|
Report No. : |
340622 |
|
Report Date : |
12.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
DENIM CARE SDN. BHD. |
|
|
|
|
Formerly Known As : |
CONCEPT CHEMICALS SEA SDN BHD |
|
|
|
|
Registered Office : |
58-A Jalan Cantonment, 10250 Georgetown, Pulau Pinang |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
29.02.2008 |
|
|
|
|
Date of Incorporation : |
01.12.2004 |
|
|
|
|
Com. Reg. No.: |
673790-P |
|
|
|
|
Legal Form : |
Exempt Private (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is engaged in the manufacturing of textile auxiliaries and
enzymes. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.
The NAJIB administration is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. Gross exports of goods and services constitute more than 80% of GDP. The oil and gas sector supplied about 29% of government revenue in 2014. As an oil and gas exporter, Malaysia has previously profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is trying to lessen its dependence on state oil producer Petronas.
Bank Negara Malaysia (the central bank) maintains healthy foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. In order to attract increased investment, NAJIB raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays.
Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
673790-P |
||||
|
COMPANY NAME |
: |
DENIM CARE SDN. BHD. |
||||
|
FORMER NAME |
: |
CONCEPT CHEMICALS SEA SDN BHD (11/09/2006) |
||||
|
INCORPORATION DATE |
: |
01/12/2004 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
EXEMPT PRIVATE (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
58-A JALAN CANTONMENT, 10250 GEORGETOWN, PULAU PINANG, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 29, LORONG PERUSAHAAN 6A, KULIM INDUSTRIAL ESTATE, 09000 KULIM,
KEDAH, MALAYSIA. |
||||
|
TEL.NO. |
: |
04-4891899 |
||||
|
FAX.NO. |
: |
04-4891898 |
||||
|
WEB SITE |
: |
WWW.DENIMCARE.NET |
||||
|
CONTACT PERSON |
: |
CHENG SOO FONG ( EXECUTIVE DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
20 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF TEXTILE AUXILIARIES AND ENZYMES |
||||
|
AUTHORISED CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
||||
|
SALES |
: |
N/A |
||||
|
NET WORTH |
: |
N/A |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
N/A |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY
/ BACKGROUND
|
The Subject is an exempt private company which is allowed to have a minimum
of two and a maximum of twenty shareholders and all the shareholders must be
individuals. An exempt company is a type of private limited company. 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, suing or be sued by other companies. The Subject is governed by the
Companies Act, 1965 and must file in its annual return. The Subject need not
file in its financial statements but it has to file in a document duly signed
by its director in charge of its finance, the secretary and its auditor stating
that the Subject is able to meet all its obligations as and when they fall due.
Although the Subject is not required to file in its financial statements, it
also has to prepare its financial account which must be presented at the Annual
General Meeting.
The Subject is principally engaged in the (as a / as an) manufacturing
of textile auxiliaries and enzymes.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 500,000.00 |
MYR 500,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. LIM WENG WOH + |
LOT 29, LORONG PERUSAHAAN 6A, KULIM INDUSTRIAL ESTATE, 09000 KULIM,
KEDAH, MALAYSIA. |
710425-08-6417 |
300,000.00 |
60.00 |
|
WONG NAI HOCK, RONNIE |
10, LORONG LAKSAMANA 2, TAMAN KERIAN 6, 34200 PARIT BUNTAR, PERAK,
MALAYSIA. |
E3119735H |
50,000.00 |
10.00 |
|
MS. LIM LOO KHENG |
5, LINTANG PANTAI JERJAK 5, GELUGOR, PULAU PINANG, 11700 GELUGOR,
PULAU PINANG, MALAYSIA. |
650321-07-5068 A0071758 |
50,000.00 |
10.00 |
|
MS. CHENG SOO FONG + |
LOT 29, LORONG PERUSAHAAN 6A, KULIM INDUSTRIAL ESTATE, 09000 KULIM,
KEDAH, MALAYSIA. |
751230-07-5532 A3200184 |
50,000.00 |
10.00 |
|
MR. CHOW HIANG AIK |
10, LORONG LAKSAMANA 2, TAMAN KERIAN 6, 34200 PARIT BUNTAR, PERAK,
MALAYSIA. |
661228-08-5353 A0544800 |
50,000.00 |
10.00 |
|
--------------- |
------ |
|||
|
500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc No |
Shareholding |
Last Updated |
|
TAN CHIN NENG |
N/A |
631204-01-5425 |
N/A |
11/10/2012 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MS. CHENG SOO FONG |
|
Address |
: |
LOT 29, LORONG PERUSAHAAN 6A, KULIM INDUSTRIAL ESTATE, 09000 KULIM,
KEDAH, MALAYSIA. |
|
IC / PP No |
: |
A3200184 |
|
New IC No |
: |
751230-07-5532 |
|
Date of Birth |
: |
30/12/1975 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/12/2004 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. LIM WENG WOH |
|
Address |
: |
LOT 29, LORONG PERUSAHAAN 6A, KULIM INDUSTRIAL ESTATE, 09000 KULIM,
KEDAH, MALAYSIA. |
|
New IC No |
: |
710425-08-6417 |
|
Date of Birth |
: |
25/04/1971 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/12/2004 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
CHENG SOO FONG |
|
Position |
: |
EXECUTIVE DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
J.S. SOO & CO. |
|
Auditor' Address |
: |
58A-1, JALAN CANTONMENT, 10250 GEORGETOWN, PULAU PINANG, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. LIM YONG CHIAT |
|
New IC No |
: |
790702-02-5130 |
|
|
Address |
: |
1772-B, LORONG TIONG, 05200 ALOR SETAR, KEDAH, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
14/09/2010 |
N/A |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
MYR 1,980,000.00 |
Unsatisfied |
|
2 |
14/09/2010 |
N/A |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
MYR 820,000.00 |
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 |
Percentage |
: |
40% |
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Ownership of premises |
: |
LEASED/RENTED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
|||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
20 |
20 |
20 |
20 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
textile auxiliaries and enzymes.
The Subject is set up in Malaysia by a group of experienced GWP (Garment Wet Process)
technologist to supply quality and innovative products to laundries.
The Subject has its own Research & Development Department to ensure
production of high quality products that meets customers' requirements.
Besides that, the Subject has a warehouse to keep stocks and materials.
The Subject offers wide range of textile auxiliaries product such as:
- Pretreatment auxiliaries
- dyeing auxiliaries
- finishing auxiliaries
- stonewashing/ denim washing cellulases
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
04-4891899 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
LOT 29, LORONG PERUSAHAAN 6A, KULIM INDUSTRIAL
ESTATE,09000,KULIM,KEDAH. |
|
Current Address |
: |
LOT 29, LORONG PERUSAHAAN 6A, KULIM INDUSTRIAL ESTATE, 09000 KULIM,
KEDAH, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
FINANCIAL
ANALYSIS
|
|
The Subject is a private exempt company which does not need to file in
its accounts with the Registrar of Companies for the information of the
public. Therefore, we are not able to comment on the Subject's financial
performance. |
||||||
|
Overall financial condition of the Subject : N/A |
||||||
|
|
||||||
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population ( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption ( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment ( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption ( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment ( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
Balance of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation ( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.2 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
2.9 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
4.00 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
6.85 |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
56.0 |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
43,486.6 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
49,144 |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
6.1 |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
21,753 |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
(17.7) |
- |
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
332,723 |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
1.0 |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
21,436 |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
18.0 |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
63.2 |
- |
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
13.5 |
- |
|
Bad Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry & Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil & Gas |
(1.7) |
- |
- |
3.0 |
- |
|
Other Mining |
- |
- |
- |
46.6 |
- |
|
Industry Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.4 |
5.5 |
|
Exported-oriented Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical & Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles & Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food, Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical & Chemical Products |
10.0 |
10.8 |
5.6 |
1.4 |
- |
|
Plastic Products |
3.8 |
- |
- |
2.7 |
- |
|
Iron & Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper & Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude Oil Refineries |
9.3 |
- |
- |
13.0 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,856.9 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric, Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport, Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale, Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance, Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production Index |
|||||
INDUSTRY
ANALYSIS
|
|
MSIC CODE |
|
|
20 : MANUFACTURE OF CHEMICALS AND CHEMICAL 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 |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
DENIM CARE SDN. BHD. |
|
Financial Year End |
2008-02-29 |
2007-02-28 |
2006-02-28 |
|
Months |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
|
TURNOVER |
3,656,199 |
1,829,143 |
539,965 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
3,656,199 |
1,829,143 |
539,965 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
191,117 |
(70,517) |
(156,521) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
191,117 |
(70,517) |
(156,521) |
|
Taxation |
(6,600) |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
184,517 |
(70,517) |
(156,521) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
184,517 |
(70,517) |
(156,521) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
184,517 |
(70,517) |
(156,521) |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously reported |
(227,038) |
(156,521) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
(227,038) |
(156,521) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(42,521) |
(227,038) |
(156,521) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(42,521) |
(227,038) |
(156,521) |
|
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||
|
Hire purchase |
1,739 |
- |
- |
|
Others |
2,785 |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
4,524 |
- |
- |
|
|
============= |
- |
- |
|
|
DEPRECIATION (as per notes to P&L) |
140,171 |
103,179 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
140,171 |
103,179 |
- |
|
|
============= |
============= |
||
|
|
|
|
|
BALANCE
SHEET
|
|
DENIM CARE SDN. BHD. |
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
395,848 |
343,940 |
275,109 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
395,848 |
343,940 |
275,109 |
|
Stocks |
720,271 |
616,150 |
- |
|
Trade debtors |
709,534 |
423,915 |
- |
|
Other debtors, deposits & prepayments |
77,161 |
39,264 |
- |
|
Cash & bank balances |
122,547 |
64,894 |
- |
|
Others |
10,000 |
2,400 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
1,639,513 |
1,146,623 |
418,472 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
2,035,361 |
1,490,563 |
693,581 |
|
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||
|
Trade creditors |
211,996 |
189,801 |
- |
|
Other creditors & accruals |
645,353 |
472,279 |
- |
|
Hire purchase & lease creditors |
27,252 |
- |
- |
|
Amounts owing to director |
1,051,224 |
955,521 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
1,935,825 |
1,617,601 |
850,092 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(296,312) |
(470,978) |
(431,620) |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
99,536 |
(127,038) |
(156,511) |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share capital |
100,000 |
100,000 |
10 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
100,000 |
100,000 |
10 |
|
Retained profit/(loss) carried forward |
(42,521) |
(227,038) |
(156,521) |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(42,521) |
(227,038) |
(156,521) |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
57,479 |
(127,038) |
(156,511) |
|
Hire purchase creditors |
35,457 |
- |
- |
|
Deferred taxation |
6,600 |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
42,057 |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
99,536 |
(127,038) |
(156,511) |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
DENIM CARE SDN. BHD. |
|
TYPES OF FUNDS |
|||
|
Cash |
122,547 |
64,894 |
- |
|
Net Liquid Funds |
122,547 |
64,894 |
- |
|
Net Liquid Assets |
(1,016,583) |
(1,087,128) |
(431,620) |
|
Net Current Assets/(Liabilities) |
(296,312) |
(470,978) |
(431,620) |
|
Net Tangible Assets |
99,536 |
(127,038) |
(156,511) |
|
Net Monetary Assets |
(1,058,640) |
(1,087,128) |
(431,620) |
|
PROFIT & LOSS ITEMS |
|||
|
Earnings Before Interest & Tax (EBIT) |
195,641 |
(70,517) |
- |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
335,812 |
32,662 |
- |
|
BALANCE SHEET ITEMS |
|||
|
Total Borrowings |
62,709 |
0 |
- |
|
Total Liabilities |
1,977,882 |
1,617,601 |
850,092 |
|
Total Assets |
2,035,361 |
1,490,563 |
693,581 |
|
Net Assets |
99,536 |
(127,038) |
(156,511) |
|
Net Assets Backing |
57,479 |
(127,038) |
(156,511) |
|
Shareholders' Funds |
57,479 |
(127,038) |
(156,511) |
|
Total Share Capital |
100,000 |
100,000 |
10 |
|
Total Reserves |
(42,521) |
(227,038) |
(156,521) |
|
LIQUIDITY (Times) |
|||
|
Cash Ratio |
0.06 |
0.04 |
- |
|
Liquid Ratio |
0.47 |
0.33 |
- |
|
Current Ratio |
0.85 |
0.71 |
0.49 |
|
WORKING CAPITAL CONTROL (Days) |
|||
|
Stock Ratio |
72 |
123 |
- |
|
Debtors Ratio |
71 |
85 |
- |
|
Creditors Ratio |
21 |
38 |
- |
|
SOLVENCY RATIOS (Times) |
|||
|
Gearing Ratio |
1.09 |
0 |
- |
|
Liabilities Ratio |
34.41 |
(12.73) |
(5.43) |
|
Times Interest Earned Ratio |
43.25 |
0 |
- |
|
Assets Backing Ratio |
1.00 |
(1.27) |
(15,651.10) |
|
PERFORMANCE RATIO (%) |
|||
|
Operating Profit Margin |
5.23 |
(3.86) |
(28.99) |
|
Net Profit Margin |
5.05 |
(3.86) |
(28.99) |
|
Return On Net Assets |
196.55 |
55.51 |
100.01 |
|
Return On Capital Employed |
154.31 |
55.51 |
100.01 |
|
Return On Shareholders' Funds/Equity |
321.02 |
55.51 |
100.01 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
- |
|
NOTES TO ACCOUNTS |
|||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.39 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.74.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.