|
Report No. : |
348617 |
|
Report Date : |
06.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
HUNTSMAN P & A ASIA SDN. BHD. |
|
|
|
|
Formerly Known As : |
TIOXIDE (MALAYSIA) SDN BHD TAPL (MALAYSIA) SDN BHD |
|
|
|
|
Registered Office : |
The Gardens North Tower, Mid Valley City,
Lingkaran Syed Putra, Level 18, 59200 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
04.08.1982 |
|
|
|
|
Com. Reg. No.: |
88183-K |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Manufacturing of chemicals products |
|
|
|
|
No. of Employee : |
330 [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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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.
Malaysia is vulnerable to a fall in world commodity prices or a general
slowdown in global economic activity.
The NAJIB
administration 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. Gross exports of goods and services constitute more than 80% of
GDP. The oil and gas sector supplied about 29% of government revenue in 2014.
As an oil and gas exporter, Malaysia has previously 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
strained government finances, shrunk Malaysia’s current account surplus and put
downward pressure on the ringgit. The government is trying to lessen its
dependence on state oil producer Petronas.
Bank
Negara Malaysia (the central bank) maintains healthy foreign exchange reserves;
a well-developed regulatory regime has limited Malaysia's exposure to riskier
financial instruments and the global financial crisis. In order to attract
increased investment, NAJIB 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. |
: |
88183-K |
||||
|
COMPANY NAME |
: |
HUNTSMAN P & A ASIA SDN. BHD. |
||||
|
FORMER NAME |
: |
TIOXIDE
(MALAYSIA) SDN BHD (29/10/2015) |
||||
|
INCORPORATION
DATE |
: |
04/08/1982 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED
(LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
THE GARDENS
NORTH TOWER, MID VALLEY CITY, LINGKARAN SYED PUTRA, LEVEL 18, 59200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
KAWASAN
INDUSTRI TELUK KALONG, P.O. BOX 29, 24007 KEMAMAN, TERENGGANU, MALAYSIA. |
||||
|
TEL.NO. |
: |
09-8628688 |
||||
|
FAX.NO. |
: |
09-8631988 |
||||
|
HP.NO. |
: |
0193537629 |
||||
|
CONTACT PERSON |
: |
V.VISAGARAN A/L
E.VISVALINGAM ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
202 |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
OF CHEMICALS PRODUCTS |
||||
|
AUTHORISED
CAPITAL |
: |
ORDINARY SHARE
10,000,000.00 OF MYR 1.00 EACH. |
||||
|
ISSUED AND PAID
UP CAPITAL |
: |
ORDINARY SHARES
5,125,000 CASH OF MYR 1.00 EACH. |
||||
|
SALES |
: |
MYR 712,270,000
[2014] |
||||
|
NET WORTH |
: |
MYR 494,518,000
[2014] |
||||
|
M1000 OVERALL
RANKING |
: |
511[2011] |
||||
|
M1000 INDUSTRY
RANKING |
: |
27[2011] |
||||
|
STAFF STRENGTH |
: |
330 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
REGULAR |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY / BACKGROUND
|
The Subject is a private
limited company and is allowed to have a minimum of one and a maximum of
forty-nine shareholders. As a private limited company, the Subject must have at
least two directors. A private limited company is a separate legal entity from
its shareholders. As a separate legal entity, the Subject is capable of owning
assets, entering into contracts, sue or be sued by other companies. The
liabilities of the shareholders are to the extent of the equity they have taken
up and the creditors cannot claim on shareholders' personal assets even if the
Subject is insolvent. The Subject is governed by the Companies Act, 1965 and
the company must file its annual returns, together with its financial
statements with the Registrar of Companies.
The Subject is
principally engaged in the (as a / as an) manufacturing of chemicals 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 |
2011 |
2009 |
2008 |
2005 |
2004 |
|
|
OVERALL RANKING |
511 |
454 |
407 |
293 |
276 |
|
|
INDUSTRY
RANKING |
27 |
26 |
24 |
12 |
5 |
|
The immediate
holding company of the Subject is HUNTSMAN ICI INVESTMENT (NETHERLANDS) BV, a company
incorporated in NETHERLANDS.
Former Address(es)
|
Address |
As At Date |
|
LOT 4,HOTAL
NOKKO SHOPPING ARCADE, 165 JLN AMPPANG, KUALA LUMPUR, 50450, WILAYAH
PERSEKUTUAN, MALAYSIA |
15/02/2013 |
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
06/06/2014 |
MYR 0.00 |
MYR
5,125,000.00 & USD 3,000,000.00 |
|
27/11/1990 |
MYR 0.00 |
MYR
5,125,000.00 & USD 1,750,000.00 |
|
26/09/1990 |
USD
10,000,000.00 |
USD
5,125,000.00 |
|
07/08/1990 |
USD 5,000,000.00
|
USD
3,125,000.00 |
|
08/03/1990 |
USD
5,000,000.00 |
USD
2,125,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
HUNTSMAN ICI INVESTMENT
(NETHERLANDS) BV |
MERSEYWEG 10,
3179KG, BOTLEK-ROTTERDAM THE NETHERLANDS, NETHERLANDS. |
XLZ000016239 |
8,125,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
8,125,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
375458U |
MALAYSIA |
PACIFIC IRON
PRODUCTS SDN. BHD. |
- |
50.00 |
26/11/2014 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. V.VISAGARAN
A/L E.VISVALINGAM |
|
Address |
: |
31, JALAN
PERMAS 3/6, PERMAS JAYA PLENTONG, 81750 MASAI, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
7347209 |
|
New IC No |
: |
640718-04-5001 |
|
Date of Birth |
: |
18/07/1964 |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
30/03/2010 |
DIRECTOR 2
|
Name Of Subject |
: |
MICHAEL
CHRISTOPHER DIXON |
|
Address |
: |
WHITLEY GRANCE
SOUTH OTTERINGTON, NORTHALLERTON DL 7 9HU, UNITED KINGDOM. |
|
IC / PP No |
: |
800580318 |
|
Nationality |
: |
BRITISH |
|
Date of
Appointment |
: |
12/03/2014 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. MIZANUR
RAHMAN BIN S M ABDUL GHANI |
|
Address |
: |
8, JALAN BEKA, DAMANSARA
HEIGHTS, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
0663753 |
|
New IC No |
: |
451201-10-5291 |
|
Date of Birth |
: |
01/12/1945 |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
28/07/1989 |
DIRECTOR 4
|
Name Of Subject |
: |
RICHARD JUSTIN
JAMES PHILIPSON |
|
Address |
: |
2, VANDA
AVENUE, ORCHID VILLAGE, 287941, SINGAPORE. |
|
IC / PP No |
: |
761278736 |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
03/11/2014 |
|
1) |
Name of Subject |
: |
V.VISAGARAN A/L
E.VISVALINGAM |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
DELOITTE &
TOUCHE |
|
Auditor'
Address |
: |
MENARA LGB, 1 JALAN
WAN KADIR, TAMAN TUN DR. ISMAIL, LEVEL 16, 60000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
1) |
Company
Secretary |
: |
MS. THAM WAI
YING |
|
IC / PP No |
: |
A1008639 |
|
|
New IC No |
: |
680810-10-6360 |
|
|
Address |
: |
46, JALAN MIDAH
19-A, TAMAN MIDAH, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
2) |
Company
Secretary |
: |
MR. KUMAR A/L
RAMU |
|
IC / PP No |
: |
A0413045 |
|
|
New IC No |
: |
660413-08-5289 |
|
|
Address |
: |
8, LORONG
PELINDUNG 77, TAMAN BUKIT PELINDUNG AMAN, 25050 KUANTAN, PAHANG, MALAYSIA. |
|
|
3) |
Company
Secretary |
: |
MS. KUAN HUI
FANG |
|
IC / PP No |
: |
A1845678 |
|
|
New IC No |
: |
710224-10-5204 |
|
|
Address |
: |
23, JALAN BU
3/2, BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING
BHD |
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION CHECK AGAINST SUBJECT
|
* 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.
DEFAULTER CHECK AGAINST SUBJECT
|
* 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.
PAYMENT RECORD
|
|
||
|
SOURCES OF RAW
MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Import
Countries |
: |
CHINA,UNITED
STATES,TAIWAN,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 |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA PACIFIC |
|||
|
Credit Term |
: |
30 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
||
|
Award |
: |
1 ) QUALITY MANAGEMENT
EXCELLENCE AWARD BY MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY (MITI) Year
:2003 |
||
|
Member(s) /
Affiliate(s) |
: |
FEDERATION OF
MALAYSIAN MANUFACTURERS (FMM) SMI ASSOCIATION
OF MALAYSIA SMALL & MEDIUM
ENTERPRISE CHEMICAL
INDUSTRIES COUNCIL OF MALAYSIA (CICM) |
||
|
Ownership of
premises |
: |
OWNED |
|
Total Number of
Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
330 |
300 |
300 |
300 |
330 |
||||
|
Branch |
: |
YES |
|
|
No of Branches |
: |
1 |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
chemicals products.
The Subject is engaged in the manufacturing of chemical and pigments.
To produce the pigment the Subject processes a raw material rich in titanium
from minerals found in beach sands and rock.
The Subject's line of business includes the manufacturing of inorganic pigments
including black, white, and color.
CURRENT INVESTIGATION
|
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
09-8628688 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
LEVEL 15, THE
PINNACLE, PERSIARAN LAGOON, BANDAR SUNWAY, 46150 PETALING JAYA, SELANGOR,
MALAYSIA |
|
Current Address |
: |
KAWASAN INDUSTRI
TELUK KALONG, P.O. BOX 29, 24007 KEMAMAN, TERENGGANU, MALAYSIA. |
|
Match |
: |
NO |
|
Latest
Financial Accounts |
: |
YES |
Other Investigations
On 4th November 2015 we contacted one of the staff from the Subject and he
provided some information.
The address provided belongs to the Subject's branch office.
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on
Shareholder Funds |
: |
Unfavourable |
[ |
4.79% |
] |
|
|
Return on Net
Assets |
: |
Unfavourable |
[ |
5.08% |
] |
|
|
The continuous
fall in turnover could be due to the lower demand for the Subject's products /
services.The Subject's management have been efficient in controlling its
operating costs. The unfavourable return on shareholders' funds could
indicate that the Subject was inefficient in utilising its assets to generate
returns. |
||||||
|
Liquidity |
||||||
|
Current Ratio |
: |
Favourable |
[ |
2.49 Times |
] |
|
|
The Subject was
in good liquidity position with its current liabilities well
covered by its current assets. With its net current assets, the Subject should
be able to repay its short term obligations. |
||||||
|
Solvency |
||||||
|
Liability Ratio |
: |
Favourable |
[ |
0.23 Times |
] |
|
|
A low
liabilities ratio has minimised the Subject's financial risk. |
||||||
|
Overall Assessment : |
||||||
|
Due to the
efficient control of its operating costs, the Subject was able to remain
profitable despite lower turnover achieved during the year. The Subject was in
good liquidity position with its total current liabilities well covered by
its total current assets. With its current net assets, the Subject should be
able to repay its short term obligations. The Subject has a low liabilities
ratio. It's liabilities were low and was not vulnerable to the financial
risk. |
||||||
|
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 |
3.2 |
4.0 |
|
Unemployment
Rate |
3.3 |
3.2 |
3.0 |
2.9 |
3.0 |
|
Net
International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted
Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
4.00 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base
Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
6.85 |
- |
|
Business Loans
Disbursed( % ) |
15.3 |
32.2 |
- |
56.0 |
- |
|
Foreign
Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
43,486.6 |
- |
|
Consumer Loans
( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
49,144 |
- |
|
Registration of
New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
6.1 |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
21,753 |
- |
|
Liquidation of
Companies ( % ) |
417.8 |
(87.1) |
54.6 |
(17.7) |
- |
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
332,723 |
- |
|
Registration of
New Business ( % ) |
5.0 |
14.0 |
2.0 |
1.0 |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
21,436 |
- |
|
Business
Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
18.0 |
- |
|
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 |
63.2 |
- |
|
Credit Cards
Spending ( % ) |
15.6 |
12.6 |
- |
13.5 |
- |
|
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) |
- |
- |
3.0 |
- |
|
Other Mining |
- |
- |
- |
46.6 |
- |
|
Industry Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.4 |
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 |
1.4 |
- |
|
Plastic
Products |
3.8 |
- |
- |
2.7 |
- |
|
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 |
- |
- |
13.0 |
- |
|
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 |
|||||
INDUSTRY ANALYSIS
|
|
MSIC CODE |
|
|
202 :
Manufacture of other chemical products |
|
|
INDUSTRY : |
MANUFACTURING |
|
The
manufacturing sector is expected to grow by 5.5% in 2015. It will be bolstered
by strong domestic and export-oriented industries in line with growing
investment activities and favorable external demand. Moreover, in 2014, the
manufacturing sectors have spearheading growth. The manufacturing sector is
estimated to grow at a faster pace in 2014 on higher exports of electronics
and electrical (E&E) products as external demand improves. |
|
|
The
manufacturing sector expanded strongly during the first half of 2014, the highest
growth in three years, spurred by higher global semiconductor sales.
Value-added of the manufacturing sector expanded 7.1% during the first half
of 2014. Production of the sector rose 6.6% in the first seven months of 2014
supported by resilient domestic demand and recovery in the external sector
during the first seven months of the years. The sales value of manufactured
products rebounded by 7.7% in the first seven months of 2014. The strong
performance of the sector was on account of higher output at 9.4% from the
domestic-oriented industries, particularly transport equipment, food and
beverage. |
|
|
The
manufacturing sector continued to attract domestic and foreign investment with
investment approved by Malaysian Investment Development Authority (MIDA)
totaling RM47.4 billion during the first six months of 2014, mainly from
Japan, China and Germany. Meanwhile, the capacity utilization rate remained
steady at 80.4% during the second quarter of 2014 while average wage per
employee and productivity improved to RM2,772 per month and 5.9%,
respectively during the first seven months of 2014. Boosted by favorable
domestic economic activity and recovery in the external sector, the manufacturing
sector is expected to record a better performance with growth of 6.4% in
2014. |
|
|
In the
meantime, production of wood products rebounded by 5.1% largely supported by
higher output in the saw-milling and planning of wood segment at 25.9% during
the first seven months of 2014. The positive performance was attributed to
vibrant residential and commercial construction activities which contributed
to increased use of timber frame and glued laminated timber for cost savings
compared to the use of concrete and steel. Increased demand from major export
destination such as the US, Japan and Australia for Malaysian made furniture
contributed to the higher output, particularly wooden and cane furniture
which rebounded by 2.2%. |
|
|
Production of rubber
products contracted 0.3% in the first seven months of 2014 on account of
slower demand for rubber gloves and rubber tyres. The decline in rubber tyres
for vehicles was due to the weaker external demand from the automotive
industry, particularly from China. Output of other rubber products contracted
3.8% following the product shift from rubber-based to plastics, silicones and
metal alloys in the manufacture of medical devices. |
|
|
Besides,
exports of manufactured products are expected to grow 6.1% in 2014 boosted by
the growing demand from advanced economies. However, during the first seven
months of 2014, manufactured exports surged 11.4%. The robust growth was
buoyed by strengthening demand in the US and EU, reflecting significant
exposure of Malaysian exports to the economic performance in the advance
economies. The strength in export was broad-based with robust growth in both
E&E and non- E&E subsectors. |
|
|
Under budget 2015,
the Government will provide incentive in the form of capital allowance on
automation expenditure to encourage automation in the manufacturing sector,
which may help in the manufacturing sector. |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
Financial Year
End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
SUMMARY |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
712,270,000 |
724,637,000 |
756,802,000 |
1,009,837,000 |
877,334,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
712,270,000 |
724,637,000 |
756,802,000 |
1,009,837,000 |
877,334,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
25,144,000 |
2,553,000 |
63,068,000 |
152,200,000 |
91,804,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
25,144,000 |
2,553,000 |
63,068,000 |
152,200,000 |
91,804,000 |
|
Taxation |
(1,433,000) |
(2,204,000) |
13,650,000 |
(43,878,000) |
(17,487,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
23,711,000 |
349,000 |
76,718,000 |
108,322,000 |
74,317,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously
reported |
400,348,000 |
418,992,000 |
393,716,000 |
314,865,000 |
246,910,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
400,348,000 |
418,992,000 |
393,716,000 |
314,865,000 |
246,910,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
424,059,000 |
419,341,000 |
470,434,000 |
423,187,000 |
321,227,000 |
|
TRANSFER TO
RESERVES - General |
- |
- |
(51,442,000) |
(29,471,000) |
(6,362,000) |
|
DIVIDENDS -
Ordinary (paid & proposed) |
- |
(18,993,000) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
424,059,000 |
400,348,000 |
418,992,000 |
393,716,000 |
314,865,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
DEPRECIATION
(as per notes to P&L) |
- |
35,466,000 |
53,695,000 |
52,924,000 |
48,769,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
35,466,000 |
53,695,000 |
52,924,000 |
48,769,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
320,845,000 |
289,858,000 |
260,779,000 |
252,258,000 |
273,306,000 |
|
Associated
companies |
- |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
|
Deferred assets |
- |
1,899,000 |
1,272,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS |
1,250,000 |
3,149,000 |
2,522,000 |
1,250,000 |
1,250,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
ASSETS |
322,095,000 |
293,007,000 |
263,301,000 |
253,508,000 |
274,556,000 |
|
Stocks |
- |
108,838,000 |
109,178,000 |
117,921,000 |
64,992,000 |
|
Trade debtors |
- |
152,337,000 |
133,000,000 |
177,683,000 |
182,585,000 |
|
Other debtors,
deposits & prepayments |
- |
4,074,000 |
3,524,000 |
1,967,000 |
1,775,000 |
|
Short term
deposits |
- |
- |
150,000 |
153,000 |
- |
|
Deposits with financial
institutions |
- |
- |
- |
- |
30,625,000 |
|
Amount due from
related companies |
- |
31,497,000 |
41,036,000 |
- |
4,986,000 |
|
Amount due from
associated companies |
- |
2,610,000 |
676,000 |
- |
1,899,000 |
|
Cash & bank
balances |
- |
8,633,000 |
39,111,000 |
47,060,000 |
153,000 |
|
Others |
- |
7,699,000 |
6,905,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
ASSETS |
288,091,000 |
315,688,000 |
333,580,000 |
344,784,000 |
287,015,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
610,186,000 |
608,695,000 |
596,881,000 |
598,292,000 |
561,571,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
- |
27,110,000 |
22,919,000 |
62,800,000 |
36,872,000 |
|
Other creditors
& accruals |
- |
50,197,000 |
48,266,000 |
34,646,000 |
43,857,000 |
|
Amounts owing
to related companies |
- |
52,626,000 |
28,290,000 |
- |
34,107,000 |
|
Provision for
taxation |
- |
- |
- |
18,642,000 |
- |
|
Other
liabilities |
- |
7,955,000 |
8,750,000 |
13,256,000 |
6,720,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
LIABILITIES |
115,668,000 |
137,888,000 |
108,225,000 |
129,344,000 |
121,556,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
172,423,000 |
177,800,000 |
225,355,000 |
215,440,000 |
165,459,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET
ASSETS |
494,518,000 |
470,807,000 |
488,656,000 |
468,948,000 |
440,015,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share
capital |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE
CAPITAL |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
|
RESERVES |
|||||
|
Share premium |
- |
- |
- |
- |
30,236,000 |
|
Capital reserve |
65,334,000 |
65,334,000 |
64,539,000 |
60,033,000 |
54,732,000 |
|
Retained
profit/(loss) carried forward |
424,059,000 |
400,348,000 |
418,992,000 |
393,716,000 |
314,865,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
489,393,000 |
465,682,000 |
483,531,000 |
453,749,000 |
399,833,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
494,518,000 |
470,807,000 |
488,656,000 |
458,874,000 |
404,958,000 |
|
Deferred
taxation |
- |
- |
- |
10,074,000 |
16,500,000 |
|
Others |
- |
- |
- |
- |
18,557,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
LIABILITIES |
- |
- |
- |
10,074,000 |
35,057,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
494,518,000 |
470,807,000 |
488,656,000 |
468,948,000 |
440,015,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
- |
8,633,000 |
39,261,000 |
47,213,000 |
153,000 |
|
Net Liquid
Funds |
- |
8,633,000 |
39,261,000 |
47,213,000 |
153,000 |
|
Net Liquid
Assets |
172,423,000 |
68,962,000 |
116,177,000 |
97,519,000 |
100,467,000 |
|
Net Current
Assets/(Liabilities) |
172,423,000 |
177,800,000 |
225,355,000 |
215,440,000 |
165,459,000 |
|
Net Tangible
Assets |
494,518,000 |
470,807,000 |
488,656,000 |
468,948,000 |
440,015,000 |
|
Net Monetary
Assets |
172,423,000 |
68,962,000 |
116,177,000 |
87,445,000 |
65,410,000 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before
Interest & Tax (EBIT) |
- |
2,553,000 |
63,068,000 |
152,200,000 |
91,804,000 |
|
Earnings Before
Interest, Taxes, Depreciation And Amortization (EBITDA) |
- |
38,019,000 |
116,763,000 |
205,124,000 |
140,573,000 |
|
BALANCE SHEET ITEMS |
|||||
|
Total
Borrowings |
- |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
115,668,000 |
137,888,000 |
108,225,000 |
139,418,000 |
156,613,000 |
|
Total Assets |
610,186,000 |
608,695,000 |
596,881,000 |
598,292,000 |
561,571,000 |
|
Net Assets |
494,518,000 |
470,807,000 |
488,656,000 |
468,948,000 |
440,015,000 |
|
Net Assets
Backing |
494,518,000 |
470,807,000 |
488,656,000 |
458,874,000 |
404,958,000 |
|
Shareholders'
Funds |
494,518,000 |
470,807,000 |
488,656,000 |
458,874,000 |
404,958,000 |
|
Total Share
Capital |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
|
Total Reserves |
489,393,000 |
465,682,000 |
483,531,000 |
453,749,000 |
399,833,000 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
- |
0.06 |
0.36 |
0.37 |
0 |
|
Liquid Ratio |
- |
1.50 |
2.07 |
1.75 |
1.83 |
|
Current Ratio |
2.49 |
2.29 |
3.08 |
2.67 |
2.36 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
- |
55 |
53 |
43 |
27 |
|
Debtors Ratio |
- |
77 |
64 |
64 |
76 |
|
Creditors Ratio |
- |
14 |
11 |
23 |
15 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
- |
0 |
0 |
0 |
0 |
|
Liabilities
Ratio |
0.23 |
0.29 |
0.22 |
0.30 |
0.39 |
|
Times Interest
Earned Ratio |
- |
0 |
0 |
0 |
0 |
|
Assets Backing
Ratio |
96.49 |
91.86 |
95.35 |
91.50 |
85.86 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit
Margin |
3.53 |
0.35 |
8.33 |
15.07 |
10.46 |
|
Net Profit
Margin |
3.33 |
0.05 |
10.14 |
10.73 |
8.47 |
|
Return On Net
Assets |
5.08 |
0.54 |
12.91 |
32.46 |
20.86 |
|
Return On
Capital Employed |
5.08 |
0.54 |
12.91 |
32.46 |
20.86 |
|
Return On Shareholders'
Funds/Equity |
4.79 |
0.07 |
15.70 |
23.61 |
18.35 |
|
Dividend Pay
Out Ratio (Times) |
- |
54.42 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
- |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.67 |
|
|
1 |
Rs.101.02 |
|
Euro |
1 |
Rs.71.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
ANK |
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.