MIRA INFORM REPORT
|
Report No. : |
338870 |
|
Report Date : |
02.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRIMA INTER-CHEM SDN. BHD. |
|
|
|
|
Formerly Known As : |
EURO INTER-CHEM SDN. BHD |
|
|
|
|
Registered Office : |
13a, Jalan Ss 21/56b, Damansara Utama, 47400 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.04.2014 |
|
|
|
|
Date of Incorporation : |
05.04.1984 |
|
|
|
|
Com. Reg. No.: |
117521-W |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of pharmaceutical and chemicals products |
|
|
|
|
No. of Employee : |
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 : |
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. The NAJIB administration also 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. As an oil and gas
exporter, Malaysia has 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. The government is
also trying to lessen its dependence on state oil producer Petronas. The oil
and gas sector supplies about 32% of government revenue in 2013. Bank Negara
Malaysia (central bank) maintains healthy FOREIGN EXCHANGE
reserves,
and a well-developed regulatory regime has limited Malaysia's exposure to
riskier financial instruments and the global financial crisis. Nevertheless,
Malaysia could be vulnerable to a fall in commodity prices or a general slowdown
in global economic activity because exports are a major component of GDP. In
order to attract increased investment, NAJIB earlier 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.
|
Source
: CIA |
EXECUTIVE SUMMARY
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 pharmaceutical and
chemicals products. The Subject is
not listed on Bursa Malaysia (Malaysia Stock Exchange). Share Capital
History
The major
shareholder(s) of the Subject are shown as follows :
+ Also Director DIRECTORS
DIRECTOR 1
DIRECTOR 2
DIRECTOR 3
DIRECTOR 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1) |
Name of
Subject |
: |
FREDDIE LIM
KOOI FUI |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
Auditor |
: |
J. B. LAU
& KHOO |
|
Auditor'
Address |
: |
13-M, JALAN
SS21/56B, DAMANSARA UTAMA, 47400 PETALING JAYA, SELANGOR, MALAYSIA. |
COMPANY SECRETARIES
|
1) |
Company
Secretary |
: |
MS. FOO LI LING |
|
New IC No |
: |
701111-07-5286 |
|
|
Address |
: |
67, JALAN
BUNGA ANGGERIK 2, DATARAN UKAY, 68000 AMPANG, SELANGOR, MALAYSIA. |
|
BANKING
Banking relations are maintained principally with :
|
1) |
Name |
: |
BANK MUAMALAT
MALAYSIA BHD |
|
2) |
Name |
: |
CIMB BANK BHD |
|
3) |
Name |
: |
MALAYAN
BANKING BHD |
ENCUMBRANCE (S)
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
07/01/1991 |
N/A |
BANK BUMIPUTRA
MALAYSIA BHD |
MYR 900,000.00 |
Unsatisfied |
|
2 |
20/11/1991 |
N/A |
BANK BUMIPUTRA
MALAYSIA BHD |
MYR
1,200,000.00 |
Unsatisfied |
|
3 |
10/02/1992 |
N/A |
BANK BUMIPUTRA
MALASYIA BHD |
MYR 600,000.00 |
Unsatisfied |
|
4 |
09/12/1992 |
DEBENTURE |
BANK BUMIPUTRA
MALAYSIA BHD |
MYR
2,500,000.00 |
Unsatisfied |
|
5 |
09/12/1992 |
N/A |
BANK BUMIPUTRA
MALAYSIA BHD |
MYR
2,500,000.00 |
Unsatisfied |
|
6 |
09/06/1994 |
N/A |
BANK BUMIPUTRA
MALAYSIA BHD |
MYR 2,880,000.00 |
Unsatisfied |
|
7 |
09/06/1994 |
N/A |
BANK BUMIPUTRA
MALAYSIA BHD |
MYR
2,880,000.00 |
Unsatisfied |
|
8 |
10/02/1995 |
LOAN AGREEMENT
AND DEED OF ASSIGNMENT |
BANK BUMIPUTRA
MALAYSIA BHD |
MYR 250,000.00 |
Unsatisfied |
|
9 |
25/03/1995 |
FACILITY
AGREEMENT AND SUPPLEMENTAL DEED |
BANK
BUMIPUTRAMALAYSIA BHD |
MYR
5,120,000.00 |
Unsatisfied |
|
10 |
25/03/1995 |
DEBENTURE |
BANK BUMIPUTRA
MALAYSIA BHD |
MYR
5,120,000.00 |
Unsatisfied |
|
11 |
17/05/1996 |
MEMORANDUM OF DEPOSIT
AND LETTER OF SET OFF |
MALAYAN
BANKING BERHAD |
MYR 530,000.00 |
Unsatisfied |
|
12 |
12/05/1997 |
COMPOSITE LOAN
AGREEMENT AND ASSIGNMENT |
ARAB-MALAYSIAN
BANK BERHAD |
MYR
1,500,000.00 |
Satisfied |
|
13 |
07/09/2000 |
FACILITIES AGREEMENT
AND CHARGE |
BUMIPUTRA-COMMERCE
BANK BERHAD |
MYR
5,900,000.00 |
Unsatisfied |
|
14 |
02/06/2004 |
GENERAL
FACILITY AGREEMENT AND DEBENTURE |
BUMIPUTRA-COMMERCE
BANK BERHAD |
MYR
4,840,000.00 |
Unsatisfied |
|
15 |
24/04/2007 |
FACILITY AGREEMENT
CHARGE AND DEBENTURE |
CIMB BANK
BERHAD |
MYR
4,000,000.00 |
Unsatisfied |
|
16 |
02/12/2008 |
MEMORANDUM OF
DEPOSIT AND NEGOTIABLE CERTIFICATE OF DEPOSIT |
MALAYAN
BANKING BHD |
MYR
5,800,000.00 |
Unsatisfied |
LITIGATION CHECK AGAINST
SUBJECT
* A check has been conducted in our databank againt the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SUBJECT
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
SOURCES OF RAW
MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Import
Countries |
: |
INDIA,CHINA |
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 |
[ |
X |
] |
Good 31-60
Days |
[ |
] |
Average 61-90
Days |
[ |
] |
|||||
|
Fair 91-120
Days |
[ |
] |
Poor >120
Days |
[ |
] |
|||||||||
CLIENTELE
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
Goods Traded |
: |
PHARMACEUTICAL
AND CHEMICAL PRODUCTS |
|
|
Member(s) / Affiliate(s) |
: |
SMI
ASSOCIATION OF MALAYSIA MALAYSIA
EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) CHEMICAL
INDUSTRIES COUNCIL OF MALAYSIA (CICM) MALAYSIA FOOD
& BEVERAGE INDUSTRY |
|
|
Ownership of
premises |
: |
OWNED |
|
Total Number of
Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
50 |
55 |
50 |
50 |
55 |
||||
|
Branch |
: |
YES |
|
|
No of Branches |
: |
2 |
|
|
Branch(es) |
: |
2-5-34, HARBOUR
TRADE CENTRE 2 GAT, LEBUH MACCULUM, 10300 GEORGE TOWN, PULAU PINANG,
MALAYSIA. Tel No:
04-2633307 Fax No:
04-2634150 24-4, JALAN
DEDAP. 24 TAMAN JOHOR JAYA, 81000 KULAI, JOHOR, MALAYSIA. Tel No:
07-3541202 Fax No:
07-3541351 |
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
pharmaceutical and chemicals products.
The Subject's products range includes vitamins, antiseptics, antibiotics,
veterinary drugs, food chemicals, industrial chemical, bulk drugs and others.
Besides that, the Subject's products comes in the form of powder, liquid and
oilment/cream.
We were informed that the Subject sells its products in drums, bottles, bags
and others.
The Subject is also able to source the required chemicals for its customers.
The Subject also providing transportation services and keep its products
safely for timely delivery to its clients.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number
Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
03-57406060 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
NO. 4, JALAN
SUNGAL KAYU ARA 32/38, TAMAN BERJ AYA INDUSTRIAL PARK, SEKSYEN 32, 40460
SHAH ALAM SELANGOR DARUL EHSAN |
|
Current
Address |
: |
4, JALAN
SUNGAI KAYU ARA 32/38, SECTION 32, TAMAN BERJAYA INDUSTRIAL PARK, 40460
SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
On 18th March 2015 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL ANALYSIS
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
7.45% |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
6.74% |
] |
|
|
Return on
Shareholder Funds |
: |
Acceptable |
[ |
19.22% |
] |
|
|
Return on Net
Assets |
: |
Acceptable |
[ |
27.60% |
] |
|
|
The higher
turnover could be attributed to the favourable market condition.The Subject's
management have been efficient in controlling its operating costs. The
Subject's management had generated acceptable return for its shareholders
using its assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
49 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
86 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
22 Days |
] |
|
|
The Subject's
stocks were moving fast thus reducing its holding cost. This had reduced funds
being tied up in stocks. The Subject's debtors ratio was high. The Subject
should tighten its credit control and improve its collection period. 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 |
[ |
1.65 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.37 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 |
[ |
16.11 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.42 Times |
] |
|
|
The interest cover
showed that the Subject was able to service the interest. The favourable
interest cover could indicate that the Subject was making enough profit to
pay for the interest accrued. The Subject was lowly geared thus it had a
low financial risk. The Subject was mainly financed by its shareholders'
funds and internally generated funds. In times of economic slowdown /
downturn, the Subject being a lowly geared company, will be able to compete
better than those companies which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Generally, the
Subject's performance has improved with higher turnover and profit. The
Subject was in good liquidity position with its total current liabilities well
covered by its total current assets. With its current net assets, the
Subject should be able to repay its short term obligations. With the
favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. The Subject as a lowly
geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations. |
||||||
|
Overall
financial condition of the Subject : STRONG |
||||||
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 |
3.3 |
4.0 |
|
Unemployment
Rate |
3.3 |
3.2 |
3.0 |
3.0 |
3.0 |
|
Net
International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average
Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
- |
- |
|
Average 3
Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base
Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
- |
- |
|
Business Loans
Disbursed( % ) |
15.3 |
32.2 |
- |
- |
- |
|
Foreign
Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
- |
- |
|
Consumer Loans
( % ) |
- |
- |
- |
- |
- |
|
Registration
of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
- |
- |
|
Registration
of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
- |
- |
|
Liquidation of
Companies ( No. ) |
132,485 |
17,092 |
26,430 |
- |
- |
|
Liquidation of
Companies ( % ) |
417.8 |
(87.1) |
54.6 |
- |
- |
|
Registration
of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
- |
- |
|
Registration
of New Business ( % ) |
5.0 |
14.0 |
2.0 |
- |
- |
|
Business
Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
- |
- |
|
Business
Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
- |
- |
|
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 |
- |
- |
|
Credit Cards
Spending ( % ) |
15.6 |
12.6 |
- |
- |
- |
|
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) |
- |
- |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry
Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing
# |
4.7 |
4.8 |
3.4 |
6.6 |
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 |
- |
- |
|
Plastic
Products |
3.8 |
- |
- |
- |
- |
|
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 |
- |
- |
- |
- |
|
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 |
|
|
46691 :
Wholesale of industrial chemicals |
|
|
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) |
||
|
Months |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
|
Audited
Account |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
MYR |
MYR |
|
TURNOVER |
127,520,410 |
118,676,751 |
|
---------------- |
---------------- |
|
|
Total Turnover |
127,520,410 |
118,676,751 |
|
Costs of Goods
Sold |
(106,549,932) |
(98,878,771) |
|
---------------- |
---------------- |
|
|
Gross Profit |
20,970,478 |
19,797,980 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
10,007,133 |
9,375,378 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
10,007,133 |
9,375,378 |
|
Taxation |
(2,614,320) |
(2,361,890) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER
TAXATION |
7,392,813 |
7,013,488 |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As previously
reported |
32,571,946 |
29,358,458 |
|
---------------- |
---------------- |
|
|
As restated |
32,571,946 |
29,358,458 |
|
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
39,964,759 |
36,371,946 |
|
DIVIDENDS -
Ordinary (paid & proposed) |
(3,500,000) |
(3,800,000) |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD |
36,464,759 |
32,571,946 |
|
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
||
|
Hire purchase |
6,545 |
- |
|
Others |
655,856 |
711,977 |
|
---------------- |
---------------- |
|
|
662,401 |
711,977 |
|
|
============= |
============= |
|
BALANCE
SHEET
|
ASSETS
EMPLOYED: |
||
|
FIXED ASSETS |
6,306,200 |
6,052,149 |
|
---------------- |
---------------- |
|
|
TOTAL LONG
TERM ASSETS |
6,306,200 |
6,052,149 |
|
Stocks |
16,948,024 |
14,893,389 |
|
Trade debtors |
29,917,377 |
25,738,379 |
|
Other debtors,
deposits & prepayments |
186,437 |
119,350 |
|
Short term
deposits |
5,287,371 |
6,200,000 |
|
Cash &
bank balances |
3,696,286 |
4,067,642 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT
ASSETS |
56,035,495 |
51,018,760 |
|
---------------- |
---------------- |
|
|
TOTAL ASSET |
62,341,695 |
57,070,909 |
|
============= |
============= |
|
|
CURRENT
LIABILITIES |
||
|
Trade
creditors |
6,318,322 |
4,696,902 |
|
Other
creditors & accruals |
635,581 |
724,681 |
|
Hire purchase
& lease creditors |
101,174 |
- |
|
Other
borrowings |
2,114,138 |
3,102,881 |
|
Bill &
acceptances payable |
14,091,040 |
13,646,773 |
|
Provision for
taxation |
421,674 |
259,526 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT
LIABILITIES |
23,681,929 |
22,430,763 |
|
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
32,353,566 |
28,587,997 |
|
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
38,659,766 |
34,640,146 |
|
============= |
============= |
|
|
SHARE CAPITAL |
||
|
Ordinary share
capital |
2,000,000 |
2,000,000 |
|
---------------- |
---------------- |
|
|
TOTAL SHARE
CAPITAL |
2,000,000 |
2,000,000 |
|
Retained profit/(loss)
carried forward |
36,464,759 |
32,571,946 |
|
---------------- |
---------------- |
|
|
TOTAL RESERVES |
36,464,759 |
32,571,946 |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
38,464,759 |
34,571,946 |
|
Hire purchase
creditors |
26,007 |
- |
|
Deferred
taxation |
169,000 |
68,200 |
|
---------------- |
---------------- |
|
|
TOTAL LONG
TERM LIABILITIES |
195,007 |
68,200 |
|
---------------- |
---------------- |
|
|
38,659,766 |
34,640,146 |
|
|
============= |
============= |
|
FINANCIAL
RATIO
|
TYPES OF FUNDS |
||
|
Cash |
8,983,657 |
10,267,642 |
|
Net Liquid
Funds |
(5,107,383) |
(3,379,131) |
|
Net Liquid
Assets |
15,405,542 |
13,694,608 |
|
Net Current
Assets/(Liabilities) |
32,353,566 |
28,587,997 |
|
Net Tangible
Assets |
38,659,766 |
34,640,146 |
|
Net Monetary
Assets |
15,210,535 |
13,626,408 |
|
BALANCE SHEET
ITEMS |
||
|
Total
Borrowings |
16,332,359 |
16,749,654 |
|
Total
Liabilities |
23,876,936 |
22,498,963 |
|
Total Assets |
62,341,695 |
57,070,909 |
|
Net Assets |
38,659,766 |
34,640,146 |
|
Net Assets
Backing |
38,464,759 |
34,571,946 |
|
Shareholders'
Funds |
38,464,759 |
34,571,946 |
|
Total Share
Capital |
2,000,000 |
2,000,000 |
|
Total Reserves |
36,464,759 |
32,571,946 |
|
LIQUIDITY
(Times) |
||
|
Cash Ratio |
0.38 |
0.46 |
|
Liquid Ratio |
1.65 |
1.61 |
|
Current Ratio |
2.37 |
2.27 |
|
WORKING
CAPITAL CONTROL (Days) |
||
|
Stock Ratio |
49 |
46 |
|
Debtors Ratio |
86 |
79 |
|
Creditors
Ratio |
22 |
17 |
|
SOLVENCY RATIOS
(Times) |
||
|
Gearing Ratio |
0.42 |
0.48 |
|
Liabilities
Ratio |
0.62 |
0.65 |
|
Times Interest
Earned Ratio |
16.11 |
14.17 |
|
Assets Backing
Ratio |
19.33 |
17.32 |
|
PERFORMANCE
RATIO (%) |
||
|
Operating
Profit Margin |
7.85 |
7.90 |
|
Net Profit
Margin |
5.80 |
5.91 |
|
Return On Net
Assets |
27.60 |
29.12 |
|
Return On
Capital Employed |
27.53 |
29.12 |
|
Return On
Shareholders' Funds/Equity |
19.22 |
20.29 |
|
Dividend Pay
Out Ratio (Times) |
0.47 |
0.54 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.26 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.74.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.