|
Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
IEC PLANT ENGINEERING SDN. BHD. |
|
|
|
|
Registered Office : |
917, Block A, Kelana Centre Point, 3, Jalan Ss7/19, Kelana Jaya, 47301
Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
22.05.2004 |
|
|
|
|
Com. Reg. No.: |
653376-P |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Designing, Fabricating and Installation of Industrial Machinery and
Control System |
|
|
|
|
No. of Employees : |
50 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
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 |
|
REGISTRATION NO. |
: |
653376-P |
|
COMPANY NAME |
: |
IEC PLANT ENGINEERING SDN. BHD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
22/05/2004 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
917, BLOCK A, KELANA CENTRE POINT, 3, JALAN SS7/19, KELANA JAYA, 47301
PETALING JAYA, SELANGOR, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
NO.6,JALAN BULAN U5/167, SUBANG INTERNATIONAL LIGHT INDUSTRIAL PARK,
BANDAR PINGGIRAN SUBANG, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
03-78471084 |
|
FAX.NO. |
: |
03-78461280 |
|
EMAIL |
: |
IECPE@MYJARING.NET |
|
WEB SITE |
: |
WWW.IECPE.COM |
|
CONTACT PERSON |
: |
TAN YIN MIN ( DIRECTOR ) |
|
INDUSTRY CODE |
: |
281 |
|
PRINCIPAL ACTIVITY |
: |
DESIGNING, FABRICATING AND INSTALLATION OF
INDUSTRIAL MACHINERY AND CONTROL SYSTEM |
|
AUTHORISED CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
|
SALES |
: |
MYR 16,636,332 [2012] |
|
NET WORTH |
: |
MYR 3,093,535 [2012] |
|
STAFF STRENGTH |
: |
50 [2013] |
|
BANKER (S) |
: |
MALAYAN BANKING BHD |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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) designing, fabricating
and installation of industrial machinery and control system.
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 |
(%) |
|
MS. TAN YIN MIN + |
SHANG VILLA CONDO, BLOCK A, UNIT 16-08, JALAN SS 7/15, KELANA JAYA,
47301 PETALING JAYA, SELANGOR, MALAYSIA. |
730711-05-5302 |
250,000.00 |
50.00 |
|
MR. MUTHURAVY A/L PALANISAMY + |
SHANG VILLA CONDO, BOCLK A, UNIT 16-08, JALAN SS7/15,KELANA JAYA,
47301 PETALING JAYA, SELANGOR, MALAYSIA. |
680709-08-5921 |
250,000.00 |
50.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
500,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MS. TAN YIN MIN |
|
Address |
: |
SHANG VILLA CONDO, BLOCK A, UNIT 16-08, JALAN SS 7/15, KELANA JAYA,
47301 PETALING JAYA, SELANGOR, MALAYSIA. |
|
New IC No |
: |
730711-05-5302 |
|
Date of Birth |
: |
11/07/1973 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
22/05/2004 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. MUTHURAVY A/L PALANISAMY |
|
Address |
: |
SHANG VILLA CONDO, BOCLK A, UNIT 16-08, JALAN SS7/15,KELANA JAYA, 47301
PETALING JAYA, SELANGOR, MALAYSIA. |
|
New IC No |
: |
680709-08-5921 |
|
Date of Birth |
: |
09/07/1968 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
22/05/2004 |
|
1) |
Name of Subject |
: |
TAN YIN MIN |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
CHING & ASSOCIATES. |
|
Auditor' Address |
: |
915, BLOCK.A, KELANA CENTRE POINT, 3, JALAN SS7/19, KELANA JAYA, 47301
PETALING JAYA, SELANGOR, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. CHAN CHOI KUAN |
|
|
New IC No |
: |
540305-14-5348 |
|
|
Address |
: |
12, JALAN SS 19/4A, 47500 SUBANG JAYA, SELANGOR, MALAYSIA. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation. |
ENCUMBRANCE 1
|
Date of Creation |
: |
06/04/2012 |
||
|
Description Of Charge |
: |
N/A
|
||
|
Amount Secured |
: |
N/A |
||
|
Description Of Property Affected |
: |
N/A
|
||
|
Name & Address Of Chargee |
: |
|
||
|
Form 40 Dated 12/04/2012 |
||||
|
Registered and Numbered 1 In The Register of Charges |
||||
* 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.
* 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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The SC refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Products manufactured |
: |
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2013 |
|
|||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
50 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) designing, fabricating and
installation of industrial machinery and control system.
The SC has been manufacturing a wide range of high quality Dispersion, Mixing
and Grinding Equipment for Paint, Ink, Chemical, Adhesive and Polymer
industries.
To meet the varied processing requirements of the industries, the SC's
equipment is available in either standard or custom designs.
No projects found in our databank
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
378471084 |
|
Current Telephone Number |
: |
03-78471084 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
NO. 6 JALAN BULAN US 167 SUBANG 2 40150 SHAHALAM MALAYSIA |
|
Current Address |
: |
NO.6,JALAN BULAN U5/167, SUBANG INTERNATIONAL LIGHT INDUSTRIAL PARK,
BANDAR PINGGIRAN SUBANG, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 29th March 2013, we contacted one of the staff from the SC and she provided
some information on the SC.
The address provided is incorrect.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
20.46% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
15.49% |
] |
|
|
|
|
|
|
|
|
|
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years.The dip in
profit could be due to the stiff market competition which reduced the SC's profit
margin. The SC's management had generated acceptable return for its
shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
4 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
25 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
85 Days |
] |
|
|
|
|
|
|
|
|
|
|
The SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the SC. The
unfavourable creditors' ratio could be due to the SC taking advantage of the
credit granted by its suppliers. However this may affect the goodwill between
the SC and its suppliers and the SC may inadvertently have to pay more for
its future supplies. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Acceptable |
[ |
0.88 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.91 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's liquid ratio was slightly low. This could indicate that the
SC's working capital was slightly deficient. The SC will have to improve its liquidity
position either by obtaining short term financing or increase its paid up
capital so that it can meet all its short term obligations as and when they
fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
168.85 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.59 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the SC was able to service the interest.
The favourable interest cover could indicate that the SC was making enough
profit to pay for the interest accrued. The SC was lowly geared thus it had a
low financial risk. The SC was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the SC
being a lowly geared company, will be able to compete better than those
companies which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Although the SC's turnover had increased, its profits had declined
over the same corresponding period. This could be due to the stiffer market
competition and / or higher operating costs which lowered the SC's profit
margin. The SC's liquidity was at an acceptable range. If the SC is able to
obtain further short term financing, it should be able to meet all its short
term obligations. With the favourable interest cover, the SC could be able to
service all the accrued interest without facing any difficulties. The SC as a
lowly geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : STABLE |
||||||
|
Major Economic Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic Products ( % ) |
<0.5> |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private Expenditure ( % ) |
<2.7> |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
<17.2> |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public Expenditure ( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
<1.2> |
|
Investment ( % ) |
8.0 |
2.8 |
<0.3> |
15.9 |
4.2 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
<28,450> |
<40,482> |
<45,511> |
<42,297> |
<39,993> |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
<4.8> |
<5.6> |
<5.4> |
<4.5> |
<4.0> |
|
Inflation ( % Change in Composite CPI) |
<5.2> |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
<0.1> |
6.2 |
3.0 |
<0.0> |
- |
|
Liquidation of Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
<34.5> |
417.8 |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
- |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
- |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
- |
|
INDUSTRIES ( % of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.4 |
2.1 |
5.9 |
0.6 |
2.4 |
|
Palm Oil |
<1.1> |
<3.4> |
10.8 |
<2.8> |
- |
|
Rubber |
<19.8> |
9.9 |
6.1 |
<0.6> |
- |
|
Forestry & Logging |
<5.9> |
<3.3> |
<7.6> |
<2.2> |
- |
|
Fishing |
5.5 |
5.6 |
2.1 |
<0.7> |
- |
|
Other Agriculture |
9.0 |
7.9 |
7.1 |
6.4 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
413.7 |
508.4 |
634.1 |
- |
- |
|
% of Industry Non-Performing Loans |
1.3 |
2.1 |
3.2 |
- |
- |
|
|
|
|
|
|
|
|
Mining |
<3.8> |
0.2 |
<5.7> |
1.5 |
2.7 |
|
Oil & Gas |
2.1 |
0.5 |
<1.7> |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
44.2 |
49.7 |
46.5 |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
<9.4> |
11.4 |
4.7 |
4.2 |
4.9 |
|
Exported-oriented Industries |
<19.0> |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
<30.3> |
28.4 |
<4.9> |
1.6 |
- |
|
Rubber Products |
<10.1> |
25.3 |
15.4 |
3.6 |
- |
|
Wood Products |
<24.1> |
20.1 |
<4.9> |
4.6 |
- |
|
Textiles & Apparel |
<19.5> |
<0.4> |
14.8 |
<7.1> |
- |
|
Domestic-oriented Industries |
<9.8> |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.2 |
- |
- |
|
Chemical & Chemical Products |
<7.7> |
16.2 |
5.5 |
9.9 |
- |
|
Plastic Products |
<9.1> |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
<32.7> |
29.3 |
2.4 |
- |
- |
|
Fabricated Metal Products |
<2.5> |
14.9 |
25.2 |
- |
- |
|
Non-metallic Mineral |
<15.5> |
20.2 |
27.1 |
6.6 |
- |
|
Transport Equipment |
<13.5> |
36.5 |
<10.4> |
13.7 |
- |
|
Paper & Paper Products |
<5.0> |
18.7 |
14.8 |
<7.8> |
- |
|
Crude Oil Refineries |
0.2 |
<11.4> |
9.3 |
- |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,007.3 |
6,217.5 |
6,537.2 |
- |
- |
|
% of Industry Non-Performing Loans |
18.3 |
23.8 |
25.7 |
- |
- |
|
|
|
|
|
|
|
|
Construction |
5.8 |
5.1 |
4.4 |
15.5 |
11.2 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,241.8 |
4,038.5 |
3,856.9 |
- |
- |
|
% of Industry Non-Performing Loans |
9.9 |
10.7 |
10.2 |
- |
- |
|
|
|
|
|
|
|
|
Services |
2.6 |
6.5 |
6.4 |
5.5 |
5.6 |
|
Electric, Gas & Water |
0.4 |
8.5 |
5.6 |
4.8 |
- |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.3 |
- |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
6.9 |
- |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.3 |
6.5 |
- |
|
Government Services |
2.0 |
6.7 |
7.6 |
5.6 |
- |
|
Other Services |
4.4 |
4.2 |
5.4 |
5.7 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing Production Index |
|||||
|
MSIC CODE |
|
|
281 : Manufacture of general purpose machinery |
|
|
|
|
|
INDUSTRY : |
MACHINERY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
Incorporated in 2004, the SC is a Private Limited company, focusing on designing,
fabricating and installation of industrial machinery and control system. Having
been in business for 9 years, the SC has established a remarkable clientele
base for itself which has contributed to its business growth. The SC is
considered as a medium size company with issued and paid up capital standing at
MYR 500,000.
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 50 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.
Financially, the SC registered a higher turnover compared to previous year.
However, its profits showed a reverse trend. The lower profit achieved was a
result of higher operating cost and increased competition. 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
managed to maintain an adequate liquidity level, indicating that the SC has the
ability to meet its financial obligations. Being a lowly geared company, the SC
is exposed to low financial risk as it is mainly dependent on its internal
funds to finance its business needs. Given a positive net worth standing at MYR
3,093,535, 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 SC's payment habit is average. With its adequate working capital, the SC
should be able to pay its short term debts.
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.
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
IEC PLANT ENGINEERING SDN. BHD. |
|
Financial Year End |
30/06/2012 |
30/06/2011 |
30/06/2010 |
30/06/2009 |
30/06/2008 |
|
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 |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
16,636,332 |
15,589,915 |
9,873,226 |
12,632,881 |
10,363,790 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
16,636,332 |
15,589,915 |
9,873,226 |
12,632,881 |
10,363,790 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
748,968 |
856,079 |
367,713 |
406,050 |
302,932 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
748,968 |
856,079 |
367,713 |
406,050 |
302,932 |
|
Taxation |
<116,075> |
<74,528> |
<73,125> |
<88,961> |
<70,144> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
632,893 |
781,551 |
294,588 |
317,089 |
232,788 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
2,360,642 |
1,579,091 |
1,284,503 |
967,414 |
734,626 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
2,360,642 |
1,579,091 |
1,284,503 |
967,414 |
734,626 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
2,993,535 |
2,360,642 |
1,579,091 |
1,284,503 |
967,414 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
2,993,535 |
2,360,642 |
1,579,091 |
1,284,503 |
967,414 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Hire purchase |
2,710 |
3,541 |
3,492 |
5,339 |
7,186 |
|
Term loan / Borrowing |
1,752 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,462 |
3,541 |
3,492 |
5,339 |
7,186 |
|
IEC PLANT ENGINEERING SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
5,404,786 |
880,791 |
834,309 |
769,798 |
408,817 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
5,404,786 |
880,791 |
834,309 |
769,798 |
408,817 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
162,918 |
119,146 |
82,369 |
60,704 |
120,266 |
|
Trade debtors |
1,132,306 |
1,834,511 |
519,797 |
236,468 |
1,420,937 |
|
Other debtors, deposits & prepayments |
368,491 |
1,138,415 |
66,724 |
44,989 |
179,671 |
|
Deposits with financial institutions |
3,800 |
1,183,200 |
320,766 |
707,198 |
509,290 |
|
Cash & bank balances |
3,717,137 |
345,721 |
2,256,280 |
546,640 |
173,783 |
|
Others |
188,314 |
102,435 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
5,572,966 |
4,723,428 |
3,245,936 |
1,595,999 |
2,403,947 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
10,977,752 |
5,604,219 |
4,080,245 |
2,365,797 |
2,812,764 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
3,879,708 |
2,224,803 |
1,376,712 |
464,267 |
1,325,196 |
|
Other creditors & accruals |
1,599,426 |
725,836 |
721,635 |
180,426 |
263,602 |
|
Hire purchase & lease creditors |
17,290 |
45,046 |
29,458 |
35,412 |
33,565 |
|
Short term borrowings/Term loans |
87,878 |
- |
- |
- |
- |
|
Amounts owing to director |
529,708 |
67,156 |
210,545 |
195,316 |
- |
|
Provision for taxation |
- |
- |
12,336 |
26,908 |
12,477 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
6,114,010 |
3,062,841 |
2,350,686 |
902,329 |
1,634,840 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
<541,044> |
1,660,587 |
895,250 |
693,670 |
769,107 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
4,863,742 |
2,541,378 |
1,729,559 |
1,463,468 |
1,177,924 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
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 |
2,993,535 |
2,360,642 |
1,579,091 |
1,284,503 |
967,414 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
2,993,535 |
2,360,642 |
1,579,091 |
1,284,503 |
967,414 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
3,093,535 |
2,460,642 |
1,679,091 |
1,384,503 |
1,067,414 |
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
|
|
Long term loans |
1,700,307 |
- |
- |
- |
- |
|
Hire purchase creditors |
7,490 |
24,780 |
28,811 |
58,269 |
94,039 |
|
Deferred taxation |
62,410 |
55,956 |
21,657 |
20,696 |
16,471 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
1,770,207 |
80,736 |
50,468 |
78,965 |
110,510 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,863,742 |
2,541,378 |
1,729,559 |
1,463,468 |
1,177,924 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
IEC PLANT ENGINEERING SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
3,717,137 |
345,721 |
2,256,280 |
546,640 |
173,783 |
|
Net Liquid Funds |
3,717,137 |
345,721 |
2,256,280 |
546,640 |
173,783 |
|
Net Liquid Assets |
<703,962> |
1,541,441 |
812,881 |
632,966 |
648,841 |
|
Net Current Assets/(Liabilities) |
<541,044> |
1,660,587 |
895,250 |
693,670 |
769,107 |
|
Net Tangible Assets |
4,863,742 |
2,541,378 |
1,729,559 |
1,463,468 |
1,177,924 |
|
Net Monetary Assets |
<2,474,169> |
1,460,705 |
762,413 |
554,001 |
538,331 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
1,812,965 |
69,826 |
58,269 |
93,681 |
127,604 |
|
Total Liabilities |
7,884,217 |
3,143,577 |
2,401,154 |
981,294 |
1,745,350 |
|
Total Assets |
10,977,752 |
5,604,219 |
4,080,245 |
2,365,797 |
2,812,764 |
|
Net Assets |
4,863,742 |
2,541,378 |
1,729,559 |
1,463,468 |
1,177,924 |
|
Net Assets Backing |
3,093,535 |
2,460,642 |
1,679,091 |
1,384,503 |
1,067,414 |
|
Shareholders' Funds |
3,093,535 |
2,460,642 |
1,679,091 |
1,384,503 |
1,067,414 |
|
Total Share Capital |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
Total Reserves |
2,993,535 |
2,360,642 |
1,579,091 |
1,284,503 |
967,414 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.61 |
0.11 |
0.96 |
0.61 |
0.11 |
|
Liquid Ratio |
0.88 |
1.50 |
1.35 |
1.70 |
1.40 |
|
Current Ratio |
0.91 |
1.54 |
1.38 |
1.77 |
1.47 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
4 |
3 |
3 |
2 |
4 |
|
Debtors Ratio |
25 |
43 |
19 |
7 |
50 |
|
Creditors Ratio |
85 |
52 |
51 |
13 |
47 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.59 |
0.03 |
0.03 |
0.07 |
0.12 |
|
Liabilities Ratio |
2.55 |
1.28 |
1.43 |
0.71 |
1.64 |
|
Times Interest Earned Ratio |
168.85 |
242.76 |
106.30 |
77.05 |
43.16 |
|
Assets Backing Ratio |
48.64 |
25.41 |
17.30 |
14.63 |
11.78 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
4.50 |
5.49 |
3.72 |
3.21 |
2.92 |
|
Net Profit Margin |
3.80 |
5.01 |
2.98 |
2.51 |
2.25 |
|
Return On Net Assets |
15.49 |
33.82 |
21.46 |
28.11 |
26.33 |
|
Return On Capital Employed |
15.44 |
33.24 |
21.10 |
27.45 |
25.60 |
|
Return On Shareholders' Funds/Equity |
20.46 |
31.76 |
17.54 |
22.90 |
21.81 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.