|
Report Date : |
26.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
METROD
(OFHC) SDN. BHD. |
|
|
|
|
Registered Office : |
3,
Lengkuk Keluli 2, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
28.05.1990 |
|
|
|
|
Com. Reg. No.: |
198472-W |
|
|
|
|
Legal Form : |
Private Company Limited By Shares |
|
|
|
|
Line of Business : |
Engages in procurement of raw materials and marketing of
electrical conductivity grade copper wires, rods and strips |
|
|
|
|
No. of Employees : |
200 |
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 : |
Good |
|
|
|
|
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 : METROD
(OFHC) SDN. BHD.
Business
address : 3, Lengkuk
Keluli 2
Bukit Raja Prime Industrial Park
Town :
Klang
Province
: Selangor
Darul Ehsan
Zip/postal
code : 41720
Country
: Malaysia
Tel : +60 3
33413422
Fax : +60 3
33415318
Website
: www.metrod.com
Registered
address : Level 18, The
Gardens North Tower
Mid Valley City
Lingkaran Syed Putra
Town :
Kuala
Lumpur
Province
: Wilayah
Persekutuan
Zip/postal
code : 59200
Country
: Malaysia
Executive Summary
Date
founded or registered : 28/05/1990
Legal
form : Private
Company Limited By Shares
Chief
executive : Rajan
Mittal
Issued
& paid up capital : MYR
21,000,000
Sales
turnover : MYR 1,259,665,265
(Non-consolidated 12 months, 31/12/2010)
Net
income : MYR
10,945,353 (Non-consolidated 12 months, 31/12/2010)
Total
fixed assets : MYR
321,021,091 (Non-consolidated 12 months, 31/12/2010)
Line of business : Procurement
of raw materials and marketing of electrical conductivity grade copper wires,
rods and strips and providing approved Operational Headquarters
(“OHQ”) services to related companies.
Staff
employed : 200
employees
Country
risk : Country
risk is minimal
Operation
trend : Operational
trend is progressing
Management
experience : Management is
adequately experienced
Financial
performance : Financial
performance is good
Organization
structure : Organizational
structure is consistent
Detrimental
: No detrimental records found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 28/05/1990
Legal
form : Private
Company Limited By Shares
Registration
no 198472-W
Registered
authority : Companies Commission of Malaysia
Registry
status : Live/Active
Previous
name : None
reported.
Change
of legal form : None
reported.
Key Management
Name :
Rajan
Mittal
Designation
: Chief
Executive Officer
Name :
Pratik
Basu
Designation
: Chief
Financial Officer
Appointments
Name :
Rajan
Mittal
Designation
: Director
Identification
no : K0728563
Appointment
date : 27/12/10
Address
: C-20-1,
Hijauan Kiara Condominium
No.6,Jalan Kiara 5
Mont Kiara
50480, Kuala Lumpur
Wilayah Persekutuan
Malaysia
Biography : Mr.
Rajan Mittal who is 45 years old and of Indian nationality was appointed to
Metrod’s Board on 27 December 2010. He is a member of the Institute of Chartered
Accountants of India since 1987 and is a member of the MIA. He is also an
Alumnus of the Wharton Business School.He started his career in 1984 with S R
Batliboi and Co. (now Ernst & Young) in India. He moved to VXL India Ltd.
in 1990 as Assistant Vice President – Finance and held responsibilities in
finance, supply chain management and management functions. He joined HDC Ltd.
in 1993 in finance and then moved to be directly responsible for marketing as
Assistant Vice President – Marketing.He joined Metrod in 1995 and currently
holds a position of Executive Director & President – Finance. He has since
held several responsibilities in Operations, Human Resources, IT and Supply
chain management besides Finance. He also leads M&A function. He is the CFO
for the Metrod Group.
Name :
Pratik
Basu
Designation
: Director
Identification
no : Z1800246
Appointment
date : 31/03/97
Address
: 27,
Jalan Mambu
Bukit Bandaraya
Bangsar
59100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Biography : Mr.
Pratik Basu, who is 66 years old and of Indian nationality was appointed to
Metrod’s Board on 31 March 1997 and appointed as the Managing Director on 29
May 2000. He is a member of the Institute of Chartered Accountants, India since
1967 and also of the Institute of Cost and Management Accountants, London since
1969. He started his career at Price Waterhouse and Co in 1964 before moving
over as the Group Finance Manager with Andrew Yule & Co. Ltd. in 1967. In
1969, he joined ICI (India) Ltd. as Corporate Finance Manager and thereafter
held several responsibilities in finance, planning, supply management, human
resources, IT and management service functions during 14 years. In 1983, he
joined TVS-Suzuki Ltd. as General Manager, Finance and Administration to set up
the first Japanese venture in the Indian automobile industry. He served ABB
Asea Brown Boveri Ltd for 12 years as the Corporate Vice-President responsible
for Power Transmission and Generation segments and Corporate Finance during
1986 to 1997. Mr. Basu was trained in International Management at the Swedish
Institute of Management, Stockholm.
Name :
Uday
Singh Singhi
Designation
: Director
Identification
no : Z1809472
Appointment
date : 27/12/10
Address
: No.A-29-6
Kiara Ville 2
Changkat Duta Kiara
Mont Kiara
50480, Kuala Lumpur
Wilayah Persekutuan
Malaysia
Biography : Mr.
Uday Singh Singhi who is 58 years old and of Indian Nationality was appointed
to Metrod’s Board on 27 December 2010. He qualified as Bachelor of Commerce
(Hons.) from University of Kolkata, India in 1971 and then qualified as
Chartered Accountant also in India in 1973. From 1974 to 1982 he worked in two
metal companies in India mainly in commercial field.He was appointed as
Director Finance of Metrod Malaysia in 1982 and has been working for the group
in various capacities in Finance and Commercial fields. Presently he is
Executive Director & President – Commercial for the Metrod Group of
Companies.
Name :
Yeap
Kok Leong
Designation
: Company
Secretary
Identification
no : 601107-10-5771
Appointment
date : 26/11/95
Address
: No.11,
Jln 2/149 G
Taman Sri Endah
57000, Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name :
Wong
Wai Foong
Designation
: Company
Secretary
Identification
no : 660510-10-6838
Appointment
date : 28/05/09
Address
: 1164,
Jalan 17/64
Happy Garden
46400, Petaling Jaya
Selangor Darul Ehsan
Malaysia
Staff
employed : 200
employees
Key Advisors
Auditors
: PRICEWATERHOUSECOOPERS
Level 15, 1 Sentral
Jalan Travers
Kuala Lumpur, Central
P.O.Box 10192
50706, Kuala Lumpur
Wilayah Persekutuan
Malaysia
Composition
Authorized
Capital : MYR
30,000,000
No of
shares : 30,000,000.00
Ordinary Shares
Share
par value : MYR 1
Issued
capital : MYR
21,000,000
Paid up
capital : MYR
21,000,000
How
listed : Full
List
Composition
Shareholder
name : METROD
(MALAYSIA) SDN. BHD.
Address
: No.3,
Lengkuk Keluli 2
Bukit Raja Prime Industrial Park
41720 Klang
Selangor Darul Ehsan
Malaysia
No. of
shares : 21,000,000
Ordinary Shares
% of
shares : 100%
Comments
: Rationalisation
of the Group’s structure:
Listing of Metrod (Malaysia) Berhad has been successfully
transferred to Metrod
Holdings Berhad on 23 September 2011.
The share exchange involved the exchange of entire issued
and paid-up ordinary shares of RM1.00 each in Metrod (Malaysia) Berhad with
ordinary share of RM0.50 each in the Company via a Member Scheme of Arrangement
under Section 176 of the Company Act, 1965 on the basis of two new Company
shares for each Metrod (Malaysia) Berhad share. Upon completion of share
exchange on 23 September 2011, Metrod (Malaysia) Berhad became a wholly owned
subsidiary of the Company. Metrod (Malaysia) Berhad has since been converted
into Metrod (Malaysia) Sdn. Bhd. on 23
December 2011.
Structure
Name :
METDIST
S.A.
Affiliation
type : Ultimate
Holding Company
Address
: C/o
Morgan & Morgan
MMG Tower, 16th Floor, 53rd E Street
Marbella Panama, P.O. Box 0832-00232 WTC PA
Panama
Comments
: Investment
holding company.
Name :
METROD
HOLDINGS BERHAD
Affiliation
type : Intermediate
Holding Company
Address
: No. 3,
Lengkuk Keluli 2
Bukit Raja Prime Industrial Park
41720 Klang
Selangor Darul Ehsan
Malaysia
Comments : Metrod
Holdings Berhad, an investment holding company, engages in the manufacture and
sale of electrical conductivity grade copper rods, wires, strips, and flat
copper winding wire systems in Malaysia and internationally. It also offers
specifically products, such as continuously transposed conductors, machine made
Roebel bars, enameled multiple conductors, and other ancillary products. In
addition, the company involves in the provision of insulated and non insulated
copper strips; and trading of copper wires, rods, strips, and related products.
It serves wire and cable, 3pc welded body can making, earthing and lightning
protection, and transformer industries.
Name :
METROD
(MALAYSIA) SDN. BHD.
Affiliation
type : Parent
Company
Address
: No.3,
Lengkuk Keluli 2
Bukit Raja Prime Industrial Park
41720, Klang
Selangor Darul Ehsan
Malaysia
Comments : Investment
holding and manufacturing of electrical conductivity grade copper wires, rods
and strips.
Name :
METROD
FLAT PRODUCTS SDN. BHD.
Affiliation
type : Sister
Company
Address
: 2,
Solok Waja 1
Bukit Raja Industrial Estate
41720, Klang
Selangor Darul Ehsan
Malaysia
Comments
: Manufacturing
of insulated and non insulated copper strips.
Name :
ASTA INDIA PRIVATE LIMITED
Affiliation
type : Sister
Company
Address
: Plot
No. 725/726
GIDC Manjusar, Tal : Savli
Dist: Vadodara – 391 775 (Guj.)
India
Comments : Manufacture
of speciality copper wires and strips, specifically Continuously
Transposed
Cables
(“CTC’).
Related
companies and corporate
affiliations
comments
: Other companies of the Metrod Group should be considered
affiliates of the Subject.
Bank
Details
Name
of bank : Citibank Berhad
Address
: Malaysia
Account
details : Current Account
Name
of bank : Standard Chartered Bank Malaysia Berhad
Address
: Malaysia
Account
details : Current Account
Name
of bank : RHB Bank Berhad
Address
: Malaysia
Account
details : Current Account
Name
of bank : HSBC Bank Malaysia Berhad
Address
: Malaysia
Account
details : Current Account
Name
of bank : Ambank (M) Berhad
Address
: Malaysia
Account
details : Current Account
Name
of bank : Hong Leong Bank Berhad
Address
: Malaysia
Account
details : Current Account
Name
of bank : CIMB Bank Berhad
Address
: Malaysia
Account
details : Current Account
Comments
: It is generally not the policy of local banks to provide credit status
information to
non
related parties, however interested parties would be advised to consult first
with the
Subject if banker's references are required.
Mortgages
: 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
3.14 as of 18-05-2012
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 : 1,259,665,265 923,194,412
1,312,951,369
Gross
profit : 39,723,217
Operating
profit : 18,091,062
Profit
before tax : 13,546,773 6,515,364 13,905,241
Net
income : 10,945,353 7,640,656 4,793,082
Non
current assets : 5,072,540 7,007,174 85,420,010
Current
assets : 315,948,551
207,554,588 693,132,591
Inventories
: 103,430,868
Total
assets : 321,021,091 214,561,762 778,552,601
Current
liabilities : 229,414,955 134,063,006 421,379,228
Non
current liabilities : 1,001,259 793,625 33,529,310
Total
liabilities : 230,416,214 134,856,631 454,908,538
Share
equity : 90,604,877 79,705,131 323,644,063
Retained
earning : 69,604,877 58,705,131 271,472,870
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 Metrod Holdings Berhad and all its
subsidiaries which include the Subject.
Main activities : The
Subject engages in procurement of raw materials and marketing of electrical
conductivity grade copper wires, rods and strips and providing approved
Operational Headquarters (“OHQ”) services to related companies.
The Subject is part of Metrod Holdings Berhad. Metrod
Holdings Berhad, an investment holding company, engages in manufacturing and
sales of electrical conductivity grade copper rods, wires, strips, and flat
copper winding wire systems in Malaysia and internationally. It serves wire and
cable, 3pc welded body can making, earthing and lightning protection, and
transformer industries. Metrod Holdings Berhad is a public listed company on
Bursa Malaysia Stock Exchange. The Subject is ultimately owned by Metdist S.A.,
a company incorporated in Panama.
Product
& services : Copper
Copper rod
Copper wires
Copper strip
Purchases
Local
: Yes
International
: Worldwide
Sales
Local
: Yes
International
: Worldwide
Key
events : 27 December 2011
Metrod up on plan to dispose Austria-based unit
KUALA LUMPUR (Dec 27): Metrod (Malaysia) Bhd shares rose in
the afternoon session on Tuesday after the company said it would realise a gain
of about RM74.5 million from the disposal of its Austria-based units for
RM202.2 million ('49 million). At 4.20pm, Metrod was up five sen to RM1.95 with
14,000 shares traded.The company had earlier announced that its wholly-owned
subsidiary, Metrod (Singapore) Ptd had entered into an agreement with GEP II
Beteiligungs GmbH to dispose ASTA Holdings GmbH and ASTA Elektrodraht GmbH.
ASTA Holdings was incorporated in Austria and is principally an investment
holding company, and is a wholly-owned subsidiary of Metrod Singapore.
Meanwhile, ASTA Elektrodraht's principal activities include
functioning as a general partner of the limited commercial partnership, ASTA KG
and leasing of premises to ASTA KG. The equity ownership of ASTA Elektrodraht
is held by ASTA Holdings and Metrod Singapore in the proportion of 99%:1%. On
the rationale for the disposal, Metrod said it was timely given the challenges
faced by Metrod in relation to the businesses of the ASTA Target Group in light
of the current volatile and uncertain global economic conditions, increased
market competition, threat of recession and deteriorating future outlook. As
for the utilisation of proceeds from the disposal, Metrod said it was still
assessing and evaluating plans for the use of the cash proceeds from the Proposed
Disposal with the objective of maximising shareholders' value which may
include, but not limited to, the acquisition of viable businesses/assets.
Property & Assets
Premises : The
Subject operates from group headquarters located at the verified heading
address consisting of production facilities, warehouse and administrative
office.
Branches
: None reported.
Intellectual
property : ISO 9001 : 2008 certified
Gross Domestic Products (GDP) &
Economic Overview
Central
bank : Central
Bank of Malaysia
Reserve
of foreign exchange & gold : US$
135.9 billion as of 30 April 2012
Gross
domestic product - GDP : US$
247.781 billion
GPP
(Purchasing power parity) : US$
442.01 billion of International dollar
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%, Hong Kong 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,
Bank transfer, D/P, Credit 30-120 days
International
: L/C, Telegraphic
transfer, D/P, Credit 30-120 days
Sales Term
Local
: Prepayment,
Bank transfer, D/P, Credit 30-120 days
International
: L/C, Telegraphic
transfer, D/P, Credit 30-120 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.73 |
|
UK Pound |
1 |
Rs.87.26 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.