|
Report No. : |
340899 |
|
Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
A. SCHULMAN PLASTICS (MALAYSIA) SDN. BHD. |
|
|
|
|
Formerly Known As : |
ICO
POLYMERS (MALAYSIA) SDN BHD J.R.
COURTENAY SDN BHD
|
|
|
|
|
Registered Office : |
5
A, Jalan Rotan Cucur, Taman Sri Jaya, 83000 Batu Pahat, Johor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.08.2014 |
|
|
|
|
Date of Incorporation : |
08.03.2000 |
|
|
|
|
Com. Reg. No.: |
507533-T |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is engaged in manufacturing compound powdered plastics. |
|
|
|
|
No. of Employees : |
75 [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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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. |
: |
507533-T |
|
COMPANY
NAME |
: |
A.
SCHULMAN PLASTICS (MALAYSIA) SDN. BHD. |
|
FORMER
NAME |
: |
ICO
POLYMERS (MALAYSIA) SDN BHD (25/04/2012) |
|
INCORPORATION
DATE |
: |
08/03/2000 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
5A,
JALAN ROTAN CUCUR, TAMAN SRI JAYA, 83000 BATU PAHAT, JOHOR, MALAYSIA. |
|
BUSINESS
ADDRESS |
: |
2,
JALAN WAWASAN UTAMA, KAWASAN PERINDUSTRIAN SRI GADING, 83300 BATU PAHAT,
JOHOR, MALAYSIA. |
|
TEL.NO. |
: |
07-4556777 |
|
FAX.NO. |
: |
07-4559777 |
|
CONTACT
PERSON |
: |
LIAM
BIN LAN ( DIRECTOR ) |
|
INDUSTRY
CODE |
: |
22209
|
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
COMPOUND POWDERED PLASTICS |
|
AUTHORISED
CAPITAL |
: |
MYR
5,000,000.00 DIVIDED INTO |
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
3,228,914.00 DIVIDED INTO |
|
SALES |
: |
MYR
95,327,611 [2014] |
|
NET
WORTH |
: |
MYR
43,094,118 [2014] |
|
STAFF
STRENGTH |
: |
75
[2015] |
|
BANKER
(S) |
|
MALAYAN
BANKING BHD |
|
|
|
|
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER
CHECK |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
STRONG |
|
PAYMENT |
: |
GOOD |
|
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 compound
powdered plastics.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The
immediate holding company of the Subject is J.R. COURTENAY (N.Z.) LIMITED, a
company incorporated in NEW ZEALAND.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
27/01/2014 |
MYR
5,000,000.00 |
MYR
3,228,914.00 |
|
13/03/2000 |
MYR
500,000.00 |
MYR
2.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
J.R.
COURTENAY (N.Z.) LIMITED |
141,
DIANA DRIVE, GLENFIELD PRIVATE BAG, 93523, TAKAPUNA AUCKLAND, NEW ZEALAND. |
AK436308 |
3,228,914.00 |
100.00 |
|
--------------- |
------ |
|||
|
3,228,914.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
TAN KIAN MING |
|
Address |
: |
35,
JALAN HANG TUAH 4/4, TAMAN MUHIBBAH, 86000 KLUANG, JOHOR, MALAYSIA. |
|
IC
/ PP No |
: |
A1480891 |
|
New
IC No |
: |
700210-01-5399 |
|
Date
of Birth |
: |
10/02/1970 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
19/05/2011 |
DIRECTOR
2
|
Name
Of Subject |
: |
MS.
LIAM BIN LAN |
|
Address |
: |
9.JALAN
PUYOH, BATU PAHAT, 83000 BATU PAHAT, JOHOR, MALAYSIA. |
|
IC
/ PP No |
: |
A3093370 |
|
New
IC No |
: |
750712-01-5044 |
|
Date
of Birth |
: |
12/07/1975 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
20/12/2001 |
DIRECTOR
3
|
Name
Of Subject |
: |
DEREK
BRISTOW |
|
Address |
: |
STARBOARD
LOFT, UNIT 1, 4 EDGAR BENNETT AVENUE, NOOSA HEADS, QUEENSLAND, AUSTRALIA. |
|
IC
/ PP No |
: |
LA539103 |
|
Nationality |
: |
NEW
ZEALANDER |
|
Date
of Appointment |
: |
07/06/2010 |
DIRECTOR
4
|
Name
Of Subject |
: |
MARK
STEPHEN JOHN LEWIS |
|
Address |
: |
40,
CORONATION ROAD WEST, 03/03, 269258, SINGAPORE. |
|
IC
/ PP No |
: |
511368576 |
|
Nationality |
: |
BRITISH |
|
Date
of Appointment |
: |
11/09/2014 |
|
1)
|
Name
of Subject |
: |
LIAM
BIN LAN |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor'
Address |
: |
1
SENTRAL, JALAN RAKYAT, KUALA LUMPUR SENTRAL, LEVEL 15, 50470 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1)
|
Company
Secretary |
: |
MS.
PHAN LI CHING |
|
IC
/ PP No |
: |
A1576514 |
|
|
New
IC No |
: |
700517-01-5246 |
|
|
Address |
: |
66,
JALAN MAJU SATU, TAMAN MAJU, 83000 BATU PAHAT, JOHOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
MALAYAN
BANKING BHD |
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
28/06/2002 |
N/A |
MALAYAN
BANKING BERHAD |
MYR
800,000.00 |
Satisfied |
|
2 |
22/11/2003 |
N/A |
MALAYAN
BANKING BERHAD |
MYR
2,482,000.00 |
Satisfied |
|
3 |
24/02/2005 |
N/A |
MALAYAN
BANKING BERHAD |
MYR
2,500,000.00 |
Satisfied |
|
4 |
24/02/2005 |
N/A |
MALAYAN
BANKING BERHAD |
MYR
2,500,000.00 |
Satisfied |
|
5 |
04/06/2007 |
N/A |
MALAYAN
BANKING BHD |
MYR
7,534,091.59 |
Satisfied |
|
6 |
04/06/2007 |
N/A |
MALAYAN
BANKING BHD |
MYR
5,253,100.23 |
Satisfied |
|
7 |
04/06/2007 |
N/A |
MALAYAN
BANKING BHD |
MYR
2,300,000.00 |
Satisfied |
|
8 |
04/06/2007 |
N/A |
MALAYAN
BANKING BHD |
MYR
7,534,091.59 |
Satisfied |
* A check has been conducted in our databank againt the Subject whether the Subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
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 |
: |
ASIA |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Type
of Customer |
: |
MANUFACTURING
INDUSTRIES,DISTRIBUTORS |
|||
|
Products
manufactured |
: |
|
|
|
Competitor(s) |
: |
|
|
|
Member(s)
/ Affiliate(s) |
: |
MALAYSIAN
PLASTICS MANUFACTURERS ASSOCIATION (MPMA) |
|
|
Ownership
of premises |
: |
|
|
|
Shifts |
: |
|
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
75 |
75 |
70 |
70 |
75 |
||||
|
Branch |
: |
|
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing compound
powdered plastics.
The Subject's products ranges are includes as follows:
* Extensive range of rotational moulding powder
* Colors and foamable polymers
* Specialist polymers and alloy powder
* Fluidised bed powder for surface coatings
Besides that the Subject also produces a range of marble colours and other
uniquefinishes.
Latest
fresh investigations carried out on the Subject indicated that:
|
Telephone
Number Provided By Client |
: |
074556777 |
|
Current
Telephone Number |
: |
07-4556777 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
2,
JALAN WAWASAN UTAMA, KAWASAN PERINDUSTRIAN SRI GADING,83300,BATU PAHAT,JOHOR.
|
|
Current
Address |
: |
2,
JALAN WAWASAN UTAMA, KAWASAN PERINDUSTRIAN SRI GADING, 83300 BATU PAHAT,
JOHOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
9.79% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
12.18% |
] |
|
|
The
Subject's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years.The dip in
profit could be due to the stiff market competition which reduced the
Subject's profit margin. The unfavourable return on shareholders' funds could
indicate that the Subject was inefficient in utilising its assets to generate
returns. |
||||||
|
Liquidity |
||||||
|
Current
Ratio |
: |
Favourable |
[ |
2.77
Times |
] |
|
|
The
Subject was in good liquidity position with its current liabilities
well covered by its current assets. With its net current assets, the
Subject should be able to repay its short term obligations. |
||||||
|
Solvency |
||||||
|
Liability
Ratio |
: |
Favourable |
[ |
0.39
Times |
] |
|
|
A
low liabilities ratio has minimised the Subject's financial risk. |
||||||
|
Overall
Assessment : |
||||||
|
Although
the Subject's turnover had increased, its profits had declined over the same
corresponding period. This could be due to the stiffer market competition and
/ or higher operating costs which lowered the Subject's profit margin. The
Subject was in good liquidity position with its total current liabilities
well covered by its total current assets. With its current net assets, the
Subject should be able to repay its short term obligations. The Subject has a
low liabilities ratio. It's liabilities were low and was not vulnerable to
the financial risk. |
||||||
|
Overall
financial condition of the Subject : STRONG |
||||||
|
Major
Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population
( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross
Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic
Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private
Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption
( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment
( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public
Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption
( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment
( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
Balance
of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government
Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation
( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.2 |
4.0 |
|
Unemployment
Rate |
3.3 |
3.2 |
3.0 |
2.9 |
3.0 |
|
Net
International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average
Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
4.00 |
- |
|
Average
3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average
Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
6.85 |
- |
|
Business
Loans Disbursed( % ) |
15.3 |
32.2 |
- |
56.0 |
- |
|
Foreign
Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
43,486.6 |
- |
|
Consumer
Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration
of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
49,144 |
- |
|
Registration
of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
6.1 |
- |
|
Liquidation
of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
21,753 |
- |
|
Liquidation
of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
(17.7) |
- |
|
Registration
of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
332,723 |
- |
|
Registration
of New Business ( % ) |
5.0 |
14.0 |
2.0 |
1.0 |
- |
|
Business
Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
21,436 |
- |
|
Business
Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
18.0 |
- |
|
Sales
of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular
Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist
Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel
Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
63.2 |
- |
|
Credit
Cards Spending ( % ) |
15.6 |
12.6 |
- |
13.5 |
- |
|
Bad
Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual
Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual
Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES
( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm
Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry
& Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other
Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil
& Gas |
(1.7) |
- |
- |
3.0 |
- |
|
Other
Mining |
- |
- |
- |
46.6 |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
%
of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing
# |
4.7 |
4.8 |
3.4 |
6.4 |
5.5 |
|
Exported-oriented
Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical
& Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber
Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood
Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles
& Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented
Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food,
Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical
& Chemical Products |
10.0 |
10.8 |
5.6 |
1.4 |
- |
|
Plastic
Products |
3.8 |
- |
- |
2.7 |
- |
|
Iron
& Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated
Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic
Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport
Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper
& Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude
Oil Refineries |
9.3 |
- |
- |
13.0 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry
Non-Performing Loans ( MYR Million ) |
3,856.9 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric,
Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport,
Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale,
Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance,
Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government
Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other
Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
*
Estimate / Preliminary |
|||||
|
**
Forecast |
|||||
|
#
Based On Manufacturing Production Index |
|||||
|
MSIC
CODE |
|
|
22209
: Manufacture of diverse plastic products n.e.c. |
|
|
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 |
|
|
Incorporated in 2000, the Subject is a Private
Limited company, focusing on manufacturing compound powdered plastics. Having
been in the industry for over a decade, the Subject has achieved a certain
market share and has built up a satisfactory reputation in the market. It
should have received supports from its regular customers. A paid up capital
of MYR 3,228,914 allows the Subject to expand its business more comfortably.
With a strong backing from its holding company, the Subject enjoys timely
financial assistance should the needs arise.
|
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
A.
SCHULMAN PLASTICS (MALAYSIA) SDN. BHD. |
|
Financial
Year End |
2014-08-31 |
2013-08-31 |
2012-08-31 |
2011-08-31 |
2010-08-31 |
|
Months |
12 |
12 |
12 |
12 |
11 |
|
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 |
SUMMARY |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
95,327,611 |
91,716,895 |
89,160,218 |
85,711,535 |
68,703,779 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
95,327,611 |
91,716,895 |
89,160,218 |
85,711,535 |
68,703,779 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
5,457,498 |
7,524,447 |
4,603,300 |
7,458,506 |
6,356,359 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
5,457,498 |
7,524,447 |
4,603,300 |
7,458,506 |
6,356,359 |
|
Taxation |
(1,238,193) |
(1,986,826) |
(1,377,703) |
(2,072,969) |
(1,085,048) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
4,219,305 |
5,537,621 |
3,225,597 |
5,385,537 |
5,271,311 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
35,645,899 |
30,108,278 |
26,882,681 |
21,497,144 |
16,225,833 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
35,645,899 |
30,108,278 |
26,882,681 |
21,497,144 |
16,225,833 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
39,865,204 |
35,645,899 |
30,108,278 |
26,882,681 |
21,497,144 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
39,865,204 |
35,645,899 |
30,108,278 |
26,882,681 |
21,497,144 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Hire
purchase |
- |
- |
- |
- |
46,345 |
|
Loan
from holding company |
- |
9,090 |
275,786 |
310,357 |
- |
|
Term
loan / Borrowing |
- |
22,550 |
59,037 |
49,043 |
402,880 |
|
Others |
- |
- |
- |
- |
218,802 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
31,640 |
334,823 |
359,400 |
668,027 |
|
|
- |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
- |
2,296,782 |
2,254,446 |
2,251,965 |
2,042,532 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
2,296,782 |
2,254,446 |
2,251,965 |
2,042,532 |
|
|
============= |
============= |
============= |
============= |
============= |
|
A.
SCHULMAN PLASTICS (MALAYSIA) SDN. BHD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
17,430,081 |
15,009,243 |
17,173,536 |
17,918,559 |
19,491,305 |
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
343,119 |
- |
- |
- |
- |
|
Goodwill
on consolidation |
- |
- |
- |
- |
332,488 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
- |
- |
- |
- |
332,488 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
17,773,200 |
15,009,243 |
17,173,536 |
17,918,559 |
19,823,793 |
|
Stocks |
- |
12,827,079 |
8,749,786 |
19,888,085 |
9,465,580 |
|
Trade
debtors |
- |
14,988,236 |
13,581,990 |
17,886,890 |
13,263,866 |
|
Other
debtors, deposits & prepayments |
- |
720,216 |
210,874 |
559,963 |
453,631 |
|
Amount
due from holding company |
- |
- |
- |
- |
441,047 |
|
Amount
due from subsidiary companies |
- |
5,753,468 |
9,222,182 |
6,429,716 |
339,448 |
|
Cash
& bank balances |
- |
9,493,467 |
7,444,974 |
1,516,463 |
2,419,359 |
|
Others |
- |
- |
138,201 |
- |
424,709 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
42,334,498 |
43,782,466 |
39,348,007 |
46,281,117 |
26,807,640 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
60,107,698 |
58,791,709 |
56,521,543 |
64,199,676 |
46,631,433 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
- |
15,325,239 |
14,670,854 |
13,655,951 |
8,100,323 |
|
Other
creditors & accruals |
- |
1,384,161 |
966,612 |
- |
1,084,477 |
|
Short
term borrowings/Term loans |
- |
- |
- |
7,056,146 |
- |
|
Other
liabilities & accruals |
- |
- |
- |
1,156,940 |
- |
|
Amounts
owing to holding company |
- |
- |
3,397,947 |
9,653,806 |
9,548,041 |
|
Amounts
owing to subsidiary companies |
- |
928,579 |
2,367,938 |
1,056,799 |
1,441,534 |
|
Provision
for taxation |
- |
720,917 |
- |
439 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
15,302,580 |
18,358,896 |
21,403,351 |
32,580,081 |
20,174,375 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
27,031,918 |
25,423,570 |
17,944,656 |
13,701,036 |
6,633,265 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
44,805,118 |
40,432,813 |
35,118,192 |
31,619,595 |
26,457,058 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
3,228,914 |
3,228,914 |
3,228,914 |
3,228,914 |
3,228,914 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
3,228,914 |
3,228,914 |
3,228,914 |
3,228,914 |
3,228,914 |
|
Retained
profit/(loss) carried forward |
39,865,204 |
35,645,899 |
30,108,278 |
26,882,681 |
21,497,144 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
39,865,204 |
35,645,899 |
30,108,278 |
26,882,681 |
21,497,144 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
43,094,118 |
38,874,813 |
33,337,192 |
30,111,595 |
24,726,058 |
|
Deferred
taxation |
- |
1,558,000 |
1,781,000 |
1,508,000 |
1,731,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
1,711,000 |
1,558,000 |
1,781,000 |
1,508,000 |
1,731,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
44,805,118 |
40,432,813 |
35,118,192 |
31,619,595 |
26,457,058 |
|
|
============= |
============= |
============= |
============= |
============= |
|
A.
SCHULMAN PLASTICS (MALAYSIA) SDN. BHD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
- |
9,493,467 |
7,444,974 |
1,516,463 |
2,419,359 |
|
Net
Liquid Funds |
- |
9,493,467 |
7,444,974 |
1,516,463 |
2,419,359 |
|
Net
Liquid Assets |
27,031,918 |
12,596,491 |
9,194,870 |
(6,187,049) |
(2,832,315) |
|
Net
Current Assets/(Liabilities) |
27,031,918 |
25,423,570 |
17,944,656 |
13,701,036 |
6,633,265 |
|
Net
Tangible Assets |
44,805,118 |
40,432,813 |
35,118,192 |
31,619,595 |
26,124,570 |
|
Net
Monetary Assets |
25,320,918 |
11,038,491 |
7,413,870 |
(7,695,049) |
(4,563,315) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
- |
7,556,087 |
4,938,123 |
7,817,906 |
7,024,386 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
- |
9,852,869 |
7,192,569 |
10,069,871 |
9,066,918 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
- |
0 |
0 |
7,056,146 |
0 |
|
Total
Liabilities |
17,013,580 |
19,916,896 |
23,184,351 |
34,088,081 |
21,905,375 |
|
Total
Assets |
60,107,698 |
58,791,709 |
56,521,543 |
64,199,676 |
46,631,433 |
|
Net
Assets |
44,805,118 |
40,432,813 |
35,118,192 |
31,619,595 |
26,457,058 |
|
Net
Assets Backing |
43,094,118 |
38,874,813 |
33,337,192 |
30,111,595 |
24,726,058 |
|
Shareholders'
Funds |
43,094,118 |
38,874,813 |
33,337,192 |
30,111,595 |
24,726,058 |
|
Total
Share Capital |
3,228,914 |
3,228,914 |
3,228,914 |
3,228,914 |
3,228,914 |
|
Total
Reserves |
39,865,204 |
35,645,899 |
30,108,278 |
26,882,681 |
21,497,144 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
- |
0.52 |
0.35 |
0.05 |
0.12 |
|
Liquid
Ratio |
- |
1.69 |
1.43 |
0.81 |
0.86 |
|
Current
Ratio |
2.77 |
2.38 |
1.84 |
1.42 |
1.33 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
- |
51 |
36 |
85 |
50 |
|
Debtors
Ratio |
- |
60 |
56 |
76 |
70 |
|
Creditors
Ratio |
- |
61 |
60 |
58 |
43 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
- |
0 |
0 |
0.23 |
0 |
|
Liabilities
Ratio |
0.39 |
0.51 |
0.70 |
1.13 |
0.89 |
|
Times
Interest Earned Ratio |
- |
238.81 |
14.75 |
21.75 |
10.52 |
|
Assets
Backing Ratio |
13.88 |
12.52 |
10.88 |
9.79 |
8.09 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
5.72 |
8.20 |
5.16 |
8.70 |
9.25 |
|
Net
Profit Margin |
4.43 |
6.04 |
3.62 |
6.28 |
7.67 |
|
Return
On Net Assets |
12.18 |
18.69 |
14.06 |
24.72 |
26.55 |
|
Return
On Capital Employed |
12.18 |
18.69 |
14.06 |
24.72 |
26.22 |
|
Return
On Shareholders' Funds/Equity |
9.79 |
14.24 |
9.68 |
17.89 |
21.32 |
|
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.66.44 |
|
UK Pound |
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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.