MIRA
INFORM REPORT
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Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
ADVANCED DIGITAL DEVICES SDN BHD |
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Formerly Known as : |
DELOS SDN BHD |
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Registered Office : |
Lot 2-1-23j, Wisma Rampai, Jalan 34/26, Rampai Town Centre, 1st Floor, 53300 Kuala Lumpur, Wilayah Persekutuan |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25.10.2005 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Electrical and Electronic Products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
EXECUTIVE SUMMARY
LOCAL NO : 713769-M
COMPANY NAME : ADVANCED
DIGITAL DEVICES SDN BHD
FORMER NAME : DELOS SDN BHD (15-03-2006)
INCORPORATION DATE : 25/10/2005
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : LOT 2-1-23J, WISMA RAMPAI, JALAN 34/26, RAMPAI
TOWN
CENTRE,
1ST FLOOR, 53300 KUALA LUMPUR, WILAYAH
PERSEKUTUAN,
MALAYSIA.
BUSINESS ADDRESS : MENARA GREAT EASTERN, LEVEL 12, SUITE 12-6, NO
303,
JALAN
AMPANG, 50450 KUALA LUMPUR, WILAYAH
PERSEKUTUAN,
MALAYSIA.
TEL NO : 03 - 42566985
FAX NO : 03 - 42578676
CONTACT PERSON : SYED AMIR SYAKIB ARSALAN (MANAGING
DIRECTOR)INDUSTRY CODE : 52332
PRINCIPAL ACTIVITY : TRADING OF ELECTRICAL AND ELECTRONIC
PRODUCTSAUTHORISED CAPITAL : MYR500,000.00
DIVIDED INTO
ORDINARY
SHARE 500,000 OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR150,000.00 DIVIDED INTO
ORDINARY
SHARE 150,000 CASH OF MYR1.00 EACH.SALES : MYR286,912 [2006]
NET WORTH : MYR41,853
[2006]
STAFF STRENGTH : 5
[2008]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : POOR
PAYMENT : N/A
MANAGEMENT CAPABILITY : WEAK
COMMERCIAL RISK : HIGH
CURRENCY EXPOSURE : LOW
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : MARGINAL GROW
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) trading of electrical and
electronic 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. SYED AMIR SYAKIB 109, JALAN SS3/39, 47300 PETALING JAYA, A2679555 149,998
ARSALAN + SELANGOR,
MALAYSIA. 740804-14-5947
MR. HARRISON BIN HASSAN +1693, JALAN E5/2,
TAMAN EHSAN, KEPONG, A2693209 2
52100
KUALA LUMPUR, WILAYAH 740614-01-5009
PERSEKUTUAN,
MALAYSIA.
--------------------
150,000
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+
Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. SYED AMIR SYAKIB ARSALAN
Address : 109, JALAN SS3/39, 47300 PETALING JAYA,
SELANGOR,MALAYSIA.
IC / PP No. : A2679555
New IC No : 740804-14-5947
Date of Birth : 04/08/1974
Nationality : MALAYSIAN MALAY
Date of Appointment : 07/03/2006
DIRECTOR 2
Name of Subject : MR. HARRISON BIN HASSAN
Address : 1693, JALAN E5/2, TAMAN EHSAN, KEPONG,
52100 KUALA
LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No. : A2693209
New IC No : 740614-01-5009
Date of Birth : 14/06/1974
Nationality : MALAYSIAN MALAY
Date of Appointment : 07/03/2006
MANAGEMENT
1) Name of Subject : SYED AMIR SYAKIB ARSALAN
Position : MANAGING DIRECTOR
2) Name of Subject : DANIEL
Position : MANAGER
AUDITOR
Auditor : HASHIM MOHAMED & CO
Auditors' Address : 72A, JALAN MARKET, 30000 IPOH, PERAK,
MALAYSIA.
COMPANY SECRETARY
1) Company
Secretary : MR. TAN TECK CHUAN
IC / PP No. : A2793886
New IC No. : 741026-01-6069
Address : BLOCK B, 18-8 MENARA ALPHA, SECTION 2,
WANGSA MAJU,
53300
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
Date of Appointment : 03/05/2006
2) Company
Secretary : MS. NG BEE BEE
New IC No. : 741117-08-6302
Address : 203, BLOCK A18, SECTION 2, WANGSA MAJU,
53300 KUALA
LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
Date of Appointment : 25/10/2005
BANKING
Banking
relations are maintained principally with :
1) Banker
Name : MALAYAN BANKING 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 Malaysia
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 Percentage : 40%
Overseas : YES Percentage : 60%
Import
Countries : ASIA.
CLIENTELE
Local : YES Percentage : 100%
Domestic Markets : MALAYSIA.
Overseas : NO Percentage : 0 %
Credit Term : 15 DAYS.
Payment Mode : CHEQUES.
Type of Customer : END USERS .
OPERATIONS
Goods Traded : ELECTRICAL AND ELECTRONIC PRODUCTS
Competitor(s) : SINGER (MALAYSIA) SDN BHD
BEST DENKI CO LTD
I-BHD
LG ELECTRONICS (M) SDN BHD
ADVANCED ELECTRONICS (M) SDN BHD
Total Number of Employees :
YEAR 2008
GROUP N/A
COMPANY 5
Branch : YES
No
of Branches : 1
Branch(es) : NO 19, JALAN PJU 7/16, MUTIARA DAMANSARA,
47800 PETALING
JAYA,
SELANGOR.
Tel
No :
03 – 77272768
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 : 03-42566985
Match : N/A
Address Provided By Client : SUITE 12-6, LEVEL 12, MENARA GREAT EASTERN,
NO
303 JLN AMPANG, 50450 KL
Current
Address : MENARA GREAT EASTERN,LEVEL 12,SUITE
12-6,NO
303, JALAN AMPANG, 50450 KUALA
LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
Match : YES
Latest Financial Accounts : YES
Other Investigations
We conducted an interview with the SC's
Manager, Mr Daniel. He furnished us some information on the SC.
FINANCIAL COMMENTS
The financial summary of the SC in Year 2006 showed that it was financially poor. The SC has generated an unfavourable return on its shareholders' funds, indicating that the SC did not generate an acceptable amount of profits based on its existing shareholders' funds. 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: POOR
COMMENTS
The SC is a private limited company with core business in the trading of electrical and electronic products. It was established in 2005 and has emerged as one of the players in the industry. The SC has yet to establish its clientele base and mainly depend on a few major clients. Presently, the issued and paid up capital of the SC standing at RM150,000.
The SC's business expansion opportunities are limited as it concentrates solely on the local market. With the only concentration in the domestic market, the SC is deemed to be in high risk compared to other export-oriented players in the same industry. The SC can be recognised as a small entity with a work force of 5 employees in the operations. It's business activities are overseen by its managing director, Syed Amir Syakib Arsalan. Overall management capability of the SC is considered as weak.
During the financial year 2006, the SC recorded a total turnover of RM286,911. The SC incurred losses of RM58,147 for the year. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. It also has a weak liquidity and high gearing level. This shows that financial risk of the SC is high. The on-going concern of SC is uncertain. Overall the SC posted a poor financial standing.
Investigation revealed that the SC sources its raw materials from both local and overseas countries. About 60% of the SC's products are imported from ASIA countries. As a result, the SC is exposed to foreign currency fluctuation risk.
Based on our databank, there are no legal suits against the SC. The industry has reached its optimum level and is generally stable. The potential growth for the industry is marginal and it is quite competitive. It very much depends on the SC's capacity in sustaining its performance in the market.
Based on the above unfavourable condition, we regard granting credit to the SC to be quite risky. Hence, credit is not recommended.
THE FINANCIAL STATEMENTS WERE
PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
PROFIT AND LOSS ACCOUNT
ADVANCED
DIGITAL DEVICES SDN BHD
31-December-2006
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Turnover 286,911.99
Operating
Revenue 0.00
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Profit
/ (Loss) Before Tax <
58,146.79 >
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Profit
/ (Loss) After Tax <
58,146.79 >
Extraordinary
Item 0.00
Minority
Interest 0.00
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Profit/(Loss)
Attributable to Shareholders <
58,146.79 >
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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 0.00
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Unappropriated
Profit/(Loss) Carried Forward <
58,146.79 >
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BALANCE
SHEET
ADVANCED DIGITAL DEVICES SDN BHD
31-December-2006
Consolidated
Accounts : No
UnQualified Reports : Yes
RM
Fixed
Assets 28,102.24
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 1,556,000.75
Intangible
Assets 0.00
Other
Assets 39,796.82
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Total
Assets 1,623,899.81
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Working
Capital <
26,045.85 >
Issued Capital 100,000.00
Paid
Up Capital 100,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) <
58,146.79 >
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Shareholder's
Fund/Equity 41,853.21
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Current
Liabilities 1,582,046.60
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 0.00
Share
Application Account 0.00
Minority
Interest 0.00
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Total
Equity Liability 1,623,899.81
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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%)