MIRA
INFORM REPORT
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Report Date : |
9th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
ACERINOX MALAYSIA SDN BHD |
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Registered Office : |
Suite
5, 3A, Menara Pelangi, 2 Jln Kuning, Tmn , Pelangi, Level 5, 80400 Johor Bahru,
Johor, Malaysia. |
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Country : |
Malaysia. |
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Date of Incorporation : |
03/09/2004 |
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Legal Form : |
Private
Limited Com |
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Line of Business : |
Engaged
in the business of import, export & trading of stainless steel |
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 |
EXECUTIVE SUMMARY
LOCAL NO : 664822-X
COMPANY NAME : ACERINOX MALAYSIA SDN BHD
FORMER
NAME : N/A
INCORPORATION
DATE : 03/09/2004
COMPANY
STATUS : EXIST
LEGAL
STATUS : PRIVATE LIMITED COMPANY
LISTED
STATUS : NO
REGISTERED
ADDRESS : SUITE 5.3A, MENARA PELANGI, 2 JLN
KUNING, TMN
PELANGI,
LEVEL 5, 80400 JOHOR BAHRU, JOHOR,
MALAYSIA.
BUSINESS
ADDRESS : PTD 175189, BT 11 1/2, JLN JOHOR
BHARU-KOTA
TINGGI,
81800 ULU TIRAM, JOHOR, MALAYSIA.
TEL NO : 07 - 8625252
FAX NO : 07 - 8617377
CONTACT
PERSON : RAMOS FLORES BENJAMIN (DIRECTOR)
INDUSTRY
CODE : 51432
PRINCIPAL
ACTIVITY : IMPORT, EXPORT & TRADING OF
STAINLESS STEEL
AUTHORISED
CAPITAL : MYR50,000,000.00 DIVIDED INTO
ORDINARY
SHARE 50,000,000 OF MYR1.00 EACH.
ISSUED
AND PAID UP CAPITAL : MYR24,000,000.00 DIVIDED INTO
ORDINARY
SHARE 24,000,000 CASH OF MYR1.00
EACH.
SALES : MYR334,658,359 [2005]
NET
WORTH : MYR34,649,294 [2005]
STAFF
STRENGTH : 7
[2006]
LITIGATION : CLEAR
FINANCIAL
CONDITION : FAIR
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL
RISK : MODERATE
CURRENCY
EXPOSURE : HIGH
GENERAL
REPUTATION : SATISFACTORY
CREDIT
RATING : B (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) import, export & trading of stainless steel.
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
ACERINOX
S.A. 23,999,999
INOXIDABLES
DE EUSKADI 1
S.A.
-------------------
24,000,000
===========
+ 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 : LOW GUAN HONG
Address : 27A JLN JINGGA 3, TMN PELANGI, 80400 JOHOR BAHRU,
JOHOR, MALAYSIA.
IC
/ PP No : 5856623
New
IC No : 600229-01-5921
Date
of Birth : 29/02/1960
Nationality : MALAYSIA CHINESE
Date
of Appointment : 03/09/2004
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST IN COMPANY
Company. . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . Designation Shareholding Court As
At . . . . . .
. .
ACERINOX MALAYSIA
SDN BHD Director 0 19/09/2006
CROSSTECH
INDUSTRIES SDN BHD Director 0 29/01/2000
YICK HOE HARDWARE & MACHINERY SDN BHD Director 504,879 25/11/2004
YICK HOE METAL INDUSTRIES SDN BHD Director 3,750,000 18/03/2006
YICK HOE SPECIAL STEEL & ENGINEERING SDN BHD Director 60,270 12/02/2004
CREDIT HISTORY CHECK
Legal
action : none in our databank
Bankruptcy
action : none in our databank
Secretary/director/
shareholder of would up company : none in our databank
Contributing
subscriber default information : none in our databank
DIRECTOR 2
Name
of Subject : LOW GUAN AIK
Address : 19B JLN STULANG DARAT, 80300 JOHOR BAHRU,
JOHOR,
MALAYSIA.
IC
/ PP No : A1420252
New
IC No : 690807-01-6363
Date
of Birth : 07/08/1969
Nationality : MALAYSIA CHINESE
Date
of Appointment : 03/09/2004
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST IN COMPANY
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Company. |
Designation |
Shareholding Court |
As At |
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ACERINOX MALAYSIA SDN BHD |
Director |
0 |
19/09/2006 |
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CROSSTECH INDUSTRIES SDN BHD |
Director |
0 |
29/01/2000 |
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YICK HOE HARDWARE & MACHINERY SDN BHD |
Director |
300,000 |
25/11/2004 |
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YICK HOE METAL INDUSTRIES SDN BHD |
Director |
3,750,000 |
18/03/2006 |
CREDIT HISTORY CHECK
Legal
action : none in our databank
Bankruptcy
action : none in our databank
Secretary/director/
shareholder of would up company : none in our databank
Contributing
subscriber default information : none in our databank
DIRECTOR 3
Name of Subject : VALENCIA
DIAZ JOSE CARLOS
Address : CALLE BRISTOL 18, 280828, MADRID, SPAIN.
IC
/ PP No : 01480538M
Nationality : SPANIARD
Date
of Appointment : 03/09/2004
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST IN COMPANY
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Company. |
Designation |
Shareholding Court |
As At |
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ACERINOX MALAYSIA SDN BHD |
Director |
0 |
19/09/2006 |
CREDIT HISTORY CHECK
Legal
action : none in our databank
Bankruptcy
action : none in our databank
Secretary/director/
shareholder of would up company : none in our databank
Contributing
subscriber default information : none in our databank
DIRECTOR 4
Name
of Subject : FERRANDIS TORRES MIGUEL
Address : CALLE PABLE VIDAL 7, 28043, MADRID, SPAIN.
IC
/ PP No : 51389145S
Nationality : SPANIARD
Date
of Appointment : 03/09/2004
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST IN COMPANY
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Company. |
Designation |
Shareholding Court |
As At |
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ACERINOX MALAYSIA SDN BHD |
Director |
0 |
19/09/2006 |
CREDIT HISTORY CHECK
Legal
action : none in our databank
Bankruptcy
action : none in our databank
Secretary/director/
shareholder of would up company : none in our databank
Contributing
subscriber default information : none in our databank
DIRECTOR 5
Name
of Subject : RAMOS FLORES BENJAMIN
Address : 132 TG RHU RD, PEBBLE BAY, #14-10, 436919,
SINGAPORE.
IC
/ PP No : ESPX553608
Nationality : SINGAPOREAN
Date
of Appointment : 03/09/2004
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST IN COMPANY
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Company. |
Designation |
Shareholding Court |
As At |
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ACERINOX MALAYSIA SDN BHD |
Director |
0 |
19/09/2006 |
CREDIT HISTORY CHECK
Legal
action : none in our databank
Bankruptcy
action : none in our databank
Secretary/director/
shareholder of would up company : none in our databank
Contributing
subscriber default information : none in our databank
MANAGEMENT
1) Name of Subject: RAMOS FLORES BENJAMIN
Position : DIRECTOR
AUDITOR
Auditor : KPMG
Auditors'
Address : WISMA KPMG, JLN DUNGUN, D'SARA HEIGHTS, 4TH FLR, 50490
KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
COMPANY SECRETARY
1)
Company Secretary : SUJATA MENON D/O K R D S CHANDRAN
IC / PP
No. : A1515978
New IC
No. : 700202-01-5954
Address : 52 JLN DIAN 6, TMN MUNSYI IBRAHIM, 81200 JOHOR BAHRU,
MALAYSIA.
2)
Company Secretary : LIM PEK SUAN
IC / PP No. : A2344967
New IC No. : 730223-14-5114
Address : 7 JLN GAYA 21, TMN GAYA, 81800 ULU
TIRAM, JOHOR.
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 Malaysia No legal action was found in our databank.
No winding up petition was found in our data bank
PAYMENT RECORD
The SC's products are
mainly imported from its related companies.
Subject company refused
to provide any name of trade/service supplier and without the financial
account, we are not able to comment on the subject's payment habit.
CLIENTELE
Local : N/A
Overseas : 100%
Export
Market : SINGAPORE, ASEA PACIFIC REGION
Credit
Term : AS AGREED
Payment
Mode : LETTER OF CREDIT (LC) & TELEGRAPHIC
TRANSFER (TT)
OPERATIONS
Goods
Traded : STAINLESS STEEL
Total
Number of Employees :
YEAR 2006 2005
GROUP N/A N/A
COMPANY 7 5
Branch : NO
Other
Information :
The SC is principally
engaged in the (as a / as an) import, export & trading of stainless steel.
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 : 07-8625230
Current
Telephone Number : 07-8625252
Match : NO
Address
Provided By Client : SUITE 5, 31, LEVEL 5 MENARA PELANGI, 2
JALAN
KUNING.TAMAN
PELANGI, 80400 JOHOR
Current
Address : PTD 175189, BT 11 1/2, JLN JOHOR BHARU-KOTA
TINGGI,
81800 ULU TIRAM, JOHOR, MALAYSIA.
Match : NO
Latest
Financial Accounts : YES
Other
Investigations
On 28th September
2006 we contacted Ms Samantha from the Logistic Division. She provided some
information on the SC.
We have verified and confirmed
that the address provided belongs to the SC's registered office.
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, 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 current net assets, the SC should be able to repay its short term obligations. However, the SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected.
Overall financial
condition of the SC: FAIR
COMMENTS
Incorporated
in 2004, the SC is a new entrant company involved in import, export and trading
of stainless steel. The SC's position in the industry is not stable as it has
yet to build up a good reputation among its suppliers and clientele. From our
investigation revealed that the SC is only dealing with the overseas markets.
The SC exports all of its products to countries like Singapore and Asia Pacific
Region. Being an export oriented company, the SC is exposed to high foreign
currency fluctuation risk. The SC's business operation is overseen by Director
Ramos Flores Benjamin and currently it has 7 staff in its operation. We noted
that the SC is clear of litigation and it has a total paid up capital of
RM24,000,000.
During
the financial year 2005, the SC's turnover and pre-tax profit stood at
RM334,658,359 and RM14,793,294 respectively. Based on the higher profitability,
the SC has generated a relatively high return for its shareholders. Besides
that, the SC's liquidity position is at an acceptable range and it does not
face any problems in meeting its short term financial obligations.
Nevertheless, the SC had a high liabilities ratio which has placed the SC at a
high financial risk. Overall, the SC's financial standing is Fair.
In the
view of the above, we recommend that credit be granted to the SC with
monitoring.
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
PROFIT AND LOSS ACCOUNT
ACERINOX
MALAYSIA SDN BHD
31-December-2005
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Turnover 334,658,359.00
Operating
Revenue 0.00
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Profit
/ (Loss) Before Tax 14,793,294.00
----------------------------
Profit
/ (Loss) After Tax 10,649,294.00
Extraordinary
Item 0.00
Minority
Interest 0.00
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Profit/(Loss)
Attributable to Shareholders 10,649,294.00
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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 0.00
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Unappropriated
Profit/(Loss) Carried Forward 10,649,294.00
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BALANCE SHEET
ACERINOX
MALAYSIA SDN BHD
31-December-2005
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Fixed
Assets 2,885.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 111,694,466.00
Intangible
Assets 0.00
Other
Assets 0.00
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Total
Assets 111,697,351.00
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Working
Capital 34,754,409.00
Issued
Capital 24,000,000.00
Paid
Up Capital 2,400,000.00
Share
Premium & Reserved 21,600,000.00
Unappropriated
Profit/(Loss) 10,649,294.00
----------------------------
Shareholder's
Fund/Equity 34,649,294.00
----------------------------
Current
Liabilities 76,940,057.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 108,000.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 111,697,351.00
================
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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