|
|
|
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%20SDN%20%20BHD%20%20-%20501931%2004-Apr-2018_files/image008.jpg)
%20SDN%20%20BHD%20%20-%20501931%2004-Apr-2018_files/image010.gif)
MIRA INFORM REPORT
|
Report No. : |
501931 |
|
Report Date : |
04.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
XINYI SOLAR
(MALAYSIA) SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 9-13A, Level 9, Wisma Uoa II, Jalan Pinang,
50450 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
27.11.2014 |
|
|
|
|
Com. Reg. No.: |
1120127-D |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
manufacture of flat glass. |
|
|
|
|
No. of Employees : |
100 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, an upper middle-income country, has transformed itself since
the 1970s from a producer of raw materials into a multi-sector economy. Under current
Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by
2020 and to move further up the value-added production chain by attracting
investments in high technology, knowledge-based industries and services.
NAJIB's Economic Transformation Program 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. Domestic demand continues to
anchor economic growth, supported mainly by private consumption, which accounts
for 53% of GDP. Nevertheless, exports - particularly of electronics, oil and
gas, and palm oil - remain a significant driver of the economy. In 2015, gross
exports of goods and services were equivalent to 73% of GDP. The oil and gas sector
supplied about 22% of government revenue in 2015, down significantly from prior
years amid a decline in commodity prices and diversification of government
revenues. Malaysia has embarked on a fiscal reform program aimed at achieving a
balanced budget by 2020, including rationalization of subsidies and the 2015
introduction of a 6% value added tax. Sustained low commodity prices throughout
the period not only strained government finances, but also shrunk Malaysia’s
current account surplus and weighed heavily on the Malaysian ringgit, which was
among the region’s worst performing currencies during 2013-17. The ringgit hit
new lows following the US presidential election amid a broader selloff of
emerging market assets.
Bank Negara Malaysia (the central bank) maintains adequate foreign
exchange reserves; a well-developed regulatory regime has limited Malaysia's
exposure to riskier financial instruments, although it remains vulnerable to
volatile global capital flows. In order to increase Malaysia’s competitiveness,
Prime Minister 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, policies that favor and advance
the economic condition of ethnic Malays.
Malaysia signed the 12-nation Trans-Pacific Partnership (TPP) free trade
agreement in February 2016, although the future of the TPP remains unclear
following the US withdrawal from the agreement. Along with nine other ASEAN
members, Malaysia established the ASEAN Economic Community in 2015, which aims
to advance regional economic integration.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|
REGISTRATION NO. |
: |
1120127-D |
||||
|
GST NO. |
: |
000481579008 |
||||
|
COMPANY NAME |
: |
XINYI SOLAR (MALAYSIA) SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
27/11/2014 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
SUITE 9-13A, LEVEL 9, WISMA UOA II, JALAN PINANG,
50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
PLOT 23A & B, ELKAY INDUSTRIAL PARK
LIPAT KAJANG, 77000 JASIN, MELAKA, MALAYSIA. |
||||
|
TEL.NO. |
: |
06-5306932 |
||||
|
FAX.NO. |
: |
06-5306935 |
||||
|
CONTACT PERSON |
: |
SZE KAM PUI ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
231 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF FLAT GLASS |
||||
|
AUTHORISED CAPITAL |
: |
MYR
25,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR
20,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
N/A |
||||
|
NET WORTH |
: |
MYR (12,685,760) [2016] |
||||
|
STAFF STRENGTH |
: |
100 [2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
N/A |
||||
|
PAYMENT |
: |
SLOW |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL 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 shall have a minimum one director. 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) manufacture of flat glass.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the Subject
is XINYI SOLAR (HONG KONG) LIMITED, a company incorporated in HONG KONG.
The ultimate holding company of the Subject
is XINYI SOLAR HOLDINGS LIMITED COMPANY, a company incorporated in CAYMAN
ISLANDS.
Former Address(es)
|
Address |
As At Date |
|
38, JALAN SAUJANA 4/3, TAMAN SAUJANA
HEIGHTS, 75450, MELAKA, MALAYSIA |
N/A |
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
29/09/2016 |
MYR 25,000,000.00 |
MYR 20,000,000.00 |
|
23/06/2015 |
MYR 1,000,000.00 |
MYR 1,000,000.00 |
|
08/01/2015 |
MYR 1,000,000.00 |
MYR 500,000.00 |
|
27/11/2014 |
MYR 400,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
XINYI SOLAR (HONG KONG) LIMITED |
3/F, HARBOUR VIEW 2, 16, SCIENE PARK, EAST
AVENUE, PHASE 2, HONG KONG SCIENE PARK, PAK SHEK KOK, TAIPO, NEW TERRITORIES,
HONG KONG. HONG KONG |
XLZ00223186 |
20,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
20,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. SZE KAM PUI |
|
Address |
: |
7-9, LAY MANSION HARMONY CONDOMINIUM, JALAN
UJONG PASIR, 75050 MELAKA, MELAKA, MALAYSIA. |
|
IC / PP No |
: |
K03786663 |
|
Date of Appointment |
: |
27/11/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
1120141K |
XINYI ENERGY SMART (MALAYSIA) SDN. BHD. |
Director |
27/11/2014 |
0.00 |
- |
MYR(38,812,497.00) |
2016 |
- |
23/02/2018 |
|
2 |
1120127D |
XINYI SOLAR (MALAYSIA) SDN. BHD. |
Director |
27/11/2014 |
0.00 |
- |
MYR(27,793,964.00) |
2016 |
- |
23/02/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
LEE YAU CHING |
|
Address |
: |
7-9, LAY MANSION HARMONY CONDOMINIUM, JALAN
UJONG PASIR, 75050 MELAKA, MELAKA, MALAYSIA. |
|
IC / PP No |
: |
KJ0049437 |
|
Date of Appointment |
: |
09/12/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
1120127D |
XINYI SOLAR (MALAYSIA) SDN. BHD. |
Director |
09/12/2014 |
0.00 |
- |
MYR(27,793,964.00) |
2016 |
- |
23/02/2018 |
FORMER DIRECTOR(S)
|
|
Name |
Address |
IC/PP No |
Appointed Date |
Withdrawn Date |
|
YANG JIANJUN |
7-9, LAY MANSION HARMONY CONDOMINIUM, JALAN
UJONG PASIR, MELAKA, MELAKA, MALAYSIA |
KJ0332488 |
27/11/2014 |
09/12/2014 |
Note : The above information was generated
from our database.
MANAGEMENT
|
|
1) |
Name of Subject |
: |
SZE KAM PUI |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
O.L. YEO & CO. |
|
Auditor' Address |
: |
110A & B JALAN MELAKA RAYA 25, TAMAN
MELAKA RAYA, 75000 MELAKA, MELAKA, MALAYSIA. |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. ONG TEE KEIN |
|
New IC No |
: |
570101-10-7187 |
|
|
Address |
: |
85, MEDAN ATHINAHAPAN 2, TAMAN TUN DR
ISMAIL, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. LIM YUEN LEE |
|
New IC No |
: |
810619-14-5620 |
|
|
Address |
: |
28A LORONG 6, KAMPUNG SUNGAI TERENTANG,
48000 RAWANG, SELANGOR, MALAYSIA. |
|
|
3) |
Company Secretary |
: |
MS. CHOONG BEE BEE |
|
IC / PP No |
: |
A0458930 |
|
|
New IC No |
: |
660613-07-5376 |
|
|
Address |
: |
C1106, PUNCAK DAMANSARA CONDO, JALAN
TERATAI, PJU 6 DAMANSARA, 46000 PETALING JAYA, 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.
CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A
DEFENDANT
|
* A check has been conducted in our databank against 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.
CRIMINAL CHECK - SUBJECT COMPANY AS A DEFENDANT
|
* A check has been conducted in our databank against the Subject whether the Subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No criminal record was found in our databank.
CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A
PLAINTIFF
|
* A check has been conducted in our databank against the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No plaintiff record was found in our databank.
CRIMINAL RECORDS CHECK - SUBJECT COMPANY AS A PLAINTIFF
|
* A check has been conducted in our databank against the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No criminal record 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 listed by our customers and debtors that
have been placed or assigned to us for collection.
No defaulter record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2018 |
2017 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
100 |
100 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of flat
glass.
The Subject engaged in the business of glass technology from automobile glass,
architectural glass to solar glass and others.
The products are used for industrial, automotive and others.
RECENT DEVELOPMENT
|
We have checked with the Malaysian National News Agency's (BERNAMA) database,
but no recent development was noted during the time of inspection.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
606-5306969 |
|
Current Telephone Number |
: |
06-5306932 |
|
Match |
: |
NO |
|
Address Provided by Client |
: |
PLOT 23A & B, ELKAY INDUSTRIAL PARK
LIPAT KAJANG, 77000 JASIN, MELAKA |
|
Current Address |
: |
PLOT 23A & B, ELKAY INDUSTRIAL PARK
LIPAT KAJANG, 77000 JASIN, MELAKA, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
we contacted one of the staff from the Subject and he provided some
information.
The contact number provided is not answered.
The address is as per stated in the report.
FINANCIAL ANALYSIS
|
|
Overall Assessment : |
||||||
|
The Subject has generated an unfavourable
return on shareholders' funds indicating that the management was inefficient
in utilising its funds to generate return. Due to its weak liquidity
position, the Subject may face working capital deficiency in meeting its
short term financial obligations if no fresh capital are injected into the
Subject. Being a zero geared company, the Subject virtually has no financial
risk as it is mainly dependent on its internal funds to finance its
business. |
||||||
|
Overall financial condition of the Subject
: N/A |
||||||
|
|
||||||
MALAYSIA ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators: |
2014 |
2015 |
2016 |
2017* |
2018** |
|
Population ( Million) |
30.0 |
31.0 |
31.6 |
32.1 |
32.9 |
|
Gross Domestic Products ( % ) |
6.0 |
4.6 |
4.2 |
5.3 |
5.4 |
|
Domestic Demand ( % ) |
6.4 |
6.2 |
4.3 |
6.3 |
6.4 |
|
Private Expenditure ( % ) |
7.9 |
6.9 |
7.8 |
7.4 |
7.3 |
|
Consumption ( % ) |
6.5 |
6.1 |
5.1 |
6.9 |
6.8 |
|
Investment ( % ) |
12.0 |
8.1 |
10.0 |
9.3 |
8.9 |
|
Public Expenditure ( % ) |
2.3 |
4.2 |
3.3 |
5.3 |
5.5 |
|
Consumption ( % ) |
2.1 |
4.3 |
2.0 |
2.7 |
1.3 |
|
Investment ( % ) |
2.6 |
(1.0) |
1.1 |
3.4 |
3.8 |
|
Balance of Trade ( MYR Million ) |
82,480 |
91,577 |
88,145 |
94,593 |
96,993 |
|
Government Finance ( MYR Million ) |
(37,414) |
(37,194) |
(38,401) |
(39,887) |
(39,790) |
|
Government Finance to GDP / Fiscal Deficit
( % ) |
(3.4) |
(3.2) |
(3.1) |
(3.0) |
(2.8) |
|
Inflation ( % Change in Composite CPI) |
3.2 |
4.0 |
2.1 |
3.5 |
3.0 |
|
Unemployment Rate |
2.9 |
3.1 |
3.4 |
3.4 |
3.3 |
|
Net International Reserves ( MYR Billion ) |
417 |
390 |
391 |
- |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
4.00 |
3.50 |
- |
- |
- |
|
Average 3 Months of Non-performing Loans (
% ) |
2.10 |
2.00 |
1.90 |
- |
- |
|
Average Base Lending Rate ( % ) |
6.85 |
6.79 |
6.81 |
6.73 |
- |
|
Business Loans Disbursed( % ) |
18.6 |
2.2 |
- |
- |
- |
|
Foreign Investment ( MYR Million ) |
43,486.6 |
43,435.0 |
- |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
49,203 |
45,658 |
43,255 |
- |
- |
|
Registration of New Companies ( % ) |
6.1 |
(7.2) |
(5.3) |
- |
- |
|
Liquidation of Companies ( No. ) |
11,099 |
7,066 |
- |
- |
- |
|
Liquidation of Companies ( % ) |
(19.5) |
(36.3) |
- |
- |
- |
|
Registration of New Business ( No. ) |
332,723 |
364,230 |
376,720 |
- |
- |
|
Registration of New Business ( % ) |
1.0 |
9.0 |
3.0 |
- |
- |
|
Business Dissolved ( No. ) |
21,436 |
- |
- |
- |
- |
|
Business Dissolved ( % ) |
18.0 |
- |
- |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
588.3 |
591.3 |
514.6 |
527.8 |
- |
|
Cellular Phone Subscribers ( Million ) |
44.0 |
44.2 |
44.0 |
- |
- |
|
Tourist Arrival ( Million Persons ) |
27.4 |
25.7 |
30.2 |
30.1 |
- |
|
Hotel Occupancy Rate ( % ) |
63.6 |
58.8 |
61.2 |
- |
- |
|
Credit Cards Spending ( % ) |
5.8 |
6.8 |
6.3 |
- |
- |
|
Bad Cheque Offenders (No.) |
- |
- |
- |
- |
- |
|
Individual Bankruptcy ( No.) |
22,351 |
18,457 |
- |
- |
- |
|
Individual Bankruptcy ( % ) |
1.7 |
(17.4) |
- |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2014 |
2015 |
2016 |
2017* |
2018** |
|
Agriculture |
2.0 |
1.3 |
(5.1) |
5.6 |
2.4 |
|
Palm Oil |
6.7 |
7.0 |
(12.7) |
11.8 |
- |
|
Rubber |
(10.4) |
(11.0) |
(6.3) |
10.8 |
- |
|
Forestry & Logging |
(4.2) |
(7.2) |
(3.0) |
(15.0) |
- |
|
Fishing |
2.7 |
2.1 |
2.2 |
0.2 |
- |
|
Other Agriculture |
6.2 |
6.0 |
5.1 |
2.4 |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
303.8 |
343.7 |
420.3 |
- |
- |
|
% of Industry Non-Performing Loans |
1.4 |
1.5 |
1.8 |
- |
- |
|
Mining |
3.3 |
5.3 |
2.2 |
0.5 |
0.9 |
|
Oil & Gas |
3.0 |
3.5 |
4.5 |
- |
- |
|
Other Mining |
46.6 |
47.1 |
42.6 |
- |
- |
|
Industry Non-performing Loans ( MYR Million
) |
63.5 |
180.1 |
190.0 |
- |
- |
|
% of Industry Non-performing Loans |
0.3 |
0.8 |
0.8 |
- |
- |
|
Manufacturing # |
6.1 |
4.9 |
4.4 |
5.5 |
5.3 |
|
Exported-oriented Industries |
7.1 |
6.5 |
4.3 |
6.5 |
- |
|
Electrical & Electronics |
11.8 |
9.2 |
6.8 |
9.3 |
- |
|
Rubber Products |
(1.3) |
5.1 |
5.0 |
6.9 |
- |
|
Wood Products |
7.8 |
7.0 |
7.8 |
7.3 |
- |
|
Textiles & Apparel |
10.8 |
7.5 |
7.5 |
7.4 |
- |
|
Domestic-oriented Industries |
7.7 |
4.7 |
3.4 |
6.2 |
- |
|
Food, Beverages & Tobacco |
6.1 |
8.9 |
7.5 |
11.0 |
- |
|
Chemical & Chemical Products |
1.4 |
3.5 |
4.5 |
3.5 |
- |
|
Plastic Products |
2.7 |
3.9 |
5.1 |
- |
- |
|
Iron & Steel |
2.8 |
1.6 |
2.2 |
- |
- |
|
Fabricated Metal Products |
2.8 |
4.6 |
5.6 |
4.6 |
- |
|
Non-metallic Mineral |
6.9 |
6.8 |
6.3 |
5.4 |
- |
|
Transport Equipment |
14.4 |
5.2 |
(3.1) |
4.7 |
- |
|
Paper & Paper Products |
4.7 |
3.2 |
5.4 |
5.8 |
- |
|
Crude Oil Refineries |
13.0 |
14.3 |
13.7 |
- |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
5,730.8 |
4,243.7 |
4,214.1 |
- |
- |
|
% of Industry Non-Performing Loans |
25.6 |
19.0 |
18.5 |
- |
- |
|
Construction |
11.7 |
8.2 |
7.4 |
7.6 |
7.5 |
|
Industry Non-Performing Loans ( MYR Million
) |
1,666.4 |
1,638.0 |
1,793.9 |
- |
- |
|
% of Industry Non-Performing Loans |
7.5 |
7.3 |
7.9 |
- |
- |
|
Services |
6.6 |
5.1 |
5.6 |
5.9 |
5.8 |
|
Electric, Gas & Water |
3.8 |
3.6 |
5.4 |
2.5 |
2.6 |
|
Transport, Storage & Communication |
7.70 |
7.55 |
6.85 |
7.35 |
7.30 |
|
Wholesale, Retail, Hotel & Restaurant |
7.70 |
6.65 |
6.65 |
7.05 |
6.65 |
|
Finance, Insurance & Real Estate |
5.15 |
2.90 |
4.70 |
5.70 |
5.90 |
|
Government Services |
6.3 |
4.0 |
4.9 |
4.4 |
4.5 |
|
Other Services |
4.8 |
4.7 |
4.8 |
5.3 |
5.3 |
|
Industry Non-Performing Loans ( MYR Million
) |
5,373.5 |
6,806.6 |
7,190.6 |
- |
- |
|
% of Industry Non-Performing Loans |
24.1 |
30.5 |
31.5 |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production
Index |
|||||
INDUSTRY ANALYSIS
|
|
MSIC CODE |
|
|
231 : Manufacture of glass and glass
products |
|
|
INDUSTRY : |
MANUFACTURING |
|
The manufacturing sector is forecast to
increase 5.3% in year 2018 (2017: 5.5%). Output of export-oriented industries
is projected to expand on account of sustained demand for E&E, refined
petroleum and woods products. Growth in the domestic-oriented industries is
anticipated to remain resilient supported by ongoing construction of
infrastructure projects as well as strong demand for consumer products,
especially food and transport equipment. |
|
|
Value added of the manufacturing sector expanded
further by 5.8% during the first half of 2017 (January – June 2016: 4.4%)
with expansion across a wide range of outputs in both the export- and
domestic-oriented industries. During the first eight months, production
increased 6.4%, while sales rebounded significantly by 15.6% to RM500.2
billion (January – August 2016: 4%; -0.7%; RM432.8 billion). Output of
export-oriented industries rose 6.5% (January – August 2016: 4.3%) led by an
upturn in global electronics cycle and further enhanced by strong demand for
resource-based products. Meanwhile, domestic-oriented industries expanded
6.2% (January – August 2016: 3.4%) benefiting from vibrant consumption and
construction activities. |
|
|
Within the export-oriented industries,
E&E output expanded 9.3% while sales surged 16.3% to RM169.5 billion
(January – August 2016: 6.8%; 9%; RM145.8 billion). Growth emanated mainly
from the expansion in output of printed circuit boards, semiconductor devices
and electronic integrated circuits which strengthened further by 24.4%, 11.9%
and 16.9% (January – August 2016: 11.9%; 5.9%; 15%), respectively. This is in
line with the trend in global semiconductor sales which is expected to expand
11.5% in 2017, the highest level since 2010. On the contrary, the output of
computers and peripheral equipment contracted 7.7% (January – August 2016:
3.1%) as a result of lower demand for notebooks and personal computers
following rising preferences for smartphones and tablets. Meanwhile, consumer
electronics grew at a moderate pace of 2.6% (January – August 2016: 5.3%)
partly due to lower demand for in-car entertainment, portable media players
and digital cameras. |
|
|
Output of wood and wood products grew 7.3%
(January – August 2016: 7.8%). The growth was primarily supported by output
of sawmilling and planning of wood which expanded 14.7% (January – August
2016: 16.8%) in response to strong demand from Australia, Japan and the US.
Meanwhile, production of wooden and cane furniture remained steady at 10.9%
(January – August 2016: 10.9%), benefiting from greater adoption of
technology and diversification of export markets. |
|
|
Manufacture of food products rose 11.2%,
largely attributed to a significant increase in refined palm oil at 26.1% (January
– August 2016: 6.3%; -3.3%), following higher production of CPO. Meanwhile,
output of other food products grew 7% supported by production of bread, cakes
and other bakery (15.6%) as well as biscuits and cookies (12%) to meet the
rising demand from households (January – August 2016: 11.1%; 19.2%; 19.1%). |
|
|
For the year, the manufacturing sector is
projected to expand further by 5.5% (2016: 4.4%) mainly attributed to an
upturn in global semiconductor sales as well as higher demand for consumer products
and construction materials. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
XINYI SOLAR (MALAYSIA) SDN. BHD. |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
MYR |
MYR |
|
PROFIT/(LOSS) FROM OPERATIONS |
(27,782,075) |
(4,891,796) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(27,782,075) |
(4,891,796) |
|
Taxation |
(11,889) |
- |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(27,793,964) |
(4,891,796) |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As previously reported |
(4,891,796) |
- |
|
---------------- |
---------------- |
|
|
As restated |
(4,891,796) |
- |
|
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(32,685,760) |
(4,891,796) |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(32,685,760) |
(4,891,796) |
|
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
95,320 |
- |
|
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
95,320 |
- |
|
============= |
||
|
|
|
|
BALANCE SHEET
|
|
XINYI SOLAR (MALAYSIA) SDN. BHD. |
|
ASSETS EMPLOYED: |
||
|
FIXED ASSETS |
338,376,446 |
8,134,668 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
338,376,446 |
8,134,668 |
|
CURRENT ASSETS |
||
|
Stocks |
18,335,034 |
- |
|
Other debtors, deposits & prepayments |
57,978,031 |
47,191,911 |
|
Cash & bank balances |
31,170,227 |
10,068,007 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
107,483,292 |
57,259,918 |
|
---------------- |
---------------- |
|
|
TOTAL ASSET |
445,859,738 |
65,394,586 |
|
============= |
============= |
|
|
CURRENT LIABILITIES |
||
|
Other creditors & accruals |
62,064,849 |
10,510 |
|
Amounts owing to holding company |
334,873,551 |
69,275,872 |
|
Amounts owing to subsidiary companies |
61,595,209 |
- |
|
Provision for taxation |
11,889 |
- |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
458,545,498 |
69,286,382 |
|
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(351,062,206) |
(12,026,464) |
|
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
(12,685,760) |
(3,891,796) |
|
============= |
============= |
|
|
FINANCED BY: |
||
|
SHARE CAPITAL |
||
|
Ordinary share capital |
20,000,000 |
1,000,000 |
|
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
20,000,000 |
1,000,000 |
|
RESERVES |
||
|
Retained profit/(loss) carried forward |
(32,685,760) |
(4,891,796) |
|
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(32,685,760) |
(4,891,796) |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
(12,685,760) |
(3,891,796) |
|
============= |
============= |
|
|
|
|
|
FINANCIAL RATIO
|
|
XINYI SOLAR (MALAYSIA) SDN. BHD. |
|
TYPES OF FUNDS |
||
|
Cash |
31,170,227 |
10,068,007 |
|
Net Liquid Funds |
31,170,227 |
10,068,007 |
|
Net Liquid Assets |
(369,397,240) |
(12,026,464) |
|
Net Current Assets/(Liabilities) |
(351,062,206) |
(12,026,464) |
|
Net Tangible Assets |
(12,685,760) |
(3,891,796) |
|
Net Monetary Assets |
(369,397,240) |
(12,026,464) |
|
PROFIT & LOSS ITEMS |
||
|
Earnings Before Interest & Tax (EBIT) |
(27,782,075) |
(4,891,796) |
|
Earnings Before Interest, Taxes, Depreciation
And Amortization (EBITDA) |
(27,686,755) |
(4,891,796) |
|
BALANCE SHEET ITEMS |
||
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
458,545,498 |
69,286,382 |
|
Total Assets |
445,859,738 |
65,394,586 |
|
Net Assets |
(12,685,760) |
(3,891,796) |
|
Net Assets Backing |
(12,685,760) |
(3,891,796) |
|
Shareholders' Funds |
(12,685,760) |
(3,891,796) |
|
Total Share Capital |
20,000,000 |
1,000,000 |
|
Total Reserves |
(32,685,760) |
(4,891,796) |
|
GROWTH RATIOS (Year on Year) (%) |
||
|
Revenue |
- |
- |
|
Proft/(Loss) Before Tax |
(467.93) |
- |
|
Proft/(Loss) After Tax |
(468.18) |
- |
|
Total Assets |
581.80 |
- |
|
Total Liabilities |
561.81 |
- |
|
LIQUIDITY (Times) |
||
|
Cash Ratio |
0.07 |
0.15 |
|
Liquid Ratio |
0.19 |
0.83 |
|
Current Ratio |
0.23 |
0.83 |
|
WORKING CAPITAL CONTROL (Days) |
||
|
Stock Ratio |
0 |
0 |
|
Debtors Ratio |
0 |
0 |
|
Creditors Ratio |
0 |
0 |
|
SOLVENCY RATIOS (Times) |
||
|
Gearing Ratio |
0 |
0 |
|
Liabilities Ratio |
(36.15) |
(17.80) |
|
Times Interest Earned Ratio |
0 |
0 |
|
Assets Backing Ratio |
(0.63) |
(3.89) |
|
PERFORMANCE RATIO (%) |
||
|
Operating Profit Margin |
0 |
0 |
|
Net Profit Margin |
0 |
0 |
|
Return On Net Assets |
219.00 |
125.70 |
|
Return On Capital Employed |
219.00 |
125.70 |
|
Return On Shareholders' Funds/Equity |
219.10 |
125.70 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
|
NOTES TO ACCOUNTS |
||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.02 |
|
|
1 |
INR 91.45 |
|
Euro |
1 |
INR 80.09 |
|
MYR |
1 |
INR 16.83 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.