MIRA INFORM REPORT

 

 

Report Date :

17.09.2013

 

IDENTIFICATION DETAILS

 

Name :

SHAMAWAR ELEKTRIKA SDN. BHD. - 235400

 

 

Formerly Known As :

MAXLANE SDN. BHD.

 

 

Registered Office :

17-4-1, Jalan Semarak Api 2, Diamond Square, Off Jalan Gombak, 53000 Kuala Lumpur, Wilayah Persekutuan

 

 

Country :

Malaysia.

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

16.10.1997

 

 

Com. Reg. No.:

450225-V

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturing Of Cable Spiker/Cable Cutter, Load Break Switch/Isolating Link, Neutral Earth Switch, Photo Electronic Control Unit, Ignitor, Fire Retardant Suit/Electrical Arching Suit.

 

 

No. of Employees :

20

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but correct

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

MALAYSIA - ECONOMIC OVERVIEW

 

Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy''s dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 35% of government revenue in 2011. Bank Negera Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia''s exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests

Source : CIA

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

N/A - Not Applicable

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

450225-V

COMPANY NAME

:

SHAMAWAR ELEKTRIKA SDN. BHD.

FORMER NAME

:

MAXLANE SDN. BHD. (15/08/2011)

INCORPORATION DATE

:

16/10/1997

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

17-4-1, JALAN SEMARAK API 2, DIAMOND SQUARE, OFF JALAN GOMBAK, 53000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

NO. 30, JALAN PERKAKA 8/4, SECTION 8, KOTA DAMANSARA, 47810 PETALING JAYA, SELANGOR, MALAYSIA.

TEL.NO.

:

03-61418364

FAX.NO.

:

03-78464084

WEB SITE

:

WWW.SHAMAWAR.COM.MY

CONTACT PERSON

:

ANI MAWAR BT ABDULLAH ( CEO )

 

 

 

INDUSTRY CODE

:

27

PRINCIPAL ACTIVITY

:

MANUFACTURING OF CABLE SPIKER/CABLE CUTTER, LOAD BREAK SWITCH/ISOLATING LINK, NEUTRAL EARTH SWITCH, PHOTO ELECTRONIC CONTROL UNIT, IGNITOR, FIRE RETARDANT SUIT/ELECTRICAL ARCHING SUIT

AUTHORISED CAPITAL

:

MYR 500,000.00 DIVIDED INTO 
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 350,000.00 DIVIDED INTO 
ORDINARY SHARES 10,100 CASH AND 339,900 OTHERWISE OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 9,556,878 [2010]

NET WORTH

:

MYR 2,652,421 [2010]

 

 

 

STAFF STRENGTH

:

20 [2013]

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

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) manufacturing of cable spiker/cable cutter, load break switch/isolating link, neutral earth switch, photo electronic control unit, ignitor, fire retardant suit/electrical arching suit.

The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

MS. ANI MAWAR BINTI ABDULLAH +

NO.26,JLN SS 3/64 A, TMN UNIVERSITI, 46300 PETALING JAYA., MALAYSIA.

690207-08-5840

245,000.00

70.00

MR. SAK HUSSEIN BIN KALID +

12A JALAN KENYALANG 11/15F, KOTA DAMANSARA, 47810 PETALING JAYA, SELANGOR, MALAYSIA.

680220-04-5529

105,000.00

30.00

 

 

 

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

------

 

 

 

350,000.00

100.00

 

 

 

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. SAK HUSSEIN BIN KALID

Address

:

12A JALAN KENYALANG 11/15F, KOTA DAMANSARA, 47810 PETALING JAYA, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

680220-04-5529

Date of Birth

:

20/02/1968

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

11/01/2002

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MS. ANI MAWAR BINTI ABDULLAH

Address

:

NO.26,JLN SS 3/64 A, TMN UNIVERSITI, 46300 PETALING JAYA., MALAYSIA.

 

 

 

New IC No

:

690207-08-5840

Date of Birth

:

07/02/1969

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

11/01/2002

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

ANI MAWAR BT ABDULLAH

 

Position

:

CEO

 

 

 

 

 

 

 

AUDITOR

 

Auditor

:

KHAIRUDDIN,HASYUDEEN & RAZI

Auditor' Address

:

B-5-7, MEGAN AVENUE II, 12, JALAN YAP KWAN SENG, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MR. MOHAMAD ROSDI BIN IBRAHIM

 

IC / PP No

:

7202025

 

New IC No

:

630904-02-5291

 

Address

:

43, JALAN 3/27, SEKSYEN 3, 43650 BANDAR BARU BANGI, SELANGOR, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank. 



ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

1

10/01/2005

DEED OF ASSIGNMENT OF CONTRACT PAYMENT

BANK PEMBANGUNAN DAN INFRASTRUKTUR MALAYSIA BERHAD

MYR 700,000.00

Unsatisfied

2

30/05/2005

MEMO OF DEPOSIT (OF FIXED DEPOSIT RECEIPT & BY WAY OF SINKING FUND), LETTER OF AUTHORISATION TO UPLIFT THE FIXED DEPOSIT & THE SINKING FUND

BUMIPUTRA-COMMERCE BANK BHD

MYR 500,000.00

Unsatisfied

3

24/10/2005

FACILITY AGREEMENT & DEED OF AGREEMENT

MALAYSIA BUILDING SOCIETY BERHAD

N/A

Satisfied

4

30/03/2006

N/A

PERBADANAN USAHAWAN NASIONAL BERHAD

N/A

Satisfied

5

30/03/2006

N/A

PERBADANAN USAHAWAN NASIONAL BERHAD

N/A

Satisfied

6

26/07/2007

N/A

BANK SIMPANAN NASIONAL

N/A

Unsatisfied

7

19/11/2007

N/A

BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD

N/A

Unsatisfied

8

16/05/2008

N/A

BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD

N/A

Unsatisfied

9

19/01/2010

N/A

PUBLIC BANK BHD

N/A

Unsatisfied

10

20/03/2012

N/A

BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD

N/A

Unsatisfied

11

20/03/2012

N/A

BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD

N/A

Unsatisfied

12

20/03/2012

N/A

BANK PERUSAHAAN KECIL & SEDERHANA 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

Overseas

:

YES

 

 

 




CLIENTELE

 

Local

:

YES

Domestic Markets

:

MALAYSIA

Overseas

:

YES

 

 

 

Export Market

:

ASIA

Credit Term

:

30 - 60 DAYS

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Products manufactured

:

CABLE SPIKER/CABLE CUTTER, LOAD BREAK SWITCH/ISOLATING LINK, NEUTRAL EARTH SWITCH, PHOTO ELECTRONIC CONTROL UNIT, IGNITOR, FIRE RETARDANT SUIT/ELECTRICAL ARCHING SUIT

 

 

 

Brand Name

:

SMI, MCF, MX-NEFW, RX, SH-HRCS01

 

 

 

 

Member(s) / Affiliate(s)

:

FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)

SMI ASSOCIATION OF MALAYSIA

SMALL & MEDIUM ENTERPRISE

MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)

 

 

 

 

Total Number of Employees:

 

YEAR

2013

2011

2010

2009

 

GROUP

N/A

N/A

N/A

N/A

 

 

 

 

 

COMPANY

20

18

18

18

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) manufacturing of cable spiker/cable cutter, load break switch/isolating link, neutral earth switch, photo electronic control unit, ignitor, fire retardant suit/electrical arching suit. 

The SC supplies a wide variety of transmission, substation, OEM and telecommunications products. 

The SC strives to provide ingenious electrical and power solutions to meet its client's requirements. 




CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

0361418364

Current Telephone Number

:

03-61418364

Match

:

YES

 

 

 

Address Provided by Client

:

30 JLN PEAKA 814 KOTA DAMANSARA 47810 PETALING JAYA MALAYSIA

Current Address

:

NO. 30, JALAN PERKAKA 8/4, SECTION 8, KOTA DAMANSARA, 47810 PETALING JAYA, SELANGOR, MALAYSIA.

Match

:

NO

 

 

 

Latest Financial Accounts

:

NO

 

Other Investigations


On 11th September 2013 we contacted one of the staff from the SC and she provided some information on the SC.

The address provided is incorrect.



FINANCIAL ANALYSIS

 

 

The SC's latest financial accounts are up to 2010 which is out dated in our opinion. Therefore, our comment on the SC financial performance is restricted thereto.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

 

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

27 : MANUFACTURE OF ELECTRICAL EQUIPMENT

 

 

INDUSTRY :

ELECTRICAL & ELECTRONIC

 

 

 

The Electrical & Electronics (E&E) industry is the leading industry within the manufacturing sector and is the largest contributor to manufacturing output, employment, investment, exports and imports. Malaysia is a key player in the fast expanding Asia Pacific E&E market, its major export destinations include Singapore, United States, Europe, Japan and Taiwan. The E&E industry is targeted under the National Key Economic Areas ( NKEA ) to gear the nation towards high-income economy by focusing on high-value and high-growth manufacturing activities.

 

According to Ministry of Finance, in the year 2013 the electrical and electronic (E&E) subsector is expected to grow further, driven by higher demand for electronic equipment and parts as well as semiconductors in line with recovery in advanced economies.

 

Output of E&E rebounded 1.6% during the first seven months of 2012 mainly driven by the higher production of semiconductor devices (14.5%) as well as audio, visual and communication apparatus (6%). The improved performance of E&E was partly due to chip vendors and storage producers taking advantage of stable prices and supply of parts to replenish inventories as well as the launching of new products which was delayed by massive floods in Thailand during the fourth quarter of 2011. 

 

Despite the slowdown in global demand, E&E manufacturers continued to invest in new technology and product development to upscale the value chain. Approved capital spending in the E&E subsector amounted to RM1.72 billion in 46 projects, of which RM1.35 billion were from foreign investors. This further reaffirms Malaysia as an attractive and cost-efficient E&E manufacturing base in the region. The continued strong investments will further strengthen growth in the E&E subsector and create more skilled jobs.

 

Softening of world demand for solar panels impact Malaysia on it's downturn in small scale compared to China where it facing great impact. The decline in E&E products was also due to the weak global demand.

 

E&E has been instrumental in the development of the Northern Corridor Klang Valley, Johor and Sarawak, contributing significantly to the socio-economic development of the relevant communities.However, the E&E sector faces significant challenges in maintaining growth with intense competition from China, Taiwan, Singapore and other Asian countries. Over the last 10 years, E&E's share of Malaysian exports has gradually declined. 

 

Malaysia's E&E sector remains focused on assembly, the lower value-added part of the industry while Taiwan, South Korea and Singapore have captured the higher value-added activities in research and development, design and manufacturing. 

 

To propel the E&E industry to a higher level, under the Economic Transformation Programme (ETP) launched by the Government, a few sub-sectors namely integrated circuits, solar photovoltaics, light emitting diodes, and solid state lighting & integrated electronics have been identified for greater promotion based on their potential to contribute significantly towards Gross National Income (GNI) targets 2020.

 

 

OVERALL INDUSTRY OUTLOOK : Marginal Growth



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 1997, the SC is a Private Limited company, focusing on manufacturing of cable spiker/cable cutter, load break switch/isolating link, neutral earth switch, photo electronic control unit, ignitor, fire retardant suit/electrical arching suit. 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. Being a small company with a share capital of RM350,000 contributed from individual shareholders, the SC does not have strong shareholders' backing. 

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. Being a small company, the SC's business operation is supported by 20 employees. Overall, we regard that the SC's management capability is average. 

No latest financial accounts were filed with the Registry office during our inspection. Therefore, our comment on the SC's overall financial performance are restricted thereto. 

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. 

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. 

Due to the unavailability of the SC's latest financial information, we only recommend credit be proceeded to the SC with guarantee.

 



PROFIT AND LOSS ACCOUNT

 

 

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

SHAMAWAR ELEKTRIKA SDN. BHD.

 

Financial Year End

2010-12-31

2009-12-31

2008-12-31

2007-12-31

2006-12-31

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

SUMMARY

SUMMARY

SUMMARY

SUMMARY

SUMMARY

Currency

MYR

MYR

MYR

MYR

MYR

 

 

 

 

 

 

TURNOVER

9,556,878

4,570,268

5,940,840

7,259,512

10,480,965

 

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

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

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

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

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

Total Turnover

9,556,878

4,570,268

5,940,840

7,259,512

10,480,965

 

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

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

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

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

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

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

95,414

370,203

301,943

<345,018>

2,072,747

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

95,414

370,203

301,943

<345,018>

2,072,747

Taxation

<50,000>

<125,000>

<13,400>

<2,377>

<12,469>

 

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

45,414

245,203

288,543

<347,395>

2,060,278

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

2,257,007

2,011,804

1,723,261

2,070,656

10,378

 

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

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

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

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

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

As restated

2,257,007

2,011,804

1,723,261

2,070,656

10,378

 

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

2,302,421

2,257,007

2,011,804

1,723,261

2,070,656

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

2,302,421

2,257,007

2,011,804

1,723,261

2,070,656

 

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

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

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

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

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

 

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

SHAMAWAR ELEKTRIKA SDN. BHD.

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

2,019,998

1,986,609

2,055,817

2,140,948

2,038,853

 

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

 

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

148,000

468,000

-

0

-

 

 

 

 

 

 

 

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

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

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

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

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

TOTAL LONG TERM ASSETS

2,167,998

2,454,609

2,055,817

2,140,948

2,038,853

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

TOTAL CURRENT ASSETS

4,864,116

3,202,075

3,381,725

3,289,509

4,072,248

 

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

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

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

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

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

TOTAL ASSET

7,032,114

5,656,684

5,437,542

5,430,457

6,111,101

 

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

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

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

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

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

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

TOTAL CURRENT LIABILITIES

2,933,217

1,483,318

1,650,045

1,846,196

2,145,593

 

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

1,930,899

1,718,757

1,731,680

1,443,313

1,926,655

 

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

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

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

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

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

TOTAL NET ASSETS

4,098,897

4,173,366

3,787,497

3,584,261

3,965,508

 

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

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

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

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

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

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

350,000

350,000

350,000

350,000

350,000

 

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

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

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

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

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

TOTAL SHARE CAPITAL

350,000

350,000

350,000

350,000

350,000

 

 

 

 

 

 

RESERVES

 

 

 

 

 

Retained profit/(loss) carried forward

2,302,421

2,257,007

2,011,804

1,723,261

2,070,656

 

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

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

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

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

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

TOTAL RESERVES

2,302,421

2,257,007

2,011,804

1,723,261

2,070,656

 

 

 

 

 

 

 

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

2,652,421

2,607,007

2,361,804

2,073,261

2,420,656

 

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

 

 

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

1,446,476

1,566,359

1,425,693

1,511,000

1,544,852

 

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

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

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

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

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

 

4,098,897

4,173,366

3,787,497

3,584,261

3,965,508

 

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

SHAMAWAR ELEKTRIKA SDN. BHD.

 

TYPES OF FUNDS

 

 

 

 

 

Net Liquid Assets

1,930,899

1,718,757

1,731,680

1,443,313

1,926,655

Net Current Assets/(Liabilities)

1,930,899

1,718,757

1,731,680

1,443,313

1,926,655

Net Tangible Assets

4,098,897

4,173,366

3,787,497

3,584,261

3,965,508

Net Monetary Assets

484,423

152,398

305,987

<67,687>

381,803

 

 

 

 

 

 

BALANCE SHEET ITEMS

 

 

 

 

 

Total Liabilities

4,379,693

3,049,677

3,075,738

3,357,196

3,690,445

Total Assets

7,032,114

5,656,684

5,437,542

5,430,457

6,111,101

Net Assets

4,098,897

4,173,366

3,787,497

3,584,261

3,965,508

Net Assets Backing

2,652,421

2,607,007

2,361,804

2,073,261

2,420,656

Shareholders' Funds

2,652,421

2,607,007

2,361,804

2,073,261

2,420,656

Total Share Capital

350,000

350,000

350,000

350,000

350,000

Total Reserves

2,302,421

2,257,007

2,011,804

1,723,261

2,070,656

 

 

 

 

 

 

LIQUIDITY (Times)

 

 

 

 

 

Current Ratio

1.66

2.16

2.05

1.78

1.90

 

 

 

 

 

 

SOLVENCY RATIOS (Times)

 

 

 

 

 

Liabilities Ratio

1.65

1.17

1.30

1.62

1.52

Assets Backing Ratio

11.71

11.92

10.82

7.88

11.33

 

 

 

 

 

 

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

1.00

8.10

5.08

<4.75>

19.78

Net Profit Margin

0.48

5.37

4.86

<4.79>

19.66

Return On Net Assets

2.33

8.87

7.97

<9.63>

52.27

Return On Capital Employed

2.33

8.87

7.97

<9.63>

52.27

Return On Shareholders' Funds/Equity

1.71

9.41

12.22

<16.76>

85.11

 

 

 

 

 

 




 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.48

UK Pound

1

Rs.99.66

Euro

1

Rs.83.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.