|
Report No. : |
351203 |
|
Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
METTUBE
INTERNATIONAL SDN. BHD. |
|
|
|
|
Registered Office : |
Unit 30-01, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, 8, Jalan Kerinchi, Level 30, 59200 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
05.05.2000 |
|
|
|
|
Com. Reg. No.: |
513445-T |
|
|
|
|
Legal Form : |
Private Limited (Limited by Share) |
|
|
|
|
Line of Business : |
Trading of Copper Tubes. |
|
|
|
|
No. of Employees : |
20 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.
The NAJIB administration is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. Gross exports of goods and services constitute more than 80% of GDP. The oil and gas sector supplied about 29% of government revenue in 2014. As an oil and gas exporter, Malaysia has previously profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is trying to lessen its dependence on state oil producer Petronas.
Bank Negara Malaysia (the central bank) maintains healthy foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. In order to attract increased investment, NAJIB raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays.
Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
513445-T |
||||
|
COMPANY
NAME |
: |
METTUBE
INTERNATIONAL SDN. BHD. |
||||
|
FORMER
NAME |
: |
METTUBE.COM
SDN BHD (17/02/2010) |
||||
|
INCORPORATION
DATE |
: |
05/05/2000 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
UNIT
30-01, TOWER A, VERTICAL BUSINESS SUITE, AVENUE 3, BANGSAR SOUTH, 8, JALAN
KERINCHI, LEVEL 30, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
2,
PERSIARAN KUALA LANGAT, SEKSYEN 27, 40400 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-51023252 |
||||
|
FAX.NO. |
: |
03-51915405 |
||||
|
CONTACT
PERSON |
: |
RAGHVENDRA
MITTAL ( CEO ) |
||||
|
INDUSTRY
CODE |
: |
46622
|
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF COPPER TUBES |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
1,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
100,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
1,101,618,204 [2014] |
||||
|
NET
WORTH |
: |
MYR
16,132,227 [2014] |
||||
|
STAFF
STRENGTH |
: |
20
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
||||
HISTORY
/ BACKGROUND
|
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders.
As a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act, 1965 and the company
must file its annual returns, together with its financial statements with the
Registrar of Companies.
The
Subject is principally engaged in the (as a / as an) trading of copper tubes.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The
immediate holding company of the Subject is METTUBE SDN. BHD., a company
incorporated in MALAYSIA.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
15/02/2013 |
MYR
1,000,000.00 |
MYR
100,000.00 |
|
16/05/2000 |
MYR
1,000,000.00 |
MYR
2.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
METTUBE
SDN. BHD. |
2,
PERSIARAN KUALA LANGAT, SEKSYEN 27, 40400 SHAH ALAM, SELANGOR, MALAYSIA. |
181893H |
100,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
100,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc
No |
Shareholding |
Last
Updated |
|
YEAP
KOK LEONG |
MALAYSIA |
601107-10-5771 |
N/A |
N/A |
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
RAGHVENDRA MITTAL |
|
Address |
: |
C-11-1,
HIJAUAN KIARA CONDOMINIUM, 6, JALAN KIARA 5, MONT KIARA, 50480 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC
/ PP No |
: |
Z1799505 |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
30/06/2013 |
DIRECTOR
2
|
Name
Of Subject |
: |
MR.
CHOOI TAT CHEW |
|
Address |
: |
112,
JALAN C1, TAMAN MELAWATI, 53100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC
/ PP No |
: |
0612777 |
|
New
IC No |
: |
440515-08-5779 |
|
Date
of Birth |
: |
15/05/1944 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
30/07/2014 |
MANAGEMENT
|
|
1)
|
Name
of Subject |
: |
CHOOI
TAT CHEW |
|
Position |
: |
DIRECTOR |
|
|
2)
|
Name
of Subject |
: |
RAGHVENDRA
MITTAL |
|
Position |
: |
CEO |
|
|
3)
|
Name
of Subject |
: |
SUKHVINDER |
|
Position |
: |
FINANCE
MANAGER |
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor'
Address |
: |
1
SENTRAL, JALAN RAKYAT, KUALA LUMPUR SENTRAL, LEVEL 15, 50470 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
MS.
WONG WAI FOONG |
|
IC
/ PP No |
: |
A0379022 |
|
|
New
IC No |
: |
660510-10-6838 |
|
|
Address |
: |
1164,
JALAN 17/46, HAPPY GARDEN, 46400 PETALING JAYA, SELANGOR, MALAYSIA. |
|
|
2)
|
Company
Secretary |
: |
MS.
LIM HOOI MOOI |
|
IC
/ PP No |
: |
5584641 |
|
|
New
IC No |
: |
590814-10-6262 |
|
|
Address |
: |
28,
JALAN 20/7, 46300 PETALING JAYA, SELANGOR, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
CIMB
BANK BHD |
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the Subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
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 |
: |
ASIA |
|||
|
Credit
Term |
: |
AS
AGREED |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
COPPER
TUBES |
|
|
Ownership
of premises |
: |
LEASED/RENTED |
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
20 |
20 |
20 |
20 |
20 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of copper
tubes.
The Subject is the related company of Mettube Sdn Bhd which is engaged in the
manufacturing of copper tubes.
The Subject is only focusing on the trading of copper tubes.
The products are mainly for air-conditioning and refrigeration industries.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
03-51023252 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
2
PERSIARAN KUALA LANGAT SEKSYEN 27, 40400 SHAH ALAM SELANGOR MALAYSIA |
|
Current
Address |
: |
2,
PERSIARAN KUALA LANGAT, SEKSYEN 27, 40400 SHAH ALAM, SELANGOR, 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 |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
(20.13%) |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
(31.94%) |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The Subject incurred losses during the year due to the inefficient
control of its operating costs. The Subject's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns. |
||||||
|
Liquidity |
||||||
|
Current
Ratio |
: |
Acceptable |
[ |
1.04
Times |
] |
|
|
The
Subject has an adequate liquidity position with its current liabilities well
covered by its current assets. With its net current assets, the Subject should
be able to repay its short term obligations. |
||||||
|
Solvency |
||||||
|
Liability
Ratio |
: |
Unfavourable |
[ |
23.73
Times |
] |
|
|
The
Subject has high liabilities ratio and it may face financial difficulties if
no additional capital is injected. |
||||||
|
Overall
Assessment : |
||||||
|
The
Subject's losses increased but its turnover showed a fluctuating trend.
This indicate the Subject was slowly losing its market share due to its
competitors. 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's liabilities level was high and its going concern
will be in doubt if there is no injection of additional shareholders' funds
in times of economic downturn and / or high interest rates. |
||||||
|
Overall
financial condition of the Subject : POOR |
||||||
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major
Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population
( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross
Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic
Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private
Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption
( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment
( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public
Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption
( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment
( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
Balance
of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government
Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation
( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.2 |
4.0 |
|
Unemployment
Rate |
3.3 |
3.2 |
3.0 |
2.9 |
3.0 |
|
Net
International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average
Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
4.00 |
- |
|
Average
3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average
Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
6.85 |
- |
|
Business
Loans Disbursed( % ) |
15.3 |
32.2 |
- |
56.0 |
- |
|
Foreign
Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
43,486.6 |
- |
|
Consumer
Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration
of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
49,144 |
- |
|
Registration
of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
6.1 |
- |
|
Liquidation
of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
21,753 |
- |
|
Liquidation
of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
(17.7) |
- |
|
Registration
of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
332,723 |
- |
|
Registration
of New Business ( % ) |
5.0 |
14.0 |
2.0 |
1.0 |
- |
|
Business
Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
21,436 |
- |
|
Business
Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
18.0 |
- |
|
Sales
of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular
Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist
Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel
Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
63.2 |
- |
|
Credit
Cards Spending ( % ) |
15.6 |
12.6 |
- |
13.5 |
- |
|
Bad
Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual
Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual
Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES
( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm
Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry
& Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other
Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil
& Gas |
(1.7) |
- |
- |
3.0 |
- |
|
Other
Mining |
- |
- |
- |
46.6 |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
%
of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing
# |
4.7 |
4.8 |
3.4 |
6.4 |
5.5 |
|
Exported-oriented
Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical
& Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber
Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood
Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles
& Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented
Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food,
Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical
& Chemical Products |
10.0 |
10.8 |
5.6 |
1.4 |
- |
|
Plastic
Products |
3.8 |
- |
- |
2.7 |
- |
|
Iron
& Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated
Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic
Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport
Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper
& Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude
Oil Refineries |
9.3 |
- |
- |
13.0 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry
Non-Performing Loans ( MYR Million ) |
3,856.9 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric,
Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport,
Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale,
Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance,
Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government
Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other
Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
*
Estimate / Preliminary |
|||||
|
**
Forecast |
|||||
|
#
Based On Manufacturing Production Index |
|||||
INDUSTRY
ANALYSIS
|
|
MSIC
CODE |
|
|
46622
: Wholesale of ferrous and non-ferrous semi-finished metal ores and products
n.e.c. |
|
|
INDUSTRY
: |
TRADING |
|
The
wholesale and retail trade is expected to increase 7.1% in 2015 (2014: 7.7%) driven
by strong domestic consumption and higher tourist arrivals following the
Malaysia Year of Festivals 2015. Besides, in 2014, the wholesale and retail
trade subsector is expected to increase 7.7% (2013: 6.4%) supported by strong
domestic consumption. |
|
|
According
to Retail Group Malaysia (RGM), the pharmacy and personal care sub-sector had
slow growth rate of 2.6% for the first quarter of 2014, while "other
specialty stores" grew at a rate of 3.5%. During the first quarter of
2014, fashion and fashion accessories recorded a sustainable growth of 6.3%
as compared with the same period last year (3.6%). |
|
|
The
retail segment increased 10.1% (January - June 2013: 7.1%) attributed to brisk
sales in retail outlets such as hypermarkets and large-scale superstores.
Since the launch of the Small Retailer Transformation programme (TUKAR) in
January 2011 up to end-July 2014, 1,761 small retailer stores (end-July 2013:
1,381) have been modernized to improve their competitiveness. In addition,
the strong growth of the retail segment was supported by 1Malaysia Unified
Sales held from 29 June 2014 to 1 September 2014 to attract foreign and local
tourists to shop in Malaysia. Meanwhile, the wholesale segment expanded 8.2%
(January - June 2013: 4.9%) due to higher sales of non-agricultural
intermediate products, such as petrol, diesel, lubricants and household
goods. Furthermore, food and beverage outlets, laundry outlets, car wash
centres, abd health and beauty outlets took a hit from the water rationing in
the Klang Valley since February this year. |
|
|
On
the other hand, in 2014, Malaysia's total trade is expected to grow 5.2% to
RM1.44 trillion (2013: 4.5%; RM1.37 trillion) underpinned by recovery in key
advanced economies, resilient regional demand, and partly due to the base
effect arising from sluggish exports in the corresponding period last year.
Gross exports are anticipated to expand 6% to RM762.8 billion while import
decreased 4.3% to RM677.2 billion (2013: 2.4%; RM719.8 billion; 7%; RM 649.1
billion). Consequently, the trade surplus is expected to be higher at RM85.6
billion or 7.9% of GDP in 2014 (2013: RM70.7 billion; 7.2%). |
|
|
Furthermore,
gross exports rebounded by 10.7% to RM441.3 billion during the first seven
months of 2014 (January - July 2013: -2.8%; RM398.5 billion), with
manufactured and mining exports rising at a double digit pace of 11.4% and
12.5%. Shipment of agriculture products grew at a slower pace of 2.7%, primarily
due to lower receipts of crude rubber (-24.6%) while export growth of other
commodities remained steady. Consequently, exports of manufactured and mining
products are expected to grow 6.1% and 6.4% in 2014 (2013: 5.1%; 3.3%).
Meanwhile, agriculture exports are expected to rebound sharply by 4.5% in
2014 (2013: -14.4%) despite moderating commodity prices. Malaysia's top 3
trading partners are China, Singapore, and Japan. |
|
|
Over
60% of Gross Domestic Product (GDP) is contributed by domestic consumption.
Therefore the wholesale and retail sector plays a crucial role in driving
Malaysia's growth over the next decade despite the ongoing global economic
slowdown. By 2020, Malaysia's wholesale and retail sector is expected to
boost the country's total Gross National Income (GNI) by RM156 billion,
creating 454,190 new jobs. |
|
|
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) |
|
METTUBE
INTERNATIONAL 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 |
10 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
SUMMARY |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
1,101,618,204 |
1,066,825,949 |
1,176,733,557 |
1,303,550,265 |
995,196,263 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
1,101,618,204 |
1,066,825,949 |
1,176,733,557 |
1,303,550,265 |
995,196,263 |
|
Costs
of Goods Sold |
- |
(1,028,221,407) |
(1,130,555,558) |
(1,253,446,304) |
(952,184,734) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
- |
38,604,542 |
46,177,999 |
50,103,961 |
43,011,529 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(5,153,225) |
7,913,684 |
11,471,917 |
(2,189,869) |
3,232,115 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(5,153,225) |
7,913,684 |
11,471,917 |
(2,189,869) |
3,232,115 |
|
Taxation |
1,905,539 |
(1,306,579) |
(1,421,157) |
1,633,119 |
(29,201) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(3,247,686) |
6,607,105 |
10,050,760 |
(556,750) |
3,202,914 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
19,279,913 |
12,672,808 |
2,622,048 |
3,178,798 |
(24,116) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
19,279,913 |
12,672,808 |
2,622,048 |
3,178,798 |
(24,116) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
16,032,227 |
19,279,913 |
12,672,808 |
2,622,048 |
3,178,798 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
16,032,227 |
19,279,913 |
12,672,808 |
2,622,048 |
3,178,798 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Others |
- |
11,402,247 |
12,041,697 |
11,423,148 |
8,010,652 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
11,402,247 |
12,041,697 |
11,423,148 |
8,010,652 |
|
|
- |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
METTUBE
INTERNATIONAL SDN. BHD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
781,721 |
- |
- |
- |
- |
|
Deferred
assets |
- |
- |
182,761 |
- |
- |
|
Others |
- |
- |
- |
1,603,918 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
- |
- |
182,761 |
1,603,918 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
781,721 |
- |
182,761 |
1,603,918 |
- |
|
Stocks |
- |
107,816,923 |
67,385,238 |
74,325,395 |
147,978,354 |
|
Trade
debtors |
- |
261,618,593 |
281,481,677 |
272,700,850 |
290,981,434 |
|
Other
debtors, deposits & prepayments |
- |
200,679 |
348,493 |
338,370 |
4,150 |
|
Short
term deposits |
- |
- |
- |
2,855,250 |
- |
|
Amount
due from holding company |
- |
28,745,368 |
38,409,818 |
- |
- |
|
Cash
& bank balances |
- |
47,113,658 |
18,157,436 |
27,282,425 |
22,321,414 |
|
Others |
- |
- |
880,205 |
880,205 |
814,826 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
398,171,292 |
445,495,221 |
406,662,867 |
378,382,495 |
462,100,178 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
398,953,013 |
445,495,221 |
406,845,628 |
379,986,413 |
462,100,178 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
- |
50,502,018 |
28,669,165 |
29,578,451 |
60,979,383 |
|
Other
creditors & accruals |
- |
2,416,170 |
4,158,597 |
2,243,717 |
275,056 |
|
Bank
overdraft |
- |
5 |
5 |
- |
- |
|
Short
term borrowings/Term loans |
- |
- |
- |
319,106,243 |
355,379,089 |
|
Other
borrowings |
- |
372,073,297 |
361,245,053 |
- |
- |
|
Other
liabilities & accruals |
- |
- |
- |
- |
2,407,310 |
|
Amounts
owing to holding company |
- |
- |
- |
26,335,954 |
39,751,341 |
|
Provision
for taxation |
- |
146,940 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
382,820,786 |
425,138,430 |
394,072,820 |
377,264,365 |
458,792,179 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
15,350,506 |
20,356,791 |
12,590,047 |
1,118,130 |
3,307,999 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
16,132,227 |
20,356,791 |
12,772,808 |
2,722,048 |
3,307,999 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
Retained
profit/(loss) carried forward |
16,032,227 |
19,279,913 |
12,672,808 |
2,622,048 |
3,178,798 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
16,032,227 |
19,279,913 |
12,672,808 |
2,622,048 |
3,178,798 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
16,132,227 |
19,379,913 |
12,772,808 |
2,722,048 |
3,278,798 |
|
Deferred
taxation |
- |
976,878 |
- |
- |
29,201 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
- |
976,878 |
- |
- |
29,201 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
16,132,227 |
20,356,791 |
12,772,808 |
2,722,048 |
3,307,999 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
METTUBE
INTERNATIONAL SDN. BHD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
- |
47,113,658 |
18,157,436 |
30,137,675 |
22,321,414 |
|
Net
Liquid Funds |
- |
47,113,653 |
18,157,431 |
30,137,675 |
22,321,414 |
|
Net
Liquid Assets |
15,350,506 |
(87,460,132) |
(54,795,191) |
(73,207,265) |
(144,670,355) |
|
Net
Current Assets/(Liabilities) |
15,350,506 |
20,356,791 |
12,590,047 |
1,118,130 |
3,307,999 |
|
Net
Tangible Assets |
16,132,227 |
20,356,791 |
12,772,808 |
2,722,048 |
3,307,999 |
|
Net
Monetary Assets |
15,350,506 |
(88,437,010) |
(54,795,191) |
(73,207,265) |
(144,699,556) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
- |
19,315,931 |
23,513,614 |
9,233,279 |
11,242,767 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
- |
19,315,931 |
23,513,614 |
9,233,279 |
11,242,767 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
- |
372,073,302 |
361,245,058 |
319,106,243 |
355,379,089 |
|
Total
Liabilities |
382,820,786 |
426,115,308 |
394,072,820 |
377,264,365 |
458,821,380 |
|
Total
Assets |
398,953,013 |
445,495,221 |
406,845,628 |
379,986,413 |
462,100,178 |
|
Net
Assets |
16,132,227 |
20,356,791 |
12,772,808 |
2,722,048 |
3,307,999 |
|
Net
Assets Backing |
16,132,227 |
19,379,913 |
12,772,808 |
2,722,048 |
3,278,798 |
|
Shareholders'
Funds |
16,132,227 |
19,379,913 |
12,772,808 |
2,722,048 |
3,278,798 |
|
Total
Share Capital |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
Total
Reserves |
16,032,227 |
19,279,913 |
12,672,808 |
2,622,048 |
3,178,798 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
- |
0.11 |
0.05 |
0.08 |
0.05 |
|
Liquid
Ratio |
- |
0.79 |
0.86 |
0.81 |
0.68 |
|
Current
Ratio |
1.04 |
1.05 |
1.03 |
1.00 |
1.01 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
- |
37 |
21 |
21 |
54 |
|
Debtors
Ratio |
- |
90 |
87 |
76 |
107 |
|
Creditors
Ratio |
- |
18 |
9 |
9 |
23 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
- |
19.20 |
28.28 |
117.23 |
108.39 |
|
Liabilities
Ratio |
23.73 |
21.99 |
30.85 |
138.60 |
139.94 |
|
Times
Interest Earned Ratio |
- |
1.69 |
1.95 |
0.81 |
1.40 |
|
Assets
Backing Ratio |
161.32 |
203.57 |
127.73 |
27.22 |
33.08 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
(0.47) |
0.74 |
0.97 |
(0.17) |
0.32 |
|
Net
Profit Margin |
(0.29) |
0.62 |
0.85 |
(0.04) |
0.32 |
|
Return
On Net Assets |
(31.94) |
94.89 |
184.09 |
339.20 |
339.87 |
|
Return
On Capital Employed |
(31.94) |
94.89 |
184.09 |
339.20 |
339.87 |
|
Return
On Shareholders' Funds/Equity |
(20.13) |
34.09 |
78.69 |
(20.45) |
97.69 |
|
Dividend
Pay Out Ratio (Times) |
- |
0 |
0 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
- |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.