|
Report No. : |
350774 |
|
Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
STEEL RECON INDUSTRIES SDN. BHD. |
|
|
|
|
Registered Office : |
308, Block A, Kelana Business Centre, 97,
Jalan Ss7/2,Kelana Jaya, 3rd Floor, 47301 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.09.2014 |
|
|
|
|
Date of Incorporation : |
03.12.1973 |
|
|
|
|
Com. Reg. No.: |
16592-W |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of fire fighting equipments. |
|
|
|
|
No. of Employee : |
200 [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 : |
No complaints |
|
|
|
|
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. |
: |
16592-W |
||||
|
COMPANY NAME |
: |
STEEL RECON INDUSTRIES SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
03/12/1973 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
308, BLOCK A, KELANA BUSINESS CENTRE, 97, JALAN
SS7/2,KELANA JAYA, 3RD FLOOR, 47301 PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
8, LOT 836, JALAN SUBANG 7, TAMAN
PERINDUSTRIAN SUBANG, 47610 SUBANG JAYA, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-80232323 |
||||
|
FAX.NO. |
: |
03-80232828 |
||||
|
EMAIL |
: |
|||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
ONG YOW SIANG ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
28 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF FIRE FIGHTING EQUIPMENTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 2,550,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 73,485,250 [2014] |
||||
|
NET WORTH |
: |
MYR 35,907,868 [2014] |
||||
|
STAFF STRENGTH |
: |
200 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
NO COMPLAINTS |
||||
|
MANAGEMENT CAPABILITY |
: |
GOOD |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY / BACKGROUND
|
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders. As
a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act, 1965 and the company
must file its annual returns, together with its financial statements with the
Registrar of Companies
.
The Subject is principally engaged in the (as
a / as an) manufacturing of fire fighting equipments.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the Subject
is SRII BERHAD., a company incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
31/03/2015 |
MYR 5,000,000.00 |
MYR 2,550,000.00 |
|
15/02/1992 |
MYR 2,000,000.00 |
MYR 924,078.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SRII BERHAD. |
308, BLOCK A, KELANA BUSINESS CENTRE, 97,
JALAN SS 7/2, KELANA JAYA, 3RD FLOOR, 47301 PETALING JAYA, SELANGOR,
MALAYSIA. |
315653A |
2,550,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
2,550,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. TAN JEE YEE |
|
Address |
: |
274, PJS 10, LORONG SENA 5, 46000 PETALING
JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
5648085 |
|
New IC No |
: |
590417-10-6031 |
|
Date of Birth |
: |
17/04/1959 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/04/2001 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. WEE CHEW KIAT |
|
Address |
: |
7, JALAN KEMUNING INDAH 32/142, KEMUNING UTAMA,
SECTION 32, 40460 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A2874816 |
|
New IC No |
: |
741018-03-5171 |
|
Date of Birth |
: |
18/10/1974 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/07/2009 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. LAI CHENG KUAN |
|
Address |
: |
R-22-03, BLOCK D'AMAN RIA, 3, JALAN PJU
1A/41, ARA JAYA, 47301 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A3821971 |
|
New IC No |
: |
771112-06-5745 |
|
Date of Birth |
: |
12/11/1977 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
06/03/2014 |
DIRECTOR 4
|
Name Of Subject |
: |
DATO' ONG YOW SIANG |
|
Address |
: |
29, PUNCAK DESA, TAMAN DESA, 3RD MILE, OFF OLD
KLANG ROAD, 58100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
New IC No |
: |
420802-10-5797 |
|
Date of Birth |
: |
02/08/1942 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
03/12/1973 |
DIRECTOR 5
|
Name Of Subject |
: |
MR. ONG WEI MENG |
|
Address |
: |
29, JALAN PUNCAK DESA, TAMAN DESA, JALAN
KLANG LAMA, 58100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A0825591 |
|
New IC No |
: |
670622-10-5759 |
|
Date of Birth |
: |
22/06/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
25/04/2014 |
|
1) |
Name of Subject |
: |
ANDREW THAM |
|
Position |
: |
SENIOR DIRECTOR |
|
|
2) |
Name of Subject |
: |
ONG YOW SIANG |
|
Position |
: |
MANAGING DIRECTOR |
|
|
3) |
Name of Subject |
: |
BRENDA LEE |
|
Position |
: |
FINANCE MANAGER |
|
|
4) |
Name of Subject |
: |
KUEK SIAH YEAR |
|
Position |
: |
SALES MANAGER |
|
|
5) |
Name of Subject |
: |
TAN JEE YEE |
|
Position |
: |
FACTORY DIRECTOR |
|
|
Auditor |
: |
SJ GRANT THORNTON |
|
Auditor' Address |
: |
SHERATON IMPERIAL COURT, JALAN SULTAN ISMAIL,
LEVEL 11, 50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. WU SIEW HONG |
|
IC / PP No |
: |
A2188706 |
|
|
New IC No |
: |
720515-01-5064 |
|
|
Address |
: |
17, JALAN ANGGERIK LIPARIS 31/150, KOTA
KEMUNING, 46460 SHAH ALAM, SELANGOR, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MR. HO MENG CHAN |
|
IC / PP No |
: |
4916488 |
|
|
New IC No |
: |
560104-10-5479 |
|
|
Address |
: |
5, JALAN 2/28, 46000 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
PUBLIC BANK BHD |
|
2) |
Name |
: |
RHB BANK BHD |
|
3) |
Name |
: |
|
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
29/10/1976 |
N/A |
UNITED ASIAN BANK BERHAD |
MYR 25,000.00 |
Satisfied |
|
2 |
08/12/1989 |
N/A |
BANK INDUSTRI MALAYSIA BERHAD |
MYR 220,000.00 |
Satisfied |
|
3 |
13/03/1991 |
N/A |
UNITED MALAYAN BANKING BHD |
MYR 700,000.00 |
Satisfied |
|
5 |
11/11/1994 |
N/A |
RHB BANK BERHAD |
MYR 1,500,000.00 |
Satisfied |
|
4 |
14/11/1994 |
N/A |
BANK INDUSTRIE MALAYSIA BERHAD |
MYR 850,000.00 |
Satisfied |
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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Import Countries |
: |
CHINA,EUROPE |
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 |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
EUROPE |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
DEALERS,DISTRIBUTORS,AGENTS |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Certification of Products |
: |
1) MS 1539:PT.1:2002 |
|
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMI ASSOCIATION OF MALAYSIA |
|
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
2010 |
|||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|||
|
COMPANY |
200 |
200 |
200 |
200 |
200 |
200 |
|||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of fire
fighting equipments.
The Subject's producses a wide range of products as follows:
* Fire Hose Reel Equipment
* Wet and Dry Riser Equipment
* Hydrant Equipment
* Nozzles
* Adaptors and Couplings
* Foam Station Equipment
* Fire Extinguishers and etc.
The Subject's full range of fire fighting products are manufactured to
international standards such as British standards (BS); European standards
(EN); Australian standards (AS); Singapore standards (PSB); Underwriter
Laboratories standards (UL); and Malaysian standards (MS).
The Subject's production line is equipped with modern CNC machinery such as
milling machine center, turning lathe and turret punching.
The Subject's modern facility allows to manufacture high quality products by
using advanced computer aided manufacturing methods, a CAD/CAM operated sheet
metal machine, automated paintshop for surface pre-treatment and powder
painting.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
0380232323 |
|
Current Telephone Number |
: |
03-80232323 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
8, LOT 836, JALAN SUBANG 7, TAMAN
PERINDUSTRIAN SUBANG,47610,SUBANG JAYA,SELANGOR. |
|
Current Address |
: |
8, LOT 836, JALAN SUBANG 7, TAMAN
PERINDUSTRIAN SUBANG, 47610 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 20th November 2015 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
55.23% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
61.90% |
] |
|
|
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. Generally the Subject was profitable. The favourable return on
shareholders' funds and return on net assets indicate that the Subject's
management was efficient in utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
18 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
30 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
40 Days |
] |
|
|
The Subject's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks. The
favourable debtors' days could be due to the good credit control measures
implemented by the Subject. The Subject had a favourable creditors' ratio
where the Subject could be taking advantage of the cash discounts and also
wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
4.03 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
4.38 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 |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover was nil as it did
not pay any interest during the year. The Subject had no gearing and hence it
had virtually no financial risk. The Subject was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the Subject, having a zero gearing, will be able to compete better
than those which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Generally, the Subject's performance has improved
with higher turnover and profit. 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 did not make any interest payment during the
year. The Subject was dependent on its shareholders' funds to finance its
business needs. The Subject was a zero gearing company, it was solely
dependant on its shareholders to provide funds to finance its business. The
Subject has good chance of getting loans, if the needs arises. |
||||||
|
Overall financial condition of the Subject
: STRONG |
||||||
|
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 |
|
|
28 : MANUFACTURE OF MACHINERY AND EQUIPMENT
N.E.C |
|
|
INDUSTRY : |
MACHINERY |
|
Malaysia is presently the leading
manufacturer of automation machinery and equipment (M&E) in the ASEAN
region with a total of 22 companies in production. The machinery and
equipment industry has expanded and produce a diverse range of machinery which
give importance to the overall industrial development of the country, due to
its cross cutting linkages with all industrial sectors. |
|
|
Growth of the domestic-oriented industries such
as machinery and transportation equipment is expected to remain favourable in
2014, in line with resilient domestic consumption and robust private
investment. However, the output of general-purpose machinery decreased 8.8%
in the first seven moths of 2014 (January - July 2013: -1.8%) due to the
decline in manufacture of air-conditioning machine (-17.9%) as well as
lifting and handling equipment (-8.2%). |
|
|
Besides, shipments of machinery, appliances
and parts continued to expand rapidly by 12.5% in the first seven months of
2014 (January - July 2013: 1.4%) with stronger demand from Singapore, the US,
China and Australia. Growth was mainly contributed by specialized machinery
for specific industries (16.3%), particularly for civil engineering and manufacture
of semiconductors as well as general industrial machinery and equipment
(9.2%) such as heating and cooling equipment and parts as well as mechanical
handling equipment and parts. |
|
|
According to the World Bank's Doing
Business 2014 Report, Malaysia improved to 15th from 25th position in the
2014 Foreign Direct Investment Confidence Index, with highlighted Malaysia's
efforts in building its competitive position in electronics, automotive, and
machinery manufacturing to move up the value chain into high technology and
skill-intensive segments. |
|
|
The Government has identified the M&E
industry to be one of the key areas for growth and development. The growth
will focus on the manufacture of high value-added and high technology M&E.
For the further development of the M&E industry, six strategic thrusts
have been set during the Third Industrial Master Plan (IMP3), 2006 - 2020
period:- |
|
|
- Promoting Malaysia as a regional
production, trading and distribution centre for M&E |
|
|
- Rising the development and promotion of
selected specialized and high technology M&E |
|
|
- Strengthening the engineering support
industries and support services |
|
|
- Developing Malaysian Standards for
machinery and equipment |
|
|
- Developing sufficient highly skilled
workforce |
|
|
- Strengthening the institutional support
for the further development of the industry |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
Financial Year End |
2014-09-30 |
2013-09-30 |
2012-09-30 |
2011-09-30 |
2010-09-30 |
|
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 |
73,485,250 |
65,623,341 |
65,309,032 |
59,505,838 |
50,898,680 |
|
Other Income |
16,874,233 |
3,343,748 |
- |
- |
311,453 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
90,359,483 |
68,967,089 |
65,309,032 |
59,505,838 |
51,210,133 |
|
Costs of Goods Sold |
(53,150,864) |
(47,564,779) |
(50,846,296) |
(46,383,756) |
(36,786,972) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
37,208,619 |
21,402,310 |
14,462,736 |
13,122,082 |
14,423,161 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
22,228,735 |
10,351,056 |
8,094,689 |
7,537,531 |
1,985,332 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
22,228,735 |
10,351,056 |
8,094,689 |
7,537,531 |
1,985,332 |
|
Taxation |
(2,395,095) |
(2,045,473) |
(1,550,191) |
(2,277,018) |
(264,758) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
19,833,640 |
8,305,583 |
6,544,498 |
5,260,513 |
1,720,574 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
17,094,228 |
26,638,645 |
20,094,147 |
14,833,634 |
17,163,161 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
17,094,228 |
26,638,645 |
20,094,147 |
14,833,634 |
17,163,161 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
36,927,868 |
34,944,228 |
26,638,645 |
20,094,147 |
18,883,735 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(3,570,000) |
(17,850,000) |
- |
- |
(4,050,101) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
33,357,868 |
17,094,228 |
26,638,645 |
20,094,147 |
14,833,634 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
DEPRECIATION (as per notes to P&L) |
37,592 |
645,433 |
689,699 |
705,687 |
814,240 |
|
AMORTIZATION |
- |
71,652 |
71,652 |
71,652 |
71,656 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
37,592 |
717,085 |
761,351 |
777,339 |
885,896 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
702,313 |
8,895,343 |
9,155,893 |
9,478,555 |
10,008,980 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
5,354 |
5,354 |
- |
- |
- |
|
Deferred assets |
63,000 |
- |
- |
- |
- |
|
Others |
- |
3,864,273 |
3,935,925 |
4,007,577 |
4,079,229 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
68,354 |
3,869,627 |
3,935,925 |
4,007,577 |
4,079,229 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
770,667 |
12,764,970 |
13,091,818 |
13,486,132 |
14,088,209 |
|
Stocks |
3,605,953 |
2,368,872 |
3,481,015 |
3,268,200 |
6,784,394 |
|
Trade debtors |
6,046,725 |
7,678,215 |
7,751,290 |
6,902,308 |
6,889,912 |
|
Other debtors, deposits & prepayments |
338,042 |
1,145,372 |
381,765 |
524,272 |
315,759 |
|
Short term deposits |
3,243,992 |
12,077,320 |
19,318,198 |
10,314,048 |
7,522,399 |
|
Amount due from holding company |
27,395,148 |
- |
- |
- |
- |
|
Amount due from subsidiary companies |
10,263 |
- |
- |
- |
426,967 |
|
Amount due from related companies |
6,500 |
- |
- |
2,981,499 |
- |
|
Cash & bank balances |
4,894,732 |
8,194,756 |
3,799,689 |
2,066,145 |
5,085,981 |
|
Others |
- |
- |
- |
- |
522,060 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
45,541,355 |
31,464,535 |
34,731,957 |
26,056,472 |
27,547,472 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
46,312,022 |
44,229,505 |
47,823,775 |
39,542,604 |
41,635,681 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
5,867,570 |
3,610,183 |
4,386,706 |
3,200,057 |
3,019,450 |
|
Other creditors & accruals |
923,125 |
583,794 |
2,146,305 |
2,807,939 |
3,216,030 |
|
Deposits from customers |
2,076,925 |
1,667,796 |
- |
- |
- |
|
Amounts owing to holding company |
- |
9,424,852 |
9,217,362 |
9,517,362 |
12,867,362 |
|
Amounts owing to subsidiary companies |
- |
5,354 |
- |
- |
- |
|
Amounts owing to related companies |
432,683 |
7,384,295 |
1,261,515 |
- |
4,867,700 |
|
Amounts owing to director |
- |
- |
- |
- |
60,000 |
|
Provision for taxation |
1,103,851 |
1,033,003 |
747,242 |
497,099 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
10,404,154 |
23,709,277 |
17,759,130 |
16,022,457 |
24,030,542 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
35,137,201 |
7,755,258 |
16,972,827 |
10,034,015 |
3,516,930 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
35,907,868 |
20,520,228 |
30,064,645 |
23,520,147 |
17,605,139 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
2,550,000 |
2,550,000 |
2,550,000 |
2,550,000 |
2,550,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
2,550,000 |
2,550,000 |
2,550,000 |
2,550,000 |
2,550,000 |
|
Retained profit/(loss) carried forward |
33,357,868 |
17,094,228 |
26,638,645 |
20,094,147 |
14,833,634 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
33,357,868 |
17,094,228 |
26,638,645 |
20,094,147 |
14,833,634 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
35,907,868 |
19,644,228 |
29,188,645 |
22,644,147 |
17,383,634 |
|
Deferred taxation |
- |
876,000 |
876,000 |
876,000 |
221,505 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
- |
876,000 |
876,000 |
876,000 |
221,505 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
35,907,868 |
20,520,228 |
30,064,645 |
23,520,147 |
17,605,139 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
8,138,724 |
20,272,076 |
23,117,887 |
12,380,193 |
12,608,380 |
|
Net Liquid Funds |
8,138,724 |
20,272,076 |
23,117,887 |
12,380,193 |
12,608,380 |
|
Net Liquid Assets |
31,531,248 |
5,386,386 |
13,491,812 |
6,765,815 |
(3,267,464) |
|
Net Current Assets/(Liabilities) |
35,137,201 |
7,755,258 |
16,972,827 |
10,034,015 |
3,516,930 |
|
Net Tangible Assets |
35,907,868 |
20,520,228 |
30,064,645 |
23,520,147 |
17,605,139 |
|
Net Monetary Assets |
31,531,248 |
4,510,386 |
12,615,812 |
5,889,815 |
(3,488,969) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
22,228,735 |
10,351,056 |
8,094,689 |
7,537,531 |
1,985,332 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
22,266,327 |
11,068,141 |
8,856,040 |
8,314,870 |
2,871,228 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
10,404,154 |
24,585,277 |
18,635,130 |
16,898,457 |
24,252,047 |
|
Total Assets |
46,312,022 |
44,229,505 |
47,823,775 |
39,542,604 |
41,635,681 |
|
Net Assets |
35,907,868 |
20,520,228 |
30,064,645 |
23,520,147 |
17,605,139 |
|
Net Assets Backing |
35,907,868 |
19,644,228 |
29,188,645 |
22,644,147 |
17,383,634 |
|
Shareholders' Funds |
35,907,868 |
19,644,228 |
29,188,645 |
22,644,147 |
17,383,634 |
|
Total Share Capital |
2,550,000 |
2,550,000 |
2,550,000 |
2,550,000 |
2,550,000 |
|
Total Reserves |
33,357,868 |
17,094,228 |
26,638,645 |
20,094,147 |
14,833,634 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.78 |
0.86 |
1.30 |
0.77 |
0.52 |
|
Liquid Ratio |
4.03 |
1.23 |
1.76 |
1.42 |
0.86 |
|
Current Ratio |
4.38 |
1.33 |
1.96 |
1.63 |
1.15 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
18 |
13 |
19 |
20 |
49 |
|
Debtors Ratio |
30 |
43 |
43 |
42 |
49 |
|
Creditors Ratio |
40 |
28 |
31 |
25 |
30 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
0.29 |
1.25 |
0.64 |
0.75 |
1.40 |
|
Times Interest Earned Ratio |
0 |
0 |
0 |
0 |
0 |
|
Assets Backing Ratio |
14.08 |
8.05 |
11.79 |
9.22 |
6.90 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
30.25 |
15.77 |
12.39 |
12.67 |
3.90 |
|
Net Profit Margin |
26.99 |
12.66 |
10.02 |
8.84 |
3.38 |
|
Return On Net Assets |
61.90 |
50.44 |
26.92 |
32.05 |
11.28 |
|
Return On Capital Employed |
61.90 |
50.44 |
26.92 |
32.05 |
11.28 |
|
Return On Shareholders' Funds/Equity |
55.23 |
42.28 |
22.42 |
23.23 |
9.90 |
|
Dividend Pay Out Ratio (Times) |
0.18 |
2.15 |
0 |
0 |
2.35 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.