MIRA INFORM REPORT

 

 

Report Date :

14.02.2008

 

IDENTIFICATION DETAILS

 

Name :

MASLINO SDN BHD

 

 

Registered Office :

58A, Jalan Cantonment, 10250 Pulau Pinang, Pulau Pinang

 

 

Country :

Malaysia

 

 

Financials (as on) :

31/12/2005

 

 

Date of Incorporation :

13/01/2001

 

 

Com. Reg. No.:

536727-W

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Trading of Pvc Floor Covering & Other Products

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

536727-W

COMPANY NAME

:

MASLINO SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

13/01/2001

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

 

 

 

REGISTERED ADDRESS

:

58A, JALAN CANTONMENT, 10250 PULAU PINANG, PULAU PINANG, MALAYSIA.

BUSINESS ADDRESS

:

LOT 2059, LORONG IKS SATU, TAMAN IKS, KAWASAN PERINDUSTRIAN BUKIT MINYAK, 14100 SIMPANG AMPAT, PULAU PINANG, MALAYSIA.

TEL.NO.

:

04-5025188

FAX.NO.

:

04-5025288

CONTACT PERSON

:

CHUNG YOKE CHEN ( MANAGING DIRECTOR )

 

 

 

INDUSTRY CODE

:

51913

PRINCIPAL ACTIVITY

:

TRADING OF PVC FLOOR COVERING & OTHER PRODUCTS

AUTHORISED CAPITAL

:

MYR 1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 1,000,000.00 DIVIDED INTO
ORDINARY SHARES 100,002 CASH AND 899,998 OTHERWISE OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 16,299,581 [2005]

NET WORTH

:

MYR 1,608,199 [2005]

 

 

 

STAFF STRENGTH

:

- [2008]

BANKER (S)

 :

UNITED OVERSEAS BANK (MALAYSIA) BHD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

HIGH

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND


The SC is an exempt private company which is allowed to have a minimum of two and a maximum of twenty shareholders and all the shareholders must be individuals. An exempt company is a type of private limited company. 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, suing or be sued by other companies. The SC is governed by the Companies Act, 1965 and must file in its annual return. The SC need not file in its financial statements but it has to file in a document duly signed by its director in charge of its finance, the secretary and its auditor stating that the SC is able to meet all its obligations as and when they fall due. Although the SC is not required to file in its financial statements, it also has to prepare its financial account which must be presented at the Annual General Meeting.

The SC is principally engaged in the (as a / as an) trading of pvc floor covering & other products.

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

MR. NG YOON KHEONG +

BLOCK 102, 19A MEWAH COURT, JALAN TAN SRI TEH EWE LIM, PULAU PINANG, MALAYSIA.

630123-07-5747 6953613

500,000.00

MS. CHUNG YOKE CHEN +

E808, KELANA PUTERI CONDO, 2 JALAN SS 7/26, KELANA JAYA, 46000 PETALING JAYA, SELANGOR, MALAYSIA.

670620-08-5272 A0740615

250,000.00

MR.KENNY LEOW JOO KEAT

78 JALAN SS 15/2B, 47500 SUBANG JAYA, SELANGOR, MALAYSIA.

800224-07-5315

250,000.00

 

 

 

---------------

 

 

 

1,000,000.00

 

 

 

============

 

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MS. CHUNG YOKE CHEN

Address

:

E808, KELANA PUTERI CONDO, 2 JALAN SS 7/26, KELANA JAYA, 47301 PETALING JAYA, SELANGOR, MALAYSIA.

IC / PP No

:

A0740615

New IC No

:

670620-08-5272

Date of Birth

:

20/06/1967

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

07/09/2005

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MR. NG YOON KHEONG

Address

:

BLOCK 102, 19A MEWAH COURT, JALAN TAN SRI TEH EWE LIM, PULAU PINANG, MALAYSIA.

IC / PP No

:

6953613

New IC No

:

630123-07-5747

Date of Birth

:

23/01/1963

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

09/04/2003

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

CHUNG YOKE CHEN

 

Position

:

MANAGING DIRECTOR

 

 

 

 

 

 

AUDITOR

 

Auditor

:

J S SOO & CO

Auditor' Address

:

58A-1 JALAN CANTONMENT, 10250 PULAU PINANG, PULAU PINANG, MALAYSIA.

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. ONG AI LENG

 

IC / PP No

:

A0730455

 

New IC No

:

670615-07-5678

 

Address

:

22 LEBUH RAYA SCOTT, 10350 PULAU PINANG, PULAU PINANG, MALAYSIA.

 

Date of Appointment

:

28/09/2006

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK (MALAYSIA) BHD

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). No adverse record was found during our investigation.

 

 

 

 

ENCUMBRANCE (S)


ENCUMBRANCE 1

Date of Creation

:

20/07/2004

Description Of Charge

:

N/A

Amount Secured

:

RM1,000,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

CREDIT GUARANTEE CORPORATION MALAYSIA BHD

 

 

 

 

Form 40 Dated

Registered and Numbered 7 In The Register of Charges


ENCUMBRANCE 2

Date of Creation

:

16/05/2007

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

o/d

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

UNITED OVERSEAS BANK (MALAYSIA) BHD

 

 

 

 

Form 40 Dated

Registered and Numbered 8 In The Register of Charges


ENCUMBRANCE 3

Date of Creation

:

25/06/2007

Description Of Charge

:

N/A

Amount Secured

:

RM1,000,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

UNITED OVERSEAS BANK (MALAYSIA) BHD

 

 

 

 

Form 40 Dated

Registered and Numbered 9 In The Register of Charges


ENCUMBRANCE 4

Date of Creation

:

25/06/2007

Description Of Charge

:

N/A

Amount Secured

:

RM2,500,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

UNITED OVERSEAS BANK (MALAYSIA) BHD

 

 

 

 

Form 40 Dated

Registered and Numbered 10 In The Register of Charges


LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia back dated since 1900.

No legal action was found in our databank.


No winding up petition was found in our databank

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES


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.

 

CLIENTELE

 

Local

:

YES

Percentage

:

100%

Domestic Markets

:

MALAYSIA

Overseas

:

NO

Percentage

:

0%

 

 

 

 

 

 

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

PVC FLOOR COVERINGS

 

 

 

 

Total Number of Employees:

YEAR

2008

2007

 

GROUP

-

N/A

 

 

 

 

 

 

 

COMPANY

11

15

 

 

 

 

 

 

 

 

Branch

:

NO

Other Information:


The SC is principally engaged in the (as a / as an) trading of pvc floor covering & other products

 

 

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

:

04-5025188

Match

:

N/A

 

 

 

Address Provided by Client

:

536727 W 2059 LORONGIKS SATU, TAMAN IKS KWS PERINDUSTRIAN BUKIT MINYAK, 14100 MERTATAM.

Current Address

:

LOT 2059, LORONG IKS SATU, TAMAN IKS, KAWASAN PERINDUSTRIAN BUKIT MINYAK, 14100 SIMPANG AMPAT, PULAU PINANG, MALAYSIA.

Match

:

NO

 

 

 

Latest Financial Accounts

:

NO

 

Other Investigations


We conducted an interview with Ms Siti from the SC's Admin Department. She revealed some information pertaining to the SC.

 

 

FINANCIAL COMMENTS

 

The SC is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the SC's financial performance.

ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators:

2004

2005

2006

2007*

2008**

 

 

 

 

 

 

Population ( Million)

25.58

26.13

26.64

27.17

27.73

Gross Domestic Products ( % )

7.1

5.3

5.8

6.0

6.5

Domestic Demand ( % )

7.5

7.3

7.0

9.0

6.8

Private Expenditure ( % )

13.1

9.5

7.0

8.6

8.2

Consumption ( % )

10.5

9.2

7.1

9.0

7.9

Investment ( % )

25.8

8.5

7.0

7.1

9.5

Public Expenditure ( % )

<2.1>

3.6

6.8

10.1

3.2

Consumption ( % )

6.0

5.4

5.0

10.8

5.5

Investment ( % )

<8.7>

1.9

8.9

9.3

0.5

 

 

 

 

 

 

Balance of Trade ( MYR Million )

80,663

99,760

108,192

99,965

99,599

Government Finance ( MYR Million )

<19,419>

<18,684>

<19,109>

<19,948>

<20,933>

Government Finance to GDP / Fiscal Deficit ( % )

<4.3>

<3.8>

<3.3>

<3.2>

<3.1>

Inflation ( % Change in Composite CPI)

1.4

3.1

3.9

4.0

4.0

Unemployment Rate

3.5

3.5

3.4

3.5

3.3

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

254

266

290

-

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

13.84

13.63

12.91

-

-

Average 3 Months of Non-performing Loans ( % )

8.46

6.74

5.41

-

-

Average Base Lending Rate ( % )

5.99

6.00

6.61

-

-

Business Loans Disbursed( % )

10.5

8.7

<2.5>

-

-

Foreign Investment ( MYR Million )

13,143.9

17,882.9

20,228.0

-

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

Registration of New Companies ( No. )

38,580

37,474

38,293

-

-

Registration of New Companies ( % )

6.8

<2.9>

2.2

-

-

Liquidation of Companies ( No. )

3,334

3,069

8,647

-

-

Liquidation of Companies ( % )

<15.8>

<7.9>

181.8

-

-

 

 

 

 

 

 

Registration of New Business ( No. )

189,206

193,095

216,147

-

-

Registration of New Business ( % )

4.6

2.1

11.9

-

-

Business Dissolved ( No. )

51,301

73,355

52,879

-

-

Business Dissolved ( % )

7.0

43.0

<27.9>

-

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

380.6

400.8

374.1

-

-

Cellular Phone Subscribers ( Million )

14.6

18.5

19.5

21.3

-

Tourist Arrival ( Million Persons )

15.7

16.7

17.5

20.1

-

Hotel Occupancy Rate ( % )

60.8

63.6

64.8

-

-

 

 

 

 

 

 

Credit Cards Spending ( % )

19.3

13.9

15.4

-

-

Bad Cheque Offenders (No.)

70,465

57,316

36,555

-

-

Individual Bankruptcy ( No.)

16,251

15,868

13,596

-

-

Individual Bankruptcy ( % )

31.6

<2.4>

<14.3>

-

-

 

INDUSTRIES ( % of Growth ):

2004

2005

2006

2007*

2008**

 

 

 

 

 

 

Agriculture

5.0

2.5

5.3

3.1

3.5

Palm Oil

3.9

7.1

5.8

<0.6>

-

Rubber

16.5

<2.9>

12.6

1.0

-

Forestry & Logging

4.3

2.0

<0.4>

2.8

-

Fishing

5.5

<0.4>

9.3

5.2

-

Other Agriculture

2.4

3.2

5.3

7.0

-

Industry Non-Performing Loans ( MYR Million )

620.3

563.7

516.5

487.3

0

% of Industry Non-Performing Loans

1.38

1.19

1.06

1.08

0

 

 

 

 

 

 

Mining

3.9

0.8

<0.4>

3.3

4.0

Oil & Gas

4.5

1.6

4.6

-

-

Other Mining

<8.0>

<1.0>

5.1

-

-

Industry Non-performing Loans ( MYR Million )

62.6

68.8

55.4

42.2

-

% of Industry Non-performing Loans

0.1

0.1

0.1

0.1

-

 

 

 

 

 

 

Manufacturing #

9.8

5.1

7.3

3.1

3.8

Exported-oriented Industries

15.5

3.0

11.1

<1.9>

-

Electrical & Electronics

17.8

3.6

13.4

3.0

-

Rubber Products

14.8

2.4

0.4

8.0

-

Wood Products

12.7

0.9

0.7

3.3

-

Textiles & Apparel

<11.7>

<4.4>

12.6

<10.1>

-

Domestic-oriented Industries

9.7

6.9

5.0

5.3

-

Food, Beverages & Tobacco

3.8

7.7

4.8

5.6

-

Chemical & Chemical Products

14.6

6.9

1.7

9.2

-

Plastic Products

13.5

18.6

21.3

<3.6>

-

Iron & Steel

2.7

<6.7>

<6.9>

17.5

-

Fabricated Metal Products

29.2

<7.5>

20.0

26.2

-

Non-metallic Mineral

<4.8>

<6.0>

<1.9>

6.6

-

Transport Equipment

8.6

10.4

5.3

<19.0>

-

Paper & Paper Products

2.3

4.6

4.1

14.9

-

Crude Oil Refineries

<2.4>

8.2

12.1

8.6

-

Industry Non-Performing Loans ( MYR Million )

7,765.4

6,035.6

6,181.3

6,366.2

-

% of Industry Non-Performing Loans

17.3

12.7

12.7

14.1

-

 

 

 

 

 

 

Construction

<1.5>

<1.6>

<0.5>

5.2

6.3

Industry Non-Performing Loans ( MYR Million )

5,547.7

5,172.7

5,527.3

5,116.7

-

% of Industry Non-Performing Loans

12.4

10.9

11.4

11.3

-

 

 

 

 

 

 

Services

6.8

6.6

7.2

9.0

8.6

Electric, Gas & Water

8.1

5.5

5.2

4.6

5.0

Transport, Storage & Communication

8.5

6.3

5.2

7.6

7.8

Wholesale, Retail, Hotel & Restaurant

7.1

8.0

7.1

11.6

10.0

Finance, Insurance & Real Estate

6.3

7.0

7.7

10.7

9.2

Government Services

6.5

7.6

9.8

4.6

8.6

Other Services

4.9

5.0

4.7

5.0

5.9

Industry Non-Performing Loans ( MYR Million )

8,913.7

8,716.8

11,593.2

10,207.8

-

% of Industry Non-Performing Loans

19.9

18.4

23.9

22.6

-

 

 

 

 

 

 

 

 

 

 

 

 

* Estimate / Preliminary

 

 

 

 

 

** Forecast

 

 

 

 

 

# Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)

 

INDUSTRY COMMENTS

 

MSIC CODE

51913 : Wholesale of leather and pvc material

 

 

INDUSTRY :

TRADING

 


Referring to the Retail Group Malaysia, retail sales were up 8.2% in the first half of 2007 compared to the same period in 2006. The strong retail growth is attributed to a strong performing economy, urban migration, stable employment, an expanding population as well as increasing tourist arrivals.


It is undeniable that the Visit Malaysia Year is a success by any measure as the government has extended the VMT to Aug 31, 2008. The opening of new mega shopping complexes has spurred domestic retail spending and attracted greater tourist arrivals.


Malaysian retailers in the country can look forward to another two years of robust growth, ringing up sales to the tune of RM69.3 billion in 2008 and RM74.88 billion in 2009. In 2008, RGM projects another eight per cent growth due to the uncertain US economy, which makes it too early to reduce or increase the projection as the situation is still being observed.

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth

 

COMMENTS

 


Incorporated in 2001, the SC is principally engaged in trading of pvc floor covering and other products. Being a private limited company, the SC's paid up capital stands at RM1million and its shareholder structure consists of three individual shareholders. Throughout its years of establishment, the SC has slowly been building up contacts with its customers and suppliers over times.


We noted that the SC solely focuses on the sales in the domestic market. With the full concentration in the local market, the SC is likely to be exposed to higher commercial risk and affected by any changes in the local economy. Hence, the SC's future growth prospect is limited. Presently, the SC has a total work force of 11 staff in its business operations and it is overseen by Chung Yoke Chen.


The SC is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the SC's financial performance.


Besides obtaining its products locally, the SC also imports from overseas suppliers. Hence, the SC is subjected to currency fluctuation risk.


There is no legal suit against the SC.


The industry remains robust with the encouraging domestic demand for its products. With the promising outlook of the industry performance, the SC should employ aggressive strategies in order to broaden its market segment and compete with other long established players in the same field.


In view of the above and based on our assessment, we recommend credit be granted to the SC with monitoring.

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.

 

 

PROFIT AND LOSS ACCOUNT

 

MASLINO SDN BHD

31-December-2005

 

Consolidated Accounts

:

NO

UnQualified Reports

:

YES

 

 

 

RM

Turnover

16,299,581.00

Operating Revenue

0.00

 

---------------------

Profit/(Loss) Before Tax

281,879.00

 

---------------------

 

Profit/(Loss) After Tax

235,404.00

Extraordinary Item

0.00

Minority Interest

0.00

 

---------------------

Profit/(Loss) Attributable to Shareholders

235,404.00

 

---------------------

 

Prior Period Adjustment

0.00

Net Dividend

0.00

Transferred To/From Reserved

0.00

Others

0.00

 

---------------------

Unappropriated Profit/(Loss) Brought Forward

372,795.00

 

---------------------

Unappropriated Profit/(Loss) Carried Forward

608,199.00

 

================

 

BALANCE SHEET

 

MASLINO SDN BHD

31-December-2005

 

Consolidated Accounts

:

NO

UnQualified Reports

:

YES

 

 

 

RM

Fixed Assets

2,316,241.00

Total Investment

120,000.00

Amount Owing By

0.00

Current Assets

5,625,112.00

Intangible Assets

0.00

Other Assets

0.00

 

---------------------

Total Assets

8,061,353.00

 

================

 

 

Working Capital

<94,861.00>

 

 

Issued Capital

1,000,000.00

Paid Up Capital

1,000,000.00

Share Premium & Reserved

0.00

Unappropriated Profit/(Loss)

608,199.00

 

---------------------

Shareholder's Fund/Equity

1,608,199.00

 

---------------------

 

Current Liabilities

5,719,973.00

Amount Owing To

0.00

Long-term and Deferred Liabilities

733,181.00

Share Application Account

0.00

Minority Interest

0.00

 

---------------------

Total Equity Liability

8,061,353.00

 

================

 

 

Contingent Liabilities

0.00

 

 

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.

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions