|
Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ISBEC SDN. BHD. |
|
|
|
|
Registered Office : |
5-4-2, Jalan 2/50, Diamond Square Off Jalan Gombak, 53000 Kuala
Lumpur, Wilayah Persekutuan, Malaysia |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
28.12.1998 |
|
|
|
|
Com. Reg. No.: |
474591-D |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Trading of Textiles, Towels & Others |
|
|
|
|
No. of Employees : |
15 |
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 : |
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. |
: |
474591-D |
|
COMPANY NAME |
: |
ISBEC SDN. BHD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
28/12/1998 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
5-4-2, JALAN 2/50, DIAMOND SQUARE OFF JALAN GOMBAK, 53000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
NO.2A JALAN CAMAR 4/3, KOTA DAMANSARA, 47810 PETALING JAYA, SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
03-61575916 |
|
FAX.NO. |
: |
03-61575917 |
|
EMAIL |
: |
ISBECCORP88@HOTMAIL.COM |
|
WEB SITE |
: |
WWW.ISBECCORP.COM |
|
CONTACT PERSON |
: |
SHAFIQURRAHMAN BIN HJ SHAMSUDDIN ( MANAGING DIRECTOR ) |
|
INDUSTRY CODE |
: |
47510 |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF TEXTILES, TOWELS & OTHERS |
|
AUTHORISED CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 300,000.00 DIVIDED INTO |
|
SALES |
: |
MYR 2,171,915 [2011] |
|
NET WORTH |
: |
MYR 1,016,041 [2011] |
|
STAFF STRENGTH |
: |
15 [2013] |
|
BANKER (S) |
: |
AFFIN BANK BERHAD |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
N/A |
|
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) trading of textiles,
towels & others.
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. SHAFIQURRAHMAN BIN HAJI SHAMSUDDIN @ JAAFAR + |
15, JALAN CECAWI 6/15, KOTA DAMANSARA, 47810 PETALING JAYA, SELANGOR,
MALAYSIA. |
730621-71-5039 A2590902 |
225,000.00 |
75.00 |
|
MS. KHIRIYAH BINTI HASHIM + |
A1-31, RUMAH PANGSA KAYU ARA, DAMANSARA UTAMAN, 47400 PETALING JAYA,
SELANGOR, MALAYSIA. |
471203-02-5218 3370924 |
75,000.00 |
25.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
300,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MS. KHIRIYAH BINTI HASHIM |
|
Address |
: |
A1-31, RUMAH PANGSA KAYU ARA, DAMANSARA UTAMAN, 47400 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
3370924 |
|
New IC No |
: |
471203-02-5218 |
|
Date of Birth |
: |
03/12/1947 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/07/2010 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. SHAFIQURRAHMAN BIN HAJI SHAMSUDDIN @ JAAFAR |
|
Address |
: |
15, JALAN CECAWI 6/15, KOTA DAMANSARA, 47810 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
IC / PP No |
: |
A2590902 |
|
New IC No |
: |
730621-71-5039 |
|
Date of Birth |
: |
21/06/1973 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
28/12/1998 |
|
1) |
Name of Subject |
: |
SHAFIQURRAHMAN BIN HJ SHAMSUDDIN |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
AZMAN AHMAD & CO. |
|
Auditor' Address |
: |
LOT 03-17B,TINGKAT 3, KOMPLEKS PKNS, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. MOHD ZAKRI BIN MOHD RAZALI |
|
|
IC / PP No |
: |
A2253355 |
|
|
New IC No |
: |
720628-08-5755 |
|
|
Address |
: |
47-5-18, MENARA ORKID, JALAN 3/48A, BANDAR BARU SENTUL, 51000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
|
2) |
Company Secretary |
: |
MR. JAAFAR @ AHMAD RUSTAM BIN ALI |
|
|
IC / PP No |
: |
A2967372 |
|
|
New IC No |
: |
750210-11-5467 |
|
|
Address |
: |
42,JALAN MEWAH 2/9, TAMAN PANDAN MEWAH, 68000 AMPANG, SELANGOR,
MALAYSIA. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
AFFIN BANK BERHAD |
|
|
|
|
|
|
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 1
|
Date of Creation |
: |
08/09/2003 |
||
|
Description Of Charge |
: |
N/A
|
||
|
Amount Secured |
: |
RM200,000.00 |
||
|
Description Of Property Affected |
: |
N/A
|
||
|
Name & Address Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and Numbered 1 In The Register of Charges |
||||
ENCUMBRANCE 2
|
Date of Creation |
: |
30/06/2011 |
||
|
Description Of Charge |
: |
N/A
|
||
|
Amount Secured |
: |
N/A |
||
|
Description Of Property Affected |
: |
N/A
|
||
|
Name & Address Of Chargee |
: |
|
||
|
Form 40 Dated 29/07/2011 |
||||
|
Registered and Numbered 10 In The Register of Charges |
||||
ENCUMBRANCE 3
|
Date of Creation |
: |
26/09/2011 |
||
|
Description Of Charge |
: |
N/A
|
||
|
Amount Secured |
: |
MYR644,000.00 |
||
|
Description Of Property Affected |
: |
N/A
|
||
|
Name & Address Of Chargee |
: |
|
||
|
Form 40 Dated 27/09/2011 |
||||
|
Registered and Numbered 11 In The Register of Charges |
||||
ENCUMBRANCE 4
|
Date of Creation |
: |
01/06/2012 |
|
|
Description Of Charge |
: |
N/A
|
|
|
Amount Secured |
: |
N/A |
|
|
Description Of Property Affected |
: |
N/A
|
|
|
Form 40 Dated 24/07/2012 |
|||
|
Registered and Numbered 12 In The Register of Charges |
|||
ENCUMBRANCE 5
|
Date of Creation |
: |
12/02/2004 |
||
|
Description Of Charge |
: |
N/A
|
||
|
Amount Secured |
: |
RM1,600,000.00 |
||
|
Description Of Property Affected |
: |
N/A
|
||
|
Name & Address Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and Numbered 2 In The Register of Charges |
||||
ENCUMBRANCE 6
|
Date of Creation |
: |
15/03/2005 |
||
|
Description Of Charge |
: |
N/A
|
||
|
Amount Secured |
: |
RM1,650,000.00 |
||
|
Description Of Property Affected |
: |
N/A
|
||
|
Name & Address Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and Numbered 3 In The Register of Charges |
||||
ENCUMBRANCE 7
|
Date of Creation |
: |
27/09/2005 |
||
|
Description Of Charge |
: |
N/A
|
||
|
Amount Secured |
: |
N/A |
||
|
Description Of Property Affected |
: |
N/A
|
||
|
Name & Address Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and Numbered 4 In The Register of Charges |
||||
ENCUMBRANCE 8
|
Date of Creation |
: |
10/07/2006 |
||
|
Description Of Charge |
: |
N/A
|
||
|
Amount Secured |
: |
N/A |
||
|
Description Of Property Affected |
: |
N/A
|
||
|
Name & Address Of Chargee |
: |
|
||
|
|
|
|
||
|
Form 40 Dated |
||||
|
Registered and Numbered 5 In The Register of Charges |
||||
ENCUMBRANCE 9
|
Date of Creation |
: |
10/07/2006 |
||
|
Description Of Charge |
: |
N/A
|
||
|
Amount Secured |
: |
N/A |
||
|
Description Of Property Affected |
: |
N/A
|
||
|
Name & Address Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and Numbered 6 In The Register of Charges |
||||
ENCUMBRANCE 10
|
Date of Creation |
: |
10/07/2006 |
||
|
Description Of Charge |
: |
N/A
|
||
|
Amount Secured |
: |
N/A |
||
|
Description Of Property Affected |
: |
N/A
|
||
|
Name & Address Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and Numbered 7 In The Register of Charges |
||||
ENCUMBRANCE 11
|
Date of Creation |
: |
10/07/2006 |
||
|
Description Of Charge |
: |
N/A
|
||
|
Amount Secured |
: |
N/A |
||
|
Description Of Property Affected |
: |
N/A
|
||
|
Name & Address Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and Numbered 8 In The Register of Charges |
||||
ENCUMBRANCE 12
|
Date of Creation |
: |
22/08/2006 |
||
|
Description Of Charge |
: |
N/A
|
||
|
Amount Secured |
: |
RM262,600.00 |
||
|
Description Of Property Affected |
: |
N/A
|
||
|
Name & Address Of Chargee |
: |
|
||
|
|
|
|
||
|
|
|
|
||
|
Form 40 Dated |
||||
|
Registered and Numbered 9 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 |
: |
N/A |
|
Overseas |
: |
N/A |
The SC refused to disclose its suppliers.
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 |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|
|
|
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CASH |
|||
|
Goods Traded |
: |
TEXTILES, TOWELS & OTHERS
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2009 |
2008 |
|
|||||
|
GROUP |
N/A |
N/A |
N/A |
|
|
|
|
|
|
|
COMPANY |
15 |
12 |
12 |
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of textiles, towels
& others.
The SC refused to disclose any information on its operation.
No projects found in our databank
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
77264918 |
|
Current Telephone Number |
: |
03-61575916 |
|
Match |
: |
NO |
|
|
|
|
|
Address Provided by Client |
: |
474591-D NO 2A JALAN CAMAR 4/3 KOTA DAMANSARA 47810 PETALINGH JAYTA
SELANGOR DAR |
|
Current Address |
: |
NO.2A JALAN CAMAR 4/3, KOTA DAMANSARA, 47810 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 15th March 2013 we contacted one of the staff from the SC and she provided
some information on the SC.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
2007 - 2011 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2007 - 2011 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
<18.57%> |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
<14.56%> |
] |
|
|
|
|
|
|
|
|
|
|
The continuous fall in turnover could be due to the lower demand for
the SC's products / services.The SC incurred losses during the year due to
the inefficient control of its operating costs. 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 |
: |
Favourable |
[ |
8 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
43 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
126 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 |
[ |
1.69 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.72 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 |
: |
Unfavourable |
[ |
<9.24 Times> |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.17 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC incurred losses in the year. It did not generate sufficient
income to service its interest. If the situation does not improve, the SC may
be vulnerable to default in servicing the interest. 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 : |
|
|
|
|
|
|
|
The SC's losses could be attributed to the lower turnover which in
turn could be the result of unfavourable market conditions. 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's interest cover was negative,
indicating that it did not generate sufficient income to service its
interest. If its result does not show impressive improvements or succeed
obtaining short term financing or capital injection, it may not be able to
service its interest and repay the loans. 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 : LIMITED |
||||||
|
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 |
|||||
|
|
|
|
|
|
|
|
MSIC CODE |
|
|
47510 : Retail sale of textiles in specialized stores |
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
Incorporated in 1998, the SC is a Private Limited company, focusing on trading
of textiles, towels & others. 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. Presently, paid up capital of the SC stand at MYR
300,000.
Over the years, the SC should have build up its clientele base and received
supports from its regular customers. Investigation revealed that the SC's
interest lies mostly in the local market. Thus, any adverse changes to the
local economy might have a negative impact on the SC's business performance.
Being a small company, the SC's business operation is supported by 15
employees. 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.
Due to the challenging market conditions, the SC's business performance seems
to be deteriorating and losses incurred. 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 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 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 1,016,041, 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 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) |
|
ISBEC 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 |
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 |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
2,171,915 |
2,620,247 |
4,136,325 |
62,446,862 |
8,845,163 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
2,171,915 |
2,620,247 |
4,136,325 |
62,446,862 |
8,845,163 |
|
Costs of Goods Sold |
<1,717,034> |
<1,945,948> |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
454,881 |
674,299 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
<188,675> |
62,865 |
108,278 |
185,455 |
85,134 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
<188,675> |
62,865 |
108,278 |
185,455 |
85,134 |
|
Taxation |
- |
<12,573> |
<51,176> |
<74,029> |
<44,064> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
<188,675> |
50,292 |
57,102 |
111,426 |
41,070 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
904,716 |
854,424 |
797,322 |
685,896 |
644,826 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
904,716 |
854,424 |
797,322 |
685,896 |
644,826 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
716,041 |
904,716 |
854,424 |
797,322 |
685,896 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
716,041 |
904,716 |
854,424 |
797,322 |
685,896 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Hire purchase |
1,050 |
5,130 |
- |
- |
- |
|
Others |
17,380 |
40,708 |
- |
- |
- |
|
|
---------------- |
---------------- |
|
|
|
|
|
18,430 |
45,838 |
|
|
|
|
ISBEC SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
216,751 |
10,231 |
46,639 |
120,792 |
194,344 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
216,751 |
10,231 |
46,639 |
120,792 |
194,344 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
50,458 |
98,526 |
- |
- |
- |
|
Trade debtors |
253,004 |
22,922 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
337,011 |
302,725 |
- |
- |
- |
|
Amount due from related companies |
625,109 |
966,065 |
- |
- |
- |
|
Amount due from director |
225,691 |
- |
- |
- |
- |
|
Cash & bank balances |
554,404 |
643,203 |
- |
- |
- |
|
Others |
222,858 |
546,883 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
2,268,535 |
2,580,324 |
5,831,281 |
7,480,182 |
7,871,321 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
2,485,286 |
2,590,555 |
5,877,920 |
7,600,974 |
8,065,665 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
592,586 |
625,387 |
- |
- |
- |
|
Other creditors & accruals |
240,923 |
266,090 |
- |
- |
- |
|
Hire purchase & lease creditors |
36,000 |
19,296 |
- |
- |
- |
|
Provision for taxation |
446,258 |
446,257 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
1,315,767 |
1,357,030 |
4,633,630 |
6,377,849 |
6,916,373 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
952,768 |
1,223,294 |
1,197,651 |
1,102,333 |
954,948 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
1,169,519 |
1,233,525 |
1,244,290 |
1,223,125 |
1,149,292 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
300,000 |
300,000 |
300,000 |
300,000 |
300,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
300,000 |
300,000 |
300,000 |
300,000 |
300,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
716,041 |
904,716 |
854,424 |
797,322 |
685,896 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
716,041 |
904,716 |
854,424 |
797,322 |
685,896 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
1,016,041 |
1,204,716 |
1,154,424 |
1,097,322 |
985,896 |
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
|
|
Hire purchase creditors |
138,000 |
13,332 |
- |
- |
- |
|
Deferred taxation |
15,478 |
15,477 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
153,478 |
28,809 |
89,866 |
125,803 |
163,396 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,169,519 |
1,233,525 |
1,244,290 |
1,223,125 |
1,149,292 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
ISBEC SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
554,404 |
643,203 |
- |
- |
- |
|
Net Liquid Funds |
554,404 |
643,203 |
- |
- |
- |
|
Net Liquid Assets |
902,310 |
1,124,768 |
1,197,651 |
1,102,333 |
954,948 |
|
Net Current Assets/(Liabilities) |
952,768 |
1,223,294 |
1,197,651 |
1,102,333 |
954,948 |
|
Net Tangible Assets |
1,169,519 |
1,233,525 |
1,244,290 |
1,223,125 |
1,149,292 |
|
Net Monetary Assets |
748,832 |
1,095,959 |
1,107,785 |
976,530 |
791,552 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
174,000 |
32,628 |
- |
- |
- |
|
Total Liabilities |
1,469,245 |
1,385,839 |
4,723,496 |
6,503,652 |
7,079,769 |
|
Total Assets |
2,485,286 |
2,590,555 |
5,877,920 |
7,600,974 |
8,065,665 |
|
Net Assets |
1,169,519 |
1,233,525 |
1,244,290 |
1,223,125 |
1,149,292 |
|
Net Assets Backing |
1,016,041 |
1,204,716 |
1,154,424 |
1,097,322 |
985,896 |
|
Shareholders' Funds |
1,016,041 |
1,204,716 |
1,154,424 |
1,097,322 |
985,896 |
|
Total Share Capital |
300,000 |
300,000 |
300,000 |
300,000 |
300,000 |
|
Total Reserves |
716,041 |
904,716 |
854,424 |
797,322 |
685,896 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.42 |
0.47 |
- |
- |
- |
|
Liquid Ratio |
1.69 |
1.83 |
- |
- |
- |
|
Current Ratio |
1.72 |
1.90 |
1.26 |
1.17 |
1.14 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
8 |
14 |
- |
- |
- |
|
Debtors Ratio |
43 |
3 |
- |
- |
- |
|
Creditors Ratio |
126 |
117 |
- |
- |
- |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.17 |
0.03 |
- |
- |
- |
|
Liabilities Ratio |
1.45 |
1.15 |
4.09 |
5.93 |
7.18 |
|
Times Interest Earned Ratio |
<9.24> |
2.37 |
- |
- |
- |
|
Assets Backing Ratio |
3.90 |
4.11 |
4.15 |
4.08 |
3.83 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
<8.69> |
2.40 |
2.62 |
0.30 |
0.96 |
|
Net Profit Margin |
<8.69> |
1.92 |
1.38 |
0.18 |
0.46 |
|
Return On Net Assets |
<14.56> |
8.81 |
8.70 |
15.16 |
7.41 |
|
Return On Capital Employed |
<14.12> |
8.68 |
8.70 |
15.16 |
7.41 |
|
Return On Shareholders' Funds/Equity |
<18.57> |
4.17 |
4.95 |
10.15 |
4.17 |
|
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.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
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.