MIRA
INFORM REPORT
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Report Date : |
30.04.2007 |
IDENTIFICATION DETAILS
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Name : |
MALAYSIAN INTELLIGENCE METERS SDN BHD |
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Registered Office : |
21b, Room 2, Jalan Usj 10/1c, 47620 Subang Jaya |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
22/01/2000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and Assembling Electronic Meters |
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 : |
Clear |
* Adopted
abbreviations : SC - Subject Company ( the company enquired
by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 503540-V
COMPANY NAME : MALAYSIAN INTELLIGENCE METERS SDN
BHD
FORMER NAME : UNIK PEDOMAN SDN BHD (10-05-2000)
INCORPORATION DATE : 22/01/2000
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 21B, ROOM 2, JALAN USJ 10/1C, 47620
SUBANG JAYA,
BUSINESS ADDRESS : NO.15, JALAN PENGACARA U1/ 48,
SEKSYEN U, TEMASYA
INDUSTRIAL
PARK, GLENMARIE, 40150 SHAH ALAM,
TEL NO : 03 - 55695461
FAX NO : 03 - 55695468
EMAIL : info@mim.net.my
WEB SITE : www.mim.net.my
CONTACT PERSON : MOHAMMAD RAZIF BIN MOHAMMAD SHARIF
(MANAGING
DIRECTOR)
INDUSTRY CODE : 32109
PRINCIPAL ACTIVITY : MANUFACTURING AND ASSEMBLING
ELECTRONIC
METERS
AUTHORISED CAPITAL : MYR5,000,000.00 DIVIDED INTO ORDINARY
SHARE
5,000,000
OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR2,500,000.00 DIVIDED INTO ORDINARY
SHARE
1,668,000
CASH AND 832,000 OTHERWISE OF MYR1.00
EACH.
SALES : MYR10,043,750 [2005]
NET WORTH : MYR1,418,502 [2005]
STAFF STRENGTH : 50 [2007]
BANKER (S) : BUMIPUTRA-COMMERCE BANK BHD
LITIGATION : TRACED
FINANCIAL CONDITION : FAIR
PAYMENT : AVERAGE
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : LOW
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : STRONG 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) manufacturing and
assembling electronic meters.
The SC is not listed on
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
MR. MOHAMMAD RAZIF BIN 4 BLOCK 1,
MOHAMMAD SHARIF + KAJANG,
ASPEN ANGKASA SDN BHD
PERINDUSTRIAN
BUKIT SERDANG, 43300
SERI
KEMBANGAN,
OBATA-AMBAK HOLDINGS SDN2B, JALAN SD 1/8,
BHD
--------------------
2,500,000
===========
DIRECTORS
DIRECTOR 1
Name of Subject : MR. MOHAMMAD RAZIF BIN MOHAMMAD
SHARIF
Address : 4 BLOCK 1,
IC / PP No. : 5926098
New IC No : 600101-10-6947
Date of Birth : 01/01/1960
Nationality : MALAYSIAN MALAY
DIRECTOR 2
Name of Subject : MR. SYAIFUL NAHAR BIN MOKHTAR
Address : 244 FELDA LURAH BILUT, 288000 LURAH
BILUT,
IC / PP No. : A2966726
New IC No : 750203-06-5617
Date of Birth : 03/02/1975
Nationality : MALAYSIAN MALAY
MANAGEMENT
1) Name of Subject : MOHAMMAD
RAZIF BIN MOHAMMAD SHARIF
Position : MANAGING DIRECTOR
AUDITOR
Auditor : TK TAN & CO
Auditors' Address : 21B, ROOM 3, JALAN USJ 10/1C, UEP
SUBANG JAYA, 47620 SUBANG
JAYA,
COMPANY SECRETARY
1) Company Secretary : MS.
ONG SIOK LEAN
New IC No. : 700802-02-5240
Address : 33, JALAN USJ 12/2A, 47630 PETALING JAYA, SELANGOR,
BANKING
Banking relations are maintained principally with :
1) Banker Name : BUMIPUTRA-COMMERCE
BANK 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 : 30 Mar 2001
Description of Charge : DEBENTURE
Amount Secured : RM 1,400,000.00
Description of Property Affected : 1ST FIXED CHARGE OVER ALL THE
MACHINERY AND
EQUIPMENT
AS WELL AS ALL ACCESSORIES AND PARTS
Name & Address of Chargee : BANK PEMBANGUNAN & INFRASTRUKTUR
MENARA
BANK PEMBANGUNAN, JALAN SULTAN ISMAIL,
PETI
WILAYAH
Form 40 Dated 04 Apr 2001
Registered and Numbered 1 In The
Register of Charges
ENCUMBRANCE 2
Date of Creation : 08 Dec 2003
Description of Charge : DEED OF ASSIGNMENT OF BENEFITS OF
CONTRACT
Amount Secured : RM 1,000,000.00
Description of Property Affected : DEED OF ASSIGNMENT OF BENEFITS OF
CONTRACT TO
BUMIPUTRA
COMMERCE BANK BHD IN RESPECT OF TNB
CONTRACT
NO. 541/2003
Name & Address of Chargee : BUMIPUTRA-COMMERCE BANK BHD
BANGUNAN
UMNO, LOT P5.5 PERSIARAN PERBANDARAN,
SECTION
14, LEVEL 2, 40675 SHAH ALAM, SELANGOR,
Form 40 Dated 19 Dec 2003
Registered and Numbered 2 In The
Register of Charges
ENCUMBRANCE 3
Date of Creation : 21 Oct 2004
Description of Charge : DEBENTURE
Amount Secured : RM 1,750,000.00
Description of Property Affected : ALL ASSETS OF THE COMPANY
Name & Address of Chargee : BUMIPUTRA-COMMERCE BANK BHD
BANGUNAN
UMNO, LOT P5.5 PERSIARAN PERBANDARA,
SECTION
14, LEVEL 2, 40675 SHAH ALAM, SELANGOR,
Form 40 Dated 12 Jan 2005
Registered and Numbered 3 In The Register of Charges
ENCUMBRANCE 4
Date of Creation : 22 Feb 2005
Description of Charge : FACILITY AGREEMENT, ASSIGNMENT OF
CONTRACT
PROCEED
AND JOINT AND SEVERAL GUARANTEE BY
DIRECTORS
Amount Secured : RM 365,000.00
Description of Property Affected : ALL MONEYS FROM TIME TO TIME STANDING
TO THE
CREDIT
OF THE CHARGOR DESIGNATED ESCROW
DEPOSIT
ACCOUNT
Name & Address of Chargee : BUMIPUTRA-COMMERCE BANK BHD
BANGUNAN
UMNO,
SECTION
14, LEVEL 2, 40675 SHAH ALAM, SELANGOR,
Form 40 Dated 01 Mar 2005
Registered and Numbered 4 In The Register of Charges
ENCUMBRANCE 5
Date of Creation : 17 Oct 2005
Description of Charge : DEED OF ASSIGNMENT OF BENEFITS OF
CONTRACT
Amount Secured : RM 11,100,000.00
Description of Property Affected : ALL MONEYS FROM TIME TO TIME STANDING
TO THE
CREDIT
OF THE CHARGOR DESIGNATED ESCROW
DEPOSIT
ACCOUNT
Name & Address of Chargee : BUMIPUTRA-COMMERCE BANK BHD
BANGUNAN
UMNO,
SECTION
14, LEVEL 2, 40675 SHAH ALAM, SELANGOR,
Form 40 Dated 17 Nov 2005
Registered and Numbered 5 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 : 72 Case
No : 92156
Year : 2004 Place :
Court No :
Solicitor Ref : P E LIM
Plaintiff : DYNAMIC BUSINESS SYSTEMS (M) SDN BHD
Defendants : MALAYSIAN INTELLIGENCE METERS SDN BHD
(503540)
15 JLN PENGACARA U1/48,
GLENMARIE, 40150 SHAH ALAM, SELANGOR.
Amount Claimed : 7,500.00
Nature of Claim : GDS SOLD & DELIVERED
Remarks : LIST
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 Percentage : 40%
Overseas : YES Percentage : 60%
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 Percentage : 80%
Domestic Markets :
Overseas : YES Percentage : 20%
Export Market :
Credit Term : 30 DAYS.
Payment Mode : LETTER OF CREDIT (LC).
Type of Customer : END USERS .
OPERATIONS
Products Manufactured : ELECTRONIC METERS
Competitor(s) : AVAGO TECHNOLOGIES (
MINEBEA
ELECTRONICS MOTOR (
STATS
CHIPPAC
HOKUDEN
(
INVENTEC
ELECTRONICS (M) SDN BHD
Ownership of premises : LEASED/RENTED
Total Number of Employees :
YEAR 2007 2006 2005
GROUP N/A N/A N/A
COMPANY 50 25 25
Branch : NO
Other Information :
The SC is principally engaged in the (as a / as an) manufacturing and
assembling electronic meters.
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 : 03-55695461
Match : N/A
Address Provided By Client : NO.15, JALAN PENGACARA U1/ 48,
SEKSYEN U,
SHAH
ALAM, SELANGOR
Current Address : NO.15, JALAN PENGACARA U1/ 48,
SEKSYEN U,
SHAH
ALAM,
Match : YES
Latest Financial Accounts : YES
Other Investigations
On 26th April 2007, we conducted an interview with the SC's staff, Ms
Ani from Account Dept. She furnished us some information on the SC.
FINANCIAL COMMENTS
Profitability :
Turnover : Increased [ 270.76% ]
Profit / ( Loss ) before tax : Decreased [ <
447.80% > ]
Return on Shareholder Funds : Favourable [ 108.01% ]
Return on Net Assets : Favourable [ 153.88% ]
The increase in turnover could be due to the SC adopting an aggressive
marketing strategy. The management had succeeded in turning the SC into a
profit making company. The profit could be due to better control of its
operating costs and efficiency in utilising its resources. Generally the SC was
profitable. The favourable return on shareholders' funds and return on net
assets indicate that the SC's management was efficient in utilising the assets
to generate returns.
Working Capital Control :
Stocks Ratio : Unfavourable [ 71 Days ]
Debtors Ratio : Favourable [ 54 Days ]
Creditors Ratio : Favourable [ 27 Days ]
The SC could be incurring higher holding cost. As its capital was tied
up in stocks, it could face liquidity problems. 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 [ 0.57 Times ]
Current Ratio : Unfavourable [ 0.92 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 [ 16.16 Times ]
Gearing Ratio : Favourable [ 0.54 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 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 higher turnover had helped to reduce the SC's losses.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, 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: FAIR
COMMENTS
Incorporated in 2000 as a private limited company, the SC is principally
engaged in the manufacturing and assembling electronic meters. The SC's issued
and paid up capital stands at RM2.5 million, the SC is a moderate size company.
Through time and experience, the SC has built up a good reputation in
the industry. The SC's business has been growing steadily since it has a wide
marketing network and some potential customers. In order to stay competitive,
the SC has broaden its reach and penetrated into the vast market in
During the financial year 2005, the SC's business performance showed an
upward trend as both its turnover and pre-tax profit have increased compared to
the previous year. Its turnover and pre-tax profit stood at RM10,043,750 and
RM2,130,788 respectively. Return on shareholders' funds of the SC was
favourable which indicated that the management was efficient in utilising its
funds to generate income.
However, the low liquid ratio clearly implies that the SC has difficulty
in meeting its short-term liquidity needs. Being a lowly geared company, the SC
is exposed to low financial risk. Overall, the SC's financial standing is fair.
We noted that 60% of the SC's supplies are imported from overseas
countries and the rest are sourced from local suppliers.
Based on the historical financial data, we concluded that the SC's
payment record is average.
The industry is expected to grow steadily in line with the strong demand
for consumer electronic products and rapid technological innovation. Hence, we
believe that the encouraging demand for the SC's products would present more
business opportunities for the SC.
Based on the above condition, we recommend credit be granted to the SC
normally.
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
PROFIT
AND LOSS ACCOUNT
For
The Year Ended 31-December-2005
2005 2004
MYR MYR
TURNOVER 10,043,750 2,708,950
=========== ===========
PROFIT/(LOSS) FROM OPERATIONS 2,130,788 <612,654>
SHARE OF
PROFITS/(LOSSES) OF ASSOCIATED
------------------- -------------------
PROFIT/(LOSS)
BEFORE TAXATION 2,130,788 <612,654>
Taxation <598,644> 163,651
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PROFIT/(LOSS)
AFTER TAXATION 1,532,144 <449,003>
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PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS 1,532,144 <449,003>
------------------- -------------------
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS 1,532,144 <449,003>
RETAINED
PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As previously
reported <2,613,642> <2,164,639>
------------------- -------------------
As restated <2,613,642> <2,164,639>
------------------- -------------------
PROFIT
AVAILABLE FOR APPROPRIATIONS <1,081,498> <2,613,642>
------------------- -------------------
RETAINED
PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD <1,081,498> <2,613,642>
=========== ===========
RETAINED BY: The Company <1,081,498> <2,613,642>
------------------- -------------------
<1,081,498> <2,613,642>
=========== ===========
INTEREST
EXPENSE (as per notes to P&L)
Term loan 34,032 41,658
Hire purchase 5,168 3,536
Interest on
trust receipts 41,765 44,874
bank interest 5,277 391
bankers
acceptance 42,030 18,798
late payment 2,000 -
short term
advance interest 10,273 -
------------------- -------------------
140,545 109,257
=========== ===========
BALANCE SHEET
As
At 31-December-2005
MALAYSIAN
INTELLIGENCE METERS SDN BHD
2005 2004
MYR MYR
ASSETS
EMPLOYED:
FIXED ASSETS 834,026 863,189
LONG
TERM INVESTMENTS/OTHER ASSETS
Development
properties/expenditure 689,083 472,359
Deferred
assets 381,977 980,621
------------------- -------------------
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS 1,071,060 1,452,980
INTANGIBLE
ASSETS
------------------- -------------------
------------------- -------------------
TOTAL LONG
TERM ASSETS 1,905,086 2,316,169
CURRENT
ASSETS
Stocks 1,961,310 1,585,252
Trade debtors 1,472,530 576,328
Other
debtors, deposits & prepayments 2,246 3,286
Short term
deposits 89,600 28,466
Items in
transit between head office & branches
Deposits with
financial institutions 44,480 44,480
Amount due from
director 367,427 -
Cash &
bank balances 1,143,014 -
------------------- -------------------
TOTAL CURRENT
ASSETS 5,080,607 2,237,812
CURRENT
LIABILITIES
Trade
creditors 755,109 390,303
Other
creditors & accruals 2,753,952 2,566,680
Hire purchase
& lease creditors 15,343 15,343
Bank
overdraft 54,254 90,030
Short term
borrowings/Term loans 631,777 681,194
Bill &
acceptances payable - 1,504,000
Other
liabilities & accruals 545,571 119,091
Amounts owing
to director - 67,747
trust
receipts 106,696 89,971
Short term
advance 646,954 -
------------------- -------------------
TOTAL CURRENT
LIABILITIES 5,509,656 5,524,359
------------------- -------------------
NET CURRENT
ASSETS/(LIABILITIES) <429,049> <3,286,547>
------------------- -------------------
TOTAL NET
ASSETS 1,476,037 <970,378>
=========== ===========
FINANCED BY:
SHARE CAPITAL
Ordinary
share capital 2,500,000 1,500,000
------------------- -------------------
TOTAL SHARE
CAPITAL 2,500,000 1,500,000
RESERVES
Retained
profit/(Accumulated loss) carried
forward <1,081,498> <2,613,642>
------------------- -------------------
TOTAL
RESERVES <1,081,498> <2,613,642>
------------------- -------------------
SHAREHOLDERS'
FUNDS/EQUITY 1,418,502 <1,113,642>
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
Long term
loans - 66,550
Hire purchase
creditors 57,535 76,714
------------------- -------------------
TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 57,535 143,264
------------------- -------------------
1,476,037 <970,378>
=========== ===========
FINANCIAL
RATIOS
As
At 31-December-2005
MALAYSIAN
INTELLIGENCE METERS SDN BHD
2005 2004
MYR MYR
TYPES OF
FUNDS
Cash 1,232,614 28,466
Net Liquid
Funds 546,583 <742,758>
Net Liquid
Assets <2,390,359> <4,871,799>
Net Current
Assets/(Liabilities) <429,049> <3,286,547>
Net Tangible
Assets 1,476,037 <970,378>
Net Monetary
Assets <2,447,894> <5,015,063>
BALANCE
SHEET ITEMS
Total
Borrowings 758,909 929,831
Total
Liabilities 5,567,191 5,667,623
Total Assets 6,985,693 4,553,981
Net Assets 1,476,037 <970,378>
Net Assets
Backing 1,418,502 <1,113,642>
Shareholders''
Funds 1,418,502 <1,113,642>
Total Share
Capital 2,500,000 1,500,000
Total
Reserves <1,081,498> <2,613,642>
LIQUIDITY
(Times)
Cash Ratio 0.22 0.01
Liquid Ratio 0.57 0.12
Current Ratio 0.92 0.41
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 71 214
Debtors Ratio 54 78
Creditors
Ratio 27 53
SOLVENCY
RATIOS (Times)
Gearing Ratio 0.54 <0.83>
Liabilities
Ratio 3.92 <5.09>
Times
Interest Earned Ratio 16.16 <4.61>
PERFORMANCE
RATIO (%)
Operating
Profit Margin 21.22 <22.62>
Net Profit
Margin 15.25 <16.57>
Return On Net
Assets 153.88 51.88
Return On
Capital Employed 104.31 273.87
Return On
Shareholders'' Funds/Equity 108.01 40.32
Dividend Pay
Out Ratio (Times) 0 0
NOTES
TO ACCOUNTS
Contingent
Liabilities 925,268 1,116,014
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%)