MIRA INFORM REPORT

 

 

Report Date :

13.07.2012

 

 

 

Tel. No.:

+603 4142 6263/4142 3871

Fax No.:

+603 4143 6870 / 4142 8260

 

IDENTIFICATION DETAILS

 

Name :

OCEAN COOLING TOWER SDN BHD

 

 

Registered Office :

Suite 1603, Wisma Lim Foo Yong, 86 Jalan Raja Chulan, 16th Floor, 50200 Kuala Lumpur, Wilayah Persekutuan

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

12.05.2001

 

 

Com. Reg. No.:

547422-W

 

 

Legal Form :

PRIVATE LIMITED

 

 

Line of Business :

Manufacturing of Cooling Towers

 

 

No. of Employees :

20

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

547422-W

COMPANY NAME

:

OCEAN COOLING TOWER SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

12/05/2001

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

SUITE 1603, WISMA LIM FOO YONG, 86 JALAN RAJA CHULAN, 16TH FLOOR, 50200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

NO. 15-1, JALAN 9/23E, TAMAN DANAU KOTA, SETAPAK, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

TEL.NO.

:

03-41423871

FAX.NO.

:

03-41436870

EMAIL

:

ocean_ct1@hotmail.com

WEB SITE

:

www.oceancoolingtower.com

CONTACT PERSON

:

THOMAS WONG ( CEO )

 

 

 

INDUSTRY CODE

:

29

PRINCIPAL ACTIVITY

:

MANUFACTURING COOLING TOWERS

AUTHORISED CAPITAL

:

MYR 100,000.00 DIVIDED INTO 
ORDINARY SHARE 100,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 100,000.00 DIVIDED INTO 
ORDINARY SHARES 100,000 CASH OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 4,100,655 [2010]

NET WORTH

:

MYR 2,159,739 [2010]

 

 

 

STAFF STRENGTH

:

20 [2012]

BANKER (S)

:

ALLIANCE BANK MALAYSIA BHD
HSBC BANK MALAYSIA BHD
PUBLIC BANK BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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 cooling towers.

 

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

(%)

MR. YONG CHEE MUN +

44 JALAN PERSIARAN REJANG, TAMAN LEMBAH MAJU, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

600521-10-6871

50,000.00

50.00

MR. YONG CHEE THIEM +

44 JALAN PERSIARAN REJANG, TAMAN SRI RAMPAI, SETAPAK

710721-10-5715

50,000.00

50.00

 

 

 

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

------

 

 

 

100,000.00

100.00

 

 

 

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

=====

 

 

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. YONG CHEE MUN

Address

:

44 JALAN PERSIARAN REJANG, TAMAN LEMBAH MAJU, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

New IC No

:

600521-10-6871

Date of Birth

:

21/05/1960

 

 

 

Nationality

:

MALAYSIAN CHINESE

 

DIRECTOR 2

 

Name Of Subject

:

MR. YONG CHEE THIEM

Address

:

44 JALAN PERSIARAN REJANG, TAMAN SRI RAMPAI, SETAPAK

 

 

 

New IC No

:

710721-10-5715

Date of Birth

:

21/07/1971

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

12/05/2001



MANAGEMENT

 

 

 

1)

Name of Subject

:

THOMAS WONG

 

Position

:

CEO

 

 

 

AUDITOR

 

Auditor

:

HALS & ASSOCIATES

Auditor' Address

:

SUITE 1602, WISMA LIM FOO YONG, 86, JALAN RAJA CHULAN, 16TH FLOOR, 50200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MRS. LIM HOOI CHIN

 

 

 

 

 

New IC No

:

700416-07-5290

 

Address

:

C3-14, BLOCK C, JALAN MAJU 2/1, TAMAN LEMBAH MAJU, 56100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

MR. TAI KEAT CHAI

 

 

 

 

 

New IC No

:

540730-08-5841

 

Address

:

17, JALAN SS 20/22, 47400 PETALING JAYA, SELANGOR, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

ALLIANCE BANK MALAYSIA BHD

 

 

 

 

 

2)

Name

:

HSBC BANK MALAYSIA BHD

 

 

 

 

 

3)

Name

:

PUBLIC BANK 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

:

16/03/2006

Description Of Charge

:

N/A

 

Amount Secured

:

RM550,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

ALLIANCE BANK MALAYSIA BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 1 In The Register of Charges



ENCUMBRANCE 2

Date of Creation

:

02/03/2009

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

HSBC BANK MALAYSIA BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 2 In The Register of Charges



ENCUMBRANCE 3

Date of Creation

:

05/09/2011

Description Of Charge

:

N/A

 

Amount Secured

:

RM250,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

PUBLIC BANK BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 3 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

:

PAKISTAN, BANGLADESH, SRI LANKA, PHILIPPINES, INDONESIA

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES,TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Products manufactured

:

COOLING TOWERS, INDUSTRIAL FANS, VALVE FITTINGS

 

 

 

Brand Name

:

OCEAN

 

 

 

 

Competitor(s)

:

AIR PRODUCTS SPECIALISED PROCESS EQUIPMENT SDN BHD
CAMERON INTERNATIONAL MALAYSIA SYSTEMS SDN BHD
ERAWAN LMW INDUSTRIES SDN BHD
KONE PRODUCTS & ENGINEERING (M) SDN BHD
PETRO-PIPE (SABAH) SDN BHD

 

 

 

 

 

 

 

 

Member(s) / Affiliate(s)

:

MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)

 

 

 

 

Total Number of Employees:

YEAR

2012

 

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

20

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) manufacturing cooling towers.

The SC's cooling towers design incorporates several innovative design features, there is build in piping type, low noise series,UV coating fiber glass casing and basin and hot dip galvanized steels structure to yield a compact and efficient cooling tower.

The SC has a strong group of engineers, well trained, technical professionals utilizing and modern computer system/software program to assisting its business.

The SC also provides repair and maintenance services for the products. 

 

PROJECTS


No projects found in our databank 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

603 4142 6263/4142 3871

Current Telephone Number

:

03-41423871

Match

:

YES

 

 

 

Address Provided by Client

:

NO. 15-1, JALAN 9/23E, TAMAN DANAU KOTA, SETAPAK,53300,KUALA LUMPUR,WILAYAH PERSEKUTUAN.

Current Address

:

NO. 15-1, JALAN 9/23E, TAMAN DANAU KOTA, SETAPAK, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

Match

:

YES

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations


We contacted one of the staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Decreased

[

2006 - 2010

]

 

Profit/(Loss) Before Tax

:

Increased

[

2006 - 2010

]

 

Return on Shareholder Funds

:

Acceptable

[

14.73%

]

 

Return on Net Assets

:

Acceptable

[

11.27%

]

 

 

 

 

 

 

 

 

The continuous fall in turnover could be due to the lower demand for the SC's products / services.The higher profit could be attributed to the increase in turnover. The SC's management had generated acceptable return for its shareholders using its assets.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Current Ratio

:

Favourable

[

1.73 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

:

Unfavourable

[

1.15 Times

]

 

 

 

 

 

 

 

 

The SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Due to the efficient control of its operating costs, the SC was able to remain profitable despite lower turnover achieved during the year. 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 level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

 

 

 

 

 

 

 

Overall financial condition of the SC : STABLE

 

 

 

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

29 : Manufacture of Machinery and Equipment n.e.c.

 

 

INDUSTRY :

MACHINERY

 

 

 


The Government has identified the machinery and equipment (M&E) industry to be one of the key areas for growth and development. The growth will focus on the manufacture of high value-added and high technology M&E.


The long term objectives outlined under the Third Industrial Master Plan (IMP3) for the M&E sector is to position Malaysia as :-


i) The regional production hub for high technology and specialised M&E; 


ii) The main distribution centre in the region for all types of M&E; and 


iii) The centre for maintenance related services, refurbishment, reconditioning and upgrading of high technology and specialised M&E.


The Master Builders Association Malaysia (MBAM) has suggested that the government reduce the import duty and sales tax for heavy machinery used in construction, on a systematic basis within two years, to five per cent from the 20 per cent currently.


The reduction would enable construction machinery companies as well as the industry, to remain competitive within ASEAN.


As a majority of the construction machinery in Malaysia is quite old, there would be huge opportunities for construction machinery companies to explore, penetrate and expand their businesses as well as to support the implementation of projects in the country.


The MBAM is encouraging the use of newer machinery to improve efficiency and also for safety purposes, as older ones, may have a higher safety risk due to metal fatigue.


However, the existence of an import duty and sales tax are still required to avoid large scale dumping of second hand machinery in Malaysia.

 

 

OVERALL INDUSTRY OUTLOOK : Marginal Growth

 

CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2001, the SC is a Private Limited company, focusing on manufacturing cooling towers. Having been in the industry for over a decade, the SC has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. However, with a small paid up capital, the SC should put more efforts on its business to gain higher market share while competing aggressively in the market.


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. Being a small company, the SC's business operation is supported by 20 employees. 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.


Despite the lower turnover, the SC's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. 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. Although the SC's liability ratio is high, it is mainly due to high current liabilities rather than long term debt. However, the high current liabilities are well covered by its large current assets, indicating that the SC does not face any shortage in working capital. Given a positive net worth standing at MYR 2,159,739, the SC should be able to maintain its business in the near terms.


Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. 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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the SC's future performance is very much depend on its marketing strategies in order to retain its position in the market.


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)

OCEAN COOLING TOWER SDN BHD

 

Financial Year End

31/12/2010

31/12/2009

31/12/2008

31/12/2007

31/12/2006

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

SUMMARY

SUMMARY

SUMMARY

SUMMARY

SUMMARY

Currency

MYR

MYR

MYR

MYR

MYR

 

 

 

 

 

 

TURNOVER

4,100,655

4,189,700

4,624,107

4,259,488

2,861,984

 

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

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

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

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

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

Total Turnover

4,100,655

4,189,700

4,624,107

4,259,488

2,861,984

 

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

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

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

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

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

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

379,161

178,902

479,600

497,716

306,464

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

379,161

178,902

479,600

497,716

306,464

Taxation

<61,105>

<76,155>

<120,171>

<98,164>

<78,724>

 

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

318,056

102,747

359,429

399,552

227,740

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

1,741,683

1,638,936

1,279,507

879,955

652,215

 

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

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

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

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

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

As restated

1,741,683

1,638,936

1,279,507

879,955

652,215

 

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

2,059,739

1,741,683

1,638,936

1,279,507

879,955

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

2,059,739

1,741,683

1,638,936

1,279,507

879,955

 

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

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

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

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

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

 

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

OCEAN COOLING TOWER SDN BHD

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

2,432,426

2,227,584

1,727,063

1,802,355

1,772,721

 

 

 

 

 

 

 

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

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

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

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

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

TOTAL LONG TERM ASSETS

2,432,426

2,227,584

1,727,063

1,802,355

1,772,721

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

TOTAL CURRENT ASSETS

2,212,199

1,599,010

1,417,654

698,376

618,033

 

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

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

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

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

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

TOTAL ASSET

4,644,625

3,826,594

3,144,717

2,500,731

2,390,754

 

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

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

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

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

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

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

TOTAL CURRENT LIABILITIES

1,280,831

778,997

1,011,600

680,638

986,584

 

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

931,368

820,013

406,054

17,738

<368,551>

 

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

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

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

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

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

TOTAL NET ASSETS

3,363,794

3,047,597

2,133,117

1,820,093

1,404,170

 

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

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

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

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

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

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

100,000

100,000

100,000

100,000

100,000

 

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

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

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

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

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

TOTAL SHARE CAPITAL

100,000

100,000

100,000

100,000

100,000

 

 

 

 

 

 

RESERVES

 

 

 

 

 

Retained profit/(loss) carried forward

2,059,739

1,741,683

1,638,936

1,279,507

879,955

 

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

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

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

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

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

TOTAL RESERVES

2,059,739

1,741,683

1,638,936

1,279,507

879,955

 

 

 

 

 

 

 

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

2,159,739

1,841,683

1,738,936

1,379,507

979,955

 

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

 

TOTAL LONG TERM LIABILITIES

1,204,055

1,205,914

394,181

440,586

424,215

 

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

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

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

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

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

 

3,363,794

3,047,597

2,133,117

1,820,093

1,404,170

 

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

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

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

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

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

 

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

OCEAN COOLING TOWER SDN BHD

 

TYPES OF FUNDS

 

 

 

 

 

Net Liquid Assets

931,368

820,013

406,054

17,738

<368,551>

Net Current Assets/(Liabilities)

931,368

820,013

406,054

17,738

<368,551>

Net Tangible Assets

3,363,794

3,047,597

2,133,117

1,820,093

1,404,170

Net Monetary Assets

<272,687>

<385,901>

11,873

<422,848>

<792,766>

 

 

 

 

 

 

BALANCE SHEET ITEMS

 

 

 

 

 

Total Liabilities

2,484,886

1,984,911

1,405,781

1,121,224

1,410,799

Total Assets

4,644,625

3,826,594

3,144,717

2,500,731

2,390,754

Net Assets

3,363,794

3,047,597

2,133,117

1,820,093

1,404,170

Net Assets Backing

2,159,739

1,841,683

1,738,936

1,379,507

979,955

Shareholders' Funds

2,159,739

1,841,683

1,738,936

1,379,507

979,955

Total Share Capital

100,000

100,000

100,000

100,000

100,000

Total Reserves

2,059,739

1,741,683

1,638,936

1,279,507

879,955

 

 

 

 

 

 

LIQUIDITY (Times)

 

 

 

 

 

Current Ratio

1.73

2.05

1.40

1.03

0.63

 

 

 

 

 

 

SOLVENCY RATIOS (Times)

 

 

 

 

 

Liabilities Ratio

1.15

1.08

0.81

0.81

1.44

Assets Backing Ratio

33.64

30.48

21.33

18.20

14.04

 

 

 

 

 

 

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

9.25

4.27

10.37

11.68

10.71

Net Profit Margin

7.76

2.45

7.77

9.38

7.96

Return On Net Assets

11.27

5.87

22.48

27.35

21.83

Return On Capital Employed

11.27

5.87

22.48

27.35

21.83

Return On Shareholders' Funds/Equity

14.73

5.58

20.67

28.96

23.24

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.86.28

Euro

1

Rs.68.15

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.