MIRA
INFORM REPORT
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Report Date : |
1st
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
CHIN
WELL FASTENERS CO SDN BHD |
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Registered Office : |
51-21a
Menara Bhl Bank, Jln Sultan Ahmad Shah, 10050
Georgetown, Pulau Pinang, Malaysia. |
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Country : |
Malaysia. |
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Financials (as on) : |
31/05/2005 |
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Date of Incorporation : |
27/05/1988 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Engaged
in the business of manufacturing of screws, nuts, bolts & fastening
products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
EXECUTIVE SUMMARY
LOCAL
NO : 170752-D
COMPANY
NAME : CHIN WELL FASTENERS CO SDN BHD
FORMER
NAME : N/A
INCORPORATION
DATE : 27/05/1988
COMPANY
STATUS : EXIST
LEGAL
STATUS : PRIVATE LIMITED COMPANY
LISTED
STATUS : NO
REGISTERED
ADDRESS : 51-21A MENARA BHL BANK, JLN SULTAN AHMAD SHAH,
10050
GEORGETOWN, PULAU PINANG, MALAYSIA.
BUSINESS
ADDRESS : 1586 MK 11, LRG PERUSAHAAN UTAMA 1, BKT TENGAH
INDUSTRIAL
PARK, 14000 BUKIT MERTAJAM, PULAU
PINANG,
MALAYSIA.
TEL NO : 04 - 5075858
FAX NO : 04 - 5073355
CONTACT
PERSON : TSAI YUNG CHUAN (MANAGING DIRECTOR)
INDUSTRY
CODE : 28930
PRINCIPAL
ACTIVITY : MANUFACTURING OF SCREWS, NUTS, BOLTS &
FASTENING
PRODUCTS
AUTHORISED
CAPITAL : MYR50,000,000.00 DIVIDED INTO
ORDINARY
SHARE 50,000,000 OF MYR1.00 EACH.
ISSUED
AND PAID UP CAPITAL : MYR35,000,000.00 DIVIDED INTO
ORDINARY
SHARE 35,000,000 CASH OF MYR1.00 EACH.SALES : MYR177,103,658 [2005]
NET
WORTH : MYR124,376,735 [2005]
STAFF
STRENGTH : 350
[2006]
BANKER
(S) : MALAYAN BANKING BHD
CREDIT
RATING : Ba (please refer to appendix)
HISTORY / BACKGROUND
The SC 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 SC must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) manufacturing of screws, nuts, bolts & fastening
products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is not qualified to be one of the Top Corporate Performers in the Malaysia 1000 (M1000)
publication, a directory jointly published by Companies Commission of Malaysia (The Registrar Office),
Minister of Domestic Trade and Consumer Affairs and our publication arm, BASIS Publications House
Sdn Bhd.
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
CHIN WELL HOLDINGS 51-8B MENARA BHL
BANK, JLN SULTAN 371551 35,000,000
BHD AHMAD
SHAH, PULAU PINANG.
--------------------
35,000,000
===========
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : TSAI YUNG CHUAN
Address : 20 LRG TAMBUN INDAH 6, TMN TAMBUN INDAH SIMPANG
AMPAT, PROVINCE WELLESLEY.
IC / PP No : M10853592
New IC No : 571116-71-5323
Date of Birth : 16/11/1957
Nationality : TAIWANESE
Date of Appointment : 27/05/1988
Qualification : CERTIFICATED
IN ELECTRICAL ENG FROM LIENHO JUNIOR COLLEGE
OF TECHNOLOGY IN
TAIWAN IN 1975
Working Experience : FOUNDERS OF CHIN WELL FASTERNERS
CO. SDN BHD & CHIN
WELL
SERVICE CENTRE SDN BHD GM OF JINN HER ENTERPRISE
CO.
LTD. IN 1980
Other
Info : MEMBER OF TAIPEI INVESTORS ASSOCIATION OF
MALAYSIA,
PENANG
BRANCH
DIRECTOR 2
Name
of Subject : TSAI YUNG YU
Address : 20 LRG TAMBUN INDAH 6, TMN TAMBUN INDAH
SIMPANG
AMPAT,
PROVINCE WELLESLEY.
IC /
PP No : P210686219
Nationality : TAIWANESE
Date
of Appointment : 27/05/1988
DIRECTOR 3
Name
of Subject : TSAI YUNG LUNG
Address : 20 LRG TAMBUN INDAH 6, TMN TAMBUN INDAH
SIMPANG
AMPAT,
PROVINCE WELLESLEY.
IC /
PP No : P131160888
Nationality : TAIWANESE
Date
of Appointment : 21/06/1988
DIRECTOR 4
Name
of Subject : TSAI CHANG HSIU-HSIANG
Address : 20 LRG TAMBUN INDAH 6, TMN TAMBUN INDAH
SIMPANG
AMPAT,
PROVINCE WELLESLEY.
IC /
PP No : M10853597
New IC
No : 570215-71-5308
Nationality : TAIWANESE
Date
of Appointment : 17/05/1993
Qualification : GRADUATED FROM YUAN LIN SENIOR HIGH SCHOOL IN
1973
Working
Experience : ASSISTANT MANAGER WITH CHIN HO ENTERPISE CO
IN 1976 BEFORE JOINED JINN HER ENTERPROSE CO. LTD. IN 1980 IN CHARGE OF THE
FINANCIAL AFFAIRS OF JINN HER ENTERPRISE CO. LTD. IN CHARGE OF THE FINANCIAL
AFFAIRS OF CHIN WELL FASTENERS SDN BHD
AUDITOR
Auditor : J B LAU & ASSOCIATES
Auditors'
Address : 51-8A MENARA BHL BANK, JLN SULTAN AHMAD
SHAH, 10050,
PULAU
PINANG.
COMPANY SECRETARY
1) Company
Secretary : LEE PENG LOON
IC /
PP No. : 4092111
New IC
No. : 501110-07-5149
Address : 53 JLN DEVA PADA, PULAU PINANG.
BANKING
Banking relations are maintained principally
with :
1) Banker
Name : MALAYAN BANKING BHD
The SC enjoys normal banking routine with
above mentioned banker(s).
No
adverse record was found during our investigation.
CLIENTELE
Local : YES Percentage : 80%
Domestic
Markets : MALAYSIA.
Overseas : YES Percentage : 20%
Export
Market : JAPAN ,
AUSTRALIA , AFRICA , INDIA ,
UNITED ARAB EMIRATES.
Credit
Term : 30 - 60 DAYS.
Payment
Mode : CHEQUES , LETTER OF CREDIT (LC).
Type
of Customer : DEALERS , WHOLESALE , MANUFACTURING
INDUSTRIES .
No of
Customer : MORE THAN 80
CUSTOMER (S) : 1) G ORIENT ENTERPRISE SDN BHD
OPERATIONS
Products Manufactured : FASTENERS - BOLTS, NUTS, SCREWS (LOW AND MEDIUM
CARBON STEEL)
Total
Number of Employees :
YEAR 2006 2005 2004
GROUP N/A N/A N/A
COMPANY 350 300 280
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
Telephone
Number Provided By Client : N/A
Current Telephone
Number : 04-5075858
Match : N/A
Address Provided By
Client : 1586, LORONG PERUSAHAAN UTAMA 1, BKT
TENGAH
INDUSTRIAL PARK, 14000, BKT
MERTAJAM,PENANG
Current Address : 1586 MK 11, LRG PERUSAHAAN UTAMA 1, BKT
TENGAH
INDUSTRIAL PARK, 14000 BUKIT
MERTAJAM,
PULAU PINANG, MALAYSIA.
Match : YES
Latest Financial Accounts : YES
Other Investigations
On 30th October 2006 we contacted one of the Senior staff from the Accounts Department. She provided some information on the SC.
COMMENTS
Established in 1988, the SC is principally engaged in the manufacturing of screws, nuts, bolts and fastening products. For the financial year ended 31 May 2005, the SC reported pre-tax profit of RM25,844,076 on the back of RM177,103,658 in turnover. The SC generated an acceptable return on shareholder's fund indicating that the SC was efficient in utilising its shareholders' funds to generate favourable returns. Beside this the SC was in good liquidity position with its current liabilities well covered by its current assets. With its net current assets, the SC should be able to repay its short term obligations. A low liabilities ratio has minimised the SC's financial risk. Moreover, given a healthy net worth standing at RM124,376,735 we believe that the SC should be able to maintain its business in the near terms. In view of the above and based on our assessment we recommend credit be granted to the SC promptly.
THE FINANCIAL STATEMENTS WERE PREPARED
IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
PROFIT
AND LOSS ACCOUNT
CHIN
WELL FASTENERS CO SDN BHD
31-May-2005
Consolidated
Accounts : No
UnQualified
Reports : Yes
RM
Turnover 177,103,658.00
Operating
Revenue 0.00
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Profit
/ (Loss) Before Tax 25,844,076.00
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Profit
/ (Loss) After Tax 19,834,478.00
Extraordinary
Item 0.00
Minority
Interest 0.00
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Profit/(Loss)
Attributable to Shareholders 19,834,478.00
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Prior
Period Adjustment 0.00
Net
Dividend <
12,000,000.00 >
Transferred
To/From Reserved 0.00
Others 0.00
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Unappropriated
Profit/(Loss) Brought Forward 81,542,257.00
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Unappropriated
Profit/(Loss) Carried Forward 89,376,735.00
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BALANCE
SHEET
CHIN
WELL FASTENERS CO SDN BHD
31-May-2005
Consolidated
Accounts : No
UnQualified
Reports : Yes
RM
Fixed
Assets 94,607,057.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 121,873,287.00
Intangible
Assets 0.00
Other
Assets 0.00
----------------------------
Total
Assets 216,480,344.00
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Working
Capital 72,611,238.00
Issued
Capital 35,000,000.00
Paid
Up Capital 35,000,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) 89,376,735.00
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Shareholder's
Fund/Equity 124,376,735.00
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Current
Liabilities 49,262,049.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 42,841,560.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 216,480,344.00
================
Contingent
Liabilities 0.00
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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