MIRA
INFORM REPORT
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Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
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Name : |
BT BIOTEX SDN BHD |
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Registered Office : |
63a, Jalan Ss 25/2, Taman |
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Country : |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
10/06/2005 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of
Textile Chemicals |
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 : |
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 : 694179-V
COMPANY NAME : BT BIOTEX SDN BHD
FORMER NAME : BT BIOTEX RESOURCES SDN BHD
INCORPORATION DATE : 10/06/2005
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 63A, JALAN SS 25/2,
JAYA,
BUSINESS ADDRESS : LOT 71, JALAN P10/21,
BANDAR
BARU BANGI,
TEL NO : 03 - 89223633
FAX NO : 03 - 89202100
CONTACT PERSON : LIAU CHENG KIAT (MANAGING DIRECTOR)
INDUSTRY CODE : 24290
PRINCIPAL ACTIVITY : MANUFACTURER OF TEXTILE CHEMICALS
AUTHORISED CAPITAL : MYR100,000.00 DIVIDED INTO ORDINARY SHARE 100,000
OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR100.00 DIVIDED INTO ORDINARY SHARE 100 CASH OF
MYR1.00 EACH.
SALES : MYR6,731,832 [2006]
NET WORTH : MYR159,290 [2006]
STAFF STRENGTH : 10 [2007]
BANKER (S) : PUBLIC BANK BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : STABLE
PAYMENT : AVERAGE
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : HIGH
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : AVERAGE 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) manufacturer of textile chemicals.
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
CEDRIC JEAN VENIAT + B1 2-2, SRI KASTURI, JALAN MEDANG KAPAS, 05RE89925 49
BUKIT
BANDARAYA, 59100
WILAYAH
MR. LIAU CHENG KIAT + 35, JALAN USJ 3/3, 47600 SUBANG JAYA, 6311995 46
MS. NG YIN LING + 35,
JALAN USJ 3/3, 47600 SUBANG JAYA, A0608706 5
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100
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+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : CEDRIC JEAN VENIAT
Address : B1 2-2, SRI KASTURI, JALAN MEDANG KAPAS, BUKIT BANDARAYA, 59100
IC / PP No. : 05RE89925
Nationality : N/A
DIRECTOR 2
Name of Subject : MR. LIAU CHENG KIAT
Address : 35, JALAN USJ 3/3, 47600 SUBANG JAYA,
IC / PP No. : 6311995
New IC No : 611021-10-5243
Nationality : MALAYSIAN CHINESE
DIRECTOR 3
Name of Subject : MS. NG YIN LING
Address : 35, JALAN USJ 3/3, 47600 SUBANG JAYA,
IC / PP No. : A0608706
New IC No : 670212-08-5660
Nationality : MALAYSIAN CHINESE
MANAGEMENT
1) Name of Subject : LIAU CHENG KIAT
Position : MANAGING DIRECTOR
AUDITOR
Auditor : ADRIAN YEO & CO
Auditors' Address : 63B, JALAN SS 25/2,
COMPANY SECRETARY
1) Company Secretary : MS. CHONG SOOK FURN
New IC No. : 621225-08-5300
Address : 65, JALAN SS 22/22, DAMANSARA JAYA, 47400 PETALING
JAYA,
BANKING
Banking relations are maintained principally with :
1) Banker Name : PUBLIC BANK BHD
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
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
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 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 :
Credit Term : AS AGREED.
Payment Mode : CHEQUES.
OPERATIONS
Goods Traded : TEXTILE CHEMICALS
Competitor(s) : COGNIS OLEOCHEMICALS (M) SDN BHD
TORAY
PLASTICS (
SOUTHERN ACIDS (M) BHD
NATURAL OLEOCHEMICALS SDN BHD
COGNIS RIKA (M) SDN BHD
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 10
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 : 038922633
Current Telephone Number : 03-89223633
Match : NO
Address Provided By Client : LOT 71, JALAN P10/21,
BDR BARU BANGI
Current Address : LOT 71, JALAN P10/21,
BANDAR
BARU BANGI,
Match : YES
Latest Financial Accounts : YES
Other Investigations
We conducted an interview with Ms Hasli from the SC's Admin Department. She revealed some information pertaining to the SC.
FINANCIAL COMMENTS
Only one year account is available for the SC. Without any comparison with previous year account, our comments on the SC's financial performance is restricted.
COMMENTS
Established in 2005, the SC is principally engaged as a manufacturer of textile chemicals. Throughout its year of establishment, the SC has slowly been building up contacts with its clients and competing in the industry. Being a relatively small company with issued and paid up capital of RM100 the SC's shareholders structure consists of 3 individual shareholders. Without a strong shareholders' backing, the SC may face difficulties in its attempt to further expand its business in the future.
With a short operating history, the SC has slowly been
building up its clientele base which has contributed to its business growth.
Our investigation revealed that the SC serves both local and overseas clients.
Penetrating into the overseas country such as
Based on the latest financial year 2006, the SC posted pre-tax profit of RM202,514 and its turnover stood at RM6.73 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. Besides this, it also has an adequate liquidity position with its current liabilities well covered by its current assets. With its net current assets, the SC should be able to repay its short term obligations. Moreover, being a zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business.
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.
The industry remains robust with continuing strong global demand for its products. The steady growth in the country's economy will further enhance its business and there will be more business opportunities available for the SC in the future. However, as the SC is a new player in the industry, the SC has to implement aggressive marketing strategies in order to capture its own market shares and to compete with other well established players in the same field.
In view of the above we recommend credit be granted to the SC with monitoring.
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH
PROFIT
AND LOSS ACCOUNT
For
The Year Ended 30-June-2006
BT
BIOTEX SDN BHD
2006
MYR
TURNOVER 6,731,832
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PROFIT/(LOSS)
FROM OPERATIONS 202,514
SHARE OF PROFITS/(LOSSES) OF
ASSOCIATED
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PROFIT/(LOSS)
BEFORE TAXATION 202,514
Taxation <43,324>
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PROFIT/(LOSS)
AFTER TAXATION 159,190
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PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS 159,190
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PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS 159,190
RETAINED PROFIT/(ACCUMULATED LOSS)
BROUGHT
FORWARD
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PROFIT
AVAILABLE FOR APPROPRIATIONS 159,190
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RETAINED PROFIT/(ACCUMULATED LOSS)
CARRIED
FORWARD 159,190
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RETAINED
BY: The Company 159,190
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159,190
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INTEREST
EXPENSE (as per notes to P&L)
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BALANCE SHEET
As
At 30-June-2006
2006
MYR
ASSETS EMPLOYED:
LONG TERM
INVESTMENTS/OTHER ASSETS
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INTANGIBLE
ASSETS
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CURRENT
ASSETS
Trade debtors 1,387,391
Other
debtors, deposits & prepayments 100,200
Items in transit between head
office & branches
Cash &
bank balances 44,998
tax asset 56,676
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TOTAL CURRENT
ASSETS 1,589,265
CURRENT
LIABILITIES
Trade
creditors 1,352,137
Other
creditors & accruals 67,838
Amounts owing
to director 10,000
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TOTAL CURRENT
LIABILITIES 1,429,975
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NET CURRENT
ASSETS/(LIABILITIES) 159,290
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TOTAL NET
ASSETS 159,290
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FINANCED BY:
SHARE CAPITAL
Ordinary
share capital 100
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TOTAL SHARE
CAPITAL 100
RESERVES
Retained profit/(Accumulated loss)
carried
forward 159,190
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TOTAL
RESERVES 159,190
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SHAREHOLDERS'
FUNDS/EQUITY 159,290
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
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TOTAL LONG TERM & DEFERRED
LIABILITIES &
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159,290
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FINANCIAL RATIOS
As
At 30-June-2006
BT
BIOTEX SDN BHD
2006
MYR
TYPES OF FUNDS
Cash 44,998
Net Liquid
Funds 44,998
Net Liquid
Assets 159,290
Net Current
Assets/(Liabilities) 159,290
Net Tangible
Assets 159,290
Net Monetary
Assets 159,290
BALANCE SHEET
ITEMS
Total
Borrowings 0
Total
Liabilities 1,429,975
Total Assets 1,589,265
Net Assets 159,290
Net Assets
Backing 159,290
Shareholders''
Funds 159,290
Total Share
Capital 100
Total
Reserves 159,190
LIQUIDITY
(Times)
Cash Ratio 0.03
Liquid Ratio 1.11
Current Ratio 1.11
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 0
Debtors Ratio 75
Creditors
Ratio 73
SOLVENCY
RATIOS (Times)
Gearing Ratio 0
Liabilities
Ratio 8.98
Times
Interest Earned Ratio 0
PERFORMANCE
RATIO (%)
Operating
Profit Margin 3.01
Net Profit
Margin 2.36
Return On Net
Assets 127.14
Return On
Capital Employed 127.14
Return On
Shareholders'' Funds/Equity 99.94
Dividend Pay
Out Ratio (Times) 0
NOTES TO
ACCOUNTS
Contingent
Liabilities 0
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%)