MIRA
INFORM REPORT
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Report Date : |
30.10.2007 |
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 |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
03/09/2004 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
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
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
|
Company. |
Designation |
Shareholding Court |
As At |
|
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
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
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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
----------------------------
Prior Period Adjustment 0.00
Net Dividend 0.00
Transferred To/From Reserved 0.00
Others 0.00
----------------------------
Unappropriated Profit/(Loss)
Brought Forward 0.00
----------------------------
Unappropriated Profit/(Loss)
Carried Forward 10,649,294.00
================
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
----------------------------
Total Assets 111,697,351.00
================
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 |
|
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. |
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 |
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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%)