MIRA
INFORM REPORT
|
Report Date : |
14.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MIVAN
FAR EAST SDN BHD |
|
|
|
|
Registered Office : |
Lot
824, Komplek Sun, Jln Bkt Bintang, 8th Flr, 55100 Kuala Lumpur |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
05/09/1990 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Civil
Engineering Construction |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
* Adopted abbreviations : SC
- Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 203754-U
COMPANY
NAME : MIVAN
FAR EAST SDN BHD
FORMER
NAME : SPIRE FAR EAST SDN BHD (12-03-1992)
INCORPORATION
DATE : 05/09/1990
COMPANY
STATUS : EXIST
LEGAL
STATUS : PRIVATE LIMITED COMPANY
LISTED
STATUS : NO
REGISTERED
ADDRESS : LOT 824, KOMPLEK SUN, JLN BKT
BINTANG, 8TH
FLR,
55100 KUALA LUMPUR, MALAYSIA.
BUSINESS
ADDRESS : 501, 4TH FLOOR, BLOK B, GLOMAC
BUSINESS
CENTRE,
10 JALAN SS6/1, 47301 PETALING JAYA,
SELANGOR,
MALAYSIA.
TEL NO : 03 - 78032806
FAX NO : 03 - 78033437
CONTACT
PERSON : JAMES MARTIN LAUGHLIN (MANAGING
DIRECTOR)
INDUSTRY
CODE : 45209
PRINCIPAL
ACTIVITY : CIVIL ENGINEERING CONSTRUCTION
AUTHORISED
CAPITAL : MYR11,000,000.00 DIVIDED INTO ORDINARY
SHARE
10,000,000
OF MYR1.00 EACH.
PREFERENCE
SHARE 1,000,000 OF MYR1.00 EACH.
ISSUED
AND PAID UP CAPITAL : MYR1,000,000.00 DIVIDED INTO ORDINARY
SHARE
10,000,000
CASH OF MYR1.00 EACH.
PREFERENCE
SHARE 1,000,000 CASH OF MYR1.00
EACH.
SALES : MYR88,512,674 [2005]
NET
WORTH : MYR17,034,721 [2005]
STAFF
STRENGTH : 30
[2007]
BANKER
(S) : 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 : MARGINAL 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) civil engineering
construction. 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
MIVAN LTD NEW PARK, GREYSTONE RD, ANTRIM,
1,000,000
NORTHERN IRELAND, BT41 20N, UNITED
KINGDOM.
-------------------
1,000,000
===========
+
Also Director
DIRECTORS
DIRECTOR 1
Name of
Subject : JAMES MARTIN LAUGHLIN
Address : 10 JLN SETIAKASIH 8, D''SARA HEIGHTS, 50490 KUALA LUMPUR.
IC / PP
No : P740015879
Date of
Birth : 20/07/1953
Nationality : BRITISH
Date of
Appointment : 10/01/1992
DIRECTOR 2
Name of
Subject : DAVID NICHOLAS WILSON
Address : 5 JLN KIARA 11, BDR BOTANIC, 41200 KELANG, SELANGOR.
IC / PP
No : P740151050
Date of
Appointment : 21/12/1999
DIRECTOR 3
Name of
Subject : DAVID ALEXANDER MERVYN MCCALL
Address : NEW PARK, GREYSTONE RD, ANTRIM, NORTHERN IRELAND,
BT41
20N, UNITED KINGDOM.
IC / PP No : P028576204
Date of
Appointment : 01/03/2002
MANAGEMENT
1) Name of Subject : JAMES
MARTIN LAUGHLIN
Position : MANAGING
DIRECTOR
2) Name of Subject : DAVID
NICHOLAS WILSON
Position : FINANCE
DIRECTOR
3) Name of Subject : B H LIM
Position : PROJECT
MANAGER
AUDITOR
Auditor : CHEW & ASSOCIATES
Auditors'
Address : LOT 828, KOMPLEK SUN, JLN BKT BINTANG, 8TH FLR, 55100
KUALA
LUMPUR.
COMPANY SECRETARY
1) Company Secretary : TAN
BENG HOCK
IC / PP No. : 4086144
New IC No. : 361028-07-5295
Address : 162
JLN SS 2/4, 47300 PETALING JAYA, SELANGOR.
Date of Appointment : 14/04/1994
2) Company Secretary : LAI
SOOK HEAN
IC / PP No. : A1854741
New IC No. : 710503-08-6122
Address : 206
BLK A10, WANGSA MAJU, SEC 2, 53300 KUALA
LUMPUR.
Date of Appointment : 19/06/2000
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)
ENCUMBRANCE
1
Date of
Creation : 04 Nov 1992
Description
of Charge : ASSIGNMENT
Amount
Secured : O/D
Description
of Property Affected : OBLIGATION UNDER EQUIPMENT LEASE
AGREEMENT
Name
& Address of Chargee : ASIAN INTERNATIONAL MERCHANT BANKERS
BHD
UMBC
ANNEXE, JLN SULTAN SULAIMAN, 10TH FLR, 50000
KUALA
LUMPUR.
Form 40
Dated 14 Dec 1992
Registered
and Numbered 1 In The Register of
Charges
ENCUMBRANCE
2
Date of
Creation : 07 Jul 1995
Description
of Charge : SUBORDINATION AGREEMENT
Amount
Secured : FOREIGN CURRENCY
Description
of Property Affected : FIXED & FLOATING CHARGE
Name
& Address of Chargee : NATIONAL AUSTRALIA MERCHANT BANK
(SINGAPORE) LTD
SINGAPORE.
Form 40
Dated
Registered
and Numbered 5 In The Register of
Charges
ENCUMBRANCE
3
Date of
Creation : 06 Jul 1999
Description
of Charge : MEMO OF DEPOSIT
Amount
Secured : RM 1,200,000.00
Description
of Property Affected : FIXED DEPOSIT A/C
Name
& Address of Chargee : THE PACIFIC BANK BHD
58,
60, 62 & 64 JLN SS 2/67, 47300 PETALING JAYA,
SELANGOR.
Form 40
Dated 19 Jul 1999
Registered
and Numbered 6 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
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
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 : 100%
Domestic
Markets : MALAYSIA.
Overseas : NO Percentage : 0
%
Credit
Term : AS AGREED.
OPERATIONS
Services : CIVIL
ENGINEERING
Competitor(s) : UNITED
ENGINEERS (MALAYSIA) BHD
BINA PURI
HOLDINGS BHD
GADANG
ENGINEERING (M) SDN BHD
HEXAGON
TOWER SDN BHD
ENERSAVE
WATER SDN BHD
Total
Number of Employees :
YEAR 2007
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 : 03-78033437
Current
Telephone Number : 03-78032806
Match : YES
Address
Provided By Client : 501, 4TH FLOOR, BLOK B, GLOMAC
BUSINESS
CENTRE,
10 JALAN SS6/1, 47301 KELANA JAYA
Current
Address : 501, 4TH FLOOR, BLOK B, GLOMAC
BUSINESS
CENTRE,
10 JALAN SS6/1, 47301 PETALING JAYA,
SELANGOR,
MALAYSIA.
Match : YES
Latest
Financial Accounts : YES
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.
Although the SC's liability ratio is high, it is mainly due to high current
liabilities rather than long term debt. However, the high current liabilities
are well covered by its large current assets, indicating that the SC does not
face any shortage in short term working capital.
Overall
financial condition of the SC: FAIR
COMMENTS
Formed
in 1990 as a private limited company, the SC is principally engaged in the
provision of civil engineering construction. With issued and paid up capital of
RM1 million, the SC is backed by Mivan Ltd from UK.
Having
been in the industry for over a decade, the SC should have received strong
support from its regular customers. Being a moderate size company, the SC's
interest lies mostly in the domestic market.
With full concentration in the local market, it is likely to be influenced by
the local economic situation. At present, the SC's management is led by its
Managing Director, James Martiin Laughlin supported by 30 employees.
During
the financial year 2005, the SC's turnover and pre-tax profit stood at
RM88,512,674 and RM7,678,659 respectively. Based on the higher profitability,
the SC has generated a favourable return on shareholders' funds which indicated
that the management was efficient in utilising its funds to generate income.
Besides, the SC is in good liquidity position as it has sufficient working
capital to meet its short term financial obligations. Although the SC's
liability ratio is high, it is mainly due to high current liabilities rather
than long term debts. Overall, the SC's financial standing is fair. Given a
healthy net worth standing at RM17,034,721, the SC should be able to further
enhance its business.
We noted
that the SC's products are sourced locally and imported from overseas
countries. Thus, it eliminates the risk of dependency on deliveries from a
number of key suppliers and insufficient quantities of its raw materials.
Moreover, its long presence in the market has enabled the SC to built up an
extensive supplier base. As such, it may not have problems in getting its raw
materials.
The SC
is clear of litigation.
The
industry has reached its maturity stage and only enjoying marginal growth. As
the market is saturated and competitive, the SC should improve its management
capability and explore more new market segments in order to have a stable standing
in the industry.
In view
of the above, we recommend credit be granted to the SC normally.
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
PROFIT
AND LOSS ACCOUNT
MIVAN
FAR EAST SDN BHD
31-December-2005
Consolidated
Accounts : No
UnQualified
Reports : Yes
RM
Turnover 88,512,674.00
Operating
Revenue 0.00
----------------------------
Profit
/ (Loss) Before Tax 7,678,659.00
----------------------------
Profit
/ (Loss) After Tax 5,004,345.00
Extraordinary
Item 0.00
Minority
Interest 0.00
----------------------------
Profit/(Loss)
Attributable to Shareholders 5,004,345.00
----------------------------
Prior
Period Adjustment 0.00
Net
Dividend <
6,000,000.00 >
Transferred
To/From Reserved 0.00
Others 0.00
----------------------------
Unappropriated
Profit/(Loss) Brought Forward 16,030,376.00
----------------------------
Unappropriated
Profit/(Loss) Carried Forward 15,034,721.00
================
BALANCE
SHEET
MIVAN
FAR EAST SDN BHD
31-December-2005
Consolidated
Accounts : No
UnQualified
Reports : Yes
RM
Fixed
Assets 4,766,263.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 42,450,991.00
Intangible
Assets 0.00
Other
Assets 0.00
----------------------------
Total
Assets 47,217,254.00
================
Working
Capital 12,342,282.00
Issued
Capital 1,000,000.00
Paid
Up Capital 1,000,000.00
Share
Premium & Reserved 1,000,000.00
Unappropriated
Profit/(Loss) 15,034,721.00
----------------------------
Shareholder's
Fund/Equity 17,034,721.00
----------------------------
Current
Liabilities 30,108,709.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 73,824.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 47,217,254.00
================
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 |
|