|
Report Date : |
05.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
MIECO
MANUFACTURING SDN. BHD. |
|
|
|
|
Registered Office : |
C/o BANDAR RAYA DEVELOPMENTS BERHAD Level 10, Menara BRDB 285 Jalan Maarof Bukit Bandaraya Kuala Lumpur Wilayah Persekutuan 59000 |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
04.07.2003 |
|
|
|
|
Com. Reg. No.: |
620690-T |
|
|
|
|
Legal Form : |
Private Limited Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacturing and marketing of chipboards and other related products. |
|
|
|
|
No. of Employees : |
1,000 (Mieco Group) |
RATING & COMMENTS
|
MIRAs 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 |
Verified Address
Subject name : MIECO MANUFACTURING SDN. BHD.
Business address :
Lot 74, Kawasan
Perindustrian Gebeng
Town : Kuantan
Province : Pahang Darul
Makmur
Zip/postal code : 26080
Country : Malaysia
Tel : +60 9
5835120
Fax : +60 9
5833408
Website : www.mieco.com.my
Registered address
: C/o BANDAR RAYA
DEVELOPMENTS BERHAD
Level 10, Menara BRDB
285 Jalan Maarof
Bukit Bandaraya
Town : Kuala
Lumpur
Province : Wilayah
Persekutuan
Zip/postal code : 59000
Country : Malaysia
Executive Summary
Date founded or
registered : 04/07/2003
Legal form : Private Limited
Company Limited By Shares
Chief executive : Dato Yong Seng Yeow
Issued & paid
up capital : MYR 50,000,000
Sales turnover : MYR 172,037,051
(Non-consolidated 12 months, 31/12/2010)
Net income : MYR 1,749,375
(Non-consolidated 12 months, 31/12/2010)
Total fixed assets
: MYR 562,779,952
(Non-consolidated 12 months, 31/12/2010)
Line of business :
Manufacturing and
marketing of chipboards and other related products.
Staff employed : 1,000 (Mieco Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
progressing
Management
experience : Management is
reasonably experienced
Financial
performance : Financial
performance is recovering
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount
asked : Not described.
Registry Data
Registration date
: 04/07/2003
Legal form : Private Limited
Company Limited By Shares
Registration no 620690-T
Registered authority
: Companies Commission of
Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Key Management
Name : Dato Yong Seng Yeow
Designation : Managing Director
Name : Low Kim Seng
Designation : Director
Appointments
Name : Dato Yong Seng Yeow
Designation : Director
Identification no
: 530409-04-5123
Appointment date :
04/07/03
Address : No. 21, Jalan Pengaturcara
U1/5C
Saujana O-Lot
40150 Shah Alam
Selangor Darul Ehsan
Malaysia
Biography : Dato Yong Seng Yeow, a
Malaysian, aged 58. Dato Yong has over
25 years of experience in sales and marketing in building materials
and furniture industries. Currently, Dato Yong also sits on the boards
of Century Logistics Holdings Berhad and several subsidiaries in the
Mieco Chipboard Berhad Group. He is a member of the Executive
Committee of the Company.
Name : Low Kim Seng
Designation : Director
Identification no
: 550423-10-5231
Appointment date : 15/03/05
Address : No.32, Jalan BU 2/4
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Biography : Mr Low Kim Seng, a Malaysian,
aged 56. He is a member of the
Malaysian Institute of Accountants. Mr Low qualified as a
Management Accountant in 1978 and has working experience in
accounting, corporate finance and general management. He worked
with two Malaysian public listed companies prior to joining Bandar
Raya Developments Berhad in 1989 and is currently the Chief
Financial Officer of Bandar Raya Developments Berhad.
Name : Dato Jaganath Derek
Steven Sabapathy
Designation : Director
Identification no
: 570415-10-6419
Appointment date :
15/03/05
Address : No.98 Lorong Setiabistari
Satu
Bukit Damansara
50490 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Biography : Dato Jagan Sabapathy, a
Malaysian, aged 54. He attended
Edinburgh University in the United Kingdom and holds a Master of
Arts majoring in Corporate Finance and International Trade. Upon
graduation in 1981, he joined a leading London firm of Chartered
Accountants, Price Waterhouse, where he articled and qualified as a
Chartered Accountant. Dato Jagan returned to Malaysia in 1984 and
joined KPMG Peat Marwick. He was admitted a Partner of KPMG
Malaysia and a Director of Peat Marwick Consultants in 1990. Whilst
at KPMG Peat Marwick, he was involved in a wide range of
assignments covering audit, investigations, management consultancy
and corporate finance, in Malaysia, the ASEAn countries, north
America and Europe. He sat on a variety of KPMG International
Committees including committees for Mergers and Acquisitions,
Privatisation and Management Consultancy. He was also an
examiner for the professional examinations of the Malaysian
Association of Certified Public Accountants. He left the partnership in
late 1994 and took up a senior appointment with a Malaysian public
listed plantation company. At the end of 1995, he left and led a group
of Australian and British investors to successfully privatise the
overseas operations of Tasmanias Hydro Electric Commission. He
joined the boards of Prime Utilities Berhad and Indah Water
Konsortium Sdn Bhd, Malaysias privatised national wastewater
utility in September 1997 as Managing Director, a position he held to
August 1999. Currently, Dato Jagan also sits on the boards of
Bandar Raya Developments Berhad (Chief Executive Officer) and
several subsidiaries in the Bandar Raya Developments Berhad
Group.
Name : Dato Mohamed Moiz Bin
J M Ali Moiz
Designation : Director
Identification no
: 600808-71-5383
Appointment date :
04/07/03
Address : 38-1 The Capsquare
Residences
2 Persiaran Capsquare
50100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Biography : Dato Mohamed Moiz Bin J M
Ali Moiz, a Malaysian, aged 50. He
graduated with a Bachelor of Science Degree in Business
Administration and International Finance in 1985. He joined Timbco
Sdn Bhd, a company involved in timber trading, processing and
forestry management, as Project Manager from 1985 to 1986. In
1987, he was appointed as Chief Executive Officer of the Tradium
group of companies, which has interests in property development,
fashion retailing, manufacturing, F & B and equity investments. In
1999, he was appointed as Chief Executive Officer of Effective
Capital Sdn Bhd, a company which successfully undertook the
migration of the CLOB securities from the Central Depository (Pte)
Limited in June 2000. Currently, Dato Mohamed Moiz also sits on
the boards of Bandar Raya Developments Berhad (Chairman) and
several other private limited companies.
Name : Ho Swee Ling
Designation : Company Secretary
Identification no
: 590808-10-5992
Appointment date :
04/07/03
Address : 60 Jalan Bunga Kemboja 1
Taman Muda
Cheras 56100
Kuala Lumpur
Wilayah Persekutuan
Malaysia
Staff employed : 1,000 (Mieco Group)
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS
Level 15, 1 Sentral
Jalan Travers
Kuala Lumpur Sentral
50470 Kuala Lumpur
Malaysia
Composition
Authorized Capital
: MYR 100,000,000
No of shares : 100,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 50,000,000
Paid up capital : MYR 50,000,000
Changed in capital
: The Subject increased its share
capital from MYR 100,000 to MYR 100,000,000
on 30-04-2005.
How listed : Full
List
Composition
Shareholder name :
MIECO CHIPBOARD BERHAD
Address : Level 9, Menara BRDB
285 Jalan Maaroof
Bukit Bandaraya
59000 Kuala Lumpur
Wilayah Persekutuan
Malaysia
No. of shares : 50,000,000 Ordinary Shares
% of shares : 100%
Structure
Name : BANDAR RAYA
DEVELOPMENTS BERHAD
Affiliation type :
Ultimate Holding Company
Address : Level 10, Menara BRDB
285 Jalan Maaroof
Bukit Bandaraya
59000 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Comments : Bandar Raya Developments Berhad
engages in the property development and
investment, as well as in the manufacturing arena, through its
subsidiary, Mieco
Chipboard Berhad (MIECO) in Malaysia. The company is organized into two
main
business segments that include property and manufacturing. Segments
Property
segment includes property development, property investment and property
management, which includes management and operation of bowling centers,
a
golf course and sports complex. It develops residential suburbs and
townships.
Manufacturing segment includes manufacturing and sales of wood based
products. Other operations of the company comprise investment holding
and
investment trading. Bandar Raya Developments Berhad is listed on the
Main
Board of the Kuala Lumpur Stock Exchange and owns 56.76% of Mieco
Chipboard Berhad.
Name : MIECO CHIPBOARD
BERHAD
Affiliation type :
Parent Company
Address : Level 9, Menara BRDB
285 Jalan Maaroof
Bukit Bandaraya
59000 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Comments : Mieco Chipboard Berhad
('MIECO'), the manufacturing division of the Bandar
Raya Developments Berhad Group of Companies, was incorporated in 1972.
The
Company was listed on the Main Board of Bursa Malaysia Securities Berhad
in
1998.
Name : MIECO MARKETING SDN.
BHD.
Affiliation type :
Sister Company
Address : Malaysia
Comments : Selling and marketing of
chipboards and related products.
Name : MIECO WOOD PRODUCTS
SDN. BHD.
Affiliation type :
Sister Company
Address : Malaysia
Comments : Reforestation.
Name : TUDOR CAPITAL SDN.
BHD.
Affiliation type :
Sister Company
Address : Malaysia
Comments : Investment trading.
Name : MIECO REFORESTATION
SDN. BHD.
Affiliation type :
Sister Company
Address : Malaysia
Comments : Reforestation, harvesting,
extraction and supply of rubber wood.
Name : MIECO WOOD RESOURCES
SDN. BHD.
Affiliation type :
Sister Company
Address : Malaysia
Comments : Investment holding and
procurement of rubber wood.
Name : ASPIRE BENCHMARK SDN.
BHD.
Affiliation type :
Sister Company
Address : Malaysia
Comments : Property investment.
Name : MIECO MARKETING (S)
PTE. LTD.
Affiliation type :
Sister Company
Address : Singapore
Comments : Dormant.
Name : MIECO INTERNATIONAL
(HK) LIMITED
Affiliation type :
Sister Company
Address : Hong Kong
Comments : Dormant.
Related companies
and corporate
affiliations
comments: T he above mentioned companies
are directly owned by the Mieco Chipboard
Berhad. Other companies of the Bandar Raya Developments Berhad Group
should be
considered affiliates of the Subject.
Bank Details
Name of bank : AmBank (M) Berhad
Address : Malaysia
Account details : Current Account
Name of bank : Alliance Bank Malaysia Berhad
Address : Malaysia
Account details : Current Account
Name of bank : OCBC Bank (Malaysia) Berhad
Address : Malaysia
Account details : Current Account
Name of bank : HSBC Bank Malaysia Berhad
Address : Malaysia
Account details : Current Account
Name of bank : Malayan Banking Berhad
Address : Malaysia
Account details : Current Account
Comments : It is generally
not the policy of local banks to provide credit status information to
non related
parties, however interested parties would be advised to consult first
with the Subject
if banker's references are required.
Mortgages : None reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court judgements :
None reported.
Tax liens : None reported.
Others : None reported.
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 3.04 as of
04-05-2012
Summarized Financial Information
Consolidation type
: Non Consolidated Non Consolidated Group Consolidated
Currency : Malaysia, Ringgit (MYR) Malaysia, Ringgit (MYR) Malaysia,
Ringgit (MYR)
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 : 172,037,051 184,806,534 670,078,000
Operating profit :
130,007,000
Profit before tax
: 1,751,625 -13,617,139 85,599,000
Net income : 1,749,375 -11,781,799 90,225,000
Non current assets
: 488,823,664 502,389,448 1,857,546,000
Current assets : 73,956,288 68,841,318 1,506,212,000
Inventories : 44,770,243 40,578,295 182,269,000
Total assets : 562,779,952 571,230,766 3,363,978,000
Current
liabilities : 72,493,775
68,066,637 592,537,000
Non current
liabilities : 478,197,841 492,800,798 809,065,000
Total liabilities
: 550,691,616 560,867,435 1,401,602,000
Share equity : 12,088,336 10,363,331 1,962,376,000
Retained earning :
-37,911,664 -39,636,669 1,073,024,000
Comments : The non-consolidated financial
information above relates to the Subject only.
The groups consolidated financial information above relates to the
Subjects
Ultimate Holding Company Bandar Raya Developments Berhad and all its
subsidiaries which include the Subject.
The Subject's estimated revenue for financial year end 2011 is MYR 300
million
mainly driven by increased domestic market in both particleboard and
value-added products.
The Subjects estimated pre-tax profit is MYR 6.5 million for financial year
end
2011. The better results for 2011 was mainly due to increased sales,
which made
up for its first-quarter loss of RM1.4 million arising from Plant 3
startup costs and
higher raw wood cost caused by a delayed and prolonged monsoon season.
Main activities : The Subject is engaged in
manufacturing and marketing of chipboards and
other related products.
The Subject is 100% owned by Mieco Chipboard Berhad (MIECO) which is
a Malaysia-based company engaged in investment holding and provision of
management services. Through its subsidiaries, MIECO is engaged in the
manufacturing and sales of wood-based products. Its other operations
include investment trading, investment holding and property investment.
Its
products include plain boards, decorative melamine faced chipboards
(MFCs), high pressure laminates (HPLs), decorative electron bean foil
chipboards (EBFC), decorative polymer faced chipboards (PFCs),
worktops, direct post formed (DPF) boards and other products designed
for
urban living.
Mieco Chipboard Berhad is 56.76% owned by Bandar Raya Developments
Berhad (BRDB) which is engaged in investment holding, property
development, property investment and provision of management services.
The Company, through its subsidiaries, operates in three segments:
property, which includes property development, property investment and
property management, such as management and operation of shopping
complexes, a golf course and sports complex; manufacturing, which
includes manufacturing and sales of wood based products, and
construction, which includes the construction of residential and
commercial
properties.
Product &
services : Plain Board
Decorative Melamine Faced Chipboard
High Pressure Laminates
High Pressure Laminates Chipboards
Worktop
Direct Post Formed Board
Livin Style
Decorative Polymer Faced Chipboard
Decorative Electron Beam Foil Chipboard
Brand : MIECO
Purchases
Local : Yes
International : Mainly from South East Asia
Sales
Local : Yes
International : China, Taiwan, Japan, Korea, Hong Kong,
South East Asia, the Indian
subcontinents, the Middle East, Africa, and the Australasian countries
Key events : 10 August 2011
BRDB (BANDAR RAYA DEVELOPMENTS BERHAD) refers to the article
entitled "Chinese party in talks with BRDB for MIECO" which
appeared in
The Edge Malaysia on 9 August 2010 and wishes to inform that :
(i) BRDB had recently met a Chinese party to discuss potential
collaboration between Mieco Chipboard Berhad ("MIECO") and the
Chinese party in production and marketing of chipboard and related
products including the possibility of the Chinese party participating in
the
equity of MIECO in the future.
(ii) BRDB is of the opinion that the discussion is preliminary and
exploratory
in nature at this stage. BRDB will make the appropriate announcement in
accordance with the Main Market Listing Requirements should there be
any definitive developments concerning its shareholding in MIECO.
This announcement is dated 10 August 2010.
Source: Bursa Malaysia Stock Exchange
Property & Assets
Premises : The Subject operates from premises
located at the verified heading
address consisting of production facilities, warehouse and administrative
office.
Branches : In addition, the Subject operates from
other production facilities and group
headquarters located at:
Production facilities:
Lot No. 77-83, Kawasan Perindustrian Semambu
Kuantan 25350
Pahang
Malaysia
Production facilities:
Lot 3, Kawasan Perindustrian Kechau Tui
27100 Padang Tengku
Pahang
Malaysia
Group Headquarters: Level 9, Menara BRDB
285 Jalan Maaroof
Bukit Bandaraya
59000 Kuala Lumpur
Malaysia
Tel: +60 3 22823223
Fax: +60 3 22873229
Other property : Total NBV of property, plant and equipment as of
31-12-2010 was MYR
488,823,664.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Central
Bank of Malaysia
Reserve of foreign
exchange & gold : US$ 135.8
billion as of 13 April 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 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: 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
Local : Prepayment, Credit up to 90 days
International : L/C, Credit up to 90 days
Sales Term
Local : Cash against document, Credit up to
90 days
International : L/C, Prepayment, Credit up to 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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.64 |
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 SCs 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.