|
Report No. : |
345140 |
|
Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
KSP MANUFACTURING SDN. BHD. |
|
|
|
|
Registered Office : |
Wisma Taiko, 1, Jalan
S.P. Seenivasagam, 30000 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2014 |
|
|
|
|
Date of Incorporation : |
02.06.1984 |
|
|
|
|
Com. Reg. No.: |
120900-P |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is manufacturer of soap noodles |
|
|
|
|
No. of Employee : |
100 [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. |
: |
120900-P |
||||
|
COMPANY
NAME |
: |
KSP
MANUFACTURING SDN. BHD. |
||||
|
FORMER
NAME |
: |
BITULINE
INDUSTRIES SDN BHD (08/11/1994) |
||||
|
INCORPORATION
DATE |
: |
02/06/1984 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED
ADDRESS |
: |
WISMA
TAIKO, 1, JALAN S.P. SEENIVASAGAM, 30000 IPOH, PERAK, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
LOT
1245, KUNDANG INDUSTRIAL ESTATE, 48020 RAWANG, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-60341213/60341218 |
||||
|
FAX.NO. |
: |
03-60343090 |
||||
|
CONTACT
PERSON |
: |
YEOW
AH KOW ( MANAGING DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY
CODE |
: |
20231 |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURER
OF SOAP NOODLES |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
25,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
22,500,000.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR
165,640,000 [2014] |
||||
|
NET
WORTH |
: |
MYR
35,604,000 [2014] |
||||
|
|
|
|
||||
|
STAFF
STRENGTH |
: |
100
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
NO
COMPLAINTS |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
GOOD |
||||
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
||||
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 soap
noodles.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The
immediate holding company of the Subject is PALM-OLEO SDN BHD, a company
incorporated in MALAYSIA.
Share
Capital History
|
Date |
Authorised Shared Capital |
Issue
& Paid Up Capital |
|
12/12/2014 |
MYR
25,000,000.00 |
MYR
22,500,000.00 |
|
15/01/1996 |
MYR
10,000,000.00 |
MYR
7,500.00 |
|
24/10/1994 |
MYR
100,000.00 |
MYR 1,000.00
|
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
PALM-OLEO
SDN BHD |
WISMA
TAIKO, 1, JALAN S.P SEENIVASAGAM, 30000 IPOH, PERAK, MALAYSIA. |
185886V |
22,500,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
22,500,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also
Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc
No |
Shareholding |
Last
Updated |
|
KL-KEPONG
INDUSTRIAL HOLDINGS SDN. BHD. |
MALAYSIA |
300525M |
18,000,000.00 |
20/01/2012 |
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
YEOW AH KOW |
|
Address |
: |
3,
JALAN SS 19/3C, SUBANG JAYA, 47500 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
New IC
No |
: |
540203-05-5085 |
|
Date
of Birth |
: |
03/02/1954 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
16/03/1998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
2
|
Name
Of Subject |
: |
MR.
PUNG KOK HOOI |
|
Address |
: |
1, JALAN
SS 24/19, TAMAN MEGAH, 47301 PETALING JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
New IC
No |
: |
660414-07-5357 |
|
Date
of Birth |
: |
14/04/1966 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
26/12/2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
3
|
Name
Of Subject |
: |
MR.
MADHEV A/L BALA SUBRAMANIAM |
|
Address |
: |
4, SS
24/9, TAMAN MEGAH, 47301 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC /
PP No |
: |
8294889 |
|
New IC
No |
: |
600913-71-5115 |
|
Date
of Birth |
: |
13/09/1960 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
01/10/2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name
of Subject |
: |
YEOW
AH KOW |
|
|
Position |
: |
MANAGING
DIRECTOR |
|
Auditor |
: |
KPMG |
|
Auditor'
Address |
: |
KPMG
TOWER, 8, FIRST AVENUE, BANDAR UTAMA, LEVEL 10, 47800 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
|
|
|
|
1) |
Company
Secretary |
: |
MS.
YAP MIOW KIEN |
|
|
IC /
PP No |
: |
A1171235 |
|
|
New IC
No |
: |
681220-05-5334 |
|
|
Address |
: |
12,
LINGKARAN MERU VALLEY 1A, LAKEVIEW VILLA, MERU VALLEY GOLF RESORT, JALAN
BUKIT MERU, 30020 IPOH, PERAK, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company
Secretary |
: |
MR.
PUNG KOK HOOI |
|
|
|
|
|
|
|
New IC
No |
: |
660414-07-5357 |
|
|
Address |
: |
1,
JALAN SS 24/19, TAMAN MEGAH, 47301 PETALING JAYA, SELANGOR, MALAYSIA. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
RHB
BANK BHD |
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
* 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.
* 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 |
|
|
|
|
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 |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
30 -
60 DAYS |
|||
|
|
|
|
|
|
|
|
Payment
Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
manufactured |
: |
|
|||||
|
|
|
|
|||||
|
Competitor(s) |
: |
COLGATE-PALMOLIVE
(MALAYSIA) SDN. BHD.
|
|||||
|
|
|
|
|||||
|
Member(s)
/ Affiliate(s) |
: |
MALAYSIA
FOOD & BEVERAGE INDUSTRY |
|||||
|
|
|
|
|||||
|
Ownership
of premises |
: |
OWNED
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
100 |
100 |
100 |
100 |
100 |
|
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturer of soap
noodles.
The Subject main production is soap noodles.
Soap noodles is one of the raw materials used by soap manufactures to produce
soap.
The main raw material used to produce the soap noodles is palm oil.
We have checked with the Malaysian National News Agency's (BERNAMA)database,
but no latest development was noted in our investigation.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
03-60341213/60341218 |
|
Match |
: |
N/A |
|
|
|
|
|
Address
Provided by Client |
: |
LOT
1245, KUNDANG INDUSTRIAL ESTATE,48020,RAWANG,SELANGOR. |
|
Current
Address |
: |
LOT 1245,
KUNDANG INDUSTRIAL ESTATE, 48020 RAWANG, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject's registered office and she provided
some information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2010 -
2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010 -
2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
11.79% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
15.78% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition
among the existing and new market players.The dip
in profit could be due to the stiff market competition which reduced the
Subject's profit margin. The Subject's management had generated acceptable
return for its shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working
Capital Control |
|
|
|
|
|
|
|
Stock
Ratio |
: |
Favourable |
[ |
17
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
40
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
3 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 |
[ |
3.12
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
3.94
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 |
: |
Favourable |
[ |
36.77
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to
service the interest. The favourable interest cover
could indicate that the Subject was making enough profit to pay for the
interest accrued. The Subject 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 Subject recorded lower profits as its turnover showed
a erratic trend. The Subject's management was unable to control its costs
efficiently as its profit showed a downward trend. 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. With the favourable
interest cover, the Subject could be able to service all the accrued interest
without facing any difficulties. 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
|
|||||
|
MSIC
CODE |
|
|
20231
: Manufacture of soap and detergents, cleaning and polishing preparations |
|
|
|
|
|
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 |
|
. . |
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
KSP
MANUFACTURING SDN. BHD. |
|
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 |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
165,640,000 |
129,305,000 |
144,646,000 |
156,421,000 |
156,317,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total
Turnover |
165,640,000 |
129,305,000 |
144,646,000 |
156,421,000 |
156,317,000 |
|
Costs
of Goods Sold |
(156,496,000) |
(117,291,000) |
(131,521,000) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross
Profit |
9,144,000 |
12,014,000 |
13,125,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
5,544,000 |
6,820,000 |
10,455,000 |
14,526,000 |
9,355,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
BEFORE TAXATION |
5,544,000 |
6,820,000 |
10,455,000 |
14,526,000 |
9,355,000 |
|
Taxation |
(1,346,000) |
(1,547,000) |
(3,010,000) |
(3,575,000) |
(2,203,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
AFTER TAXATION |
4,198,000 |
5,273,000 |
7,445,000 |
10,951,000 |
7,152,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As
previously reported |
9,906,000 |
17,008,000 |
13,276,000 |
16,659,000 |
37,737,000 |
|
Prior
year adjustment |
- |
- |
- |
707,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As
restated |
9,906,000 |
17,008,000 |
13,276,000 |
17,366,000 |
37,737,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
14,104,000 |
22,281,000 |
20,721,000 |
28,317,000 |
44,889,000 |
|
TRANSFER
TO RESERVES - General |
- |
- |
- |
- |
(15,000,000) |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(2,700,000) |
(12,375,000) |
(3,713,000) |
(15,041,000) |
(13,230,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
11,404,000 |
9,906,000 |
17,008,000 |
13,276,000 |
16,659,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Others |
155,000 |
229,000 |
275,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
155,000 |
229,000 |
275,000 |
- |
- |
|
|
============= |
============= |
============= |
- |
- |
|
|
|
|
|
|
|
|
DEPRECIATION
(as per notes to P&L) |
1,019,000 |
973,000 |
1,051,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,019,000 |
973,000 |
1,051,000 |
- |
- |
|
|
============= |
============= |
============= |
|
|
|
KSP
MANUFACTURING SDN. BHD. |
|
ASSETS
EMPLOYED: |
|
|
|
|
|
|
FIXED
ASSETS |
9,271,000 |
9,350,000 |
10,038,000 |
10,570,000 |
10,889,000 |
|
|
|
|
|
|
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
- |
- |
- |
- |
0 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
LONG TERM ASSETS |
9,271,000 |
9,350,000 |
10,038,000 |
10,570,000 |
10,889,000 |
|
|
|
|
|
|
|
|
Stocks |
7,466,000 |
9,696,000 |
13,444,000 |
- |
- |
|
Contract
work-in-progress |
315,000 |
163,000 |
- |
- |
- |
|
Trade
debtors |
18,152,000 |
10,141,000 |
3,246,000 |
- |
- |
|
Other
debtors, deposits & prepayments |
773,000 |
189,000 |
82,000 |
- |
- |
|
Short
term deposits |
3,403,000 |
5,906,000 |
16,089,000 |
- |
- |
|
Amount
due from holding company |
128,000 |
38,000 |
31,000 |
- |
- |
|
Amount
due from related companies |
4,799,000 |
5,509,000 |
3,540,000 |
- |
- |
|
Cash
& bank balances |
177,000 |
428,000 |
233,000 |
- |
- |
|
Others |
735,000 |
344,000 |
769,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
CURRENT ASSETS |
35,948,000 |
32,414,000 |
37,434,000 |
35,437,000 |
52,918,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
ASSET |
45,219,000 |
41,764,000 |
47,472,000 |
46,007,000 |
63,807,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade
creditors |
1,173,000 |
1,176,000 |
767,000 |
- |
- |
|
Other creditors
& accruals |
3,664,000 |
3,313,000 |
2,562,000 |
- |
- |
|
Amounts
owing to holding company |
3,668,000 |
2,164,000 |
2,097,000 |
- |
- |
|
Amounts
owing to related companies |
242,000 |
35,000 |
38,000 |
- |
- |
|
Other
liabilities |
368,000 |
620,000 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
CURRENT LIABILITIES |
9,115,000 |
7,308,000 |
5,464,000 |
7,731,000 |
8,548,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET
CURRENT ASSETS/(LIABILITIES) |
26,833,000 |
25,106,000 |
31,970,000 |
27,706,000 |
44,370,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
NET ASSETS |
36,104,000 |
34,456,000 |
42,008,000 |
38,276,000 |
55,259,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE
CAPITAL |
|
|
|
|
|
|
Ordinary
share capital |
22,500,000 |
22,500,000 |
22,500,000 |
22,500,000 |
22,500,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
SHARE CAPITAL |
22,500,000 |
22,500,000 |
22,500,000 |
22,500,000 |
22,500,000 |
|
|
|
|
|
|
|
|
Capital
reserve |
- |
- |
1,700,000 |
1,700,000 |
- |
|
Retained
profit/(loss) carried forward |
11,404,000 |
9,906,000 |
17,008,000 |
13,276,000 |
16,659,000 |
|
Capital
redemption reserve |
1,700,000 |
1,700,000 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
RESERVES |
13,104,000 |
11,606,000 |
18,708,000 |
14,976,000 |
31,659,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS'
FUNDS/EQUITY |
35,604,000 |
34,106,000 |
41,208,000 |
37,476,000 |
54,159,000 |
|
|
|
|
|
|
|
|
Deferred
taxation |
500,000 |
350,000 |
800,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
LONG TERM LIABILITIES |
500,000 |
350,000 |
800,000 |
800,000 |
1,100,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
36,104,000 |
34,456,000 |
42,008,000 |
38,276,000 |
55,259,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
KSP
MANUFACTURING SDN. BHD. |
|
TYPES
OF FUNDS |
|
|
|
|
|
|
Cash |
3,580,000 |
6,334,000 |
16,322,000 |
- |
- |
|
Net
Liquid Funds |
3,580,000 |
6,334,000 |
16,322,000 |
- |
- |
|
Net
Liquid Assets |
19,367,000 |
15,410,000 |
18,526,000 |
27,706,000 |
44,370,000 |
|
Net Current
Assets/(Liabilities) |
26,833,000 |
25,106,000 |
31,970,000 |
27,706,000 |
44,370,000 |
|
Net
Tangible Assets |
36,104,000 |
34,456,000 |
42,008,000 |
38,276,000 |
55,259,000 |
|
Net
Monetary Assets |
18,867,000 |
15,060,000 |
17,726,000 |
26,906,000 |
43,270,000 |
|
PROFIT
& LOSS ITEMS |
|
|
|
|
|
|
Earnings
Before Interest & Tax (EBIT) |
5,699,000 |
7,049,000 |
10,730,000 |
- |
- |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
6,718,000 |
8,022,000 |
11,781,000 |
- |
- |
|
BALANCE
SHEET ITEMS |
|
|
|
|
|
|
Total
Borrowings |
0 |
0 |
0 |
- |
- |
|
Total
Liabilities |
9,615,000 |
7,658,000 |
6,264,000 |
8,531,000 |
9,648,000 |
|
Total
Assets |
45,219,000 |
41,764,000 |
47,472,000 |
46,007,000 |
63,807,000 |
|
Net
Assets |
36,104,000 |
34,456,000 |
42,008,000 |
38,276,000 |
55,259,000 |
|
Net
Assets Backing |
35,604,000 |
34,106,000 |
41,208,000 |
37,476,000 |
54,159,000 |
|
Shareholders'
Funds |
35,604,000 |
34,106,000 |
41,208,000 |
37,476,000 |
54,159,000 |
|
Total Share
Capital |
22,500,000 |
22,500,000 |
22,500,000 |
22,500,000 |
22,500,000 |
|
Total
Reserves |
13,104,000 |
11,606,000 |
18,708,000 |
14,976,000 |
31,659,000 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash
Ratio |
0.39 |
0.87 |
2.99 |
- |
- |
|
Liquid
Ratio |
3.12 |
3.11 |
4.39 |
- |
- |
|
Current
Ratio |
3.94 |
4.44 |
6.85 |
4.58 |
6.19 |
|
WORKING
CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock
Ratio |
17 |
28 |
34 |
- |
- |
|
Debtors
Ratio |
40 |
29 |
8 |
- |
- |
|
Creditors
Ratio |
3 |
4 |
2 |
- |
- |
|
SOLVENCY
RATIOS (Times) |
|
|
|
|
|
|
Gearing
Ratio |
0 |
0 |
0 |
- |
- |
|
Liabilities
Ratio |
0.27 |
0.22 |
0.15 |
0.23 |
0.18 |
|
Times
Interest Earned Ratio |
36.77 |
30.78 |
39.02 |
- |
- |
|
Assets
Backing Ratio |
1.60 |
1.53 |
1.87 |
1.70 |
2.46 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating
Profit Margin |
3.35 |
5.27 |
7.23 |
9.29 |
5.98 |
|
Net
Profit Margin |
2.53 |
4.08 |
5.15 |
7.00 |
4.58 |
|
Return
On Net Assets |
15.78 |
20.46 |
25.54 |
37.95 |
16.93 |
|
Return
On Capital Employed |
15.78 |
20.46 |
25.54 |
37.95 |
16.93 |
|
Return
On Shareholders' Funds/Equity |
11.79 |
15.46 |
18.07 |
29.22 |
13.21 |
|
Dividend
Pay Out Ratio (Times) |
0.64 |
2.35 |
0.50 |
1.37 |
1.85 |
|
NOTES
TO ACCOUNTS |
|
|
|
|
|
|
Contingent
Liabilities |
0 |
0 |
0 |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.