|
Report No. : |
340886 |
|
Report Date : |
18.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
KANEKA EPERAN SDN.
BHD. |
|
|
|
|
Registered Office : |
Lot 123-124, Jalan Gebeng 2/3, Gebeng Industrial Estates, 26080 Kuantan, Pahang |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
12.07.1996 |
|
|
|
|
Com. Reg. No.: |
393957-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of Expandable Polyethylene, Expandable
Polypropylene and Other Chemical Products. |
|
|
|
|
No. of Employees : |
70 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. 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. |
: |
393957-K |
||||
|
COMPANY
NAME |
: |
KANEKA
EPERAN SDN. BHD. |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
12/07/1996 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
LOT
123-124, JALAN GEBENG 2/3, GEBENG INDUSTRIAL ESTATES, 26080 KUANTAN, PAHANG,
MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
LOT
123-124, JALAN GEBENG 2/3, GEBENG INDUSTRIAL ESTATE, 26080 KUANTAN, PAHANG,
MALAYSIA. |
||||
|
TEL.NO. |
: |
09-5826000 |
||||
|
FAX.NO. |
: |
09-5837777 |
||||
|
WEB
SITE |
: |
WWW.KANEKA.COM.MY |
||||
|
CONTACT
PERSON |
: |
FUKUO
TSUBOUCHI ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
20119
|
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
OF EXPANDABLE POLYETHYLENE, EXPANDABLE POLYPROPYLENE AND OTHER CHEMICAL
PRODUCTS |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
20,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
16,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
49,370,536 [2014] |
||||
|
NET
WORTH |
: |
MYR
43,373,847 [2014] |
||||
|
STAFF
STRENGTH |
: |
70
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
GOOD |
||||
|
CREDIT
RATING |
: |
A (Please refer to
appendix) |
||||
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 expandable polyethylene, expandable polypropylene
and other chemical products.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The
immediate holding company of the Subject is KANEKA CORPORATION, a company
incorporated in JAPAN.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
25/08/2014 |
MYR
20,000,000.00 |
MYR
16,000,000.00 |
|
31/03/1997 |
MYR
12,000,000.00 |
MYR
12,000,000.00 |
|
28/02/1997 |
MYR
12,000,000.00 |
MYR
10,800,000.00 |
|
15/08/1996 |
MYR
12,000,000.00 |
MYR
1,000,000.00 |
|
12/07/1996 |
MYR
12,000,000.00 |
MYR
3.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
KANEKA
CORPORATION |
3-2-4,
NAKANOSHIMA, KITA-KU, OSAKA, 5308288, JAPAN. |
XLZ00216208 |
16,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
16,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
KOKI
TAKAHASHI |
|
Address |
: |
A-6-3,
TIFFANI KIARA, 1, CHANGKAT DUTA KIARA, OFF JALAN DUTA KIARA, 50480 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC
/ PP No |
: |
TK6809284 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
31/03/2014 |
DIRECTOR
2
|
Name
Of Subject |
: |
IKUO
AOI |
|
Address |
: |
A-503,
MARINE CITY, KANAZAWABUNKO, 391, SHIBAMACHI, KANAZAWA-WARD, YOKOHAMA-CITY,
KANAGAWA-PREFECTURE, 236-0012, JAPAN. |
|
IC
/ PP No |
: |
TG7110778 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
31/03/2014 |
DIRECTOR
3
|
Name
Of Subject |
: |
MR.
FUKUO TSUBOUCHI |
|
Address |
: |
LOT
123-124, JALAN GEBENG 2/3, GEBENG INDUSTRIAL ESTATE, 26080 KUANTAN, PAHANG,
MALAYSIA. |
|
IC
/ PP No |
: |
TR3826629 |
|
Date
of Appointment |
: |
16/04/2015 |
MANAGEMENT
|
|
1)
|
Name
of Subject |
: |
FUKUO
TSUBOUCHI |
|
Position |
: |
MANAGING
DIRECTOR |
AUDITOR
|
|
Auditor |
: |
KPMG |
|
Auditor'
Address |
: |
KPMG
TOWER, 8, FIRST AVENUE, BANDAR UTAMA, LEVEL 10, 47800 PETALING JAYA,
SELANGOR, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
MS.
SEOW SIEW CHAN |
|
IC
/ PP No |
: |
A1414783 |
|
|
New
IC No |
: |
690816-06-5300 |
|
|
Address |
: |
A-5644,
LORONG ALOR AKAR 25, 25250 KUANTAN, PAHANG, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with:
|
1)
|
Name |
: |
MALAYAN
BANKING BHD |
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the Subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that:
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
X |
] |
Average
61-90 Days |
[ |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|||||
|
Award |
: |
1
) ISO/ TS 16949 : 2002 Year :2005 |
|||||
|
Competitor(s) |
: |
CAMEL
FOAM INDUSTRIES SDN BHD |
|||||
|
Ownership
of premises |
: |
OWNED |
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
70 |
50 |
50 |
50 |
54 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing of expandable
polyethylene, expandable polypropylene and other chemical products.
The Subject mainly focuses on manufacturing polyethylene polypropylene beads
foams.
The Subject utilizes advanced automated and semi-automated machineries to
ensure production of high quality products.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
09-5826000 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
SUITE
15.02, 15TH FLOOR, CENTREPOINT SOUTH, MID VALLEY CITY LINGKARAN SYED PUTRA
59200 KUALA LUMPUR |
|
Current
Address |
: |
LOT
123-124, JALAN GEBENG 2/3, GEBENG INDUSTRIAL ESTATE, 26080 KUANTAN, PAHANG,
MALAYSIA. |
|
Match |
: |
NO |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
The address provided belongs to the Subject's sales office.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
5.11% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
6.52% |
] |
|
|
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. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Unfavourable |
[ |
94
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
33
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
8
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 |
: |
Favourable |
[ |
5.68
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
8.12
Times |
] |
|
|
A
minimum liquid ratio of 1 should be maintained by the Subject in order to
assure its creditors of its ability to meet short term obligations and the Subject
was in a good liquidity position. Thus, we believe the Subject is able to
meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Nil |
[ |
0.00
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
Subject's interest cover was nil as it did not pay any interest during the
year. The Subject had no gearing and hence it had virtually no financial risk.
The Subject was financed by its shareholders' funds and internally generated
fund. During the economic downturn, the Subject, having a zero gearing, will
be able to compete better than those which are highly geared in the same
industry. |
||||||
|
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 did
not make any interest payment during the year. The Subject was dependent on
its shareholders' funds to finance its business needs. The Subject was a zero
gearing company, it was solely dependant on its shareholders to provide funds
to finance its business. The Subject has good chance of getting loans, if the
needs arises. |
||||||
|
Overall
financial condition of the Subject : FAIR |
||||||
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 |
|
|
20119
: Manufacture of other basic chemicals 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 |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
KANEKA
EPERAN SDN. BHD. |
|
Financial
Year End |
2014-03-31 |
2013-03-31 |
2012-03-31 |
2011-03-31 |
2010-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
49,370,536 |
38,561,523 |
37,248,589 |
44,200,328 |
40,323,770 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
49,370,536 |
38,561,523 |
37,248,589 |
44,200,328 |
40,323,770 |
|
Costs
of Goods Sold |
(35,101,406) |
(25,656,029) |
(26,081,654) |
(30,179,038) |
(26,150,436) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
14,269,130 |
12,905,494 |
11,166,935 |
14,021,290 |
14,173,334 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
2,829,564 |
2,900,807 |
1,888,090 |
2,654,573 |
2,921,309 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
2,829,564 |
2,900,807 |
1,888,090 |
2,654,573 |
2,921,309 |
|
Taxation |
(614,344) |
(844,454) |
(478,203) |
(576,121) |
(1,333,015) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
2,215,220 |
2,056,353 |
1,409,887 |
2,078,452 |
1,588,294 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
26,182,627 |
24,958,274 |
24,588,387 |
23,309,935 |
22,521,641 |
|
Prior
year adjustment |
- |
- |
(1,040,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
26,182,627 |
24,958,274 |
23,548,387 |
23,309,935 |
22,521,641 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
28,397,847 |
27,014,627 |
24,958,274 |
25,388,387 |
24,109,935 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(1,024,000) |
(832,000) |
- |
(800,000) |
(800,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
27,373,847 |
26,182,627 |
24,958,274 |
24,588,387 |
23,309,935 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
DEPRECIATION
(as per notes to P&L) |
854,709 |
1,376,876 |
1,880,010 |
2,143,919 |
2,284,625 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
854,709 |
1,376,876 |
1,880,010 |
2,143,919 |
2,284,625 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
KANEKA
EPERAN SDN. BHD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
6,364,652 |
4,118,328 |
5,115,597 |
6,418,358 |
7,830,468 |
|
Deferred
assets |
- |
196,109 |
138,535 |
80,175 |
160,946 |
|
Others |
- |
- |
17,834 |
20,896 |
53,096 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
- |
196,109 |
156,369 |
101,071 |
214,042 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
6,364,652 |
4,314,437 |
5,271,966 |
6,519,429 |
8,044,510 |
|
Stocks |
12,654,393 |
10,130,432 |
6,257,953 |
5,762,972 |
6,966,483 |
|
Trade
debtors |
4,454,035 |
3,418,049 |
4,625,906 |
5,345,790 |
4,825,825 |
|
Other
debtors, deposits & prepayments |
175,006 |
287,913 |
667,563 |
412,504 |
195,466 |
|
Short
term deposits |
- |
1,360,000 |
- |
- |
- |
|
Amount
due from holding company |
42,479 |
- |
- |
21,598,723 |
12,205,007 |
|
Amount
due from related companies |
17,354,012 |
21,499,387 |
19,304,007 |
- |
- |
|
Cash
& bank balances |
7,244,082 |
4,175,557 |
7,536,350 |
4,424,533 |
11,345,109 |
|
Others |
302,342 |
33,785 |
441,176 |
243,087 |
219,423 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
42,226,349 |
40,905,123 |
38,832,955 |
37,787,609 |
35,757,313 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
48,591,001 |
45,219,560 |
44,104,921 |
44,307,038 |
43,801,823 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
780,376 |
494,297 |
547,761 |
791,376 |
691,969 |
|
Other
creditors & accruals |
1,405,611 |
1,190,024 |
1,144,088 |
1,045,401 |
2,117,998 |
|
Bank
overdraft |
- |
- |
- |
1,238 |
33,919 |
|
Amounts
owing to holding company |
1,976,715 |
632,427 |
798,133 |
1,880,636 |
1,648,002 |
|
Amounts
owing to related companies |
1,040,680 |
646,617 |
656,665 |
- |
- |
|
Other
liabilities |
- |
73,568 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
5,203,382 |
3,036,933 |
3,146,647 |
3,718,651 |
4,491,888 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
37,022,967 |
37,868,190 |
35,686,308 |
34,068,958 |
31,265,425 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
43,387,619 |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
16,000,000 |
16,000,000 |
16,000,000 |
16,000,000 |
16,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
16,000,000 |
16,000,000 |
16,000,000 |
16,000,000 |
16,000,000 |
|
Retained
profit/(loss) carried forward |
27,373,847 |
26,182,627 |
24,958,274 |
24,588,387 |
23,309,935 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
27,373,847 |
26,182,627 |
24,958,274 |
24,588,387 |
23,309,935 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
43,373,847 |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
|
Deferred
taxation |
13,772 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
13,772 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
43,387,619 |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
KANEKA
EPERAN SDN. BHD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
7,244,082 |
5,535,557 |
7,536,350 |
4,424,533 |
11,345,109 |
|
Net
Liquid Funds |
7,244,082 |
5,535,557 |
7,536,350 |
4,423,295 |
11,311,190 |
|
Net
Liquid Assets |
24,368,574 |
27,737,758 |
29,428,355 |
28,305,986 |
24,298,942 |
|
Net
Current Assets/(Liabilities) |
37,022,967 |
37,868,190 |
35,686,308 |
34,068,958 |
31,265,425 |
|
Net
Tangible Assets |
43,387,619 |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
|
Net
Monetary Assets |
24,354,802 |
27,737,758 |
29,428,355 |
28,305,986 |
24,298,942 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
2,829,564 |
2,900,807 |
1,888,090 |
2,654,573 |
2,921,309 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
3,684,273 |
4,277,683 |
3,768,100 |
4,798,492 |
5,205,934 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
1,238 |
33,919 |
|
Total
Liabilities |
5,217,154 |
3,036,933 |
3,146,647 |
3,718,651 |
4,491,888 |
|
Total
Assets |
48,591,001 |
45,219,560 |
44,104,921 |
44,307,038 |
43,801,823 |
|
Net
Assets |
43,387,619 |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
|
Net
Assets Backing |
43,373,847 |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
|
Shareholders'
Funds |
43,373,847 |
42,182,627 |
40,958,274 |
40,588,387 |
39,309,935 |
|
Total
Share Capital |
16,000,000 |
16,000,000 |
16,000,000 |
16,000,000 |
16,000,000 |
|
Total
Reserves |
27,373,847 |
26,182,627 |
24,958,274 |
24,588,387 |
23,309,935 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
1.39 |
1.82 |
2.40 |
1.19 |
2.53 |
|
Liquid
Ratio |
5.68 |
10.13 |
10.35 |
8.61 |
6.41 |
|
Current
Ratio |
8.12 |
13.47 |
12.34 |
10.16 |
7.96 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
94 |
96 |
61 |
48 |
63 |
|
Debtors
Ratio |
33 |
32 |
45 |
44 |
44 |
|
Creditors
Ratio |
8 |
7 |
8 |
10 |
10 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities
Ratio |
0.12 |
0.07 |
0.08 |
0.09 |
0.11 |
|
Times
Interest Earned Ratio |
0 |
0 |
0 |
0 |
0 |
|
Assets
Backing Ratio |
2.71 |
2.64 |
2.56 |
2.54 |
2.46 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
5.73 |
7.52 |
5.07 |
6.01 |
7.24 |
|
Net
Profit Margin |
4.49 |
5.33 |
3.79 |
4.70 |
3.94 |
|
Return
On Net Assets |
6.52 |
6.88 |
4.61 |
6.54 |
7.43 |
|
Return
On Capital Employed |
6.52 |
6.88 |
4.61 |
6.54 |
7.43 |
|
Return
On Shareholders' Funds/Equity |
5.11 |
4.87 |
3.44 |
5.12 |
4.04 |
|
Dividend
Pay Out Ratio (Times) |
0.46 |
0.40 |
0 |
0.38 |
0.50 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.50 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.75.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.