|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
VJIKKS ENGG POWER
(M) SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 1705A, Menara Landmark, 12, Jalan Ngee Heng, Level 17, 80000
Johor Bahru, Johor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
07.01.2010 |
|
|
|
|
Com. Reg. No.: |
885284-H |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is principally engaged in the designing, engineering,
development & fabrication of products made out precious, noble &
exotic metals. |
|
|
|
|
No of Employees : |
15 |
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 : |
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 – 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. |
: |
885284-H |
||||
|
COMPANY NAME |
: |
VJIKKS ENGG
POWER (M) SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
07/01/2010 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
SUITE 1705A, MENARA LANDMARK, 12, JALAN NGEE HENG, LEVEL 17, 80000
JOHOR BAHRU, JOHOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
21, JALAN KETAPANG 18, TAMAN RINTING, 81750 MASAI, JOHOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
07-3881323/3873821 |
||||
|
FAX.NO. |
: |
07-3873321 |
||||
|
HP.NO. |
: |
0197993204 |
||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
ROBERT JAMES A/L SAVARIMUTHU ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
71102 |
||||
|
PRINCIPAL ACTIVITY |
: |
DESIGNING, ENGINEERING, DEVELOPMENT & FABRICATION OF PRODUCTS MADE
OUT PRECIOUS, NOBLE & EXOTIC METALS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 100,000.00 DIVIDED INTO ORDINARY SHARE 100,000.00 OF MYR 1.00
EACH. |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 100,000.00 DIVIDED INTO ORDINARY SHARES 50,000 CASH AND 50,000
OTHERWISE OF MYR 1.00 EACH. |
||||
|
SALES |
: |
MYR 204,145 [2012] |
||||
|
NET WORTH |
: |
MYR 15,399 [2012] |
||||
|
STAFF STRENGTH |
: |
15 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
N/A |
||||
|
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) designing,
engineering, development & fabrication of products made out precious, noble
& exotic metals.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital
History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
22/01/2014 |
MYR 100,000.00 |
MYR 100,000.00 |
|
15/02/2013 |
MYR 100,000.00 |
MYR 50,000.00 |
|
07/01/2010 |
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. NORAHIMAN BIN ABD. RAHIM |
12, LORONG LAYANG LAYANG 2, TAMAN LAYANG LAYANG, SEBERANG TASEK, 14120
SIMPANG AMPAT, PULAU PINANG, MALAYSIA. |
771114-07-6325 A3708346 |
50,000.00 |
50.00 |
|
MR. ROBERT JAMES A/L SAVARIMUTHU + |
1367, JALAN E4/19, TAMAN EHSAN KEPONG, 52100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
690103-10-6109 A1144124 |
7,500.00 |
7.50 |
|
MS. IRENE A/P ANTONE + |
21, JALAN KETAPANG 18, TAMAN RINTING, 81750 MASAI, JOHOR, MALAYSIA. |
710706-08-5082 A2771500 |
7,500.00 |
7.50 |
|
MR. ABD. RAHIM BIN HAJI MAN |
28-C, PERUMAHAN TNB, JALAN BARU, 13800 BUTTERWORTH, PULAU PINANG,
MALAYSIA. |
491127-07-5333 0983893 |
35,000.00 |
35.00 |
|
--------------- |
------ |
|||
|
100,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MS. IRENE A/P ANTONE |
|
Address |
: |
21, JALAN KETAPANG 18, TAMAN RINTING, 81750 MASAI, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
A2771500 |
|
New IC No |
: |
710706-08-5082 |
|
Date of Birth |
: |
06/07/1971 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
07/01/2010 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. ROBERT JAMES A/L SAVARIMUTHU |
|
Address |
: |
1367, JALAN E4/19, TAMAN EHSAN KEPONG, 52100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A1144124 |
|
New IC No |
: |
690103-10-6109 |
|
Date of Birth |
: |
03/01/1969 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
07/01/2010 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
ROBERT JAMES A/L SAVARIMUTHU |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
AHMAD ABDULLAH & GOH |
|
Auditor' Address |
: |
SUITE 1705, MENARA LANDMARK, 12, JALAN NGEE HENG, LEVEL 17, 80000
JOHOR BAHRU, JOHOR, MALAYSIA. |
|
|
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. AHMAD SHAH BIN MOHD HASHIM |
|
IC / PP No |
: |
A3128888 |
|
|
New IC No |
: |
750814-01-6937 |
|
|
Address |
: |
BLOK 14, 0405, TAMAN UNGKU TUN AMINAH, 81300 SKUDAI, JOHOR, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. WONG KHANG LIN |
|
IC / PP No |
: |
5602885 |
|
|
New IC No |
: |
590705-01-5134 |
|
|
Address |
: |
11, JALAN BAKAWALI 89, TAMAN JOHOR JAYA, 81100 JOHOR BAHRU, JOHOR,
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 |
: |
YES |
|
Overseas |
: |
YES |
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Services |
: |
DESIGNING, ENGINEERING, DEVELOPMENT & FABRICATION OF PRODUCTS MADE
OUT PRECIOUS, NOBLE & EXOTIC METALS |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
15 |
||||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) designing,
engineering, development & fabrication of products made out precious, noble
& exotic metals.
The Subject is a budding Engineering Solution company, incorporated in Malaysia
can do designing ,engineering and development and fabrication of any product
made out of precious exotic and noble metals TITANIUM, TANTALUM, NIOBIUM,
ZIRCONIUM, NICKEL, HASTELLOY, MONEL, INCONEL, X-750, PLATINUM, RUTHENIUM,
IRIDIUM, PALLADIUM and its alloys.
The products are as follows:
Electrochlorinators, Chlorate Cells, Membrane cells, MMO coated Titanium anodes,
Platinised Anodes, Cathodic Protection Anodes, Heat Exchanger coils, Heat
Exchangers, Columns, Trays, Pumps, Valves, Thermowells, Orifices, Sensors,
Nozzles, sleeves, discs, Pipes, Elbows, Tees, Fasteners. Pumps & Other
Products
AODD Pumps, Barrel/Drum Pump, Centrifugal Pump in Investment casting, Metering
/Dosing Pump, Peristaltic/Hose Pump, Polypropylene Pumps, Portable Submersible
Sewage Pump, Sealless Magnetic Driven Pump, Self Priming SS Centrifugal Pump.
Sacrificial Anodes, HEA Igniters, Cyclone Filters.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
607 3881323 |
|
Current Telephone Number |
: |
07-3881323/3873821 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
21 JALAN KETAPANG 18, TAMAN RINTING B1750 MASAI JOHOR |
|
Current Address |
: |
21, JALAN KETAPANG 18, TAMAN RINTING, 81750 MASAI, JOHOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 14th October 2014 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
97.86% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
(77.66%) |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(143.11%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(185.32%) |
] |
|
|
The increase in turnover could be due to the Subject adopting an
aggressive marketing strategy.Higher losses before tax during the year could
be due to the higher 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 |
: |
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 |
: |
Acceptable |
[ |
0.99 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.99 Times |
] |
|
|
The Subject's liquid ratio was slightly low. This could indicate that the
Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
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 increased its profits however showed a
reverse trend. The losses could be due to the management's failure to
maintain its competitiveness in the market. The Subject's liquidity was at an
acceptable range. If the Subject is able to obtain further short term
financing, it should be able to meet all 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 : LIMITED |
||||||
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 |
|
|
71102 : Engineering services |
|
|
INDUSTRY : |
CONSTRUCTION |
|
The construction sector consists of four subsectors: residential,
non-residential, civil engineering and special trade works. During a period of
rapid economic expansion, the sector generally outperforms Gross Domestic
Product (GDP) growth. |
|
|
Construction's contribution to gross domestic product (GDP) is
expected to fall to 11.2% in 2013 from 15 % in 2012, with all subsectors registering
steady growth. The sector is expected to benefit from the acceleration of
ongoing construction activities, particularly from the Economic
Transformation Programme (ETP) and Second Rolling Plan (RP2)
construction-related projects. Of significance, exploration activities in
O&G industries and major projects such as the electrified double-tracking
between lpoh -Padang Besar, LPT2 Jabur - Kuala Terengganu, MRT and the River
of Life are expected to drive the growth of the civil engineering subsector.
The non-residential subsector is expected to expand spurred by the industrial
building segment and the commencement of construction of the Tun Razak
Exchange (TRX). The residential subsector is also projected to expand, albeit
at a moderate pace, after recording several years of strong growth. Key
housing development projects, particularly in Sungai Buloh and Bandar
Malaysia in Sungai Besi, which are expected to commence in 2013, will support
residential construction activities. According to the Minister of Finance,
the domestic demand is expected to grow at 5.6% and will remain the main
driver of growth in 2013 underpinned by strong private sector expenditure. |
|
|
The industry is set to receive a further boost from a wave of new
developments earmarked for 2013, including rail projects worth an estimated
$52 billion that should be launched in the coming year. It was predicted that
the growth in other sectors will largely drive Malaysia's economy but the
construction sector's contribution to GDP could still remain stable. However,
while the construction sector is expected to have a solid 2013, it remains
hampered by a shortage of skilled labourers, with rapid growth in recent
years triggering a drain on its workforce. In late November of 2012, the
Builders Association Malaysia (MBAM) request the government to do more to
facilitate the training of building workers or run the risk of supplyside
bottlenecks delaying new projects. |
|
|
OVERALL INDUSTRY
OUTLOOK : Average Growth |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
VJIKKS ENGG POWER (M) SDN. BHD. |
|
Financial Year
End |
2012-03-31 |
2011-03-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
MYR |
MYR |
|
TURNOVER |
204,145 |
103,178 |
|
---------------- |
---------------- |
|
|
Total Turnover |
204,145 |
103,178 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(28,538) |
(16,063) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(28,538) |
(16,063) |
|
Taxation |
6,500 |
3,500 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(22,038) |
(12,563) |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As previously reported |
(12,563) |
- |
|
---------------- |
---------------- |
|
|
As restated |
(12,563) |
- |
|
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(34,601) |
(12,563) |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(34,601) |
(12,563) |
|
============= |
============= |
BALANCE
SHEET
|
|
VJIKKS ENGG POWER (M) SDN. BHD. |
|
ASSETS EMPLOYED: |
||
|
FIXED ASSETS |
7,217 |
8,097 |
|
Deferred assets |
10,000 |
3,500 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
10,000 |
3,500 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
17,217 |
11,597 |
|
Cash & bank balances |
164,451 |
108,163 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
164,451 |
108,163 |
|
---------------- |
---------------- |
|
|
TOTAL ASSET |
181,668 |
119,760 |
|
============= |
============= |
|
|
Other creditors & accruals |
3,502 |
23,500 |
|
Amounts owing to director |
162,767 |
58,823 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
166,269 |
82,323 |
|
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(1,818) |
25,840 |
|
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
15,399 |
37,437 |
|
============= |
============= |
|
|
SHARE CAPITAL |
||
|
Ordinary share capital |
50,000 |
50,000 |
|
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
50,000 |
50,000 |
|
Retained profit/(loss) carried forward |
(34,601) |
(12,563) |
|
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(34,601) |
(12,563) |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
15,399 |
37,437 |
|
---------------- |
---------------- |
|
|
15,399 |
37,437 |
|
|
============= |
============= |
|
FINANCIAL
RATIO
|
|
VJIKKS ENGG POWER (M) SDN. BHD. |
|
TYPES OF FUNDS |
||
|
Cash |
164,451 |
108,163 |
|
Net Liquid Funds |
164,451 |
108,163 |
|
Net Liquid Assets |
(1,818) |
25,840 |
|
Net Current Assets/(Liabilities) |
(1,818) |
25,840 |
|
Net Tangible Assets |
15,399 |
37,437 |
|
Net Monetary Assets |
(1,818) |
25,840 |
|
BALANCE SHEET ITEMS |
||
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
166,269 |
82,323 |
|
Total Assets |
181,668 |
119,760 |
|
Net Assets |
15,399 |
37,437 |
|
Net Assets Backing |
15,399 |
37,437 |
|
Shareholders' Funds |
15,399 |
37,437 |
|
Total Share Capital |
50,000 |
50,000 |
|
Total Reserves |
(34,601) |
(12,563) |
|
LIQUIDITY (Times) |
||
|
Cash Ratio |
0.99 |
1.31 |
|
Liquid Ratio |
0.99 |
1.31 |
|
Current Ratio |
0.99 |
1.31 |
|
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 |
10.80 |
2.20 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
|
Assets Backing Ratio |
0.31 |
0.75 |
|
PERFORMANCE RATIO (%) |
||
|
Operating Profit Margin |
(13.98) |
(15.57) |
|
Net Profit Margin |
(10.80) |
(12.18) |
|
Return On Net Assets |
(185.32) |
(42.91) |
|
Return On Capital Employed |
(185.32) |
(42.91) |
|
Return On Shareholders' Funds/Equity |
(143.11) |
(33.56) |
|
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.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
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.