MIRA INFORM REPORT
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Report Date : |
26.04.2012 |
IDENTIFICATION DETAILS
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Name : |
BAHRU STAINLESS SDN. BHD |
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Registered Office : |
C/O Ssa Professional Services Sdn. Bhd., Suite 3.6, Level 3, Menara Pelangi, No. 2 Jalan Kuning, Taman Pelangi, Johor Bahru, Johor Darul Takzim, Zip/Postal Code 80400 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.03.2008 |
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Com. Reg. No.: |
811430-H |
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Legal Form : |
Private Company Limited By
Shares |
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Line of Business : |
Manufacturing stainless
steel flat products. |
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No. of Employees : |
320 employees (Subject); 7,400
(Acerinox Group) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2,000,000 |
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Status : |
Moderate |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Verified Address
Subject
name : BAHRU STAINLESS SDN.
BHD.
Business
address : Level 2, TLP Building
Tanjung Langsat
Industrial Complex
Town
: Pasir Gudang
Province
: Johor Darul Takzim
Zip/postal
code : 81707
Country
: Malaysia
Tel
: +60 7
2546440
Fax
: +60 7
2546441
Website : www.acerinox.es
Registered address : C/o SSA PROFESSIONAL SERVICES SDN. BHD.
Suite 3.6, Level 3
Menara Pelangi
No. 2 Jalan Kuning
Taman Pelangi
Town : Johor
Bahru
Province : Johor Darul Takzim
Zip/postal code : 80400
Country : Malaysia
Comments : The
provided address Lot Ptd 3532, Jalan Tegar Perindustrian Tanjung & Langesat
81700 Pasir Gudang
Johor, Malaysia belongs to the Subject's production facilities.
Executive Summary
Date founded or registered : 27/03/2008
Legal form : Private Company
Limited By Shares
Chief executive : Lucien Maurice Matthews
Issued & paid up capital
: MYR 1,151,600,000
Sales turnover : MYR 0 (Non-consolidated 12 months,
31/12/2010)
Net income : MYR -16,937,000
(Non-consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 1,447,237,000
(Non-consolidated 12 months, 31/12/2010)
Line of business : Manufacturing stainless
steel flat products.
Staff employed : 320 employees (Subject);
7,400 (Acerinox Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management experience : Management is adequately experienced
Financial performance : Financial performance is gradually
declining
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 2,000,000
Credit amount asked : Not described.
Comments : The Subject has just begun commercial
production however equity balance of
the Subject is stable. Credit can be granted however for larger credit amount than suggested guarantees from the Subject’s Parent Company would be beneficial.Statutory details
Registry Data
Registration date : 27/03/2008
Legal form : Private Company Limited By
Shares
Registration no 811430-H
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Comments : The Subject started commercial
production in January 2012.
Key Management
Name : Lucien Maurice Matthews
Designation : Chief Executive Officer
Name : Peter Dekker
Designation : Project Director
Appointments
Name : Ramos Flores Benjamin
Designation : Director
Identification no : XD567791
Appointment date : 27/03/08
Address : 19-B, Jalan Stulang Darat
80300
Johor Bahru
Johor
Darul Takzim
Malaysia
Name : Benardo Velazquez
Herreros
Designation : Director
Identification no : BE732618
Appointment date : 07/04/09
Address : C/ Rafael Villa 34 (EL
Plantio)
Madrid
28023
Spain
Name : Hiroyuki Mizumoto
Designation Director
Identification no : MS6365776
Appointment date : 16/04/09
Address : 262-5-209 Kariyado
Nakahara-Ku,
Kawasaki
Kanagawa
Japan
Name : Luis Gimeno Valledor
Designation : Director
Identification no : BE733210
Appointment date : 02/12/10
Address : Calle del Alimoche 32
Las Rozas
De Madrid
Madrid
28230
Spain
Name : Koji
Mizumoto
Designation : Director
Identification no : TG1955948
Appointment date : 16/06/11
Address : C/o NISSHIN STEEL CO., LTD.
Shinkokusai
Building
4-1,
Marunouchi 3-Chome
Chiyoda-ku,
Tokyo 100-8366
Japan
Name : Lucien Maurice Matthews
Designation : Director
Identification no : 478176551
Appointment date : 18/11/11
Address : No.170, Jalan Molek 2/17
Taman
Molek
81100
Johor Bahru
Johor
Darul Takzim
Malaysia
Name : Jerry Yin Wa
Designation : Company Secretary
Identification no : 660629-01-5634
Appointment date : 10/10/11
Address : 20, Jalan Molek 3/16
Taman
Molek
81100
Johor Bahru
Johor
Darul Takzim
Malaysia
Staff employed : 320
employees (Subject); 7,400 (Acerinox Group)
Key Advisors
Auditors : KPMG
KPMG
Tower, 8 First Avenue
Bandar
Utama, 47800 Petaling Jaya
Selangor
Darul Ehsan
Malaysia
Composition
Authorized Capital : MYR 1,151,600,000
No of shares : 1,151,600 Ordinary
Shares
Share par value : MYR 1,000
Issued capital : MYR 1,151,600,000
Paid up capital : MYR 1,151,600,000
Changed in capital : The Subject increased its share
capital from MYR 551,600,000 to MYR
1,151,600,000 on 27-08-2010.
How listed : Full List
Composition
Shareholder name : ACERINOX, S.A.
Address : Santiago de Compostela nº
100
28035
Madrid
Spain
No. of shares : 771,572 Ordinary Shares
Shareholder name : NISSHIN STEEL CO., LTD.
Address : Shinkokusai Building
4-1,
Marunouchi 3-Chome
Chiyoda-ku,
Tokyo 100-8366
Japan
No. of shares : 345,480 Ordinary Shares
Shareholder name : METAL ONE CORPORATION
Address : Celestine Shiba Mitsui
Building
3-23-1
Shiba, Minato-ku
Tokyo
105-0014
Japan
No. of shares : 34,548 Ordinary Shares
Structure
Name : ACERINOX S.A.
Affiliation type : Parent Company
Address : Santiago de Compostela nº
100
28035 Madrid, Spain
Comments
:
Acerinox, S.A., together with its
subsidiaries, engages in the manufacture,
transformation, and sale of stainless steel products. It offers a range of stainless
steel flat products, including slabs, billets, black coils, plates, hot rolled coils and
sheets, coil/sheet engraved products, flat bars, cold rolled coils, cold rolled
sheets, and circles. The company also provides stainless steel long products,
such as billets, wire rods, angles, hot rolled flat bars and re-bars, reinforced bars
in coils, cold rolled re-bars, hot rolled black bars, smooth turned bars, cold drawn
bars, wires, profiles, color coated wires, stainless prestressed wires, and stainless
reinforcement wires. It has operations primarily in Europe, the United States,
Africa, and Asia. The company was founded in 1970 and is headquartered in
Madrid, Spain.
Name : NISSHIN STEEL CO., LTD.
Affiliation type : Minority Shareholder
Address : Shinkokusai Building
4-1, Marunouchi
3-Chome
Chiyoda-ku, Tokyo
100-8366
Japan
Comments
:
Nisshin Steel Co., Ltd. and its subsidiaries principally engage in the manufacture
and sale of steel products in Japan and internationally. The company offers a
range of steel products, including coated steel, such as galvanized, aluminized,
and copper-plated steel sheet and strip; stainless steel sheet and strip; hot- and
cold-rolled ordinary steel sheet and strip; and special steel products. It is also
involved in the manufacture and sale of construction materials, light-gauge steel
shapes, prepainted galvanized steel sheets, and metal siding; processing and
sale of steel sheets and products; and cutting of strips. In addition, the company
manufactures and sells steel pipes and tubes, and processed products, as well as
fine color and decorative stainless steel products, and pipe fittings. Further, it
offers kitchen sets, bathtubs, sanitary devices, industrial machinery, and special
steel products; processes and sells building materials and lime for steelmaking;
and shearing, slitting, processing, and sale of stainless steel sheet and strips.
Additionally, the company produces and sells gasses, such as oxygen, nitrogen,
and argon; recycles and sells kraft paper; and is involved in the sea and land
transportation of iron and steel products, as well as sea transportation of coke. It
also engages in purchasing of materials, insurance operations, the sale of bicycle
parking lot systems, golf course management, and systems integration, as well as
provides installation, repair, and maintenance of facilities. The company markets
it products and services to various industries, such as construction, electrical
appliance, industrial machinery, electronics, and automotive industries. Nisshin
Steel was founded in 1928 and is headquartered in Tokyo,
Japan
Name : METAL
ONE CORPORATION
Affiliation type : Minority Shareholder
Address : Celestine Shiba Mitsui Building
3-23-1 Shiba,
Minato-ku
Tokyo 105-0014
Japan
Comments :
Metal One Corporation supplies steel products in Japan and internationally. It
offers seamless steel pipes, welded steel pipes, steel plates and bars, flange
beams, general and lightweight steel shapes, steel sheet and pipe piles, and
processed ferrous raw materials, as well as hot rolled and cold rolled steel plates
and sheets, surface-treated steel plates and sheets, electrical sheets, tinned steel
plates and sheets, wire rods, and secondary and tertiary wire rod products. The
company also provides structural, alloy, tool, ball-bearing, spring, free-cutting, and
heat-resistant steel products, as well as stainless steel scraps, sheets and strips,
and titanium products. It also offers supply chain management, consulting,
strategic finance, and information technology solutions. Metal One offers its
products for construction, housing, automotive, construction machinery,
shipbuilding, household electrical appliance, energy, machine tool, and tool
industries, as well as for the exteriors and interiors of buildings, elevators and
escalators, trains and automobiles, kitchens, and cooking tools. The company
was founded in 2003 and is headquartered in Tokyo, Japan with additional offices
in Niigata, Shizuoka, Hamamatsu, Hokuriku, Kobe, Himeji, Mizushima, Nagasaki,
Kimitsu, and Chita, Japan. It has subsidiary offices in Kakogawa, Fukuyama,
Tokuyama, Ube, Oita, Kitakyushu, and Nagasaki, Japan. Metal One Corporation
operates as a subsidiary of Mitsubishi Corporation.
Name : ACERINOX
SOUTH EAST ASIA PTE LTD
Affiliation type : Sister Company
Address : 16 Raffles Quay
Hong Leong Building
33-02
048581 Singapore
Singapore
Comments : Marketing of stainless steel products.
Name : ACERINOX
(INDIA) PRIVATE LIMITED
Affiliation type : Sister Company
Address : Unit No. 504, Sagar Fortune Building
Waterfield Road, Plot
184, Bandra (West)
Mumbai 400050
India
Comments : Marketing of stainless steel products.
Name : ACERINOX
AUSTRALASIA PTY LTD
Affiliation type : Sister Company
Address : Suite 502, Level 5
781 Pacific Highway
Chatswood, NSW 2067
Sydney
Australia
Comments : Marketing
of stainless steel products.
Name : ACERINOX
( SCHWEIZ ) A.G.
Affiliation type : Sister Company
Address : Weihermattstrasse Nº 2
5507 Mellingen
Switzerland
Comments : Marketing of stainless steel
products.
Name : ACERINOX
ARGENTINA S.A.
Affiliation type : Sister Company
Address : Av. Velez Sarsfield, 1535
1285 Buenos Aires
Argentina
Comments : Marketing
of stainless steel products.
Related
companies and corporate affiliations comments
Other companies of the Acerinox Group
should be considered affiliates of the Subject.
Bank Details
Name of bank : Ambank (M) 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 : None reported.
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
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Description
Source of financial
statement Commercial Registry Filings
Financial statement date 31/12/10
Type of accounts full audited
Currency Malaysia, Ringgit (MYR)
Exchange rate 1 USD = MYR 3.03 as of 13-03-2012
Summarized
Financial Information
Consolidation type Non Consolidated Non Consolidated Group Consolidated
Currency Malaysia, Ringgit Malaysia,
Ringgit
(MYR) (MYR) Euro (EUR)
Denomination (x1)
One (x1) One (x1) One
Date of financial year end 31/12/10 31/12/09 31/12/11
Length of accounts 12 months 12 months 12 months
Sale turnover / Income 0 0 4,672,244,000
Gross profit 0 0 ---
Operating profit 192,345,000
Profit
before tax -16,899,000 -7,074,983 132,626,000
Net income -16,937,000 -7,288,650 66,183,000
Non current assets 1,145,081,000 516,314,238 2,251,438,000
Current assets 302,156,000 71,217,608 1,819,784,000
Inventories --- -- 1,119,428,000
Total assets 1,447,237,000 587,531,846 4,071,222,000
Current liabilities 214,123,000 43,380,558 1,201,712,000
Non current liabilities 574,166,000 0 988,318,000
Total liabilities 788.289,000 43,380,558 2,190,030,000 Share equity 658,948,000 544,151,288 1,881,192,000
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 Acerinox
S.A. and all its subsidiaries which include the Subject.
The Subject did not record any sale turnover
for financial year end 2010 and 2009 as the Subject started commercial
production in January 2012.
Main activities :
The Subject is engaged in
manufacturing stainless steel flat products.
The new plant will be an integrated stainless steel production plant with a melting capacity of 1 million MT/ year and 600,000 MT/ year of cold rolled production. It occupies 350 acres of land with an estimated investment of USD1.5 billion.
The Subject is part of Acerinox SA which is a Spain based company principally engaged in the manufacture, distribution and sale of flat and long stainless steel products. Its products portfolio comprises slabs, billets, plates, coils, sheets, bars, circles, wired rods, angles and profiles, among others. The Company’s facilities include a production plant located in Algeciras, service centers operating in Barcelona, La Coruna and Madrid, as well as factories in Spain, the United States, South Africa and Malaysia.
The Company is a parent of Grupo Acerinox, a group which comprises a number of controlled entities with operations established in Europe, North and South America, Africa, Asia and Oceania. In addition, the Company is a 24.24%-owned affiliate of Alba Participaciones SA.
Purchases
International : Asian countries, Europe
Sales
Local : Yes
International : Asian countries
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:
Plo 108
(Ptd 4069), Jalan Rumbia 3
Tanjung
Langsat Industrial Complex
Pasir
Gudang 81700, Johor Darul Takzim, Malaysia
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$133.7 billion as of 13 January 2012
Gross domestic product - GDP : US$ 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%
Purchase Term
International : L/C,
Prepayment, Telegraphic transfer, Credit 30-90 days
Sales Term
Local : Prepayment,
Bank transfer, Credit 30-90 days
International : L/C,
Telegraphic transfer, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.49 |
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1 |
Rs.84.66 |
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Euro |
1 |
Rs.69.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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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.