MIRA
INFORM REPORT
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Report Date : |
30.07.2007 |
IDENTIFICATION DETAILS
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Name : |
YICK HOE METAL INDUSTRIES SDN BHD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
11/06/1990 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of Metal 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 : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
* Adopted
abbreviations : SC - Subject Company ( the company enquired
by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
COMPANY NAME : YICK HOE METAL INDUSTRIES SDN BHD
FORMER NAME : AIK HOE METAL
: A.H. HARDWARE SDN BHD (13-03-1992)
INCORPORATION DATE : 11/06/1990
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS :
PELANGI,
LEVEL 11, 80400 JOHOR BAHRU, JOHOR,
BUSINESS ADDRESS : PTD 175198, BATU 11 1/2, JALAN JOHOR
BAHRU-KOTA
TINGGI,
81800 ULU TIRAM,
TEL NO : 07 - 8625252
FAX NO : 07 - 8625203
EMAIL : stainlesssteel@yickhoe.com.my
WEB SITE : www.yickhoe.com.my
CONTACT PERSON : EVELYN LOW (GENERAL MANAGER)
INDUSTRY CODE : 27100
PRINCIPAL ACTIVITY : MANUFACTURER OF METAL PRODUCTS
AUTHORISED CAPITAL : MYR10,000,000.00 DIVIDED INTO
ORDINARY SHARE
10,000,000
OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR10,000,000.00 DIVIDED INTO
ORDINARY SHARE
10,000,000
CASH OF MYR1.00 EACH.
SALES : MYR257,718,187 [2005]
NET WORTH : MYR35,077,281 [2005]
STAFF STRENGTH : 160
[2007]
BANKER (S) : BANK ISLAM
: HONG LEONG BANK BHD
: MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : FAIR
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : STRONG GROWTH
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
metal products.
The SC is not listed on
The SC is not qualified to be one of the Top Corporate Performers in the
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
MR. LOW GUAN HONG + 27A,
JALAN JINGGA 3,
JOHOR
BAHRU,
MR. LOW GUAN AIK + 19B,
JALAN STULANG DARAT, 80300 JOHOR A1420252 3,750,000
BAHRU,
ACERINOX
--------------------
10,000,000
===========
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. LOW GUAN HONG
Address : 27A, JALAN JINGGA 3,
IC / PP No. : 5856623
New IC No : 600229-01-5921
Date of Birth : 29/02/1960
Nationality : MALAYSIAN CHINESE
Date of Appointment : 22/01/1992
DIRECTOR 2
Name of Subject : MR. LOW GUAN AIK
Address : 19B, JALAN STULANG DARAT, 80300 JOHOR
BAHRU, JOHOR,
IC / PP No. : A1420252
New IC No : 690807-01-6363
Date of Birth : 07/08/1969
Nationality : MALAYSIAN CHINESE
Date of Appointment : 31/07/1998
DIRECTOR 3
Name of Subject : MR. LOW HOCK BOON
Address : 27A, JALAN JINGGA 3,
IC / PP No. : 0677799
New IC No : 381003-01-5219
Date of Birth : 03/10/1938
Nationality : MALAYSIAN CHINESE
Date of Appointment : 20/04/2000
DIRECTOR 4
Name of Subject : MS. LOW ANG YENG
Address : 27A, JALAN JINGGA 3,
IC / PP No. : 6758304
New IC No : 620526-01-5088
Date of Birth : 26/05/1962
Nationality : MALAYSIAN CHINESE
Date of Appointment : 06/11/2006
Remark : ALT DIR
MANAGEMENT
1) Name of Subject : EVELYN
LOW
Position : GENERAL MANAGER
2) Name of Subject : LOW
GUAN HONG
Position : MANAGING DIRECTOR
3) Name of Subject : ROSAMUND
GOH
Position : FINANCIAL CONTROLLER
4) Name of Subject : ANGELA
FONG
Position : HUMAN RESOURCE MANAGER
5) Name of Subject : SOON
CHIK LIUNG
Position : PRODUCTION MANAGER
AUDITOR
Auditor : ERNST & YOUNG
Auditors' Address : MENARA MILENIUM, JALAN DAMANLELA,
DAMANSARA,LEVEL 23A,
50490
COMPANY SECRETARY
1) Company Secretary : MS.
LIM PEK SUAN
IC / PP No. : A2344967
New IC No. : 730223-14-5114
Address : 7, JALAN
Date of Appointment : 13/11/2005
2) Company Secretary : MS.
SUJATA MENON D/O K R D S CHANDRAN
IC / PP No. : A1515978
New IC No. : 700202-01-5954
Address : 3, JALAN PUTEH 5,
Date of Appointment : 15/05/1997
BANKING
Banking relations are maintained principally with :
1) Banker Name : BANK
ISLAM
2) Banker Name : HONG
LEONG BANK BHD
3) 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 : 22 Dec 2004
Description of Charge : N/A
Amount Secured : RM 3,500,000.00
Description of Property Affected : N/A
Name & Address of Chargee : BUMIPUTRA-COMMERCE BANK BHD
Form 40 Dated
Registered and Numbered 10 In The
Register of Charges
ENCUMBRANCE 2
Date of Creation : 30 Mar 2005
Description of Charge : N/A
Amount Secured : RM 1,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : BUMIPUTRA-COMMERCE BANK BHD
Form 40 Dated
Registered and Numbered 11 In The
Register of Charges
ENCUMBRANCE 3
Date of Creation : 11 Apr 2005
Description of Charge : N/A
Amount Secured : RM 3,316,536.00
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 12 In The
Register of Charges
ENCUMBRANCE 4
Date of Creation : 10 Oct 2005
Description of Charge : N/A
Amount Secured : RM 50,200,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 13 In The
Register of Charges
ENCUMBRANCE 5
Date of Creation : 16 Dec 2005
Description of Charge : N/A
Amount Secured : RM 1,047,836.22
Description of Property Affected : N/A
Name & Address of Chargee : ORIX CREDIT
Form 40 Dated
Registered and Numbered 14 In The
Register of Charges
ENCUMBRANCE 6
Date of Creation : 05 Apr 2006
Description of Charge : N/A
Amount Secured : RM 45,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 15 In The
Register of Charges
ENCUMBRANCE 7
Date of Creation : 02 May 2006
Description of Charge : N/A
Amount Secured : RM 700,000.00
Description of Property Affected : N/A
Name & Address of Chargee : ORIX CREDIT
Form 40 Dated
Registered and Numbered 16 In The
Register of Charges
ENCUMBRANCE 8
Date of Creation : 02 May 2006
Description of Charge : N/A
Amount Secured : RM 560,000.00
Description of Property Affected : N/A
Name & Address of Chargee : ORIX CREDIT
Form 40 Dated
Registered and Numbered 17 In The
Register of Charges
ENCUMBRANCE 9
Date of Creation : 18 Jul 2006
Description of Charge : OPEN CHARGE
Amount Secured : N/A
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 18 In The
Register of Charges
ENCUMBRANCE 10
Date of Creation : 18 Jul 2006
Description of Charge : N/A
Amount Secured : RM 20,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 19 In The
Register of Charges
ENCUMBRANCE 11
Date of Creation : 18 Jul 2006
Description of Charge : OPEN CHARGE
Amount Secured : N/A
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 20 In The
Register of Charges
ENCUMBRANCE 12
Date of Creation : 18 Jul 2006
Description of Charge : N/A
Amount Secured : RM 20,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 21 In The
Register of Charges
ENCUMBRANCE 13
Date of Creation : 18 Jul 2006
Description of Charge : OPEN CHARGE
Amount Secured : N/A
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 22 In The
Register of Charges
ENCUMBRANCE 14
Date of Creation : 31 Jan 2007
Description of Charge : N/A
Amount Secured : RM 300,000.00
Description of Property Affected : N/A
Name & Address of Chargee : ORIX CREDIT
Form 40 Dated
Registered and Numbered 23 In The
Register of Charges
ENCUMBRANCE 15
Date of Creation : 12 Apr 2007
Description of Charge : OPEN CHARGE
Amount Secured : N/A
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 24 In The
Register of Charges
ENCUMBRANCE 16
Date of Creation : 22 Dec 2004
Description of Charge : N/A
Amount Secured : RM 28,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : BUMIPUTRA-COMMERCE BANK BHD
Form 40 Dated
Registered and Numbered 9 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
back dated since 1900.
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
Overseas : YES
Import Countries :
CLIENTELE
Local : YES
Domestic Markets :
Overseas : YES
Export Market :
Credit Term : 30 DAYS.
Payment Mode : CHEQUES , TELEGRAPHIC TRANSFER (TT).
Type of Customer : DEALERS .
OPERATIONS
Products Manufactured : METAL AND STEEL PRODUCTS
Total Number of Employees :
YEAR 2007 2006 2005
GROUP N/A N/A N/A
COMPANY 160 145 115
Branch : YES
No of Branches : 1
Branch(es) : NO 38A, LORONG ANGSA, TAMAN
41150
KLANG, SELANGOR.
Tel No : 03 - 33435252
Fax No : 03 - 33432525
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 : 07-8625252
Match : N/A
Address Provided By Client : NO 12-16, JALAN WONG AH WOOK 80000 JB
Current Address : PTD 175198, BATU 11 1/2, JALAN JOHOR
BAHRU-KOTA
TINGGI, 81800 ULU TIRAM, JOHOR,
Match : NO
Latest Financial Accounts : YES
Other Investigations
We conducted an interview with one of the staff from the SC's Admin
Department. She revealed some information pertaining to the SC.
FINANCIAL COMMENTS
The financial summary of the SC in Year 2005 showed that it was
financially FAIR. The SC has generated a favourable return on its shareholders'
funds. Besides this, it also has an adequate liquidity position with its
current liabilities well covered by its current assets. With its current net assets,
the SC should be able to repay its short term obligations. However the SC
posted a high liability ratio indicating that the financial risk of the SC is
high.
Overall financial condition of the SC: FAIR
COMMENTS
Established in 1990, as a private limited company the SC is principally
engaged as a manufacturer of metal products. Having been in the market for over
one decade should have enabled the SC to build up a certain goodwill with its
client over times. With RM10 million in issued and paid up capital, the SC has
the potential of capturing a higher market shares as it is competing
aggressively in the market.
Our investigation revealed that the SC serves both local and overseas
clients. Penetrating into the overseas countries such as
During the financial year ended 31 December 2005, the SC reported
pre-tax profit of RM13.33 million on the back of RM257.71 million in turnover.
The SC has generated a favourable return on its shareholders' funds indicating
that the SC was efficient in utilising its shareholders' funds to generate
favourable returns. Besides this, it also has an adequate 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. However the SC posted a high liability ratio
indicating that the financial risk of the SC is high. Nonetheless the SC should
be able to maintain its business in the near term, given a positive net worth
standing at RM35.07 million.
Investigation revealed that the SC's supplies are sourced from both
local and overseas suppliers. Hence,
the SC is subjected to currency fluctuation risk and high operating costs.
The SC is clear of litigation.
The industry remains robust with continuing strong global demand for its
products. With the promising outlook of the industry performance, the SC's
business potential should be favourable. Nonetheless, the SC should adopt
better competitive strategies in order to sustain its business position and to
compete with other well established players in the same industry.
In view of the above we recommend credit be granted to the SC normally.
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH
PROFIT AND LOSS ACCOUNT
YICK HOE METAL INDUSTRIES SDN BHD
31-December-2005
Consolidated Accounts : No
UnQualified Reports : Yes
RM
Turnover 257,718,187.00
Operating
Revenue 0.00
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Profit
/ (Loss) Before Tax 13,330,437.00
----------------------------
Profit
/ (Loss) After Tax 10,389,444.00
Extraordinary
Item 0.00
Minority
Interest 0.00
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Profit/(Loss)
Attributable to Shareholders 10,389,444.00
----------------------------
Prior
Period Adjustment 0.00
Net
Dividend 0.00
Transferred
To/From Reserved 0.00
Others 0.00
----------------------------
Unappropriated
Profit/(Loss) Brought Forward 14,687,837.00
----------------------------
Unappropriated
Profit/(Loss) Carried Forward 25,077,281.00
================
BALANCE SHEET
YICK HOE METAL INDUSTRIES SDN BHD
31-December-2005
Consolidated Accounts : No
UnQualified Reports : Yes
RM
Fixed
Assets 33,445,215.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 133,005,268.00
Intangible
Assets 0.00
Other
Assets 0.00
----------------------------
Total
Assets 166,450,483.00
================
Working
Capital 14,349,517.00
Issued
Capital 10,000,000.00
Paid
Up Capital 10,000,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) 25,077,281.00
----------------------------
Shareholder's
Fund/Equity 35,077,281.00
----------------------------
Current
Liabilities 118,655,751.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 12,717,451.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 166,450,483.00
================
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 |
|
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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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)