|
Report No. : |
342837 |
|
Report Date : |
30.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHIELDTEX SDN. BHD. |
|
|
|
|
Registered Office : |
41B, Damai Complex, Jalan Dato Haji Eusoff, 50400 Kuala Lumpur,
Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
15.07.1988 |
|
|
|
|
Com. Reg. No.: |
172069-D |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing, packing and distribution of
sterile and non-sterile disposable latex examination gloves |
|
|
|
|
No. of Employee : |
10 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.
The NAJIB administration is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. Gross exports of goods and services constitute more than 80% of GDP. The oil and gas sector supplied about 29% of government revenue in 2014. As an oil and gas exporter, Malaysia has previously profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is trying to lessen its dependence on state oil producer Petronas.
Bank Negara Malaysia (the central bank) maintains healthy foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. In order to attract increased investment, NAJIB raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays.
Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION
NO. |
: |
172069-D |
||||
|
COMPANY
NAME |
: |
SHIELDTEX
SDN. BHD. |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
15/07/1988 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
41B,
DAMAI COMPLEX, JALAN DATO HAJI EUSOFF, 50400 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
LOT
7, JALAN LADA SULAH 16/11, SEKSYEN 16, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-55101228 |
||||
|
FAX.NO. |
: |
03-55108333 |
||||
|
EMAIL |
: |
ENQUIRIES@SHIELDTEX.COM.MY |
||||
|
WEB
SITE |
: |
WWW.SHIELDTEX.COM.MY |
||||
|
CONTACT
PERSON |
: |
ALAN
TAY SWEI LOONG ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
22192
|
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING,
PACKING AND DISTRIBUTION OF STERILE AND NON-STERILE DISPOSABLE LATEX
EXAMINATION GLOVES |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
5,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
2,500,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
19,226,235 [2013] |
||||
|
NET
WORTH |
: |
MYR
1,222,896 [2013] |
||||
|
STAFF
STRENGTH |
: |
10
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
SLOW
BUT CORRECT |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
||||
HISTORY
/ BACKGROUND
|
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, packing and
distribution of sterile and non-sterile disposable latex examination gloves.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
30/06/2014 |
MYR
5,000,000.00 |
MYR
2,500,000.00 |
|
21/10/2003 |
MYR
5,000,000.00 |
MYR
1,500,000.00 |
|
10/04/2002 |
MYR
500,000.00 |
MYR
200,000.00 |
|
03/09/1992 |
MYR
100,000.00 |
MYR
100,000.00 |
|
02/08/1988 |
MYR
25,000.00 |
MYR
3.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
THE
TOWER HOTEL SDN. BHD. |
12,
JALAN 241, 46100 PETALING JAYA, SELANGOR, MALAYSIA. |
31207K |
2,500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
2,500,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR 1
|
Name
Of Subject |
: |
MS.
KATHLEEN TAY HOOI HWA @ KATHLEEN |
|
Address |
: |
27,
LENGKOK SETIABISTARI, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC
/ PP No |
: |
6357955 |
|
New
IC No |
: |
610808-07-5602 |
|
Date
of Birth |
: |
08/08/1961 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
15/07/1988 |
DIRECTOR
2
|
Name
Of Subject |
: |
MR.
ALAN TAY SWEI LOONG |
|
Address |
: |
38,
JALAN MAMBU, BUKIT BANDARAYA, 59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
IC
/ PP No |
: |
A3372712 |
|
New
IC No |
: |
760608-14-5059 |
|
Date
of Birth |
: |
08/06/1976 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
04/10/1999 |
DIRECTOR
3
|
Name
Of Subject |
: |
MR.
ALDWIN TAY SWEI LEENG |
|
Address |
: |
157,
JALAN TERASEK 2, BANGSAR BARU, 59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
New
IC No |
: |
790417-14-6371 |
|
Date
of Birth |
: |
17/04/1979 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
26/05/2009 |
DIRECTOR
4
|
Name
Of Subject |
: |
WONG
GEOK YING @ NG GIOK TJIN |
|
Address |
: |
15,
JALAN PERSIARAN BATAI BARAT, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC
/ PP No |
: |
2195573 |
|
New
IC No |
: |
260410-05-5006 |
|
Date
of Birth |
: |
10/04/1926 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
15/07/1988 |
MANAGEMENT
|
|
1)
|
Name
of Subject |
: |
ALAN
TAY SWEI LOONG |
|
Position |
: |
MANAGING
DIRECTOR |
|
|
2)
|
Name
of Subject |
: |
ALDWIN
TAY SWEI LEENG |
|
Position |
: |
GENERAL
MANAGER |
|
|
3)
|
Name
of Subject |
: |
BEE
S TAN |
|
Position |
: |
EXPORT
MANAGER |
|
|
|
AUDITOR
|
|
Auditor |
: |
WONG
WENG FOO & CO. |
|
Auditor'
Address |
: |
41,
DAMAI COMPLEX, JALAN DATO HAJI EUSOFF, 50400 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
|
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
MS.
YAP YOKE IMM |
|
IC
/ PP No |
: |
7442859 |
|
|
New
IC No |
: |
641102-04-5358 |
|
|
Address |
: |
44,
JALAN USJ 3/2D, 47600 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
|
2)
|
Company
Secretary |
: |
MS.
CHIA LEE SEN |
|
IC
/ PP No |
: |
A0956623 |
|
|
New
IC No |
: |
680517-10-6564 |
|
|
Address |
: |
21,
JALAN SJ 16A, TAMAN SELAYANG BAHAGIA, 68100 BATU CAVES, SELANGOR, 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 |
Percentage |
: |
100% |
|
Overseas |
: |
NO |
Percentage |
: |
0% |
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 |
: |
AUSTRALIA |
|||
|
Credit
Term |
: |
AS
AGREED |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Type
of Customer |
: |
HOSPITALS,PHARMACIES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Goods
Traded |
: |
STERILE
AND NON-STERILE DISPOSABLE LATEX EXAMINATION GLOVES |
|
|
Product
Brand Name |
: |
|
|
|
Member(s)
/ Affiliate(s) |
: |
SMALL
& MEDIUM ENTERPRISE |
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
10 |
20 |
|||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing, packing
and distribution of sterile and non-sterile disposable latex examination
gloves.
The Subject mainly involved in manufacturing and export of latex gloves.
The Subject has factory size 26,071 square meter.
Furthermore, the Subject products are made of 100% latex that is a natural and
renewable resource. Latex is produced from the milky sap of the rubber tree
which is then collected using the most environmentally safe, age-old process:
drips in buckets, very much like that used for collecting maple syrup.
Beside that the Subject gloves are of the highest and greenest quality, all
conforming to the Good Manufacturing Practices (GMP) and ASTM D3578-01
specifications. Their products are made of 100% latex that is highly resistant
and durable. They are strong, elastic, slip resistant and easy to wear, fitting
comfortably like a second skin.
The Subject provide gloves to meet every requirement:
* Extra Small to Extra Large Size
* Powdered & Powder-Free
* Low Protein contents
* Colored & Natural Color
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
0355101228 |
|
Current
Telephone Number |
: |
03-55101228 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
LOT
7, JALAN LADA SULAH 16/11, SEKSYEN 16,40000,SHAH ALAM,SELANGOR. |
|
Current
Address |
: |
LOT
7, JALAN LADA SULAH 16/11, SEKSYEN 16, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some information
on the Subject.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Favourable |
[ |
61.32% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
62.71% |
] |
|
|
The
Subject's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years.The higher profit
could be attributed to the increase in turnover. Generally the Subject was
profitable. The favourable return on shareholders' funds and return on net
assets indicate that the Subject's management was efficient in utilising the
assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
29
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
28
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
14
Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the Subject. The
Subject had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Acceptable |
[ |
0.85
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.39
Times |
] |
|
|
The
Subject's liquid ratio was slightly low. This could indicate that the
Subject's working capital was slightly deficient. The Subject will have to improve
its liquidity position either by obtaining short term financing or increase
its paid up capital so that it can meet all its short term obligations as and
when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Favourable |
[ |
12.14
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.67
Times |
] |
|
|
The
interest cover showed that the Subject was able to service the interest. The favourable
interest cover could indicate that the Subject was making enough profit to
pay for the interest accrued. The Subject was lowly geared thus it had a low
financial risk. The Subject was mainly financed by its shareholders' funds
and internally generated funds. In times of economic slowdown / downturn, the
Subject being a lowly geared company, will be able to compete better than
those companies which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Generally,
the Subject's performance has improved with higher turnover and profit. The
Subject's liquidity was at an acceptable range. If the Subject is able to
obtain further short term financing, it should be able to meet all its short term
obligations. With the favourable interest cover, the Subject could be able to
service all the accrued interest without facing any difficulties. The Subject
as a lowly geared company, will be more secured compared to those highly
geared companies. It has the ability to meet all its long term obligations. |
||||||
|
Overall
financial condition of the Subject : STABLE |
||||||
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 |
|
|
22192
: Manufacture of rubber gloves |
|
|
INDUSTRY
: |
MANUFACTURING |
|
The
manufacturing sector is expected to grow by 5.5% in 2015. It will be
bolstered by strong domestic and export-oriented industries in line with growing
investment activities and favorable external demand. Moreover, in 2014, the
manufacturing sectors have spearheading growth. The manufacturing sector is
estimated to grow at a faster pace in 2014 on higher exports of electronics
and electrical (E&E) products as external demand improves. |
|
|
The
manufacturing sector expanded strongly during the first half of 2014, the
highest growth in three years, spurred by higher global semiconductor sales.
Value-added of the manufacturing sector expanded 7.1% during the first half
of 2014. Production of the sector rose 6.6% in the first seven months of 2014
supported by resilient domestic demand and recovery in the external sector
during the first seven months of the years. The sales value of manufactured
products rebounded by 7.7% in the first seven months of 2014. The strong
performance of the sector was on account of higher output at 9.4% from the
domestic-oriented industries, particularly transport equipment, food and
beverage. |
|
|
The
manufacturing sector continued to attract domestic and foreign investment
with investment approved by Malaysian Investment Development Authority (MIDA)
totaling RM47.4 billion during the first six months of 2014, mainly from
Japan, China and Germany. Meanwhile, the capacity utilization rate remained
steady at 80.4% during the second quarter of 2014 while average wage per
employee and productivity improved to RM2,772 per month and 5.9%,
respectively during the first seven months of 2014. Boosted by favorable
domestic economic activity and recovery in the external sector, the
manufacturing sector is expected to record a better performance with growth
of 6.4% in 2014. |
|
|
In
the meantime, production of wood products rebounded by 5.1% largely supported
by higher output in the saw-milling and planning of wood segment at 25.9%
during the first seven months of 2014. The positive performance was
attributed to vibrant residential and commercial construction activities
which contributed to increased use of timber frame and glued laminated timber
for cost savings compared to the use of concrete and steel. Increased demand
from major export destination such as the US, Japan and Australia for
Malaysian made furniture contributed to the higher output, particularly wooden
and cane furniture which rebounded by 2.2%. |
|
|
Production
of rubber products contracted 0.3% in the first seven months of 2014 on
account of slower demand for rubber gloves and rubber tyres. The decline in
rubber tyres for vehicles was due to the weaker external demand from the
automotive industry, particularly from China. Output of other rubber products
contracted 3.8% following the product shift from rubber-based to plastics,
silicones and metal alloys in the manufacture of medical devices. |
|
|
Besides,
exports of manufactured products are expected to grow 6.1% in 2014 boosted by
the growing demand from advanced economies. However, during the first seven
months of 2014, manufactured exports surged 11.4%. The robust growth was
buoyed by strengthening demand in the US and EU, reflecting significant
exposure of Malaysian exports to the economic performance in the advance
economies. The strength in export was broad-based with robust growth in both
E&E and non- E&E subsectors. |
|
|
Under
budget 2015, the Government will provide incentive in the form of capital
allowance on automation expenditure to encourage automation in the
manufacturing sector, which may help in the manufacturing sector. |
|
|
OVERALL
INDUSTRY OUTLOOK : Average Growth |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
We noted that the Subject's supplies are
solely sourced from local market. Being highly dependent on a limited number
of suppliers could lead to delays, lost of revenue and increased costs if
such resources become unavailable or shortage. Overall, the Subject's payment habit is
good as the Subject has a good credit control and it could be taking
advantage of the cash discounts while maintaining a good reputation with its
creditors. The industry shows an upward trend and this
trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
SHIELDTEX
SDN. BHD. |
|
Financial
Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
19,226,235 |
17,889,749 |
9,386,395 |
6,046,293 |
6,436,241 |
|
Other
Income |
38,949 |
41,057 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
19,265,184 |
17,930,806 |
9,386,395 |
6,046,293 |
6,436,241 |
|
Costs
of Goods Sold |
(16,913,812) |
(16,030,401) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
2,351,372 |
1,900,405 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
749,924 |
45,478 |
92,978 |
(23,827) |
110,500 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
749,924 |
45,478 |
92,978 |
(23,827) |
110,500 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
749,924 |
45,478 |
92,978 |
(23,827) |
110,500 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
(2,027,028) |
(2,072,506) |
(2,165,484) |
(2,141,657) |
(2,252,157) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
(2,027,028) |
(2,072,506) |
(2,165,484) |
(2,141,657) |
(2,252,157) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
(1,277,104) |
(2,027,028) |
(2,072,506) |
(2,165,484) |
(2,141,657) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(1,277,104) |
(2,027,028) |
(2,072,506) |
(2,165,484) |
(2,141,657) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
37,440 |
27,271 |
- |
- |
- |
|
Hire
purchase |
3,880 |
- |
- |
- |
- |
|
Others |
25,973 |
40,993 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
67,293 |
68,264 |
- |
- |
- |
|
|
============= |
============= |
- |
- |
- |
|
|
DEPRECIATION
(as per notes to P&L) |
37,129 |
17,169 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
37,129 |
17,169 |
- |
- |
- |
|
|
============= |
============= |
BALANCE
SHEET
|
|
SHIELDTEX
SDN. BHD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
179,037 |
36,049 |
36,777 |
43,246 |
57,179 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
179,037 |
36,049 |
36,777 |
43,246 |
57,179 |
|
Stocks |
1,552,775 |
560,970 |
- |
- |
- |
|
Trade
debtors |
1,497,531 |
959,215 |
- |
- |
- |
|
Other
debtors, deposits & prepayments |
948,796 |
1,092,867 |
- |
- |
- |
|
Cash
& bank balances |
600 |
1,218 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
3,999,702 |
2,614,270 |
2,492,195 |
2,464,133 |
1,850,183 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
4,178,739 |
2,650,319 |
2,528,972 |
2,507,379 |
1,907,362 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
646,967 |
174,371 |
- |
- |
- |
|
Other
creditors & accruals |
166,432 |
114,002 |
- |
- |
- |
|
Hire
purchase & lease creditors |
38,098 |
- |
- |
- |
- |
|
Bank
overdraft |
529,941 |
474,604 |
- |
- |
- |
|
Bill
& acceptances payable |
170,000 |
120,000 |
- |
- |
- |
|
Other
liabilities & accruals |
114,250 |
92,081 |
- |
- |
- |
|
Amounts
owing to holding company |
642,789 |
635,289 |
- |
- |
- |
|
Amounts
owing to related companies |
567,000 |
567,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
2,875,477 |
2,177,347 |
2,101,478 |
3,172,863 |
2,547,095 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
1,124,225 |
436,923 |
390,717 |
(708,730) |
(696,912) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
1,303,262 |
472,972 |
427,494 |
(665,484) |
(639,733) |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
2,500,000 |
2,500,000 |
2,500,000 |
1,500,000 |
1,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
2,500,000 |
2,500,000 |
2,500,000 |
1,500,000 |
1,500,000 |
|
Retained
profit/(loss) carried forward |
(1,277,104) |
(2,027,028) |
(2,072,506) |
(2,165,484) |
(2,141,657) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
(1,277,104) |
(2,027,028) |
(2,072,506) |
(2,165,484) |
(2,141,657) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
1,222,896 |
472,972 |
427,494 |
(665,484) |
(641,657) |
|
Hire
purchase creditors |
80,366 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
80,366 |
- |
- |
- |
1,924 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,303,262 |
472,972 |
427,494 |
(665,484) |
(639,733) |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
SHIELDTEX
SDN. BHD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
600 |
1,218 |
- |
- |
- |
|
Net
Liquid Funds |
(699,341) |
(593,386) |
- |
- |
- |
|
Net
Liquid Assets |
(428,550) |
(124,047) |
390,717 |
(708,730) |
(696,912) |
|
Net
Current Assets/(Liabilities) |
1,124,225 |
436,923 |
390,717 |
(708,730) |
(696,912) |
|
Net
Tangible Assets |
1,303,262 |
472,972 |
427,494 |
(665,484) |
(639,733) |
|
Net
Monetary Assets |
(508,916) |
(124,047) |
390,717 |
(708,730) |
(698,836) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
817,217 |
113,742 |
- |
- |
- |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
854,346 |
130,911 |
- |
- |
- |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
818,405 |
594,604 |
- |
- |
- |
|
Total
Liabilities |
2,955,843 |
2,177,347 |
2,101,478 |
3,172,863 |
2,549,019 |
|
Total
Assets |
4,178,739 |
2,650,319 |
2,528,972 |
2,507,379 |
1,907,362 |
|
Net
Assets |
1,303,262 |
472,972 |
427,494 |
(665,484) |
(639,733) |
|
Net
Assets Backing |
1,222,896 |
472,972 |
427,494 |
(665,484) |
(641,657) |
|
Shareholders'
Funds |
1,222,896 |
472,972 |
427,494 |
(665,484) |
(641,657) |
|
Total
Share Capital |
2,500,000 |
2,500,000 |
2,500,000 |
1,500,000 |
1,500,000 |
|
Total
Reserves |
(1,277,104) |
(2,027,028) |
(2,072,506) |
(2,165,484) |
(2,141,657) |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0 |
0 |
- |
- |
- |
|
Liquid
Ratio |
0.85 |
0.94 |
- |
- |
- |
|
Current
Ratio |
1.39 |
1.20 |
1.19 |
0.78 |
0.73 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
29 |
11 |
- |
- |
- |
|
Debtors
Ratio |
28 |
20 |
- |
- |
- |
|
Creditors
Ratio |
14 |
4 |
- |
- |
- |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.67 |
1.26 |
- |
- |
- |
|
Liabilities
Ratio |
2.42 |
4.60 |
4.92 |
(4.77) |
(3.97) |
|
Times
Interest Earned Ratio |
12.14 |
1.67 |
- |
- |
- |
|
Assets
Backing Ratio |
0.52 |
0.19 |
0.17 |
(0.44) |
(0.43) |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
3.90 |
0.25 |
0.99 |
(0.39) |
1.72 |
|
Net
Profit Margin |
3.90 |
0.25 |
0.99 |
(0.39) |
1.72 |
|
Return
On Net Assets |
62.71 |
24.05 |
21.75 |
3.58 |
(17.27) |
|
Return
On Capital Employed |
43.67 |
12.00 |
21.75 |
3.58 |
(17.27) |
|
Return
On Shareholders' Funds/Equity |
61.32 |
9.62 |
21.75 |
3.58 |
(17.22) |
|
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.66.18 |
|
|
1 |
Rs.100.46 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.