MIRA
INFORM REPORT
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Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
MINIDECO SDN BHD |
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Registered Office : |
Menara City One, 3 Jln Munshi Abdullah, Level 5, 50100 Kuala Lumpur. |
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Country : |
Malaysia |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
31/12/1997 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in the business of import and
trading of jewellery and related products |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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Status : |
Moderate
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Payment Behaviour : |
Unknown
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Litigation : |
Clear |
EXECUTIVE SUMMARY
LOCAL NO : 456083-X
COMPANY NAME : MINIDECO SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 31/12/1997
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : MENARA CITY ONE, 3 JLN MUNSHI ABDULLAH, LEVEL 5,
50100 KUALA LUMPUR.
BUSINESS ADDRESS : MENARA BANGSAR, BLOCK B, 299-4-4, JALAN MAAROF,
BANGSAR, 59100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MARTINIQUE (FRENCH).
TEL NO : 03 - 20961230
FAX NO : 03 - 20947326
CONTACT PERSON : UJJWAL MEHTA (MD)
INDUSTRY CODE : 51393
PRINCIPAL ACTIVITY : IMPORT AND TRADING OF JEWELLERY AND RELATED
PRODUCTS
AUTHORISED CAPITAL : MYR500,000.00 DIVIDED INTO ORDINARY SHARE 500,000
OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL: MYR500,000.00 DIVIDED INTO
ORDINARY SHARE 500,000 CASH OF MYR1.00 EACH.
SALES : RM 4,589,690 [2004]
NET WORTH : RM 624,221 [2004]
STAFF STRENGTH : 2 [2006]
BANKER (S) : MALAYAN BANKING BHD
CREDIT RATING : C (please refer to appendix)
HISTORY / BACKGROUND
The SC is a private limited company and is allowed to have a minimumof 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) import and trading of jewellery and related products.
The SC is not listed at 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
UJJWAL MEHTA + BLK A, 299-4-4
MENARA BANGSAR, JLN Z1415601 150,000
APPOINTED AS MD ON MAAROF, BANGSAR,
59100 KUALA LUMPUR.
2/2/2000
MOHD YASIR BIN ARAFFAT 205 RUMAH PANJANG
KG PASIR, KEM 800725-14-6193 350,000
WARDIEBURN, 53300 KUALA
LUMPUR.
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500,000
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+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : UJJWAL MEHTA
Address : BLK A, 299-4-4 MENARA BANGSAR, JLN MAAROF, BANGSAR,
59100 KUALA LUMPUR.
IC / PP No : Z1415601
Date of Appointment : 20/11/1998
DIRECTOR 2
Name of Subject : ROKMINI BTE MASIRANG
Address : AG1-3 JLN PANDAN INDAH 3/3, PANDAN INDAH, 55100 KUALA
LUMPUR.
IC / PP No : N/A
New IC No : 770702-12-5686
Date of Appointment : 15/12/2004
AUDITOR
Auditor : CHS TAN & CO
Auditors' Address : B11-09 BLK B, 15 JLN 16/11, 11TH FLR, 46350 PETALING JAYA,
SELANGOR.
COMPANY SECRETARY
1) Company Secretary : M RAMANATHAN S/O S M MEYYAPPAN
IC / PP No. : 6057502
New IC No. : 600923-10-6815
Address : 15 JLN DATO ABD AZIZ 14/29, 46100 PETALING JAYA,
SELANGOR.
CLIENTELE
Local : 100%
Domestic Markets : MALAYSIA
Overseas : N/A
Credit Term : AS AGREED
Payment Mode : CASH
The SC sells its products mainly to the jewellery retailers, agents, walk-in customers and others.
OPERATIONS
Goods Traded : JEWELLERY AND RELATED PRODUCTS
Total Number of Employees :
YEAR 2006
GROUP N/A
COMPANY 2
Branch : NO
COMMENTS
Established in 1997, the SC is principally engaged in the import and trading of jewellery and related products. With its long presence in the industry coupled with its vast experiences in the business, the SC should have built up a certain goodwill with its client over times. For the financial year ended 31
December 2004, the SC registered pre-tax profit of RM59,827 on the back of a RM4,589,690 in turnover. Return on shareholders' funds of the SC is relatively low, indicating that the SC did not generate an acceptable amount of profits based on its existing shareholders' funds. The liability ratio also high indicating the financial risk of the SC is high. Nevertheless the SC posted 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. In view of the above and based on our assessment we only recommend credit be granted to the SC with guarantee.
THE FINANCIAL STATEMENTS WERE
PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
PROFIT AND LOSS ACCOUNT
MINIDECO
SDN BHD
31-December-2004
Consolidated
Accounts : No
UnQualified
Reports : Yes
RM
Turnover 4,589,690.00
Operating
Revenue 0.00
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Profit
/ (Loss) Before Tax 59,827.00
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Profit
/ (Loss) After Tax 46,367.00
Extraordinary
Item 0.00
Minority
Interest 0.00
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Profit/(Loss)
Attributable to Shareholders 46,367.00
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Prior
Period Adjustment 0.00
Net
Dividend 0.00
Transferred
To/From Reserved 0.00
Others 0.00
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Unappropriated
Profit/(Loss) Brought Forward 77,854.00
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Unappropriated
Profit/(Loss) Carried Forward 124,221.00
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BALANCE SHEET
MINIDECO
SDN BHD
31-December-2004
Consolidated
Accounts : No
UnQualified
Reports : Yes
RM
Fixed
Assets 22,583.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 3,838,668.00
Intangible
Assets 0.00
Other
Assets 0.00
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Total
Assets 3,861,251.00
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Working
Capital 603,888.00
Issued
Capital 500,000.00
Paid
Up Capital 500,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) 124,221.00
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Shareholder's
Fund/Equity 624,221.00
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Current
Liabilities 3,234,780.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 2,250.00
Share
Application Account 0.00
Minority
Interest 0.00
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Total
Equity Liability 3,861,251.00
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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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