|
|
|
%20SDN%20%20BHD%20%20-%20490551%2006-Feb-2018_files/image002.jpg){kind=small}
%20SDN%20%20BHD%20%20-%20490551%2006-Feb-2018_files/image004.jpg)
%20SDN%20%20BHD%20%20-%20490551%2006-Feb-2018_files/image006.gif)
MIRA
INFORM REPORT
|
Report No. : |
490551 |
|
Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
KIBING GROUP (M) SDN. BHD. |
|
|
|
|
Registered Office : |
Chamber E, Lian Seng
Courts, 275, Jalan Haruan 1, Oakland Industrial Park, 70200 Seremban, Negeri
Sembilan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
23.10.2014 |
|
|
|
|
Com. Reg. No.: |
1114610-M |
|
|
|
|
Legal Form : |
Private Limited
(Limited By Share) |
|
|
|
|
Line of Business : |
The
Subject is principally engaged in manufacturing and sale of float glass. |
|
|
|
|
No. of Employees : |
Not available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring 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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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. |
: |
1114610-M |
|
GST NO. |
: |
001598013440 |
|
COMPANY
NAME |
: |
KIBING
GROUP (M) SDN. BHD. |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
23/10/2014 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
CHAMBER
E, LIAN SENG COURTS, 275, JALAN HARUAN 1, OAKLAND INDUSTRIAL PARK, 70200
SEREMBAN, NEGERI SEMBILAN, MALAYSIA. |
|
BUSINESS
ADDRESS |
: |
LOT 635
& 660, KAWASAN PERINDUSTRIAN TUANKU JAAFAR, SUNGAI GADUT, 71450 SEREMBAN,
NEGERI SEMBILAN, MALAYSIA. |
|
TEL.NO. |
: |
06-6823900/6823959 |
|
FAX.NO. |
: |
N/A |
|
MOBILE
NO. |
: |
0197535413 |
|
CONTACT
PERSON |
: |
TEO MIN
HUEY ( DIRECTOR ) |
|
INDUSTRY
CODE |
: |
23109 |
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
AND SALE OF FLOAT GLASS |
|
ISSUED
AND PAID UP CAPITAL |
: |
253,204,000.00
ORDINARY SHARE, OF A VALUE OF MYR 253,204,000.00 |
|
SALES |
: |
MYR
4,026,229 [2016] |
|
NET
WORTH |
: |
MYR
169,006,010 [2016] |
|
STAFF
STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER
CHECK |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
POOR |
|
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) manufacturing and sale of float glass.
The Subject is not listed on Bursa Malaysia (Malaysia
Stock Exchange).
The immediate holding company of the Subject is
ZHANGZHOU KIBING GLASS CO. LTD, a company incorporated in CHINA.
The ultimate holding company of the Subject is
ZHUZHOU KIBING GROUP CO. LTD., a company incorporated in CHINA.
Share Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
31/03/2017 |
N/A |
MYR
253,204,000.00 |
|
26/09/2016 |
MYR
250,000,000.00 |
MYR
188,934,000.00 |
|
29/02/2016 |
MYR
250,000,000.00 |
MYR
126,974,000.00 |
|
26/10/2015 |
MYR
250,000,000.00 |
MYR
114,058,000.00 |
|
28/08/2015 |
MYR
250,000,000.00 |
MYR
75,106,000.00 |
|
13/07/2015 |
MYR
50,000,000.00 |
MYR
37,168,000.00 |
|
06/01/2015 |
MYR
400,000.00 |
MYR
400,000.00 |
|
23/10/2014 |
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 |
(%) |
|
ZHANGZHOU
KIBING GLASS CO. LTD |
CHENG
AN ROAD, KANG MEI TOWN, DONG SHAN ZIAN, ZHANGZHOU, FUJIAN CHINA |
350626100001218 |
252,804,000.00 |
99.84 |
|
KIBING
GROUP (SINGAPORE) PTE LTD |
24,
RAFFLES PLACE, 25-04A, CLIFFORD CENTRE 048621 ,SINGAPORE |
201400286N |
400,000.00 |
0.16 |
|
--------------- |
------ |
|||
|
253,204,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also
Director
Former
Shareholder(s) :
|
Name |
Country |
IC/PP/Loc
No |
Shareholding |
Last
Updated |
|
LENG
TIEN CHENG |
MALAYSIA |
740603-08-5773 |
N/A |
25/04/2016 |
|
LIM
SWEE EE |
MALAYSIA |
670902-07-5347 |
N/A |
25/04/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of
Subject |
: |
YU,
QIBING |
|
Address |
: |
6,
JALAN PINGGIRAN 4, HORIZON HILLS, 79100 NUSAJAYA, JOHOR, MALAYSIA. |
|
IC / PP
No |
: |
E37539572 |
|
Nationality |
: |
CHINESE |
|
Date of
Appointment |
: |
16/01/2015 |
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 |
1114610M |
KIBING
GROUP (M) SDN. BHD. |
Director |
16/01/2015 |
0.00 |
- |
MYR(18,383,823.00) |
2016 |
- |
26/12/2017 |
DIRECTOR 2
|
Name Of
Subject |
: |
MS. TEO
MIN HUEY |
|
Address |
: |
774,
TAMAN SAGA, JALAN TAN SRI MANICKAVASAGAM, 70200 SEREMBAN, NEGERI SEMBILAN,
MALAYSIA. |
|
IC / PP
No |
: |
A0909156 |
|
New IC
No |
: |
671109-05-5302 |
|
Date of
Birth |
: |
09/11/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
29/04/2016 |
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 |
1114610M |
KIBING
GROUP (M) SDN. BHD. |
Director |
29/04/2016 |
0.00 |
- |
MYR(18,383,823.00) |
2016 |
- |
26/12/2017 |
FORMER DIRECTOR(S)
|
|
Name |
Address |
IC/PP
No |
Appointed
Date |
Withdrawn
Date |
|
DAI
ZHIWU |
KIBING
LINGHAI INTERNATIONAL BLOCK, HUANDAO ROAD, NO. 8 XIPU, DONGSHAN, FUJIAN,
CHINA |
G29630705 |
23/10/2014 |
29/04/2016 |
|
LENG
TIEN CHENG |
LOT
6841, JALAN 25, NEW WAH LOONG, KAMPAR, PERAK, MALAYSIA |
740603-08-5773 |
23/10/2014 |
29/04/2016 |
|
LIM
SWEE EE |
NO. 82,
JALAN BUKIT MERBOK RIA 4, TAMAN BUKIT MERBOK RIA, SEREMBAN, NEGERI SEMBILAN,
MALAYSIA |
670902-07-5347 |
30/10/2014 |
29/04/2016 |
|
HE
LIHONG |
NO.6,
JALAN PINGGIRAN 4, HORIZON HILLS, NUSAJAYA, JOHOR, MALAYSIA |
G23554621 |
16/01/2015 |
29/04/2016 |
Note :
The above information was generated from our database.
MANAGEMENT
|
|
1) |
Name of
Subject |
: |
TEO MIN
HUEY |
|
Position |
: |
DIRECTOR |
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor'
Address |
: |
LEVEL
10, SENTRAL, JALAN TRAVERS, KUALA LUMPUR SENTRAL, 50706 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
MS. NG
BEE LIAN |
|
IC / PP
No |
: |
5780702 |
|
|
New IC
No |
: |
591125-08-5042 |
|
|
Address |
: |
253,
JALAN DUYUNG 11, TAMAN DUYUNG, JALAN SUNGAI UJONG, 70200 SEREMBAN, NEGERI
SEMBILAN, MALAYSIA. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
24/07/2017 |
A
DEBENTURE |
BANK OF
CHINA (MALAYSIA) BERHAD |
800,000,000.00 |
Unsatisfied |
|
2 |
24/07/2017 |
A
CHARGE AND CHARGE ANNEXURE |
BANK OF
CHINA (MALAYSIA) BERHAD |
800,000,000.00 |
Unsatisfied |
|
3 |
24/07/2017 |
A
CHARGE AND CHARGE ANNEXURE |
BANK OF
CHINA (MALAYSIA) BERHAD |
800,000,000.00 |
Unsatisfied |
|
4 |
24/07/2017 |
A
CHARGE AND CHARGE ANNEXURE |
BANK OF
CHINA (MALAYSIA) BERHAD |
800,000,000.00 |
Unsatisfied |
|
5 |
24/07/2017 |
A
CHARGE AND CHARGE ANNEXURE |
BANK OF
CHINA (MALAYSIA) BERHAD |
800,000,000.00 |
Unsatisfied |
|
6 |
24/07/2017 |
A
CHARGE AND CHARGE ANNEXURE |
BANK OF
CHINA (MALAYSIA) BERHAD |
800,000,000.00 |
Unsatisfied |
|
7 |
24/07/2017 |
AN
ASSIGNMENT AND CHARGE OVER PROJECT ACCOUNTS |
BANK OF
CHINA (MALAYSIA) BERHAD |
800,000,000.00 |
Unsatisfied |
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.
DEFAULTER CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing and sale
of float glass.
The Subject's products are used in the building materials.
CURRENT INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
06-6823900/6823959 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
LOT 635
& 660, KAWASAN PERINDUSTRIAN TUANKU JAAFAR, 71450 SUNGAI GADUT, NEGERI
SEMBILAN |
|
Current
Address |
: |
LOT 635
& 660, KAWASAN PERINDUSTRIAN TUANKU JAAFAR, SUNGAI GADUT, 71450 SEREMBAN,
NEGERI SEMBILAN, MALAYSIA. |
|
Match |
: |
NO |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
The Subject refused to disclose the fax number, number of employees and
bankers.
The address provided is incomplete.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
120.14% |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
(1,386.05%) |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
(10.88%) |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
(13.06%) |
] |
|
|
The
increase in turnover could be due to the Subject adopting an aggressive
marketing strategy.Higher losses before tax during the year could be due to
the higher operating costs incurred. The Subject's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Unfavourable |
[ |
88 Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
7 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
11 Days |
] |
|
|
The
Subject could be incurring higher holding cost. As its capital was tied up in
stocks, it could face liquidity problems. The favourable debtors' days could
be due to the good credit control measures implemented by the Subject. The
Subject had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Unfavourable |
[ |
0.29
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
0.29
Times |
] |
|
|
A low
liquid ratio means that the Subject may be facing working capital deficiency.
If the Subject cannot obtain additional financing or injection of fresh
capital, it may face difficulties in meeting its short term obligations. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Nil |
[ |
0.00
Times |
] |
|
|
Gearing
Ratio |
: |
Unfavourable |
[ |
1.44
Times |
] |
|
|
The
Subject's interest cover was nil as it did not pay any interest during the
year. The Subject was highly geared, thus it had a high financial risk. The
Subject was dependent on loans to finance its business needs. In times of
economic downturn and / or high interest rate, the Subject will become less
profitable and competitive than other firms in the same industry, which are
lowly geared. This is because the Subject has to service the interest and to
repay the loan, which will erode part of its profits. The profits will
fluctuate depending on the Subject's turnover and the interest it needs to
pay. |
||||||
|
Overall
Assessment : |
||||||
|
Although
the Subject's turnover increased its profits however showed a reverse trend.
The losses could be due to the management's failure to maintain its
competitiveness in the market. Due to its weak liquidity position, the
Subject will be faced with problems in meeting all its short term obligations
if no short term loan is obtained or additional capital injected into the
Subject. The Subject did not make any interest payment during the year. The
Subject was dependent on its shareholders' funds to finance its business
needs. The Subject's gearing level was high and its going concern will be in
doubt if there is no injection of additional shareholders' funds in times of
economic downturn and / or high interest rates. |
||||||
|
Overall
financial condition of the Subject : POOR |
||||||
|
|
||||||
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 |
5.5 |
5.3 |
|
Domestic
Demand ( % ) |
6.4 |
6.2 |
6.3 |
- |
- |
|
Private
Expenditure ( % ) |
7.9 |
6.9 |
7.8 |
10.6 |
10.0 |
|
Consumption
( % ) |
6.5 |
6.1 |
5.1 |
- |
- |
|
Investment
( % ) |
12.0 |
8.1 |
10.0 |
12.0 |
- |
|
Public
Expenditure ( % ) |
2.3 |
4.2 |
3.3 |
- |
- |
|
Consumption
( % ) |
2.1 |
4.3 |
2.0 |
- |
- |
|
Investment
( % ) |
2.6 |
(1.0) |
1.1 |
- |
- |
|
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 |
- |
- |
|
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 |
8.2 |
- |
- |
|
Rubber |
(10.4) |
(11.0) |
(12.3) |
- |
- |
|
Forestry
& Logging |
(4.2) |
(7.2) |
(4.8) |
- |
- |
|
Fishing |
2.7 |
2.1 |
2.9 |
- |
- |
|
Other
Agriculture |
6.2 |
6.0 |
6.8 |
- |
- |
|
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 |
3.3 |
21.1 |
- |
|
Electrical
& Electronics |
11.8 |
9.2 |
7.0 |
- |
- |
|
Rubber
Products |
(1.3) |
5.1 |
3.9 |
- |
- |
|
Wood
Products |
7.8 |
7.0 |
7.0 |
- |
- |
|
Textiles
& Apparel |
10.8 |
7.5 |
6.7 |
- |
- |
|
Domestic-oriented
Industries |
7.7 |
4.7 |
3.0 |
- |
- |
|
Food,
Beverages & Tobacco |
6.1 |
8.9 |
7.5 |
- |
- |
|
Chemical
& Chemical Products |
1.4 |
3.5 |
5.1 |
- |
- |
|
Plastic
Products |
2.7 |
3.9 |
5.1 |
- |
- |
|
Iron
& Steel |
2.8 |
1.6 |
2.2 |
- |
- |
|
Fabricated
Metal Products |
2.8 |
4.6 |
5.1 |
- |
- |
|
Non-metallic
Mineral |
6.9 |
6.8 |
5.5 |
- |
- |
|
Transport
Equipment |
14.4 |
5.2 |
(3.1) |
- |
- |
|
Paper
& Paper Products |
4.7 |
3.2 |
3.9 |
- |
- |
|
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 |
|
|
23109 :
Manufacture of other glass products n.e.c. |
|
|
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) |
|
KIBING
GROUP (M) 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 |
|
TURNOVER |
4,026,229 |
1,828,912 |
|
---------------- |
---------------- |
|
|
Total
Turnover |
4,026,229 |
1,828,912 |
|
Costs
of Goods Sold |
(3,680,672) |
(1,728,412) |
|
---------------- |
---------------- |
|
|
Gross
Profit |
345,557 |
100,500 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(22,078,013) |
(1,485,686) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(22,078,013) |
(1,485,686) |
|
Taxation |
3,694,190 |
(58,481) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(18,383,823) |
(1,544,167) |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As
previously reported |
(1,544,167) |
- |
|
---------------- |
---------------- |
|
|
As
restated |
(1,544,167) |
- |
|
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
(19,927,990) |
(1,544,167) |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(19,927,990) |
(1,544,167) |
|
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
598,709 |
62,144 |
|
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
598,709 |
62,144 |
|
============= |
============= |
|
|
|
|
|
BALANCE SHEET
|
|
KIBING
GROUP (M) SDN. BHD. |
|
ASSETS
EMPLOYED: |
||
|
FIXED
ASSETS |
364,308,550 |
77,670,888 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
||
|
Deferred
assets |
3,635,709 |
- |
|
Others |
23,191,762 |
6,614,252 |
|
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
26,827,471 |
6,614,252 |
|
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
391,136,021 |
84,285,140 |
|
CURRENT
ASSETS |
||
|
Stocks |
967,788 |
- |
|
Trade
debtors |
73,883 |
127,604 |
|
Other
debtors, deposits & prepayments |
1,443,988 |
31,275,382 |
|
Short
term deposits |
80,099,944 |
9,699,664 |
|
Cash
& bank balances |
7,366,327 |
856,759 |
|
Others |
68,392 |
- |
|
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
90,020,322 |
41,959,409 |
|
---------------- |
---------------- |
|
|
TOTAL
ASSET |
481,156,343 |
126,244,549 |
|
============= |
============= |
|
|
CURRENT
LIABILITIES |
||
|
Trade
creditors |
107,108 |
- |
|
Other
creditors & accruals |
67,835,625 |
13,258,521 |
|
Short
term borrowings/Term loans |
243,990,000 |
- |
|
Amounts
owing to holding company |
217,600 |
429,079 |
|
Provision
for taxation |
- |
40,981 |
|
Other
liabilities |
- |
2,135 |
|
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
312,150,333 |
13,730,716 |
|
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
(222,130,011) |
28,228,693 |
|
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
169,006,010 |
112,513,833 |
|
============= |
============= |
|
|
FINANCED
BY: |
||
|
SHARE
CAPITAL |
||
|
Ordinary
share capital |
188,934,000 |
114,058,000 |
|
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
188,934,000 |
114,058,000 |
|
RESERVES |
||
|
Retained
profit/(loss) carried forward |
(19,927,990) |
(1,544,167) |
|
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
(19,927,990) |
(1,544,167) |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
169,006,010 |
112,513,833 |
|
============= |
============= |
|
|
|
|
|
FINANCIAL RATIO
|
|
KIBING
GROUP (M) SDN. BHD. |
|
TYPES
OF FUNDS |
||
|
Cash |
87,466,271 |
10,556,423 |
|
Net
Liquid Funds |
87,466,271 |
10,556,423 |
|
Net
Liquid Assets |
(223,097,799) |
28,228,693 |
|
Net
Current Assets/(Liabilities) |
(222,130,011) |
28,228,693 |
|
Net
Tangible Assets |
169,006,010 |
112,513,833 |
|
Net
Monetary Assets |
(223,097,799) |
28,228,693 |
|
PROFIT
& LOSS ITEMS |
||
|
Earnings
Before Interest & Tax (EBIT) |
(22,078,013) |
(1,485,686) |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
(21,479,304) |
(1,423,542) |
|
BALANCE
SHEET ITEMS |
||
|
Total
Borrowings |
243,990,000 |
0 |
|
Total
Liabilities |
312,150,333 |
13,730,716 |
|
Total
Assets |
481,156,343 |
126,244,549 |
|
Net
Assets |
169,006,010 |
112,513,833 |
|
Net
Assets Backing |
169,006,010 |
112,513,833 |
|
Shareholders'
Funds |
169,006,010 |
112,513,833 |
|
Total
Share Capital |
188,934,000 |
114,058,000 |
|
Total
Reserves |
(19,927,990) |
(1,544,167) |
|
GROWTH
RATIOS (Year on Year) (%) |
||
|
Revenue |
120.14 |
- |
|
Proft/(Loss)
Before Tax |
(1,386.05) |
- |
|
Proft/(Loss)
After Tax |
(1,090.53) |
- |
|
Total
Assets |
281.13 |
- |
|
Total
Liabilities |
2,173.37 |
- |
|
LIQUIDITY
(Times) |
||
|
Cash
Ratio |
0.28 |
0.77 |
|
Liquid
Ratio |
0.29 |
3.06 |
|
Current
Ratio |
0.29 |
3.06 |
|
WORKING
CAPITAL CONTROL (Days) |
||
|
Stock
Ratio |
88 |
0 |
|
Debtors
Ratio |
7 |
25 |
|
Creditors
Ratio |
11 |
0 |
|
SOLVENCY
RATIOS (Times) |
||
|
Gearing
Ratio |
1.44 |
0 |
|
Liabilities
Ratio |
1.85 |
0.12 |
|
Times
Interest Earned Ratio |
0 |
0 |
|
Assets
Backing Ratio |
0.89 |
0.99 |
|
PERFORMANCE
RATIO (%) |
||
|
Operating
Profit Margin |
(548.35) |
(81.23) |
|
Net
Profit Margin |
(456.60) |
(84.43) |
|
Return
On Net Assets |
(13.06) |
(1.32) |
|
Return
On Capital Employed |
(13.06) |
(1.32) |
|
Return
On Shareholders' Funds/Equity |
(10.88) |
(1.37) |
|
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 64.03 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.73 |
|
MYR |
1 |
INR 16.42 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
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.