MIRA INFORM REPORT
|
Report Date : |
10.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
MFE FORMWORK TECHNOLOGY SDN. BHD. |
|
|
|
|
Formerly Known As : |
MIVAN FAR EAST SDN. BHD |
|
|
|
|
Registered Office : |
C/O Monitor
Management Sdn. Bhd., Lot 824, 8th Floor, Kompleks Sun, Jalan Bukit
Bintang, Kuala Lumpur, Wilayah Persekutuan, Zip/Postal Code 55100 |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
05.09.1990 |
|
|
|
|
Com. Reg. No.: |
203754-U |
|
|
|
|
Legal Form : |
Private Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacturing and sales of aluminium formwork construction system for civil engineering construction |
|
|
|
|
No. of Employees : |
600 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 220,000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Malaysia |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Identification details
Verified Address
Subject name : MFE FORMWORK TECHNOLOGY SDN. BHD.
Business address : Suite No. 501, 4th Floor, Block B
Glomac Business Centre
10, Jalan SS 6/1, Kelana Jaya
Town : Petaling Jaya
Province : Selangor Darul Ehsan
Zip/postal code : 47301
Country : Malaysia
Tel : +60 3 78032806
Fax : +60 3 78033437
Email : jimr@mfeformwork.com
Website : www.mfeformwork.com
Registered address : C/o MONITOR MANAGEMENT SDN. BHD.
Lot 824, 8th Floor, Kompleks Sun
Jalan Bukit Bintang
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal code : 55100
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 05/09/1990
Legal form : Private Company Limited By Shares
Chief executive : James Robinson
Issued & paid up capital : MYR 1,000,000
Sales turnover : MYR 135,344,172 (Non-consolidated 12 months, 31/12/2009)
Net income : MYR -29,915,200 (Non-consolidated 12 months, 31/12/2009)
Total fixed assets : MYR 66,413,818 (Non-consolidated 12 months, 31/12/2009)
Line of business : Manufacturing and sales of aluminium formwork construction system for civil engineering construction.
Staff employed : 600 employees
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is declining
Management experience : Management is modestly experienced
Financial performance : Financial performance is deteriorating
Organization structure : Organizational structure is acceptable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 220,000
Credit amount asked : Not described.
Comments : It is advisable to obtain a guarantee
for larger credit transaction than
suggested. This
is being said as the Subject faced huge losses for financial year end 2009 and
could face a deficit on equity if losses incurred for financial year end 2010.
Statutory details
Registry Data
Registration date : 05/09/1990
Legal form : Private Company Limited By Shares
Registration no 203754-U
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : The Subject was established on
05-09-1990 under the name MIVAN FAR EAST SDN. BHD. and changed to the current
style on 03-12-2007.
Change of legal form : None reported.
Management / directors
Key Management
Name : James Robinson
Designation : Managing Director
Name : Patrick Gerard Gorham
Designation : Operating Director
Board of directors / other
appointments
Appointments
Name : Gary
James Addison
Designation : Director
Identification no : 099124122
Appointment date : 09/06/10
Address : 3
Jalan Rumbia
#13-03, The Imperial
Singapore 239617
Singapore
Biography : Mr.
Gary Addison is a Partner, Head of Business Services, and Head of Singapore
office at Actis Capital, LLP. He joined the firm in 2008 and is based in
Singapore. Mr. Addison was a Partner at 3i Investments Plc in the mid-market
buy out business. During his 13 years at 3i, he led the $200 million management
buyout of ERM, the $50 million start up of Azurri, and the $300 million
management buyout of HSS. Mr. Addison worked in 3i’s Tokyo office from 2001 to 2002.
He was responsible for investment management at the firm.
He serves on
the Board of Teknicast, KS Distribution, Asia Books and MFE. Mr. Addison was a
Director at 3i Group Plc and specialized in buyouts at the firm. Further, he
served as a Director at HSS Hire Service Group.
Name : Lee Ching
Designation : Director
Identification no : 730502-10-5553
Appointment date : 21/05/09
Address : 3-14-6,
The Residence Condominium
No.3, Jalan Wan Kadir 5
Taman Tun Dr Ismail
60000 Kuala
Lumpur Wilayah Persekutuan Malaysia
Name Steven Mark Enderby
Designation Director
Identification no 761082192
Appointment date 20/07/07
Address 12 Wimborne Avenue
Mount Eliza, VIC 3930
Australia
Biography : Mr.
Steven Mark Enderby is a Partner of Industrials and Member of the Investment
Committee at Actis Capital LLP. Mr. Enderby is based in the Mumbai office of
Actis Capital and is on the Investment Committee for South East Asia. Mr.
Enderby has a particular focus on industrials sector and buyouts having
initiated and developed our strategy in this area which has resulted in the
firm being one of the leading players in the Indian buyout market. He joined
CDC Capital Partners in 1990, prior to the creation of Actis in 2004 and has been
involved in more than 40 investments across a broad range of sectors and
investment types. All of his experience has been in the South Asian and African
markets including 11 in South Asia where he raised a venture fund and
established Actis' presence in Sri Lanka. His earlier career included time at
the Bank of Ireland and the Swaziland Development Company. Mr. Enderby has more
than ten years experience in the South Asian private equity market with a
particular focus on change of control and buy out deals including Nitrex
Chemicals, South Asia Gateway Terminals, Phoenix Lamps, and Punjab Tractors. He
has been a Director of Halonix Ltd. since September 25, 2006. He serves on the
Board of TEMA, SML Isuzu, Avtec, MFE, and John Keells Holdings. He is a
qualified Chartered Accountant and has a degree in Economics from Queens
University, Belfast.
Name : James Robinson
Designation : Managing Director
Identification no : 761246966
Appointment date : 28/09/09
Address : A-19-5, Mont Kiara Aman
4, Jalan Kiara 2
Mont Kiara
50480 Kuala Lumpur Wilayah Persekutuan Malaysia
Name : Jason Aleksander Kardachi
Designation : Director
Identification no : E4035148
Appointment date : 23/08/11
Address : 162
Watten Estate Road
Singapore 287611
Singapore
Name : Patrick
Gerard Gorham
Designation : Director
Identification no : LT0009566
Appointment date : 09/06/10
Address B27-2, Kiaramas Sutera Condo
No. 7, Jalan Desa Kiara
Mont Kiara
50480 Kuala Lumpur Wilayah Persekutuan Malaysia
Name : Tan Beng Hock
Designation : Company Secretary
Identification no : 361028-07-5295
Appointment date : 14/04/94
Address : 162,
Jalan SS 2/4
47300
Petaling Jaya Selangor Darul Ehsan Malaysia
Name : Lai Sook Hean
Designation : Company
Secretary
Identification no : 710503-08-6122
Appointment date : 19/06/00
Address : 206
Block A10
Wangsa Maju, Section 2
53300 Kuala Lumpur Wilayah
Persekutuan Malaysia
Staff employed : 600
employees
Key Advisors
Auditors : BDO
12th Floor, Menara Uni.Asia
1008, Jalan Sultan Ismail
50250 Kuala Lumpur
Malaysia
Share capital
Composition
Authorized Capital : MYR 11,000,000
No of shares : 10,000,000 Ordinary Shares / 1,000,000 Cumulative Redeemable Preference Shares
Share par value : MYR 1
Issued capital : MYR 1,000,000
Paid up capital : MYR 1,000,000
ownership / shareholders
How listed : Full List
Composition
Shareholder name : MFE SYSTEM FORMWORK TECHNOLOGY LIMITED
Address : Centre House 79 Chichester Street Belfast BT1 4JE Northern Ireland United Kingdom
No. of shares : 1,000,000 Ordinary Shares
% of shares : 100%
Related companies & corporate Affiliations
Structure
Name : ACTIS LLP
Affiliation type : Ultimate Holding Company
Address : 2 More London Riverside London, SE1 2JT United Kingdom
Comments : Actis, LLP is a private equity and
venture capital firm specializing in expansion capital, PIPEs, replacement
capital, acquisitions, industry consolidation, management buyouts, going
private transactions, property development finance, and mezzanine finance
investments in emerging and growing companies. The firm primarily seeks to
invest in business services, consumer services, healthcare, financial services,
industrials, infrastructure, logistics, and real estate. The firm typically
invests in Emerging Markets including Africa, Egypt, China, Latin America,
Asia, South Asia, and South East Asia. In infrastructure sector, it operational assets and focuses investment on
power, roads, ports, and airports in Africa, Latin America, South Asia, and
South East Asia. In real estate, the firm typically invests equity capital in
office, residential, industrial, hotel, and retail projects between $10 million
to $50 million. In industrial sector, it invests in growth capital and
distressed equity and focuses sectors such as construction and building
materials, electronics, electrical equipment, automotive components, and print,
among other subsectors. In Africa, the firm focuses on acquisitions, expansion
capital, management buyouts, mezzanine finance, privatizations, ownership acquisition
of family or privately owned company, and replacement capital in agribusiness,
infrastructure, and real estate projects. In this sector it prefers to invest
$5 million and $100 million. The firm also invests in South Asia, specializing
in expansion capital, management buyouts, privatizations, and PIPEs. It focuses
on pharmaceuticals and biotech, consumer products, outsourcing (tech based),
financial institutions, knowledge-based services, manufacturing, and oil and
gas. The firm typically invests in the range of $8 million and $35 million in
this region. In China, it focuses on expansion capital, management buyouts, and
PIPES and also invests in all sectors with a focus on consumer products,
energy, financial services, healthcare, manufacturing, (especially related to
automotive), technology, media and telecommunications, and service businesses.
The firm prefers to invest between $5 million and $15 million in all sectors
excluding infrastructure, mining, construction, gaming and tobacco. In South East
Asia, it focuses on management buyouts and expanding businesses organically or
through acquisitions and invests in sectors such as consumer, general
manufacturing, natural resources (both oil and gas and mining) and financial
services with a focus in Malaysia, Indonesia, and Thailand. The firm also seeks
investment in other markets in South East Asia. In Latin America, it primarily
invests in Brazil with a focus on growth capital, buyout, industrial
consolidation, and value opportunities in sector such as consumer goods,
financial services, industrial, telecommunications, power and mining sectors,
and also invests in the energy sector, airports, and small and medium sized
companies with a minimum investment of $50 million. The firm seeks to invest
between $5 million and $100 million in its portfolio companies. It provides minimum
equity investment of $50 million for buyout and growth transactions. The firm
seeks controlling or minority stake in the portfolio companies. It seeks to
invest for a period of three to six years. Actis, LLP was founded in July 2004
and is headquartered in London, United Kingdom with additional offices in
Africa, Latin America, South Asia, and South East Asia.
Name : MFE HOLDINGS (MAURITIUS) LIMTED
Affiliation type : Intermediate Holding Company
Address : C/o INTERNATIONAL MANAGEMENT (MAURITIUS) LTD
Les Cascades Building, Edith Cavell Street
Port-Louis
Mauritius
Name : MFE SYSTEM FORMWORK TECHNOLOGY LIMITED
Affiliation type : Parent Company
Address : Centre House
79 Chichester Street Belfast BT1 4JE Northern Ireland United Kingdom
Name : MFE FORMWORK TECHNOLOGY INDIA PRIVATE LIMITED
Affiliation type : Associate
Address : 302, 3rd Floor, Satellite Silver
Andheri Kurla Road Andheri (East) Mumbai 400092
Maharashtra
India
Bank & mortgages
Bank Details
Name of bank : Malayan Banking Berhad
Address : Malaysia
Account details : Current Account
Comments : It is generally not the policy of local
banks to provide credit status information to non related parties, however
interested parties would be advised to consult first with the Subject if
banker's references are required.
Mortgages
Total of Charge: OPEN CHARGE
Date of Creation: 04-11-1992
Name of Chargee: PUBLIC INVESTMENT BANK BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 1,000,000.00
Date of Creation: 29-10-1992
Name of Chargee: THE PACIFIC ABNK BHD
Charge Status: FULLY SATISFIED
Total of Charge: 1,000,000.00
Date of Creation: 26-12-1992
Name of Chargee: THE PACIFIC BANK BHD
Charge Status: FULLY SATISFIED
Total of Charge: 1,000,000.00
Date of Creation: 16-06-1993
Name of Chargee: THE PACIFIC BANK BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: FOREIGN CURRENCY
Date of Creation: 07-07-1995
Name of Chargee: NATIONAL AUSTRALIA MERCHANT BANK SINGAPORE LTD
Charge Status: FULLY SATISFIED
Total of Charge: 1,200,000.00
Date of Creation: 06-07-1999
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 5,000,000.00
Date of Creation: 01-11-2007
Name of Chargee: ABN AMRO BANK N.V. LABUAN BRANCH
Charge Status: UNSATISFIED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
financial data
Description
Source of financial statement : Commercial
Registry Filings
Financial statement date : 31/12/09
Type of accounts : Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.14 as of 08-12-2011
Summarized Financial Information
Consolidation type : Non Consolidated Non Consolidated
Currency : Malaysia, Ringgit (MYR) Malaysia, Ringgit (MYR)
Denomination : (x1) One (x1) One
Date of financial year end : 31/12/09 31/12/08
Length of accounts : 12 months 12 months
Sale turnover / Income : 135,344,172 302,366,945
Gross profit : 30,182,353 67,612,480
Operating profit : -28,645,619 34,023,977
Profit before tax : -28,977,393 33,983,537
Net income : -29,915,200 24,276,269
Non current assets : 4,191,420 4,611,341
Current assets : 62,222,398 116,663,556
Inventories : 19,432,113 38,173,946
Total assets : 66,413,818 121,274,897
Current liabilities : 49,539,786 57,675,600
Non current liabilities : 380,221 1,158,359
Total liabilities : 49,920,007 58,833,959
Share equity : 16,493,811 62,440,938
Retained earning : 15,493,811 61,440,938
Comments : The Subject's latest financial information is yet to be filed with the registry.
Operation details
Main activities The Subject provides construction
solutions including aluminium formwork construction system. The company’s
products and services include components, design, manufacturing, and technical
support services. It offers an aluminum formwork construction system for
forming cast in place reinforced concrete building structures, as well as
casting walls, floor slabs, columns, beams, balconies, and door and window
openings. The company’s aluminum formwork construction system is also used in
straightforward walls, slab construction panels, bay windows, stairs, and A/C
hoods. The company was formerly known as Mivan Far East Sdn. Bhd. And in Dec
2007 it changed its name to MFE Formwork Technology Sdn. Bhd.
Product & services Aluminium formwork construction system
Design & technical support service
Purchases
Local : Yes
International : Mainly from China, India
Sales
Local : Yes
International : Mainly to India
Property & Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of administrative office.
Branches : In addition, the Subject operates from
production facilities located at:
Al 121, 13th Mile, Jalan Subang
47000 Sungai Buloh Selangor Darul Ehsan Malaysia
Tel: +60 3 61560901
Summarized country risk
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$135.0 billion as of 15 november 2011
Gross domestic product - GDP : US$ 247.781 billion
GPP (Purchasing power parity) : 442.01 billion of International dollars
GDP per capita - current prices : US$ 8,624
GDP - composition by sector : agriculture: 9.4% industry: 40.9% services: 49.7%
Inflation 2008: 5.4%
2009: 0.6%
2010: 1.7%
Unemployment 2008 : 3.3 %
2009 : 3.6 %
2010: 3.3 %
Public debt
(General Government gross
debt as a % GDP) 2008:
42.8 %
2009: 55.4 %
2010: 54.2%
Government bond
ratings Standard
& Poor's: A-/Stable/A-2
Moody's rating: A3
Moody's outlook: STA
Market value of publicly traded shares US$ 420 billion
Largest
companies in the country : CIMB Group Holdings (Banking), Sime
Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga
Nasional(Utilities), Petronas Chemicals, Maxis Berhad
Trade & Competitiveness Overview
Total exports US$210.3
billion
Exports commodities electronic
equipment, petroleum and liquefied natural gas, wood and
wood products, palm oil, rubber, textiles,
chemicals
Total imports US$156.2
billion
Imports commodities electronics,
machinery, petroleum products, plastics, vehicles, iron and
steel products, chemicals
Export - major
partners US
15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%,
HongKong 4.6%
Import - major
partners Japan
13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%,
Thailand 5.3%, South Korea 4.9%, Germany
4.6%, Indonesia 4.2%
FDI Inflows 2007:
US$8,538 million
2008: US$7,318 million
2009: US$1,381 million
FDI Outflows 2007:
US$11,280 million
2008: US$14,988 million
2009: US$8,038 million
Best countries for
doing business 21 out of 183
countries
Global
competitiveness ranking 26
(ranking by country on a basis of 133, the first is the best)
Country and Population Overview
Total population :
28.23 million
Total area :
329,847 km2
Capital : Kuala Lumpur
Currency : Malaysia Ringgits (MYR)
Internet
users as % of total population
: 57.61%
Payment history
Purchase Term
Local : Prepayment, D/P, Credit up to 120 days
International : L/C, D/P, Credit up to 120 days
Sales Term
Local : Prepayment, D/P, Credit up to 120 days
International : L/C, D/P, Credit up to 120 days
Trade Reference/ Payment Behaviour
Comments : As local and international trade
references were not supplied, the Subject's payment track record history cannot
be appropriately determined but based on our research, payments are believed to
be met without delay.
Investigation Note
Sources : Interviews and material provided by the
Subject
: Other
official and local business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.23 |
|
UK Pound |
1 |
Rs.81.55 |
|
Euro |
1 |
Rs.69.60 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.