|
Report No. : |
304247 |
|
Report Date : |
24.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
BAHRU STAINLESS SDN. BHD. |
|
|
|
|
Registered Office : |
Ptd 4069 (Plo 108), Jalan Rumbia 4, Tanjung Langsat Industrial
Complex, 81700 Pasir Gudang, Johor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.03.2008 |
|
|
|
|
Com. Reg. No.: |
811430-H |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of Stainless Steel and Other Metal Products,
Hardware, Warehousing Activities |
|
|
|
|
No. of Employee : |
100 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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. |
: |
811430-H |
||||
|
COMPANY NAME |
: |
BAHRU STAINLESS
SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
27/03/2008 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
PTD 4069 (PLO 108), JALAN RUMBIA 4,
TANJUNG LANGSAT INDUSTRIAL COMPLEX, 81700 PASIR GUDANG, JOHOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
PTD 4069 (PLO 108), JALAN RUMBIA 4, TANJUNG
LANGSAT INDUSTRIAL COMPLEX, 81700 PASIR GUDANG, JOHOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
07-2546440 |
||||
|
FAX.NO. |
: |
07-2513186 |
||||
|
WEB SITE |
: |
WWW.ACERINOX.COM |
||||
|
CONTACT PERSON |
: |
LUCIEN MAURICE MATTHEWS ( MANAGING
DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
24102 24102 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF STAINLESS STEEL AND OTHER
METAL PRODUCTS, HARDWARE, WAREHOUSING ACTIVITIES |
||||
|
AUTHORISED CAPITAL |
: |
MYR 1,151,600,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,151,600,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 791,083,000 [2013] |
||||
|
NET WORTH |
: |
MYR 986,374,000 [2013] |
||||
|
STAFF STRENGTH |
: |
100 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
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) manufacturing of stainless steel and other metal products, hardware, warehousing activities.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate and ultimate holding company of the Subject is ACERINOX, S. A., a company incorporated in SPAIN.
Share Capital History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
20/06/2013 |
MYR 1,151,600,000.00 |
MYR 1,151,600,000.00 |
|
01/11/2010 |
MYR 1,151,600,000.00 |
MYR 701,600,000.00 |
|
30/03/2009 |
MYR 551,600,000.00 |
MYR 397,000,000.00 |
|
24/12/2008 |
MYR 1,000,000,000.00 |
MYR 106,000,000.00 |
|
10/12/2008 |
MYR 1,000,000,000.00 |
MYR 16,000,000.00 |
|
27/03/2008 |
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 |
(%) |
|
ACERINOX, S. A. |
SANTIAGO DE COMPOSTELA, 100, MADRID,
28035, SPAIN. |
28250777 |
771,572.00 |
67.00 |
|
NISSHIN STEEL CO. LTD. |
4-1, MARUNOUCHI 3-CHOME, CHIYODA-KU,
TOKYO, JAPAN. |
0199-01-023784 |
345,480.00 |
30.00 |
|
METAL ONE CORPORATION |
CELESTINE SHIBA MITSUI BUILDING, 3-23-1,
SHIBA, MINATO-KU, TOKYO, 105-0014, JAPAN. |
0104-01-049321 |
34,548.00 |
3.00 |
|
--------------- |
------ |
|||
|
1,151,600.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
NAOTO HIRAMATSU |
|
Address |
: |
9, JALAN RUMBIA, 11-14, THE IMPERIAL, 239620, SINGAPORE. |
|
IC / PP No |
: |
MZ0715473 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
07/06/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
LUCIEN MAURICE MATTHEWS |
|
Address |
: |
170, JALAN MOLEK 2/17, TAMAN MOLEK, 81100 JOHOR BAHRU, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
M00097633 |
|
Nationality |
: |
AFRICAN |
|
Date of Appointment |
: |
18/11/2011 |
DIRECTOR 3
|
Name Of Subject |
: |
BENJAMIN RAMOS FLORES |
|
Address |
: |
51, JALAN PONDEROSA, 1/10, TAMAN PONDEROSA, 81100 JOHOR BAHRU, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
XDA918292 |
|
Nationality |
: |
SPANIARD |
|
Date of Appointment |
: |
27/03/2008 |
DIRECTOR 4
|
Name Of Subject |
: |
BERNARDO VELAZQUEZ HERREROS |
|
Address |
: |
SOPELANA, 9, CASA 4, MADRID, 28023, SPAIN. |
|
IC / PP No |
: |
AAI151372 |
|
Nationality |
: |
SPANIARD |
|
Date of Appointment |
: |
07/04/2009 |
DIRECTOR 5
|
Name Of Subject |
: |
HIROYUKI MIZUMOTO |
|
Address |
: |
UNIT 14-E2, BLOCK D, THE STRAITS, VIEW CONDOMINIUM, JALAN PERMAS, SELATAN, 81750 MASAI, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
MZ0697921 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
16/04/2009 |
DIRECTOR 6
|
Name Of Subject |
: |
DANIEL TOMAS AZPITARTE ZEMP |
|
Address |
: |
C / JUAN DE HERRERA 14, 401, SAN SEBASTIAN DE LOS, REYES,, MADRID, SPIN, 28703, MALAYSIA. |
|
IC / PP No |
: |
AAA159226 |
|
Date of Appointment |
: |
19/06/2014 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
LUCIEN MAURICE MATTHEWS |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
MENARA ANASAR, 65, JALAN TRUS, LEVEL 14, 80000 JOHOR BAHRU, JOHOR, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. JERRY YIN WA |
|
IC / PP No |
: |
A0397689 |
|
|
New IC No |
: |
660629-01-5634 |
|
|
Address |
: |
20, JALAN MOLEK 3/16, TAMAN MOLEK, 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 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.
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 |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
STEEL INDUSTRY |
|||
|
No of Customer |
: |
N/A |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
||
|
Production Line |
: |
N/A |
||
|
Production Capacity |
: |
|
||
|
Shifts |
: |
N/A |
||
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
2010 |
|||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|||
|
COMPANY |
100 |
100 |
100 |
100 |
150 |
80 |
|||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
stainless steel and other metal products, hardware, warehousing activities.
The Subject started its production in
December 2010.
The Subject mainly focuses on cold rolled
stainless steel sheets and other metal product and hardware.
The Subject utilizes advanced automated and semi automated machinery to
ensure production of high quality products.
RECENT
DEVELOPMENT
|
4 Sep 2012
KUB (M) Bhd's unit KUB Power Sdn Bhd has
accepted a contract award from Bahru Stainless Sdn Bhd for a project worth
RM33.9 million.
In a filing to Bursa Malaysia today, KUB
said the project to "Supply, Install, Lay, Erect, Test and Commission A
275V Outdoor Conventional Single Busbar Electrical System" is at the
stainless steel integrated plant in Tanjung Langsat, Pasir Gudang, Johor.
"The contract tenure is for a period of
365 days," it said, adding it will contribute positively to the group‘s
earnings and earnings per share of KUB Group for the financial year ending Dec
31, 2012.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
07-2546440 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
PTD 4069 (PLO 108), JALAN RUMBIA 4,
TANJUNG LANGSAT INDUSTRIAL COMPLEX,81700,PASIR GUDANG,JOHOR. |
|
Current Address |
: |
PTD 4069 (PLO 108), JALAN RUMBIA 4,
TANJUNG LANGSAT INDUSTRIAL COMPLEX, 81700 PASIR GUDANG, JOHOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of
the staff from the Subject and she provided some information on the Subject.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(10.58%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(9.22%) |
] |
|
|
The Subject's turnover increased steadily as the demand for its products
/ services increased due to the goodwill built up over the years. 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. |
||||||
|
Liquidity |
||||||
|
Current Ratio |
: |
Unfavourable |
[ |
0.27 Times |
] |
|
|
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. |
||||||
|
Solvency |
||||||
|
Liability Ratio |
: |
Unfavourable |
[ |
2.10 Times |
] |
|
|
The Subject has high liabilities ratio and it may face financial
difficulties if no additional capital is injected. |
||||||
|
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. 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's liabilities level was high and its
going concern will be in doubt if there is no injection of additional shareholders'
funds in times of economic downturn and / or high interest rates. |
||||||
|
Overall
financial condition of the Subject : POOR |
||||||
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic
Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population ( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross Domestic
Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private
Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption ( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment ( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public
Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption ( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment ( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
Balance of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation ( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.3 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
3.0 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
3.50 |
2.20 |
- |
- |
- |
|
Average 3 Months
of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
- |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
- |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of
New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
- |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
- |
- |
|
Liquidation of
Companies ( No. ) |
132,485 |
17,092 |
26,430 |
- |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
- |
- |
|
Registration of
New Business ( No. ) |
284,598 |
324,761 |
329,895 |
- |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
- |
- |
|
Business
Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
- |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
- |
- |
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
- |
- |
|
Bad Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES ( %
of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry & Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
% of Industry
Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil & Gas |
(1.7) |
- |
- |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry
Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.6 |
5.5 |
|
Exported-oriented
Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical & Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles & Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented
Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food, Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical & Chemical Products |
10.0 |
10.8 |
5.6 |
- |
- |
|
Plastic Products |
3.8 |
- |
- |
- |
- |
|
Iron & Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper & Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude Oil Refineries |
9.3 |
- |
- |
- |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
% of Industry
Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry Non-Performing Loans ( MYR
Million ) |
3,856.9 |
- |
- |
- |
- |
|
% of Industry
Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric, Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport, Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale, Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance, Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
% of Industry
Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production
Index |
|||||
INDUSTRY
ANALYSIS
|
|
MSIC CODE |
|
|
24102 : Production of bars and rods of
stainless steel or other alloy steel |
|
|
24102 : Production of bars and rods of
stainless steel or other alloy steel |
|
|
INDUSTRY : |
MANUFACTURING |
|
The manufacturing sector is expected to grow by 5.5% in 2015. It will
be bolstered by strong domestic and export-oriented industries in line with
growing investment activities and favorable external demand. Moreover, in
2014, the manufacturing sectors have spearheading growth. The manufacturing
sector is estimated to grow at a faster pace in 2014 on higher exports of
electronics and electrical (E&E) products as external demand improves. |
|
|
The manufacturing sector expanded strongly during the first half of
2014, the highest growth in three years, spurred by higher global
semiconductor sales. Value-added of the manufacturing sector expanded 7.1%
during the first half of 2014. Production of the sector rose 6.6% in the
first seven months of 2014 supported by resilient domestic demand and
recovery in the external sector during the first seven months of the years.
The sales value of manufactured products rebounded by 7.7% in the first seven
months of 2014. The strong performance of the sector was on account of higher
output at 9.4% from the domestic-oriented industries, particularly transport
equipment, food and beverage. |
|
|
The manufacturing sector continued to attract domestic and foreign investment
with investment approved by Malaysian Investment Development Authority (MIDA)
totaling RM47.4 billion during the first six months of 2014, mainly from
Japan, China and Germany. Meanwhile, the capacity utilization rate remained
steady at 80.4% during the second quarter of 2014 while average wage per
employee and productivity improved to RM2,772 per month and 5.9%,
respectively during the first seven months of 2014. Boosted by favorable
domestic economic activity and recovery in the external sector, the
manufacturing sector is expected to record a better performance with growth
of 6.4% in 2014. |
|
|
In the meantime, production of wood products rebounded by 5.1% largely
supported by higher output in the saw-milling and planning of wood segment at
25.9% during the first seven months of 2014. The positive performance was
attributed to vibrant residential and commercial construction activities
which contributed to increased use of timber frame and glued laminated timber
for cost savings compared to the use of concrete and steel. Increased demand
from major export destination such as the US, Japan and Australia for
Malaysian made furniture contributed to the higher output, particularly
wooden and cane furniture which rebounded by 2.2%. |
|
|
Production of rubber products contracted 0.3% in the first seven
months of 2014 on account of slower demand for rubber gloves and rubber
tyres. The decline in rubber tyres for vehicles was due to the weaker
external demand from the automotive industry, particularly from China. Output
of other rubber products contracted 3.8% following the product shift from
rubber-based to plastics, silicones and metal alloys in the manufacture of
medical devices. |
|
|
Besides, exports of manufactured products are expected to grow 6.1% in
2014 boosted by the growing demand from advanced economies. However, during
the first seven months of 2014, manufactured exports surged 11.4%. The robust
growth was buoyed by strengthening demand in the US and EU, reflecting
significant exposure of Malaysian exports to the economic performance in the
advance economies. The strength in export was broad-based with robust growth
in both E&E and non- E&E subsectors. |
|
|
Under budget 2015, the Government will provide incentive in the form of
capital allowance on automation expenditure to encourage automation in the
manufacturing sector, which may help in the manufacturing sector. |
|
|
OVERALL INDUSTRY
OUTLOOK : Average Growth |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
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 moderate size company, the Subject has a total workforce of 100
employees in its business operations. 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. Despite the higher turnover, the Subject
suffered pre-tax losses which reflected a highly competitive business
environment. The Subject has generated an unfavourable return on
shareholders' funds indicating that the management was inefficient in
utilising its funds to generate return. Due to its weak liquidity position,
the Subject may face working capital deficiency in meeting its short term
financial obligations if no fresh capital are injected into the Subject. The
Subject has high liabilities ratio and it may face financial difficulties if
no additional capital is injected. Given a positive net worth standing at MYR
986,374,000, the Subject should be able to maintain its business in the near
terms. Without a strong assets backing, the
Subject may face difficulties in getting loans for its future expansion and
continued growth . Overall, the Subject's payment habit is
good as the Subject has a good credit control and it could be taking
advantage of the cash discounts while maintaining a good reputation with its
creditors. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. In view of the above, we recommend credit
be granted to the Subject with close monitoring. |
|
|
PROFIT
AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
BAHRU STAINLESS
SDN. BHD. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
SUMMARY |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
791,083,000 |
535,403,000 |
74,789,000 |
- |
- |
|
Other Income |
- |
6,979,000 |
490,000 |
21,000 |
513,864 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
791,083,000 |
542,382,000 |
75,279,000 |
21,000 |
513,864 |
|
Costs of Goods Sold |
- |
(593,293,000) |
(82,565,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
- |
(50,911,000) |
(7,286,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(104,364,000) |
(94,053,000) |
(21,372,000) |
(16,899,000) |
(7,074,983) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(104,364,000) |
(94,053,000) |
(21,372,000) |
(16,899,000) |
(7,074,983) |
|
Taxation |
0 |
136,000 |
(136,000) |
(38,000) |
(213,667) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(104,364,000) |
(93,917,000) |
(21,508,000) |
(16,937,000) |
(7,288,650) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(139,811,000) |
(45,894,000) |
(24,385,712) |
(7,448,712) |
(160,062) |
|
Prior year adjustment |
- |
- |
(288) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(139,811,000) |
(45,894,000) |
(24,386,000) |
(7,448,712) |
(160,062) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(244,175,000) |
(139,811,000) |
(45,894,000) |
(24,385,712) |
(7,448,712) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(244,175,000) |
(139,811,000) |
(45,894,000) |
(24,385,712) |
(7,448,712) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||||
|
Others |
- |
8,843,000 |
214,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
8,843,000 |
214,000 |
- |
- |
|
|
============= |
============= |
============= |
BALANCE
SHEET
|
|
|
|
BAHRU STAINLESS
SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
2,540,068,000 |
2,112,568,000 |
1,560,119,000 |
1,145,081,000 |
516,314,000 |
|
Computer software |
- |
1,625,000 |
2,071,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
- |
1,625,000 |
2,071,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
2,540,068,000 |
2,114,193,000 |
1,562,190,000 |
1,145,081,000 |
516,314,000 |
|
Stocks |
- |
126,520,000 |
92,247,000 |
820,000 |
- |
|
Trade debtors |
- |
144,490,000 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
- |
45,850,000 |
45,926,000 |
43,033,000 |
323,000 |
|
Short term deposits |
- |
111,031,000 |
189,921,000 |
236,910,000 |
50,019,000 |
|
Amount due from holding company |
- |
27,000 |
443,000 |
289,000 |
132,000 |
|
Amount due from related companies |
- |
73,281,000 |
28,134,000 |
221,000 |
38,000 |
|
Cash & bank balances |
- |
39,619,000 |
23,657,000 |
20,717,000 |
20,706,000 |
|
Others |
- |
303,000 |
166,000 |
166,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
517,759,000 |
541,121,000 |
380,494,000 |
302,156,000 |
71,218,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
3,057,827,000 |
2,655,314,000 |
1,942,684,000 |
1,447,237,000 |
587,532,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
- |
19,451,000 |
3,902,000 |
- |
- |
|
Other creditors & accruals |
- |
271,820,000 |
61,376,000 |
92,915,000 |
41,392,000 |
|
Hire purchase & lease creditors |
- |
50,000 |
- |
- |
- |
|
Short term borrowings/Term loans |
- |
11,334,000 |
- |
- |
- |
|
Amounts owing to holding company |
- |
830,150,000 |
516,165,000 |
475,581,000 |
517,000 |
|
Amounts owing to related companies |
- |
326,063,000 |
59,792,000 |
5,670,000 |
1,422,000 |
|
Provision for taxation |
- |
- |
- |
- |
50,000 |
|
Other liabilities |
- |
14,447,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
1,925,389,000 |
1,473,315,000 |
641,235,000 |
574,166,000 |
43,381,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(1,407,630,000) |
(932,194,000) |
(260,741,000) |
(272,010,000) |
27,837,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,132,438,000 |
1,181,999,000 |
1,301,449,000 |
873,071,000 |
544,151,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
701,600,000 |
551,600,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
701,600,000 |
551,600,000 |
|
Retained profit/(loss) carried forward |
(244,175,000) |
(139,811,000) |
(45,894,000) |
(24,385,712) |
(7,448,712) |
|
Others |
78,949,000 |
(11,326,000) |
(18,503,000) |
(18,266,288) |
(288) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(165,226,000) |
(151,137,000) |
(64,397,000) |
(42,652,000) |
(7,449,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
986,374,000 |
1,000,463,000 |
1,087,203,000 |
658,948,000 |
544,151,000 |
|
Long term loans |
- |
181,339,000 |
199,616,000 |
194,386,000 |
- |
|
Lease obligations |
- |
197,000 |
- |
- |
- |
|
Others |
- |
- |
14,630,000 |
19,737,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
146,064,000 |
181,536,000 |
214,246,000 |
214,123,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,132,438,000 |
1,181,999,000 |
1,301,449,000 |
873,071,000 |
544,151,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
|
|
BAHRU STAINLESS
SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
- |
150,650,000 |
213,578,000 |
257,627,000 |
70,725,000 |
|
Net Liquid Funds |
- |
150,650,000 |
213,578,000 |
257,627,000 |
70,725,000 |
|
Net Liquid Assets |
(1,407,630,000) |
(1,058,714,000) |
(352,988,000) |
(272,830,000) |
27,837,000 |
|
Net Current Assets/(Liabilities) |
(1,407,630,000) |
(932,194,000) |
(260,741,000) |
(272,010,000) |
27,837,000 |
|
Net Tangible Assets |
1,132,438,000 |
1,180,374,000 |
1,299,378,000 |
873,071,000 |
544,151,000 |
|
Net Monetary Assets |
(1,553,694,000) |
(1,240,250,000) |
(567,234,000) |
(486,953,000) |
27,837,000 |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
- |
192,920,000 |
199,616,000 |
194,386,000 |
0 |
|
Total Liabilities |
2,071,453,000 |
1,654,851,000 |
855,481,000 |
788,289,000 |
43,381,000 |
|
Total Assets |
3,057,827,000 |
2,655,314,000 |
1,942,684,000 |
1,447,237,000 |
587,532,000 |
|
Net Assets |
1,132,438,000 |
1,181,999,000 |
1,301,449,000 |
873,071,000 |
544,151,000 |
|
Net Assets Backing |
986,374,000 |
1,000,463,000 |
1,087,203,000 |
658,948,000 |
544,151,000 |
|
Shareholders' Funds |
986,374,000 |
1,000,463,000 |
1,087,203,000 |
658,948,000 |
544,151,000 |
|
Total Share Capital |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
701,600,000 |
551,600,000 |
|
Total Reserves |
(165,226,000) |
(151,137,000) |
(64,397,000) |
(42,652,000) |
(7,449,000) |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
- |
0.10 |
0.33 |
0.45 |
1.63 |
|
Liquid Ratio |
- |
0.28 |
0.45 |
0.52 |
1.64 |
|
Current Ratio |
0.27 |
0.37 |
0.59 |
0.53 |
1.64 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
- |
86 |
450 |
0 |
0 |
|
Debtors Ratio |
- |
99 |
0 |
0 |
0 |
|
Creditors Ratio |
- |
12 |
17 |
0 |
0 |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
- |
0.19 |
0.18 |
0.29 |
0.00 |
|
Liabilities Ratio |
2.10 |
1.65 |
0.79 |
1.20 |
0.08 |
|
Times Interest Earned Ratio |
- |
(9.64) |
(98.87) |
0.00 |
0.00 |
|
Assets Backing Ratio |
0.98 |
1.02 |
1.13 |
1.24 |
0.99 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
(13.19) |
(17.57) |
(28.58) |
0.00 |
0.00 |
|
Net Profit Margin |
(13.19) |
(17.54) |
(28.76) |
0.00 |
0.00 |
|
Return On Net Assets |
(9.22) |
(7.21) |
(1.63) |
(1.94) |
(1.30) |
|
Return On Capital Employed |
(9.22) |
(7.20) |
(1.62) |
(1.94) |
(1.30) |
|
Return On Shareholders' Funds/Equity |
(10.58) |
(9.39) |
(1.98) |
(2.57) |
(1.34) |
|
Dividend Pay Out Ratio (Times) |
- |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent Liabilities |
- |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.49 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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.