MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MUNIVAC 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 : |
10/09/1999 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Injection Moulding for
Electronic & Mechanical Components. |
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 : |
Regular |
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Litigation : |
Clear |
* Adopted abbreviations : SC - Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 493592-V
COMPANY NAME : MUNIVAC SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 10/09/1999
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS :
80300
JOHOR BAHRU,
BUSINESS ADDRESS : NO 51 & 53 JALAN RIANG 21,
JOHOR
BAHRU,
TEL NO : 07 - 3356333
FAX NO : 07 - 3350088
CONTACT PERSON : PHANG YEW CHONG (GENERAL MANAGER)
INDUSTRY CODE : 25206
PRINCIPAL ACTIVITY : INJECTION MOULDING FOR ELECTRONIC & MECHANICAL
COMPONENTS
AUTHORISED CAPITAL : MYR5,000,000.00 DIVIDED INTO ORDINARY
SHARE
5,000,000
OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR3,245,074.00 DIVIDED INTO ORDINARY
SHARE 906,576
CASH
AND 2,338,498 OTHERWISE OF MYR1.00 EACH.
SALES : MYR76,215,295 [2005]
NET WORTH : MYR20,925,951 [2005]
STAFF STRENGTH : 350
[2007]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : FAIR
PAYMENT : AVERAGE
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : AVERAGE 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) injection moulding
for electronic & mechanical components.
The SC is not listed on
The SC is not qualified to be one of the Top Corporate Performers in the
The immediate holding company of the SC is UNISON PRECISION INDUSTRIES
(M) SDN BHD, a company in incorporated in
The ultimate holding company of the SC is VENTURE CORPORATION LIMITED, a
company in incorporated in
The SC's intermediate holding company is UNIVAC PRECISION ENGINEERING
PTE LTD, a company incorporated in
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No:
Shareholding
UNISON PRECISION 46-02
JLN TUN ABD RAZAK, SUSUR 1/1, 80000 379266 2,128,882
INDUSTRIES (M) SDN BHD JOHOR BAHRU,
UNIVAC PRECISION 4012
ANG MO
ENGINEERING PTE LTD TEPLACE
I, 569628,
--------------------
3,245,074
===========
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. TAN KIAN SENG
Address : 22, TAMAN AIR RAJAH,
PULAU
IC / PP No. : 4523840
New IC No : 531126-08-6085
Date of Birth : 26/11/1953
Nationality : MALAYSIAN CHINESE
Date of Appointment : 09/07/2002
DIRECTOR 2
Name of Subject : LEONG HONG KIAT
IC / PP No. : S1558097F
Date of Appointment : 03/01/2005
DIRECTOR 3
Name of Subject : PHANG YEW CHONG
IC / PP No. : S1592833F
DIRECTOR 4
Name of Subject : SOO ENG HIONG
IC / PP No. : S2547540B
MANAGEMENT
1) Name of Subject : PHANG
YEW CHONG
Position : GENERAL MANAGER
2) Name of Subject : CHONG
YA CHENG
Position : HUMAN RESOURCE MANAGER
3) Name of Subject : TOCK
PECK LEONG
Position : MAINTENANCE MANAGER
AUDITOR
Auditor : DELOITTE KASSIMCHAN
Auditors' Address : 21, JALAN TUN ABDUL RAZAK, SUSUR 1/1,
80000 JOHOR BAHRU,
COMPANY SECRETARY
1) Company Secretary : MS.
NG CHAI LING
IC / PP No. : 5440451
New IC No. : 580419-01-5898
Address : 158, JALAN DATIN HALIMAH, 80350 JOHOR BAHRU, JOHOR,
Date of Appointment : 13/05/2003
2) Company Secretary : MS.
WOO MIN FONG
IC / PP No. : 3516413
New IC No. : 460531-01-5584
Address : 5, JALAN PERDANA, 80300 JOHOR BAHRU,
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.
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
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 Percentage : 60%
Overseas : YES Percentage : 40%
Import Countries :
The SC 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 [ ] Good [ ] Average [ X ]
Fair [ ] Poor [ ]
CLIENTELE
Local : YES
Domestic Markets :
Overseas : YES
Export Market : ASIA,
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES, TELEGRAPHIC TRANSFER (TT),
LETTER OF CREDIT (LC).
Type of Customer : MANUFACTURING INDUSTRIES .
CUSTOMER (S) : 1) TYCO ELECTRONICS (
OPERATIONS
Products Manufactured : PLASTIC COMPONENTS FOR COMPUTERS,
PLASTIC
COMPONENTS
FOR PRINTERS
Competitor(s) : LCTH CORPORATION BHD
HIL
INDUSTRIES BHD
V.S.
INDUSTRY BHD
CHANGHUAT
CORPORATION BHD
LKT
INDUSTRIAL BHD
Member(s) / Affiliate(s) : FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM)
Ownership of premises : OWNED
Factory Size : 33,000 SQ FT (JLN DEWANI
PLANT).20,000 SQ FT (JLN RIANG PLANT)
Shifts : 3 SHIFTS
Total Number of Employees :
YEAR 2007 2006 2005 2004
GROUP N/A N/A N/A N/A
COMPANY 350 405 468 320
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 : 07-3356333
Match : N/A
Address Provided By Client : 51-53, JALAN RIANG 21,
Current Address : NO 51 & 53 JALAN RIANG 21,
81200
JOHOR BAHRU,
Match : YES
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
Profitability :
Turnover : Erratic [ 2003-2005 ]
Profit / ( Loss ) before tax : Increased [ 2003-2005 ]
Return on Shareholder Funds : Acceptable [ 21.33% ]
Return on Net Assets : Acceptable [ 23.74% ]
The fluctuating turnover reflects the fierce competition among the
existing and new market players. The higher profit could be attributed to the
increase in turnover. The SC's management had generated acceptable return for
its shareholders using its assets.
Working Capital Control :
Stocks Ratio : Favourable [ 53 Days ]
Debtors Ratio : Favourable [ 13 Days ]
Creditors Ratio : Favourable [ 54 Days ]
The SC's stocks were moving fast thus reducing its holding cost. This
had reduced funds being tied up in stocks. The favourable debtors' days could
be due to the good credit control measures implemented by the SC. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days. The
SC could be taking advantage of the cash discounts and also wanting to maintain
goodwill with its creditors.
Liquidity :
Liquid Ratio : Unfavourable [ 0.67 Times ]
Current Ratio : Unfavourable [ 1.07 Times ]
A low liquid ratio means that the SC may be facing working capital deficiency.
If the SC cannot obtain additional financing or injection of fresh capital, it
may face difficulties in meeting its short term obligations.
Solvency :
Interest Cover : Favourable [ 907.12
Times ]
Gearing Ratio : Favourable [ 0.00 Times ]
The interest cover showed that the SC was able to service the interest.
The favourable interest cover could indicate that the SC was making enough
profit to pay for the interest accrued. The SC had no gearing and hence it had
virtually no financial risk. The SC was financed by its shareholders' funds and
internally generated fund. During the economic downturn, the SC, having a zero
gearing, will be able to compete better than those which are highly geared in
the same industry.
Overall Assessment :
Although the turnover was erratic, the SC had maintained a steady growth
in its profit. This indicate the management's efficiency in controlling its
costs and profitability. Due to its weak liquidity position, the SC 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 SC. With the
favourable interest cover, the SC could be able to service all the accrued
interest without facing any difficulties. The SC was a zero gearing company, it
was solely dependant on its shareholders to provide funds to finance its
business. The SC has good chance of getting loans, if the needs arises.
Overall financial condition of the SC: FAIR
COMMENTS
Established in 1999, the SC is principally engaged in the injection
moulding for electronic and mechanical
components. The SC is a private limited company with total paid up
capital of RM3.24million. Being well backed by its holding companies, it allows
the SC to enjoy timely financial assistance should the needs arise. Having been
in the industry for almost one decade, the SC should have developed a
satisfactory reputation in the market.
Besides catering to the local market, the SC has expanded its business
to other countries such as
During the financial year ended 2005, the SC's turnover has increased
55.24% to RM79.21million. The improvement of its turnover has led to a greater
pre-tax profit of RM5.42million compared to previous year. Return on
shareholders' funds was high, indicating that the management was efficient in
utilizing its funds to generate returns. However, the SC has a weak liquidity
position, which demonstrated that the SC was unable to repay all its short term
obligations. The SC has a zero gearing ratio which places the SC at low financial
risk. With a comfortable net worth standing at RM20.92million, the SC should be
able to sustain its business in the near terms. Financially, the SC reported a
fair financial standing in 2005.
We noted that 60% of the SC's products are sourced locally and the rest
are obtained from overseas suppliers. Being involved in import and export
activities, the SC might be exposed to currency fluctuation risk.
Based on our historical financial data, we concluded that the SC overall
payment pattern is average. There is no legal suit against the SC.
The industry continues to be attractive with the encouraging global and
domestic demand for its products. With the promising outlook of the industry,
the business opportunities of the SC should be favourable.
Based on the above condition, we recommend credit be granted to the SC
normally.
THE FINANCIAL
STATEMENTS WERE PREPARED
IN ACCORDANCE WITH
STANDARD.
PROFIT
AND LOSS ACCOUNT
For
The Year Ended 31-December-2005
MUNIVAC
SDN BHD
2005 2004 2003
MYR MYR MYR
TURNOVER 76,215,295 49,093,665 53,512,070
=========== =========== ===========
PROFIT/(LOSS) FROM OPERATIONS 5,421,342 3,589,975 3,154,488
SHARE OF
PROFITS/(LOSSES) OF ASSOCIATED
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PROFIT/(LOSS)
BEFORE TAXATION 5,421,342 3,589,975 3,154,488
Taxation <958,141> <702,017> <628,257>
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PROFIT/(LOSS)
AFTER TAXATION 4,463,201 2,887,958 2,526,231
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PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS 4,463,201 2,887,958 2,526,231
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PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS 4,463,201 2,887,958 2,526,231
RETAINED
PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As previously
reported 12,728,034 9,840,076 7,313,845
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As restated 12,728,034 9,840,076 7,313,845
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PROFIT
AVAILABLE FOR APPROPRIATIONS 17,191,235 12,728,034 9,840,076
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RETAINED
PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD 17,191,235 12,728,034 9,840,076
=========== =========== ===========
RETAINED BY:
The Company 17,191,235 12,728,034 9,840,076
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17,191,235 12,728,034 9,840,076
=========== =========== ===========
INTEREST
EXPENSE (as per notes to P&L)
Hire purchase 5,983 9,219 10,110
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5,983 9,219 10,110
=========== =========== ===========
BALANCE SHEET
As At
31-December-2005
2005 2004 2003
MYR MYR MYR
ASSETS
EMPLOYED:
FIXED ASSETS 21,028,191 13,795,168 9,614,471
LONG
TERM INVESTMENTS/OTHER ASSETS
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INTANGIBLE
ASSETS
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TOTAL LONG
TERM ASSETS 21,028,191 13,795,168 9,614,471
CURRENT
ASSETS
Stocks 11,070,483 5,075,474 3,054,644
Trade debtors 2,646,699 549,727 371,370
Other
debtors, deposits & prepayments 2,489,910 1,078,183 1,523,588
Short term
deposits - - 348,979
Items in
transit between head office & branches
Amount due
from holding company 40,000 40,000 40,000
Amount due
from related companies 8,413,521 1,177,065 481,408
Cash &
bank balances 814,510 1,030,480 433,162
amount owing
by intermediate holding company 4,517,041 2,925,565 6,240,800
------------------- ------------------- -------------------
TOTAL CURRENT
ASSETS 29,992,164 11,876,494 12,493,951
CURRENT
LIABILITIES
Trade
creditors 11,278,506 3,470,909 4,293,964
Other
creditors & accruals 6,250,027 2,715,996 1,714,164
Hire purchase
& lease creditors - 24,698 38,841
Amounts owing
to related companies 199,026 - -
amount owing
to intermediate holding company 10,429,845 1,864,309 1,730,963
------------------- ------------------- -------------------
TOTAL CURRENT
LIABILITIES 28,157,404 8,075,912 7,777,932
------------------- ------------------- -------------------
NET CURRENT
ASSETS/(LIABILITIES) 1,834,760 3,800,582 4,716,019
------------------- ------------------- -------------------
TOTAL NET
ASSETS 22,862,951 17,595,750 14,330,490
=========== =========== ===========
FINANCED
BY:
SHARE CAPITAL
Ordinary
share capital 3,245,074 3,245,074 3,245,074
------------------- ------------------- -------------------
TOTAL SHARE
CAPITAL 3,245,074 3,245,074 3,245,074
RESERVES
Share premium 489,642 489,642 489,642
Retained profit/(Accumulated loss)
carried
forward 17,191,235 12,728,034 9,840,076
------------------- ------------------- -------------------
TOTAL
RESERVES 17,680,877 13,217,676 10,329,718
------------------- ------------------- -------------------
SHAREHOLDERS'
FUNDS/EQUITY 20,925,951 16,462,750 13,574,792
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
Hire purchase
creditors - - 24,698
Deferred
taxation 1,937,000 1,133,000 731,000
------------------- ------------------- -------------------
TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 1,937,000 1,133,000 755,698
------------------- ------------------- -------------------
22,862,951 17,595,750 14,330,490
=========== =========== ===========
FINANCIAL
RATIOS
As At
31-December-2005
MUNIVAC
SDN BHD
2005 2004 2003
MYR MYR MYR
TYPES OF
FUNDS
Cash 814,510 1,030,480 782,141
Net Liquid
Funds 814,510 1,030,480 782,141
Net Liquid
Assets <9,235,723> <1,274,892> 1,661,375
Net Current
Assets/(Liabilities) 1,834,760 3,800,582 4,716,019
Net Tangible
Assets 22,862,951 17,595,750 14,330,490
Net Monetary
Assets <11,172,723> <2,407,892> 905,677
BALANCE
SHEET ITEMS
Total
Borrowings 0 24,698 63,539
Total
Liabilities 30,094,404 9,208,912 8,533,630
Total Assets 51,020,355 25,671,662 22,108,422
Net Assets 22,862,951 17,595,750 14,330,490
Net Assets
Backing 20,925,951 16,462,750 13,574,792
Shareholders''
Funds 20,925,951 16,462,750 13,574,792
Total Share
Capital 3,245,074 3,245,074 3,245,074
Total
Reserves 17,680,877 13,217,676 10,329,718
LIQUIDITY
(Times)
Cash Ratio 0.03 0.13 0.10
Liquid Ratio 0.67 0.84 1.21
Current Ratio 1.07 1.47 1.61
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 53 38 21
Debtors Ratio 13 4 3
Creditors
Ratio 54 26 29
SOLVENCY
RATIOS (Times)
Gearing Ratio 0 0.00 0.00
Liabilities
Ratio 1.44 0.56 0.63
Times
Interest Earned Ratio 907.12 390.41 313.02
PERFORMANCE
RATIO (%)
Operating
Profit Margin 7.11 7.31 5.89
Net Profit
Margin 5.86 5.88 4.72
Return On Net
Assets 23.74 20.45 22.08
Return On
Capital Employed 23.74 20.43 22.02
Return On
Shareholders'' Funds/Equity 21.33 17.54 18.61
Dividend Pay
Out Ratio (Times) 0 0 0
NOTES
TO ACCOUNTS
Contingent
Liabilities 0 0 0
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 |
|
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 |
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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. |
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 |
|
<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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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%)