|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
766012-K
|
|
COMPANY NAME
|
:
|
MYCOPTER AVIATION SERVICES SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
16/03/2007
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
6A-2, JALAN DINAR C U3/C, SEKSYEN U3,
TAMAN SUBANG PERDANA, 40150 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
21-1, JALAN DINAR D U3/D, SECTION U3,
TAMAN SUBANG PERDANA, 40150 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-79636852
|
|
FAX.NO.
|
:
|
03-78468172
|
|
WEB SITE
|
:
|
WWW.MYCOPTERAVIATION.COM.MY
|
|
CONTACT PERSON
|
:
|
SHAMSUL KAMAR BIN SAMSUDIN ( MANAGING
DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
46599
|
|
PRINCIPAL ACTIVITY
|
:
|
PROVIDE MAINTENANCE SERVICES OF
HELICOPTER & AIRCRAFT
|
|
AUTHORISED CAPITAL
|
:
|
MYR 5,000,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 500,000.00 DIVIDED INTO
ORDINARY SHARES 500,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 2,521,062 [2011]
|
|
NET WORTH
|
:
|
MYR 311,784 [2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
40 [2013]
|
|
BANKER (S)
|
:
|
|
CIMB BANK BHD
MALAYAN BANKING BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
HISTORY
/ BACKGROUND
The SC is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As
a private limited company, the SC must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a
separate legal entity, the SC is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the SC is
insolvent. The SC is governed by the Companies Act, 1965 and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The SC is principally engaged in the (as a
/ as an) provide maintenance services of helicopter & aircraft.
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
|
(%)
|
|
MYCOPTER HOLDINGS SDN. BHD.
|
18-3, JALAN 2/114, KUCHAI BUSINESS
CENTRE, OFF JALAN KLANG LAMA, 58200 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
861118
|
450,000.00
|
90.00
|
|
MR. SYAHRUN NIZAM B ABDUL RAHMAN
|
141, JALAN LAYANG 4, TAMAN PERLING, 81200
JOHOR BAHRU, JOHOR, MALAYSIA.
|
730720-01-6313
|
25,000.00
|
5.00
|
|
MR. SAZALI BIN RAHID SAFIAN
|
257, JALAN PEKELILING, FELDA TROLAK
UTARA, 35600 SUNGKAI, PERAK, MALAYSIA.
|
720612-08-5531
|
25,000.00
|
5.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
500,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. MOHAMAD NASRUN BIN OMAR
|
|
Address
|
:
|
LOT 90, JALAN PANGLIMA, 23000 DUNGUN,
TERENGGANU, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
540820-02-5631
|
|
Date of Birth
|
:
|
20/08/1954
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
16/03/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. AHMAD ARIFF BIN SAIDI
|
|
Address
|
:
|
32, JALAN KENANGA SD 9/5C, BANDAR SRI
DAMANSARA, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
721115-03-5511
|
|
Date of Birth
|
:
|
15/11/1972
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
16/03/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
SHAMSUL KAMAR BIN SAMSUDIN
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
MOHAMAD NASRUN BIN OMAR
|
|
|
Position
|
:
|
OPERATIONS DIRECTOR
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
AHMAD ARIFF BIN SAIDI
|
|
|
Position
|
:
|
ENGINEERING DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
CHENG & CO
|
|
Auditor' Address
|
:
|
18-2, JALAN 2/114, KUCHAI BUSINESS
CENTRE, OFF JALAN KLANG LAMA, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. CHONG GAN LENG
|
|
|
|
|
|
|
|
New IC No
|
:
|
751216-02-5950
|
|
|
Address
|
:
|
6, JALAN AKASIA 3A, SAUJANA AKASIA, 47000
SUNGAI BULOH, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
2)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with
above mentioned banker(s). No adverse record was found during our
investigation.
|
ENCUMBRANCE
(S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
16/08/2010
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
MYR130,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BERHAD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 19/08/2010
|
|
Registered and Numbered 1 In The Register
of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
23/03/2012
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
MYR1,500,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
PERBADANAN USAHAWAN NASIONAL BERHAD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 29/03/2012
|
|
Registered and Numbered 2 In The Register
of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
03/04/2012
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
OCBC AL-AMIN BANK BERHAD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 09/04/2012
|
|
Registered and Numbered 3 In The Register
of Charges
|
LEGAL
CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
Import Countries
|
:
|
UNITED STATES
|
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
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 DAYS,AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
AIRCRAFT INDUSTRIES
|
|
|
|
|
|
|
|
|
CUSTOMER(S)
|
:
|
|
OPERATIONS
|
Services
|
:
|
MAINTENANCE SERVICES OF HELICOPTER &
AIRCRAFT
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2010
|
2009
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
40
|
15
|
14
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) provide maintenance
services of helicopter & aircraft.
The SC provides aviation services including aircraft management, helicopter
charter and flight line services.
Besides this, the SC also provides aircraft management services such as
aircraft acquisition advise, aircraft flight & engineering department set
up, maintenance planning, engineering and flight operation auditing, CMR
certification and technical services.
The SC has the capability and capacity to provide aviation needs as well as
the technical know-how and training.
The SC is a leading third party maintenance outfit serving rotary and fixed
wing aircraft in Malaysian General Aviation sector.
The SC offers a fully customizable maintenance program that ensures delivery
of high quality, timely and reliable services.
PROJECTS
No projects found in our databank
RECENT
DEVELOPMENT
April 24, 2009
The SC secured a contract to refurbish three Chilean Navy Dauphine
helicopters.The agreements signed by Malaysia and Chile were the Trade
Agreement in June 1992, Investment Guarantee Agreement in December 1992 and
Avoidance of Double Taxation Agreement (DTA), while the Free Trade Agreement
(FTA) that was still under negotiation, had entered into its fifth meeting in
Kuala Lumpur recently.
CURRENT
INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-79636852
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
21-1, JALAN DINAR D U3/D, SECTION U3,
TAMAN SUBANG PERDANA,40150,SHAH ALAM,SELANGOR.
|
|
Current Address
|
:
|
21-1, JALAN DINAR D U3/D, SECTION U3,
TAMAN SUBANG PERDANA, 40150 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC and she provided some information
on the SC.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2007 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2007 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
<3.65%>
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
3.46%
|
]
|
|
|
|
|
|
|
|
|
|
|
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 SC's
unfavourable returns on shareholders' funds indicate the management's
inefficiency in utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
51 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
0 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
As the SC is a service oriented company,
the SC does not need to keep stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the SC. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days.
The SC could be taking advantage of the cash discounts and also wanting to
maintain goodwill with its creditors.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Acceptable
|
[
|
0.96 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.96 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
|
:
|
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'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. 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 :
LIMITED
|
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.73
|
28.13
|
28.35
|
28.70
|
29.10
|
|
Gross Domestic Products ( % )
|
4.6
|
<0.5>
|
7.2
|
5.5
|
5.3
|
|
Domestic Demand ( % )
|
6.9
|
2.9
|
6.3
|
4.8
|
7.6
|
|
Private Expenditure ( % )
|
7.1
|
<2.7>
|
8.1
|
7.0
|
8.7
|
|
Consumption ( % )
|
8.4
|
0.7
|
6.7
|
6.3
|
7.1
|
|
Investment ( % )
|
1.5
|
<17.2>
|
17.7
|
16.2
|
15.9
|
|
Public Expenditure ( % )
|
6.5
|
5.2
|
3.8
|
7.6
|
4.7
|
|
Consumption ( % )
|
11.6
|
3.1
|
0.2
|
8.9
|
3.0
|
|
Investment ( % )
|
0.7
|
8.0
|
2.8
|
0.6
|
7.0
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
129,563
|
89,650
|
118,356
|
116,058
|
-
|
|
Government Finance ( MYR Million )
|
<34,462>
|
<28,450>
|
<40,482>
|
<45,511>
|
<43,021>
|
|
Government Finance to GDP / Fiscal
Deficit ( % )
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
<4.7>
|
|
Inflation ( % Change in Composite CPI)
|
<3.3>
|
<5.2>
|
5.1
|
3.1
|
-
|
|
Unemployment Rate
|
3.7
|
4.5
|
3.9
|
3.3
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion
)
|
388
|
331
|
329
|
415
|
-
|
|
Average Risk-Weighted Capital Adequacy
Ratio ( % )
|
1.91
|
2.87
|
2.20
|
3.50
|
-
|
|
Average 3 Months of Non-performing Loans
( % )
|
13.24
|
11.08
|
15.30
|
14.80
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
5.53
|
6.30
|
6.60
|
-
|
|
Business Loans Disbursed( % )
|
11.6
|
10.5
|
14.7
|
15.3
|
-
|
|
Foreign Investment ( MYR Million )
|
23,261.4
|
22,156.8
|
22,517.9
|
23,546.1
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
41,599
|
41,578
|
44,148
|
-
|
-
|
|
Registration of New Companies ( % )
|
<4.0>
|
<0.1>
|
6.2
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
27,992
|
39,075
|
25,585
|
-
|
-
|
|
Liquidation of Companies ( % )
|
23.7
|
39.6
|
<34.5>
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
269,866
|
312,581
|
271,414
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
18,885
|
19,345
|
19,738
|
-
|
-
|
|
Business Dissolved ( % )
|
<7.6>
|
2.4
|
2.0
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
497.5
|
486.3
|
543.6
|
363.0
|
-
|
|
Cellular Phone Subscribers ( Million )
|
25.1
|
30.1
|
32.8
|
35.3
|
-
|
|
Tourist Arrival ( Million Persons )
|
21.5
|
23.6
|
24.6
|
25.3
|
-
|
|
Hotel Occupancy Rate ( % )
|
68.0
|
58.0
|
63.0
|
51.3
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
17.1
|
12.8
|
14.1
|
15.6
|
-
|
|
Bad Cheque Offenders (No.)
|
34,834
|
36,667
|
33,568
|
27,208
|
-
|
|
Individual Bankruptcy ( No.)
|
13,907
|
16,228
|
18,119
|
16,155
|
-
|
|
Individual Bankruptcy ( % )
|
5.1
|
16.7
|
11.7
|
<10.8>
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.6
|
0.4
|
2.1
|
4.7
|
4.1
|
|
Palm Oil
|
7.0
|
<1.1>
|
<3.4>
|
7.3
|
-
|
|
Rubber
|
<1.1>
|
<19.8>
|
9.9
|
6.4
|
-
|
|
Forestry & Logging
|
<1.5>
|
<5.9>
|
<3.3>
|
<4.7>
|
-
|
|
Fishing
|
4.0
|
5.5
|
5.6
|
2.8
|
-
|
|
Other Agriculture
|
5.9
|
9.0
|
7.9
|
8.5
|
-
|
|
Industry Non-Performing Loans ( MYR
Million )
|
393.0
|
413.7
|
508.4
|
634.1
|
-
|
|
% of Industry Non-Performing Loans
|
<2.0>
|
1.3
|
2.1
|
3.2
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<0.8>
|
<3.8>
|
0.2
|
<2.4>
|
2.5
|
|
Oil & Gas
|
12.7
|
2.1
|
0.5
|
<1.7>
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR
Million )
|
36.0
|
44.2
|
49.7
|
46.5
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
1.3
|
<9.4>
|
11.4
|
5.6
|
4.5
|
|
Exported-oriented Industries
|
2.7
|
<19.0>
|
12.1
|
2.8
|
-
|
|
Electrical & Electronics
|
2.4
|
<30.3>
|
28.4
|
<4.9>
|
-
|
|
Rubber Products
|
4.2
|
<10.1>
|
25.3
|
15.4
|
-
|
|
Wood Products
|
<6.0>
|
<24.1>
|
20.1
|
<7.3>
|
-
|
|
Textiles & Apparel
|
1.9
|
<19.5>
|
<0.4>
|
14.8
|
-
|
|
Domestic-oriented Industries
|
9.9
|
<9.8>
|
16.3
|
6.3
|
-
|
|
Food, Beverages & Tobacco
|
9.5
|
0.2
|
3.0
|
4.2
|
-
|
|
Chemical & Chemical Products
|
1.4
|
<7.7>
|
16.2
|
5.6
|
-
|
|
Plastic Products
|
6.5
|
<9.1>
|
2.4
|
3.8
|
-
|
|
Iron & Steel
|
16.8
|
<32.7>
|
29.3
|
2.4
|
-
|
|
Fabricated Metal Products
|
14.7
|
<2.5>
|
14.9
|
25.2
|
-
|
|
Non-metallic Mineral
|
8.3
|
<15.5>
|
20.2
|
16.3
|
-
|
|
Transport Equipment
|
27.1
|
<13.5>
|
36.5
|
<9.4>
|
-
|
|
Paper & Paper Products
|
8.6
|
<5.0>
|
18.7
|
15.6
|
-
|
|
Crude Oil Refineries
|
7.8
|
0.2
|
<11.4>
|
9.3
|
-
|
|
Industry Non-Performing Loans ( MYR
Million )
|
5,729.4
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
|
% of Industry Non-Performing Loans
|
16.8
|
18.3
|
23.8
|
25.7
|
-
|
|
|
|
|
|
|
|
|
Construction
|
2.1
|
5.8
|
5.1
|
4.4
|
7.0
|
|
Industry Non-Performing Loans ( MYR
Million )
|
4,149.8
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
|
% of Industry Non-Performing Loans
|
12.2
|
9.9
|
10.7
|
10.2
|
-
|
|
|
|
|
|
|
|
|
Services
|
7.3
|
2.6
|
6.5
|
6.4
|
6.5
|
|
Electric, Gas & Water
|
5.0
|
0.4
|
8.5
|
5.6
|
4.8
|
|
Transport, Storage & Communication
|
7.8
|
1.6
|
7.7
|
6.5
|
7.3
|
|
Wholesale, Retail, Hotel & Restaurant
|
10.0
|
2.8
|
4.7
|
5.2
|
6.9
|
|
Finance, Insurance & Real Estate
|
9.2
|
3.8
|
6.1
|
6.3
|
6.5
|
|
Government Services
|
8.6
|
2.0
|
6.7
|
7.6
|
5.6
|
|
Other Services
|
5.9
|
4.4
|
4.2
|
5.4
|
5.7
|
|
Industry Non-Performing Loans ( MYR
Million )
|
8,281.4
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
|
% of Industry Non-Performing Loans
|
24.3
|
20.2
|
25.7
|
23.4
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY
ANALYSIS
|
MSIC CODE
|
|
46599 : Wholesale of other machinery for
use in industry, trade and navigation and other services n.e.c.
|
|
|
|
|
INDUSTRY :
|
MACHINERY
|
|
|
|
|
|
|
Malaysia is presently the leading manufacturer of automation machinery and
equipment (M&E) for the electrical and electronics (E&E) industry
in the ASEAN region with a total of 22 companies in production. The
machinery and equipment industry has expanded and produce a diverse range
of machinery which give importance to the overall industrial development of
the country, due to its cross cutting linkages with all industrial sectors.
|
|
Malaysia implemented Industrial Master Plan 3 (IMP3, 2006-2020), which the
machinery and equipment industry has been established as one of the key
areas for growth and development. The implementation focused on the
manufacture of high value-added and high technology machinery and equipment
(M&E). Under this plan, M&E will positioned Malaysia as the
regional production hub for high technology and specialized M&E in the
ASEAN region for 2012.
|
|
Furthemore for the year 2012, Malaysia is the largest manufacturing hub of
boilers in the Southeast Asia region. The exports are mainly directed to
the neighboring countries such as Indonesia, Philippines, Thailand and
Cambodia.
|
|
For enhance the machinery and equipment (M&E), the government has
introduced two major tax incentives for companies investing in the
manufacturing sector where the pioneer status and the investment tax
allowance. The tax incentives would remain to be a competitive industry
within ASEAN.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal
Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 2007, the SC is a Private Limited company, focusing on
provide maintenance services of helicopter & aircraft. Having been in
business for more than 5 years, the SC has established a remarkable
clientele base for itself which has contributed to its business growth.
Having strong support from its shareholder has enabled the SC to remain
competitive despite the challenging business environment. Presently, issued
and paid up capital of the SC stand at RM500,000.
|
|
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 40 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.
|
|
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. The
SC managed to maintain an adequate liquidity level, indicating that the SC
has the ability to meet its 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.
|
|
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 has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the SC's future performance is very much depend
on its marketing strategies in order to retain its position in the market.
|
|
Based on the above condition, we recommend credit be granted to the SC
normally.
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
|
|
MYCOPTER AVIATION SERVICES SDN. BHD.
|
|
Financial Year End
|
31/12/2011
|
31/12/2010
|
31/12/2009
|
31/12/2008
|
31/12/2007
|
|
Months
|
12
|
12
|
12
|
12
|
10
|
|
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
|
2,521,062
|
3,021,001
|
1,334,334
|
551,670
|
522,656
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
2,521,062
|
3,021,001
|
1,334,334
|
551,670
|
522,656
|
|
Costs of Goods Sold
|
<1,852,263>
|
<1,947,998>
|
<742,000>
|
<250,912>
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
668,799
|
1,073,003
|
592,334
|
300,758
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
11,227
|
232,343
|
145,517
|
<147,470>
|
41,406
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
11,227
|
232,343
|
145,517
|
<147,470>
|
41,406
|
|
Taxation
|
<22,618>
|
<37,900>
|
<5,830>
|
60
|
<4,951>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
<11,391>
|
194,443
|
139,687
|
<147,410>
|
36,455
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
223,175
|
28,732
|
<110,955>
|
36,455
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
223,175
|
28,732
|
<110,955>
|
36,455
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
211,784
|
223,175
|
28,732
|
<110,955>
|
36,455
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
211,784
|
223,175
|
28,732
|
<110,955>
|
36,455
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
MYCOPTER AVIATION SERVICES SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
347,648
|
154,517
|
61,927
|
32,170
|
31,405
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
347,648
|
154,517
|
61,927
|
32,170
|
31,405
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Trade debtors
|
352,813
|
144,490
|
220,500
|
66,051
|
134,275
|
|
Other debtors, deposits & prepayments
|
144,724
|
25,240
|
2,630
|
2,630
|
800
|
|
Amount due from director
|
-
|
-
|
24,000
|
-
|
-
|
|
Cash & bank balances
|
59,353
|
665,646
|
48,896
|
134,739
|
8,442
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
556,890
|
835,376
|
296,026
|
203,420
|
143,517
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
904,538
|
989,893
|
357,953
|
235,590
|
174,922
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Other creditors & accruals
|
481,500
|
413,981
|
186,883
|
118,767
|
32,716
|
|
Amounts owing to director
|
44,906
|
209,007
|
36,508
|
127,778
|
800
|
|
Provision for taxation
|
53,918
|
37,900
|
-
|
-
|
4,951
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
580,324
|
660,888
|
223,391
|
246,545
|
38,467
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
<23,434>
|
174,488
|
72,635
|
<43,125>
|
105,050
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
324,214
|
329,005
|
134,562
|
<10,955>
|
136,455
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
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
|
211,784
|
223,175
|
28,732
|
<110,955>
|
36,455
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
211,784
|
223,175
|
28,732
|
<110,955>
|
36,455
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
311,784
|
323,175
|
128,732
|
<10,955>
|
136,455
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Deferred taxation
|
12,430
|
5,830
|
5,830
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
12,430
|
5,830
|
5,830
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
324,214
|
329,005
|
134,562
|
<10,955>
|
136,455
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
MYCOPTER AVIATION SERVICES SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
59,353
|
665,646
|
48,896
|
134,739
|
8,442
|
|
Net Liquid Funds
|
59,353
|
665,646
|
48,896
|
134,739
|
8,442
|
|
Net Liquid Assets
|
<23,434>
|
174,488
|
72,635
|
<43,125>
|
105,050
|
|
Net Current Assets/(Liabilities)
|
<23,434>
|
174,488
|
72,635
|
<43,125>
|
105,050
|
|
Net Tangible Assets
|
324,214
|
329,005
|
134,562
|
<10,955>
|
136,455
|
|
Net Monetary Assets
|
<35,864>
|
168,658
|
66,805
|
<43,125>
|
105,050
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
0
|
0
|
0
|
|
Total Liabilities
|
592,754
|
666,718
|
229,221
|
246,545
|
38,467
|
|
Total Assets
|
904,538
|
989,893
|
357,953
|
235,590
|
174,922
|
|
Net Assets
|
324,214
|
329,005
|
134,562
|
<10,955>
|
136,455
|
|
Net Assets Backing
|
311,784
|
323,175
|
128,732
|
<10,955>
|
136,455
|
|
Shareholders' Funds
|
311,784
|
323,175
|
128,732
|
<10,955>
|
136,455
|
|
Total Share Capital
|
100,000
|
100,000
|
100,000
|
100,000
|
100,000
|
|
Total Reserves
|
211,784
|
223,175
|
28,732
|
<110,955>
|
36,455
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.10
|
1.01
|
0.22
|
0.55
|
0.22
|
|
Liquid Ratio
|
0.96
|
1.26
|
1.33
|
0.83
|
3.73
|
|
Current Ratio
|
0.96
|
1.26
|
1.33
|
0.83
|
3.73
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
0
|
0
|
0
|
0
|
0
|
|
Debtors Ratio
|
51
|
17
|
60
|
44
|
94
|
|
Creditors Ratio
|
0
|
0
|
0
|
0
|
0
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Liabilities Ratio
|
1.90
|
2.06
|
1.78
|
<22.51>
|
0.28
|
|
Times Interest Earned Ratio
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Assets Backing Ratio
|
0.65
|
0.66
|
0.27
|
<0.02>
|
1.36
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
0.45
|
7.69
|
10.91
|
<26.73>
|
7.92
|
|
Net Profit Margin
|
<0.45>
|
6.44
|
10.47
|
<26.72>
|
6.97
|
|
Return On Net Assets
|
3.46
|
70.62
|
108.14
|
1,346.14
|
30.34
|
|
Return On Capital Employed
|
3.46
|
70.62
|
108.14
|
1,346.14
|
30.34
|
|
Return On Shareholders' Funds/Equity
|
<3.65>
|
60.17
|
108.51
|
1,345.60
|
26.72
|
|
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
|
|