MIRA
INFORM REPORT
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Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
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Name : |
JB COCOA SDN BHD |
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Registered Office : |
8, Jalan Pesta 1/1, Taman Tun Dr Ismail 1, Jalan Bakri, Ist Floor, 84000 Muar, Johor |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17/05/2000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing & Sale of |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
* Adopted abbreviations : SC - Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 514587-A
COMPANY NAME : JB COCOA SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 17/05/2000
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 8, JALAN PESTA 1/1,
BAKRI, IST FLOOR, 84000 MUAR,
BUSINESS ADDRESS :
PELEPAS, GELANG PATAH, 81560 JOHOR BAHRU, JOHOR,
TEL NO : 07 - 5042888
FAX NO : 07 - 5071388
CONTACT PERSON : TEY HOW KEONG (MANAGING DIRECTOR)
INDUSTRY CODE : 15431
PRINCIPAL ACTIVITY : MANUFACTURING & SALE OF
AUTHORISED CAPITAL : MYR50,000,000.00 DIVIDED INTO ORDINARY SHARE
50,000,000 OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR27,500,000.00 DIVIDED INTO ORDINARY SHARE
27,500,000 CASH OF MYR1.00 EACH.
SALES : MYR320,009,275 [2006]
NET WORTH : MYR29,569,449 [2006]
STAFF STRENGTH : 200 [2007]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : LIMITED
PAYMENT : FAIR
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
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 & sale of cocoa products.
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
JB COCOA GROUP SDN BHD
MULCORD TRADING LLC
UNITED
STATES.
MR. TEY HOW KEONG + 35,
JALAN ROS MERAH 4/12,
JAYA,
81100 JOHOR BAHRU, JOHOR, 651118-01-5013
--------------------
27,500,000
===========
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. TEY HOW KEONG
Address : 35, JALAN ROS MERAH 4/12,
BAHRU,
IC / PP No. : A0243813
New IC No : 651118-01-5013
Date of Birth : 18/11/1965
Nationality : MALAYSIAN CHINESE
Date of Appointment : 17/05/2000
DIRECTOR 2
Name of Subject : MR. TEY
Address : 35, JALAN ROS MERAH 4/12,
BAHRU,
IC / PP No. : 0066610
New IC No : 410906-01-5105
Date of Birth : 06/09/1941
Nationality : MALAYSIAN CHINESE
Date of Appointment : 19/08/2003
DIRECTOR 3
Name of Subject : MR. HENRY CHRISTENSEN DUNLOP
Address : 69 ST NICHOLAS, ROAD
IC / PP No. : P211366552
Nationality : AMERICAN
Date of Appointment : 08/11/2005
DIRECTOR 4
Name of Subject : MR. RICHARD SEAN FAHEY
Address :
IC / PP No. : P710866449
Nationality : AMERICAN
Date of Appointment : 16/10/2006
Remark : ALT DIR TO HENRY CHRISTENSEN DUNLOP
DIRECTOR 5
Name of Subject : MS. GOH LEE BENG
Address : 35, JALAN ROS MERAH 4/12,
BAHRU,
IC / PP No. : A0284932
New IC No : 651129-01-5836
Nationality : MALAYSIAN CHINESE
Date of Appointment : 19/08/2003
MANAGEMENT
1) Name of Subject : TEY HOW KEONG
Position : MANAGING DIRECTOR
2) Name of Subject : TAN KIM LAI
Position : MARKETING MANAGER
3) Name of Subject : MARK HARRISON
Position : HUMAN RESOURCE MANAGER
4) Name of Subject : JOHN GOH YENG KIAT
Position : PRODUCTION MANAGER
AUDITOR
Auditor : SC LIM, NG & CO
Auditors' Address : 8, JALAN PESTA 1/1,
FLOOR,
84000 MUAR,
COMPANY SECRETARY
1) Company Secretary : MS. PANG KAH MAN
IC / PP No. : H0876743
New IC No. : 750611-12-5228
Address : 14-7, JALAN KAMPUNG DATO HJ HASSAN, 84000 MUAR,
Date of Appointment : 01/12/2003
BANKING
Banking relations are maintained principally with :
1) 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 : 05 Jul 2001
Description of Charge : N/A
Amount Secured : RM 1,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 1 In The Register of Charges
ENCUMBRANCE 2
Date of Creation : 01 Oct 2002
Description of Charge : N/A
Amount Secured : RM 41,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 2 In The Register of Charges
ENCUMBRANCE 3
Date of Creation : 06 Oct 2003
Description of Charge : N/A
Amount Secured : RM 49,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 3 In The Register of Charges
ENCUMBRANCE 4
Date of Creation : 27 Jul 2004
Description of Charge : N/A
Amount Secured : RM 5,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 4 In The Register of Charges
ENCUMBRANCE 5
Date of Creation : 03 Sep 2004
Description of Charge : N/A
Amount Secured : RM 20,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 5 In The Register of Charges
ENCUMBRANCE 6
Date of Creation : 03 Sep 2004
Description of Charge : N/A
Amount Secured : RM 70,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 6 In The Register of Charges
ENCUMBRANCE 7
Date of Creation : 21 Jun 2006
Description of Charge : N/A
Amount Secured : RM 4,260,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 7 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.
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
Import Countries : ASIA,
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.
OVERALL PAYMENT HABIT
Prompt [ ] Good [ ] Average [ ]
Fair [ X ] Poor [ ]
CLIENTELE
Local : YES Percentage : 20%
Domestic Markets :
Overseas : YES Percentage : 80%
Export Market : EUROPE,
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES, TELEGRAPHIC TRANSFER (TT).
Type of Customer : FOOD MANUFACTURERS, DISTRIBUTORS.
OPERATIONS
Products Manufactured : COCOA LIQUOR,
Competitor(s) :
DELFI
COCOA (
NETWORK FOODS INDUSTRIES SDN BHD
KOKO BUDI SDN BHD
K.L. KRIS FOOD INDUSTRIES SDN BHD
Member(s) / Affiliate(s) : FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)
Total Number of Employees :
YEAR 2007 2006 2005
GROUP N/A N/A N/A
COMPANY 200 140 145
Branch : NO
Other Information :
The SC is principally engaged in the (as a / as an) manufacturing & sale of cocoa products.
The SC has established comprehensive analytical laboratory and stringent quality control system from cocoa bean to finished products.
The SC is located in the state of Johor, a the Southern tip of Peninsular Malaysia.
The plant is situated within the premises of the
The SC mainly produces the following products:
1) Cocoa powder
2) Cocoa butter - produced in the form of oil
The SC produces its cocoa products from both fermented and non-fermented cocoa beans.
The SC also undertakes the followings:
1) Technical consulting
2) New product development according to customers needs
3) Matching of exact product specifications
4) Problem-solving
5) Technical support on product applications
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 : 07-5071688
Current Telephone Number : 07-5042888
Match : NO
Address Provided By Client : TANJUNG A/6, PELABUHAN TANJUNG PELEPAS,
81560 GELANG PATAH, JOHOR.
Current Address :
TANJUNG PELEPAS, GELANG PATAH, 81560
JOHOR
BAHRU,
Match : NO
Latest Financial Accounts : YES
Other Investigations
We contacted one of the Senior staff from the Finance Department. She provided some information on the SC.
Later we contacted one of the Senior staff from the Production Department for more information on the SC.
FINANCIAL COMMENTS
The financial summary of the SC in Year 2006 showed that it was financially LIMITED. Return on shareholders' funds of the SC was high indicating that the SC was efficient in utilising its shareholders' funds to generate favourable returns. However due to its weak liquidity position, the SC will be face with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC. The SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected.
Overall financial condition of the SC: LIMITED
COMMENTS
Established in 2000, the SC is principally engaged in the. With its long presence in the industry coupled with its vast experiences in the business, the SC should have built up a certain goodwill with its clients over times. With RM27.5 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.
Our investigation revealed that the SC serves both local and
overseas clients. Penetrating into the overseas countries such as Europe, ASIA
and
Based on the latest financial year 2006, the SC posted pre-tax profit of RM16.2 million and its turnover stood at RM320 million. Return on shareholders' funds of the SC was high indicating that the SC was efficient in utilising its shareholders' funds to generate favourable returns. However due to its weak liquidity position, the SC will be face with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC. The SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected. Nonetheless given a healthy net worth standing at RM29.56 million, we believe that the SC should be able to maintain its business in the near terms.
The SC's business operations are subjected to the currency fluctuation risk as it sources its products locally and from overseas countries.
The rising population, improvement in quality of life and higher propensity to consume will further increase the demand for food products. We believe that the encouraging demand for the SC's products would present more business opportunities for the SC.
In view of the above we recommend credit be granted to the SC normally.
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH
PROFIT
AND LOSS ACCOUNT
JB
COCOA SDN BHD
31-December-2006
Consolidated
Accounts : No
UnQualified
Reports : Yes
RM
Turnover 320,009,275.00
Operating
Revenue 0.00
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Profit
/ (Loss) Before Tax 16,204,278.00
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Profit
/ (Loss) After Tax 15,250,278.00
Extraordinary
Item 0.00
Minority
Interest 0.00
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Profit/(Loss)
Attributable to Shareholders 15,250,278.00
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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 <
13,180,829.00 >
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Unappropriated
Profit/(Loss) Carried Forward 2,069,449.00
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BALANCE SHEET
JB
COCOA SDN BHD
31-December-2006
Consolidated
Accounts : No
UnQualified
Reports : Yes
RM
Fixed
Assets 61,987,623.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 70,896,576.00
Intangible
Assets 0.00
Other
Assets 4,835,160.00
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Total
Assets 137,719,359.00
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Working
Capital <
14,424,148.00 >
Issued
Capital 27,500,000.00
Paid
Up Capital 27,500,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) 2,069,449.00
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Shareholder's
Fund/Equity 29,569,449.00
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Current
Liabilities 85,320,724.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 22,829,186.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 137,719,359.00
================
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. |
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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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%)