|
Report No. : |
351796 |
|
Report Date : |
28.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALCOM NIKKEI SPECIALTY COATINGS SDN. BHD. |
|
|
|
|
Registered Office : |
3, Persiaran Waja, Kawasan Perindustrian Bukit Raja, 41050 Klang,
Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
28.08.1990 |
|
|
|
|
Com. Reg. No.: |
203469-H |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the manufacturer of coated finstock, the main
component of an air-conditioner's heat exchanger. |
|
|
|
|
No. of Employees : |
50 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.
The NAJIB administration is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. Gross exports of goods and services constitute more than 80% of GDP. The oil and gas sector supplied about 29% of government revenue in 2014. As an oil and gas exporter, Malaysia has previously profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is trying to lessen its dependence on state oil producer Petronas.
Bank Negara Malaysia (the central bank) maintains healthy foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. In order to attract increased investment, NAJIB raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays.
Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
203469-H |
||||
|
COMPANY NAME |
: |
ALCOM NIKKEI SPECIALTY COATINGS SDN. BHD. |
||||
|
FORMER NAME |
: |
KAMBUNA SDN BHD (12/10/1990) |
||||
|
INCORPORATION DATE |
: |
28/08/1990 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
3, PERSIARAN WAJA, KAWASAN PERINDUSTRIAN BUKIT RAJA, 41050 KLANG,
SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
3, PERSIARAN WAJA, KAWASAN PERINDUSTRIAN BUKIT RAJA, 41050 KLANG, SELANGOR,
MALAYSIA. |
||||
|
TEL.NO. |
: |
03-33412311 |
||||
|
FAX.NO. |
: |
03-33412793 |
||||
|
WEB SITE |
: |
WWW.ALCOM.COM.MY |
||||
|
CONTACT PERSON |
: |
HEON CHEE SHYONG ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
25994 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURER OF COATED FINSTOCK, THE MAIN COMPONENT OF AN
AIR-CONDITIONER'S HEAT EXCHANGER |
||||
|
AUTHORISED CAPITAL |
: |
MYR 25,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 12,250,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 127,439,011 [2014] |
||||
|
NET WORTH |
: |
MYR 34,615,014 [2014] |
||||
|
STAFF STRENGTH |
: |
50 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
N/A |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY
/ BACKGROUND
|
The Subject is a private limited company and is allowed to have a
minimum of one and a maximum of forty-nine shareholders. As a private limited company,
the Subject must have at least two directors. A private limited company is a
separate legal entity from its shareholders. As a separate legal entity, the
Subject is capable of owning assets, entering into contracts, sue or be sued by
other companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act, 1965 and the company must file its annual returns, together
with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) manufacturer of
coated finstock, the main component of an air-conditioner's heat exchanger.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the Subject is ALUMINIUM COMPANY OF
MALAYSIA BHD, a company incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
27/08/2014 |
MYR 25,000,000.00 |
MYR 12,250,000.00 |
|
28/02/1991 |
MYR 12,000,000.00 |
MYR 20,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ALUMINIUM COMPANY OF MALAYSIA BHD |
3, PERSIARAN WAJA, BUKIT RAJA INDUSTRIAL ESTATE, 41050 KLANG,
SELANGOR, MALAYSIA. |
3859U |
12,250,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
12,250,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc No |
Shareholding |
Last Updated |
|
ALCAN NIKKEI ASIA COMPANY LTD. |
MALAYSIA |
E993779 |
6,000,000.00 |
06/06/2006 |
|
ALCOM (SINGAPORE) PTE.LTD. |
N/A |
XLZ00208787 |
N/A |
14/06/2007 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. BERNARD WILLIAM A/L WILLIAM G GOMEZ |
|
Address |
: |
B-9-1, IDAMAN PUTERA CONDOMINIUM, 7, JALAN 6/21D, MEDAN IDAMAN, 53100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Other Address(es) |
: |
- E 23 JALAN KERUIN, TAMAN SETAPAK, 53000 KUALA LUMPUR, MALAYSIA. |
|
IC / PP No |
: |
7158043 |
|
New IC No |
: |
620820-10-6239 |
|
Date of Birth |
: |
20/08/1962 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
27/05/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. HEON CHEE SHYONG |
|
Address |
: |
31, JALAN ANGGERIK ARANDA 31/24, KOTA KEMUNING, 40460 SHAH ALAM,
SELANGOR, MALAYSIA. |
|
Other Address(es) |
: |
- 20 JLN HUJAN ABU 4, OVERSEAS UNION GARDEN, 58200 KUALA LUMPUR,
MALAYSIA. |
|
IC / PP No |
: |
A0823101 |
|
New IC No |
: |
670930-10-5769 |
|
Date of Birth |
: |
30/09/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
17/11/2014 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
HEON CHEE SHYONG |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor' Address |
: |
1, SENTRAL, JALAN TRAVERS, KUALA LUMPUR SENTRAL, P.O.BOX 10192, LEVEL
10, 50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. LAM LEE SAN |
|
IC / PP No |
: |
A2855638 |
|
|
New IC No |
: |
740810-14-5740 |
|
|
Address |
: |
B-02-17, SRI CAMELLIA APARTMENT, JALAN PUTERI 7/15, BANDAR PUTERI
PUCHONG, 47100 PUCHONG, SELANGOR, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. LEE LAI FONG |
|
IC / PP No |
: |
A2544372 |
|
|
New IC No |
: |
730809-14-5250 |
|
|
Address |
: |
47, JALAN USJ 11/2B, 47620 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the Subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its supplier.
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 |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
N/A |
|||
|
Overseas |
: |
N/A |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
N/A |
|||
The Subject refused to disclose its clientele.
OPERATIONS
|
|
Products manufactured |
: |
|
|||
|
Award |
: |
1 ) OHSAS 18001 Year :2004 |
|||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMALL & MEDIUM ENTERPRISE MALAYSIAN INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI) |
|||
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2011 |
2010 |
|||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
50 |
50 |
43 |
43 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturer of coated
finstock, the main component of an air-conditioner's heat exchanger.
The Subject is engaged in the manufacturing of aluminum fin stock for
air-conditioners.
.The Subject produces the products for the major air-conditioning manufacturing
companies.
.Currently the Subject is producing for the following brands in the market:
.1) YORK
.2) Hitachi
.3) Panasonic
.According to the Subject, most of the Subject's production machines are
automated.
.The Subject's production capacity depends on its customers' requirements.
.According to the Subject, its business faces stiff competition in the local
market.
RECENT
DEVELOPMENT
|
We have checked with the Malaysian National News Agency's (BERNAMA)
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-33412311 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
3, PERSIARAN WAJA, BUKIT RAJA INDUSTRIAL ESTATE, 41050, KLANG,
SELANGOR, MALAYSIA |
|
Current Address |
: |
3, PERSIARAN WAJA, KAWASAN PERINDUSTRIAN BUKIT RAJA, 41050 KLANG,
SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
we contacted one of the staff from the Subject and she provided limited
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
4.18% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
5.08% |
] |
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.The
management had succeeded in turning the Subject into a profit making company.
The profit could be due to better control of its operating costs and
efficiency in utilising its resources. The unfavourable return on
shareholders' funds could indicate that the Subject was inefficient in
utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
23 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
38 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
5 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 |
[ |
2.51 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
3.09 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 : |
||||||
|
The higher turnover had helped to reduce the Subject's losses. 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 : FAIR |
||||||
|
|
||||||
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 |
|
|
25994 : Manufacture of metal household articles |
|
|
INDUSTRY : |
MANUFACTURING |
|
The manufacturing sector is expected to
grow by 5.5% in 2015. It will be bolstered by strong domestic and
export-oriented industries in line with growing investment activities and
favorable external demand. Moreover, in 2014, the manufacturing sectors have
spearheading growth. The manufacturing sector is estimated to grow at a
faster pace in 2014 on higher exports of electronics and electrical (E&E)
products as external demand improves. |
|
|
The manufacturing sector expanded strongly during the first half of
2014, the highest growth in three years, spurred by higher global
semiconductor sales. Value-added of the manufacturing sector expanded 7.1%
during the first half of 2014. Production of the sector rose 6.6% in the
first seven months of 2014 supported by resilient domestic demand and
recovery in the external sector during the first seven months of the years.
The sales value of manufactured products rebounded by 7.7% in the first seven
months of 2014. The strong performance of the sector was on account of higher
output at 9.4% from the domestic-oriented industries, particularly transport
equipment, food and beverage. |
|
|
The manufacturing sector continued to attract domestic and foreign investment
with investment approved by Malaysian Investment Development Authority (MIDA)
totaling RM47.4 billion during the first six months of 2014, mainly from
Japan, China and Germany. Meanwhile, the capacity utilization rate remained
steady at 80.4% during the second quarter of 2014 while average wage per
employee and productivity improved to RM2,772 per month and 5.9%,
respectively during the first seven months of 2014. Boosted by favorable
domestic economic activity and recovery in the external sector, the
manufacturing sector is expected to record a better performance with growth
of 6.4% in 2014. |
|
|
In the meantime, production of wood products rebounded by 5.1% largely
supported by higher output in the saw-milling and planning of wood segment at
25.9% during the first seven months of 2014. The positive performance was
attributed to vibrant residential and commercial construction activities
which contributed to increased use of timber frame and glued laminated timber
for cost savings compared to the use of concrete and steel. Increased demand
from major export destination such as the US, Japan and Australia for
Malaysian made furniture contributed to the higher output, particularly
wooden and cane furniture which rebounded by 2.2%. |
|
|
Production of rubber products contracted 0.3% in the first seven
months of 2014 on account of slower demand for rubber gloves and rubber
tyres. The decline in rubber tyres for vehicles was due to the weaker
external demand from the automotive industry, particularly from China. Output
of other rubber products contracted 3.8% following the product shift from
rubber-based to plastics, silicones and metal alloys in the manufacture of
medical devices. |
|
|
Besides, exports of manufactured products are expected to grow 6.1% in
2014 boosted by the growing demand from advanced economies. However, during
the first seven months of 2014, manufactured exports surged 11.4%. The robust
growth was buoyed by strengthening demand in the US and EU, reflecting
significant exposure of Malaysian exports to the economic performance in the
advance economies. The strength in export was broad-based with robust growth
in both E&E and non- E&E subsectors. |
|
|
Under budget 2015, the Government will provide incentive in the form
of capital allowance on automation expenditure to encourage automation in the
manufacturing sector, which may help in the manufacturing sector. |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
ALCOM NIKKEI SPECIALTY COATINGS SDN. BHD. |
|
Financial Year End |
2014-03-31 |
2013-03-31 |
2012-03-31 |
2011-03-31 |
2010-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
127,439,011 |
122,612,958 |
116,773,413 |
126,436,431 |
101,477,264 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
127,439,011 |
122,612,958 |
116,773,413 |
126,436,431 |
101,477,264 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,875,947 |
(115,312) |
(2,499,755) |
932,511 |
1,272,838 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,875,947 |
(115,312) |
(2,499,755) |
932,511 |
1,272,838 |
|
Taxation |
(429,193) |
103,576 |
664,974 |
(83,412) |
(137,661) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,446,754 |
(11,736) |
(1,834,781) |
849,099 |
1,135,177 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
20,542,290 |
20,512,163 |
22,346,944 |
21,497,845 |
20,362,668 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
20,542,290 |
20,512,163 |
22,346,944 |
21,497,845 |
20,362,668 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
21,989,044 |
20,500,427 |
20,512,163 |
22,346,944 |
21,497,845 |
|
TRANSFER TO RESERVES - General |
13,470 |
41,863 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
22,002,514 |
20,542,290 |
20,512,163 |
22,346,944 |
21,497,845 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
DEPRECIATION (as per notes to P&L) |
1,684,232 |
1,546,405 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,684,232 |
1,546,405 |
- |
- |
- |
|
|
============= |
============= |
||||
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
ALCOM NIKKEI SPECIALTY COATINGS SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
10,776,010 |
12,075,733 |
11,431,826 |
11,390,602 |
12,203,161 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
10,776,010 |
12,075,733 |
11,431,826 |
11,390,602 |
12,203,161 |
|
Stocks |
7,292,231 |
5,929,484 |
- |
- |
- |
|
Contract work-in-progress |
648,268 |
712,666 |
- |
- |
- |
|
Trade debtors |
13,393,419 |
15,009,995 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
45,620 |
69,302 |
- |
- |
- |
|
Short term deposits |
9,375,000 |
13,809,000 |
- |
- |
- |
|
Amount due from holding company |
1,251,518 |
1,326,761 |
- |
- |
- |
|
Cash & bank balances |
6,235,007 |
801,511 |
- |
- |
- |
|
Others |
413,406 |
138,280 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
38,654,469 |
37,796,999 |
37,019,112 |
51,920,424 |
44,835,494 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
49,430,479 |
49,872,732 |
48,450,938 |
63,311,026 |
57,038,655 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
1,914,139 |
2,228,219 |
- |
- |
- |
|
Other creditors & accruals |
1,026,749 |
986,434 |
- |
- |
- |
|
Amounts owing to holding company |
9,561,212 |
11,251,395 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
12,502,100 |
14,466,048 |
12,991,502 |
25,582,936 |
20,137,264 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
26,152,369 |
23,330,951 |
24,027,610 |
26,337,488 |
24,698,230 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
36,928,379 |
35,406,684 |
35,459,436 |
37,728,090 |
36,901,391 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
12,250,000 |
12,250,000 |
12,250,000 |
12,250,000 |
12,250,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
12,250,000 |
12,250,000 |
12,250,000 |
12,250,000 |
12,250,000 |
|
RESERVES |
|||||
|
Share premium |
362,500 |
362,500 |
362,500 |
362,500 |
362,500 |
|
Retained profit/(loss) carried forward |
22,002,514 |
20,542,290 |
20,512,163 |
22,346,944 |
21,497,845 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
22,365,014 |
20,904,790 |
20,874,663 |
22,709,444 |
21,860,345 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
34,615,014 |
33,154,790 |
33,124,663 |
34,959,444 |
34,110,345 |
|
Deferred taxation |
1,589,365 |
1,574,424 |
- |
- |
- |
|
Retirement benefits provision |
724,000 |
677,470 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
2,313,365 |
2,251,894 |
2,334,773 |
2,768,646 |
2,791,046 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
36,928,379 |
35,406,684 |
35,459,436 |
37,728,090 |
36,901,391 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
ALCOM NIKKEI SPECIALTY COATINGS SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
15,610,007 |
14,610,511 |
- |
- |
- |
|
Net Liquid Funds |
15,610,007 |
14,610,511 |
- |
- |
- |
|
Net Liquid Assets |
18,860,138 |
17,401,467 |
24,027,610 |
26,337,488 |
24,698,230 |
|
Net Current Assets/(Liabilities) |
26,152,369 |
23,330,951 |
24,027,610 |
26,337,488 |
24,698,230 |
|
Net Tangible Assets |
36,928,379 |
35,406,684 |
35,459,436 |
37,728,090 |
36,901,391 |
|
Net Monetary Assets |
16,546,773 |
15,149,573 |
21,692,837 |
23,568,842 |
21,907,184 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
1,875,947 |
(115,312) |
- |
- |
- |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
3,560,179 |
1,431,093 |
- |
- |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
- |
- |
- |
|
Total Liabilities |
14,815,465 |
16,717,942 |
15,326,275 |
28,351,582 |
22,928,310 |
|
Total Assets |
49,430,479 |
49,872,732 |
48,450,938 |
63,311,026 |
57,038,655 |
|
Net Assets |
36,928,379 |
35,406,684 |
35,459,436 |
37,728,090 |
36,901,391 |
|
Net Assets Backing |
34,615,014 |
33,154,790 |
33,124,663 |
34,959,444 |
34,110,345 |
|
Shareholders' Funds |
34,615,014 |
33,154,790 |
33,124,663 |
34,959,444 |
34,110,345 |
|
Total Share Capital |
12,250,000 |
12,250,000 |
12,250,000 |
12,250,000 |
12,250,000 |
|
Total Reserves |
22,365,014 |
20,904,790 |
20,874,663 |
22,709,444 |
21,860,345 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
1.25 |
1.01 |
- |
- |
- |
|
Liquid Ratio |
2.51 |
2.20 |
- |
- |
- |
|
Current Ratio |
3.09 |
2.61 |
2.85 |
2.03 |
2.23 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
23 |
20 |
- |
- |
- |
|
Debtors Ratio |
38 |
45 |
- |
- |
- |
|
Creditors Ratio |
5 |
7 |
- |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
- |
- |
- |
|
Liabilities Ratio |
0.43 |
0.50 |
0.46 |
0.81 |
0.67 |
|
Times Interest Earned Ratio |
0 |
0 |
- |
- |
- |
|
Assets Backing Ratio |
3.01 |
2.89 |
2.89 |
3.08 |
3.01 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
1.47 |
(0.09) |
(2.14) |
0.74 |
1.25 |
|
Net Profit Margin |
1.14 |
(0.01) |
(1.57) |
0.67 |
1.12 |
|
Return On Net Assets |
5.08 |
(0.33) |
(7.05) |
2.47 |
3.45 |
|
Return On Capital Employed |
5.08 |
(0.33) |
(7.05) |
2.47 |
3.45 |
|
Return On Shareholders' Funds/Equity |
4.18 |
(0.04) |
(5.54) |
2.43 |
3.33 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
- |
- |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.67 |
|
Euro |
1 |
Rs.70.87 |
|
SGD |
1 |
Rs.47.26 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
TPT |
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.