|
Report Date : |
05.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
GSION RESOURCES (M) SDN. BHD. |
|
|
|
|
Registered Office : |
61, Room A, Lintang Sungai Pinang, 11600 Pulau Pinang, Pulau Pinang |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.06.2010 |
|
|
|
|
Date of Incorporation : |
25.05.2007 |
|
|
|
|
Com. Reg. No.: |
774830-A |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Supplying of Electrical and Electronic Components |
|
|
|
|
No. of Employees : |
10 [2014] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
|
REGISTRATION NO. |
: |
774830-A |
||||
|
COMPANY NAME |
: |
GSION RESOURCES (M) SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
25/05/2007 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
61, ROOM A, LINTANG SUNGAI PINANG, 11600 PULAU PINANG, PULAU PINANG,
MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
3694, JALAN OOI KAR SENG, 14300 NIBONG TEBAL, PULAU PINANG, MALAYSIA. |
||||
|
TEL.NO. |
: |
04-5938002 |
||||
|
FAX.NO. |
: |
04-5393002 |
||||
|
CONTACT PERSON |
: |
TAN LI SANG ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
46522 |
||||
|
PRINCIPAL ACTIVITY |
: |
SUPPLYING OF ELECTRICAL AND ELECTRONIC COMPONENTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,200,000.00 DIVIDED INTO |
||||
|
SALES |
: |
N/A |
||||
|
NET WORTH |
: |
N/A |
||||
|
STAFF STRENGTH |
: |
10 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
N/A |
||||
|
PAYMENT |
: |
N/A |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
HIGH |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
||||
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) supplying of
electrical and electronic components.
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 5,000,000.00 |
MYR 1,200,000.00 |
|
MYR 500,000.00 |
MYR 200,002.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MS. TAN LI SANG + |
5, LORONG PANCHOR INDAH 6, TAMAN PANCHOR INDAH, 14300 NIBONG TEBAL,
PULAU PINANG, MALAYSIA. |
690819-07-5264 A1361245 |
600,000.00 |
50.00 |
|
MR. TAN SOO LIEK + |
804, TAMAN JAWI, 14200 SUNGAI BAKAP, PULAU PINANG, MALAYSIA. |
810802-07-5181 |
480,000.00 |
40.00 |
|
MS. TAN LI LENG + |
804, TAMAN JAWI, 14200 SUNGAI BAKAP, PULAU PINANG, MALAYSIA. |
701002-07-5308 A1673558 |
120,000.00 |
10.00 |
|
--------------- |
------ |
|||
|
1,200,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MS. TAN LI LENG |
|
Address |
: |
804, TAMAN JAWI, 14200 SUNGAI BAKAP, PULAU PINANG, MALAYSIA. |
|
IC / PP No |
: |
A1673558 |
|
New IC No |
: |
701002-07-5308 |
|
Date of Birth |
: |
02/10/1970 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
25/05/2007 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. TAN SOO LIEK |
|
Address |
: |
804, TAMAN JAWI, 14200 SUNGAI BAKAP, PULAU PINANG, MALAYSIA. |
|
New IC No |
: |
810802-07-5181 |
|
Date of Birth |
: |
02/08/1981 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/11/2010 |
DIRECTOR 3
|
Name Of Subject |
: |
MS. TAN LI SANG |
|
Address |
: |
5, LORONG PANCHOR INDAH 6, TAMAN PANCHOR INDAH, 14300 NIBONG TEBAL,
PULAU PINANG, MALAYSIA. |
|
IC / PP No |
: |
A1361245 |
|
New IC No |
: |
690819-07-5264 |
|
Date of Birth |
: |
19/08/1969 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/11/2010 |
|
1) |
Name of Subject |
: |
TAN LI SANG |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
LKH & ASSOCIATES |
|
Auditor' Address |
: |
190, JALAN TEMBIKAI, TAMAN PADANG LALLANG, 2ND FLOOR, 14000 BUKIT
MERTAJAM, PULAU PINANG, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. SHARON ONG AI LIN |
|
New IC No |
: |
710510-04-5126 |
|
|
Address |
: |
18 (PT 100972), HALA TANBUN PERMAI 1, KAMPUNG TERSUSUN, BATU JALAN
TAMBUN, 31400 IPOH, PERAK, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
BANGKOK BANK BHD |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
25/06/2013 |
N/A |
BANGKOK BANK BHD |
- |
Unsatisfied |
|
2 |
19/08/2013 |
N/A |
BANGKOK BANK BHD |
- |
Unsatisfied |
* A check has been conducted in our databank againt 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.
* 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.
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
ELECTRICAL AND ELECTRONIC COMPONENTS |
|||||
|
Competitor(s) |
: |
ATIS CORPORATION BHD |
|||||
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2012 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
10 |
6 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) supplying of
electrical and electronic components.
The Subject refused to disclose any operation information.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
04-5938002 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
3694, JALAN OOI KAR SENG, 14300, NIBONG TEBAL, S.P.S. PENANG |
|
Current Address |
: |
3694, JALAN OOI KAR SENG, 14300 NIBONG TEBAL, PULAU PINANG, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
NO |
Other Investigations
On 3rd March 2014 we contacted one of the staff from the Subject and she
provided soem information.
|
The Subject's latest financial accounts are up to 2010 which is out
dated in our opinion. Therefore, our comment on the Subject financial
performance is restricted thereto. |
||||||
|
Overall financial condition of the Subject : N/A |
||||||
|
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 |
|||||
|
MSIC CODE |
|
|
46522 : Wholesale of electronic components and wiring accessories |
|
|
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 |
|
|
Investigation revealed that the Subject concentrates only on the local
market. This narrow market segment has placed the Subject at high business
risk and limits its business expansion opportunities. Any adverse changes to
the local economy might have a negative impact on the Subject's business
performance. Being a small company, the Subject's business operation is
supported by 10 employees. Overall, we regard that the Subject's management
capability is average
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
Financial Year
End |
2010-06-30 |
2009-06-30 |
2008-06-30 |
|
Months |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
|
TURNOVER |
1,354,719 |
878,568 |
847,264 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
1,354,719 |
878,568 |
847,264 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
57,691 |
14,035 |
(1,518) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
57,691 |
14,035 |
(1,518) |
|
Taxation |
(12,834) |
(3,646) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
44,857 |
10,389 |
(1,518) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously reported |
8,871 |
(1,518) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
8,871 |
(1,518) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
53,728 |
8,871 |
(1,518) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
53,728 |
8,871 |
(1,518) |
|
============= |
============= |
============= |
|
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
10,976 |
10,879 |
12,239 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
10,976 |
10,879 |
12,239 |
|
CURRENT ASSETS |
|||
|
Stocks |
62,777 |
9,921 |
- |
|
Trade debtors |
497,862 |
189,159 |
- |
|
Cash & bank balances |
13,344 |
4,382 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
573,983 |
203,462 |
191,659 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
584,959 |
214,341 |
203,898 |
|
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||
|
Trade creditors |
83,860 |
10,124 |
- |
|
Other creditors & accruals |
296,602 |
161,848 |
- |
|
Amounts owing to director |
139,199 |
30,600 |
- |
|
Provision for taxation |
9,849 |
1,644 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
529,510 |
204,216 |
205,414 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
44,473 |
(754) |
(13,755) |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
55,449 |
10,125 |
(1,516) |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share capital |
2 |
2 |
2 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
2 |
2 |
2 |
|
RESERVES |
|||
|
Retained profit/(loss) carried forward |
53,728 |
8,871 |
(1,518) |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
53,728 |
8,871 |
(1,518) |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
53,730 |
8,873 |
(1,516) |
|
LONG TERM LIABILITIES |
|||
|
Deferred taxation |
1,719 |
1,252 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
1,719 |
1,252 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
55,449 |
10,125 |
(1,516) |
|
|
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||
|
Cash |
13,344 |
4,382 |
- |
|
Net Liquid Funds |
13,344 |
4,382 |
- |
|
Net Liquid Assets |
(18,304) |
(10,675) |
(13,755) |
|
Net Current Assets/(Liabilities) |
44,473 |
(754) |
(13,755) |
|
Net Tangible Assets |
55,449 |
10,125 |
(1,516) |
|
Net Monetary Assets |
(20,023) |
(11,927) |
(13,755) |
|
BALANCE SHEET ITEMS |
|||
|
Total Borrowings |
0 |
0 |
- |
|
Total Liabilities |
531,229 |
205,468 |
205,414 |
|
Total Assets |
584,959 |
214,341 |
203,898 |
|
Net Assets |
55,449 |
10,125 |
(1,516) |
|
Net Assets Backing |
53,730 |
8,873 |
(1,516) |
|
Shareholders' Funds |
53,730 |
8,873 |
(1,516) |
|
Total Share Capital |
2 |
2 |
2 |
|
Total Reserves |
53,728 |
8,871 |
(1,518) |
|
LIQUIDITY (Times) |
|||
|
Cash Ratio |
0.03 |
0.02 |
- |
|
Liquid Ratio |
0.97 |
0.95 |
- |
|
Current Ratio |
1.08 |
1.00 |
0.93 |
|
WORKING CAPITAL CONTROL (Days) |
|||
|
Stock Ratio |
17 |
4 |
- |
|
Debtors Ratio |
134 |
79 |
- |
|
Creditors Ratio |
23 |
4 |
- |
|
SOLVENCY RATIOS (Times) |
|||
|
Gearing Ratio |
0.00 |
0.00 |
- |
|
Liabilities Ratio |
9.89 |
23.16 |
(135.50) |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
- |
|
Assets Backing Ratio |
0.28 |
0.05 |
(758.00) |
|
PERFORMANCE RATIO (%) |
|||
|
Operating Profit Margin |
4.26 |
1.60 |
(0.18) |
|
Net Profit Margin |
3.31 |
1.18 |
(0.18) |
|
Return On Net Assets |
104.04 |
138.62 |
100.13 |
|
Return On Capital Employed |
104.04 |
138.62 |
100.13 |
|
Return On Shareholders' Funds/Equity |
83.49 |
117.09 |
100.13 |
|
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.61.90 |
|
|
1 |
Rs.103.26 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors
are apparent. Repayment of interest and principal sums in default or expected
to be in default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.