MIRA INFORM REPORT

 

 

Report Date :

07.12.2012

 

IDENTIFICATION DETAILS

 

Name :

FRIVEN (MALAYSIA) SDN BHD

 

 

Registered Office :

3 Jln Perindustrian 1, Kaw Perindustrian Pontian, 82000 Pontian, Johor

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

02.08.1989

 

 

Reg. No.:

185042-X

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturing of Bedlinen & Household Textile Products

 

 

No. of Employees :

40

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

malaysia - ECONOMIC OVERVIEW

 

Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies more than 40% of government revenue. The central bank maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia''s exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests.

 

Source : CIA

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

185042-X

COMPANY NAME

:

FRIVEN (MALAYSIA) SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

02/08/1989

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

3 JLN PERINDUSTRIAN 1, KAW PERINDUSTRIAN PONTIAN, 82000 PONTIAN, JOHOR, MALAYSIA.

BUSINESS ADDRESS

:

3 JALAN PERINDUSTRIAN 1 KAWASAN PERINDUSTRIAN PONTIAN, 82000 PONTIAN, JOHOR, MALAYSIA.

TEL.NO.

:

07-6862559

FAX.NO.

:

07-6862560

CONTACT PERSON

:

CHEW POOL YEE ( DIRECTOR )

INDUSTRY CODE

:

17210

PRINCIPAL ACTIVITY

:

MANUFACTURING OF BEDLINEN & HOUSEHOLD TEXTILE PRODUCTS

AUTHORISED CAPITAL

:

MYR 10,000,000.00 DIVIDED INTO
ORDINARY SHARE 10,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 5,500,000.00 DIVIDED INTO
ORDINARY SHARES 5,500,000 CASH OF MYR 1.00 EACH.

SALES

:

MYR 8,248,220 [2011]

NET WORTH

:

MYR 9,794,988 [2011]

STAFF STRENGTH

:

40 [2012]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

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) manufacturing of bedlinen & household textile products.

The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

The major shareholder(s) of the SC are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

FRIVEN & CO. LTD

 

00211333

5,500,000.00

100.00

 

 

 

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

------

 

 

 

5,500,000.00

100.00

 

 

 

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

=====

 

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MS. CHEW POOI YEE

Address

:

B3-9-3 BANDAR SUNGA LONG, 43200 KAJANG, SELANGOR, MALAYSIA.

IC / PP No

:

A3444179

New IC No

:

761015-14-5728

Date of Birth

:

15/10/1976

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

20/01/2009

 

DIRECTOR 2

 

Name Of Subject

:

WU LIANHUA

Address

:

D62, TANGBIAN VILLAGE SHISHI CITY, THE PEOPLES REPUBLIC OF CHINA

IC / PP No

:

G38092134

Nationality

:

TAIWANESE

Date of Appointment

:

06/06/2012

 

DIRECTOR 3

 

Name Of Subject

:

MR. LOH POOI KONG

Address

:

NO.192, LEBUH PAGOH TIMOR 4, 31650 IPOH, PERAK, MALAYSIA.

IC / PP No

:

4221815

New IC No

:

510519-08-6147

Date of Birth

:

19/05/1951

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

20/01/2009

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

CHEW POOL YEE

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

PETER CHONG & CO

Auditor' Address

:

51, CHANGKAT BUKIT BINTANG, 50200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. SUJATA MENON A/P K.R.D.S CHANDRAN

 

IC / PP No

:

A1515978

 

New IC No

:

700202-01-5954

 

Address

:

3, JALAN PUTEH 5, 80400 JOHOR BAHRU, JOHOR, MALAYSIA.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

 

The SC enjoys normal banking routine with above mentioned banker(s). The SC has bank charges with above mentioned banker(s).

 

 

ENCUMBRANCE (S)


ENCUMBRANCE 1

Date of Creation

:

24/02/2000

Description Of Charge

:

N/A

 

Amount Secured

:

RM500,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BHD

 

 

Form 40 Dated

Registered and Numbered 2 In The Register of Charges


ENCUMBRANCE 2

Date of Creation

:

18/02/2003

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BHD

 

 

Form 40 Dated

Registered and Numbered 3 In The Register of Charges



ENCUMBRANCE 3

Date of Creation

:

24/07/2003

Description Of Charge

:

N/A

 

Amount Secured

:

RM50,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BHD

 

 

Form 40 Dated

Registered and Numbered 4 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.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

DEFAULTER CHECK AGAINST SC


* We have checked through the SC in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection since 1990. Information was provided by third party where the debt amount can be disputed. Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed.

No blacklisted record & debt collection case was found in our defaulters' databank.

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



CLIENTELE

 

Local

:

YES

Domestic Markets

:

MALAYSIA

Overseas

:

YES

Export Market

:

SINGAPORE

Credit Term

:

30 - 60 DAYS

Payment Mode

:

CHEQUES,TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Products manufactured

:

BEDLINEN & HOUSEHOLD TEXTILE PRODUCTS

Competitor(s)

:

FU TAI UMBRELLA INDUSTRIES SDN BHD
KWALITY TEXTILES (MALAYSIA) SDN BHD
OCEANCASH FELTS SDN BHD
SELANGOR COTTON TOWELS MANUFACTURING SDN BHD
TERRYPRAI SDN BHD

 

 

 

 

 

 

Total Number of Employees:

YEAR

2012

 

GROUP

N/A

 

COMPANY

40

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) manufacturing of bedlinen & household textile products.

The SC is engaged in the manufacturing of home furnishing and its accessories.

The SC however refused to disclose further informatio on its operation.

 

PROJECTS


No projects found in our databank

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

60 0 7 686 2559

Current Telephone Number

:

07-6862559

Match

:

YES

Address Provided by Client

:

3 JALAN PERINDUSTRIAN 1 KAWASAN PERINDUSTRIAN PONTIAN 82000

Current Address

:

3 JALAN PERINDUSTRIAN 1 KAWASAN PERINDUSTRIAN PONTIAN, 82000 PONTIAN, JOHOR, MALAYSIA.

Match

:

YES

Latest Financial Accounts

:

YES

 

Other Investigations


On 5th December 2012 we contacted one of the staff from the SC and she provided some information on the SC.


FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2008 - 2011

]

 

Profit/(Loss) Before Tax

:

Increased

[

2008 - 2011

]

 

Return on Shareholder Funds

:

Unfavourable

[

<11.49%>

]

 

Return on Net Assets

:

Unfavourable

[

<11.74%>

]

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players.Higher losses before tax during the year could be due to the higher operating costs incurred. The SC's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Current Ratio

:

Favourable

[

2.09 Times

]

 

 

 

 

 

 

 

 

The SC was in good liquidity position with its current liabilities well covered by its current assets. With its net current assets, the SC should be able to repay its short term obligations.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Liability Ratio

:

Acceptable

[

0.86 Times

]

 

 

 

 

 

 

 

 

The SC had an acceptable liabilities ratio indicating that the SC has an acceptable level of liabilities relative to shareholders' funds.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

The SC's losses increased but its turnover showed a fluctuating trend. This indicate the SC was slowly losing its market share due to its competitors. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. The SC's liabilities was slightly high and its financial risk was also high. If no plans are made to reduce its liabilities, the SC's performance may deteriorate in the coming year.

 

 

 

 

 

 

 

Overall financial condition of the SC : FAIR

 

 

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators:

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Population ( Million)

27.73

28.13

28.35

28.70

29.10

Gross Domestic Products ( % )

4.6

<0.5>

7.2

5.5

5.3

Domestic Demand ( % )

6.9

2.9

6.3

4.8

7.6

Private Expenditure ( % )

7.1

<2.7>

8.1

7.0

8.7

Consumption ( % )

8.4

0.7

6.7

6.3

7.1

Investment ( % )

1.5

<17.2>

17.7

16.2

15.9

Public Expenditure ( % )

6.5

5.2

3.8

7.6

4.7

Consumption ( % )

11.6

3.1

0.2

8.9

3.0

Investment ( % )

0.7

8.0

2.8

0.6

7.0

 

 

 

 

 

 

Balance of Trade ( MYR Million )

129,563

89,650

118,356

116,058

-

Government Finance ( MYR Million )

<34,462>

<28,450>

<40,482>

<45,511>

<43,021>

Government Finance to GDP / Fiscal Deficit ( % )

<4.8>

<4.8>

<5.6>

<5.4>

<4.7>

Inflation ( % Change in Composite CPI)

<3.3>

<5.2>

5.1

3.1

-

Unemployment Rate

3.7

4.5

3.9

3.3

-

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

388

331

329

415

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

1.91

2.87

2.20

3.50

-

Average 3 Months of Non-performing Loans ( % )

13.24

11.08

15.30

14.80

-

Average Base Lending Rate ( % )

6.72

5.53

6.30

6.60

-

Business Loans Disbursed( % )

11.6

10.5

14.7

15.3

-

Foreign Investment ( MYR Million )

23,261.4

22,156.8

22,517.9

23,546.1

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

Registration of New Companies ( No. )

41,599

41,578

44,148

-

-

Registration of New Companies ( % )

<4.0>

<0.1>

6.2

-

-

Liquidation of Companies ( No. )

27,992

39,075

25,585

-

-

Liquidation of Companies ( % )

23.7

39.6

<34.5>

-

-

 

 

 

 

 

 

Registration of New Business ( No. )

269,866

312,581

271,414

-

-

Registration of New Business ( % )

-

-

-

-

-

Business Dissolved ( No. )

18,885

19,345

19,738

-

-

Business Dissolved ( % )

<7.6>

2.4

2.0

-

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

497.5

486.3

543.6

363.0

-

Cellular Phone Subscribers ( Million )

25.1

30.1

32.8

35.3

-

Tourist Arrival ( Million Persons )

21.5

23.6

24.6

25.3

-

Hotel Occupancy Rate ( % )

68.0

58.0

63.0

51.3

-

 

 

 

 

 

 

Credit Cards Spending ( % )

17.1

12.8

14.1

15.6

-

Bad Cheque Offenders (No.)

34,834

36,667

33,568

27,208

-

Individual Bankruptcy ( No.)

13,907

16,228

18,119

16,155

-

Individual Bankruptcy ( % )

5.1

16.7

11.7

<10.8>

-

 

 

 

 

 

 

 

INDUSTRIES ( % of Growth ):

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Agriculture

3.6

0.4

2.1

4.7

4.1

Palm Oil

7.0

<1.1>

<3.4>

7.3

-

Rubber

<1.1>

<19.8>

9.9

6.4

-

Forestry & Logging

<1.5>

<5.9>

<3.3>

<4.7>

-

Fishing

4.0

5.5

5.6

2.8

-

Other Agriculture

5.9

9.0

7.9

8.5

-

Industry Non-Performing Loans ( MYR Million )

393.0

413.7

508.4

634.1

-

% of Industry Non-Performing Loans

<2.0>

1.3

2.1

3.2

-

 

 

 

 

 

 

Mining

<0.8>

<3.8>

0.2

<2.4>

2.5

Oil & Gas

12.7

2.1

0.5

<1.7>

-

Other Mining

-

-

-

-

-

Industry Non-performing Loans ( MYR Million )

36.0

44.2

49.7

46.5

-

% of Industry Non-performing Loans

0.1

0.1

0.1

0.1

-

 

 

 

 

 

 

Manufacturing #

1.3

<9.4>

11.4

5.6

4.5

Exported-oriented Industries

2.7

<19.0>

12.1

2.8

-

Electrical & Electronics

2.4

<30.3>

28.4

<4.9>

-

Rubber Products

4.2

<10.1>

25.3

15.4

-

Wood Products

<6.0>

<24.1>

20.1

<7.3>

-

Textiles & Apparel

1.9

<19.5>

<0.4>

14.8

-

Domestic-oriented Industries

9.9

<9.8>

16.3

6.3

-

Food, Beverages & Tobacco

9.5

0.2

3.0

4.2

-

Chemical & Chemical Products

1.4

<7.7>

16.2

5.6

-

Plastic Products

6.5

<9.1>

2.4

3.8

-

Iron & Steel

16.8

<32.7>

29.3

2.4

-

Fabricated Metal Products

14.7

<2.5>

14.9

25.2

-

Non-metallic Mineral

8.3

<15.5>

20.2

16.3

-

Transport Equipment

27.1

<13.5>

36.5

<9.4>

-

Paper & Paper Products

8.6

<5.0>

18.7

15.6

-

Crude Oil Refineries

7.8

0.2

<11.4>

9.3

-

Industry Non-Performing Loans ( MYR Million )

5,729.4

6,007.3

6,217.5

6,537.2

-

% of Industry Non-Performing Loans

16.8

18.3

23.8

25.7

-

 

 

 

 

 

 

Construction

2.1

5.8

5.1

4.4

7.0

Industry Non-Performing Loans ( MYR Million )

4,149.8

3,241.8

4,038.5

3,856.9

-

% of Industry Non-Performing Loans

12.2

9.9

10.7

10.2

-

 

 

 

 

 

 

Services

7.3

2.6

6.5

6.4

6.5

Electric, Gas & Water

5.0

0.4

8.5

5.6

4.8

Transport, Storage & Communication

7.8

1.6

7.7

6.5

7.3

Wholesale, Retail, Hotel & Restaurant

10.0

2.8

4.7

5.2

6.9

Finance, Insurance & Real Estate

9.2

3.8

6.1

6.3

6.5

Government Services

8.6

2.0

6.7

7.6

5.6

Other Services

5.9

4.4

4.2

5.4

5.7

Industry Non-Performing Loans ( MYR Million )

8,281.4

6,631.3

7,384.6

6,825.2

-

% of Industry Non-Performing Loans

24.3

20.2

25.7

23.4

-

 

 

 

 

 

 

 

 

 

 

 

 

* Estimate / Preliminary

 

 

 

 

 

** Forecast

 

 

 

 

 

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



INDUSTRY ANALYSIS

 

MSIC CODE

17210 : Manufacture of made-up textile articles except apparel

INDUSTRY :

TRADING

 


The wholesale and retail trade sector grew 7.1% in the first half of the year 2011 supported by strong consumer spending amid favourable labour market conditions and sustained disposable income. This was reflected in the higher distributive trade index which increased 15.9%, with wholesale and retail trade indices increasing 19.2% and 7.8%, respectively.


It is anticipated that the retail industry will grow 6.0 per cent in the year 2012.


Malaysia's retail sector for 2011 is expected to grow 6 per cent or RM81.59 billion worth of retail sales, similar to the year 2010, due to concerns of high oil prices, declining purchasing power and high cost of doing business. The Middle East and North Africa civil wars have caused the world oil prices to climb. This has led to further rise in the cost of running retail businesses, especially in terms of transportation cost. Many retailers have no choice but to pass the increased cost to end consumers. At the same time, natural disasters (tsunamis, floods, droughts, snow storms, tornadoes and earthquakes) that occurred in all parts of the world has also led to a shortage in the supply of food and raw materials. The phenomenon has pushed retail prices up.In addition, the continual removal of government subsidies since 2010 has pushed inflation upwards. Consequently, rising prices of retail goods contributed to an expectation of moderate performance.


During the first seven months of 2011, other consumption indicators such as imports of consumption goods and credit card spending increased 12.8% and 11.8%, respectively. Sales of motor vehicles declined 3% on account of supply chain disruptions following devastating March 2011 earthquake and tsunami in Japan.


Growth of the sector is anticipated to remain encouraging with ongoing efforts by the Government to increase its contribution to the economy. Major initiatives include increasing the number of large format stores such as hypermarkets, superstores and departmental stores are carried out to boost the economy.


Meanwhile, the Government has introduced the Retail Shop Transformation (TUKAR) programme. Under this programme, selected large format retailers will assist small retailers to improve their premises and layout which include attractive product display shelves, enhanced lighting and point-of-sales system to manage product inventory,

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 1989, the SC is a Private Limited company, focusing on manufacturing of bedlinen & household textile products. The SC has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.


Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. The SC is operating on a medium scale and it has approximately 40 employees in its business operations. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.


Due to the challenging market conditions, the SC's business performance seems to be deteriorating and losses incurred. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. However, the SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. The SC had an acceptable liabilities ratio indicating that the SC has an acceptable level of liabilities relative to shareholders' funds. Given a positive net worth standing at MYR 9,794,988, the SC should be able to maintain its business in the near terms.


The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources.


The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.


Based on the above condition, we recommend credit be granted to the SC normally.



PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

FRIVEN (MALAYSIA) SDN BHD

 

Financial Year End

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

SUMMARY

SUMMARY

SUMMARY

SUMMARY

Currency

MYR

MYR

MYR

MYR

 

 

 

 

 

TURNOVER

8,248,220

10,999,022

9,195,302

13,530,354

 

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

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

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

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

Total Turnover

8,248,220

10,999,022

9,195,302

13,530,354

 

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

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

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

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

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

<1,150,009>

<898,355>

<1,174,369>

775,170

 

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

<1,150,009>

<898,355>

<1,174,369>

775,170

Taxation

24,172

<244,263>

<154,344>

<205,171>

 

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

<1,125,837>

<1,142,618>

<1,328,713>

569,999

 

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

As previously reported

5,975,449

7,118,067

8,446,780

7,876,781

 

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

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

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

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

As restated

5,975,449

7,118,067

8,446,780

7,876,781

 

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

4,849,612

5,975,449

7,118,067

8,446,780

 

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

4,849,612

5,975,449

7,118,067

8,446,780

 

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

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

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

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

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

FRIVEN (MALAYSIA) SDN BHD

 

ASSETS EMPLOYED:

 

 

 

 

FIXED ASSETS

572,230

867,662

1,177,883

956,932

 

 

 

 

 

 

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

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

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

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

TOTAL LONG TERM ASSETS

572,230

867,662

1,177,883

956,932

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

TOTAL CURRENT ASSETS

17,663,228

17,436,919

18,121,529

15,291,186

 

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

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

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

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

TOTAL ASSET

18,235,458

18,304,581

19,299,412

16,248,118

 

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

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

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

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

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

TOTAL CURRENT LIABILITIES

8,440,470

7,340,129

7,234,024

2,257,362

 

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

9,222,758

10,096,790

10,887,505

13,033,824

 

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

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

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

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

TOTAL NET ASSETS

9,794,988

10,964,452

12,065,388

13,990,756

 

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

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

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

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

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

Ordinary share capital

5,500,000

5,500,000

5,500,000

5,500,000

 

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

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

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

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

TOTAL SHARE CAPITAL

5,500,000

5,500,000

5,500,000

5,500,000

 

 

 

 

 

RESERVES

 

 

 

 

Retained profit/(loss) carried forward

4,849,612

5,975,449

7,118,067

8,446,780

Others

<554,624>

<554,624>

<554,624>

-

 

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

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

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

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

TOTAL RESERVES

4,294,988

5,420,825

6,563,443

8,446,780

 

 

 

 

 

 

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

9,794,988

10,920,825

12,063,443

13,946,780

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

TOTAL LONG TERM LIABILITIES

-

43,627

1,945

43,976

 

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

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

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

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

 

9,794,988

10,964,452

12,065,388

13,990,756

 

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

FRIVEN (MALAYSIA) SDN BHD

 

TYPES OF FUNDS

 

 

 

 

Net Liquid Assets

9,222,758

10,096,790

10,887,505

13,033,824

Net Current Assets/(Liabilities)

9,222,758

10,096,790

10,887,505

13,033,824

Net Tangible Assets

9,794,988

10,964,452

12,065,388

13,990,756

Net Monetary Assets

9,222,758

10,053,163

10,885,560

12,989,848

 

 

 

 

 

BALANCE SHEET ITEMS

 

 

 

 

Total Liabilities

8,440,470

7,383,756

7,235,969

2,301,338

Total Assets

18,235,458

18,304,581

19,299,412

16,248,118

Net Assets

9,794,988

10,964,452

12,065,388

13,990,756

Net Assets Backing

9,794,988

10,920,825

12,063,443

13,946,780

Shareholders' Funds

9,794,988

10,920,825

12,063,443

13,946,780

Total Share Capital

5,500,000

5,500,000

5,500,000

5,500,000

Total Reserves

4,294,988

5,420,825

6,563,443

8,446,780

 

 

 

 

 

LIQUIDITY (Times)

 

 

 

 

Current Ratio

2.09

2.38

2.51

6.77

 

 

 

 

 

SOLVENCY RATIOS (Times)

 

 

 

 

Liabilities Ratio

0.86

0.68

0.60

0.17

Assets Backing Ratio

1.78

1.99

2.19

2.54

 

 

 

 

 

PERFORMANCE RATIO (%)

 

 

 

 

Operating Profit Margin

<13.94>

<8.17>

<12.77>

5.73

Net Profit Margin

<13.65>

<10.39>

<14.45>

4.21

Return On Net Assets

<11.74>

<8.19>

<9.73>

5.54

Return On Capital Employed

<11.74>

<8.19>

<9.73>

5.54

Return On Shareholders' Funds/Equity

<11.49>

<10.46>

<11.01>

4.09

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.46

UK Pound

1

Rs.87.63

Euro

1

Rs.71.11

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.