|
Report No. : |
340279 |
|
Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
SSN MEDICAL PRODUCTS SDN. BHD. |
|
|
|
|
Formerly Known As : |
SSN POLYMERS (M) SDN BHD |
|
|
|
|
Registered Office : |
74a, Jalan Burhanuddin Helmi, Taman Tun Dr.
Ismail, 60000 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
07.08.1997 |
|
|
|
|
Com. Reg. No.: |
441893-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of condoms and gloves. |
|
|
|
|
No. of Employee : |
200 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA ECONOMIC OVERVIEW
Malaysia,
a middle-income country, has transformed itself since the 1970s from a producer
of raw materials into an emerging multi-sector economy. Under current Prime
Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020
and to move farther up the value-added production chain by attracting
investments in Islamic finance, high technology industries, biotechnology, and
services. NAJIB's Economic Transformation Program (ETP) is a series of projects
and policy measures intended to accelerate the country's economic growth. The
government has also taken steps to liberalize some services sub-sectors.
Malaysia is vulnerable to a fall in world commodity prices or a general
slowdown in global economic activity.
The NAJIB
administration is continuing efforts to boost domestic demand and reduce the
economy's dependence on exports. Nevertheless, exports - particularly of
electronics, oil and gas, palm oil and rubber - remain a significant driver of
the economy. Gross exports of goods and services constitute more than 80% of
GDP. The oil and gas sector supplied about 29% of government revenue in 2014.
As an oil and gas exporter, Malaysia has previously profited from higher world
energy prices, although the rising cost of domestic gasoline and diesel fuel,
combined with sustained budget deficits, has forced Kuala Lumpur to begin to
address fiscal shortfalls, through initial reductions in energy and sugar
subsidies and the announcement of the 2015 implementation of a 6% goods and
services tax. Falling global oil prices in the second half of 2014 have
strained government finances, shrunk Malaysia’s current account surplus and put
downward pressure on the ringgit. The government is trying to lessen its
dependence on state oil producer Petronas.
Bank
Negara Malaysia (the central bank) maintains healthy foreign exchange reserves;
a well-developed regulatory regime has limited Malaysia's exposure to riskier
financial instruments and the global financial crisis. In order to attract
increased investment, NAJIB raised possible revisions to the special economic
and social preferences accorded to ethnic Malays under the New Economic Policy
of 1970, but retreated in 2013 after he encountered significant opposition from
Malay nationalists and other vested interests. In September 2013 NAJIB launched
the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and
advance the economic condition of ethnic Malays.
Malaysia
is a member of the 12-nation Trans-Pacific Partnership free trade agreement
negotiations and, with the nine other ASEAN members, will form the ASEAN
Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
441893-K |
||||
|
COMPANY NAME |
: |
SSN MEDICAL PRODUCTS SDN. BHD. |
||||
|
FORMER NAME |
: |
SSN POLYMERS (M) SDN BHD (17/08/1999) |
||||
|
INCORPORATION DATE |
: |
07/08/1997 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
74A, JALAN BURHANUDDIN HELMI, TAMAN TUN DR.
ISMAIL, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
1, JALAN 51/203, OFF JALAN TANDANG, 46050
PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-77812829 |
||||
|
FAX.NO. |
: |
03-77812830 |
||||
|
EMAIL |
: |
|||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
CLINTON ANG TECK LEONG ( CEO ) |
||||
|
INDUSTRY CODE |
: |
22192 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF CONDOMS AND GLOVES |
||||
|
AUTHORISED CAPITAL |
: |
MYR 10,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 4,525,007.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 24,146,389 [2013] |
||||
|
NET WORTH |
: |
MYR 7,267,764 [2013] |
||||
|
STAFF STRENGTH |
: |
200 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
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 condoms and gloves.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
29/11/2014 |
MYR 10,000,000.00 |
MYR 4,525,007.00 |
|
28/03/2012 |
MYR 5,000,000.00 |
MYR 3,315,007.00 |
|
24/10/2011 |
MYR 5,000,000.00 |
MYR 2,465,007.00 |
|
18/05/2007 |
MYR 5,000,000.00 |
MYR 1,700,002.00 |
|
08/10/2004 |
MYR 5,000,000.00 |
MYR 1,150,002.00 |
|
24/03/2000 |
MYR 5,000,000.00 |
MYR 800,002.00 |
|
07/08/1997 |
MYR 100,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. ANG TECK LEONG + |
18A, BUKIT LEDANG, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
740605-14-6031 A2677309 |
2,320,507.00 |
51.28 |
|
MR. RAVENDRAN A/L UTHRAPATHY + |
3, JALAN SS 1/18, KAMPUNG TUNKU, 47300
PETALING JAYA, SELANGOR, MALAYSIA. |
620415-10-6737 |
144,500.00 |
3.19 |
|
MR. LIM KIAT YEE |
144, JALAN SS 2/4, 47300 PETALING JAYA,
SELANGOR, MALAYSIA. |
581110-10-5443 5571817 |
2,060,000.00 |
45.52 |
|
--------------- |
------ |
|||
|
4,525,007.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. RAVENDRAN A/L UTHRAPATHY |
|
Address |
: |
3, JALAN SS 1/18, KAMPUNG TUNKU, 47300
PETALING JAYA, SELANGOR, MALAYSIA. |
|
New IC No |
: |
620415-10-6737 |
|
Date of Birth |
: |
15/04/1962 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
05/12/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. ANG TECK LEONG |
|
Address |
: |
18A, BUKIT LEDANG, 50490 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A2677309 |
|
New IC No |
: |
740605-14-6031 |
|
Date of Birth |
: |
05/06/1974 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
07/07/2008 |
|
1) |
Name of Subject |
: |
CLINTON ANG TECK LEONG |
|
Position |
: |
CEO |
|
|
2) |
Name of Subject |
: |
SURESH |
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
|
Auditor |
: |
CHANTHIRAN & CO |
|
Auditor' Address |
: |
C-1-6, BLOK C, MEGAN AVENUE 1, JALAN TUN RAZAK,
50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. GOH HUI CHIA |
|
IC / PP No |
: |
5625392 |
|
|
New IC No |
: |
590602-04-5410 |
|
|
Address |
: |
9, JALAN SS21/13, DAMANSARA UTAMA, 47400
PETALING JAYA, SELANGOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
|
2) |
Name |
: |
RHB BANK BHD |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
18/11/2003 |
N/A |
CIMB BANK BERHAD |
MYR 76,000.00 |
Satisfied |
|
2 |
03/07/2007 |
1ST LEGAL CHARGE UNDER NATIONAL CODE |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
MYR 1,277,367.00 |
Unsatisfied |
|
3 |
03/07/2007 |
2ND LEGAL CHARGE UNDER NATIONAL LAND CODE |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
- |
Unsatisfied |
|
4 |
03/07/2007 |
DEED OF ASSIGNMENT OF RENTAL PROCEEDS |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
- |
Unsatisfied |
|
5 |
07/01/2015 |
LETTER OF SET-OFF |
RHB BANK BHD |
- |
Unsatisfied |
* 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 |
: |
95% |
|
Overseas |
: |
YES |
Percentage |
: |
5% |
|
Import Countries |
: |
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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
AUSTRALIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
DEALERS,DISTRIBUTORS |
|||
|
Products manufactured |
: |
|
|
|
Product Brand Name |
: |
|
|
|
Member(s) / Affiliate(s) |
: |
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION
(MATRADE) |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2012 |
2011 |
2010 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
200 |
200 |
180 |
180 |
180 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
condoms and gloves.
The Subject is engaged in the manufacturing of natural male latex condoms.
Besides this, the Subjct also manufactures rubber gloves.
The Subject aims to be an important global player that not only markets condoms
through the commercial avenue but also one that supports NGOs and Social
Marketing Organizations.
The Subject employs the latest innovations in production technology, based on
German and Korean designs.
The condoms are individually tested on the electronic testing machines, which
incorporate Programmable Logic Control (PLC) automation to accurately reject
those with holes, up to micron size levels.
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-77812829 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
1, JALAN 51/203, OFF JALAN TANDANG,46050,PETALING
JAYA,SELANGOR. |
|
Current Address |
: |
1, JALAN 51/203, OFF JALAN TANDANG, 46050
PETALING JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 8th September 2015 we contacted one of the staff from the Subject and he
provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
14.14% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
14.65% |
] |
|
|
The continuous fall in turnover could be due
to the lower demand for the Subject's products / services.The Subject's
profit fell sharply because of the high operating costs incurred. The
Subject's management had generated acceptable return for its shareholders
using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
104 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
51 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
43 Days |
] |
|
|
The Subject could be incurring higher
holding cost. As its capital was tied up in stocks, it could face liquidity
problems. 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 |
[ |
0.79 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.49 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 |
[ |
2.09 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.65 Times |
] |
|
|
The Subject's interest cover was low. If
its profits fall or when interest rate rises, it may not be able to
meet all its interest payment. 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 : |
||||||
|
The Subject's performance deteriorated over
the years with lower turnover and profit. 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. If there is a fall in the Subject's profit or any increase
in interest rate, the Subject may not be able to generate sufficient
cash-flow to service its interest. 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
: FAIR |
||||||
|
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 |
|
|
22192 : Manufacture of rubber gloves |
|
|
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 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
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 |
SUMMARY |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
24,146,389 |
25,475,590 |
26,358,566 |
27,249,648 |
14,223,666 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
24,146,389 |
25,475,590 |
26,358,566 |
27,249,648 |
14,223,666 |
|
Costs of Goods Sold |
(20,227,498) |
(21,301,074) |
- |
(23,133,292) |
(12,414,542) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
3,918,891 |
4,174,516 |
- |
4,116,356 |
1,809,124 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
719,689 |
1,252,923 |
1,528,562 |
2,238,355 |
651,346 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
719,689 |
1,252,923 |
1,528,562 |
2,238,355 |
651,346 |
|
Taxation |
308,200 |
(856,000) |
(342,000) |
(459,300) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,027,889 |
396,923 |
1,186,562 |
1,779,055 |
651,346 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
1,714,868 |
1,317,945 |
131,383 |
(1,647,672) |
(2,299,018) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
1,714,868 |
1,317,945 |
131,383 |
(1,647,672) |
(2,299,018) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
2,742,757 |
1,714,868 |
1,317,945 |
131,383 |
(1,647,672) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
2,742,757 |
1,714,868 |
1,317,945 |
131,383 |
(1,647,672) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
125,142 |
121,780 |
- |
178,545 |
208,768 |
|
Bankers' acceptance |
- |
- |
- |
- |
5,312 |
|
Hire purchase |
5,569 |
11,692 |
- |
4,590 |
1,668 |
|
Lease interest |
- |
1,739 |
- |
8,262 |
5,135 |
|
Term loan / Borrowing |
418,485 |
145,657 |
- |
473,590 |
97,389 |
|
Trust receipts |
110,015 |
107,671 |
- |
91,114 |
103,327 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
659,211 |
388,539 |
- |
756,101 |
421,599 |
|
|
============= |
============= |
- |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
321,635 |
433,074 |
- |
437,725 |
311,019 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
321,635 |
433,074 |
- |
437,725 |
311,019 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
4,597,546 |
4,856,867 |
4,587,539 |
4,938,868 |
5,226,291 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
4,597,546 |
4,856,867 |
4,587,539 |
4,938,868 |
5,226,291 |
|
Stocks |
6,855,058 |
7,183,453 |
- |
4,714,162 |
1,612,759 |
|
Trade debtors |
3,381,560 |
2,550,303 |
- |
2,624,623 |
1,710,474 |
|
Other debtors, deposits & prepayments |
4,336,634 |
3,422,766 |
- |
1,928,692 |
1,312,917 |
|
Short term deposits |
- |
- |
- |
- |
714,736 |
|
Amount due from director |
- |
172,812 |
- |
- |
82,096 |
|
Cash & bank balances |
90,865 |
730,073 |
- |
166,951 |
53,416 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
14,664,117 |
14,059,407 |
11,740,638 |
9,434,428 |
5,486,398 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
19,261,663 |
18,916,274 |
16,328,177 |
14,373,296 |
10,712,689 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
2,408,166 |
2,559,342 |
- |
2,526,898 |
2,419,256 |
|
Other creditors & accruals |
3,372,894 |
3,431,070 |
- |
4,112,507 |
2,140,264 |
|
Hire purchase & lease creditors |
47,004 |
40,004 |
- |
25,722 |
25,722 |
|
Bank overdraft |
1,379,739 |
1,387,694 |
- |
2,907,350 |
3,545,193 |
|
Short term borrowings/Term loans |
360,000 |
356,909 |
- |
116,909 |
127,613 |
|
Other borrowings |
999,900 |
999,900 |
- |
1,028,745 |
1,009,462 |
|
Amounts owing to director |
104,664 |
- |
- |
101,006 |
- |
|
Provision for taxation |
1,180,100 |
1,017,300 |
- |
459,300 |
- |
|
Lease payables |
- |
- |
- |
42,486 |
59,952 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
9,852,467 |
9,792,219 |
10,118,800 |
11,320,923 |
9,327,462 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
4,811,650 |
4,267,188 |
1,621,838 |
(1,886,495) |
(3,841,064) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
9,409,196 |
9,124,055 |
6,209,377 |
3,052,373 |
1,385,227 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
4,525,007 |
4,525,007 |
2,465,007 |
1,700,002 |
1,700,002 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
4,525,007 |
4,525,007 |
2,465,007 |
1,700,002 |
1,700,002 |
|
Retained profit/(loss) carried forward |
2,742,757 |
1,714,868 |
1,317,945 |
131,383 |
(1,647,672) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
2,742,757 |
1,714,868 |
1,317,945 |
131,383 |
(1,647,672) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
7,267,764 |
6,239,875 |
3,782,952 |
1,831,385 |
52,330 |
|
Long term loans |
1,839,524 |
2,097,519 |
- |
1,160,458 |
1,210,731 |
|
Lease obligations |
- |
- |
- |
2,710 |
38,624 |
|
Hire purchase creditors |
132,908 |
146,661 |
- |
57,820 |
83,542 |
|
Deferred taxation |
169,000 |
640,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
2,141,432 |
2,884,180 |
2,426,425 |
1,220,988 |
1,332,897 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
9,409,196 |
9,124,055 |
6,209,377 |
3,052,373 |
1,385,227 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
90,865 |
730,073 |
- |
166,951 |
768,152 |
|
Net Liquid Funds |
(1,288,874) |
(657,621) |
- |
(2,740,399) |
(2,777,041) |
|
Net Liquid Assets |
(2,043,408) |
(2,916,265) |
1,621,838 |
(6,600,657) |
(5,453,823) |
|
Net Current Assets/(Liabilities) |
4,811,650 |
4,267,188 |
1,621,838 |
(1,886,495) |
(3,841,064) |
|
Net Tangible Assets |
9,409,196 |
9,124,055 |
6,209,377 |
3,052,373 |
1,385,227 |
|
Net Monetary Assets |
(4,184,840) |
(5,800,445) |
(804,587) |
(7,821,645) |
(6,786,720) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
1,378,900 |
1,641,462 |
- |
2,994,456 |
1,072,945 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
1,700,535 |
2,074,536 |
- |
3,432,181 |
1,383,964 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
4,759,075 |
5,028,687 |
- |
5,299,714 |
6,040,887 |
|
Total Liabilities |
11,993,899 |
12,676,399 |
12,545,225 |
12,541,911 |
10,660,359 |
|
Total Assets |
19,261,663 |
18,916,274 |
16,328,177 |
14,373,296 |
10,712,689 |
|
Net Assets |
9,409,196 |
9,124,055 |
6,209,377 |
3,052,373 |
1,385,227 |
|
Net Assets Backing |
7,267,764 |
6,239,875 |
3,782,952 |
1,831,385 |
52,330 |
|
Shareholders' Funds |
7,267,764 |
6,239,875 |
3,782,952 |
1,831,385 |
52,330 |
|
Total Share Capital |
4,525,007 |
4,525,007 |
2,465,007 |
1,700,002 |
1,700,002 |
|
Total Reserves |
2,742,757 |
1,714,868 |
1,317,945 |
131,383 |
(1,647,672) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.01 |
0.07 |
- |
0.01 |
0.08 |
|
Liquid Ratio |
0.79 |
0.70 |
- |
0.42 |
0.42 |
|
Current Ratio |
1.49 |
1.44 |
1.16 |
0.83 |
0.59 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
104 |
103 |
- |
63 |
41 |
|
Debtors Ratio |
51 |
37 |
- |
35 |
44 |
|
Creditors Ratio |
43 |
44 |
- |
40 |
71 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.65 |
0.81 |
- |
2.89 |
115.44 |
|
Liabilities Ratio |
1.65 |
2.03 |
3.32 |
6.85 |
203.71 |
|
Times Interest Earned Ratio |
2.09 |
4.22 |
- |
3.96 |
2.54 |
|
Assets Backing Ratio |
2.08 |
2.02 |
2.52 |
1.80 |
0.81 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
2.98 |
4.92 |
5.80 |
8.21 |
4.58 |
|
Net Profit Margin |
4.26 |
1.56 |
4.50 |
6.53 |
4.58 |
|
Return On Net Assets |
14.65 |
17.99 |
24.62 |
98.10 |
77.46 |
|
Return On Capital Employed |
12.73 |
15.56 |
24.62 |
50.03 |
21.65 |
|
Return On Shareholders' Funds/Equity |
14.14 |
6.36 |
31.37 |
97.14 |
1,244.69 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
- |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
- |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.58 |
|
|
1 |
Rs.102.29 |
|
Euro |
1 |
Rs.74.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.