|
|
|
MIRA INFORM REPORT
|
Report No. : |
503411 |
|
Report Date : |
16.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
RUBBERFLEX SDN.BHD. |
|
|
|
|
Formerly Known As : |
·
HEVEAFLEX SDN. BHD. ·
HEVEA INDUSTRIES SDN BHD |
|
|
|
|
Registered Office : |
21st Floor, UBN Tower, P.O. BOX 48, 10, Jalan P. Ramlee,
50470 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
26.01.1985 |
|
|
|
|
Com. Reg. No.: |
134208-U |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing of rubber thread. |
|
|
|
|
No. of Employees : |
800 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
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 2015. The ringgit rebounded in early 2016, but 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. |
: |
134208-U |
||||
|
COMPANY NAME |
: |
RUBBERFLEX SDN.BHD. |
||||
|
FORMER NAME |
: |
HEVEAFLEX SDN. BHD. (18/10/1986) |
||||
|
INCORPORATION DATE |
: |
26/01/1985 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
21ST FLOOR, UBN TOWER, P.O. BOX 48, 10, JALAN P. RAMLEE, 50470
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
21ST FLOOR, U.B.N. TOWER, P.O. BOX 48, 10, JALAN P.RAMLEE, 50250
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-20720011 |
||||
|
FAX.NO. |
: |
03-20785103 |
||||
|
EMAIL |
: |
INFO@RUBBERFLEX.COM.MY |
||||
|
WEB SITE |
: |
WWW.RUBBERFLEX.COM.MY |
||||
|
CONTACT PERSON |
: |
EUGENE KANG HONG NGEE ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
221 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF RUBBER THREAD |
||||
|
AUTHORISED CAPITAL |
: |
MYR 30,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 22,100,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 582,678,708 [2016] |
||||
|
NET WORTH |
: |
MYR 263,796,696 [2016] |
||||
|
M1000 OVERALL RANKING |
: |
528[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
12[2011] |
||||
|
STAFF STRENGTH |
: |
800 [2017] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
REGULAR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
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)
manufacturing of rubber thread.
The Subject is not listed on Bursa Malaysia (Malaysia Stock
Exchange).
|
According to the Malaysia 1000 publication, the Subject's
ranking are as follows: |
||||
|
YEAR |
2011 |
2005 |
2004 |
|
|
OVERALL RANKING |
528 |
822 |
907 |
|
|
INDUSTRY RANKING |
12 |
17 |
14 |
|
The ultimate holding company of the Subject is RUBBER
INTERNATIONAL A.G., a company incorporated in EUROPE.
Former Address(es)
|
Address |
As At Date |
|
22, (MEZZANINE), JALAN TUN SAMBANTHAN 3, 50470, WILAYAH
PERSEKUTUAN, MALAYSIA |
09/12/1987 |
|
20-1, JALAN TUN SAMBANTHAN 3, 50470, WILAYAH PERSEKUTUAN,
MALAYSIA |
29/12/1987 |
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
30/06/2016 |
MYR 30,000,000.00 |
MYR 22,100,000.00 |
|
31/07/1989 |
MYR 30,000,000.00 |
MYR 17,000,000.00 |
|
15/02/1989 |
MYR 30,000,000.00 |
MYR 15,000,000.00 |
|
15/11/1988 |
MYR 30,000,000.00 |
MYR 11,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
RUBBER INTERNATIONAL A.G. |
ALTENBACH, 8, SL 9490, VADUZ, FURSTENTUM LIECHTENSTEIN |
FL-0001.091.323-8 |
11,050,000.00 |
50.00 |
|
ALDO CERINA + |
12, JALAN U-THANT, 55000 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
YA5466941 |
10,166,000.00 |
46.00 |
|
MALAYSIA NOMINEES (TEMPATAN) SENDIRIAN BERHAD |
13TH FLOOR, MENARA OCBC, 18, JALAN TUN PERAK, 50050 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
6193K |
884,000.00 |
4.00 |
|
--------------- |
------ |
|||
|
22,100,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc No |
Shareholding |
Last Updated |
|
ALLIANCE MERCHANT NOMINEES (TEMPATAN) SDN. BHD. |
MALAYSIA |
34127D |
N/A |
24/01/2017 |
|
TOPONE ESTABLISHMENT |
N/A |
XLZ00210884 |
N/A |
16/08/2013 |
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
909715T |
MALAYSIA |
RUBBERFLEX REENERGY SDN. BHD. |
- |
100.00 |
23/10/2017 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
EDGAR B. VENTURA |
|
Address |
: |
390, LORONG BENTONG MAKMUR 14, 28700 BENTONG, PAHANG, MALAYSIA. |
|
IC / PP No |
: |
EC6909506 |
|
Date of Appointment |
: |
08/04/2003 |
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 |
909715T |
RUBBERFLEX REENERGY SDN. BHD. |
Director |
16/08/2010 |
0.00 |
- |
MYR583,953.00 |
2016 |
- |
23/10/2017 |
|
2 |
134208U |
RUBBERFLEX SDN.BHD. |
Director |
08/04/2003 |
0.00 |
- |
MYR49,594,960.00 |
2016 |
- |
23/10/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. KRISTOPA ANAK WATT |
|
Address |
: |
82, KAMPUNG SELAMPIT, 94500 LUNDU, SARAWAK, MALAYSIA. |
|
IC / PP No |
: |
680115-13-5557 |
|
New IC No |
: |
680115-13-5557 |
|
Date of Birth |
: |
15/01/1968 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
09/06/2006 |
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 |
909715T |
RUBBERFLEX REENERGY SDN. BHD. |
Director |
02/09/2010 |
0.00 |
- |
MYR583,953.00 |
2016 |
- |
23/10/2017 |
|
2 |
134208U |
RUBBERFLEX SDN.BHD. |
Director |
09/06/2006 |
0.00 |
- |
MYR49,594,960.00 |
2016 |
- |
23/10/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. EUGENE KANG HONG NGEE |
|
Address |
: |
B5-3, LOJING HEIGHTS 1, SECTION 5, WANGSA MAJU, 53300 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A2180211 |
|
New IC No |
: |
720323-01-5465 |
|
Date of Birth |
: |
23/03/1972 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
10/06/2008 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
see below |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
880106W |
FILLERTECH RESOURCES SDN. BHD. |
Secretary |
23/11/2009 |
0.00 |
- |
MYR(15,712.00) |
2015 |
- |
23/10/2017 |
|
2 |
627986D |
FORTUNE ELITE SDN. BHD. |
Secretary |
26/09/2003 |
0.00 |
- |
- |
- |
Disolved by Registrar |
23/10/2017 |
|
3 |
909715T |
RUBBERFLEX REENERGY SDN. BHD. |
Secretary Director |
17/08/2010 16/08/2010 |
0.00 |
- |
MYR583,953.00 |
2016 |
- |
23/10/2017 |
|
4 |
134208U |
RUBBERFLEX SDN.BHD. |
Secretary Director |
12/06/2008 10/06/2008 |
0.00 |
- |
MYR49,594,960.00 |
2016 |
- |
23/10/2017 |
|
5 |
164181V |
SOON THYE CHEONG SERVICE STATION SDN. BHD. |
Director |
07/05/2010 |
0.00 |
- |
MYR(2,076.00) |
2015 |
- |
23/10/2017 |
FORMER INTEREST
|
No |
Local No |
Company |
Designation |
App Date |
Withdrawn Date |
Shareholding |
Status |
|
1 |
616238K |
CUSCAPI SOLUTIONS SDN. BHD. |
Secretary |
24/05/2003 |
19/12/2003 |
- |
- |
|
2 |
619017P |
EMPIRICAS CONSULTING SDN. BHD. |
Secretary |
19/06/2003 |
19/12/2003 |
- |
- |
|
3 |
627283T |
I SEARCH WORLDWIDE (M) SDN. BHD. |
Secretary |
05/09/2003 |
15/06/2004 |
- |
Disolved by Registrar |
|
4 |
001399487P |
K DIMENSION MANAGEMENT SERVICES |
SOLE PROPRIETORSHIP |
18/06/2004 |
06/04/2017 |
- |
- |
|
5 |
599524U |
SPAN MODE ENGINEERING SDN. BHD. |
Secretary |
02/09/2003 |
01/12/2003 |
- |
- |
|
6 |
618251U |
SPV CORPORATE SERVICES SDN. BHD. |
Director |
12/06/2003 |
31/12/2003 |
- |
- |
|
7 |
618251U |
SPV CORPORATE SERVICES SDN. BHD. |
Secretary |
12/06/2003 |
31/12/2003 |
- |
- |
DIRECTOR 4
|
Name Of Subject |
: |
ALDO CERINA |
|
Address |
: |
12, JALAN U-THANT, 55000 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
IC / PP No |
: |
YA5466941 |
|
Date of Appointment |
: |
03/04/1989 |
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 |
909715T |
RUBBERFLEX REENERGY SDN. BHD. |
Director |
16/08/2010 |
0.00 |
- |
MYR583,953.00 |
2016 |
- |
23/10/2017 |
|
2 |
134208U |
RUBBERFLEX SDN.BHD. |
Director |
03/04/1989 |
10,166,000.00 |
46.00 |
MYR49,594,960.00 |
2016 |
- |
23/10/2017 |
FORMER
DIRECTOR(S)
|
|
Name |
Address |
IC/PP No |
Appointed Date |
Withdrawn Date |
|
YEOH ENG HUA |
91, GOPENG ROAD, IPOH,PERAK |
450105-08-5863 |
22/11/1994 |
29/08/1997 |
|
TAY AN TIAN |
19, LORONG SETIABISTARI EMPAT, BUKIT DAMANSARA, KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA |
461017-10-5469 |
21/07/1995 |
17/06/1996 |
|
SIVALOGANATHAN A/L YOGANATHAN |
11A, JALAN 6/13, PETALING JAYA, SELANGOR, MALAYSIA |
3909538 |
21/07/1995 |
03/03/1998 |
|
PIETRO CERINA |
TRECATE VIA CERANO, NO.8 ITALY |
024182D |
22/11/1994 |
23/10/1998 |
|
SIVADAS A/L P.E.S.KUMAR |
78 JALAN BURUNG GARUDA, TAMAN BUKIT MALURI, KEPONG, KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
620713-10-6233 |
14/08/2003 |
16/02/2004 |
|
MOKHZANI BIN MAHATHIR |
NO. 5, LORONG 1/80C, DAMAISARI, OFF JALAN MEDANG KAPAS, BUKIT
BANDARAYA, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
610117-02-5155 |
06/11/1991 |
29/08/1997 |
|
PANG HEE KIN |
2, JALAN SS 20/9, DAMANSARA UTAMA, PETALING JAYA, SELANGOR,
MALAYSIA |
520215-04-5193 |
29/05/2001 |
09/06/2006 |
|
MOHD ZIN BIN BAKRI |
60 JALAN DAMAI, KUALA LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA |
570628-01-5131 |
29/08/1997 |
24/05/2001 |
|
LAU SER SENG |
NO 6, JALAN BUNGA ANGGEREK 2,DATARAN UAKY, AMPANG., AMPANG,
WILAYAH PERSEKUTUAN, MALAYSIA |
8164101 |
01/06/1992 |
22/11/1994 |
|
KARL ERICH REICHARDT |
A4-15,CITY GDN.CONDO, TMN.NIRWANA, AMPANG,SEL, AMPANG, WILAYAH
PERSEKUTUAN, MALAYSIA |
L0759795 |
17/06/1996 |
08/11/1996 |
|
GUIDO CERINA |
TRECATE VIA REGALDI, NO.18 (NOVARA) ITALY., MALAYSIA |
826647H |
23/10/1998 |
09/07/2001 |
|
EXCELSO B.VENTURA JR. |
SRI WANGSARIA CONDOMINIUM JLN ARA, 59100 K.L, MALAYSIA |
65604 |
02/11/1985 |
08/04/2003 |
|
GIORGIO VANALLI |
32,LORONG SYED PUTRA KIRI, OFF JALAN SYED PUTRA, K.L., KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
Y136186 |
03/03/1998 |
14/08/2003 |
|
CHEONG ENG TICK |
NO.50,JALAN BATAI, DAMANSARA HEIGHTS, KUALA LUMPUR, KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA |
470901-08-5803 |
01/06/1992 |
22/11/1994 |
|
CHEUNG CHI LUNG |
ROOM 2004,LOK TUNG HOUSE, LOK FU ESTATE KOWLOON, HONGKONG. |
H90129585 |
14/08/2003 |
14/07/2004 |
|
ABDUL RAHIM BIN AWANG |
80,JALAN SS7/28, TAMAN KELANA INDAH, PETALING JAYA, SELANGOR,
MALAYSIA |
650228-11-5037 |
29/08/1997 |
09/06/2006 |
|
MALCOLM NICHOLAS POTTS |
231,JALAN ARA, BANGSAR, KUALA LUMPUR, KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA |
455171415 |
09/07/2001 |
09/10/2008 |
Note : The above information was generated from our database.
MANAGEMENT
|
|
1) |
Name of Subject |
: |
EUGENE KANG HONG NGEE |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
BAKER TILLY AC |
|
Auditor' Address |
: |
LEVEL 10, TOWER 1, AVENUE 5, BANGSAR SOUTH CITY, 59200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. WONG YOUN KIM |
|
IC / PP No |
: |
A1617285 |
|
|
New IC No |
: |
700823-10-5530 |
|
|
Address |
: |
LEVEL 2, TOWER 1, AVENUE 5, BANGSAR SOUTH CITY, 59200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MR. WONG MAW CHUAN |
|
New IC No |
: |
640419-10-6345 |
|
|
Address |
: |
6, JALAN BK 3/8F, BANDAR KINRARA, 47100 PUCHONG, SELANGOR,
MALAYSIA. |
|
|
3) |
Company Secretary |
: |
MR. EUGENE KANG HONG NGEE |
|
IC / PP No |
: |
A2180211 |
|
|
New IC No |
: |
720323-01-5465 |
|
|
Address |
: |
B5-3, LOJING HEIGHTS 1, SECTION 5, WANGSA MAJU, 53300 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
BAN HIN LEE BANK BERHAD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
23/06/1986 |
LOAN AGREEMENT |
OVERSEACHINESE BANKING CORPORATION LTD |
MYR 9,500,000.00 |
Satisfied |
|
2 |
21/06/1988 |
DEBENTURE |
BAN HIN LEE BANK BERHAD |
MYR 4,750,000.00 |
Satisfied |
|
3 |
21/06/1988 |
DEBENTURE |
BAN HIN LEE BANK BERHAD |
MYR 4,000,000.00 |
Satisfied |
|
5 |
21/06/1988 |
SUPPLEMENTAL ASSIGNMENT |
BAN HIN LEE BANK BERHAD |
MYR 8,750,000.00 |
Satisfied |
|
4 |
12/07/1988 |
SUPPLEMENTAL DEBENTURE |
OVERSEA CHINESE BANKING CORP LTD |
MYR 600,000.00 |
Satisfied |
|
6 |
28/11/1988 |
ASSIGNMENT |
OVERSEACHINESE BANKING CORP LTD |
MYR 20,000,000.00 |
Satisfied |
|
7 |
28/12/1988 |
DEED OF ASSIGNMENT |
BAN HIN LEE BANK BERHAD |
MYR 350,000.00 |
Satisfied |
|
8 |
07/11/1991 |
DEBENTURE |
BANK BUMIPUTRA MALAYSIA BERHAD |
MYR 20,300,000.00 |
Satisfied |
|
9 |
07/06/1995 |
FIRST LEGAL CHARGE |
BANK BUMIPUTRA MALAYSIA BERHAD |
MYR 20,300,000.00 |
Satisfied |
|
10 |
12/12/1996 |
FIRST LEGAL CHARGE |
BANK BUMIPUTRA MALAYSIA BERHAD |
MYR 20,300,000.00 |
Satisfied |
LITIGATION
CHECK - SUBJECT COMPANY AS A DEFENDANT
|
* 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 |
|
Import Countries |
: |
ASIA,EUROPE,EUROPE |
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 |
: |
60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
DEALERS,END USERS |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|||||
|
Product Brand Name |
: |
|
|||||
|
Award |
: |
1 ) MS ISO 9001 : 2000 Year :2003 |
|||||
|
Competitor(s) |
: |
KAREX BERHAD |
|||||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMI ASSOCIATION OF MALAYSIA MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) SMALL & MEDIUM ENTERPRISE |
|||||
|
Ownership of premises |
: |
OWNED |
|||||
|
Factory / Premises |
: |
LOT 2, BENTONG INDUSTRIAL AREA, 28700 BENTONG, PAHANG, MALAYSIA.
|
|||||
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|
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
2014 |
2013 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
800 |
800 |
850 |
800 |
800 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
rubber thread.
The Subject offers a full range of elastic yarns based on extruded natural
latex.
The Subject produces quality rubber threads for various applications in various
industries such as sportswear and undergarments.
The Subject also provides various types of rubber threads such as Talcum coated
thread, Powderless Silicon coated thread, Silicone high modulus thread (HM-EX),
Cream colour meat packing thread (MP), Baby diaper thread (BD) and Furniture
webbing thread (FW).
Rubberflex are world largest manufacturer of top quality rubber thread.
RECENT
DEVELOPMENT
|
No recent development was noted at the time inspection.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-20720011 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
N/A |
|
Current Address |
: |
21ST FLOOR, U.B.N. TOWER, P.O. BOX 48, 10, JALAN P.RAMLEE, 50250
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Match |
: |
N/A |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
FINANCIAL ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
18.80% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
22.73% |
] |
|
|
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 Subject's management had generated acceptable
return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Acceptable |
[ |
64 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
77 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
21 Days |
] |
|
|
The Subject kept adequate stocks to meet its normal business
transactions without incurring excessive storage costs. The high debtors'
ratio could indicate that the Subject was weak in its credit control.
However, the Subject could also giving longer credit periods to its customers
in order to boost its sales or to capture / retain its market share. 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 |
[ |
1.48 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.45 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 |
: |
Favourable |
[ |
182.61 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.17 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 : |
||||||
|
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. 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 : STRONG |
||||||
|
|
||||||
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators: |
2013 |
2014 |
2015 |
2016* |
2017** |
|
Population ( Million) |
29.8 |
30.0 |
31.0 |
31.7 |
32.1 |
|
Gross Domestic Products ( % ) |
5.3 |
6.0 |
4.6 |
4.9 |
4.2 |
|
Domestic Demand ( % ) |
5.6 |
6.4 |
6.2 |
6.3 |
- |
|
Private Expenditure ( % ) |
8.6 |
7.9 |
6.9 |
7.4 |
- |
|
Consumption ( % ) |
5.7 |
6.5 |
6.1 |
5.1 |
- |
|
Investment ( % ) |
13.3 |
12.0 |
8.1 |
10.0 |
12.0 |
|
Public Expenditure ( % ) |
4.4 |
2.3 |
4.2 |
3.3 |
- |
|
Consumption ( % ) |
(1.2) |
2.1 |
4.3 |
2.0 |
- |
|
Investment ( % ) |
4.2 |
2.6 |
(1.0) |
1.1 |
- |
|
Balance of Trade ( MYR Million ) |
71,298 |
82,480 |
91,577 |
52,206 |
- |
|
Government Finance ( MYR Million ) |
(38,584) |
(37,414) |
(37,194) |
(38,727) |
(40,344) |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(3.8) |
(3.4) |
(3.2) |
(3.1) |
(3.0) |
|
Inflation ( % Change in Composite CPI) |
2.5 |
3.2 |
4.0 |
- |
- |
|
Unemployment Rate |
3.0 |
2.9 |
3.1 |
3.7 |
3.8 |
|
Net International Reserves ( MYR Billion ) |
422 |
417 |
390 |
391 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
3.10 |
4.00 |
3.50 |
- |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
2.00 |
2.10 |
2.00 |
1.90 |
- |
|
Average Base Lending Rate ( % ) |
6.53 |
6.85 |
6.79 |
6.81 |
- |
|
Business Loans Disbursed( % ) |
(1.0) |
18.6 |
2.2 |
- |
- |
|
Foreign Investment ( MYR Million ) |
38,238.0 |
43,486.6 |
43,435.0 |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
46,321 |
49,203 |
45,658 |
43,255 |
- |
|
Registration of New Companies ( % ) |
1.9 |
6.1 |
(7.2) |
(5.3) |
- |
|
Liquidation of Companies ( No. ) |
13,788 |
11,099 |
7,066 |
- |
- |
|
Liquidation of Companies ( % ) |
(15.4) |
(19.5) |
(36.3) |
- |
- |
|
Registration of New Business ( No. ) |
329,895 |
332,723 |
364,230 |
376,720 |
- |
|
Registration of New Business ( % ) |
2.0 |
1.0 |
9.0 |
3.0 |
- |
|
Business Dissolved ( No. ) |
18,161 |
21,436 |
- |
- |
- |
|
Business Dissolved ( % ) |
(10.9) |
18.0 |
- |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
576.7 |
598.4 |
591.3 |
464.4 |
527.8 |
|
Cellular Phone Subscribers ( Million ) |
43.0 |
44.0 |
44.2 |
44.0 |
- |
|
Tourist Arrival ( Million Persons ) |
25.72 |
27.40 |
25.70 |
30.20 |
30.10 |
|
Hotel Occupancy Rate ( % ) |
62.6 |
63.6 |
58.8 |
61.2 |
- |
|
Credit Cards Spending ( % ) |
6.0 |
5.8 |
6.8 |
6.3 |
- |
|
Bad Cheque Offenders (No.) |
28,876 |
- |
- |
- |
- |
|
Individual Bankruptcy ( No.) |
21,984 |
22,351 |
18,457 |
- |
- |
|
Individual Bankruptcy ( % ) |
12.3 |
1.7 |
(17.4) |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2013 |
2014 |
2015 |
2016* |
2017** |
|
Agriculture |
2.0 |
2.1 |
1.2 |
(3.3) |
1.5 |
|
Palm Oil |
2.6 |
6.7 |
7.0 |
8.2 |
- |
|
Rubber |
(10.1) |
(10.4) |
(11.0) |
(12.3) |
- |
|
Forestry & Logging |
(7.8) |
(4.2) |
(7.2) |
(4.8) |
- |
|
Fishing |
1.6 |
2.7 |
2.1 |
2.9 |
- |
|
Other Agriculture |
8.2 |
6.2 |
6.0 |
6.8 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
314.9 |
303.8 |
343.7 |
420.3 |
- |
|
% of Industry Non-Performing Loans |
1.4 |
1.4 |
1.5 |
1.8 |
- |
|
Mining |
1.2 |
3.5 |
4.7 |
1.1 |
1.4 |
|
Oil & Gas |
2.0 |
3.0 |
3.5 |
4.5 |
- |
|
Other Mining |
47.6 |
46.6 |
47.1 |
42.6 |
- |
|
Industry Non-performing Loans ( MYR Million ) |
152.7 |
63.5 |
180.1 |
190.0 |
- |
|
% of Industry Non-performing Loans |
0.7 |
0.3 |
0.8 |
0.8 |
- |
|
Manufacturing # |
3.4 |
6.2 |
4.9 |
4.0 |
4.1 |
|
Exported-oriented Industries |
3.3 |
5.6 |
4.8 |
4.7 |
- |
|
Electrical & Electronics |
6.9 |
11.8 |
9.2 |
7.0 |
- |
|
Rubber Products |
11.7 |
(1.3) |
5.1 |
3.9 |
- |
|
Wood Products |
(2.7) |
7.8 |
7.0 |
7.0 |
- |
|
Textiles & Apparel |
(2.6) |
10.8 |
7.5 |
6.7 |
- |
|
Domestic-oriented Industries |
5.9 |
7.7 |
4.7 |
3.0 |
- |
|
Food, Beverages & Tobacco |
3.6 |
6.1 |
8.9 |
7.5 |
- |
|
Chemical & Chemical Products |
5.6 |
1.4 |
3.5 |
5.1 |
- |
|
Plastic Products |
3.4 |
2.7 |
3.9 |
5.1 |
- |
|
Iron & Steel |
5.0 |
2.8 |
1.6 |
2.2 |
- |
|
Fabricated Metal Products |
9.9 |
2.8 |
4.6 |
5.1 |
- |
|
Non-metallic Mineral |
(2.0) |
6.9 |
6.8 |
5.5 |
- |
|
Transport Equipment |
13.8 |
14.4 |
5.2 |
(3.1) |
- |
|
Paper & Paper Products |
1.8 |
4.7 |
3.2 |
3.9 |
- |
|
Crude Oil Refineries |
11.8 |
13.0 |
14.3 |
13.7 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,165.3 |
5,730.8 |
4,243.7 |
4,214.1 |
- |
|
% of Industry Non-Performing Loans |
27.2 |
25.6 |
19.0 |
18.5 |
- |
|
Construction |
10.6 |
11.7 |
8.2 |
8.7 |
8.3 |
|
Industry Non-Performing Loans ( MYR Million ) |
1,658.2 |
1,666.4 |
1,638.0 |
1,793.9 |
- |
|
% of Industry Non-Performing Loans |
7.3 |
7.5 |
7.3 |
7.9 |
- |
|
Services |
5.9 |
6.6 |
5.1 |
5.6 |
5.7 |
|
Electric, Gas & Water |
4.4 |
3.8 |
3.5 |
5.9 |
5.0 |
|
Transport, Storage & Communication |
7.30 |
7.50 |
7.55 |
7.55 |
7.70 |
|
Wholesale, Retail, Hotel & Restaurant |
6.3 |
8.9 |
6.9 |
6.2 |
6.7 |
|
Finance, Insurance & Real Estate |
3.7 |
4.7 |
4.3 |
6.6 |
- |
|
Government Services |
7.4 |
6.2 |
4.0 |
6.5 |
4.5 |
|
Other Services |
5.6 |
4.8 |
4.7 |
4.6 |
5.3 |
|
Industry Non-Performing Loans ( MYR Million ) |
5,084.6 |
5,373.5 |
6,806.6 |
7,190.6 |
- |
|
% of Industry Non-Performing Loans |
22.5 |
24.1 |
30.5 |
31.5 |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production Index |
|||||
INDUSTRY
ANALYSIS
|
|
MSIC CODE |
|
|
221 : Manufacture of rubber products |
|
|
INDUSTRY : |
MANUFACTURING |
|
The manufacturing sector is expected
to grow by 4.3% in 2015. Export-oriented industries are expected to benefit
from higher demand as a result of improving growth in advanced economies,
while domestic-oriented industries will be boosted by resilient domestic
economic activities. The resource-based industry is envisaged to grow
steadily attributed to improved demand for chemical, petroleum, rubber, wood
and plastic products. In addition, strong construction activities following
the implementation of infrastructure projects under the 11MP will augur well
for growth in iron and steel as well as cement segments. |
|
|
In first six months of 2015,
the sector expanded at a slower pace of 4.9%. Output of the sector moderated
to 4.8% while the sales value of manufactured products grew marginally by
0.1% to RM379.9 billion during the first seven months of 2015. Output from
export-oriented industries also increased at a slower pace of 5.3% due to
weaker global demand. The manufacturing sector continued to attract domestic
and foreign investments, with projects approved by the Malaysian Investment
Development Authority (MIDA) valued at RM49.5 billion for the first six
months of 2015. |
|
|
Besides that, production of
wood and wood products rose by 7.1% largely supported by higher demand for wooden
and cane furniture as well as particleboard and fibreboard with output up by
6.5% and 35.4%, respectively. The overall positive performance of the wood
products sub-sector was attributed to higher demand from the US, Singapore
and Australia. Output of rubber products rebounded to 3.4%, mainly due to
higher output of rubber gloves and rubber tires for vehicles. The
rubber-based industry stands to benefit from the strengthening US dollar, as
most of the input costs are in ringgit while sales are in US dollar. |
|
|
Exports of manufactured goods
decreased by 3% due to the high base effect during the corresponding period
in year 2014. Although, a weak ringgit should have bolstered exports,
however, softened by weak external demand coupled with the depreciation in
regional currencies during the period. During the first eight months of 2015,
the slower expansion in E&E exports and weaker earnings from the
non-E&E segment weighed down the overall exports of manufactured goods.
Receipts from chemicals and chemical products continued to grow, albeit at a
slower pace of 5.7%, mainly due to a slack in the demand for organic chemical
products (-3.5%) as major markets. However, the overall growth in the sub-sector
was supported by higher exports of plastics in primary form. |
|
|
In addition, export earnings of
wood products remained high at RM9.8 billion during the first eight months of
2015, it supported by strong demand for wooden furniture. demand for veneer
and plywood, contracted by 7.4% following lower demand mainly from Japan.
Exports of textile, clothing and footwear grew at a slower pace of 6.8%
mainly due to a contraction in the exports of the textile segment,
particularly textile yarns and woven fabrics. During the first eight months
of 2015, the total registered foreign workers in the country increased to 2.2
million. The employment of foreign workers was largely concentrated in the
manufacturing sectors. Under the 11MP, the Government will improve the
management of foreign workers through the establishment of an improved
framework to take into consideration the relevant laws, rules, regulations,
national policies and directives relating to recruitment, employment and
repatriation of workers. |
|
|
Under budget 2015, the
Government will provide a new incentive that is, Special Reinvestment
Allowance to promote reinvestment among existing companies in the
manufacturing sectors. The rate of claim is at 60% of the qualifying capital
expenditure and is allowed to be set off against 70% of statutory income from
year of assessment 2016 to 2018. |
|
|
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) |
|
RUBBERFLEX SDN.BHD. |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
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 |
582,678,708 |
565,769,971 |
481,667,367 |
573,413,579 |
658,767,029 |
|
Other Income |
4,632,238 |
7,259,316 |
2,325,168 |
4,164,897 |
5,876,753 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
587,310,946 |
573,029,287 |
483,992,535 |
577,578,476 |
664,643,782 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
62,898,127 |
80,503,378 |
1,553,888 |
17,009,193 |
10,574,168 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
62,898,127 |
80,503,378 |
1,553,888 |
17,009,193 |
10,574,168 |
|
Taxation |
(13,303,167) |
(18,028,229) |
(175,631) |
874,100 |
(848,812) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
49,594,960 |
62,475,149 |
1,378,257 |
17,883,293 |
9,725,356 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
231,463,923 |
224,238,774 |
235,015,517 |
224,204,224 |
220,003,868 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
231,463,923 |
224,238,774 |
235,015,517 |
224,204,224 |
220,003,868 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
281,058,883 |
286,713,923 |
236,393,774 |
242,087,517 |
229,729,224 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(40,885,000) |
(55,250,000) |
(12,155,000) |
(7,072,000) |
(5,525,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
240,173,883 |
231,463,923 |
224,238,774 |
235,015,517 |
224,204,224 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
- |
1,176 |
2,128 |
5,529 |
5,010 |
|
Bankers' acceptance |
41,968 |
140,996 |
- |
- |
- |
|
Term loan / Borrowing |
- |
- |
- |
- |
2,592,046 |
|
Others |
304,369 |
743,190 |
949,948 |
1,270,039 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
346,337 |
885,362 |
952,076 |
1,275,568 |
2,597,056 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
17,717,045 |
16,860,084 |
18,697,111 |
18,054,266 |
17,530,889 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
17,717,045 |
16,860,084 |
18,697,111 |
18,054,266 |
17,530,889 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
|
|
RUBBERFLEX SDN.BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
115,161,993 |
116,967,243 |
123,036,170 |
130,252,239 |
141,683,725 |
|
Deferred assets |
110,505 |
149,549 |
- |
- |
- |
|
Others |
9,221,090 |
8,693,821 |
6,493,346 |
2,306,897 |
5,088 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
9,331,595 |
8,843,370 |
6,493,346 |
2,306,897 |
5,088 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
124,493,588 |
125,810,613 |
129,529,516 |
132,559,136 |
141,688,813 |
|
Stocks |
102,496,116 |
113,490,696 |
102,224,469 |
130,654,691 |
120,568,667 |
|
Trade debtors |
123,034,194 |
96,834,681 |
122,957,426 |
127,710,496 |
134,195,109 |
|
Other debtors, deposits & prepayments |
5,025,043 |
4,540,912 |
2,133,727 |
3,166,556 |
1,392,363 |
|
Short term deposits |
- |
- |
- |
- |
79,942 |
|
Cash & bank balances |
29,110,800 |
25,621,224 |
26,934,154 |
25,979,766 |
21,010,941 |
|
Others |
570 |
1,249,895 |
561,399 |
3,558,436 |
4,526,369 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
259,666,723 |
241,737,408 |
254,811,175 |
291,069,945 |
281,773,391 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
384,160,311 |
367,548,021 |
384,340,691 |
423,629,081 |
423,462,204 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
34,164,823 |
18,608,759 |
15,749,507 |
21,646,524 |
17,571,759 |
|
Other creditors & accruals |
13,147,718 |
12,318,937 |
9,772,906 |
11,953,179 |
9,172,358 |
|
Short term borrowings/Term loans |
- |
- |
- |
112,082,889 |
125,526,627 |
|
Other borrowings |
- |
21,724,020 |
91,375,948 |
- |
- |
|
Deposits from customers |
- |
4,603 |
417,345 |
168,556 |
1,119,164 |
|
Bill & acceptances payable |
45,813,932 |
12,891,000 |
- |
- |
- |
|
Amounts owing to director |
- |
- |
49,768 |
- |
233,019 |
|
Provision for taxation |
1,341,492 |
7,092,245 |
23,912 |
35,100 |
345,181 |
|
Dividends payable/proposed |
9,746,100 |
23,205,000 |
1,105,000 |
1,105,000 |
1,105,000 |
|
Other liabilities |
1,647,278 |
194,438 |
901,260 |
149,337 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
105,861,343 |
96,039,002 |
119,395,646 |
147,140,585 |
155,073,108 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
153,805,380 |
145,698,406 |
135,415,529 |
143,929,360 |
126,700,283 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
278,298,968 |
271,509,019 |
264,945,045 |
276,488,496 |
268,389,096 |
|
=========== |
=========== |
=========== |
=========== |
=========== |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
22,100,000 |
22,100,000 |
22,100,000 |
22,100,000 |
22,100,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
22,100,000 |
22,100,000 |
22,100,000 |
22,100,000 |
22,100,000 |
|
Exchange equalisation/fluctuation reserve |
1,522,813 |
835,540 |
495,471 |
321,579 |
479,972 |
|
Retained profit/(loss) carried forward |
240,173,883 |
231,463,923 |
224,238,774 |
235,015,517 |
224,204,224 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
241,696,696 |
232,299,463 |
224,734,245 |
235,337,096 |
224,684,196 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
263,796,696 |
254,399,463 |
246,834,245 |
257,437,096 |
246,784,196 |
|
Deferred taxation |
14,502,272 |
17,109,556 |
18,110,800 |
19,051,400 |
21,604,900 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
14,502,272 |
17,109,556 |
18,110,800 |
19,051,400 |
21,604,900 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
278,298,968 |
271,509,019 |
264,945,045 |
276,488,496 |
268,389,096 |
|
|
=========== |
=========== |
=========== |
=========== |
=========== |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
|
|
RUBBERFLEX SDN.BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
29,110,800 |
25,621,224 |
26,934,154 |
25,979,766 |
21,090,883 |
|
Net Liquid Funds |
(16,703,132) |
12,730,224 |
26,934,154 |
25,979,766 |
21,090,883 |
|
Net Liquid Assets |
51,309,264 |
32,207,710 |
33,191,060 |
13,274,669 |
6,131,616 |
|
Net Current Assets/(Liabilities) |
153,805,380 |
145,698,406 |
135,415,529 |
143,929,360 |
126,700,283 |
|
Net Tangible Assets |
278,298,968 |
271,509,019 |
264,945,045 |
276,488,496 |
268,389,096 |
|
Net Monetary Assets |
36,806,992 |
15,098,154 |
15,080,260 |
(5,776,731) |
(15,473,284) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
63,244,464 |
81,388,740 |
2,505,964 |
18,284,761 |
13,171,224 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
80,961,509 |
98,248,824 |
21,203,075 |
36,339,027 |
30,702,113 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
45,813,932 |
34,615,020 |
91,375,948 |
112,082,889 |
125,526,627 |
|
Total Liabilities |
120,363,615 |
113,148,558 |
137,506,446 |
166,191,985 |
176,678,008 |
|
Total Assets |
384,160,311 |
367,548,021 |
384,340,691 |
423,629,081 |
423,462,204 |
|
Net Assets |
278,298,968 |
271,509,019 |
264,945,045 |
276,488,496 |
268,389,096 |
|
Net Assets Backing |
263,796,696 |
254,399,463 |
246,834,245 |
257,437,096 |
246,784,196 |
|
Shareholders' Funds |
263,796,696 |
254,399,463 |
246,834,245 |
257,437,096 |
246,784,196 |
|
Total Share Capital |
22,100,000 |
22,100,000 |
22,100,000 |
22,100,000 |
22,100,000 |
|
Total Reserves |
241,696,696 |
232,299,463 |
224,734,245 |
235,337,096 |
224,684,196 |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
2.99 |
17.46 |
(16.00) |
(12.96) |
(22.73) |
|
Proft/(Loss) Before Tax |
(21.87) |
5,080.77 |
(90.86) |
60.86 |
(50.59) |
|
Proft/(Loss) After Tax |
(20.62) |
4,432.91 |
(92.29) |
83.88 |
(47.65) |
|
Total Assets |
4.52 |
(4.37) |
(9.27) |
0.04 |
(10.07) |
|
Total Liabilities |
6.38 |
(17.71) |
(17.26) |
(5.94) |
(22.44) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.27 |
0.27 |
0.23 |
0.18 |
0.14 |
|
Liquid Ratio |
1.48 |
1.34 |
1.28 |
1.09 |
1.04 |
|
Current Ratio |
2.45 |
2.52 |
2.13 |
1.98 |
1.82 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
64 |
73 |
77 |
83 |
67 |
|
Debtors Ratio |
77 |
62 |
93 |
81 |
74 |
|
Creditors Ratio |
21 |
12 |
12 |
14 |
10 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.17 |
0.14 |
0.37 |
0.44 |
0.51 |
|
Liabilities Ratio |
0.46 |
0.44 |
0.56 |
0.65 |
0.72 |
|
Times Interest Earned Ratio |
182.61 |
91.93 |
2.63 |
14.33 |
5.07 |
|
Assets Backing Ratio |
12.59 |
12.29 |
11.99 |
12.51 |
12.14 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
10.79 |
14.23 |
0.32 |
2.97 |
1.61 |
|
Net Profit Margin |
8.51 |
11.04 |
0.29 |
3.12 |
1.48 |
|
Return On Net Assets |
22.73 |
29.98 |
0.95 |
6.61 |
4.91 |
|
Return On Capital Employed |
22.73 |
29.98 |
0.95 |
6.61 |
4.91 |
|
Return On Shareholders' Funds/Equity |
18.80 |
24.56 |
0.56 |
6.95 |
3.94 |
|
Dividend Pay Out Ratio (Times) |
0.82 |
0.88 |
8.82 |
0.40 |
0.57 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 92.77 |
|
Euro |
1 |
INR 80.34 |
|
MYR |
1 |
INR 16.85 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
NIT |
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.