|
Report No. : |
349325 |
|
Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
LUVATA MALAYSIA SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 335A, Johor Tower, Jalan Gereja, 3rd Floor, 80100 Johor Bahru, Johor, |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
16.01.1997 |
|
|
|
|
Com. Reg. No.: |
417125-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing of copper products. |
|
|
|
|
No. of Employees : |
300 |
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. |
: |
417125-K |
||||
|
COMPANY NAME |
: |
LUVATA MALAYSIA SDN. BHD. |
||||
|
FORMER NAME |
: |
OUTOKUMPU COPPER PRODUCTS (MALAYSIA) SDN BHD (27/06/2006) |
||||
|
INCORPORATION DATE |
: |
16/01/1997 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
SUITE 335A, JOHOR TOWER, JALAN GEREJA, 3RD FLOOR, 80100 JOHOR
BAHRU, JOHOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
PLO 573, JALAN KELULI 10, KAWASAN PERINDUSTRIAN PASIR GUDANG, 81700
PASIR GUDANG, JOHOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
07-2526688 |
||||
|
FAX.NO. |
: |
07-2521336 |
||||
|
WEB SITE |
: |
WWW.LUVATA.COM |
||||
|
CONTACT PERSON |
: |
BERNDT MICHAEL NORDGREN ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
24 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF COPPER PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 120,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 120,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 720,964,988 [2014] |
||||
|
NET WORTH |
: |
MYR 199,750,091 [2014] |
||||
|
M1000 OVERALL RANKING |
: |
648[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
9[2011] |
||||
|
STAFF STRENGTH |
: |
300 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
SLOW BUT CORRECT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
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 copper 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 |
||
|
OVERALL RANKING |
648 |
||
|
INDUSTRY RANKING |
9 |
||
The immediate holding company of the Subject is LUVATA ESPOO OY, a
company incorporated in FINLAND.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
19/05/2015 |
MYR 120,000,000.00 |
MYR 120,000,000.00 |
|
25/05/1998 |
MYR 120,000,000.00 |
MYR 78,000,000.00 |
|
09/02/1998 |
MYR 120,000,000.00 |
MYR 24,000,000.00 |
|
16/01/1997 |
MYR 100,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
LUVATA ESPOO OY |
TUULIKUJA 2, FIN-02100, ESPOO, FINLAND. |
412.948 |
120,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
120,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc No |
Shareholding |
Last Updated |
|
OUTOKUMPER COPPER PRODUCTS OY |
N/A |
XLZ000000005 |
120,000,000.00 |
15/07/2007 |
|
OUTOKUMPU COPPER PRODUCTS OY |
N/A |
XLZ00210709 |
120,000,000.00 |
14/05/2012 |
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
213175H |
MALAYSIA |
AUSTIN HILLS COUNTRY RESORT BERHAD |
Disolved |
2.00 |
26/11/2014 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. EAPEN ABRAHAM A/L K E ABRAHAM |
|
Address |
: |
10, JALAN LEMBAH 8, BANDAR SERI ALAM, 81750 MASAI, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
4793147 |
|
New IC No |
: |
550404-01-5919 |
|
Date of Birth |
: |
04/04/1955 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
19/10/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
MS. LAU SIEW DEE |
|
Address |
: |
9, JALAN JELITA 5, TAMAN PELANGI INDAH, 81800 ULU TIRAM, JOHOR,
MALAYSIA. |
|
IC / PP No |
: |
A0604714 |
|
New IC No |
: |
670313-01-5856 |
|
Date of Birth |
: |
13/03/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
19/10/2011 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. BERNDT MICHAEL NORDGREN |
|
Address |
: |
B8-W2, BLOCK B, KONDOMINIUM STRAITS VIEW, JALAN PERMAS SELATAN, TAMAN
PERMAS JAYA, 81750 MASAI, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
PX4214216 |
|
Nationality |
: |
FINN |
|
Date of Appointment |
: |
19/10/2011 |
DIRECTOR 4
|
Name Of Subject |
: |
DATUK ABDUL RAMAN BIN HAJI SAAD |
|
Address |
: |
42, JALAN JINGGA 4, TAMAN PELANGI, 80400 JOHOR BAHRU, JOHOR,
MALAYSIA. |
|
IC / PP No |
: |
5635178 |
|
New IC No |
: |
490402-04-5557 |
|
Date of Birth |
: |
02/04/1949 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
10/12/1997 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
BERNDT MICHAEL NORDGREN |
|
Position |
: |
MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
SIA HENG HUAT |
|
Position |
: |
MARKETING MANAGER |
|
|
3) |
Name of Subject |
: |
GERALDINE LAU |
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
|
4) |
Name of Subject |
: |
MOHAMED ARIFF |
|
Position |
: |
PRODUCTION MANAGER |
|
|
|
|
|
|
|
|
|
|
|
AUDITOR
|
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
MENARA ANSAR, 65, JALAN TRUS, LEVEL 14, 80000 JOHOR BAHRU,
JOHOR, MALAYSIA. |
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. CHONG SIOW PEI |
|
New IC No |
: |
790921-01-6322 |
|
|
Address |
: |
3, JALAN BALDU, TAMAN SENTOSA, 80150 JOHOR BAHRU, JOHOR,
MALAYSIA. |
|
|
|
BANKING
|
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 |
Percentage |
: |
40% |
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Import Countries |
: |
ASIA |
|||
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 |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
60% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Export Market |
: |
AUSTRALIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
AUTOMOTIVE INDUSTRIES,ELECTRICAL & ELECTRONIC
INDUSTRIES,TELECOMUNICATION INDUSTRY |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
||
|
Product Brand Name |
: |
|
||
|
Award |
: |
1 ) MS ISO 9001 : 2000 Year :2003 |
||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMI ASSOCIATION OF MALAYSIA THE ELECTRICAL AND ELECTRONICS ASSOCIATION OF MALAYSIA (TEEAM) MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) MALAYSIAN INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI) |
||
|
Production Capacity |
: |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
300 |
300 |
300 |
270 |
270 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
copper products.
The Subject is one of the copper product manufacturer for various industrial
applications.
The Subject produces a wide range of products including anodes, brass rod,
profiles, rods & bars, sheets & plates, strips, tubes, welding
products, wire and related products.
The Subject produces its copper products according to its customers'
requirements.
The Subject's products are mainly used in various applications such as
electrical and electronic conductivity, switch gears, electrical appliances,
bus duct and etc.
The Subject is specializes in custom designed plants for surface treatment of
wire and strip as well as treatment of industrial waste water.
The Subject provides its customers with service, maintenance and upgrading of
both surface treatment and waste water treatment plants.
The Subject's production machinery are semi-automated.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
072526688 |
|
Current Telephone Number |
: |
07-2526688 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
PLO 573, JALAN KELULI 10, KAWASAN PERINDUSTRIAN PASIR
GUDANG,81700,PASIR GUDANG,JOHOR, MALAYSIA. |
|
Current Address |
: |
PLO 573, JALAN KELULI 10, KAWASAN PERINDUSTRIAN PASIR GUDANG,
81700 PASIR GUDANG, JOHOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
1.66% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
2.35% |
] |
|
|
The fluctuating turnover reflects the fierce competition among
the existing and new market players.The higher profit could be attributed to the
increase in turnover. The unfavourable return on shareholders' funds could
indicate that the Subject was inefficient in utilising its assets to generate
returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
47 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
56 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
34 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The Subject's management was
quite efficient in handling its debtors. The Subject's debtors days were at
an acceptable range, thus the risk of its debts turning bad was minimised.
The Subject had a favourable creditors' ratio where the Subject could be
taking advantage of the cash discounts and also wanting to maintain goodwill
with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.24 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.11 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject
in order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they fall
due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Acceptable |
[ |
3.29 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.16 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no
sharp fall in its profit or sudden increase in the interest rates, we believe
the Subject is able to generate sufficient income to service its interest and
repay the loans. The Subject was lowly geared thus it had a low financial
risk. The Subject was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the
Subject being a lowly geared company, will be able to compete better than
those companies which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the turnover was erratic, the Subject had maintained a
steady growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. The Subject had an acceptable interest cover. If
there is no sudden sharp increase in interest rate or fall in the Subject's
profit, we do believe the Subject is able to generate sufficient cash flow to
service its interest payment. The Subject as a lowly geared company, will be
more secured compared to those highly geared companies. It has the ability to
meet all its long term obligations. |
||||||
|
Overall financial condition of the Subject : LIMITED |
||||||
|
|
||||||
|
|
||||||
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 |
|
|
24 : MANUFACTURE OF BASIC METALS |
|
|
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) |
|
LUVATA MALAYSIA 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 |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
720,964,988 |
755,444,300 |
736,360,230 |
952,254,451 |
816,247,283 |
|
Other Income |
2,224,595 |
868,938 |
2,285,786 |
2,165,223 |
6,194,683 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
723,189,583 |
756,313,238 |
738,646,016 |
954,419,674 |
822,441,966 |
|
Costs of Goods Sold |
(696,987,690) |
(733,659,717) |
(703,276,929) |
(912,654,674) |
(775,144,731) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
26,201,893 |
22,653,521 |
35,369,087 |
41,765,000 |
47,297,235 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
3,268,293 |
156,072 |
13,883,659 |
15,818,018 |
23,256,081 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
3,268,293 |
156,072 |
13,883,659 |
15,818,018 |
23,256,081 |
|
Taxation |
40,968 |
(1,536,790) |
(1,094,890) |
(3,014,447) |
(647,292) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
3,309,261 |
(1,380,718) |
12,788,769 |
12,803,571 |
22,608,789 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
76,440,830 |
77,821,548 |
65,032,779 |
52,229,208 |
29,620,419 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
76,440,830 |
77,821,548 |
65,032,779 |
52,229,208 |
29,620,419 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
79,750,091 |
76,440,830 |
77,821,548 |
65,032,779 |
52,229,208 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
79,750,091 |
76,440,830 |
77,821,548 |
65,032,779 |
52,229,208 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
1,429,400 |
1,683,202 |
2,196,762 |
5,078,186 |
3,267,987 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,429,400 |
1,683,202 |
2,196,762 |
5,078,186 |
3,267,987 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
10,222,694 |
9,563,187 |
9,209,468 |
7,932,363 |
7,034,134 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
10,222,694 |
9,563,187 |
9,209,468 |
7,932,363 |
7,034,134 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
LUVATA MALAYSIA SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
82,097,553 |
88,799,163 |
93,950,746 |
107,271,587 |
92,031,745 |
|
Deferred assets |
- |
- |
1,117,000 |
2,209,000 |
5,267,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
- |
- |
1,117,000 |
2,209,000 |
5,267,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
82,097,553 |
88,799,163 |
95,067,746 |
109,480,587 |
97,298,745 |
|
Stocks |
92,029,334 |
64,780,642 |
103,856,242 |
69,284,298 |
30,476,211 |
|
Trade debtors |
111,023,776 |
97,966,704 |
101,722,911 |
137,044,573 |
114,317,067 |
|
Other debtors, deposits & prepayments |
1,390,455 |
864,999 |
1,387,411 |
1,091,412 |
811,655 |
|
Amount due from related companies |
287,080 |
733,615 |
852,439 |
805,527 |
651,686 |
|
Cash & bank balances |
20,026,147 |
92,867,390 |
38,466,307 |
24,300,933 |
13,762,800 |
|
Others |
120,166 |
108,435 |
133,027 |
119,802 |
69,024 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
224,876,958 |
257,321,785 |
246,418,337 |
232,646,545 |
160,088,443 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
306,974,511 |
346,120,948 |
341,486,083 |
342,127,132 |
257,387,188 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
65,669,432 |
139,945,862 |
109,996,467 |
57,698,663 |
27,691,827 |
|
Other creditors & accruals |
8,665,117 |
7,574,247 |
7,601,509 |
15,986,318 |
5,521,244 |
|
Short term borrowings/Term loans |
- |
- |
13,761,000 |
15,230,400 |
- |
|
Other borrowings |
31,463,710 |
- |
- |
- |
- |
|
Amounts owing to holding company |
541,043 |
1,223,738 |
12,021,404 |
67,699,686 |
37,721,699 |
|
Amounts owing to related companies |
460,118 |
437,271 |
284,155 |
479,286 |
432,065 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
106,799,420 |
149,181,118 |
143,664,535 |
157,094,353 |
71,366,835 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
118,077,538 |
108,140,667 |
102,753,802 |
75,552,192 |
88,721,608 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
200,175,091 |
196,939,830 |
197,821,548 |
185,032,779 |
186,020,353 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
120,000,000 |
120,000,000 |
120,000,000 |
120,000,000 |
120,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
120,000,000 |
120,000,000 |
120,000,000 |
120,000,000 |
120,000,000 |
|
Retained profit/(loss) carried forward |
79,750,091 |
76,440,830 |
77,821,548 |
65,032,779 |
52,229,208 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
79,750,091 |
76,440,830 |
77,821,548 |
65,032,779 |
52,229,208 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
199,750,091 |
196,440,830 |
197,821,548 |
185,032,779 |
172,229,208 |
|
Deferred taxation |
425,000 |
499,000 |
- |
- |
- |
|
Others |
- |
- |
- |
- |
13,791,145 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
425,000 |
499,000 |
- |
- |
13,791,145 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
200,175,091 |
196,939,830 |
197,821,548 |
185,032,779 |
186,020,353 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
LUVATA MALAYSIA SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
20,026,147 |
92,867,390 |
38,466,307 |
24,300,933 |
13,762,800 |
|
Net Liquid Funds |
20,026,147 |
92,867,390 |
38,466,307 |
24,300,933 |
13,762,800 |
|
Net Liquid Assets |
26,048,204 |
43,360,025 |
(1,102,440) |
6,267,894 |
58,245,397 |
|
Net Current Assets/(Liabilities) |
118,077,538 |
108,140,667 |
102,753,802 |
75,552,192 |
88,721,608 |
|
Net Tangible Assets |
200,175,091 |
196,939,830 |
197,821,548 |
185,032,779 |
186,020,353 |
|
Net Monetary Assets |
25,623,204 |
42,861,025 |
(1,102,440) |
6,267,894 |
44,454,252 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
4,697,693 |
1,839,274 |
16,080,421 |
20,896,204 |
26,524,068 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
14,920,387 |
11,402,461 |
25,289,889 |
28,828,567 |
33,558,202 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
31,463,710 |
0 |
13,761,000 |
15,230,400 |
0 |
|
Total Liabilities |
107,224,420 |
149,680,118 |
143,664,535 |
157,094,353 |
85,157,980 |
|
Total Assets |
306,974,511 |
346,120,948 |
341,486,083 |
342,127,132 |
257,387,188 |
|
Net Assets |
200,175,091 |
196,939,830 |
197,821,548 |
185,032,779 |
186,020,353 |
|
Net Assets Backing |
199,750,091 |
196,440,830 |
197,821,548 |
185,032,779 |
172,229,208 |
|
Shareholders' Funds |
199,750,091 |
196,440,830 |
197,821,548 |
185,032,779 |
172,229,208 |
|
Total Share Capital |
120,000,000 |
120,000,000 |
120,000,000 |
120,000,000 |
120,000,000 |
|
Total Reserves |
79,750,091 |
76,440,830 |
77,821,548 |
65,032,779 |
52,229,208 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.19 |
0.62 |
0.27 |
0.15 |
0.19 |
|
Liquid Ratio |
1.24 |
1.29 |
0.99 |
1.04 |
1.82 |
|
Current Ratio |
2.11 |
1.72 |
1.72 |
1.48 |
2.24 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
47 |
31 |
51 |
27 |
14 |
|
Debtors Ratio |
56 |
47 |
50 |
53 |
51 |
|
Creditors Ratio |
34 |
70 |
57 |
23 |
13 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.16 |
0 |
0.07 |
0.08 |
0 |
|
Liabilities Ratio |
0.54 |
0.76 |
0.73 |
0.85 |
0.49 |
|
Times Interest Earned Ratio |
3.29 |
1.09 |
7.32 |
4.11 |
8.12 |
|
Assets Backing Ratio |
1.67 |
1.64 |
1.65 |
1.54 |
1.55 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.45 |
0.02 |
1.89 |
1.66 |
2.85 |
|
Net Profit Margin |
0.46 |
(0.18) |
1.74 |
1.34 |
2.77 |
|
Return On Net Assets |
2.35 |
0.93 |
8.13 |
11.29 |
14.26 |
|
Return On Capital Employed |
2.35 |
0.93 |
8.13 |
11.29 |
14.26 |
|
Return On Shareholders' Funds/Equity |
1.66 |
(0.70) |
6.46 |
6.92 |
13.13 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.98 |
|
UK Pound |
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
TRU |
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.