MIRA
INFORM REPORT
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Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRONICS BHD |
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Registered Office : |
9, Jalan Taming 3, Taman |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
18/07/1975 |
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Legal Form : |
Public Company |
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Line of Business : |
Design, Manufacturing and Installation of Electronics and
Microprocessor Controlled 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 : |
Exists |
* Adopted
abbreviations : SC - Subject Company ( the company enquired
by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 23699-X
COMPANY NAME : INDUSTRONICS BHD
FORMER NAME : INDUSTRONICS SDN BHD (07-01-1994)
INCORPORATION DATE : 18/07/1975
COMPANY STATUS : EXIST
LEGAL STATUS : PUBLIC COMPANY
LISTED STATUS : YES
LISTED DATE : 21/10/1994
REGISTERED ADDRESS : 9, JALAN TAMING 3,
BUSINESS ADDRESS : NO 9, JALAN TAMING 3,
KEMBANGAN,
TEL NO : 03 - 89613024
FAX NO : 03 - 89616409
EMAIL : industx@po.jaring.my
WEB SITE : www.industronics.com.my
CONTACT PERSON : LEE FOONG SAM (EXECUTIVE DIRECTOR)
INDUSTRY CODE : 32109
52370
PRINCIPAL ACTIVITY : DESIGN, MANUFACTURING AND
INSTALLATION OF
ELECTRONICS
AND MICROPROCESSOR CONTROLLED
PRODUCTS
AUTHORISED CAPITAL : MYR100,000,000.00 DIVIDED INTO
ORDINARY SHARE
200,000,000
OF MYR0.50 EACH.
ISSUED AND PAID UP CAPITAL : MYR45,516,500.00 DIVIDED INTO
ORDINARY SHARE
49,655,000
CASH AND 41,378,000 OTHERWISE OF MYR0.50
EACH.
SALES : MYR80,394,212 [2006]
NET WORTH : MYR59,637,881 [2006]
STAFF STRENGTH : 150
[2007]
BANKER (S) : ALLIANCE BANK
: MALAYAN BANKING BHD
LITIGATION : TRACED
FINANCIAL CONDITION : LIMITED
PAYMENT : AVERAGE
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : STRONG GROWTH
HISTORY / BACKGROUND
As a public limited company, the SC must have at least one shareholder but
there is no limit on the maximum number of shareholders. The SC must have at
least two directors. A public 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, suing or be sued by other companies. The
liabilities of the shareholders are only up 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
must file in its annual return, together with its financial statements with the
Registrar of Companies. In
The SC is principally engaged in the (as a / as an) design,
manufacturing and installation of electronics and microprocessor controlled
products.
The SC was listed on the Main Board of Bursa Malaysia Securities Bhd on
21 Oct 1994.
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
ALLIANCEGROUP
(TEMPATAN) SDN BHD 8
JALAN MUNSHI ABDULLAH, 2ND FLOOR,
50100
DR LIM JIT CHOW + 9,
JALAN SS 3/90, LADANG SEAPORT, 47300 0584884 8,040,500
PETALING
JAYA,
AMSEC NOMINEES BANGUNAN
AMBANK GROUP, 55 JALAN RAJA 102918 5,067,500
(TEMPATAN) SDN BHD CHULAN,
15TH FLOOR, 50200
WILAYAH
MR. TEO KAH FATT 152,
JALAN KUCHING BY PASS KUCHING, K692557 4,518,000
RHB CAPITAL NOMINEES TOWER 3, RHB CENTRE, JALAN TUN RAZAK, 24915 3,375,600
(TEMPATAN) SDN BHD LEVEL
1, 50400
MR. LIM
HOCK GUAN 79, JALAN SS
21/13, DAMANSARA UTAMA, 4591993 3,123,300
47400
PETALING JAYA, SELANGOR, 540525-08-5519
HSBC NOMINEES (TEMPATAN) 2 LEBOH AMPANG, 50100
SDN BHD WILAYAH
MR. TYE TEK NGO 9,
JALAN SS 3/90, 47300 PETALING JAYA, 0585344 2,117,000
ZECON ENGINEERING BHD
JALAN
SATOK, 8TH FLOOR, 93400 KUCHING,
MS. NG GAT CHENG 11A,
JALAN SS 17/2L, 47500 SUBANG JAYA, 1165371 1,340,000
MR. LIM YIT PENG 0586374 1,019,800
490111-08-5049
INDUSTRONICS BHD 9,
JALAN TAMING 3,
43300
SERI KEMBANGAN, SELANGOR,
MAYBAN NOMINEES MENARA
MAYBANK, 100 JALAN TUN PERAK, 258939 654,300
(TEMPATAN) SDN BHD 14TH
FLOOR, 50050
WILAYAH
DATIN MAHYON BTE HJ IDROS 0264891 610,000
260827-07-5168
MS. KAREN LEE YU LEY 840605-14-5010 600,000
MR. LIM FUNG TAO 810315-10-5013 600,000
MS. LIM HSIU HOON 9,
JALAN SS 3/90, LADANG SEAPORT, 47300 A2527420 570,000
PETALING
JAYA,
MS. TYE
PETALING
JAYA,
MS. LIM HSIU MIN 9,
JALAN SS 3/90, LADANG SEAPORT, 47300 760429-14-5328 520,000
PETALING
JAYA,
REMAINING SHAREHOLDERS 26,347,800
--------------------
91,033,000
===========
+
Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown
as follows:
Local No Name (%) As At
90568 ADEMCO
(
232193 ASIAN
ADVERTISING (M) SDN BHD 55.00 31/12/06
DASAR
SPREKTUM (M) SDN BHD 55.00 31/12/06
378877 INDUSTRONICS
AUTOMATION SDN BHD 100.00 31/12/06
374221 INDUSTRONICS
MANUFACTURING SDN BHD 100.00 31/12/06
INDUSTRONICS
MULTIMEDIA SDN BHD 100.00 31/12/06
OLYMPEX
SDN BHD 100.00 31/12/06
218590 PRIMEWORTH
(M) SDN BHD 69.20 31/12/06
SCREENRENTAL
SDN BHD 100.00 31/12/06
202894 SUKITRONICS
SDN BHD 51.00 31/12/06
186176 TTE
ELECTRONICS SDN BHD 100.00 31/12/06
DIRECTORS
DIRECTOR 1
Name of Subject : DR LIM JIT CHOW
Address : 9, JALAN SS 3/90, LADANG SEAPORT,
47300 PETALING JAYA,
IC / PP No. : 0584884
New IC No : 400519-08-5673
Date of Birth : 19/05/1940
Nationality : MALAYSIAN CHINESE
Date of Appointment : 18/07/1975
DIRECTOR 2
Name of Subject : MS. LIM HSIU HOON
Address : 9, JALAN SS 3/90, LADANG SEAPORT,
47300 PETALING JAYA,
IC / PP No. : A2527420
New IC No : 730804-14-5366
Date of Birth : 04/08/1973
Nationality : MALAYSIAN CHINESE
DIRECTOR 3
Name of Subject : YOON KWOK CHING
Address :
IC / PP No. : E7603595
Nationality : SINGAPOREAN
DIRECTOR 4
Name of Subject : JAMES LIM JIT TENG @ LIM YIT TENG
Address :
IC / PP No. : 2512640H
Nationality : SINGAPOREAN
Remark : ALT DIR
DIRECTOR 5
Name of Subject : MR. LIM JIT FU
Address : 59, JALAN RAHIM KAJAI,
LUMPUR,
WILAYAH
IC / PP No. : 5934381
New IC No : 600620-08-6343
Nationality : MALAYSIAN CHINESE
Remark : ALT DIR
DIRECTOR 6
Name of Subject : MR. OOI SOON KIAM
Address : 19, JALAN SS 22A/5, DAMANSARA JAYA,
47400 PETALING JAYA,
IC / PP No. : 2234861
New IC No : 440211-02-5291
Nationality : MALAYSIAN CHINESE
DIRECTOR 7
Name of Subject : TAN HOCK KENG
Address :
IC / PP No. : 0193865G
Nationality : SINGAPOREAN
DIRECTOR 8
Name of Subject : MR. GAN BOON CHUAN
Address : 41, JALAN BM 1/11,
PETALING
JAYA,
IC / PP No. : 5392078
New IC No : 580911-08-5185
Nationality : MALAYSIAN CHINESE
DIRECTOR 9
Name of Subject : DR JUNID BIN ABU SAHAM
Address : 28, JALAN BEKA,
WILAYAH
IC / PP No. : 4131261
New IC No : 420220-08-5765
Nationality : MALAYSIAN MALAY
Qualification : A
(ECONS
& BUS STUDIES)
Working Experience : WORKED AS AN AUDITOR WITH AURTHUR
ANDERSON & CO IN
SYDNEY
& IN
TO THE POSITION OF
INVESTMENT MANAGER IN BANK RAKYAT IN
1975.
LATER JOINED ARAB-MALAYSIAN MERCHANT BANK BHD IN 1976
AS
A CREDIT OFFICER & HELD VARIOUS POSITIONS BEFORE HE WAS
PROMOTED
TO THE POSITION OF GM. AFTER 15 YEARS, HE LEFT
AMMB
IN 1992 TO PURSUE HIS OWN PRIVATE BUSINESS WHERE HE
ACTED
AS THE CORPORATE ADVISE
DIRECTOR 10
Name of Subject : DATO' TENGKU SHAMSUL BAHRIN BIN RAJA
MOHD ALI
Address : 3, JALAN BUNGA MATAHARI 2/3, 40000
SHAH ALAM, SELANGOR,
IC / PP No. : 0898924
New IC No : 390418-05-5209
Nationality : MALAYSIAN MALAY
MANAGEMENT
1) Name of Subject : LEE
FOONG SAM
Position : EXECUTIVE DIRECTOR
2) Name of Subject : LIM
JIT FU
Position : GENERAL MANAGER
3) Name of Subject : LIM
JIT CHOW
Position : MANAGING DIRECTOR
4) Name of Subject : HUBERT
KOK
Position : FINANCIAL CONTROLLER
5) Name of Subject :
Position : SENIOR MARKETING MANAGER
6) Name of Subject : BERLINA
SAW
Position : HUMAN RESOURCE MANAGER
AUDITOR
Auditor : PETER
I M CHIENG & CO
Auditors' Address : 2E, JALAN SS 22/25, DAMANSARA JAYA,
1ST FLOOR, 47400
PETALING
JAYA,
COMPANY SECRETARY
1) Company Secretary : MS.
SOH YOKE KUM
IC / PP No. : A2287626
New IC No. : 720805-10-5316
Address :
KAJANG,
Date of Appointment : 28/08/2006
2) Company Secretary : MS.
LIEW LAY KIM
IC / PP No. : 7311402
New IC No. : 640323-10-7458
Address : 7, JALAN E3/13,
LUMPUR,
WILAYAH
Date of Appointment : 01/08/1998
BANKING
Banking relations are maintained principally with :
1) Banker Name : ALLIANCE
BANK
2) 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 Apr 1997
Description of Charge : LOAN AGREEMENT & ASSIGNMENT
Amount Secured : RM 10,000,000.00
Description of Property Affected : FIXED CHARGE
Name & Address of Chargee : MALAYAN BANKING BHD
37
JLN MANIS 6, TMN SEGAR, CHERAS, 56100 KUALA
LUMPUR.
Form 40 Dated 28 Apr 1997
Registered and Numbered 13 In The
Register of Charges
ENCUMBRANCE 2
Date of Creation : 16 May 2000
Description of Charge : N/A
Amount Secured : RM 5,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : ALLIANCE BANK
Form 40 Dated
Registered and Numbered 15 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.
LEGAL ACTION
Code No : 22 Case
No : 1757
Year : 2002 Place :
Court : HIGH COURT
Solicitor : 109
Solicitor Ref : RAJA ELEENA SIEW ANG & ASSOCIATES
Plaintiff : EON BANK BHD
Defendants : PDX COMPUTERS SDN BHD (132611)
9
JLN TAMING 3, TMN TAMING JAYA, 43300 SRI
KEMBANGAN,
SELANGOR.
INDUSTRONICS
BHD (23699)
Amount Claimed : 1,290,000.00
Nature of Claim : LOAN
NOTE: Please check with creditors
for confirmation as alleged debts may have been paid since recorded or are
being disputed. The person who has been
sued has the same name as the subject. However, we are unable to determine
whether the person sued is the one and the same person.
No winding up petition was found in our data bank
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : YES
Overseas : YES
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 : MIDDLE EAST ,
Credit Term : AS AGREED.
Payment Mode : CHEQUES , TELEGRAPHIC TRANSFER (TT).
OPERATIONS
Products Manufactured : CARD ACCESS SYSTEM, ELECTRONIC COLOUR DISPLAY BOARDS
(SCORE
BOARDS & ADVERTISING), ELECTRONIC
DISPLAY SIGNAGES,
ELECTRONIC
INFORMATION DISPLAY SYSTEM (FIDS), FIRE
& BURGLARY
ALARM
PANELS, VOLTAGE REGULATORS ETC
Brand Name : OLYMPEX (ELECTRONIC DISPLAYS) ENERTEX
(UNINTERUPTED POWER
SUPPLY)
Certification of products : MS 1745 : PART 2 : 2004
Competitor(s) : AVAGO TECHNOLOGIES (
MINEBEA
ELECTRONICS MOTOR (
STATS
CHIPPAC
VISHAY SEMICONDUCTOR
HOKUDEN
(
Ownership of premises : OWNED
Shifts : 1 SHIFT
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 150
Branch : YES
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 : 03-89613024
Match : N/A
Address Provided By Client : 9, JALAN TAMING 3,
KEMBANGAN
Current Address : NO 9, JALAN TAMING 3,
43300
SERI KEMBANGAN,
Match : NO
Latest Financial Accounts : YES
Other Investigations
On 7th June 2007, 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 [ 2004-2006 ]
Profit / ( Loss ) before tax : Decreased [ 2004-2006 ]
Return on Shareholder Funds : Unfavourable [ 3.14% ]
Return on Net Assets : Unfavourable [ 4.98% ]
The fluctuating turnover reflects the fierce competition among the
existing and new market players. The SC's profit fell sharply because of the
high operating costs incurred. The unfavourable return on shareholders' funds
and net assets could indicate that the SC's management was inefficient in
utilizing its assets to generate returns.
Working Capital Control :
Stocks Ratio : Unfavourable [ 166 Days ]
Debtors Ratio : Unfavourable [ 111 Days ]
Creditors Ratio : Favourable [ 43 Days ]
The SC could be incurring higher holding cost. As its capital was tied up
in stocks, it could face liquidity problems. The SC's debtors ratio was high.
The SC should tighten its credit control and improve its collection period. 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 : Favourable [ 1.20 Times ]
Current Ratio : Unfavourable [ 1.96 Times ]
A minimum liquid ratio of 1 should be maintained by the SC in order to
assure its creditors of its ability to meet short term obligations and the SC
was in a good liquidity position. Thus, we believe the SC is able to meet all
its short term obligations as and when they fall due.
Solvency :
Interest Cover : Acceptable [ 3.51 Times ]
Gearing Ratio : Favourable [ 0.10 Times ]
The SC's interest cover was slightly low. If there is no sharp fall in
its profit or sudden increase in the interest rates, we believe the SC is able
to generate sufficient income to service its interest and repay the loans. The
SC was lowly geared thus it had a low financial risk. The SC was mainly
financed by its shareholders' funds and internally generated funds. In times of
economic slowdown / downturn, the SC being a lowly geared company, will be able
to compete better than those companies which are highly geared in the same
industry.
Overall Assessment :
The SC recorded lower profits as its turnover showed a erratic trend.
The SC's management was unable to control its costs efficiently as its profit
showed a downward trend. The SC was in good liquidity position with its total
current liabilities well covered by its total current assets. With its current
net assets, the SC should be able to repay its short term obligations. The SC
had an acceptable interest cover. If there is no sudden sharp increase in
interest rate or fall in the SC's profit, we do believe the SC is able to
generate sufficient cash flow to service its interest payment. The SC, as a
lowly geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations.
Overall financial condition of the SC: LIMITED
COMMENTS
Established in 1975, the SC is principally engaged in the design,
manufacturing and installation of electronics and microprocessor controlled
products. The SC was listed in the Bursa Malaysia in 1994 and this has enabled
the SC to have direct access to the capital market for funds required for its
future expansion and continued growth. Its long presence in the market should
have enabled the SC to gain a certain market share and established rapports
with its client. With RM45.5 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.
In order to further grow the business, the SC has broaden its reach and
penetrated into the global market. The SC's revenue is derived from overseas
markets such as Middle East and
During the financial year 2006, its turnover dropped slightly from RM112.8 million to
RM80.3 million whilst its pre-tax profit
has dropped by 46.79% to RM2.4 million against RM4.6 million previously. Return
on shareholders' funds of the group is relatively low, indicating that the
group did not generate an acceptable amount of profits based on its existing
shareholders' funds. However the group posted good cash flow management which
has enabled the group to meet its short term obligations as and when they fall
due. Moreover being a lowly geared ratio has minimized the financial risk of
the group. Given a healthy net worth standing at RM59.6 million we believe that
the group should be able to maintain its business in the near terms.
Investigation revealed that the SC sources its raw materials from both
local and overseas countries. As a result, the SC is exposed to foreign
currency fluctuation risk.
Based on our historical financial data, the SC's payment is average. The
SC should be able to meet its small and medium commitments. Some caution needed
for big transactions.
The industry remains robust with continuing strong global demand for its
products. With this promising outlook of industry, the SC should be able to
further enhance its business. As the electrical and electronic (EE) industry is
the
In view of the above we recommend credit be granted to the SC normally.
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For The Year Ended 31-December-2006
INDUSTRONICS BHD
2006 2005 2004
MYR MYR MYR
TURNOVER 80,394,212 112,869,619 82,737,870
=========== =========== ===========
PROFIT/(LOSS)
FROM OPERATIONS 2,459,967 4,623,173 4,316,000
SHARE OF PROFITS/(LOSSES) OF
ASSOCIATED
------------------- ------------------- -------------------
PROFIT/(LOSS)
BEFORE TAXATION 2,459,967 4,623,173 4,316,000
Taxation <1,275,581> <1,358,675> <1,760,485>
------------------- ------------------- -------------------
PROFIT/(LOSS)
AFTER TAXATION 1,184,386 3,264,498 2,555,515
Minority
interests 690,798 <242,805> <111,808>
------------------- ------------------- -------------------
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS 1,875,184 3,021,693 2,443,707
------------------- ------------------- -------------------
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS 1,875,184 3,021,693 2,443,707
TRANSFER FROM
RESERVES - - 19,002
RETAINED PROFIT/(ACCUMULATED LOSS)
BROUGHT
FORWARD
As previously
reported 12,732,493 11,675,385 11,486,076
------------------- ------------------- -------------------
As restated 12,732,493 11,675,385 11,486,076
------------------- ------------------- -------------------
PROFIT
AVAILABLE FOR APPROPRIATIONS 14,607,677 14,697,078 13,948,785
DIVIDENDS -
Ordinary (paid & proposed) <1,944,343> <1,964,585> <2,273,400>
------------------- ------------------- -------------------
RETAINED PROFIT/(ACCUMULATED LOSS)
CARRIED
FORWARD 12,663,334 12,732,493 11,675,385
=========== =========== ===========
RETAINED
BY: The Company 12,663,334 12,732,493 11,675,385
------------------- ------------------- -------------------
12,663,334 12,732,493 11,675,385
=========== =========== ===========
INTEREST
EXPENSE (as per notes to P&L)
Term loan 99,162 130,374 242,547
Bank
overdraft 307,345 175,024 196,310
Revolving
loans 75,712 37,014 51,359
Hire purchase 67,258 97,288 89,978
Other
interest expenses 386,845 214,139 37,889
Bankers
acceptances 39,418 15,280 4,116
Letter of
credit 4,494 5,528 252,495
------------------- ------------------- -------------------
980,234 674,647 874,694
=========== =========== ===========
CONSOLIDATED BALANCE SHEET
As At 31-December-2006
INDUSTRONICS BHD
2006 2005 2004
MYR MYR MYR
ASSETS EMPLOYED:
FIXED ASSETS 17,182,982 18,872,804 22,352,325
LONG TERM
INVESTMENTS/OTHER ASSETS
Associated
companies 1 1 1
Development
properties/expenditure 268,192 527,749 825,244
Investment
properties 1,952,712 4,883,762 1,946,222
Investments 1,583,908 1,617,295 2,316,288
Deferred
assets 102,000 68,000 128,000
Prepaid
interest in leased land 1,521,326 1,540,442 -
Loan due from
associates companies 368,563 351,137 -
------------------- ------------------- -------------------
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS 5,796,702 8,988,386 5,215,755
INTANGIBLE
ASSETS
Goodwill on
consolidation - 331,352 352,458
------------------- ------------------- -------------------
TOTAL
INTANGIBLE ASSETS - 331,352 352,458
------------------- ------------------- -------------------
TOTAL LONG
TERM ASSETS 22,979,684 28,192,542 27,920,538
CURRENT
ASSETS
Stocks 36,664,762 36,987,227 39,470,717
Trade debtors 24,420,058 28,567,622 26,291,770
Other
debtors, deposits & prepayments 4,764,059 1,705,539 2,244,579
Short term
deposits 11,396,373 8,402,331 7,086,617
Items in transit between head
office & branches
Cash &
bank balances 8,668,584 9,469,292 12,477,858
Amount due
from customers 6,481,246 11,660,387 3,885,511
TAx
recoverable 1,782,431 1,619,314 1,498,440
------------------- ------------------- -------------------
TOTAL CURRENT
ASSETS 94,177,513 98,411,712 92,955,492
CURRENT
LIABILITIES
Trade
creditors 9,580,143 11,569,968 15,210,681
Other
creditors & accruals 6,689,987 10,109,887 6,052,392
Hire purchase
& lease creditors 315,925 492,279 476,949
Bank
overdraft 3,143,681 2,937,986 3,723,125
Short term
borrowings/Term loans 554,419 512,450 456,981
Other
borrowings 1,200,000 1,200,000 1,000,000
Bill &
acceptances payable 2,071,394 472,000 234,000
Provision for
taxation 438,890 766,782 780,884
Amount due to
customers 24,113,927 27,410,745 23,106,672
------------------- ------------------- -------------------
TOTAL CURRENT
LIABILITIES 48,108,366 55,472,097 51,041,684
------------------- ------------------- -------------------
NET CURRENT
ASSETS/(LIABILITIES) 46,069,147 42,939,615 41,913,808
------------------- ------------------- -------------------
TOTAL NET
ASSETS 69,048,831 71,132,157 69,834,346
=========== =========== ===========
FINANCED BY:
SHARE CAPITAL
Ordinary
share capital 45,476,500 45,476,500 45,468,000
------------------- ------------------- -------------------
TOTAL SHARE
CAPITAL 45,476,500 45,476,500 45,468,000
RESERVES
Revaluation
reserve 1,999,481 1,999,481 912,920
Exchange
equalisation/fluctuation reserve 38,894 70,845 52,508
Retained profit/(Accumulated loss)
carried
forward 12,663,334 12,732,493 11,675,385
Treasury
shares <540,328> <244,276> -
------------------- ------------------- -------------------
TOTAL
RESERVES 14,161,381 14,558,543 12,640,813
------------------- ------------------- -------------------
SHAREHOLDERS'
FUNDS/EQUITY 59,637,881 60,035,043 58,108,813
MINORITY
INTEREST 7,396,160 8,223,758 8,098,505
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
Long term
loans 485,695 1,040,259 1,577,111
Hire purchase
creditors 388,587 662,918 572,992
Deferred
taxation 1,140,508 1,170,179 1,476,925
------------------- ------------------- -------------------
TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 2,014,790 2,873,356 3,627,028
------------------- ------------------- -------------------
69,048,831 71,132,157 69,834,346
=========== =========== ===========
CONSOLIDATED FINANCIAL RATIOS
As At 31-December-2006
INDUSTRONICS BHD
2006 2005 2004
MYR MYR MYR
TYPES OF FUNDS
Cash 20,064,957 17,871,623 19,564,475
Net Liquid
Funds 16,366,857 14,421,187 15,384,369
Net Liquid
Assets 9,404,385 5,952,388 2,443,091
Net Current
Assets/(Liabilities) 46,069,147 42,939,615 41,913,808
Net Tangible Assets 69,048,831 70,800,805 69,481,888
Net Monetary
Assets 7,389,595 3,079,032 <1,183,937>
BALANCE SHEET
ITEMS
Total
Borrowings 6,088,307 6,845,892 7,807,158
Total
Liabilities 50,123,156 58,345,453 54,668,712
Total Assets 117,157,197 126,604,254 120,876,030
Net Assets 69,048,831 71,132,157 69,834,346
Net Assets
Backing 67,034,041 68,258,801 66,207,318
Shareholders''
Funds 59,637,881 60,035,043 58,108,813
Total Share
Capital 45,476,500 45,476,500 45,468,000
Total
Reserves 14,161,381 14,558,543 12,640,813
LIQUIDITY
(Times)
Cash Ratio 0.42 0.32 0.38
Liquid Ratio 1.20 1.11 1.05
Current Ratio 1.96 1.77 1.82
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 166 120 174
Debtors Ratio 111 92 116
Creditors
Ratio 43 37 67
SOLVENCY
RATIOS (Times)
Gearing Ratio 0.10 0.11 0.13
Liabilities
Ratio 0.84 0.97 0.94
Times
Interest Earned Ratio 3.51 7.85 5.93
PERFORMANCE
RATIO (%)
Operating
Profit Margin 3.06 4.10 5.22
Net Profit
Margin 2.33 2.68 2.95
Return On Net
Assets 4.98 7.45 7.43
Return On
Capital Employed 4.71 7.09 7.00
Return On
Shareholders'' Funds/Equity 3.14 5.03 4.21
Dividend Pay
Out Ratio (Times) 1.04 0.65 0.93
NOTES TO
ACCOUNTS
Contingent
Liabilities 0 0 0
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 |
|
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%)