MIRA INFORM REPORT

Report Date :

04.06.2014

IDENTIFICATION DETAILS

Name :	N.J. INTERNATIONAL SDN. BHD.
Registered Office :	568-9-41, Kompleks Mutiara, 3 1/2 Mile, Jalan Ipoh, 9th Floor, 51200 Kuala Lumpur, Wilayah Persekutuan
Country :	Malaysia
Financials (as on) :	31.12.2012
Date of Incorporation :	11.06.2008
Com. Reg. No.:	821179-T
Legal Form :	Private Limited (Limited By Share)
Line of Business :	· engaged as an agent of timber, sawn timber, mudding products, composites and plastics.  · Subject sells timber, logs and wood products.
No of Employees :	03 [2014]

RATING & COMMENTS

MIRA’s 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 :	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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Malaysia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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.

:

821179-T

COMPANY NAME

:

N.J. INTERNATIONAL SDN. BHD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

11/06/2008

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

568-9-41, KOMPLEKS MUTIARA, 3 1/2 MILE, JALAN IPOH, 9TH FLOOR, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

NO. 5, JALAN USJ 3/3R, 47600 SUBANG JAYA, SELANGOR, MALAYSIA.

TEL.NO.

:

N/A

FAX.NO.

:

N/A

HP.NO.

:

0126355872

CONTACT PERSON

:

MAKAVITAGE NAVEEN ANTHONY PERERA WIJESINGHE JAYAWARDENA ( DIRECTOR )

INDUSTRY CODE

:

46631

PRINCIPAL ACTIVITY

:

AGENTS OF TIMBER, SAWN TIMBER, MUDDING PRODUCTS, COMPOSITES AND PLASTICS

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 350,000 CASH OF MYR 1.00 EACH.

SALES

:

MYR 14,396,274 [2012]

NET WORTH

:

MYR 568,655 [2012]

STAFF STRENGTH

:

3 [2014]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) agents of timber, sawn timber, mudding products, composites and plastics.

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

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
15/02/2013	MYR 500,000.00	MYR 350,000.00
02/07/2008	MYR 500,000.00	MYR 250,000.00
12/06/2008	MYR 100,000.00	MYR 3.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
MAKAVITAGE NAVEEN ANTHONY PERERA WIJESINGHE JAYAWARDENA +	5, JALAN USJ 3/3R, 47600 SUBANG JAYA, SELANGOR, MALAYSIA.	N1621437	222,500.00	63.57
MR. MUHAMAD BIN SIRUN	196, JALAN KESIDANG 2/3, TAMAN KESIDANG, KAMPUNG LAPAN, 76200 MASJID TANAH, MELAKA, MALAYSIA.	660630-08-5007 A0432263	65,000.00	18.57
MR. ANDREW FREDRICK DE SILVA	55, 25/19, JALAN WANGI, TAMAN SRI MUDA, 40000 SHAH ALAM, SELANGOR, MALAYSIA.	590626-10-6249 5728960	62,500.00	17.86
			---------------	------
			350,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ANN JAYATHIKA NIRANJI FERNANDO WARNAKULASURIYA
Address	:	5, JALAN USJ 3/3R, 47600 SUBANG JAYA, SELANGOR, MALAYSIA.
IC / PP No	:	N2131920
Date of Appointment	:	25/02/2013

DIRECTOR 2

Name Of Subject	:	MAKAVITAGE NAVEEN ANTHONY PERERA WIJESINGHE JAYAWARDENA
Address	:	5, JALAN USJ 3/3R, 47600 SUBANG JAYA, SELANGOR, MALAYSIA.
IC / PP No	:	N1621437
Date of Appointment	:	11/06/2008

MANAGEMENT

1)	Name of Subject	:	MAKAVITAGE NAVEEN ANTHONY PERERA WIJESINGHE JAYAWARDENA
	Position	:	DIRECTOR

AUDITOR

Auditor	:	INPANA & ASSOCIATES
Auditor' Address	:	568-9-21, KOMPLEKS MUTIARA, 3 1/2, JALAN IPOH, 9TH FLOOR, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

COMPANY SECRETARIES

1)	Company Secretary	:	MS. SHIVAJINI A/P SATHYA SEELAN
	New IC No	:	790718-10-5928
	Address	:	2, JALAN 5/13I, JALAN CHANTEK, 46000 PETALING JAYA, SELANGOR, MALAYSIA.

BANKING

Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

ENCUMBRANCE (S)

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

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank against the Subject 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 SUBJECT

* We have checked through the Subject in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection since 1990. Information was provided by third party where the debt amount can be disputed. Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. 

No blacklisted record & debt collection case was found in our defaulters' databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its suppliers. 

The Subject 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	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[		]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	MALAYSIA
Overseas	:	YES
Export Market	:	INDIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

TIMBER, SAWN TIMBER, MUDDING PRODUCTS, COMPOSITES AND PLASTICS

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	3

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) agents of timber, sawn timber, mudding products, composites and plastics. 

The Subject sells timber, logs and wood products. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	60 126 355872
Current Telephone Number	:	0126355872
Match	:	YES
Address Provided by Client	:	568-9-41, 9TH FLOOR, KOMPLEKS MUTIARA, 3 1/2 MILE, JALAN IPOH,51200,KUALA LUMPUR,WILAYAH PERSEKUTUAN.
Current Address	:	NO. 5, JALAN USJ 3/3R, 47600 SUBANG JAYA, SELANGOR, MALAYSIA.
Match	:	NO
Latest Financial Accounts	:	YES

Other Investigations

we contacted one of the Subject's Director Mr. Naveen and he provided some information.

The Subject can only be contacted via mobile at 0126355872.

He refused to disclose the Subject's fax number.

The address provided belongs to the Subject's registered office.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2008 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2008 - 2012	]
Return on Shareholder Funds	:	Unfavourable	[	7.74%	]
Return on Net Assets	:	Acceptable	[	11.55%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	0 Days	]
Creditors Ratio	:	Favourable	[	0 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	2.75 Times	]
Current Ratio	:	Favourable	[	2.75 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STRONG

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators:	2009	2010	2011	2012*	2013**
Population ( Million)	28.13	28.35	28.70	29.30	29.80
Gross Domestic Products ( % )	(0.5)	7.2	5.1	5.6	5.3
Domestic Demand ( % )	2.9	6.3	8.2	9.4	5.6
Private Expenditure ( % )	(2.7)	8.1	8.2	8.0	7.4
Consumption ( % )	0.7	6.7	7.1	1.0	5.7
Investment ( % )	(17.2)	17.7	12.2	11.7	13.3
Public Expenditure ( % )	5.2	3.8	8.4	13.3	1.2
Consumption ( % )	3.1	0.2	16.1	11.3	(1.2)
Investment ( % )	8.0	2.8	(0.3)	15.9	4.2
Balance of Trade ( MYR Million )	89,650	118,356	116,058	106,300	110,700
Government Finance ( MYR Million )	(28,450)	(40,482)	(45,511)	(42,297)	(39,993)
Government Finance to GDP / Fiscal Deficit ( % )	(4.8)	(5.6)	(5.4)	(4.5)	(4.0)
Inflation ( % Change in Composite CPI)	(5.2)	5.1	3.1	1.6	2.5
Unemployment Rate	4.5	3.9	3.3	3.2	3.0
Net International Reserves ( MYR Billion )	331	329	415	427	-
Average Risk-Weighted Capital Adequacy Ratio ( % )	2.87	2.20	3.50	2.20	-
Average 3 Months of Non-performing Loans ( % )	11.08	15.30	14.80	14.70	-
Average Base Lending Rate ( % )	5.53	6.30	6.60	6.53	-
Business Loans Disbursed( % )	10.5	14.7	15.3	32.2	-
Foreign Investment ( MYR Million )	22,156.8	22,517.9	23,546.1	26,230.4	-
Consumer Loans ( % )	-	-	-	-	-
Registration of New Companies ( No. )	41,578	44,148	45,455	45,441	-
Registration of New Companies ( % )	(0.1)	6.2	3.0	(0.0)	-
Liquidation of Companies ( No. )	39,075	25,585	132,476	-	-
Liquidation of Companies ( % )	39.6	(34.5)	417.8	-	-
Registration of New Business ( No. )	312,581	271,414	284,598	324,761	-
Registration of New Business ( % )	-	-	-	-	-
Business Dissolved ( No. )	19,345	19,738	20,121	-	-
Business Dissolved ( % )	2.4	2.0	1.9	-	-
Sales of New Passenger Cars (' 000 Unit )	486.3	543.6	535.1	552.2	-
Cellular Phone Subscribers ( Million )	30.1	32.8	35.3	38.5	-
Tourist Arrival ( Million Persons )	23.6	24.6	24.7	25.0	-
Hotel Occupancy Rate ( % )	58.0	63.0	60.6	62.4	-
Credit Cards Spending ( % )	12.8	14.1	15.6	12.6	-
Bad Cheque Offenders (No.)	36,667	33,568	32,627	26,982	-
Individual Bankruptcy ( No.)	16,228	18,119	19,167	19,575	-
Individual Bankruptcy ( % )	16.7	11.7	5.8	2.1	-
INDUSTRIES ( % of Growth ):	2009	2010	2011	2012*	2013**
Agriculture	0.4	2.1	5.9	0.6	2.4
Palm Oil	(1.1)	(3.4)	10.8	(2.8)	-
Rubber	(19.8)	9.9	6.1	(0.6)	-
Forestry & Logging	(5.9)	(3.3)	(7.6)	(2.2)	-
Fishing	5.5	5.6	2.1	(0.7)	-
Other Agriculture	9.0	7.9	7.1	6.4	-
Industry Non-Performing Loans ( MYR Million )	413.7	508.4	634.1	-	-
% of Industry Non-Performing Loans	1.3	2.1	3.2	-	-
Mining	(3.8)	0.2	(5.7)	1.5	2.7
Oil & Gas	2.1	0.5	(1.7)	-	-
Other Mining	-	-	-	-	-
Industry Non-performing Loans ( MYR Million )	44.2	49.7	46.5	-	-
% of Industry Non-performing Loans	0.1	0.1	0.1	-	-
Manufacturing #	(9.4)	11.4	4.7	4.2	4.9
Exported-oriented Industries	(19.0)	12.1	2.8	4.1	-
Electrical & Electronics	(30.3)	28.4	(4.9)	1.6	-
Rubber Products	(10.1)	25.3	15.4	3.6	-
Wood Products	(24.1)	20.1	(4.9)	4.6	-
Textiles & Apparel	(19.5)	(0.4)	14.8	(7.1)	-
Domestic-oriented Industries	(9.8)	16.3	6.5	8.6	-
Food, Beverages & Tobacco	0.2	3.0	4.2	-	-
Chemical & Chemical Products	(7.7)	16.2	5.5	9.9	-
Plastic Products	(9.1)	2.4	3.8	-	-
Iron & Steel	(32.7)	29.3	2.4	-	-
Fabricated Metal Products	(2.5)	14.9	25.2	-	-
Non-metallic Mineral	(15.5)	20.2	27.1	6.6	-
Transport Equipment	(13.5)	36.5	(10.4)	13.7	-
Paper & Paper Products	(5.0)	18.7	14.8	(7.8)	-
Crude Oil Refineries	0.2	(11.4)	9.3	-	-
Industry Non-Performing Loans ( MYR Million )	6,007.3	6,217.5	6,537.2	-	-
% of Industry Non-Performing Loans	18.3	23.8	25.7	-	-
Construction	5.8	5.1	4.4	15.5	11.2
Industry Non-Performing Loans ( MYR Million )	3,241.8	4,038.5	3,856.9	-	-
% of Industry Non-Performing Loans	9.9	10.7	10.2	-	-
Services	2.6	6.5	6.4	5.5	5.6
Electric, Gas & Water	0.4	8.5	5.6	4.8	-
Transport, Storage & Communication	1.6	7.7	6.5	7.3	-
Wholesale, Retail, Hotel & Restaurant	2.8	4.7	5.2	6.9	-
Finance, Insurance & Real Estate	3.8	6.1	6.3	6.5	-
Government Services	2.0	6.7	7.6	5.6	-
Other Services	4.4	4.2	5.4	5.7	-
Industry Non-Performing Loans ( MYR Million )	6,631.3	7,384.6	6,825.2	-	-
% of Industry Non-Performing Loans	20.2	25.7	23.4	-	-
* Estimate / Preliminary
** Forecast
# Based On Manufacturing Production Index  (Source : Department of Statistics / Economic Report / Bank Negara Report)

INDUSTRY ANALYSIS

MSIC CODE
46631 : Wholesale of logs, sawn timber, plywood, veneer and related products
INDUSTRY :	TRADING
According to the Retail Group Malaysia (RGM), the wholesale and retail trade sector forecast to grow to 6% in year 2013. During the first quarter of year 2013, RGM is estimating the retail industry to grow 6.9%. Many retailers have been enjoying better sales since the government handed out cash from mid-January of 2013 under the second round of Bantuan Rakyat 1Malaysia to more than 12 million Malaysians. Bookstores and related retail stores have also started enjoying rising sales since the RM250 1Malaysia Book Voucher was distributed to 1.3 million private and public university students. Besides, since early February 2013, handphone traders and retailers selling smartphone accessories have started to benefit from the RM200 rebate on smartphones for 1.5 million young adults aged between 21 and 30 years with a monthly income of not more than RM3,000.
The wholesale and retail trade sector grew 6.1% in the first half of the year 2012 driven by strong domestic consumption and the increasing number of large format stores operating in Malaysia, including 180 foreign hypermarkets, superstores and departmental stores as at end of August 2012. In addition, other indicators such as imports of consumption goods were higher by 15.2%.
In 2012, the wholesale and retail trade sector growth to 5.5% driven by higher consumption which benefited from Government initiatives under the 2012 Budget such as BR1M, Baucar Buku 1Malaysia (BB1M) and the RM100 assistance for all primary and secondary school students. The performance of the sector will also be supported by ongoing efforts to modernise the retail segment under the ETP. In 2012, 500 retail shops and 50 workshops are targeted to be modernised under the Retail Shop Transformation (TUKAR) and Automotive Workshop Modernisation (ATOM) programmes, respectively. As at end of July 2012, 95 workshops have been modernised, surpassing the yearly target, while 393 retail shops have been modernised.
Growth of the sector is anticipated to remain encouraging with ongoing efforts by the Government to increase its contribution to the economy. Major initiatives include increasing the number of large format stores such as hypermarkets, superstores and departmental stores are carried out to boost the economy.
Over 60% of Gross Domestic Product (GDP) is contributed by domestic consumption, therefore the wholesale and retail sector plays a crucial role in driving Malaysia's growth over the next decade despite the ongoing global economic slowdown. By 2020, Malaysia's wholesale and retail sector is expected to boost the country's total Gross National Income (GNI) by RM156 billion, creating 454,190 new jobs.
OVERALL INDUSTRY OUTLOOK : Average Growth

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2008, the Subject is a Private Limited company, focusing on agents of timber, sawn timber, mudding products, composites and plastics. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. With a small paid up capital of MYR 350,000, the Subject should put more efforts on its business to gain higher market share while competing aggressively in the market. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 3 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject however is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at MYR 568,655, the Subject should be able to maintain its business in the near terms. 

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days. 

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

PROFIT AND LOSS ACCOUNT

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

N.J. INTERNATIONAL SDN. 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	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	NO
Financial Type	FULL	FULL	SUMMARY	SUMMARY	SUMMARY
Currency	MYR	MYR	MYR	MYR	MYR
TURNOVER	14,396,274	11,745,470	7,571,839	6,205,006	180,599
	----------------	----------------	----------------	----------------	----------------
Total Turnover	14,396,274	11,745,470	7,571,839	6,205,006	180,599
Costs of Goods Sold	(14,148,525)	(11,399,999)	-	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	247,749	345,471	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	65,679	108,772	118,900	44,763	(12,534)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	65,679	108,772	118,900	44,763	(12,534)
Taxation	(21,665)	(34,430)	(10,637)	(8,953)	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	44,014	74,342	108,263	35,810	(12,534)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	174,641	131,539	23,276	(12,534)	-
Prior year adjustment	-	(31,240)	-	-	-
	----------------	----------------	----------------	----------------	----------------
As restated	174,641	100,299	23,276	(12,534)	-
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	218,655	174,641	131,539	23,276	(12,534)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	218,655	174,641	131,539	23,276	(12,534)
	=============	=============	=============	=============	=============

BALANCE SHEET

N.J. INTERNATIONAL SDN. BHD.

ASSETS EMPLOYED:
FIXED ASSETS	32,644	38,668	44,693	50,717	2,576
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	32,644	38,668	44,693	50,717	2,576
Other debtors, deposits & prepayments	4,249	4,249	-	-	-
Cash & bank balances	838,126	1,084,729	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	842,375	1,088,978	1,008,154	614,630	437,680
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	875,019	1,127,646	1,052,847	665,347	440,256
	=============	=============	=============	=============	=============
Other creditors & accruals	70,664	69,458	-	-	-
Deposits from customers	-	155,000	-	-	-
Amounts owing to director	235,689	360,686	-	-	-
Provision for taxation	11	17,861	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	306,364	603,005	671,308	392,071	202,790
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	536,011	485,973	336,846	222,559	234,890
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	568,655	524,641	381,539	273,276	237,466
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	350,000	350,000	250,000	250,000	250,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	350,000	350,000	250,000	250,000	250,000
Retained profit/(loss) carried forward	218,655	174,641	131,539	23,276	(12,534)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	218,655	174,641	131,539	23,276	(12,534)
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	568,655	524,641	381,539	273,276	237,466
	----------------	----------------	----------------	----------------	----------------
	568,655	524,641	381,539	273,276	237,466
	=============	=============	=============	=============	=============

FINANCIAL RATIO

N.J. INTERNATIONAL SDN. BHD.

TYPES OF FUNDS
Cash	838,126	1,084,729	-	-	-
Net Liquid Funds	838,126	1,084,729	-	-	-
Net Liquid Assets	536,011	485,973	336,846	222,559	234,890
Net Current Assets/(Liabilities)	536,011	485,973	336,846	222,559	234,890
Net Tangible Assets	568,655	524,641	381,539	273,276	237,466
Net Monetary Assets	536,011	485,973	336,846	222,559	234,890
BALANCE SHEET ITEMS
Total Borrowings	0	0	-	-	-
Total Liabilities	306,364	603,005	671,308	392,071	202,790
Total Assets	875,019	1,127,646	1,052,847	665,347	440,256
Net Assets	568,655	524,641	381,539	273,276	237,466
Net Assets Backing	568,655	524,641	381,539	273,276	237,466
Shareholders' Funds	568,655	524,641	381,539	273,276	237,466
Total Share Capital	350,000	350,000	250,000	250,000	250,000
Total Reserves	218,655	174,641	131,539	23,276	(12,534)
LIQUIDITY (Times)
Cash Ratio	2.74	1.80	-	-	-
Liquid Ratio	2.75	1.81	-	-	-
Current Ratio	2.75	1.81	1.50	1.57	2.16
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	-	-	-
Debtors Ratio	0	0	-	-	-
Creditors Ratio	0	0	-	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	-	-	-
Liabilities Ratio	0.54	1.15	1.76	1.43	0.85
Times Interest Earned Ratio	0.00	0.00	-	-	-
Assets Backing Ratio	1.62	1.50	1.53	1.09	0.95
PERFORMANCE RATIO (%)
Operating Profit Margin	0.46	0.93	1.57	0.72	(6.94)
Net Profit Margin	0.31	0.63	1.43	0.58	(6.94)
Return On Net Assets	11.55	20.73	31.16	16.38	(5.28)
Return On Capital Employed	11.55	20.73	31.16	16.38	(5.28)
Return On Shareholders' Funds/Equity	7.74	14.17	28.38	13.10	(5.28)
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.59.21
UK Pound	1	Rs.99.17
Euro	1	Rs.80.56

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	MNL

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.