|
Report No. : |
350286 |
|
Report Date : |
20.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
AMAZON BATTERY SDN. BHD. |
|
|
|
|
Registered Office : |
10-1b, Jalan Pandan 2/1, Pandan Jaya, 55100
Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.01.2012 |
|
|
|
|
Com. Reg. No.: |
975998-P |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of automotive batteries. |
|
|
|
|
No. of Employee : |
15 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 |
|
REGISTRATION NO. |
: |
975998-P |
||||
|
COMPANY NAME |
: |
AMAZON BATTERY SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
20/01/2012 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
10-1B, JALAN
PANDAN 2/1, PANDAN JAYA, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
4 & 5,
JALAN RAKAN 12/1, TAMAN RAKAN, 43000 KAJANG, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-87379578 |
||||
|
FAX.NO. |
: |
03-92854249 |
||||
|
CONTACT PERSON |
: |
WONG KOK CHEW (
DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
453 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF
AUTOMOTIVE BATTERIES |
||||
|
AUTHORISED CAPITAL |
: |
MYR 400,000.00
DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 300,000.00
DIVIDED INTO |
||||
|
SALES |
: |
MYR 12,063,146
[2014] |
||||
|
NET WORTH |
: |
MYR 501,522
[2014] |
||||
|
STAFF STRENGTH |
: |
15 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
SLOW BUT
CORRECT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
HIGH |
||||
|
CURRENCY EXPOSURE |
: |
NIL |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL 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) trading of automotive batteries.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
30/06/2015 |
MYR 400,000.00 |
MYR 300,000.00 |
|
18/04/2014 |
MYR 400,000.00 |
MYR 200,000.00 |
|
15/02/2013 |
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 |
(%) |
|
MR. WONG KOK CHEW + |
11-2A, JALAN SUNGAI LONG 11/7, BANDAR SUNGAI
LONG, 43000 KAJANG, SELANGOR, MALAYSIA. |
550120-08-6387 8157146 |
150,000.00 |
50.00 |
|
MR. BO YIK KHOON + |
6, JALAN BSL1/5, BUKIT SUNGAI LONG, 43000
KAJANG, SELANGOR, MALAYSIA. |
700411-10-5497 A1543504 |
150,000.00 |
50.00 |
|
--------------- |
------ |
|||
|
300,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. WONG KOK CHEW |
|
Address |
: |
11-2A, JALAN SUNGAI LONG 11/7, BANDAR
SUNGAI LONG, 43000 KAJANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
8157146 |
|
New IC No |
: |
550120-08-6387 |
|
Date of Birth |
: |
20/01/1955 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
20/01/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. BO YIK KHOON |
|
Address |
: |
6, JALAN BSL1/5, BUKIT SUNGAI LONG, 43000
KAJANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A1543504 |
|
New IC No |
: |
700411-10-5497 |
|
Date of Birth |
: |
11/04/1970 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
20/01/2012 |
|
1) |
Name of Subject |
: |
BO YIK KHOON |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name of Subject |
: |
WONG KOK CHEW |
|
Position |
: |
DIRECTOR |
|
|
3) |
Name of Subject |
: |
INA |
|
Position |
: |
STAFF |
|
|
Auditor |
: |
W.K.LEE & CO. |
|
Auditor' Address |
: |
1 & 1A, ROOM 1, JALAN IPOH KECIL, 2ND
FLOOR, 50350 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. LEE SIEW CHING |
|
New IC No |
: |
780524-02-5226 |
|
|
Address |
: |
11A, LORONG WANGSA 5B, TAMAN WANGSA UKAY,
BUKIT ANTARABANGSA, 68000 AMPANG, SELANGOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
RHB BANK BHD |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
10/10/2014 |
1ST PARTY LEGAL CHARGE |
RHB BANK 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 |
Percentage |
: |
100% |
|
Overseas |
: |
NO |
Percentage |
: |
0% |
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 |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
X |
] |
||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
N/A |
|||
OPERATIONS
|
|
Goods Traded |
: |
AUTOMOTIVE BATTERIES |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
15 |
||||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of automotive
batteries.
The Subject is the company trading with automotive batteries.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
0392857601 |
|
Current Telephone Number |
: |
03-87379578 |
|
Match |
: |
NO |
|
Address Provided by Client |
: |
10-1B, JALAN PANDAN 2/1, PANDAN
JAYA,55100,KUALA LUMPUR,WILAYAH PERSEKUTUAN. |
|
Current Address |
: |
4 & 5, JALAN RAKAN 12/1, TAMAN RAKAN,
43000 KAJANG, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 18th November 2015 we contacted one of the staff from the Subject and she
provided some information.
The telephone number provided belongs to the Subject's secretary firm.
The address provided belongs to the Subject's registered address.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2012 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
19.89% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
11.83% |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.The higher profit could be attributed to the increase in
turnover. The Subject's management had generated acceptable return for its
shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
172 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
92 Days |
] |
|
|
The Subject could be incurring higher holding
cost. As its capital was tied up in stocks, it could face liquidity problems.
The favourable debtors' days could be due to the good credit control measures
implemented by the Subject. The unfavourable creditors' ratio could be due to
the Subject taking advantage of the credit granted by its suppliers. However
this may affect the goodwill between the Subject and its suppliers and the
Subject may inadvertently have to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.55 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.07 Times |
] |
|
|
A low liquid ratio means that the Subject
may be facing working capital deficiency. If the Subject cannot obtain additional
financing or injection of fresh capital, it may face difficulties in meeting
its short term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
13.60 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
3.08 Times |
] |
|
|
The interest cover showed that the Subject
was able to service the interest. The favourable interest cover could
indicate that the Subject was making enough profit to pay for the interest accrued.
The Subject was highly geared, thus it had a high financial risk. The Subject
was dependent on loans to finance its business needs. In times of economic
downturn and / or high interest rate, the Subject will become less profitable
and competitive than other firms in the same industry, which are lowly
geared. This is because the Subject has to service the interest and to repay
the loan, which will erode part of its profits. The profits will fluctuate
depending on the Subject's turnover and the interest it needs to pay. |
||||||
|
Overall Assessment : |
||||||
|
Generally, the Subject's performance has
improved with higher turnover and profit. 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. With the favourable interest cover, the Subject could be
able to service all the accrued interest without facing any difficulties. The
Subject's gearing level was high and its going concern will be in doubt if
there is no injection of additional shareholders' funds in times of economic
downturn and / or high interest rates. |
||||||
|
Overall financial condition of the Subject
: LIMITED |
||||||
|
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 |
|
|
453 : Sale of motor vehicle parts and
accessories |
|
|
INDUSTRY : |
MOTOR VECHICLE |
|
The forecasted annual Total Industry Volume
(TIV) in the year 2015 is 693,500 units, which is the forecasted increase of
2.0% compared to the forecasted annual TIV of 680,000 units for year 2014. The
forecasted TIV for year 2014 is an estimated increase of 3.7% compared to the
actual TIV of year 2013 (655,793 units). The factors that affected the
forecasted TIV for year 2014 are the improving global economic conditions,
investments in mega projects related to Economic Transformation Projects
(ETP), positive consumer's sentiments, introduction of new models especially
Energy Efficient Vehicles (EEV), and aggressive promotional campaigns by car
companies. However, moderation in consumer's spending due to higher cost of
living, and more stringent lending practices including hire purchase loan
also have an effect in the forecasted TIV for year 2014. |
|
|
Besides that, the annual sales of passenger
vehicles in the year 2015 are forecasted to be 610,300 units and it's an
estimated increase of 2.0% compared to the forecasted sales of passenger cars
for year 2014. The forecasted annual sales of passenger cars for year 2014
have an estimated increase by 3.8% to 598,400 units compared to 576,657 units
at the year 2013. While annual sales of commercial vehicles in year 2015 is
forecasted to be 83,200 units, which is a forecasted increase 2.0% compared
to the forecasted annual sales of commercial car in year 2014. The forecasted
annual sales of commercial car in year 2014 were estimated to increase by
3.1% to 81,600 units compared to 79,136 units at the year 2013. |
|
|
Other than that, for the total registration
of new passenger vehicles in the first six months of year 2014, it reached
296,779 units compare with 275,991 units over the same period in year 2013.
This had brought an increase of 7.5% (20,788 units) of growth rate in the
registration of passenger vehicles. While the total registration for
commercial vehicles in the first six months of year 2014 were 36,363 units,
which was a decrease of 3.0%. Besides, the production of new vehicles also
recorded an increase of 8.3% (24,381 units) over the first six months of year
2014. |
|
|
The National Automotive Policy 2014 envisions
for Malaysia to be an Energy Efficient Vehicles (EEV) hub in ASEAN including
the production of hybrids and electric vehicles (EV). This encompasses
strategies and measures to strengthen the entire value chain of the
automotive industry. Thus, the national car manufacturers, Proton and
Perodua, lead in the industry's response. Proton launched "Iriz"
and believes the global standard car will help to capture a larger share of
the automotive market. Besides, Perodua came up with the Axia model, which is
Malaysia's first EEV and it received similarly good response from consumers. |
|
|
Moreover, Auto industry players believe
that the 2015 Budget will spur manufacturing automation in their industry,
due to the automation capital allowance of up to 200 per cent on the
expenditure incurred within a specific period is a specialised incentive
package, and will benefit manufacturers of energy-efficient vehicles (EEVs),
said by the CEO of Malaysian Automotive Institute (MAI). |
|
|
The Goods and Services Tax (GST) that set
at 6% will be implemented on April 1, 2015, and the Sales and Services Tax
(SST) of 10% will be abolished on that same day. According to Malaysian
Automotive Institute (MAI), the implementation of the GST in 2015 should
stimulate demand for vehicles with the reduction of prices due to the
abolishment of the SST. However, according to Bernama, the gains could be
offset by higher prices of imported auto parts due to foreign exchange
factors, even though prices for new cars are generally expected to come down
by between 1-3% after the implementation of the Goods and Services Tax (GST).
As auto components are mainly imported from Japan, if the yen appreciates
against the ringgit, the savings of 1-3% could be much less because the
components would now cost more and that would affect retail car prices. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal 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 |
|
Months |
12 |
12 |
11 |
|
Consolidated Account |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
|
TURNOVER |
12,063,146 |
7,661,591 |
2,825,973 |
|
Other Income |
1,000 |
6,983 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
12,064,146 |
7,668,574 |
2,825,973 |
|
Costs of Goods Sold |
(10,816,191) |
(6,940,741) |
(2,488,021) |
|
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
1,247,955 |
727,833 |
337,952 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
162,477 |
115,445 |
28,947 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
162,477 |
115,445 |
28,947 |
|
Taxation |
(62,745) |
(36,311) |
(6,291) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
99,732 |
79,134 |
22,656 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously reported |
101,790 |
22,656 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
101,790 |
22,656 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
201,522 |
101,790 |
22,656 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
201,522 |
101,790 |
22,656 |
|
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||
|
Bank overdraft |
4,188 |
163 |
- |
|
Hire purchase |
5,611 |
714 |
- |
|
Term loan / Borrowing |
3,100 |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
12,899 |
877 |
- |
|
|
============= |
============= |
- |
|
|
DEPRECIATION (as per notes to P&L) |
136,285 |
21,461 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
136,285 |
21,461 |
- |
|
|
============= |
============= |
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
1,098,335 |
95,430 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,098,335 |
95,430 |
- |
|
Stocks |
2,839,947 |
3,001,734 |
1,582,201 |
|
Contract work-in-progress |
2,850,498 |
2,332,071 |
- |
|
Trade debtors |
21,755 |
- |
657,735 |
|
Other debtors, deposits & prepayments |
150,000 |
- |
- |
|
Cash & bank balances |
13,075 |
171,207 |
34,509 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
5,875,275 |
5,505,012 |
2,274,445 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
6,973,610 |
5,600,442 |
2,274,445 |
|
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||
|
Trade creditors |
2,716,311 |
2,711,269 |
130,169 |
|
Other creditors & accruals |
512,272 |
401,016 |
621,261 |
|
Hire purchase & lease creditors |
100,038 |
16,416 |
- |
|
Bank overdraft |
426,961 |
242,773 |
- |
|
Short term borrowings/Term loans |
35,412 |
- |
- |
|
Amounts owing to director |
1,637,667 |
1,819,935 |
1,494,066 |
|
Provision for taxation |
62,745 |
36,311 |
6,291 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
5,491,406 |
5,227,720 |
2,251,787 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
383,869 |
277,292 |
22,658 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,482,204 |
372,722 |
22,658 |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share capital |
300,000 |
200,000 |
2 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
300,000 |
200,000 |
2 |
|
Retained profit/(loss) carried forward |
201,522 |
101,790 |
22,656 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
201,522 |
101,790 |
22,656 |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
501,522 |
301,790 |
22,658 |
|
Other long term borrowings |
591,831 |
- |
- |
|
Hire purchase creditors |
388,851 |
70,932 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
980,682 |
70,932 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
1,482,204 |
372,722 |
22,658 |
|
|
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||
|
Cash |
13,075 |
171,207 |
34,509 |
|
Net Liquid Funds |
(413,886) |
(71,566) |
34,509 |
|
Net Liquid Assets |
(2,456,078) |
(2,724,442) |
(1,559,543) |
|
Net Current Assets/(Liabilities) |
383,869 |
277,292 |
22,658 |
|
Net Tangible Assets |
1,482,204 |
372,722 |
22,658 |
|
Net Monetary Assets |
(3,436,760) |
(2,795,374) |
(1,559,543) |
|
PROFIT & LOSS ITEMS |
|||
|
Earnings Before Interest & Tax (EBIT) |
175,376 |
116,322 |
28,947 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
311,661 |
137,783 |
28,947 |
|
BALANCE SHEET ITEMS |
|||
|
Total Borrowings |
1,543,093 |
330,121 |
0 |
|
Total Liabilities |
6,472,088 |
5,298,652 |
2,251,787 |
|
Total Assets |
6,973,610 |
5,600,442 |
2,274,445 |
|
Net Assets |
1,482,204 |
372,722 |
22,658 |
|
Net Assets Backing |
501,522 |
301,790 |
22,658 |
|
Shareholders' Funds |
501,522 |
301,790 |
22,658 |
|
Total Share Capital |
300,000 |
200,000 |
2 |
|
Total Reserves |
201,522 |
101,790 |
22,656 |
|
LIQUIDITY (Times) |
|||
|
Cash Ratio |
0 |
0.03 |
0.02 |
|
Liquid Ratio |
0.55 |
0.48 |
0.31 |
|
Current Ratio |
1.07 |
1.05 |
1.01 |
|
WORKING CAPITAL CONTROL (Days) |
|||
|
Stock Ratio |
172 |
254 |
204 |
|
Debtors Ratio |
1 |
0 |
85 |
|
Creditors Ratio |
92 |
143 |
19 |
|
SOLVENCY RATIOS (Times) |
|||
|
Gearing Ratio |
3.08 |
1.09 |
0 |
|
Liabilities Ratio |
12.90 |
17.56 |
99.38 |
|
Times Interest Earned Ratio |
13.60 |
132.64 |
0 |
|
Assets Backing Ratio |
4.94 |
1.86 |
11,329.00 |
|
PERFORMANCE RATIO (%) |
|||
|
Operating Profit Margin |
1.35 |
1.51 |
1.02 |
|
Net Profit Margin |
0.83 |
1.03 |
0.80 |
|
Return On Net Assets |
11.83 |
31.21 |
127.76 |
|
Return On Capital Employed |
8.73 |
18.41 |
127.76 |
|
Return On Shareholders' Funds/Equity |
19.89 |
26.22 |
99.99 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.11 |
|
|
1 |
Rs.101.03 |
|
Euro |
1 |
Rs.70.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
|
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.