4 |
3.6 |
- |
|
Wood Products |
(24.1) |
20.1 |
(4.9) |
4.6 |
- |
|
Textiles & Apparel |
(19.5) |
(0.4) |
14.8 |
(7.1) |
- |
|
Domestic-oriented
Industries |
(9.8) |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.2 |
- |
- |
|
Chemical & Chemical Products |
(7.7) |
16.2 |
5.5 |
9.9 |
- |
|
Plastic Products |
(9.1) |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
(32.7) |
29.3 |
2.4 |
- |
- |
|
Fabricated Metal Products |
(2.5) |
14.9 |
25.2 |
- |
- |
|
Non-metallic Mineral |
(15.5) |
20.2 |
27.1 |
6.6 |
- |
|
Transport Equipment |
(13.5) |
36.5 |
(10.4) |
13.7 |
- |
|
Paper & Paper Products |
(5.0) |
18.7 |
14.8 |
(7.8) |
- |
|
Crude Oil Refineries |
0.2 |
(11.4) |
9.3 |
- |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,007.3 |
6,217.5 |
6,537.2 |
- |
- |
|
% of Industry
Non-Performing Loans |
18.3 |
23.8 |
25.7 |
- |
- |
|
Construction |
5.8 |
5.1 |
4.4 |
15.5 |
11.2 |
|
Industry Non-Performing Loans ( MYR
Million ) |
3,241.8 |
4,038.5 |
3,856.9 |
- |
- |
|
% of Industry
Non-Performing Loans |
9.9 |
10.7 |
10.2 |
- |
- |
|
Services |
2.6 |
6.5 |
6.4 |
5.5 |
5.6 |
|
Electric, Gas & Water |
0.4 |
8.5 |
5.6 |
4.8 |
- |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.3 |
- |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
6.9 |
- |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.3 |
6.5 |
- |
|
Government Services |
2.0 |
6.7 |
7.6 |
5.6 |
- |
|
Other Services |
4.4 |
4.2 |
5.4 |
5.7 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry
Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production
Index |
|||||
|
MSIC CODE |
|
|
16292 : Manufacture of other products of wood, cane, articles of cork,
straw and plaiting materials |
|
|
INDUSTRY : |
MANUFACTURING |
|
The Manufacturing sector is one of the important sectors to the growth
of the Malaysian economy. According to Ministry of Finance, the manufacturing
sector is expected to grow 4.9% in year 2013. Export oriented-industries are
expected to benefit from the higher growth of global trade, while
domesticoriented industries expand in line with the better consumer sentiment
and business confidence. The resource-based industries are envisaged to grow
steadily attributed to improved demand for petroleum, chemical, rubber and
plastic products. With better job prospects and higher disposable income, the
transportation equipment subsector, in particular, the passenger car segment
is expected to expand. |
|
|
Value-added of the manufacturing sector expanded 5% during the first half
of 2012. Output of the sector rose 5.2% during the first sevenmonths of 2012
in line with the increase in sales value of manufactured products by 6.5% to
RM363.1 billion. Output from domesticoriented industries continued to expand
8.6% while export-oriented industries grew 4.1%. |
|
|
According to the Department of Statistics, the sales value of the
Manufacturing sector in January 2013 posted a growth of 7.4% (RM3.6 billion)
to record RM52.4 billion as compared to RM48.8 billion reported in year 2012.
Meanwhile, month-on-month basis, the sales value has decreased by 0.4% (RM0.2
billion) as compared with the preceding month. The sales value in December
2012 has been revised positive 7.5% year-on-year to record RM52.6
billion. |
|
|
Output of rubber products increased 3.6% in the first seven month of
2012 mainly supported by continuous demand for rubber gloves. Output of
rubber gloves grew 5.9% on account of the expansion in the global healthcare
industry and wider usage of gloves in other sectors. Similarly, output of
catheters, especially for use in medical appliances, also registered a strong
growth of 12.6%. Nevertheless, production of rubber tyres and tubes reduced
10.9% in tandem with slowing external demand from the automotive industry,
especially China. |
|
|
Meanwhile, production of wood and wood products rebounded 4.6% largely
supported by higher demand for wooden and cane furniture (33.5%). The
positive performance was attributed to vibrant higher demand from major export
destinations such as China and the United States (US) for Malaysian-made
furniture. Demand from China accelerated further following the country’s
rising income level and the implementation of zero import duty on Malaysian
made-furniture. Malaysia government has growth target of 6.5% for wood based
furniture where estimated to reach up to RM53 billion by year 2020.The
government providing pioneer status for tax exemption and investment tax
allowance for this industry as a boost up step towards produce good quality
product and to meet the world demand. |
|
|
The output of chemicals and chemical products rose 9.9% in the first
seven month of year 2012 on account of increasing demand for plastic products
(11.8%) and basic chemicals (11.1%). External demand for plastic packaging
materials surged during the early part of the year 2012, particularly from
Japan and Thailand, as manufacturers resumed operations, which were
interrupted by natural calamities and power outages. Chemical production are
expected to show 7.5 % in year 2013 inline with Malaysia as one of the
largest contributor in world Chemicals & Chemical industries. |
|
|
Tax and non-tax incentives provided by government encourage manufacturers
to move up the value chain of manufacturing industry. The new growth
initiatives by government in the manufacturing sector such as solar and
medial services can be important drivers of growth apart from helping to
diversify the manufacturing base and contributing to the resilience of the
sector. |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
Incorporated in 2003, the Subject is a Private
Limited company, focusing on manufacturing and marketing of chipboards and
other related products. 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. The Subject is well backed by a listed company
shareholders which would stimulate further growth for the Subject. The
Subject is a large entity with strong capital position. Over the years, the Subject has
established an extensive clientele base in the market. Besides catering to
the local market, the Subject has penetrated into other countries. With the
contribution of both local and overseas customers, the Subject is likely to
be exposed to lower commercial risk. Hence, we believe that the Subject has
better business expansion opportunities in the future. Being a large entity,
the Subject has a workforce of 735 personnel to support its business
operations. Overall, we regard that the Subject's management capability is
average. The Subject's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency on
deliveries from a number of key suppliers and insufficient quantities of its
raw materials. The Subject's payment habit is
average. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. However, we are of
the opinion that there are a large number of other companies in the same
industry. In another word, we believe that the Subject faces stiff
competitions from other local players. As the Subject suffered huge accumulated
losses, we only recommend credit be proceeded to the Subject with guarantee. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
MIECO
MANUFACTURING SDN. BHD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
|
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 |
SUMMARY |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
304,083,122 |
294,831,870 |
172,037,051 |
184,806,534 |
365,799,158 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
304,083,122 |
294,831,870 |
172,037,051 |
184,806,534 |
365,799,158 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(9,956,864) |
2,930,411 |
1,751,625 |
(13,617,139) |
(33,635,188) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(9,956,864) |
2,930,411 |
1,751,625 |
(13,617,139) |
(33,635,188) |
|
Taxation |
2,549,160 |
235,543 |
(2,250) |
1,835,340 |
8,770,078 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(7,407,704) |
3,165,954 |
1,749,375 |
(11,781,799) |
(24,865,110) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(33,423,610) |
(37,887,294) |
(39,636,669) |
(27,854,870) |
(2,989,760) |
|
Prior year adjustment |
- |
1,297,730 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(33,423,610) |
(36,589,564) |
(39,636,669) |
(27,854,870) |
(2,989,760) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(40,831,314) |
(33,423,610) |
(37,887,294) |
(39,636,669) |
(27,854,870) |
|
DIVIDENDS - Ordinary (paid & proposed) |
(1,013,650) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(41,844,964) |
(33,423,610) |
(37,887,294) |
(39,636,669) |
(27,854,870) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||||
|
Bank overdraft |
105,947 |
66,920 |
- |
388,566 |
4,474 |
|
Bankers' acceptance |
1,891,474 |
1,022,212 |
- |
- |
- |
|
Hire purchase |
1,660 |
3,344 |
- |
3,348 |
3,348 |
|
Loan from holding company |
8,434,018 |
9,556,567 |
- |
- |
- |
|
Revolving loans |
112,548 |
- |
- |
6,800 |
8,009 |
|
Term loan / Borrowing |
133,733 |
- |
- |
- |
- |
|
Others |
2,305 |
- |
- |
11,038,157 |
14,388,236 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
10,681,685 |
10,649,043 |
- |
11,436,871 |
14,404,067 |
|
|
============= |
============= |
============= |
============= |
============= |
|
MIECO
MANUFACTURING SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
476,219,195 |
480,129,176 |
488,823,664 |
502,389,448 |
523,080,982 |
|
Others |
- |
219,685 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
- |
219,685 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
476,219,195 |
480,348,861 |
488,823,664 |
502,389,448 |
523,080,982 |
|
Stocks |
59,900,995 |
49,385,362 |
- |
40,578,295 |
74,282,112 |
|
Trade debtors |
36,136,412 |
42,612,940 |
- |
22,613,767 |
36,721,931 |
|
Other debtors, deposits & prepayments |
2,046,706 |
3,332,108 |
- |
3,418,419 |
4,479,131 |
|
Short term deposits |
- |
- |
- |
1,301,626 |
24,642,728 |
|
Amount due from related companies |
25,888 |
19,462 |
- |
- |
2,632,056 |
|
Cash & bank balances |
5,345,722 |
5,762,687 |
- |
921,079 |
7,906,522 |
|
Others |
144,203 |
80,933 |
- |
8,132 |
14,552 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
103,599,926 |
101,193,492 |
- |
68,841,318 |
150,679,032 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
579,819,121 |
581,542,353 |
488,823,664 |
571,230,766 |
673,760,014 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
48,895,160 |
34,871,631 |
- |
20,534,699 |
49,407,853 |
|
Other creditors & accruals |
13,128,515 |
15,337,235 |
- |
20,053,926 |
23,851,210 |
|
Hire purchase & lease creditors |
- |
- |
- |
30,396 |
30,396 |
|
Bank overdraft |
1,483,583 |
2,817,238 |
- |
6,830,935 |
- |
|
Other borrowings |
51,509,467 |
25,727,081 |
- |
- |
11,340,872 |
|
Bill & acceptances payable |
- |
- |
- |
20,616,681 |
67,496,261 |
|
Amounts owing to holding company |
34,662,000 |
27,963,960 |
- |
- |
26,853,075 |
|
Amounts owing to related companies |
8,165,516 |
4,937,194 |
- |
- |
2,157,136 |
|
Other liabilities |
- |
331,369 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
157,844,241 |
111,985,708 |
- |
68,066,637 |
181,136,803 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(54,244,315) |
(10,792,216) |
- |
774,681 |
(30,457,771) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
421,974,880 |
469,556,645 |
488,823,664 |
503,164,129 |
492,623,211 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
|
Retained profit/(loss) carried forward |
(41,844,964) |
(33,423,610) |
(37,887,294) |
(39,636,669) |
(27,854,870) |
|
Others |
- |
- |
(24,370) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(41,844,964) |
(33,423,610) |
(37,911,664) |
(39,636,669) |
(27,854,870) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
8,155,036 |
16,576,390 |
12,088,336 |
10,363,331 |
22,145,130 |
|
Long term loans |
1,550,000 |
2,150,000 |
- |
- |
- |
|
Hire purchase creditors |
- |
- |
- |
45,614 |
76,010 |
|
Deferred taxation |
4,795,200 |
7,345,000 |
- |
7,580,000 |
9,430,000 |
|
Others |
407,474,644 |
443,485,255 |
476,735,328 |
485,175,184 |
460,972,071 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
413,819,844 |
452,980,255 |
476,735,328 |
492,800,798 |
470,478,081 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
421,974,880 |
469,556,645 |
488,823,664 |
503,164,129 |
492,623,211 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
MIECO MANUFACTURING
SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
5,345,722 |
5,762,687 |
- |
2,222,705 |
32,549,250 |
|
Net Liquid Funds |
3,862,139 |
2,945,449 |
- |
(25,224,911) |
(34,947,011) |
|
Net Liquid Assets |
(114,145,310) |
(60,177,578) |
- |
(39,803,614) |
(104,739,883) |
|
Net Current Assets/(Liabilities) |
(54,244,315) |
(10,792,216) |
- |
774,681 |
(30,457,771) |
|
Net Tangible Assets |
421,974,880 |
469,556,645 |
488,823,664 |
503,164,129 |
492,623,211 |
|
Net Monetary Assets |
(527,965,154) |
(513,157,833) |
(476,735,328) |
(532,604,412) |
(575,217,964) |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
54,655,598 |
30,694,319 |
- |
27,530,426 |
78,951,548 |
|
Total Liabilities |
571,664,085 |
564,965,963 |
476,735,328 |
560,867,435 |
651,614,884 |
|
Total Assets |
579,819,121 |
581,542,353 |
488,823,664 |
571,230,766 |
673,760,014 |
|
Net Assets |
421,974,880 |
469,556,645 |
488,823,664 |
503,164,129 |
492,623,211 |
|
Net Assets Backing |
8,155,036 |
16,576,390 |
12,088,336 |
10,363,331 |
22,145,130 |
|
Shareholders' Funds |
8,155,036 |
16,576,390 |
12,088,336 |
10,363,331 |
22,145,130 |
|
Total Share Capital |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
|
Total Reserves |
(41,844,964) |
(33,423,610) |
(37,911,664) |
(39,636,669) |
(27,854,870) |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.03 |
0.05 |
- |
0.03 |
0.18 |
|
Liquid Ratio |
0.28 |
0.46 |
- |
0.42 |
0.42 |
|
Current Ratio |
0.66 |
0.90 |
- |
1.01 |
0.83 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
72 |
61 |
- |
80 |
74 |
|
Debtors Ratio |
43 |
53 |
- |
45 |
37 |
|
Creditors Ratio |
59 |
43 |
- |
41 |
49 |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
6.70 |
1.85 |
- |
2.66 |
3.57 |
|
Liabilities Ratio |
70.10 |
34.08 |
39.44 |
54.12 |
29.42 |
|
Times Interest Earned Ratio |
0.07 |
1.28 |
- |
(0.19) |
(1.34) |
|
Assets Backing Ratio |
8.44 |
9.39 |
9.78 |
10.06 |
9.85 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
(3.27) |
0.99 |
1.02 |
(7.37) |
(9.19) |
|
Net Profit Margin |
(2.44) |
1.07 |
1.02 |
(6.38) |
(6.80) |
|
Return On Net Assets |
0.17 |
2.89 |
0.36 |
(0.43) |
(3.90) |
|
Return On Capital Employed |
0.17 |
2.87 |
0.36 |
(0.43) |
(3.90) |
|
Return On Shareholders' Funds/Equity |
(90.84) |
19.10 |
14.47 |
(113.69) |
(112.28) |
|
Dividend Pay Out Ratio (Times) |
0.14 |
0.00 |
- |
0.00 |
0.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.19 |
|
UK Pound |
1 |
Rs.100.57 |
|
Euro |
1 |
Rs.72.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.