MIRA INFORM REPORT

 

 

Report Date :

02.09.2013

 

IDENTIFICATION DETAILS

 

Name :

MUHIBBAH ENGINEERING (M) BHD.

 

 

Formerly Known As :

MUHIBBAH ENGINEERING (M) SDN BHD (14/06/1993)

 

 

Registered Office :

Lot 579 & 586, 2nd Miles, Jalan Batu Tiga Lama, 41300 Klang, Selangor

 

 

Country :

Malaysia.

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

04.09.1972

 

 

Com. Reg. No.:

12737-K

 

 

Legal Form :

Public (Unlimited)

 

 

Line of Business :

Construction, Other Civil Engineering Works and Investment Holding

 

 

No. of Employees :

500

 

RATING & COMMENTS

 

MIRAs Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

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.

:

12737-K

COMPANY NAME

:

MUHIBBAH ENGINEERING (M) BHD.

FORMER NAME

:

MUHIBBAH ENGINEERING (M) SDN BHD (14/06/1993)

INCORPORATION DATE

:

04/09/1972

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PUBLIC (UNLIMITED)

LISTED STATUS

:

YES

LISTED DATE

:

25/02/1994

REGISTERED ADDRESS

:

LOT 579 & 586, 2ND MILES, JALAN BATU TIGA LAMA, 41300 KLANG, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

LOT 579 & 586, 2ND MILE JALAN BATU TIGA LAMA, 41300 KLANG, SELANGOR, MALAYSIA.

TEL.NO.

:

03-33424323

FAX.NO.

:

03-33424327

EMAIL

:

ADMIN@MUHIBBAH.COM.MY

WEB SITE

:

WWW.MUHIBBAH.COM

CONTACT PERSON

:

MAC NGAN BOON @ MAC YIN BOON ( MANAGING DIRECTOR )

INDUSTRY CODE

:

41003

PRINCIPAL ACTIVITY

:

CONSTRUCTION, OTHER CIVIL ENGINEERING WORKS AND INVESTMENT HOLDING

AUTHORISED CAPITAL

:

MYR 500,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000,000.00 OF MYR 0.50 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 204,426,125.00 DIVIDED INTO
ORDINARY SHARES 408,852,250 CASH OF MYR 0.50 EACH.

SALES

:

MYR 2,625,525,000 [2012]

NET WORTH

:

MYR 620,408,000 [2012]

M1000 OVERALL RANKING

:

169[2011]

M1000 INDUSTRY RANKING

:

3 [2011]

BANKER (S)

 

MALAYAN BANKING BHD
OCBC BANK (MALAYSIA) BHD

STAFF STRENGTH

:

500 [2013]

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

As a public limited company, the SC must have at least one shareholder but there is no limit on the maximum number of shareholders. The SC must have at least two directors. A public 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, suing or be sued by other companies. The liabilities of the shareholders are only up 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 must file in its annual return, together with its financial statements with the Registrar of Companies. In Malaysia, all the companies seeking listing on the Bursa Malaysia (Malaysia Stock Exchange) must be public limited companies.

The SC is principally engaged in the (as a / as an) construction, other civil engineering works and investment holding.

The SC was listed on the Main Board of Bursa Malaysia Securities Bhd on 25/02/1994

According to the Malaysia 1000 publication, the SC's ranking are as follows:

 

 

 

 

 

 

YEAR

2011

2009

2008

2005

2004

 

OVERALL RANKING

169

251

274

280

329

 

INDUSTRY RANKING

3

9

7

9

6

 

 

The major shareholder(s) of the SC are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

MR. MAC NGAN BOON @ MAC YIN BOON +

77, JALAN SETIABAKTI 9, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

431122-10-5455

71,591,416.00

17.51

MAYBANK SECURITIES NOMINEES (TEMPATAN) SDN. BHD.
[MAC NGAN BOON @ MAC YIN BOON]

 

AFAF284597

52,850,000.00

12.93

LEMBAGA TABUNG HAJI

 

00004755

33,974,900.00

8.31

MR. OOI SEN ENG +

MONTEREZ GOLF & COUNTRY CLUB, 5,JALAN MERAH KESUMBA, U9/18,SECTION U9, 40000 SHAH ALAM, SELANGOR, MALAYSIA.

410625-09-5049

13,425,066.00

3.28

RHB CAPITAL NOMINEES (TEMPATAN) SDN BHD
[PLEDGED SECURITIES ACCOUNT FOR MAC NGAN BOON @ MAC YIN BOON]

TOWER ONE, RHB CENTRE, JALAN TUN RAZAK, LEVEL 10, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

24915H

12,800,000.00

3.13

MAYBANK NOMINEES (TEMPATAN) SDN BHD
[CHEE KENG SIEW]

MENARA MAYBANK, 100, JALAN TUN PERAK, 14TH FLOOR, 50050 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

258939H

10,000,000.00

2.45

MR. MOHAMED TAIB BIN IBRAHIM,TUAN HAJI +

19, JALAN HULUBALANG, STULANG LAUT, 80300 JOHOR BAHRU, JOHOR, MALAYSIA.

250104-01-5277

7,543,392.00

1.85

UNIVERSAL TRUSTEE (MALAYSIA) BERHAD
[CIMB ISLAMIC SMALL CAP FUND]

NO.1,JALAN AMPANG, 3RD FLOOR, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

17540D

7,222,500.00

1.77

HSBC NOMINEES (ASING) SDN. BHD.

2 LEBOH AMPANG, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

4381

6,736,800.00

1.65

CITIGROUP NOMINESS (ASING) SDN.BHD.

MENARA CITIBANK, 165, JALAN AMPANG, LEVEL 44, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

263875D

5,487,300.00

1.34

MR. MAC CHUNG JIN +

11, JALAN ELITIS MALAR HIJAU, GARDEN PRECINT VALENCIA, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA.

740124-10-5319 A2673098

5,160,000.00

1.26

EB NOMINEES (TEMPATAN) SENDIRIAN BERHAD

MENARA EON BANK, 80, JALAN RAJA, 25TH FLOOR, 50350 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

43785M

4,650,000.00

1.14

UOBM NOMINEES (ASING) SDN BHD
[BANQUE DE LUXEMBOURG FOR REYL (LUX) GLOBAL FUNDS EMERGING MARKETS EQUITIES]

BANGUNAN UOB, 10-12 MEDAN PASAR, LEVEL 9, 50050 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

266699T

4,193,700.00

1.03

CARTABAN NOMINEES (ASING) SDN. BHD.

P.O.BOX 13150, 50732 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

263367

4,099,900.00

1.00

MR. LOW PING LIN +

6 LORONG DUKU OFF, PERSIARAN RAJA MUDA MUSA, 41100 KLANG, SELANGOR, MALAYSIA.

540520-10-5381

2,600,500.00

0.64

REMAINING SHAREHOLDERS

 

 

166,516,776.00

40.73

 

 

 

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

------

 

 

 

408,852,250.00

100.00

 

 

 

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

=====

+ Also Director

 

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

727415H

MALAYSIA

ASPECT SAGA SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

174773U

MALAYSIA

MEB MARKETING SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

400456V

MALAYSIA

MUHIBBAH AIRLINE SUPPORT INDUSTRIES SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

186465X

MALAYSIA

MUHIBBAH MARINE ENGINEERING SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

500205A

MALAYSIA

KARISMA DUTA SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

-

MALAYSIA

ENERGY OCEAN LTD

100.00

31/12/2012

 

 

 

 

 

246928V

MALAYSIA

KONSORTIUM MUHIBBAH ENG - LTAT SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

190092H

MALAYSIA

MEB EQUIPMENT SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

13846P

MALAYSIA

MIDAS SENDIRIAN BERHAD

100.00

29/03/2013

 

 

 

 

 

339065M

MALAYSIA

CITECH ENERGY RECOVERY SYSTEM MALAYSIA SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

384686T

MALAYSIA

ELELINK SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

242931D

MALAYSIA

MUHIBBAH REEFERS SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

249574P

MALAYSIA

MEB CONSTRUCTION SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

58174H

MALAYSIA

ANN BEE (M) SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

241984K

MALAYSIA

MUHIBBAH STEEL INDUSTRIES SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

266126U

MALAYSIA

CB INTERNATIONAL ENGINEERING SDN BHD

100.00

29/03/2013

 

 

 

 

 

495248P

MALAYSIA

JUARA LAGI SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

482912X

MALAYSIA

KHAS JEJAKA SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

9771X

MALAYSIA

BESIMEGA SDN. BHD.

100.00

29/03/2013

 

 

 

 

 

-

MALAYSIA

MUHIBBAH OFFSHORE SERVICES LTD

95.00

31/12/2012

 

 

 

 

 

-

MALAYSIA

EASTSTAR LTD

90.00

31/12/2012

 

 

 

 

 

397787P

MALAYSIA

MUHIBBAH PETROCHEMICAL ENGINEERING SDN. BHD.

90.00

29/03/2013

 

 

 

 

 

351073T

MALAYSIA

FAVELLE FAVCO CRANES (M) SDN. BHD.

61.91

31/12/2012

 

 

 

 

 

503539A

MALAYSIA

FES EQUIPMENT SERVICES SDN. BHD.

61.91

31/12/2012

 

 

 

 

 

249243W

MALAYSIA

FAVELLE FAVCO BERHAD

61.86

01/04/2013

 

 

 

 

 

489228X

MALAYSIA

SUN VIBRANT SDN. BHD.

51.01

29/03/2013

 

 

 

 

 

338912K

MALAYSIA

MUHIBBAH-LTAT JV SDN. BHD.

51.00

29/03/2013

 

 

 

 

 

9902X

MALAYSIA

FREYSSINET PSC (M) SDN. BHD.

50.00

29/03/2013

 

 

 

 

 



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. SOBRI BIN ABU

Address

:

15,JALAN TAMAN GOMBAK TIGA, TAMAN GOMBAK, 68100 BATU CAVES, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

521020-02-5701

Date of Birth

:

20/10/1952

Nationality

:

MALAYSIAN

Date of Appointment

:

27/06/2013

 

DIRECTOR 2

 

Name Of Subject

:

DATO' RAJA AHMAD ZAINUDDIN BIN RAJA HAJI OMAR

Address

:

TEBING TINGGI, KUBU GAJAH, 33000 KUALA KANGSAR, PERAK, MALAYSIA.

IC / PP No

:

4996091

New IC No

:

560213-08-5577

Date of Birth

:

13/02/1956

Nationality

:

MALAYSIAN

Date of Appointment

:

15/01/2001

 

DIRECTOR 3

 

Name Of Subject

:

MR. ABD.HAMID BIN IBRAHIM

Address

:

2, JALAN SETIARAYA, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

0587036

New IC No

:

480621-01-5105

Date of Birth

:

21/06/1948

Nationality

:

MALAYSIAN

Date of Appointment

:

18/01/2006

Qualification

:

MASTERS DEGREE IN PETROLEUM ENGINEERING FROM HERIOT-WATT UNIVERSITY, DEDINBURGH, SCOTLAND & DEGREE IN MINING FROM CAMBORNE SCHOOL OF MINES, UK. HE ALSO ATTENDED THE ADVANCE MANAGEMENT PROGRAMME, WHARTON SCHOLL OF MANAGEMENT, UNIVERISTY OF PENNSYLVANIA, US

Working Experience

:

HE JOINED PETRONAS IN 1976 AS PRODUCTION ENGINEER IN THE PRODUCTION DEPARTMENT AND SINCE THEN HAS HELD SEVERAL MANAGERIAL POSITIONS IN THE UPSTREAM SECTOR UNTIL APRIL 1991. HE WAS MD/CEO OF ETHYLENE MALAYSIA SDN BHD AND POLYETHYLENE MALAYSIA SDN BHD FROM MAY 1991-1996 AND MD/CEO OF MALAYSIA LNG SDN BHD & MLN DUA SDN BHD FROM JUNE 1996 PRIOR TO HIS APPOINTMENT AS PETRONAS GAS BHD IN SEPTEMBER 1999. HE WAS MD/CEO OF ETHYLENE MALAYSIA SDN BHD AND POLYETHYLENE MALAYSIA SDN BHD AND MLNG DUA SDN BHD FROM JUNE 1996 PRIOR TO HIS APPOINTMENT AS MD/CEO OF PETRONAS GAS BERHAD IN SEPTEMBER 1999. HE IS THE EDITOR-IN-CHIEF OF RESOURCE, THE IN-HOUSE MAGAZINES OF MALAYSIAN PETROLEUM CLUB SINCE ITS INCEPTION IN 1994.

Other Info

:

HE HAS BEEN A MEMBER OF THE PETRONAS MANAGEMENT COMMITTEE SINCE JULY 1996. HE IS A BOARD MEMBER OF THE ANATARABUDAYA MALAYSIA BHD AS ASSOCIATE MEMBER OF THE AMERICAN FIELD SERVICE, A VOLUNTARY ORGANISATION THAT DEALS IN INTERNATIONAL STUDENT EXHANGE PROGRAM.

 

DIRECTOR 4

 

Name Of Subject

:

DATUK ZAKARIA BIN ABDUL HAMID

Address

:

LOT 2331, TAMAN HILLVIEW, ULU KELANG, 68000 AMPANG, SELANGOR, MALAYSIA.

IC / PP No

:

1654569

New IC No

:

440118-06-5053

Date of Birth

:

18/01/1944

Nationality

:

MALAYSIAN

Date of Appointment

:

20/02/2002

Other Info

:

PJN

 

DIRECTOR 5

 

Name Of Subject

:

MR. LIM TEIK HIN

Address

:

32, JALAN USJ 9/3A, 47620 SUBANG JAYA, SELANGOR, MALAYSIA.

IC / PP No

:

1477585

New IC No

:

411104-07-5143

Date of Birth

:

04/11/1941

Nationality

:

MALAYSIAN

Date of Appointment

:

28/03/2003

 

DIRECTOR 6

 

Name Of Subject

:

MR. LOW PING LIN

Address

:

6 LORONG DUKU OFF, PERSIARAN RAJA MUDA MUSA, 41100 KLANG, SELANGOR, MALAYSIA.

New IC No

:

540520-10-5381

Date of Birth

:

20/05/1954

Nationality

:

MALAYSIAN

Date of Appointment

:

28/12/1993

 

 

 

 

DIRECTOR 7

 

Name Of Subject

:

MR. MAC CHUNG JIN

Address

:

11, JALAN ELITIS MALAR HIJAU, GARDEN PRECINT VALENCIA, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA.

IC / PP No

:

A2673098

New IC No

:

740124-10-5319

Date of Birth

:

24/01/1974

Nationality

:

MALAYSIAN

Date of Appointment

:

07/05/2008

 

DIRECTOR 8

 

Name Of Subject

:

MR. MOHAMED TAIB BIN IBRAHIM,TUAN HAJI

Address

:

19, JALAN HULUBALANG, STULANG LAUT, 80300 JOHOR BAHRU, JOHOR, MALAYSIA.

New IC No

:

250104-01-5277

Date of Birth

:

04/01/1925

Nationality

:

MALAYSIAN

Date of Appointment

:

22/05/1973

 

DIRECTOR 9

 

Name Of Subject

:

MR. OOI SEN ENG

Address

:

MONTEREZ GOLF & COUNTRY CLUB, 5,JALAN MERAH KESUMBA, U9/18,SECTION U9, 40000 SHAH ALAM, SELANGOR, MALAYSIA.

New IC No

:

410625-09-5049

Date of Birth

:

25/06/1941

Nationality

:

MALAYSIAN

Date of Appointment

:

26/05/1973

 

DIRECTOR 10

 

Name Of Subject

:

MR. MAC NGAN BOON @ MAC YIN BOON

Address

:

77, JALAN SETIABAKTI 9, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

New IC No

:

431122-10-5455

Date of Birth

:

22/11/1943

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

22/05/1973



MANAGEMENT

 

 

 

1)

Name of Subject

:

MAC NGAN BOON @ MAC YIN BOON

 

Position

:

MANAGING DIRECTOR

 

 

 

 

 

 

 

AUDITOR

 

Auditor

:

CROWE HORWATH

Auditor' Address

:

TOWER C, MEGAN AVENUE II, 12, JALAN YAP KWAN SENG, LEVEL 16, 50460 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. LEE POH KWEE

 

IC / PP No

:

A0248918

 

New IC No

:

650925-10-6216

 

Address

:

43, USJ 9/5A, 47620 SUBANG JAYA, SELANGOR, MALAYSIA.

 

 

 

 

 

2)

Company Secretary

:

MS. CATHERINE MAH SUIK CHING

 

IC / PP No

:

5588928

 

New IC No

:

600421-10-6364

 

Address

:

19, JALAN BK3/8D, BANDAR KINRARA, PUCHONG, 58200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

 

 

3)

Company Secretary

:

MS. LIM SUAK GUAK

 

IC / PP No

:

A2795575

 

New IC No

:

740803-01-5024

 

Address

:

23, JALAN TIONG 5, BANDAR PUCHONG JAYA, 47100 PUCHONG, SELANGOR, MALAYSIA.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

 

 

 

 

 

 

 

 

 

2)

Name

:

OCBC BANK (MALAYSIA) BHD

 

 

 

 

 

 

 

 

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

1

29/09/1984

N/A

UNITED MALAYAN BANKING CORP

MYR 1,000,000.00

Satisfied

2

28/11/1985

N/A

UNITED MALAYAN BANKING CORP

MYR 1,000,000.00

Satisfied

3

03/06/1986

N/A

MALAYAN BANKING BHD

MYR 750,000.00

Satisfied

4

28/03/1990

N/A

DEUTSCHE BANK AKTIENGESELLSCHAFT

MYR 1,000,000.00

Satisfied

5

15/07/1998

N/A

BANK INDUSTRI MALAYSIA BERHAD

MYR 2,958,750.00

Satisfied

8

22/07/1998

N/A

BANK INDUSTRI MALAYSIA BERHAD

MYR 2,925,000.00

Satisfied

6

08/02/1999

N/A

BANK INDUSTRI MALAYSIA BERHAD

MYR 750,000.00

Satisfied

7

06/06/2000

N/A

BANK INDUSTRI TEKNOLOGI MALAYSIA BERHAD

MYR 4,046,250.00

Satisfied

9

08/08/2001

N/A

BANK INDUSTRI TEKNOLOGI MALAYSIA BERHAD

MYR 2,550,000.00

Satisfied

11

08/08/2001

N/A

BANK INDUSTRI TEKNOLOGI MALAYSIA BERHAD

MYR 2,550,000.00

Satisfied

12

08/08/2001

N/A

BANK INDUSTRI TEKNOLOGI MALAYSIA BERHAD

MYR 2,550,000.00

Satisfied

10

24/08/2001

N/A

BANK INDUSTRI TEKNOLOGI MALAYSIA BERHAD

MYR 2,550,000.00

Satisfied

13

06/12/2001

N/A

MALAYAN BANKING BERHAD

MYR 12,750,000.00

Satisfied

14

09/12/2004

N/A

OCBC BANK MALAYSIA BERHAD

MYR 6,195,000.00

Satisfied

15

09/12/2004

N/A

OCBC BANK MALAYSIA BERHAD

MYR 3,632,000.00

Satisfied

16

09/12/2004

N/A

OCBC BANK MALAYSIA BERHAD

MYR 3,151,000.00

Satisfied

17

26/09/2005

N/A

MALAYAN BANKING BHD

N/A

Satisfied

18

20/06/2007

OPEN CHARGE

OCBC BANK (MALAYSIA) BHD

N/A

Unsatisfied

19

22/04/2010

N/A

OCBC BANK (MALAYSIA) BHD

N/A

Unsatisfied

 

 

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

Percentage

:

40%

Overseas

:

YES

Percentage

:

60%

 

 

 

 

 

 


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

Percentage

:

60%

Domestic Markets

:

MALAYSIA

Overseas

:

YES

Percentage

:

40%

Export Market

:

SINGAPORE

MIDDLE EAST

ASIA PACIFIC

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

OPERATIONS

 

Services

:

CONSTRUCTION, OTHER CIVIL ENGINEERING WORKS AND INVESTMENT HOLDING

 

 

 

 

Member(s) / Affiliate(s)

:

SMI ASSOCIATION OF MALAYSIA

 

 

 

Ownership of premises

:

OWNED

 

 

Total Number of Employees:

 

YEAR

2013

2012

2011

2010

2009

 

GROUP

N/A

1,400

1,380

1,380

1,300

 

 

 

 

COMPANY

500

500

500

500

340

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) construction, other civil engineering works and investment holding.


The SC's Group undertakes the construction of bridges, heavy concrete foundations, factory complexes, marine ports, and other similar construction works.


The SC's Construction segment involves in engineering works for the construction of pre-stressed concrete structures under contracts and sale of related materials.


It also undertakes the construction of road projects, quarry business and trading of non-carbon required papers and aluminum foil.


The Group's Cranes segment engages in the design, manufacture, supply, service, and rental of cranes and marine plant and undertaking other engineering works.


The Concessions segment serves as an operator and concessionaire of airports. This segment also engages in the provision of airport management system and operation and maintenance of roadways and bridges.


RECENT DEVELOPMENT


22 March 2013


The Board of Directors of Muhibbah is pleased to announce that Muhibbah-SV-Samjung Joint Venture, a joint venture lead by Muhibbah has been awarded a contract by Mass Rapid Transit Corporation Sdn Bhd for the Design, Supply, Installation, Testing and Commissioning of Noise Barriers and Enclosures (Package V1 to V8) (“the Project”) for a contract sum of approximately RM202 Million.


The Project is scheduled to commence in the second quarter of 2013 and is expected to be completed by second quarter of 2016.


21st March 2013


The Board of Directors (“the Board”) of Muhibbah Engineering (M) Bhd (“Muhibbah”) is pleased to announce that its wholly owned subsidiary, Muhibbah Marine Engineering Sdn Bhd (“MME”), has on 21 March 2013 been awarded shipbuilding contracts by Jasa Merin (Malaysia) Sdn Bhd, a 70% owned subsidiary of Silk Holdings Berhad (collectively known as "the Contracts").


The Contracts consist of the construction of three (3) unit Anchor Handling Tug Supply Vessels (“AHTSV”) for a total consideration of approximately RM216 million.

 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

+603 3342 4323

Current Telephone Number

:

03-33424323

Match

:

YES

 

 

 

Address Provided by Client

:

LOT 586 & 579 2ND MILE JALAN BATU TIGA LAMA 41300 KLANG SELANGOR DARUL EHSAN MALAYSIA

Current Address

:

LOT 579 & 586, 2ND MILE JALAN BATU TIGA LAMA, 41300 KLANG, SELANGOR, MALAYSIA.

Match

:

YES

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations


On 27th August 2013 we contacted one of the staff from the SC and she provided some information on the SC.


FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Increased

[

2008 - 2012

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2008 - 2012

]

 

Return on Shareholder Funds

:

Unfavourable

[

<15.03%>

]

 

Return on Net Assets

:

Unfavourable

[

<1.66%>

]

 

 

 

 

 

 

 

 

The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.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

[

29 Days

]

 

Debtor Ratio

:

Unfavourable

[

115 Days

]

 

Creditors Ratio

:

Unfavourable

[

78 Days

]

 

 

 

 

 

 

 

 

The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The SC's debtors ratio was high. The SC should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the SC taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the SC and its suppliers and the SC may inadvertently have to pay more for its future supplies.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Acceptable

[

0.86 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

:

Unfavourable

[

<0.66 Times>

]

 

Gearing Ratio

:

Unfavourable

[

1.58 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 highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Although the SC's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. 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'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's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

 

 

 

 

 

 

 

Overall financial condition of the SC : POOR

 

 

 

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
(Source : Department of Statistics / Economic Report / Bank Negara Report)

 

 

 

 

 

 



INDUSTRY ANALYSIS

 

MSIC CODE

41003 : Assembly and erection of prefabricated constructions on the site

 

 

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 1972, the SC is a Public Listed company, focusing on construction, other civil engineering works and investment holding. The SC has been in business for over 4 decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. The SC is a large entity with strong capital position. We are confident with the SC's business and its future growth prospect.

Over the years, the SC has established an extensive clientele base in the market. Besides catering to the local market, the SC has penetrated into other countries. With the contribution of both local and overseas customers, the SC is likely to be exposed to lower commercial risk. Hence, we believe that the SC has better business expansion opportunities in the future. Being a large entity, the SC has a steady workforce of 500 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. 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.

Despite the higher turnover, the SC suffered pre-tax losses which reflected a highly competitive business environment. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The high gearing ratio clearly implied that the SC was supported by more debt than equity. However, the SC managed to maintain an adequate liquidity level, indicating that the SC has the ability to meet its financial obligations. Given a positive net worth standing at MYR 620,408,000, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources.

The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the SC normally.

 

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

MUHIBBAH ENGINEERING (M) BHD.

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

2009-12-31

2008-12-31

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

GROUP

GROUP

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

2,625,525,000

2,026,366,000

1,768,884,000

2,252,049,000

2,033,535,000

 

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

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

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

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

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

Total Turnover

2,625,525,000

2,026,366,000

1,768,884,000

2,252,049,000

2,033,535,000

Costs of Goods Sold

<2,354,013,000>

<1,823,366,000>

<1,604,173,000>

-

-

 

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

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

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

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

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

Gross Profit

271,512,000

203,000,000

164,711,000

-

-

 

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

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

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

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

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

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

<79,199,000>

83,349,000

26,650,000

45,393,000

18,239,000

SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES

44,222,000

28,367,000

26,627,000

22,789,000

26,691,000

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

<34,977,000>

111,716,000

53,277,000

68,182,000

44,930,000

Taxation

<26,106,000>

<29,184,000>

<6,993,000>

<39,297,000>

<10,059,000>

 

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

<61,083,000>

82,532,000

46,284,000

28,885,000

34,871,000

Minority interests

<32,158,000>

<18,760,000>

<13,340,000>

<16,205,000>

<13,071,000>

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

<93,241,000>

63,772,000

32,944,000

12,680,000

21,800,000

 

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

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

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

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

<93,241,000>

63,772,000

32,944,000

12,680,000

21,800,000

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

183,115,000

130,295,000

204,937,000

199,654,000

183,699,000

Prior year adjustment

604,000

<1,266,000>

<24,639,000>

-

7,160,000

 

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

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

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

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

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

As restated

183,719,000

129,029,000

180,298,000

199,654,000

190,859,000

 

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

90,478,000

192,801,000

213,242,000

212,334,000

212,659,000

TRANSFER TO RESERVES - General

<10,416,000>

980,000

<75,522,000>

-

-

DIVIDENDS - Ordinary (paid & proposed)

<15,241,000>

<10,666,000>

<7,425,000>

<7,397,000>

<13,005,000>

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

64,821,000

183,115,000

130,295,000

204,937,000

199,654,000

 

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

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

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

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

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

 

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

 

Others

21,126,000

28,333,000

-

-

9,898,000

 

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

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

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

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

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

 

21,126,000

28,333,000

-

-

9,898,000

 

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

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

 

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

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

 

 

 

 

BALANCE SHEET

 

 

MUHIBBAH ENGINEERING (M) BHD.

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

718,477,000

764,381,000

623,099,000

545,016,000

528,184,000

 

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

 

Associated companies

171,331,000

141,853,000

135,817,000

124,967,000

124,209,000

Investment properties

497,000

516,000

532,000

551,000

568,000

Deferred assets

2,391,000

2,391,000

2,660,000

1,593,000

33,000

Others

15,472,000

17,807,000

27,754,000

24,825,000

27,468,000

 

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

189,691,000

162,567,000

166,763,000

151,936,000

152,278,000

 

 

 

 

 

 

INTANGIBLE ASSETS

 

 

 

 

 

Goodwill on consolidation

-

-

14,400,000

21,600,000

22,171,000

 

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

-

-

14,400,000

21,600,000

22,171,000

 

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

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

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

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

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

TOTAL LONG TERM ASSETS

908,168,000

926,948,000

804,262,000

718,552,000

702,633,000

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

Stocks

208,595,000

202,965,000

179,118,000

200,166,000

215,617,000

Trade debtors

827,172,000

795,519,000

809,047,000

935,186,000

648,576,000

Other debtors, deposits & prepayments

90,546,000

95,555,000

60,737,000

82,876,000

72,437,000

Short term deposits

102,832,000

98,233,000

47,148,000

52,449,000

108,367,000

Amount due from associated companies

-

-

26,778,000

-

-

Cash & bank balances

233,911,000

225,008,000

153,958,000

196,860,000

108,363,000

Amount owing by customer

456,683,000

536,876,000

583,071,000

-

-

Others

6,023,000

7,819,000

44,686,000

356,034,000

753,945,000

 

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

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

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

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

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

TOTAL CURRENT ASSETS

1,925,762,000

1,961,975,000

1,904,543,000

1,823,571,000

1,907,305,000

 

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

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

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

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

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

TOTAL ASSET

2,833,930,000

2,888,923,000

2,708,805,000

2,542,123,000

2,609,938,000

 

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

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

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

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

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

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade creditors

506,187,000

668,873,000

735,866,000

757,861,000

629,535,000

Other creditors & accruals

101,559,000

68,385,000

69,482,000

81,620,000

95,411,000

Hire purchase & lease creditors

212,000

243,000

297,000

542,000

517,000

Bank overdraft

16,458,000

7,407,000

8,764,000

2,067,000

8,208,000

Short term borrowings/Term loans

19,744,000

59,032,000

70,968,000

36,698,000

27,366,000

Other borrowings

173,187,000

178,357,000

24,987,000

45,110,000

98,939,000

Deposits from customers

416,920,000

-

-

-

-

Bill & acceptances payable

686,843,000

698,705,000

540,596,000

466,356,000

679,212,000

Amounts owing to associated companies

-

2,300,000

1,843,000

2,090,000

1,143,000

Provision for taxation

15,153,000

-

10,635,000

19,447,000

15,415,000

Other liabilities

62,832,000

269,919,000

358,584,000

370,004,000

383,413,000

 

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

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

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

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

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

TOTAL CURRENT LIABILITIES

1,999,095,000

1,953,221,000

1,822,022,000

1,781,795,000

1,939,159,000

 

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

<73,333,000>

8,754,000

82,521,000

41,776,000

<31,854,000>

 

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

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

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

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

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

TOTAL NET ASSETS

834,835,000

935,702,000

886,783,000

760,328,000

670,779,000

 

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

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

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

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

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

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

204,124,000

204,107,000

199,196,000

198,685,000

196,469,000

 

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

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

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

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

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

TOTAL SHARE CAPITAL

204,124,000

204,107,000

199,196,000

198,685,000

196,469,000

 

 

 

 

 

 

RESERVES

 

 

 

 

 

Share premium

6,455,000

6,130,000

3,884,000

3,174,000

2,140,000

Capital reserve

5,237,000

2,237,000

1,612,000

1,612,000

1,612,000

Revaluation reserve

167,631,000

116,718,000

116,718,000

27,980,000

30,129,000

Exchange equalisation/fluctuation reserve

<1,464,000>

-

-

-

-

Retained profit/(loss) carried forward

64,821,000

183,115,000

130,295,000

204,937,000

199,654,000

Employee share option reserve

10,532,000

-

-

-

-

Others

<3,281,000>

1,820,000

<191,000>

13,800,000

11,414,000

 

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

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

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

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

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

TOTAL RESERVES

249,931,000

311,286,000

252,318,000

251,503,000

244,949,000

 

 

 

 

 

 

MINORITY INTEREST

166,353,000

124,583,000

107,551,000

101,504,000

87,629,000

 

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

620,408,000

639,976,000

559,065,000

551,692,000

529,047,000

 

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

 

Long term loans

84,375,000

118,985,000

133,515,000

168,759,000

114,918,000

Hire purchase creditors

29,000

249,000

639,000

1,256,000

1,707,000

Deferred taxation

46,006,000

46,492,000

48,240,000

21,716,000

7,658,000

Others

84,017,000

130,000,000

145,324,000

16,905,000

17,449,000

 

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

214,427,000

295,726,000

327,718,000

208,636,000

141,732,000

 

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

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

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

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

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

 

834,835,000

935,702,000

886,783,000

760,328,000

670,779,000

 

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

MUHIBBAH ENGINEERING (M) BHD.

 

TYPES OF FUNDS

 

 

 

 

 

Cash

336,743,000

323,241,000

201,106,000

249,309,000

216,730,000

Net Liquid Funds

<366,558,000>

<382,871,000>

<348,254,000>

<219,114,000>

<470,690,000>

Net Liquid Assets

<281,928,000>

<194,211,000>

<96,597,000>

<158,390,000>

<247,471,000>

Net Current Assets/(Liabilities)

<73,333,000>

8,754,000

82,521,000

41,776,000

<31,854,000>

Net Tangible Assets

834,835,000

935,702,000

872,383,000

738,728,000

648,608,000

Net Monetary Assets

<496,355,000>

<489,937,000>

<424,315,000>

<367,026,000>

<389,203,000>

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

980,848,000

1,062,978,000

779,766,000

720,788,000

930,867,000

Total Liabilities

2,213,522,000

2,248,947,000

2,149,740,000

1,990,431,000

2,080,891,000

Total Assets

2,833,930,000

2,888,923,000

2,708,805,000

2,542,123,000

2,609,938,000

Net Assets

834,835,000

935,702,000

886,783,000

760,328,000

670,779,000

Net Assets Backing

620,408,000

639,976,000

559,065,000

551,692,000

529,047,000

Shareholders' Funds

620,408,000

639,976,000

559,065,000

551,692,000

529,047,000

Total Share Capital

204,124,000

204,107,000

199,196,000

198,685,000

196,469,000

Total Reserves

249,931,000

311,286,000

252,318,000

251,503,000

244,949,000

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

0.17

0.17

0.11

0.14

0.11

Liquid Ratio

0.86

0.90

0.95

0.91

0.87

Current Ratio

0.96

1.00

1.05

1.02

0.98

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

29

37

37

32

39

Debtors Ratio

115

143

167

152

116

Creditors Ratio

78

134

167

123

113

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

1.58

1.66

1.39

1.31

1.76

Liabilities Ratio

3.57

3.51

3.85

3.61

3.93

Times Interest Earned Ratio

<0.66>

4.94

0.00

0.00

5.54

Assets Backing Ratio

4.09

4.58

4.38

3.72

3.30

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

<1.33>

5.51

3.01

3.03

2.21

Net Profit Margin

<3.55>

3.15

1.86

0.56

1.07

Return On Net Assets

<1.66>

14.97

6.01

8.97

8.17

Return On Capital Employed

<1.36>

13.11

5.23

7.70

6.95

Return On Shareholders' Funds/Equity

<15.03>

9.96

5.89

2.30

4.12

Dividend Pay Out Ratio (Times)

0.16

0.17

0.23

0.58

0.60

NOTES TO ACCOUNTS

 

 

 

 

 

Contingent Liabilities

0

0

0

0

0

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.57

UK Pound

1

Rs.103.34

Euro

1

Rs.88.16

 

 

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 SCs 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.