MIRA INFORM REPORT
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Report Date : |
19.10.2011 |
IDENTIFICATION DETAILS
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Name : |
PLEXUS MANUFACTURING SDN. BHD. |
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Formerly Known As : |
M.C.M.S. SDN. BHD |
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Registered Office : |
Plot 87, Lebuhraya Kampung Jawa, Phase 3, Bayan Lepas,
Pulau Pinang, Zip/postal code 11900 |
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Country : |
Malaysia |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
21.08.1996 |
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Com. Reg. No.: |
399136-M |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Design, development, manufacturing and re-manufacturing, assembly and testing of custom complex printed circuit boards and memory intensive products |
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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Maximum Credit Limit : |
USD
4,500,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Malaysia |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Identification details
Verified Address
Subject name : PLEXUS MANUFACTURING SDN. BHD.
Business address : Plot 87, Lebuhraya Kampung Jawa
Phase
3
Town : Bayan Lepas
Province : Pulau Pinang
Zip/postal code : 11900
Country : Malaysia
Tel : +60 4 6321100
Fax : +60 4 6321234
Website : www.plexus.com
Registered address : Plot 87, Lebuhraya Kampung Jawa
Phase
3
Town : Bayan Lepas
Province : Pulau Pinang
Zip/postal code : 11900
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 21/08/1996
Legal form : Private Company Limited By Shares
Chief executive : Lim Yong Jin
Issued & paid up capital : MYR 11,751,251
Sales turnover : MYR 2,646,984,000 (Non-consolidated 12 months, 30/09/2010)
Net income : MYR 316,942,000 (Non-consolidated 12 months, 30/09/2010)
Total fixed assets : MYR 1,360,257,000 (Non-consolidated 12 months, 30/09/2010)
Line of business : Design, development, manufacturing and re-manufacturing, assembly and
testing of custom complex printed circuit boards and memory intensive products.
Staff employed : 8,700 (Plexus Group)
Credit risk opinion
Company Analysis
Country
risk : Country risk is minimal
Operation
trend : Operational trend is progressing
Management
experience : Management is adequately experienced
Financial
performance : Financial performance is very good
Organization
structure : Organizational structure is consistent
Detrimental : No detrimental records found
Payment
history : No payment delays noted
Credit
amount suggestion : USD 4,500,000
Credit
amount asked : Not described.
Comments : Larger credit can still be considered.
The Subject is well positioned in the
market and the financial
stability of the group is positive.
Statutory details
Registry Data
Registration date : 21/08/1996
Legal form : Private Company Limited By Shares
Registration no : 399136-M
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : The Subject was established on 21-08-1996 under the name M.C.M.S. SDN. BHD.
and changed to current style on 10-01-2002.
Change of legal form : None reported.
Management / directors
Key Management
Name : Lim Yong Jin
Designation : Managing Director
Name : Giam Wah Oong
Designation : Financial Manager
Name : Ann Ooi
Designation : Sourcing Manager
Name : Julie Beh
Designation : Human Resources Manager
Board of directors / other
appointments
Appointments
Name : Angelo Michael Ninivaggi Jr.
Designation : Director
Identification no : 208597357
Appointment date : 09/10/06
Address : 3102 E, Parkside Blvd
Apartment #2
Appleton, WI 54915
United States
Biography : Mr.
Angelo M. Ninivaggi is Vice President, General Counsel, Corporate Compliance
Officer and Secretary of Plexus Corp. He joined Plexus Corporation in 2002 as
Director of Legal Services. Since 2006, Mr. Ninivaggi has served as Vice
President, General Counsel and Secretary. Since November 2007, Mr. Ninivaggi
has also served as Corporate Compliance Officer.
Name : George
Whitney Setton
Designation : Director
Identification no : 210081157
Appointment date : 18/12/02
Address : 33W456
Name : Syarifah
Mariah Alfah Bt. Syed Othman
Designation : Director
Identification no : 470709-02-5376
Appointment date : 08/06/99
Address : Fox Hill Langkawi
Lot 91, Jalan Makam Mahsuri
Kampung Telok, Ulu Melaka
07100 Langkawi
Kedah
Malaysia
Name : Lim Yong Jin
Designation : Managing Director
Identification no : 600620-01-6177
Appointment date : 15/11/99
Address : No.
29, Jalan Brother James
Pulau Tikus
10350
Biography : Mr.
Yong Jin Lim is Regional President — Plexus Asia Pacific in August 2007. He
joined Plexus in 2002. From 2003 to 2007 he served as Vice President of
Operations –
Name : Gunn Chit Geok
Designation : Company Secretary
Identification no : 490915-07-5030
Appointment date : 27/09/96
Address : No. 23 Persiaran Midlands
10250 Georgetown Pulau Pinang Malaysia
Staff employed : 8,700 (Plexus Group)
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS Level 15, 1 Sentral
Jalan Travers, Kuala Lumpur Sentral
50470 Kuala Lumpur
Malaysia
Share capital
Composition
Authorized
Capital : MYR 25,000,000
No of
shares : 25,000,000 Ordinary Shares
Share
par value : MYR 1
Issued
capital : MYR 11,751,251
Paid up
capital : MYR 11,751,251
Changed
in capital : The Subject increased its share capital
from MYR 100,000 to MYR 25,000,000 on
03-07-1998.
ownership / shareholders
How listed : Full List
Composition
Shareholder name : PLEXUS ASIA, LTD.
Address : C/o ABACUS TRUST AND MANAGEMENT
SERVICES LIMITED Unit 18, Mill Mall,
Wickham's Cay
Road Town, Tortola
British Virgin Islands
No. of shares : 11,751,251 Ordinary Shares
% of shares : 100%
Related companies & corporate Affiliations
Structure
Name : PLEXUS CORP.
Affiliation type : Ultimate Holding Company
Address : One Plexus Way
Neenah, WI 54957-0156
United States
Comments Plexus Corp., together with its subsidiaries, provides contract electronic manufacturing
services to original equipment manufacturers
and other technology companies. Its services include product realization
services comprising product specification; development, design, and design
verification; regulatory compliance support; prototyping and new product
introduction; manufacturing test equipment development; materials sourcing,
procurement, and supply-chain management; product assembly/manufacturing,
configuration, and test; and order fulfillment, logistics, and service/repair.
The company provides contract manufacturing services on a turnkey basis, as
well as on a consignment basis. It serves the wireline/networking, wireless
infrastructure, medical, industrial/commercial, and defense/security/aerospace
market sectors. The company operates in the
Plexus Corp. is listed in NASDAQ
Stock Exchange.
Name : PLEXUS INTERNATIONAL SERVICES, INC.
Affiliation type : Intermediate Holding Company
Address : One Plexus Way
Neenah, WI 54957-0156
United States
Name : PLEXUS ASIA, LTD.
Affiliation type : Parent Company
Address : C/o ABACUS TRUST AND MANAGEMENT SERVICES LIMITED
Unit 18, Mill Mall, Wickham's Cay
Road Town, Tortola
British Virgin Islands
Name : PLEXUS DEUTSCHLAND GMBH
Affiliation type : Sister Company
Address : Bratustrasse 7
64293 Darmstadt
Germany
Name : PLEXUS SERVICES RO S.R.L.
Affiliation type : Sister Company
Address : Santion Village
Bors Landbook no. 36, Cadastral number 5,6 and 91
Bors 417078
Bihor
Romania
Name : PLEXUS (XIAMEN) CO., LTD.
Affiliation type : Sister Company
Address : No. 6 Xiangxing 2 Road Xiangyu Free Trade Zone Xiamen, Fujian 361006
China
Name : PLEXUS (HANGZHOU) CO., LTD.
Affiliation type : Sister Company
Address : No. 66 Dongxindadao Road
Building D
Hangzhou, Zhejiang Province 310053
China
Name : PLEXUS CORP. LIMITED
Affiliation type : Sister Company
Address : Pinnacle Hill
Kelso
Roxburghshire, TD5 8XX United Kingdom
Name : PLEXUS ELECTRONICA S. DE R.L. DE C.V.
Affiliation type : Sister Company
Address : Ave De Las Torres No 2304
Col. Lote Bravo, Zona Sur
Cd Juarez Chihuahua 32574
Mexico
Name : PLEXUS INTL. SALES & LOGISTICS, LLC
Affiliation type : Sister Company
Address : One Plexus Way
Neenah, WI 54957-0156
United States
Related companies and corporate affiliations comments
Other companies of the Plexus Group should be considered
affiliates of the Subject.
Bank & mortgages
Bank Details
Name of
bank :
Affin Bank 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: 10-05-2000
Name of Chargee: CISCO SYSTEMS INC
Charge Status: FULLY SATISFIED
Total of Charge: 19,200,000.00
Date of Creation: 06-04-2001
Name of Chargee: AFFIN BANK BERHAD
Charge Status: PARTLY SATISFIED
Total of Charge: 19,200,000.00
Date of Creation: 06-04-2001
Name of Chargee: AFFIN BANK BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 590,000.00
Date of Creation: 19-09-2001
Name of Chargee: AFFIN BANK BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 30,000.00
Date of Creation: 16-10-2001
Name of Chargee: AFFIN BANK BERHAD
Charge Status: FULLY SATISFIED
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 : 30/09/10
Type of accounts : Full audited
Currency :
Exchange rate : 1 USD = MYR 3.13 as of 18-10-2011
Summarized Financial
Information
Consolidation type : Non
Consolidated Non
Consolidated Group
Consolidated Currency :
Date of financial year end : 30/09/10 30/09/09 02/10/10
Length of accounts : 12 months 12 months 12
months
Gross profit : 368,844,000 232,492,000 206,922,000
Operating profit : 99,652,000
Profit before tax : 317,060,000 195,214,000 90,437,000
Net income : 316,942,000 194,783,000 89,533,000
Non current assets : 236,963,000 251,185,000 264,388,000
Current assets : 1,123,294,000 855,882,000 1,025,991,000
Inventories : 613,659,000 343,480,000 492,430,000
Total assets : 1,360,257,000 1,107,067,000 1,290,379,000
Current liabilities : 525,464,000 505,755,000 502,519,000
Non current liabilities : 0 0 136,005,000
Total liabilities : 525,464,000 505,755,000 638,524,000
Share equity : 834,793,000 601,312,000 651,855,000
Retained earning : 901,710,000 584,768,000 445,568,000
Comments : The non-consolidated financial
information above relates to the Subject
only.
The group’s
consolidated financial information above relates to the Subject’s Ultimate
Holding Company Plexus Corp. and all its subsidiaries which include the
Subject.
Operation details
Main activities : The Subject is engaged in design,
development, manufacturing and
re-manufacturing,
assembly and testing of custom complex printed circuit boards and memory
intensive products.
The Subject is
part of Plexus Corp. (Plexus), along with its subsidiaries, provide optimized
product realization solutions through a product realization value stream
service model. It provides these services to original equipment manufacturers
and other technology companies in the wireline/networking, wireless
infrastructure, medical, industrial/commercial and defense/security/aerospace
market sectors. It provides advanced product design, manufacturing and testing
services to its customers with a focus on the mid-to-lower-volume,
higher-complexity segment of the electronic manufacturing services market.
Plexus offers a range of integrated services, which include product development
and design, prototyping and new product introduction services, test equipment
development, material sourcing and procurement, agile manufacturing services,
fulfillment and logistic services, after-market support and regulatory
requirements.
Product & services : Mechanical, electronic and software design Printed circuit board (PCB)
development
Prototyping services
Printed circuit board and high level assembly
In-circuit and functional testing
Purchases
Local : Yes
International : Worldwide
Sales
Local : Yes
International : Worldwide
Group key events : Plexus Corp. Announces Expansion And SFDA
Certification In
Thursday, 9 Dec 2010
Plexus Corp.
announced that it has entered into an agreement to purchase land for the
construction of a new manufacturing facility in the Xiamen Xiangyu Free Trade Zone,
adjacent to its current facility. This new facility will operate under the
existing management team and will add approximately 180,000 square feet of
manufacturing capacity. Construction is expected to begin in March 2011 with
production to commence in the second half of calendar 2012. In addition,
Plexus' current
Plexus Corp. To Develop Manufacturing Facility In
Friday, 29 Oct 2010
Plexus Corp.
announced that it has signed an agreement with the
Plexus Corp. Announces Fire in Romanian Facility of Oradea-GlobeNewswire
Sunday, 8 Aug 2010.
GlobeNewswire
reported that a fire broke out in one of Plexus Corp.'s two manufacturing
buildings in Oradea of Romania. The fire occurred after production hours while
the building was unoccupied. Although the fire was limited to a portion of
non-production space, operations within this building will suspend until at
least the morning of August 12, 2010, to provide sufficient time to complete a
full assessment of the damage.
Sustainable Energy Technologies Ltd. Partners With Plexus
Corp For
Global Manufacturing And Supply Chain Strategy Wednesday, 5
May 2010
Sustainable
Energy Technologies Ltd. announced that it is partnering with Plexus Corp to
manage the Company's electronics supply chain for all markets and to manufacture
Sustainable Energy's SUNERGY inverters for the European market. Under a
memorandum of understanding between the parties, Plexus Corp will supply the
critical power electronics sub-assemblies of the SUNERGY inverters for both
European and North American markets and will be responsible for final assembly
in Europe of SUNERGY inverters for European markets. Inverters for Ontario and
other North American markets will be manufactured in Ontario by the Company to
meet Ontario's domestic content thresholds for the Province's solar Feed in
Tariff Program.
Property & Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of production and
engineering facilities, warehouse and administrative office covering 364,000
square feet.
Branches : In addition, the Subject operates from
two other production facilities located at:
Bayan Lepas Free Industrial Zone Phase II, 11900 Bayan Lepas Penang, Malaysia
120,000 square feet of area
+60 4 6321000
Bayan Lepas Free Industrial Zone Phase IV, 11900 Bayan Lepas Penang, Malaysia
160,000 square feet of area
+60 4 6321100
Other property : Total NBV of property, plant and equipment as of 30-09-2010 was MYR
217,074,000.
Summarized country risk
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of
Reserve of foreign exchange & gold :
US$131 billion as of 30 September 2011
Gross domestic product - GDP : US$ 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
rate 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: 55.2%
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 andsteel
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 : Cash against document, Prepayment,
Credit 30-90 days
International : L/C, Prepayment, Credit 30-90 days
Sales Term
Local : Cash against document, Prepayment,
Credit 30-90 days
International : L/C, Prepayment, Credit 30-90 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.49.14 |
|
UK Pound |
1 |
Rs.77.58 |
|
Euro |
1 |
Rs.67.58 |
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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.