|
Report No. : |
325370 |
|
Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MECHMAR COCHRAN
BOILERS (M) SDN. BHD. |
|
|
|
|
Formerly Known As : |
MECHMAR STEAM
MANAGEMENT SDN BHD |
|
|
|
|
Registered Office : |
1, Jalan Perunding U1/17, Section U1, Hicom-Glenmarie Park, 40150 Shah Alam, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
13.03.1978 |
|
|
|
|
Com. Reg. No.: |
38083-P |
|
|
|
|
Legal Form : |
Exempt Private (Limited by Share) |
|
|
|
|
Line of Business : |
Sale and Marketing in Boilers. |
|
|
|
|
No. of Employees : |
60 [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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. Falling global oil
prices in the second half of 2014 have shrunk Malaysia’s current account
surplus and put downward pressure on the ringgit. 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.
Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade
agreement negotiations and, with the nine other ASEAN members, will form the
ASEAN Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
38083-P |
||||
|
COMPANY NAME |
: |
MECHMAR COCHRAN BOILERS (M) SDN. BHD. |
||||
|
FORMER NAME |
: |
MECHMAR STEAM MANAGEMENT SDN BHD
(31/12/2002) |
||||
|
INCORPORATION DATE |
: |
13/03/1978 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
EXEMPT PRIVATE (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
1, JALAN PERUNDING U1/17, SECTION U1,
HICOM-GLENMARIE PARK, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
1, JALAN PERUNDING U1/17, SEKSYEN U1,
HICOM-GLENMARIE INDUSTRIAL PARK, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-55693688 |
||||
|
FAX.NO. |
: |
03-55691368 |
||||
|
EMAIL |
: |
ENQUIRIES@MECHMAR.COM.MY |
||||
|
WEB SITE |
: |
WWW.MECHMAR.COM.MY |
||||
|
CONTACT PERSON |
: |
TAN KENG OOI ( OPERATIONS DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
46594 |
||||
|
PRINCIPAL ACTIVITY |
: |
SALE AND MARKETING IN BOILERS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 1,500,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,250,000.00 DIVIDED INTO |
||||
|
SALES |
: |
N/A |
||||
|
NET WORTH |
: |
N/A |
||||
|
STAFF STRENGTH |
: |
60 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
N/A |
||||
|
PAYMENT |
: |
N/A |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The Subject is an exempt private company which is allowed to have a minimum
of two and a maximum of twenty shareholders and all the shareholders must be
individuals. An exempt company is a type of private limited company. 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, suing or be sued by other companies. The Subject is governed by the
Companies Act, 1965 and must file in its annual return. The Subject need not
file in its financial statements but it has to file in a document duly signed
by its director in charge of its finance, the secretary and its auditor stating
that the Subject is able to meet all its obligations as and when they fall due.
Although the Subject is not required to file in its financial statements, it
also has to prepare its financial account which must be presented at the Annual
General Meeting.
The Subject is principally engaged in the (as a / as an) sale and
marketing in boilers.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 1,500,000.00 |
MYR 1,250,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. MUHAMMAD YAKUB BIN HUSSAINI + |
8, SRI BAHAGIA PETRA JAYA, 93050 KUCHING, SARAWAK, MALAYSIA. |
730414-13-5859 |
875,000.00 |
70.00 |
|
RAQUIB MD FAKHRUL |
HOUSE 29, ROAD 30, GULSHAN,DHAKA 1212, BANGLADESH. |
C1115417 |
375,000.00 |
30.00 |
|
--------------- |
------ |
|||
|
1,250,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. TAN KENG OOI |
|
Address |
: |
43, JALAN BATAI, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A3351654 |
|
New IC No |
: |
760409-14-5873 |
|
Date of Birth |
: |
09/04/1976 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/10/2007 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. MUHAMMAD YAKUB BIN HUSSAINI |
|
Address |
: |
8, SRI BAHAGIA PETRA JAYA, 93050 KUCHING, SARAWAK, MALAYSIA. |
|
New IC No |
: |
730414-13-5859 |
|
Date of Birth |
: |
14/04/1973 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
10/01/2011 |
|
1) |
Name of Subject |
: |
TAN KENG OOI |
|
Position |
: |
OPERATIONS DIRECTOR |
|
Auditor |
: |
DELOITTE KASSIMCHAN |
|
Auditor' Address |
: |
MENARA LGB, 1 JALAN WAN KADIR, TAMAN TUN DR. ISMAIL, LEVEL 16, 60000
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. JULIA LEONG OI MOOI |
|
IC / PP No |
: |
5474670 |
|
|
New IC No |
: |
570720-08-5650 |
|
|
Address |
: |
20, JALAN SS3/43, 47300 PETALING JAYA, SELANGOR, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
AMBANK (M) BHD |
|
2) |
Name |
: |
RHB SAKURA MERCHANT BANKERS BHD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
26/01/2005 |
N/A |
RHB SAKURA MERCHANT BANKERS BERHAD |
MYR 1.00 |
Satisfied |
|
2 |
26/01/2005 |
N/A |
RHB SAKURA MERCHANT BANKERS BERHAD |
MYR 3,780,000.00 |
Satisfied |
|
3 |
11/05/2011 |
MEMORANDUM OF DEPOSIT OF FIXED DEPOSIT RECEIPT DATED 11/05/2011 1ST
PARTY LETTER OF SET-OFF DATED 11/05/2011 |
AMBANK (M) BHD |
MYR 350,000.00 |
Unsatisfied |
|
4 |
01/06/2012 |
N/A |
EXPORT-IMPORT BANK OF MALAYSIA BHD |
- |
Unsatisfied |
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 |
: |
SRI LANKA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
INDUSTRIAL STEAM BOILERS |
|
|
Member(s) / Affiliate(s) |
: |
MALAYSIAN IRON AND STEEL INDUSTRY FEDERATION (MISIF) MALAYSIA LOGISTICS INDUSTRY |
|
|
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 |
60 |
50 |
50 |
50 |
50 |
50 |
|||
|
Branch |
: |
YES |
Other Information:
The Subject is principally engaged in the (as a / as an) sale and marketing in
boilers.
The Subject acts as the Sales and Marketing arm for its related company,
Mechmar Boilers Sdn Bhd.
The factory is located in Pasir Gudang, Johor.
Besides that the Subject also involved in the design and supply of power plant
systems and installation of industrial boilers.
We were informed that the Subject provides its services based on the customers'
requirements.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-55693688 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
NO 1 JALAN PERUNDING U1/17, HICOM GLENMARIE IND PARK, |
|
Current Address |
: |
1, JALAN PERUNDING U1/17, SEKSYEN U1, HICOM-GLENMARIE INDUSTRIAL PARK,
40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
The address provided is incomplete.
FINANCIAL
ANALYSIS
|
|
The Subject is a private exempt company which does not need to file in
its accounts with the Registrar of Companies for the information of the
public. Therefore, we are not able to comment on the Subject's financial
performance. |
||||||
|
Overall financial condition of the Subject : N/A |
||||||
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 |
|
|
46594 : Wholesale of industrial machinery, equipment and supplies |
|
|
INDUSTRY : |
MACHINERY |
|
Malaysia is presently the leading manufacturer of automation machinery
and equipment (M&E) in the ASEAN region with a total of 22 companies in
production. The machinery and equipment industry has expanded and produce a
diverse range of machinery which give importance to the overall industrial
development of the country, due to its cross cutting linkages with all
industrial sectors. |
|
|
Growth of the domestic-oriented industries such as machinery and
transportation equipment is expected to remain favourable in 2014, in line
with resilient domestic consumption and robust private investment. However,
the output of general-purpose machinery decreased 8.8% in the first seven
moths of 2014 (January - July 2013: -1.8%) due to the decline in manufacture
of air-conditioning machine (-17.9%) as well as lifting and handling
equipment (-8.2%). |
|
|
Besides, shipments of machinery, appliances and parts continued to
expand rapidly by 12.5% in the first seven months of 2014 (January - July
2013: 1.4%) with stronger demand from Singapore, the US, China and Australia.
Growth was mainly contributed by specialized machinery for specific
industries (16.3%), particularly for civil engineering and manufacture of
semiconductors as well as general industrial machinery and equipment (9.2%)
such as heating and cooling equipment and parts as well as mechanical
handling equipment and parts. |
|
|
According to the World Bank's Doing Business 2014 Report, Malaysia improved
to 15th from 25th position in the 2014 Foreign Direct Investment Confidence
Index, with highlighted Malaysia's efforts in building its competitive
position in electronics, automotive, and machinery manufacturing to move up
the value chain into high technology and skill-intensive segments. |
|
|
The Government has identified the M&E industry to be one of the
key areas for growth and development. The growth will focus on the
manufacture of high value-added and high technology M&E. For the further
development of the M&E industry, six strategic thrusts have been set
during the Third Industrial Master Plan (IMP3), 2006 - 2020 period:- |
|
|
- Promoting Malaysia as a regional production, trading and
distribution centre for M&E |
|
|
- Rising the development and promotion of selected specialized and
high technology M&E |
|
|
- Strengthening the engineering support industries and support
services |
|
|
- Developing Malaysian Standards for machinery and equipment |
|
|
- Developing sufficient highly skilled workforce |
|
|
- Strengthening the institutional support for the further development
of the industry |
|
|
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) |
|
MECHMAR COCHRAN BOILERS (M) SDN. BHD. |
|
Financial Year End |
2009-12-31 |
2008-12-31 |
2007-12-31 |
2006-12-31 |
2005-12-31 |
|
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 |
FULL |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
49,102,673 |
36,374,213 |
50,624,021 |
38,164,300 |
19,123,716 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
49,102,673 |
36,374,213 |
50,624,021 |
38,164,300 |
19,123,716 |
|
Costs of Goods Sold |
(42,379,952) |
(29,385,193) |
(42,457,608) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
6,722,721 |
6,989,020 |
8,166,413 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,219,649 |
1,159,950 |
1,930,612 |
279,171 |
(1,400,037) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,219,649 |
1,159,950 |
1,930,612 |
279,171 |
(1,400,037) |
|
Taxation |
(234,614) |
(370,000) |
(102,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
985,035 |
789,950 |
1,828,612 |
279,171 |
(1,400,037) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
985,035 |
789,950 |
1,828,612 |
279,171 |
(1,400,037) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
985,035 |
789,950 |
1,828,612 |
279,171 |
(1,400,037) |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
850,596 |
171,646 |
(1,656,966) |
(1,936,137) |
(536,100) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
850,596 |
171,646 |
(1,656,966) |
(1,936,137) |
(536,100) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
1,835,631 |
961,596 |
171,646 |
(1,656,966) |
(1,936,137) |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
(111,000) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
1,835,631 |
850,596 |
171,646 |
(1,656,966) |
(1,936,137) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Hire purchase |
12,869 |
12,080 |
3,840 |
- |
- |
|
Others |
152,327 |
6,367 |
9,429 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
165,196 |
18,447 |
13,269 |
- |
- |
|
|
============= |
============= |
============= |
- |
- |
|
|
DEPRECIATION (as per notes to P&L) |
136,718 |
128,765 |
133,689 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
136,718 |
128,765 |
133,689 |
- |
- |
|
|
============= |
============= |
============= |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
MECHMAR COCHRAN BOILERS (M) SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
264,385 |
388,357 |
435,387 |
375,082 |
381,739 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
264,385 |
388,357 |
435,387 |
375,082 |
381,739 |
|
Stocks |
716,208 |
741,132 |
506,902 |
- |
- |
|
Trade debtors |
12,802,575 |
11,312,679 |
8,847,686 |
- |
- |
|
Other debtors, deposits & prepayments |
110,544 |
165,887 |
217,651 |
- |
- |
|
Amount due from holding company |
5,792,543 |
6,164,472 |
4,982,697 |
- |
- |
|
Amount due from related companies |
745,347 |
4,299,943 |
2,399,748 |
- |
- |
|
Cash & bank balances |
2,326,497 |
2,082,650 |
4,920,595 |
- |
- |
|
Others |
- |
- |
434,781 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
22,493,714 |
24,766,763 |
22,310,060 |
18,610,261 |
13,079,034 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
22,758,099 |
25,155,120 |
22,745,447 |
18,985,343 |
13,460,773 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
7,308,054 |
4,280,655 |
3,598,685 |
- |
- |
|
Other creditors & accruals |
738,953 |
1,177,012 |
1,179,468 |
- |
- |
|
Bank overdraft |
468,850 |
- |
- |
- |
- |
|
Amounts owing to related companies |
452,370 |
1,199,848 |
4,010,710 |
- |
- |
|
Provision for taxation |
- |
176,188 |
- |
- |
- |
|
Dividends payable/proposed |
59,000 |
111,000 |
- |
- |
- |
|
Other liabilities |
10,595,855 |
16,010,528 |
12,372,483 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
19,623,082 |
22,955,231 |
21,161,346 |
- |
14,146,910 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
2,870,632 |
1,811,532 |
1,148,714 |
18,610,261 |
(1,067,876) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
3,135,017 |
2,199,889 |
1,584,101 |
18,985,343 |
(686,137) |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
|
Retained profit/(loss) carried forward |
1,835,631 |
850,596 |
171,646 |
(1,656,966) |
(1,936,137) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
1,835,631 |
850,596 |
171,646 |
(1,656,966) |
(1,936,137) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
3,085,631 |
2,100,596 |
1,421,646 |
(406,966) |
(686,137) |
|
Hire purchase creditors |
49,386 |
99,293 |
162,455 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
49,386 |
99,293 |
162,455 |
19,392,309 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,135,017 |
2,199,889 |
1,584,101 |
18,985,343 |
(686,137) |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
FINANCIAL
RATIO
|
|
MECHMAR COCHRAN BOILERS (M) SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
2,326,497 |
2,082,650 |
4,920,595 |
- |
- |
|
Net Liquid Funds |
1,857,647 |
2,082,650 |
4,920,595 |
- |
- |
|
Net Liquid Assets |
2,154,424 |
1,070,400 |
641,812 |
18,610,261 |
(1,067,876) |
|
Net Current Assets/(Liabilities) |
2,870,632 |
1,811,532 |
1,148,714 |
18,610,261 |
(1,067,876) |
|
Net Tangible Assets |
3,135,017 |
2,199,889 |
1,584,101 |
18,985,343 |
(686,137) |
|
Net Monetary Assets |
2,105,038 |
971,107 |
479,357 |
(782,048) |
(1,067,876) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
518,236 |
99,293 |
162,455 |
- |
- |
|
Total Liabilities |
19,672,468 |
23,054,524 |
21,323,801 |
19,392,309 |
14,146,910 |
|
Total Assets |
22,758,099 |
25,155,120 |
22,745,447 |
18,985,343 |
13,460,773 |
|
Net Assets |
3,135,017 |
2,199,889 |
1,584,101 |
18,985,343 |
(686,137) |
|
Net Assets Backing |
3,085,631 |
2,100,596 |
1,421,646 |
(406,966) |
(686,137) |
|
Shareholders' Funds |
3,085,631 |
2,100,596 |
1,421,646 |
(406,966) |
(686,137) |
|
Total Share Capital |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
|
Total Reserves |
1,835,631 |
850,596 |
171,646 |
(1,656,966) |
(1,936,137) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.12 |
0.09 |
0.23 |
- |
- |
|
Liquid Ratio |
1.11 |
1.05 |
1.03 |
- |
- |
|
Current Ratio |
1.15 |
1.08 |
1.05 |
- |
0.92 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
5 |
7 |
4 |
- |
- |
|
Debtors Ratio |
95 |
114 |
64 |
- |
- |
|
Creditors Ratio |
63 |
53 |
31 |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.17 |
0.05 |
0.11 |
- |
- |
|
Liabilities Ratio |
6.38 |
10.98 |
15.00 |
(47.65) |
(20.62) |
|
Times Interest Earned Ratio |
8.38 |
63.88 |
146.50 |
- |
- |
|
Assets Backing Ratio |
2.51 |
1.76 |
1.27 |
15.19 |
(0.55) |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
2.48 |
3.19 |
3.81 |
0.73 |
(7.32) |
|
Net Profit Margin |
2.01 |
2.17 |
3.61 |
0.73 |
(7.32) |
|
Return On Net Assets |
44.17 |
53.57 |
122.71 |
1.47 |
204.05 |
|
Return On Capital Employed |
38.43 |
53.57 |
122.71 |
1.47 |
204.05 |
|
Return On Shareholders' Funds/Equity |
31.92 |
37.61 |
128.63 |
(68.60) |
204.05 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.14 |
0.00 |
- |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.83 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.