|
Report Date : |
03.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
MYCRYPTO SDN. BHD. |
|
|
|
|
Registered Office : |
Unit 11-3A, 3rd Mile Square, 151, Jalan Klang Lama, Batu 3 1/2, 58100
Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.04.2002 |
|
|
|
|
Com. Reg. No.: |
576319-X |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is principally engaged in the information technology services.
|
|
|
|
|
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 : |
Slow |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 sustained budget deficits, has forced Kuala Lumpur to begin
to address fiscal shortfalls, through initial reductions in energy and sugar
subsidies and the announcement of the 2015 implementation of a 6% goods and
services tax. The government is also trying to lessen its dependence on state
oil producer Petronas. The oil and gas sector supplies about 32% of government
revenue in 2013. Bank Negara 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 earlier
raised possible revisions to the special economic and social preferences
accorded to ethnic Malays under the New Economic Policy of 1970, but retreated
in 2013 after he encountered significant opposition from Malay nationalists and
other vested interests. In September 2013 NAJIB launched the new Bumiputra
Economic Empowerment Program (BEEP), policies that favor and advance the
economic condition of ethnic Malays.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
576319-X |
||||
|
COMPANY NAME |
: |
MYCRYPTO SDN.
BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
08/04/2002 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
UNIT 11-3A, 3RD MILE SQUARE, 151, JALAN
KLANG LAMA, BATU 3 1/2, 58100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
96B, JALAN BURHANUDDIN HELMI, TAMAN TUN DR
ISMAIL, 2ND FLOOR, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
TEL.NO. |
: |
N/A |
||||
|
FAX.NO. |
: |
03-77259177 |
||||
|
HP.NO. |
: |
0133943791 |
||||
|
WEB SITE |
: |
WWW.MYCRYPTO.BIZ |
||||
|
CONTACT PERSON |
: |
SYAHRIL YUSRI BIN ABDUL AZIZ ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
62099 |
||||
|
PRINCIPAL ACTIVITY |
: |
INFORMATION TECHNOLOGY SERVICES |
||||
|
AUTHORISED CAPITAL |
: |
MYR 100,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 100,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 2,630,970 [2012] |
||||
|
NET WORTH |
: |
MYR (41,156) [2012] |
||||
|
STAFF STRENGTH |
: |
10 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
SLOW |
||||
|
MANAGEMENT CAPABILITY |
: |
WEAK |
||||
|
COMMERCIAL RISK |
: |
HIGH |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
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) information
technology services.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital
History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
06/02/2013 |
MYR 100,000.00 |
MYR 100,000.00 |
|
MYR 100,000.00 |
MYR 50,999.00 |
|
|
08/04/2002 |
MYR 100,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. SYAHRIL YUSRI BIN ABDUL AZIZ + |
24, JALAN BUNGA KENANGA 2/1, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
720824-10-5725 A2340562 |
99,999.00 |
100.00 |
|
MR. AB AZIZ BIN ISA + |
24, JALAN BUNGA KENANGA 2/1, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
370210-03-5147 3909439 |
1.00 |
0.00 |
|
--------------- |
------ |
|||
|
100,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
DATO' KAMARUDIN BIN ABU |
|
Address |
: |
22, LORONG 16/9C, 46350 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
New IC No |
: |
390804-05-5055 |
|
Date of Birth |
: |
04/08/1939 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
03/04/2013 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. AB AZIZ BIN ISA |
|
Address |
: |
24, JALAN BUNGA KENANGA 2/1, 40000 SHAH
ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
3909439 |
|
New IC No |
: |
370210-03-5147 |
|
Date of Birth |
: |
10/02/1937 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/06/2008 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. SYAHRIL YUSRI BIN ABDUL AZIZ |
|
Address |
: |
24, JALAN BUNGA KENANGA 2/1, 60000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A2340562 |
|
New IC No |
: |
720824-10-5725 |
|
Date of Birth |
: |
24/08/1972 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/01/2003 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
SYAHRIL YUSRI BIN ABDUL AZIZ |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
HALIM AHMAD & CO. |
|
Auditor' Address |
: |
UNIT 11-2, 3RD MILES SQUARE, 151, JALAN
KLANG LAMA, BATU 3 1/2, 58100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. NORLIZA BINTI BOHARI |
|
IC / PP No |
: |
A2932077 |
|
|
New IC No |
: |
740919-71-5110 |
|
|
Address |
: |
16, JALAN 2/3A, BANDAR BARU BANGI, 43650 BANDAR
BARU BANGI, 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.
LITIGATION
CHECK AGAINST SUBJECT
|
* 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.
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.
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 is a service provider.
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Services |
: |
INFORMATION TECHNOLOGY SERVICES |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
10 |
||||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) information technology
services.
The Subject's services are as follows:
Information Risk Assessment
Information Security Management
Framework Development
Information Security Roadmap Framework
BCP and CDRP
Infrastructure Security
Mobile Security
Back-up & Recovery System
Security Code Review
Enterprise Architecture Services
Fair-Market Value Analysis
Secure IT Infrastructure
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
0133943791 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
A 5-19, CENTRIO PANTAI HILLPARK, JALAN
PANTAI DALAM 59200 KUALA LUMPUR |
|
Current Address |
: |
96B, JALAN BURHANUDDIN HELMI, TAMAN TUN DR
ISMAIL, 2ND FLOOR, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other
Investigations
On 27th October 2014 we contacted Mr SYAHRIL and he provided some information.
The address provided belongs to the Subject's site office.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(85.67%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(85.67%) |
] |
|
|
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 Subject's unfavourable returns on shareholders'
funds indicate the management's inefficiency in utilising its assets to
generate returns. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
55 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
The Subject's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks. The
favourable debtors' days could be due to the good credit control measures
implemented by the 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 |
: |
Unfavourable |
[ |
0.38 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.38 Times |
] |
|
|
A low liquid ratio means that the Subject may
be facing working capital deficiency. If the Subject cannot obtain additional
financing or injection of fresh capital, it may face difficulties in meeting
its short term obligations. |
||||||
|
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. Due to its weak liquidity
position, the Subject will be faced with problems in meeting all its short
term obligations if no short term loan is obtained or additional capital
injected into the Subject. 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 : 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 |
28,876 |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
21,984 |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
12.3 |
|
INDUSTRIES ( % of
Growth ): |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Agriculture |
0.1 |
2.4 |
5.8 |
1.3 |
2.1 |
|
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 |
(6.5) |
(0.3) |
(5.4) |
1.0 |
0.7 |
|
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 # |
(9.0) |
11.9 |
4.7 |
4.8 |
3.5 |
|
Exported-oriented
Industries |
(19.0) |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
(30.3) |
28.4 |
(4.0) |
12.7 |
18.6 |
|
Rubber Products |
(10.1) |
25.3 |
20.7 |
3.0 |
8.2 |
|
Wood Products |
(24.1) |
20.1 |
(5.1) |
8.7 |
(3.1) |
|
Textiles & Apparel |
(19.5) |
(0.4) |
13.2 |
(7.1) |
(2.6) |
|
Domestic-oriented
Industries |
(9.8) |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.8 |
2.7 |
3.6 |
|
Chemical & Chemical Products |
(7.7) |
16.2 |
10.0 |
10.8 |
(0.7) |
|
Plastic Products |
(9.1) |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
(32.7) |
29.3 |
2.2 |
(6.6) |
3.4 |
|
Fabricated Metal Products |
(2.5) |
14.9 |
21.8 |
13.8 |
12.2 |
|
Non-metallic Mineral |
(15.5) |
20.2 |
12.1 |
2.9 |
(0.4) |
|
Transport Equipment |
(13.5) |
36.5 |
12.0 |
3.4 |
13.8 |
|
Paper & Paper Products |
(5.0) |
18.7 |
9.5 |
3.1 |
2.3 |
|
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 |
6.2 |
11.4 |
4.7 |
18.6 |
10.9 |
|
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 |
2.9 |
7.4 |
7.1 |
6.4 |
5.9 |
|
Electric, Gas & Water |
1.4 |
7.8 |
3.5 |
4.4 |
4.2 |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.1 |
7.3 |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
4.7 |
5.9 |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.9 |
9.7 |
3.7 |
|
Government Services |
3.4 |
5.9 |
12.4 |
9.4 |
8.3 |
|
Other Services |
3.8 |
4.4 |
5.1 |
3.9 |
5.1 |
|
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 |
|||||
INDUSTRY
ANALYSIS
|
|
MSIC CODE |
|
|
62099 : Other information technology
service activities n.e.c. |
|
|
INDUSTRY : |
INFORMATION TECHNOLOGY |
|
Malaysian IT spending is expected to reach US$5.6bn in 2013, up 7%,
although economic activity is expected to slow over the coming quarters.
Demand for IT products and services is forecast to stay resilient overall,
even as economic growth moderates. There should be several areas of
opportunity, particularly in key spending verticals such as telecoms, and a
new government Digital Malaysia Plan was unveiled in 2012. Spending on IT
products and services should be boosted by growing enterprise and government
interest in cloud computing, and ICT-friendly budget measures, but much will
depend on confidence in a sustainable economic recovery. |
|
|
Malaysia's Information Technology Industry is expected to continue perform
well in 2013, despite the possible constraints of the global economy. This is
especially in light of the global ICT industry forecast, which is expected to
grow by 3% in 2013 with global ICT spending estimated to reach US$3.7
trillion, in spite of earlier estimation pegging global growth to only be in
the region of 2.5%. |
|
|
At the global level, demand for personal computers (PCs) remains weak
with declining orders notably from advanced economies. In addition, the
growing popularity of smartphones and media tablets has also affected the
sales of PCs despite the introduction of the Ultrabook, which provides better
mobile computing solutions. Consequently, output of the office, accounting
and machinery segment in Malaysia contracted further by 6.9% during the first
seven months of 2012. |
|
|
Moreover, the computer hardware sales had reach US$2.7billion in year
2012 and it expected to growth to US$2.9billion in year 2013. Where else, the
sales of software had reach US$876million in 2012 and it expected to continue
growth to US$952million in 2013. |
|
|
The IT services sales had reached US$1.6billion in 2012 and forcasted
to growth US$1.8billion in 2013. Moreover, in IT services, 83 companies were granted
the Multimedia Super Corridor Malaysia (MSC Malaysia) status with total
estimated investment of RM1,465.3 million and 7,891 employment opportunities
during the first eight months of 2012. The ICT industry in Malaysia estimated
to provide 50,000 total jobs and RM5.5billion investments by 2015 since the
ICT services sector is expected to continue to play a crucial role in
contributing to Malaysia’s aim of achieving high income status by 2020. |
|
|
Government introduced lower interest rates and government import tax
exemptions for broadband equipment, including notebooks as a steps to
increase ICT market value. 2012 Malaysian PC sales supported by the
government will encourage to the greater broadband penetration. Besides, in
2012 the government announced its latest Digital Malaysia Masterplan to drive
the next stageof development of Malaysia's ICT sector. The plan will propose
a number of measures to strengthen Malaysia's ICT ecosystem, including talent
development, as well as stimulatingdemand by consumers and businesses for ICT
products and services. Encouraging the creation ofmore local applications for
cloud computing is expected to be one focus of the Digital Malaysiaplan. The
government's plan to develop a national cloud computing programme should also
driveopportunities in this key emerging area for vendors. |
|
|
The rapid growth of digital information in Malaysia has been
inevitable with several national initiatives of the government, including the
Digital Malaysia programme which aims to advance our country towards a
developed digital economy by 2020. It is expected that the growth of digital
information will continue moving towards into 2013. While organisations in
the digital economy could leverage on the information they generate everyday
to better serve customers and increase productivity, the same information can
be a major liability if not properly protected and managed. |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
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 weak. Without capable management, the Subject is unlikely to be
successful and often contribute to unacceptable levels of accountability.
Weak management can affect productivity, profitability, sales growth and
ultimately can result in the failure of a business.
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) |
|
MYCRYPTO 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 |
YES |
|
Financial Type |
FULL |
FULL |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
2,630,970 |
2,434,396 |
480,167 |
392,936 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
2,630,970 |
2,434,396 |
480,167 |
392,936 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
35,257 |
157,248 |
(77,685) |
(52,891) |
(49,610) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
35,257 |
157,248 |
(77,685) |
(52,891) |
(49,610) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
35,257 |
157,248 |
(77,685) |
(52,891) |
(49,610) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(176,413) |
(333,661) |
(255,976) |
(203,085) |
(153,475) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(176,413) |
(333,661) |
(255,976) |
(203,085) |
(153,475) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(141,156) |
(176,413) |
(333,661) |
(255,976) |
(203,085) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(141,156) |
(176,413) |
(333,661) |
(255,976) |
(203,085) |
|
============= |
============= |
============= |
============= |
============= |
|
BALANCE
SHEET
|
|
MYCRYPTO SDN.
BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
11,566 |
19,800 |
- |
- |
- |
|
Development properties/expenditure |
395,628 |
255,628 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
395,628 |
255,628 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
407,194 |
275,428 |
- |
- |
- |
|
Cash & bank balances |
269,584 |
286,500 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
269,584 |
286,500 |
56,700 |
145,964 |
99,781 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
676,778 |
561,928 |
56,700 |
145,964 |
99,781 |
|
============= |
============= |
============= |
============= |
============= |
|
|
Other creditors & accruals |
26,855 |
18,975 |
- |
- |
- |
|
Amounts owing to director |
691,079 |
619,366 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
717,934 |
638,341 |
290,361 |
301,940 |
202,866 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(448,350) |
(351,841) |
(233,661) |
(155,976) |
(103,085) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
(41,156) |
(76,413) |
(233,661) |
(155,976) |
(103,085) |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
RESERVES |
|||||
|
Share premium |
- |
- |
(333,661) |
(255,976) |
(203,085) |
|
Retained profit/(loss) carried forward |
(141,156) |
(176,413) |
(333,661) |
(255,976) |
(203,085) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(141,156) |
(176,413) |
(333,661) |
(255,976) |
(203,085) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
(41,156) |
(76,413) |
(233,661) |
(155,976) |
(103,085) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
(41,156) |
(76,413) |
(233,661) |
(155,976) |
(103,085) |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
MYCRYPTO SDN.
BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
269,584 |
286,500 |
- |
- |
- |
|
Net Liquid Funds |
269,584 |
286,500 |
- |
- |
- |
|
Net Liquid Assets |
(448,350) |
(351,841) |
(233,661) |
(155,976) |
(103,085) |
|
Net Current Assets/(Liabilities) |
(448,350) |
(351,841) |
(233,661) |
(155,976) |
(103,085) |
|
Net Tangible Assets |
(41,156) |
(76,413) |
(233,661) |
(155,976) |
(103,085) |
|
Net Monetary Assets |
(448,350) |
(351,841) |
(233,661) |
(155,976) |
(103,085) |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
- |
- |
- |
|
Total Liabilities |
717,934 |
638,341 |
290,361 |
301,940 |
202,866 |
|
Total Assets |
676,778 |
561,928 |
56,700 |
145,964 |
99,781 |
|
Net Assets |
(41,156) |
(76,413) |
(233,661) |
(155,976) |
(103,085) |
|
Net Assets Backing |
(41,156) |
(76,413) |
(233,661) |
(155,976) |
(103,085) |
|
Shareholders' Funds |
(41,156) |
(76,413) |
(233,661) |
(155,976) |
(103,085) |
|
Total Share Capital |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
Total Reserves |
(141,156) |
(176,413) |
(333,661) |
(255,976) |
(203,085) |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.38 |
0.45 |
- |
- |
- |
|
Liquid Ratio |
0.38 |
0.45 |
- |
- |
- |
|
Current Ratio |
0.38 |
0.45 |
0.20 |
0.48 |
0.49 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
55 |
38 |
- |
- |
- |
|
Debtors Ratio |
0 |
0 |
- |
- |
- |
|
Creditors Ratio |
0 |
0 |
- |
- |
- |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
0.00 |
0.00 |
- |
- |
- |
|
Liabilities Ratio |
(17.44) |
(8.35) |
(1.24) |
(1.94) |
(1.97) |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
- |
- |
- |
|
Assets Backing Ratio |
(0.41) |
(0.76) |
(2.34) |
(1.56) |
(1.03) |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
1.34 |
6.46 |
(16.18) |
(13.46) |
- |
|
Net Profit Margin |
1.34 |
6.46 |
(16.18) |
(13.46) |
- |
|
Return On Net Assets |
(85.67) |
(205.79) |
33.25 |
33.91 |
48.13 |
|
Return On Capital Employed |
(85.67) |
(205.79) |
33.25 |
33.91 |
48.13 |
|
Return On Shareholders' Funds/Equity |
(85.67) |
(205.79) |
33.25 |
33.91 |
48.13 |
|
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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.