MIRA INFORM REPORT

 

 

Report Date :

09.12.2013

 

IDENTIFICATION DETAILS

 

Name :

PPLS SYSTEMS SDN. BHD.

 

 

Registered Office :

Lot 9234, Section 64, Ktld, Jalan Kwong Lee Bank, Pending, 3rd Floor, 93450 Kuching, Sarawak,

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

13.12.1997

 

 

Com. Reg. No.:

455174-T

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Subject is principally engaged in the (as a / as an) engineering contracting.

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. 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 about 35% of government revenue in 2011. Bank Negera Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia''s exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

455174-T

COMPANY NAME

:

PPLS SYSTEMS SDN. BHD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

13/12/1997

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

LOT 9234, SECTION 64, KTLD, JALAN KWONG LEE BANK, PENDING, 3RD FLOOR, 93450 KUCHING, SARAWAK, MALAYSIA.

BUSINESS ADDRESS

:

3RD FLOOR, LOT 9243, SECTION 64, KTLD, JALAN KWONG LEE BANK, PENDING, 93450 KUCHING, SARAWAK, MALAYSIA.

TEL.NO.

:

082-341189

FAX.NO.

:

082-341190

CONTACT PERSON

:

MARK ANAK DEREW ( MANAGING DIRECTOR )

INDUSTRY CODE

:

42909

PRINCIPAL ACTIVITY

:

ENGINEERING CONTRACTING

AUTHORISED CAPITAL

:

MYR 1,000,000.00 DIVIDED INTO 
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 750,000.00 DIVIDED INTO 
ORDINARY SHARES 750,000 CASH OF MYR 1.00 EACH.

SALES

:

MYR 5,128,082 [2012]

NET WORTH

:

MYR 952,775 [2012]

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) engineering contracting.

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. MARK ANAK DEREW +

LOT 2695, LORONG 16, JALAN TABUAN DAYAK, KAMPUNG TABUAN DAYAK, 93350 KUCHING, SARAWAK, MALAYSIA.

730809-13-5247 K0423649

487,500.00

65.00

MS. PATRICIA JANE ANAK DIMAN +

4, BLOCK A, KOMPLEKS POLIS TABUAN JAYA, JALAN SETIA RAJA, TINGKAT 2, 93350 KUCHING, SARAWAK, MALAYSIA.

830810-13-5082

262,500.00

35.00

 

 

 

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

------

 

 

 

750,000.00

100.00

 

 

 

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MS. PATRICIA JANE ANAK DIMAN

Address

:

4, BLOCK A, KOMPLEKS POLIS TABUAN JAYA, JALAN SETIA RAJA, TINGKAT 2, 93350 KUCHING, SARAWAK, MALAYSIA.

 

 

 

New IC No

:

830810-13-5082

Date of Birth

:

10/08/1983

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

01/07/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MR. MARK ANAK DEREW

Address

:

LOT 2695, LORONG 16, JALAN TABUAN DAYAK, KAMPUNG TABUAN DAYAK, 93350 KUCHING, SARAWAK, MALAYSIA.

IC / PP No

:

K0423649

New IC No

:

730809-13-5247

Date of Birth

:

09/08/1973

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

03/06/1998

 

 

 

 

 

 

 

 

 

 

 

 




MANAGEMENT

 

 

 

1)

Name of Subject

:

MARK ANAK DEREW

 

Position

:

MANAGING DIRECTOR

 

AUDITOR

 

Auditor

:

NGU KOON TENG & CO.

Auditor' Address

:

LOT 306, LEBOH SEKAMA, 93300 KUCHING, SARAWAK, MALAYSIA.

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. WONG KIE LING

 

IC / PP No

:

K263646

 

New IC No

:

530104-13-5662

 

Address

:

130, JALAN PEACE, 93450 KUCHING, SARAWAK, MALAYSIA.

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank. 



ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

 

 

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

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose its suppliers information. 



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

[

 

]

 

 

 

 

 

 



CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A


The SC refused to disclose its clientele information. 

 

 

OPERATIONS

 

Services

:

ENGINEERING CONTRACTING

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) engineering contracting. 


The SC refused to disclose its operation information. 

 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

088264308

Current Telephone Number

:

082-341189

Match

:

NO

 

 

 

Address Provided by Client

:

LOT 104, 1ST FLR, WISMA SESB KARAMUNSINGH 88673 KOTA KINABALU SABAH

Current Address

:

3RD FLOOR, LOT 9243, SECTION 64, KTLD, JALAN KWONG LEE BANK, PENDING, 93450 KUCHING, SARAWAK, MALAYSIA.

Match

:

N/A

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations


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


The SC is unaware of the address provided.


The SC refused to disclose its number of employees and banker.



FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2010 - 2012

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2012

]

 

Return on Shareholder Funds

:

Unfavourable

[

9.93%

]

 

Return on Net Assets

:

Acceptable

[

12.57%

]

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players.The SC's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

17 Days

]

 

Debtor Ratio

:

Favourable

[

40 Days

]

 

Creditors Ratio

:

Unfavourable

[

77 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

:

Favourable

[

1.70 Times

]

 

Current Ratio

:

Unfavourable

[

1.93 Times

]

 

 

 

 

 

 

 

 

A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Nil

[

0.00 Times

]

 

Gearing Ratio

:

Favourable

[

0.00 Times

]

 

 

 

 

 

 

 

 

The SC's interest cover was nil as it did not pay any interest during the year. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

The SC recorded lower profits as its turnover showed a erratic trend. The SC's management was unable to control its costs efficiently as its profit showed a downward trend. 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 did not make any interest payment during the year. The SC was dependent on its shareholders' funds to finance its business needs. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.

 

 

 

 

 

 

 

Overall financial condition of the SC : STRONG

 

 

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

 

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



INDUSTRY ANALYSIS

 

MSIC CODE

42909 : Construction of other engineering projects n.e.c.

 

 

INDUSTRY :

CONSTRUCTION

 

 

 

The construction sector consists of four subsectors: residential, non-residential, civil engineering and special trade works. During a period of rapid economic expansion, the sector generally outperforms Gross Domestic Product (GDP) growth. 

 

Construction's contribution to gross domestic product (GDP) is expected to fall to 11.2% in 2013 from 15 % in 2012, with all subsectors registering steady growth. The sector is expected to benefit from the acceleration of ongoing construction activities, particularly from the Economic Transformation Programme (ETP) and Second Rolling Plan (RP2) construction-related projects. Of significance, exploration activities in O&G industries and major projects such as the electrified double-tracking between lpoh -Padang Besar, LPT2 Jabur - Kuala Terengganu, MRT and the River of Life are expected to drive the growth of the civil engineering subsector. The non-residential subsector is expected to expand spurred by the industrial building segment and the commencement of construction of the Tun Razak Exchange (TRX). The residential subsector is also projected to expand, albeit at a moderate pace, after recording several years of strong growth. Key housing development projects, particularly in Sungai Buloh and Bandar Malaysia in Sungai Besi, which are expected to commence in 2013, will support residential construction activities. According to the Minister of Finance, the domestic demand is expected to grow at 5.6% and will remain the main driver of growth in 2013 underpinned by strong private sector expenditure.

 

The industry is set to receive a further boost from a wave of new developments earmarked for 2013, including rail projects worth an estimated $52 billion that should be launched in the coming year. It was predicted that the growth in other sectors will largely drive Malaysia's economy but the construction sector's contribution to GDP could still remain stable. However, while the construction sector is expected to have a solid 2013, it remains hampered by a shortage of skilled labourers, with rapid growth in recent years triggering a drain on its workforce. In late November of 2012, the Builders Association Malaysia (MBAM) request the government to do more to facilitate the training of building workers or run the risk of supplyside bottlenecks delaying new projects.

 

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth



CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1997, the SC is a Private Limited company, focusing on engineering contracting. 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. The SC is considered as a medium size company with issued and paid up capital standing at MYR 750,000.


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


The SC's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. However, the SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at MYR 952,775, the SC should be able to maintain its business in the near terms. 


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.

 

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

PPLS SYSTEMS SDN. BHD.

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

Months

12

12

12

Consolidated Account

Company

Company

Company

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

FULL

FULL

SUMMARY

Currency

MYR

MYR

MYR

 

 

 

 

TURNOVER

5,128,082

7,697,967

2,055,220

 

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

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

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

Total Turnover

5,128,082

7,697,967

2,055,220

Costs of Goods Sold

<4,850,108>

<7,194,015>

-

 

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

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

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

Gross Profit

277,974

503,952

-

 

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

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

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

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

119,756

205,240

-

 

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

119,756

205,240

-

Taxation

<25,186>

<39,864>

7,976

 

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

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

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

PROFIT/(LOSS) AFTER TAXATION

94,570

165,376

7,976

 

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

As previously reported

108,205

<57,171>

<65,147>

 

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

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

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

As restated

108,205

<57,171>

<65,147>

 

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

202,775

108,205

<57,171>

 

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

202,775

108,205

<57,171>

 

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

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

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

 

 

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

 

 

 

FIXED ASSETS

216

252

288

 

 

 

 

 

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

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

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

TOTAL LONG TERM ASSETS

216

252

288

 

 

 

 

CURRENT ASSETS

 

 

 

Stocks

236,659

-

-

Trade debtors

559,823

199,950

-

Other debtors, deposits & prepayments

94,726

92,968

-

Amount due from director

596,035

680,000

-

Cash & bank balances

446,523

102,092

-

Others

45,616

30,166

-

 

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

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

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

TOTAL CURRENT ASSETS

1,979,382

1,105,176

1,600,052

 

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

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

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

TOTAL ASSET

1,979,598

1,105,428

1,600,340

 

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

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

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

 

 

 

 

CURRENT LIABILITIES

 

 

 

Trade creditors

1,018,497

226,878

-

Other creditors & accruals

8,326

13,981

-

Provision for taxation

-

6,364

-

 

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

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

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

TOTAL CURRENT LIABILITIES

1,026,823

247,223

907,511

 

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

952,559

857,953

692,541

 

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

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

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

TOTAL NET ASSETS

952,775

858,205

692,829

 

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

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

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

 

 

 

 

SHARE CAPITAL

 

 

 

Ordinary share capital

750,000

750,000

750,000

 

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

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

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

TOTAL SHARE CAPITAL

750,000

750,000

750,000

 

 

 

 

RESERVES

 

 

 

Retained profit/(loss) carried forward

202,775

108,205

<57,171>

 

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

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

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

TOTAL RESERVES

202,775

108,205

<57,171>

 

 

 

 

 

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

952,775

858,205

692,829

 

 

 

 

 

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

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

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

 

952,775

858,205

692,829

 

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

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

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

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

 

 

 

Cash

446,523

102,092

-

Net Liquid Funds

446,523

102,092

-

Net Liquid Assets

715,900

857,953

692,541

Net Current Assets/(Liabilities)

952,559

857,953

692,541

Net Tangible Assets

952,775

858,205

692,829

Net Monetary Assets

715,900

857,953

692,541

BALANCE SHEET ITEMS

 

 

 

Total Borrowings

0

0

-

Total Liabilities

1,026,823

247,223

907,511

Total Assets

1,979,598

1,105,428

1,600,340

Net Assets

952,775

858,205

692,829

Net Assets Backing

952,775

858,205

692,829

Shareholders' Funds

952,775

858,205

692,829

Total Share Capital

750,000

750,000

750,000

Total Reserves

202,775

108,205

<57,171>

LIQUIDITY (Times)

 

 

 

Cash Ratio

0.43

0.41

-

Liquid Ratio

1.70

4.47

-

Current Ratio

1.93

4.47

1.76

WORKING CAPITAL CONTROL (Days)

 

 

 

Stock Ratio

17

0

-

Debtors Ratio

40

9

-

Creditors Ratio

77

12

-

SOLVENCY RATIOS (Times)

 

 

 

Gearing Ratio

0.00

0.00

-

Liabilities Ratio

1.08

0.29

1.31

Times Interest Earned Ratio

0.00

0.00

-

Assets Backing Ratio

1.27

1.14

0.92

PERFORMANCE RATIO (%)

 

 

 

Operating Profit Margin

2.34

2.67

-

Net Profit Margin

1.84

2.15

0.39

Return On Net Assets

12.57

23.92

-

Return On Capital Employed

12.57

23.92

-

Return On Shareholders' Funds/Equity

9.93

19.27

1.15

Dividend Pay Out Ratio (Times)

0.00

0.00

-

NOTES TO ACCOUNTS

 

 

 

Contingent Liabilities

0

0

 





 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.67

UK Pound

1

Rs.100.65

Euro

1

Rs.84.25

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.