|
Report No. : |
338633 |
|
Report Date : |
05.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
NIPPON ELECTRIC GLASS (MALAYSIA) SDN. BHD. |
|
|
|
|
Registered Office : |
Symphony House, Block D13, Pusat
Dagangana Dana 1, Jalan Pju 1a/46, Level 8, 47301 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
26.01.1991 |
|
|
|
|
Com. Reg. No.: |
211795-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of cathode ray
tube glass, glass fiber & other |
|
|
|
|
No. of Employee : |
500 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA ECONOMIC OVERVIEW
Malaysia,
a middle-income country, has transformed itself since the 1970s from a producer
of raw materials into an emerging multi-sector economy. Under current Prime Minister
NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move
farther up the value-added production chain by attracting investments in
Islamic finance, high technology industries, biotechnology, and services.
NAJIB's Economic Transformation Program (ETP) is a series of projects and
policy measures intended to accelerate the country's economic growth. The
government has also taken steps to liberalize some services sub-sectors.
Malaysia is vulnerable to a fall in world commodity prices or a general
slowdown in global economic activity.
The NAJIB
administration is continuing efforts to boost domestic demand and reduce the
economy's dependence on exports. Nevertheless, exports - particularly of
electronics, oil and gas, palm oil and rubber - remain a significant driver of
the economy. Gross exports of goods and services constitute more than 80% of
GDP. The oil and gas sector supplied about 29% of government revenue in 2014.
As an oil and gas exporter, Malaysia has previously profited from higher world
energy prices, although the rising cost of domestic gasoline and diesel fuel,
combined with sustained budget deficits, has forced Kuala Lumpur to begin to
address fiscal shortfalls, through initial reductions in energy and sugar
subsidies and the announcement of the 2015 implementation of a 6% goods and
services tax. Falling global oil prices in the second half of 2014 have
strained government finances, shrunk Malaysia’s current account surplus and put
downward pressure on the ringgit. The government is trying to lessen its
dependence on state oil producer Petronas.
Bank
Negara Malaysia (the central bank) maintains healthy foreign exchange reserves;
a well-developed regulatory regime has limited Malaysia's exposure to riskier
financial instruments and the global financial crisis. In order to attract
increased investment, NAJIB raised possible revisions to the special economic
and social preferences accorded to ethnic Malays under the New Economic Policy
of 1970, but retreated in 2013 after he encountered significant opposition from
Malay nationalists and other vested interests. In September 2013 NAJIB launched
the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and
advance the economic condition of ethnic Malays.
Malaysia
is a member of the 12-nation Trans-Pacific Partnership free trade agreement
negotiations and, with the nine other ASEAN members, will form the ASEAN
Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
211795-M |
||||
|
COMPANY NAME |
: |
NIPPON ELECTRIC GLASS
(MALAYSIA) SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
26/01/1991 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
SYMPHONY HOUSE, BLOCK D13,
PUSAT DAGANGANA DANA 1, JALAN PJU 1A/46, LEVEL 8, 47301 PETALING JAYA,
SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 1-7, LION INDUSTRIAL PARK, PERSIARAN
JUBLI PERAK, 40706 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-55430000 |
||||
|
FAX.NO. |
: |
03-51910881 |
||||
|
CONTACT PERSON |
: |
ZAINOL AMAN SHAH BIN MOHD NAJIB
( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
231 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF CATHODE RAY
TUBE GLASS, GLASS FIBER & OTHER RELATED PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 1,460,000,000.00 DIVIDED
INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,303,574,600.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 1,372,853,574 [2014] |
||||
|
NET WORTH |
: |
MYR 1,446,885,876 [2014] |
||||
|
M1000 OVERALL RANKING |
: |
512[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
23[2011] |
||||
|
STAFF STRENGTH |
: |
500 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
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) manufacturing of cathode ray tube glass, glass
fiber & other related products.
The Subject is not listed on
Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000
publication, the Subject's ranking are as follows: |
|
|||||
|
||||||
|
YEAR |
2011 |
2009 |
2008 |
2005 |
2004 |
|
|
OVERALL RANKING |
512 |
340 |
286 |
156 |
120 |
|
|
INDUSTRY RANKING |
23 |
21 |
21 |
14 |
12 |
|
The ultimate holding company of the
Subject is NIPPON ELECTRIC GLASS CO. LTD., a company incorporated in JAPAN.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
05/03/2015 |
MYR 1,460,000,000.00 |
MYR 1,303,574,600.00 |
|
29/03/2011 |
MYR 1,460,000,000.00 |
MYR 1,270,383,500.00 |
|
17/02/2011 |
MYR 1,460,000,000.00 |
MYR 1,214,775,500.00 |
|
28/12/2010 |
MYR 1,460,000,000.00 |
MYR 1,140,385,500.00 |
|
04/11/2010 |
MYR 1,460,000,000.00 |
MYR 1,027,999,500.00 |
|
21/10/2010 |
MYR 1,460,000,000.00 |
MYR 913,570,500.00 |
|
28/09/2010 |
MYR 1,460,000,000.00 |
MYR 801,847,500.00 |
|
25/08/2010 |
MYR 1,460,000,000.00 |
MYR 635,023,500.00 |
|
18/06/2010 |
MYR 1,460,000,000.00 |
MYR 524,314,500.00 |
|
17/08/1998 |
MYR 360,000,000.00 |
MYR 358,800,000.00 |
|
01/11/1995 |
MYR 350,000,000.00 |
MYR 348,800,000.00 |
|
05/09/1995 |
MYR 350,000,000.00 |
MYR 260,000,000.00 |
|
08/07/1994 |
MYR 180,000,000.00 |
MYR 175,000,000.00 |
|
08/05/1994 |
MYR 180,000,000.00 |
MYR 127,500,000.00 |
|
25/02/1992 |
MYR 90,000,000.00 |
MYR 80,000,000.00 |
|
07/02/1992 |
MYR 90,000,000.00 |
MYR 64,000,000.00 |
|
22/11/1991 |
MYR 65,000,000.00 |
MYR 54,000,000.00 |
|
02/10/1991 |
MYR 65,000,000.00 |
MYR 39,000,000.00 |
|
15/07/1991 |
MYR 35,000,000.00 |
MYR 34,000,000.00 |
|
18/06/1991 |
MYR 20,025,000.00 |
MYR 16,000,000.00 |
|
24/04/1991 |
MYR 20,025,000.00 |
MYR 6,000,000.00 |
|
06/02/1991 |
MYR 25,000.00 |
MYR 2.00 |
The major shareholder(s) of the
Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
NIPPON ELECTRIC GLASS CO LTD |
7-1, SEIRAN 2-CHOME,
OTSU-SHIGA, 520-8639, JAPAN. |
XLZ000008797 |
1,303,574,600.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,303,574,600.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
SHIGERU GOTO |
|
Address |
: |
UNIR 37-20-2, SRI PENAGA
CONDOMINIUM, JALAN MEDANG SERAI, BUKIT BANDARAYA, 59100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
TZ1021858 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. ZAINOL AMAN SHAH BIN MOHD
NAJIB |
|
Address |
: |
2, JALAN ESEI DUA U2/41, TTDI
JAYA, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A2000096 |
|
New IC No |
: |
710828-02-5037 |
|
Date of Birth |
: |
28/08/1971 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/04/2014 |
DIRECTOR 3
|
Name Of Subject |
: |
ICHIRO NAKANO |
|
Address |
: |
UNIT 28-2-4, CASCADIUM
CONDOMINIUM, JALAN PENAGA, BUKIT BANDARAYA, 59100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
TR2308687 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/10/2014 |
|
1) |
Name of Subject |
: |
SHIGERU GOTO |
|
Position |
: |
MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
ZAINOL AMAN SHAH BIN MOHD NAJIB |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor' Address |
: |
1 SENTRAL, JALAN TRAVERS, KUALA
LUMPUR CENTRAL, P.O.BOX 10192, LEVEL 10, 50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. CHAN SAU LENG |
|
IC / PP No |
: |
A1278792 |
|
|
New IC No |
: |
690409-08-5646 |
|
|
Address |
: |
14, JALAN HELANG 3, BANDAR PUCHONG
JAYA, 47170 PUCHONG JAYA, SELANGOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING 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 |
Percentage |
: |
30% |
|
Overseas |
: |
YES |
Percentage |
: |
70% |
|
Import Countries |
: |
EUROPE,ASIA |
|||
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 |
Percentage |
: |
10% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
90% |
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
DEALERS,DISTRIBUTORS |
|||
|
Products manufactured |
: |
|
|||||
|
Award |
: |
1 )
MS ISO 9001 : 2000 Year :2004 |
|||||
|
Competitor(s) |
: |
IWAKI
GLASS (MALAYSIA) SDN BHD |
|||||
|
Member(s) / Affiliate(s) |
: |
FEDERATION
OF MALAYSIAN MANUFACTURERS (FMM) SMI
ASSOCIATION OF MALAYSIA SMALL
& MEDIUM ENTERPRISE |
|||||
|
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 |
500 |
500 |
500 |
500 |
520 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
cathode ray tube glass, glass fiber & other related products.
The Subject's products range includes glass bulbs for CRT, glasstubes, chopped
strands, glass fibre and etc.
We were informed that the Subject's products are used in televisions,
computers, microwaves and others.
Besides that the Subject also undertakes manufacturing of internal glass for
the microwaves mainly for SAMSUNG.
The Subject utilizes the advanced automated and semi-automated machinery to
ensure production of high quality products.
The Subject's product is developed with the characteristics, shapes, and high
levels of quality and precision that optimally meet the needs of
customers.
High-Tech glass is used in information devices such as flat panel displays,
cellular phones, and digital cameras. It is also increasingly found in
everything from kitchen appliances to automobiles and building materials.
The Subject's product range can be divide into 4 :-
1. Glass for Display Devices
- Glass for Liquid Crystal Displays
- Glass for Organic LED Display
- Glass for Cathode Ray Tubes
2. Glass for Electronic Devices
- Glass for Electronic Devices
- Glass for Optical Devices
3. Glass Fiber
4. Building Materials, Heat-Resistant Glass, and More
- Glass for Building Materials
- Heat-Resistant Glass
- Glass for Lighting, Medical, and More
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone Number Provided By
Client |
: |
N/A |
|
Current Telephone Number |
: |
03-55430000 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
LOT 1-7, LION INDUSTRIAL PARK,
PERSIARAN JUBLI PERAK,40706,SHAH ALAM,SELANGOR. |
|
Current Address |
: |
LOT 1-7, LION INDUSTRIAL PARK,
PERSIARAN JUBLI PERAK, 40706 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 25th August 2015, we contacted one of the staff from the Subject and he provided
some information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(0.82%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(0.31%) |
] |
|
|
The Subject's turnover
increased steadily as the demand for its products / services increased due to
the goodwill built up over the years.Higher losses before tax during the year
could be due to the higher operating costs incurred. The Subject's
unfavourable returns on shareholders' funds indicate the management's
inefficiency in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
53 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
38 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
26 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 |
: |
Unfavourable |
[ |
0.69 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.11 Times |
] |
|
|
A low liquid ratio means that
the Subject may be facing working capital deficiency. If the Subject cannot
obtain additional financing or injection of fresh capital, it may face difficulties
in meeting its short term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
(0.73 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.15 Times |
] |
|
|
The Subject incurred losses in
the year. It did not generate sufficient income to service its interest.
If the situation does not improve, the Subject may be vulnerable to
default in servicing the interest. 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 : |
||||||
|
Although the Subject's turnover
increased its profits however showed a reverse trend. The losses could be due
to the management's failure to maintain its competitiveness in the market.
Due to its weak liquidity position, the Subject will be faced with problems
in meeting all its short term obligations if no short term loan is obtained
or additional capital injected into the Subject. The Subject's interest cover
was negative, indicating that it did not generate sufficient income to
service its interest. If its result does not show impressive improvements or
succeed obtaining short term financing or capital injection, it may not be
able to service its interest and repay the loans. 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 : LIMITED |
||||||
|
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 |
|
|
231 : Manufacture of glass and
glass products |
|
|
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 |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE
PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
Financial Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
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 |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
1,372,853,574 |
1,269,668,704 |
1,205,789,034 |
1,203,518,305 |
1,017,528,370 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
1,372,853,574 |
1,269,668,704 |
1,205,789,034 |
1,203,518,305 |
1,017,528,370 |
|
Costs of Goods Sold |
(1,150,435,980) |
(1,114,963,965) |
(1,189,895,967) |
(1,181,440,081) |
(863,188,106) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
222,417,594 |
154,704,739 |
15,893,067 |
22,078,224 |
154,340,264 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(11,814,631) |
(6,432,894) |
(155,592,202) |
(172,568,414) |
(9,836,620) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(11,814,631) |
(6,432,894) |
(155,592,202) |
(172,568,414) |
(9,836,620) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(11,814,631) |
(6,432,894) |
(155,592,202) |
(172,568,414) |
(9,836,620) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT
FORWARD |
|||||
|
As previously reported |
155,125,907 |
161,558,801 |
317,151,003 |
489,719,417 |
499,556,037 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
155,125,907 |
161,558,801 |
317,151,003 |
489,719,417 |
499,556,037 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR
APPROPRIATIONS |
143,311,276 |
155,125,907 |
161,558,801 |
317,151,003 |
489,719,417 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED
FORWARD |
143,311,276 |
155,125,907 |
161,558,801 |
317,151,003 |
489,719,417 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes
to P&L) |
|||||
|
Loan from holding company |
2,384,651 |
2,983,296 |
3,832,875 |
3,919,276 |
- |
|
Others |
4,456,244 |
5,838,454 |
4,306,876 |
6,358,335 |
10,988,486 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
6,840,895 |
8,821,750 |
8,139,751 |
10,277,611 |
10,988,486 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to
P&L) |
143,512,756 |
167,264,792 |
209,691,010 |
245,007,928 |
131,884,863 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
143,512,756 |
167,264,792 |
209,691,010 |
245,007,928 |
131,884,863 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
1,575,921,335 |
1,404,776,608 |
1,507,483,575 |
1,652,264,442 |
1,671,094,058 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,575,921,335 |
1,404,776,608 |
1,507,483,575 |
1,652,264,442 |
1,671,094,058 |
|
Stocks |
200,611,934 |
183,726,297 |
253,110,940 |
281,372,429 |
224,566,704 |
|
Trade debtors |
141,089,456 |
147,007,295 |
101,838,000 |
109,583,274 |
123,100,300 |
|
Other debtors, deposits &
prepayments |
5,046,889 |
1,878,067 |
1,560,135 |
3,685,979 |
1,307,752 |
|
Short term deposits |
- |
- |
- |
1,100,000 |
1,100,000 |
|
Short term loans & advances |
- |
- |
- |
- |
45,429,310 |
|
Amount due from related
companies |
64,128,613 |
69,305,268 |
36,789,677 |
42,559,268 |
14,127,567 |
|
Cash & bank balances |
119,664,792 |
72,739,309 |
50,137,670 |
40,427,832 |
118,958,711 |
|
Others |
- |
- |
1,842,858 |
43,014,713 |
375,375 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
530,541,684 |
474,656,236 |
445,279,280 |
521,743,495 |
528,965,719 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
2,106,463,019 |
1,879,432,844 |
1,952,762,855 |
2,174,007,937 |
2,200,059,777 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
81,308,127 |
69,570,779 |
78,674,948 |
71,322,472 |
76,026,321 |
|
Other creditors & accruals |
162,629,027 |
41,760,037 |
26,798,161 |
14,673,404 |
43,782,739 |
|
Short term borrowings/Term
loans |
14,785,320 |
31,705,960 |
36,047,440 |
41,218,760 |
38,496,480 |
|
Other borrowings |
29,249,220 |
45,804,460 |
42,459,040 |
37,553,060 |
35,072,880 |
|
Amounts owing to holding
company |
123,128,100 |
49,490,827 |
92,088,966 |
57,733,895 |
115,995,850 |
|
Other liabilities |
66,723,554 |
35,150,557 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
477,823,348 |
273,482,620 |
276,068,555 |
222,501,591 |
309,374,270 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
52,718,336 |
201,173,616 |
169,210,725 |
299,241,904 |
219,591,449 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,628,639,671 |
1,605,950,224 |
1,676,694,300 |
1,951,506,346 |
1,890,685,507 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
1,303,574,600 |
1,303,574,600 |
1,303,574,600 |
1,303,574,600 |
1,140,385,500 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,303,574,600 |
1,303,574,600 |
1,303,574,600 |
1,303,574,600 |
1,140,385,500 |
|
Retained profit/(loss) carried
forward |
143,311,276 |
155,125,907 |
161,558,801 |
317,151,003 |
489,719,417 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
143,311,276 |
155,125,907 |
161,558,801 |
317,151,003 |
489,719,417 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
1,446,885,876 |
1,458,700,507 |
1,465,133,401 |
1,620,725,603 |
1,630,104,917 |
|
Long term loans |
- |
15,852,980 |
54,071,160 |
103,046,900 |
134,737,680 |
|
Other long term borrowings |
176,781,000 |
126,917,830 |
153,629,060 |
224,218,650 |
- |
|
Retirement benefits provision |
4,972,795 |
4,478,907 |
3,860,679 |
3,515,193 |
3,087,830 |
|
Others |
- |
- |
- |
- |
122,755,080 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
181,753,795 |
147,249,717 |
211,560,899 |
330,780,743 |
260,580,590 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,628,639,671 |
1,605,950,224 |
1,676,694,300 |
1,951,506,346 |
1,890,685,507 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
119,664,792 |
72,739,309 |
50,137,670 |
41,527,832 |
120,058,711 |
|
Net Liquid Funds |
119,664,792 |
72,739,309 |
50,137,670 |
41,527,832 |
120,058,711 |
|
Net Liquid Assets |
(147,893,598) |
17,447,319 |
(83,900,215) |
17,869,475 |
(4,975,255) |
|
Net Current
Assets/(Liabilities) |
52,718,336 |
201,173,616 |
169,210,725 |
299,241,904 |
219,591,449 |
|
Net Tangible Assets |
1,628,639,671 |
1,605,950,224 |
1,676,694,300 |
1,951,506,346 |
1,890,685,507 |
|
Net Monetary Assets |
(329,647,393) |
(129,802,398) |
(295,461,114) |
(312,911,268) |
(265,555,845) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest &
Tax (EBIT) |
(4,973,736) |
2,388,856 |
(147,452,451) |
(162,290,803) |
1,151,866 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
138,539,020 |
169,653,648 |
62,238,559 |
82,717,125 |
133,036,729 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
220,815,540 |
220,281,230 |
286,206,700 |
406,037,370 |
208,307,040 |
|
Total Liabilities |
659,577,143 |
420,732,337 |
487,629,454 |
553,282,334 |
569,954,860 |
|
Total Assets |
2,106,463,019 |
1,879,432,844 |
1,952,762,855 |
2,174,007,937 |
2,200,059,777 |
|
Net Assets |
1,628,639,671 |
1,605,950,224 |
1,676,694,300 |
1,951,506,346 |
1,890,685,507 |
|
Net Assets Backing |
1,446,885,876 |
1,458,700,507 |
1,465,133,401 |
1,620,725,603 |
1,630,104,917 |
|
Shareholders' Funds |
1,446,885,876 |
1,458,700,507 |
1,465,133,401 |
1,620,725,603 |
1,630,104,917 |
|
Total Share Capital |
1,303,574,600 |
1,303,574,600 |
1,303,574,600 |
1,303,574,600 |
1,140,385,500 |
|
Total Reserves |
143,311,276 |
155,125,907 |
161,558,801 |
317,151,003 |
489,719,417 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.25 |
0.27 |
0.18 |
0.19 |
0.39 |
|
Liquid Ratio |
0.69 |
1.06 |
0.70 |
1.08 |
0.98 |
|
Current Ratio |
1.11 |
1.74 |
1.61 |
2.34 |
1.71 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
53 |
53 |
77 |
85 |
81 |
|
Debtors Ratio |
38 |
42 |
31 |
33 |
44 |
|
Creditors Ratio |
26 |
23 |
24 |
22 |
32 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.15 |
0.15 |
0.20 |
0.25 |
0.13 |
|
Liabilities Ratio |
0.46 |
0.29 |
0.33 |
0.34 |
0.35 |
|
Times Interest Earned Ratio |
(0.73) |
0.27 |
(18.12) |
(15.79) |
0.10 |
|
Assets Backing Ratio |
1.25 |
1.23 |
1.29 |
1.50 |
1.66 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(0.86) |
(0.51) |
(12.90) |
(14.34) |
(0.97) |
|
Net Profit Margin |
(0.86) |
(0.51) |
(12.90) |
(14.34) |
(0.97) |
|
Return On Net Assets |
(0.31) |
0.15 |
(8.79) |
(8.32) |
0.06 |
|
Return On Capital Employed |
(0.31) |
0.15 |
(8.79) |
(8.32) |
0.06 |
|
Return On Shareholders'
Funds/Equity |
(0.82) |
(0.44) |
(10.62) |
(10.65) |
(0.60) |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.