|
Report No. : |
349013 |
|
Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
THONG GUAN PLASTIC & PAPER INDUSTRIES SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 16-1 (Penthouse Upper), Wisma Penang
Garden, 42a Jalan Sultan Ahmad Shah, 10050 Pulau Pinang, Pulau Pinang |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
07.08.1981 |
|
|
|
|
Com. Reg. No.: |
73976-V |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Manufacturing Of Plastic And Paper
Products. |
|
|
|
|
No. of Employee : |
600 [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 : |
Slow but correct |
|
|
|
|
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 |
EXECUTIVE
SUMMARY
|
|
REGISTRATION
NO. |
: |
73976-V |
||||
|
COMPANY NAME |
: |
THONG GUAN PLASTIC & PAPER INDUSTRIES SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
07/08/1981 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED
(LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
SUITE 16-1
(PENTHOUSE UPPER), WISMA PENANG GARDEN, 42A JALAN SULTAN AHMAD SHAH, 10050
PULAU PINANG, PULAU PINANG, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
LOT 52, JALAN PKNK
1/6, KAWASAN PERUSAHAAN SUNGAI PETANI, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
||||
|
TEL.NO. |
: |
04-4417888 |
||||
|
FAX.NO. |
: |
04-4419888 |
||||
|
WEB SITE |
: |
WWW.THONGGUAN.COM |
||||
|
CONTACT PERSON |
: |
ANG POON SEONG
( EXECUTIVE DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
22201 |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
OF PLASTIC AND PAPER PRODUCTS |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
5,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID
UP CAPITAL |
: |
MYR 2,496,350.00
DIVIDED INTO |
||||
|
SALES |
: |
MYR 593,877,686
[2014] |
||||
|
NET WORTH |
: |
MYR 120,972,197
[2014] |
||||
|
M1000 OVERALL
RANKING |
: |
732[2009] |
||||
|
M1000 INDUSTRY
RANKING |
: |
13[2009] |
||||
|
STAFF STRENGTH |
: |
600 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
N/A |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
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 plastic and paper
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 |
732 |
694 |
|
|
INDUSTRY
RANKING |
13 |
11 |
|
The immediate
holding company of the Subject is THONG GUAN INDUSTRIES BERHAD, a company
incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
26/06/2014 |
MYR
5,000,000.00 |
MYR
2,496,350.00 |
|
25/06/1995 |
MYR
5,000,000.00 |
MYR
2,446,350.00 |
|
04/01/1994 |
MYR
2,000,000.00 |
MYR
1,530,900.00 |
|
15/10/1992 |
MYR
2,000,000.00 |
MYR
1,093,500.00 |
|
26/01/1991 |
MYR
2,000,000.00 |
MYR 729,000.00 |
|
22/07/1989 |
MYR 0.00 |
MYR 607,500.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
THONG GUAN
INDUSTRIES BERHAD |
SUITE 16-1, (PENTHOUSE
UPPER), MENARA PENANG GARDEN, 42A, JALAN SULTAN AHMAD SHAH, 10050 PULAU
PINANG, PULAU PINANG, MALAYSIA. |
324203K |
2,496,350.00 |
100.00 |
|
--------------- |
------ |
|||
|
2,496,350.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MS. TEH BOON
YEN |
|
Address |
: |
NO. 1,
PERSIARAN BLM 5,, BANDAR LAGUNA MERBOK, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
|
IC / PP No |
: |
4913624 |
|
New IC No |
: |
551205-02-5182 |
|
Date of Birth |
: |
05/12/1955 |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
02/05/2014 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. ANG TOON
CHENG @ ANG TOONG SOOI,AMK,JP |
|
Address |
: |
9 LORONG 6,
TAMAN PETANI JAYA, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
|
IC / PP No |
: |
0109127 |
|
New IC No |
: |
270121-07-5085 |
|
Date of Birth |
: |
21/01/1927 |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
15/05/1982 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. ANG POON
SHEN |
|
Address |
: |
NO. 48, JALAN
LAGENDA 18,, LAGENDA HEIGHT, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
|
IC / PP No |
: |
7238656 |
|
New IC No |
: |
631117-02-5369 |
|
Date of Birth |
: |
17/11/1963 |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
19/10/2005 |
DIRECTOR 4
|
Name Of Subject |
: |
MR. ANG POON
SEONG |
|
Address |
: |
LOT 635, HOUSE 59,
TAMAN BDC PHASE 1, MILE 5 1/2, JALAN TUARAN, LIKAS, 88880 KOTA KINABALU,
SABAH, MALAYSIA. |
|
IC / PP No |
: |
4970482 |
|
New IC No |
: |
560223-07-5583 |
|
Date of Birth |
: |
23/02/1956 |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
15/05/1982 |
DIRECTOR 5
|
Name Of Subject |
: |
MR. ANG POON
CHUAN |
|
Address |
: |
223, JALAN
PERSIARAN CINTA SAYANG, KELAB CINTA SAYANG, 08000 SUNGAI PETANI, KEDAH,
MALAYSIA. |
|
IC / PP No |
: |
1918181 |
|
New IC No |
: |
440728-02-5307 |
|
Date of Birth |
: |
28/07/1944 |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
07/08/1981 |
DIRECTOR 6
|
Name Of Subject |
: |
DATO' ANG POON
KHIM |
|
Address |
: |
427, PERSIARAN CINTA
SAYANG, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
|
IC / PP No |
: |
4653247 |
|
New IC No |
: |
540709-07-5075 |
|
Date of Birth |
: |
09/07/1954 |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
15/05/1982 |
DIRECTOR 7
|
Name Of Subject |
: |
MS. ANG ENG
CHOO |
|
Address |
: |
367, LORONG
INTAN D/3,, TAMAN INTAN,, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
|
IC / PP No |
: |
3947965 |
|
New IC No |
: |
510816-02-5228 |
|
Date of Birth |
: |
16/08/1951 |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
15/05/1982 |
|
1) |
Name of Subject |
: |
ANG POON CHUAN |
|
Position |
: |
MANAGING
DIRECTOR |
|
|
2) |
Name of Subject |
: |
ANG POON SEONG |
|
Position |
: |
EXECUTIVE
DIRECTOR |
|
|
3) |
Name of Subject |
: |
ANG POON KHIM |
|
Position |
: |
OPERATIONS
DIRECTOR |
|
|
Auditor |
: |
KPMG |
|
Auditor'
Address |
: |
LEVEL 10, KPMG TOWER,,
8 FIRST AVENUE, BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR, MALAYSIA. |
|
1) |
Company
Secretary |
: |
MS. ONG TZE-EN |
|
IC / PP No |
: |
A2054637 |
|
|
New IC No |
: |
720313-07-5210 |
|
|
Address |
: |
VILLA BATU
BUKIT, 7-2-1, JALAN BATU BUKIT, 10470 PULAU PINANG, PULAU PINANG, MALAYSIA. |
|
|
2) |
Company
Secretary |
: |
MS. LAU YOKE
LENG |
|
IC / PP No |
: |
A1253306 |
|
|
New IC No |
: |
690410-07-5082 |
|
|
Address |
: |
109-13A-05,
GAMBIER HEIGHT APARTMENT, PERSIARAN BUKIT GAMBIR, 11700 GELUGOR, PULAU
PINANG, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
EON BANK BHD |
|
2) |
Name |
: |
MALAYAN BANKING
BHD |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
18/02/1992 |
N/A |
HONGKONG BANK
MALAYSIA BERHAD |
MYR 632,000.00 |
Satisfied |
|
2 |
29/05/1994 |
N/A |
HONGKONG BANK
MALAYSIA BERHAD |
MYR 494,000.00 |
Satisfied |
|
3 |
18/04/1995 |
N/A |
HONGKONG BANK
MALAYSIA BERHAD |
MYR
5,440,000.00 |
Satisfied |
|
4 |
18/04/1995 |
N/A |
HONGKONG BANK
MALAYSIA BERHAD |
MYR
5,440,000.00 |
Satisfied |
|
5 |
26/02/1997 |
N/A |
HONGKONG BANK
MALAYSIA BERHAD |
MYR
6,220,000.00 |
Satisfied |
|
6 |
19/02/2000 |
NEGATIVE PLEDGE |
MALAYAN BANKING
BERHAD |
MYR
13,500,000.00 |
Unsatisfied |
|
7 |
04/04/2003 |
NEGATIVE PLEDGE |
EON BANK BERHAD |
MYR
3,300,000.00 |
Unsatisfied |
|
8 |
25/03/2010 |
ONE LAND CHARGE
UNDER FORM 16-A |
MALAYAN BANKING
BERHAD |
MYR
4,650,000.00 |
Unsatisfied |
|
9 |
05/05/2014 |
RECEIVABLES
FINANCING AGREEMENT |
HSBC BANK
MALAYSIA BERHAD |
- |
Unsatisfied |
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 |
: |
ASIA,EUROPE |
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of
Customer |
: |
PRINTING
INDUSTRIES,STATIONERY SHOP |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
||
|
Award |
: |
1 ) MS ISO 9001
: 2000 Year :2002 |
||
|
Competitor(s) |
: |
GREEN POINT
PRECISION (M) SDN BHD |
||
|
Member(s) /
Affiliate(s) |
: |
FEDERATION OF
MALAYSIAN MANUFACTURERS (FMM) MALAYSIAN
PLASTICS MANUFACTURERS ASSOCIATION (MPMA) SMI ASSOCIATION
OF MALAYSIA MALAYSIA
EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) SMALL &
MEDIUM ENTERPRISE |
||
|
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 |
600 |
600 |
600 |
600 |
520 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
plastic and paper products.
The Subject's core business is manufacturing plastic products under 3 main
categories as follows:
1) Plastic films
2) Plastic bags
3) Plastic sheets
The plastic bags are manufactured in various sizes, thickness and length.
The plastic bags are used as packaging materials especially for electrical and
electronic industries.
The Subject utilizes advanced automated and semi-automated machineries to
ensure production of high quality products.
CURRENT INVESTIGATION
|
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
044417888 |
|
Current
Telephone Number |
: |
04-4417888 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
LOT 52, JALAN PKNK
1/6, KAWASAN PERUSAHAAN SUNGAI PETANI,08000,SUNGAI PETANI,KEDAH. |
|
Current Address |
: |
LOT 52, JALAN
PKNK 1/6, KAWASAN PERUSAHAAN SUNGAI PETANI, 08000 SUNGAI PETANI, KEDAH,
MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other Investigations
On 6th November 2015 we contacted one of the staff from the Subject and he
provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before
Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on
Shareholder Funds |
: |
Unfavourable |
[ |
4.97% |
] |
|
|
Return on Net
Assets |
: |
Unfavourable |
[ |
2.27% |
] |
|
|
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's profit fell sharply
because of the high operating costs incurred. The unfavourable return on
shareholders' funds could indicate that the Subject was inefficient in
utilising its assets to generate returns. |
||||||
|
Liquidity |
||||||
|
Current Ratio |
: |
Unfavourable |
[ |
0.00 Times |
] |
|
|
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. |
||||||
|
Solvency |
||||||
|
Liability Ratio |
: |
Unfavourable |
[ |
1.20 Times |
] |
|
|
The Subject has
high liabilities ratio and it may face financial difficulties if no
additional capital is injected. |
||||||
|
Overall Assessment : |
||||||
|
Although the
Subject's turnover had increased, its profits had declined over the same
corresponding period. This could be due to the stiffer market competition and
/ or higher operating costs which lowered the Subject's profit margin. 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. The Subject's liabilities 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 |
||||||
MALAYSIA ECONOMIC / INDUSTRY OUTLOOK
|
|
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 |
|
|
22201 :
Manufacture of semi-manufactures of plastic 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
|
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
THONG GUAN PLASTIC & PAPER INDUSTRIES SDN. BHD. |
|
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 |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
593,877,686 |
532,693,207 |
429,534,217 |
356,646,476 |
335,781,339 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
593,877,686 |
532,693,207 |
429,534,217 |
356,646,476 |
335,781,339 |
|
Costs of Goods
Sold |
- |
(497,141,198) |
(416,089,225) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
- |
35,552,009 |
13,444,992 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
6,062,282 |
22,454,070 |
4,619,213 |
7,148,205 |
12,692,518 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
6,062,282 |
22,454,070 |
4,619,213 |
7,148,205 |
12,692,518 |
|
Taxation |
(54,631) |
(1,059,051) |
(1,285,040) |
215,679 |
(1,858,240) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
6,007,651 |
21,395,019 |
3,334,173 |
7,363,884 |
10,834,278 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously
reported |
109,841,332 |
88,446,313 |
84,546,010 |
77,182,126 |
67,847,848 |
|
Prior year
adjustment |
- |
- |
566,130 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
109,841,332 |
88,446,313 |
85,112,140 |
77,182,126 |
67,847,848 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE
FOR APPROPRIATIONS |
115,848,983 |
109,841,332 |
88,446,313 |
84,546,010 |
78,682,126 |
|
DIVIDENDS -
Ordinary (paid & proposed) |
- |
- |
- |
- |
(1,500,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
115,848,983 |
109,841,332 |
88,446,313 |
84,546,010 |
77,182,126 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
- |
9,306 |
8,417 |
- |
- |
|
Bankers'
acceptance |
- |
28,457 |
4,486 |
- |
- |
|
Lease interest |
- |
8,116 |
185 |
- |
- |
|
Term loan /
Borrowing |
- |
154,274 |
184,526 |
- |
- |
|
Others |
- |
194,502 |
276,246 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
394,655 |
473,860 |
- |
- |
|
|
- |
============= |
============= |
- |
- |
|
BALANCE SHEET
|
|
THONG GUAN PLASTIC & PAPER INDUSTRIES SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
48,787,793 |
52,497,912 |
57,982,942 |
63,724,474 |
56,347,191 |
|
Others |
- |
2,796,889 |
2,895,025 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS |
2,698,753 |
2,796,889 |
2,895,025 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
ASSETS |
51,486,546 |
55,294,801 |
60,877,967 |
63,724,474 |
56,347,191 |
|
Short term
quoted/unquoted investments |
- |
65,662,213 |
55,170,918 |
- |
- |
|
Trade debtors |
- |
47,092,784 |
16,110,717 |
- |
- |
|
Other debtors,
deposits & prepayments |
- |
461,909 |
536,447 |
- |
- |
|
Short term loan
to financial institutions |
- |
5,384,250 |
3,400,000 |
- |
- |
|
Amount due from
related companies |
- |
41,236,791 |
36,752,530 |
- |
- |
|
Amount due from
director |
- |
- |
5,011 |
- |
- |
|
Cash & bank
balances |
- |
14,026,130 |
11,216,251 |
- |
- |
|
Others |
- |
3,368,509 |
3,963,788 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
215,015,682 |
177,232,586 |
127,155,662 |
123,227,655 |
109,384,818 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
266,502,228 |
232,527,387 |
188,033,629 |
186,952,129 |
165,732,009 |
|
============= |
============= |
============= |
============= |
============= |
|
|
Other creditors
& accruals |
- |
4,379,649 |
3,451,219 |
- |
- |
|
Bank overdraft |
- |
2,321,018 |
2,130,239 |
- |
- |
|
Short term
borrowings/Term loans |
- |
2,601,723 |
2,449,715 |
- |
- |
|
Amounts owing
to holding company |
- |
54 |
24 |
- |
- |
|
Amounts owing
to related companies |
- |
68,297,742 |
52,003,013 |
- |
- |
|
Lease payables |
- |
97,900 |
- |
- |
- |
|
Other
liabilities |
- |
32,539,378 |
23,918,768 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
LIABILITIES |
- |
110,237,464 |
83,952,978 |
87,554,132 |
71,963,943 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
215,015,682 |
66,995,122 |
43,202,684 |
35,673,523 |
37,420,875 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET
ASSETS |
266,502,228 |
122,289,923 |
104,080,651 |
99,397,997 |
93,768,066 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share
capital |
2,496,350 |
2,496,350 |
2,496,350 |
2,496,350 |
2,496,350 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE
CAPITAL |
2,496,350 |
2,496,350 |
2,496,350 |
2,496,350 |
2,496,350 |
|
Capital reserve |
- |
2,626,864 |
2,626,864 |
- |
- |
|
Retained
profit/(loss) carried forward |
115,848,983 |
109,841,332 |
88,446,313 |
84,546,010 |
77,182,126 |
|
Others |
2,626,864 |
- |
- |
12,355,637 |
3,192,994 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
118,475,847 |
112,468,196 |
91,073,177 |
96,901,647 |
80,375,120 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
120,972,197 |
114,964,546 |
93,569,527 |
99,397,997 |
82,871,470 |
|
Long term loans |
- |
859,049 |
3,488,124 |
- |
- |
|
Lease
obligations |
- |
147,328 |
- |
- |
- |
|
Deferred
taxation |
- |
6,319,000 |
7,023,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
LIABILITIES |
145,530,031 |
7,325,377 |
10,511,124 |
- |
10,896,596 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
266,502,228 |
122,289,923 |
104,080,651 |
99,397,997 |
93,768,066 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL RATIO
|
|
THONG GUAN PLASTIC & PAPER INDUSTRIES SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
- |
14,026,130 |
11,216,251 |
- |
- |
|
Net Liquid
Funds |
- |
11,705,112 |
9,086,012 |
- |
- |
|
Net Liquid
Assets |
215,015,682 |
66,995,122 |
43,202,684 |
35,673,523 |
37,420,875 |
|
Net Current
Assets/(Liabilities) |
215,015,682 |
66,995,122 |
43,202,684 |
35,673,523 |
37,420,875 |
|
Net Tangible
Assets |
266,502,228 |
122,289,923 |
104,080,651 |
99,397,997 |
93,768,066 |
|
Net Monetary
Assets |
69,485,651 |
59,669,745 |
32,691,560 |
35,673,523 |
26,524,279 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before
Interest & Tax (EBIT) |
- |
22,848,725 |
5,093,073 |
- |
- |
|
Earnings Before
Interest, Taxes, Depreciation And Amortization (EBITDA) |
- |
22,848,725 |
5,093,073 |
- |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total
Borrowings |
- |
5,929,118 |
8,068,078 |
- |
- |
|
Total
Liabilities |
145,530,031 |
117,562,841 |
94,464,102 |
87,554,132 |
82,860,539 |
|
Total Assets |
266,502,228 |
232,527,387 |
188,033,629 |
186,952,129 |
165,732,009 |
|
Net Assets |
266,502,228 |
122,289,923 |
104,080,651 |
99,397,997 |
93,768,066 |
|
Net Assets
Backing |
120,972,197 |
114,964,546 |
93,569,527 |
99,397,997 |
82,871,470 |
|
Shareholders'
Funds |
120,972,197 |
114,964,546 |
93,569,527 |
99,397,997 |
82,871,470 |
|
Total Share
Capital |
2,496,350 |
2,496,350 |
2,496,350 |
2,496,350 |
2,496,350 |
|
Total Reserves |
118,475,847 |
112,468,196 |
91,073,177 |
96,901,647 |
80,375,120 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
- |
0.13 |
0.13 |
- |
- |
|
Liquid Ratio |
- |
1.61 |
1.51 |
- |
- |
|
Current Ratio |
- |
1.61 |
1.51 |
1.41 |
1.52 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
- |
0 |
0 |
- |
- |
|
Debtors Ratio |
- |
32 |
14 |
- |
- |
|
Creditors Ratio |
- |
0 |
0 |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
- |
0.05 |
0.09 |
- |
- |
|
Liabilities
Ratio |
1.20 |
1.02 |
1.01 |
0.88 |
1.00 |
|
Times Interest
Earned Ratio |
- |
57.90 |
10.75 |
- |
- |
|
Assets Backing
Ratio |
106.76 |
48.99 |
41.69 |
39.82 |
37.56 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating
Profit Margin |
1.02 |
4.22 |
1.08 |
2.00 |
3.78 |
|
Net Profit
Margin |
1.01 |
4.02 |
0.78 |
2.06 |
3.23 |
|
Return On Net
Assets |
2.27 |
18.68 |
4.89 |
7.19 |
13.54 |
|
Return On
Capital Employed |
2.27 |
18.34 |
4.80 |
7.19 |
13.54 |
|
Return On
Shareholders' Funds/Equity |
4.97 |
18.61 |
3.56 |
7.41 |
13.07 |
|
Dividend Pay
Out Ratio (Times) |
- |
0 |
0 |
- |
0.14 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
- |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.35 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.71.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.