MIRA
INFORM REPORT
|
Report Date : |
22nd
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
KARIB
INDUSTRI SDN BHD |
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Registered Office : |
1-1-2 Jalan 6/62d, Medan Putra Business Centre, Bandar Manjalara, 52200 Kuala Lumpur, Wilayah, Persekutuan, Malaysia. |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2002 |
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Date of Incorporation : |
11.09.1995 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer
of Galvanised Steel Wire Fencing |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
EXECUTIVE SUMMARY
LOCAL NO : 358851-X
COMPANY NAME : KARIB INDUSTRI SDN BHD
FORMER NAME : PERNIAGAAN KARUN SDN BHD (22-08-2002)
INCORPORATION DATE : 11/09/1995
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 1-1-2 JALAN 6/62D, MEDAN PUTRA BUSINESS CENTRE,
BANDAR
MANJALARA, 52200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN,
MALAYSIA.
BUSINESS ADDRESS : 1-1-2,
JLN MEDAN PUTRA 6, MEDAN PUTRA BUSINESS
CENTRE,
BANDAR MENJALARA, 52200 KUALA LUMPUR,
WILAYAH
PERSEKUTUAN, MALAYSIA.
TEL NO : 03 - 62777862
FAX NO : 03 - 62733886
CONTACT PERSON : MOHAMAD
NOOR BIN ABDUL RAHIM (EXECUTIVE DIRECTOR)
INDUSTRY CODE : 27100
PRINCIPAL ACTIVITY : MANUFACTURER
OF GALVANISED STEEL WIRE FENCING
AUTHORISED CAPITAL : MYR1,000,000.00 DIVIDED INTO
ORDINARY
SHARE 1,000,000 OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR1,000,000.00
DIVIDED INTO
ORDINARY
SHARE 1,000,000 CASH OF MYR1.00 EACH.
SALES : MYR0
[2002]
NET WORTH : MYR778,292
[2002]
STAFF STRENGTH : 30 [2006]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : N/A
PAYMENT : N/A
MANAGEMENT
CAPABILITY : AVERAGE
COMMERCIAL RISK : HIGH
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : AVERAGE
GROWTH
CREDIT
RATING : Ca (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) manufacturer of galvanised steel wire fencing.
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 |
|
MOHAMAD NOOR BIN ABDUL RAHIM + |
BLOK
8-4, 297 JALAN MAAROF, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
1697750300,000 450325-07-5165 |
400,000 |
|
ABDUL WAHID BIN PAIJO + |
13, JALAN NURI 7/17C, KOTA DAMANSARA, 47810 PETALING JAYA, SELANGOR, MALAYSIA. |
A0852157 671230-01-5775 |
300,000 |
|
NGAI CHONG SING + |
2A, LORONG SIANTAN, TAMAN P.RAMLEE, SETAPAK, 53000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
740104-14-5495 |
300,000 |
|
|
|
|
1,000,000 |
+ Also Director
DIRECTORS
We have conducted the following 2 essential checks on all the directors of the SC in our database:
*INTEREST CHECK This refers to a check in our databank whether the said person has any interest
companies and businesses.
*CREDIT HISTORY CHECK : This refers to a check in our databank whether the said person has been involved in any legal suites, bankruptcy, liquidated/wound up companies in Malaysia and as well as any other default information related to him/her which were contributed by our valued subscribers. Our information on bankruptcy and wound up companies date back to 1900.
DIRECTOR
1
Name
of Subject : MOHD ZUKI BIN ABD HAMID
Address : KAMPUNG DALAM KOTA, MUKIM LEPAI, 05350 ALOR
SETAR,
KEDAH,
MALAYSIA.
IC
/ PP No : 4494080
New
IC No : 530526-02-5543
Date
of Birth : 26/05/1953
Nationality : MALAYSIAN MALAY
Date
of Appointment : 18/05/2006
INTEREST
IN COMPANY
|
Company |
Designation |
Shareholding |
Court
As At |
|
KARIB INDUSTRI SDN BHD |
Director |
0 |
13/11/2006 |
LEGAL ACTION
Code No : 52 Case No : 6709
Year : 2001 Place : KUALA
LUMPUR
Court : SESSIONS COURT
Solicitor : ISHARIDAH, HO, CHONG & MENON
Solicitor
Ref : IHCM/A136/01/HK
Plaintiff : AMERICAN EXPRESS (MALAYSIA) SDN BHD
Defendants : MOHD ZUKI BIN ABD HAMID ( 4494080 / 530526-02-5543 )
KG
DALAM KOTA, MK LEPAI, 05350 ALOR STAR, KEDAH.
Amount
Claimed : 8,423.35
22,616.95
Nature
of Claim : CREDIT CARD
CREDIT
CARD
Remarks : SUN 19/10/01
DIRECTOR 2
Name
of Subject : AMIR HASHIM BIN IBRAHIM
Address : 2, JALAN 6/17, 46000 PETALING JAYA,
SELANGOR, MALAYSIA.
IC
/ PP No : N/A
New
IC No : 720906-10-5809
Date
of Birth : 06/09/1972
Nationality : MALAYSIAN MALAY
Date
of Appointment : 22/06/2002
INTEREST IN
COMPANY
|
Company |
Designation |
Shareholding |
Court
As At |
|
KARIB INDUSTRI SDN BHD |
Director |
0 |
13/11/2006 |
DIRECTOR 3
Name
of Subject : DATO SERI MOHAMAD NOOR BIN ABDUL RAHIM
Address : BLOK 8-4, 297 JALAN MAAROF, 59000 KUALA
LUMPUR,
WILAYAH
PERSEKUTUAN, MALAYSIA.
IC
/ PP No : 1697750
New
IC No : 450325-07-5165
Date
of Birth : 25/03/1945
Nationality : MALAYSIAN MALAY
Date
of Appointment : 09/11/2004
INTEREST IN
COMPANY
|
Company |
Designation |
Shareholding |
Court
As At |
|
EDARAN LOGISTIK NASIONAL SDN BHD |
Director |
0 |
29/03/2004 |
|
ITMAX SYSTEM SDN BHD |
Director |
30,000 |
11/08/2004 |
|
JKP SDN BHD |
Director |
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23/07/2004 |
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KARIB INDUSTRI SDN BHD |
Director |
400,000 |
13/11/2006 |
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MITRAJAYA HOLDINGS BHD |
Director |
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17/07/2006 |
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OPTIMAX EYE SPECIALIST CENTRE SDN BHD |
Director |
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28/06/2005 |
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OPTIMAX LASER EYE CENTRE SDN BHD |
Director |
5,000 |
25/06/2005 |
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PEMBINAAN BUKIT TIMAH SDN BHD |
Director |
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17/02/2003 |
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PRINSIPTEK CORPORATION BHD |
Director |
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06/07/2006 |
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SENA DIECASTING INDUSTRIES SDN BHD |
Director |
122,500 |
30/04/2003 |
DIRECTOR
4
Name
of Subject : ABDUL WAHID BIN PAIJO
Address : 13, JALAN NURI 7/17C, KOTA DAMANSARA, 47810
PETALING
JAYA,
SELANGOR, MALAYSIA.
IC
/ PP No : A0852157
New
IC No : 671230-01-5775
Date
of Birth : 30/12/1967
Nationality : MALAYSIAN MALAY
Date
of Appointment : 01/07/2003
INTEREST
IN COMPANY
|
Company |
Designation |
Shareholding |
Court
As At |
|
KARIB INDUSTRI SDN BHD |
Director |
0 |
13/11/2006 |
DIRECTOR 5
Name
of Subject : NGAI CHONG SING
Address : 2A, LORONG SIANTAN, TAMAN P.RAMLEE,
SETAPAK, 53000
KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC
/ PP No : N/A
New
IC No : 740104-14-5495
Date
of Birth : 04/01/1974
Nationality : MALAYSIAN CHINESE
Date
of Appointment : 18/05/2006
INTEREST IN
COMPANY
|
Company |
Designation |
Shareholding |
Court
As At |
|
ASTRAL ASIA BHD |
Shareholder |
1,630,000 |
09/10/2004 |
|
KARIB INDUSTRI SDN BHD |
Director |
300,000 |
13/11/2006 |
MANAGEMENT
1) Name of
Subject : MOHAMAD NOOR BIN ABDUL RAHIM
Position : EXECUTIVE DIRECTOR
2) Name of
Subject : JOSELYN LEE
Position : ACCOUNTANT
AUDITOR
Auditor : K. H. KWONG & CO
Auditors' Address : 15 - A,
TINGKAT 1, JALAN SS 15/4C, 47510 SUBANG JAYA,
SELANGOR,
MALAYSIA.
COMPANY SECRETARY
1) Company Secretary : ACIS
MAH WAI HAR
IC / PP No. : A1332997
New IC No. : 690908-10-5752
Address : 13, JALAN PINGGIRAN 3/11, PINGGIRAN BATU
CAVES, 68100
BATU
CAVES, SELANGOR, MALAYSIA.
BANKING
Banking relations are maintained principally
with :
1) Banker
Name : MALAYAN BANKING BHD
The SC enjoys normal banking routine with
above mentioned banker(s).
The
SC has bank charges with above mentioned banker(s).
ENCUMBRANCE (S)
ENCUMBRANCE 1
Date of Creation : 26 Feb 2003
Description of Charge : N/A
Amount Secured : RM
2,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN
BANKING BHD , MALAYSIA.
Form 40 Dated
Registered
and Numbered 1 In The Register of
Charges
ENCUMBRANCE 2
Date of Creation : 26 Feb 2003
Description of Charge : N/A
Amount Secured : RM
1,500,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN
BANKING BHD
Form 40 Dated
Registered
and Numbered 2 In The Register of
Charges
LEGAL CHECK AGAINST THE SC
*A check has been conducted in our databank
against the SC 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 data
bank
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : YES Percentage : 70%
Overseas : YES Percentage : 30%
Import Countries : JAPAN
, KOREA , INDIA.
The SC refused to furnish us with the
suppliers' names. Without the financial accounts, we are not able
to
comment on the SC's payment habit.
CLIENTELE
Local : YES Percentage : 80%
Domestic Markets : MALAYSIA.
Overseas : YES
Percentage : 20%
Export Market : SINGAPORE
, BRUNEI DARUSSALAM.
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES , TELEGRAPHIC TRANSFER (TT) , LETTER
OF CREDIT (LC).
Type of Customer : END USERS ,
DEALERS , CORPORATES .
OPERATIONS
Products Manufactured : GALVANISED STEEL WIRE FENCING
Competitor(s) : PERWAJA STEEL SDN BHD
MEGASTEEL
SDN BHD
AMSTEEL
MILLS SDN BHD
SOUTHERN
STEEL BHD
ANTARA
STEEL MILLS SDN BHD
Total Number of Employees :
YEAR 2006
GROUP N/A
COMPANY 30
Branch : NO
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA) database, but no latest
development was noted in our investigation.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
Telephone
Number Provided By Client : N/A
Current
Telephone Number : 03-62777862
Match : N/A
Address
Provided By Client : 1-1-2, JLN 6/62D, MEDAN PUTRA BUSINES
CENTRE,
BDR
MENJALARA, 52200 KL
Current
Address : 1-1-2, JLN MEDAN PUTRA 6, MEDAN PUTRA
BUSINESS
CENTRE, BANDAR MENJALARA, 52200
KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
Match : NO
Latest
Financial Accounts : NO
Investigation :
We
have contacted the SC's Accountant and its Company Secretary for the latest
financial accounts.
However they have rejected our request in
view of the confidentiality of the documents.
Other Investigations
On 20th November 2006 we contacted the SC's Accountant, Ms Joselyn Lee. She furnished some information on the SC.
We have verified and confirmed that the SC had changed its business address.
FINANCIAL COMMENTS
No latest financial accounts are available at the Registry Office, thus we are not able to comment on the SC's financial performance.
Overall financial condition of the SC:
N/A
COMMENTS
Incorporated in 1995, the SC is principally engaged in the manufacturing of galvanised steel wire fencing. We noted that the SC is the first company in Asian region to use the latest automatic CNC mesh welding machine to manufacture high quality precision welded wire mesh for the security fencing industry.The SC provides a range of services from design, manufacture, production and fabrication.
The SC's products are widely used for many facilities such as aerospace, prisons, nuclear installations, utility substations, water treatment plants that require maximum degree of security. Thus, with its myriad of usages, the SC's market risk is well mitigated. Apart from supplying its products to the local clients, the SC also exports to Singapore and Brunei. Its ability to penetrate into the global market has diversified its business risk.
No latest financial accounts were filed during our inspection. The SC's latest financial accounts are up to
2002, which is out dated in our opinion. Therefore, our comment on the SC's overall financial performance are restricted thereto. Besides, we noted that the SC has total encumbrances of RM3,500,000 which is 3.5 times greater than its issued and paid up capital. In view of this, we regard granting credit to the SC to be quite risky. Hence, credit is not recommended.
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING
STANDARD.
PROFIT AND LOSS ACCOUNT
31-December-2002
Consolidated Accounts : No
UnQualified
Reports : No
RM
Turnover 0.00
Operating
Revenue 0.00
----------------------------
Profit
/ (Loss) Before Tax <
217,208.00 >
----------------------------
Profit
/ (Loss) After Tax <
217,208.00 >
Extraordinary
Item 0.00
Minority
Interest 0.00
----------------------------
Profit/(Loss)
Attributable to Shareholders <
217,208.00 >
----------------------------
Prior
Period Adjustment 0.00
Net
Dividend 0.00
Transferred
To/From Reserved 0.00
Others 0.00
----------------------------
Unappropriated
Profit/(Loss) Brought Forward <
4,500.00 >
----------------------------
Unappropriated
Profit/(Loss) Carried Forward <
221,708.00 >
================
REMARK
:
Turnover
is nil as per the Registrar of Companies.
BALANCE SHEET
31-December-2002
Consolidated Accounts : No
UnQualified
Reports : No
RM
Fixed
Assets 2,211,336.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 359,226.00
Intangible
Assets 0.00
Other
Assets 0.00
----------------------------
Total
Assets 2,570,562.00
================
Working
Capital <
1,363,044.00 >
Issued
Capital 1,000,000.00
Paid
Up Capital 1,000,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) <
221,708.00 >
----------------------------
Shareholder's
Fund/Equity 778,292.00
----------------------------
Current
Liabilities 1,722,270.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 70,000.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 2,570,562.00
================
Contingent
Liabilities 0.00
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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