MIRA INFORM REPORT

 

 

Report No. :

312968

Report Date :

23.03.2015

 

IDENTIFICATION DETAILS

 

Name :

BAC MALAYSIA SDN. BHD.

 

 

Registered Office :

332 ( Lift 7 ), Block A, Damansara Intan, 1 Jalan Ss 20/27, Level 3, 47400 Petaling Jaya, Selangor,

 

 

Country :

Malaysia

 

 

Financials (as on) :

30.09.2014

 

 

Date of Incorporation :

22.05.2008

 

 

Com. Reg. No.:

818541-H

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading in Cooling and Heat Transfer Equipment

 

 

No. of Employee :

3

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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.

:

818541-H

COMPANY NAME

:

BAC MALAYSIA SDN. BHD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

22/05/2008

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

332 ( LIFT 7 ), BLOCK A, DAMANSARA INTAN, 1 JALAN SS 20/27, LEVEL 3, 47400 PETALING JAYA, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

628, BLOCK A, 1, DAMANSARA INTAN, JALAN SS20/27, 6TH FLOOR, 47400 PETALING JAYA, SELANGOR, MALAYSIA.

TEL.NO.

:

03-77254917

FAX.NO.

:

03-7724927

CONTACT PERSON

:

YEE MEOW CHUAN ( DIRECTOR )

INDUSTRY CODE

:

465

PRINCIPAL ACTIVITY

:

TRADING IN COOLING AND HEAT TRANSFER EQUIPMENT

AUTHORISED CAPITAL

:

MYR 500,000.00 DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 150,000.00 DIVIDED INTO
ORDINARY SHARES 2 CASH AND 149,998 OTHERWISE OF MYR 1.00 EACH.

SALES

:

MYR 18,734,387 [2014]

NET WORTH

:

MYR 2,922,579 [2014]

BANKER (S)

HSBC BANK MALAYSIA BHD

STAFF STRENGTH

:

3 [2015]

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

POOR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

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) trading in cooling and heat transfer equipment.

The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

The immediate holding company of the Subject is BALTIMORE ACOIL COMPANY, INC, a company incorporated in UNITED STATES.

 

Share Capital History

Date

Authorised Shared Capital

Issue & Paid Up Capital

31/12/2013

MYR 500,000.00

MYR 150,000.00

22/05/2008

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

(%)

BALTIMORE ACOIL COMPANY, INC

7600, DORSEY RUN ROAD, JESSUP, MARYLAND, 20794, UNITED STATES.

0746312

150,000.00

100.00

---------------

------

150,000.00

100.00

============

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. YEE MEOW CHUAN

Address

:

38, JALAN HUJAN ABU 5, OVERSEAS UNION GARDEN, 58200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

A1398435

New IC No

:

691122-11-5101

Date of Birth

:

22/11/1969

Nationality

:

MALAYSIAN

Date of Appointment

:

22/05/2008

 

DIRECTOR 2

 

Name Of Subject

:

TIMOTHY KENNETH BUZBY

Address

:

7600, DORSEY RUN ROAD, JESSUP, MARYLAND, 20794, UNITED STATES.

IC / PP No

:

444384991

Nationality

:

AMERICAN

Date of Appointment

:

23/07/2014

 

DIRECTOR 3

 

Name Of Subject

:

LUKAS RUBINO

Address

:

38, JALAN HUJAN ABU 5, OVERSEAS UNION GARDEN, 58200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

017395664

Nationality

:

AMERICAN

Date of Appointment

:

06/12/2012



MANAGEMENT

 

 

 

1)

Name of Subject

:

YEE MEOW CHUAN

Position

:

DIRECTOR

 

2)

Name of Subject

:

FOONG LING

Position

:

ASSISTANT MANAGER

 

 

 

AUDITOR

 

Auditor

:

YTS & ASSOCIATES

Auditor' Address

:

336 (LIFT 7), BLOCK A, DAMANSARA INTAN, LEVEL 3, 47400 PETALING JAYA, SELANGOR, MALAYSIA.

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MR. PAN ENG KIAT

IC / PP No

:

A0788368

New IC No

:

670805-04-5357

Address

:

300, JALAN SELESA 1, HAPPY GARDEN, 58200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

HSBC BANK MALAYSIA BHD

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

1

01/09/2010

FACILITY AGREEMENT, SECURITY OVER DEPOSIT

HSBC BANK 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


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

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

X

]

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

MALAYSIA

Overseas

:

YES

Export Market

:

EUROPE

ITALY

AUSTRALIA

JAPAN

CHINA

RUSSIA

KOREA

Credit Term

:

AS AGREED,CASH ON DELIVERY (COD)

Payment Mode

:

CHEQUES
CASH

 

 

OPERATIONS

 

Goods Traded

:

COOLING AND HEAT TRANSFER EQUIPMENT

 

Total Number of Employees:

 

YEAR

2015

2014

2013

GROUP

N/A

N/A

N/A

COMPANY

3

5

5

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading in cooling and heat transfer equipment.

The Subject is engaged in the trading of cooling technology related products.


The thermal performance of all cooling towers currently manufactured by Subject is independently certified by the Cooling Technology Institute (CTI). The use of Subject's Factory Authorized Parts will help maintain the performance as certified by CTI.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

03-77254917

Match

:

N/A

Address Provided by Client

:

28, 6TH FLR, A. DAMANSARA INTAN NO 1,JALAN SS 20/27,4740 PETALING JAYA SELANGOR DARUL EHSAN, MALAYSIA

Current Address

:

628, BLOCK A, 1, DAMANSARA INTAN, JALAN SS20/27, 6TH FLOOR, 47400 PETALING JAYA, SELANGOR, MALAYSIA.

Match

:

NO

Latest Financial Accounts

:

YES

 

Other Investigations


On 18th March 2015, we contacted one of the staff from the Subject and she provided some information on the Subject.

The address provided is incomplete.



FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2014

]

Return on Shareholder Funds

:

Acceptable

[

21.49%

]

Return on Net Assets

:

Acceptable

[

29.68%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.

Liquidity

Current Ratio

:

Favourable

[

1.64 Times

]

The Subject was in good liquidity position with its current  liabilities  well covered by its current assets. With its net current assets, the Subject should be able to repay its short term obligations.

Solvency

Liability Ratio

:

Unfavourable

[

1.55 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 had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. 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 : STRONG

 

 

 

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
(Source : Department of Statistics / Economic Report / Bank Negara Report)



INDUSTRY ANALYSIS

 

MSIC CODE

465 : Wholesale of 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

 

 


Incorporated in 2008, the Subject is a Private Limited company, focusing on trading in cooling and heat transfer equipment. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Presently, the issued and paid up capital of the Subject stands at MYR 150,000. However, with a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.


Investigation revealed, 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 small company, the Subject's business operation is supported by 3 employees. 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.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. 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 2,922,579, the Subject should be able to maintain its business in the near terms.


Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The poor payment habit may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.


The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.


Based on the above condition, we recommend credit be granted to the Subject promptly.

 



PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

BAC MALAYSIA SDN. BHD.

 

Financial Year End

2014-09-30

2013-09-30

2012-09-30

2011-09-30

2010-09-30

Months

12

12

12

12

16

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

SUMMARY

Currency

MYR

MYR

MYR

MYR

MYR

TURNOVER

18,734,387

15,681,614

11,069,606

14,683,747

21,830,566

Other Income

-

133,455

43,957

7,374

-

----------------

----------------

----------------

----------------

----------------

Total Turnover

18,734,387

15,815,069

11,113,563

14,691,121

21,830,566

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

867,454

1,290,905

553,631

586,024

480,985

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

867,454

1,290,905

553,631

586,024

480,985

Taxation

(239,377)

(279,615)

(109,344)

(160,027)

(73,112)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

628,077

1,011,290

444,287

425,997

407,873

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

2,144,502

1,133,212

838,923

412,926

5,053

----------------

----------------

----------------

----------------

----------------

As restated

2,144,502

1,133,212

838,923

412,926

5,053

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

2,772,579

2,144,502

1,283,210

838,923

412,926

CAPITALISATION FOR BONUS ISSUES

-

-

(149,998)

-

-

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

2,772,579

2,144,502

1,133,212

838,923

412,926

=============

=============

=============

=============

=============

 

 

 

BALANCE SHEET

 

 

BAC MALAYSIA SDN. BHD.

 

ASSETS EMPLOYED:

FIXED ASSETS

14,188

18,018

30,017

33,365

44,820

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

14,188

18,018

30,017

33,365

44,820

Trade debtors

-

3,251,614

665,465

1,502,691

-

Other debtors, deposits & prepayments

-

30,392

21,380

22,416

-

Deposits with financial institutions

-

639,013

520,291

207,560

-

Amount due from holding company

-

-

48,297

-

-

Cash & bank balances

-

3,700,608

2,451,159

1,342,992

-

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

7,426,231

7,621,627

3,706,592

3,075,659

5,126,975

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

7,440,419

7,639,645

3,736,609

3,109,024

5,171,795

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

-

4,505,501

2,110,750

1,883,108

-

Other creditors & accruals

-

651,642

340,647

328,991

-

Provision for taxation

-

188,000

2,000

58,000

-

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

4,517,840

5,345,143

2,453,397

2,270,099

4,758,867

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

2,908,391

2,276,484

1,253,195

805,560

368,108

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

2,922,579

2,294,502

1,283,212

838,925

412,928

=============

=============

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

150,000

150,000

150,000

2

2

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

150,000

150,000

150,000

2

2

Retained profit/(loss) carried forward

2,772,579

2,144,502

1,133,212

838,923

412,926

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

2,772,579

2,144,502

1,133,212

838,923

412,926

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

2,922,579

2,294,502

1,283,212

838,925

412,928

----------------

----------------

----------------

----------------

----------------

2,922,579

2,294,502

1,283,212

838,925

412,928

=============

=============

=============

=============

=============

 

 

FINANCIAL RATIO

 

 

BAC MALAYSIA SDN. BHD.

 

TYPES OF FUNDS

Cash

-

3,700,608

2,451,159

1,342,992

-

Net Liquid Funds

-

3,700,608

2,451,159

1,342,992

-

Net Liquid Assets

2,908,391

2,276,484

1,253,195

805,560

368,108

Net Current Assets/(Liabilities)

2,908,391

2,276,484

1,253,195

805,560

368,108

Net Tangible Assets

2,922,579

2,294,502

1,283,212

838,925

412,928

Net Monetary Assets

2,908,391

2,276,484

1,253,195

805,560

368,108

BALANCE SHEET ITEMS

Total Borrowings

-

0

0

0

-

Total Liabilities

4,517,840

5,345,143

2,453,397

2,270,099

4,758,867

Total Assets

7,440,419

7,639,645

3,736,609

3,109,024

5,171,795

Net Assets

2,922,579

2,294,502

1,283,212

838,925

412,928

Net Assets Backing

2,922,579

2,294,502

1,283,212

838,925

412,928

Shareholders' Funds

2,922,579

2,294,502

1,283,212

838,925

412,928

Total Share Capital

150,000

150,000

150,000

2

2

Total Reserves

2,772,579

2,144,502

1,133,212

838,923

412,926

LIQUIDITY (Times)

Cash Ratio

-

0.69

1.00

0.59

-

Liquid Ratio

-

1.43

1.51

1.35

-

Current Ratio

1.64

1.43

1.51

1.35

1.08

WORKING CAPITAL CONTROL (Days)

Stock Ratio

-

0

0

0

-

Debtors Ratio

-

76

22

37

-

Creditors Ratio

-

105

70

47

-

SOLVENCY RATIOS (Times)

Gearing Ratio

-

0.00

0.00

0.00

-

Liabilities Ratio

1.55

2.33

1.91

2.71

11.52

Times Interest Earned Ratio

-

0.00

0.00

0.00

-

Assets Backing Ratio

19.48

15.30

8.55

419,462.50

206,464.00

PERFORMANCE RATIO (%)

Operating Profit Margin

4.63

8.23

5.00

3.99

2.20

Net Profit Margin

3.35

6.45

4.01

2.90

1.87

Return On Net Assets

29.68

56.26

43.14

69.85

116.48

Return On Capital Employed

29.68

56.26

43.14

69.85

116.48

Return On Shareholders' Funds/Equity

21.49

44.07

34.62

50.78

98.78

Dividend Pay Out Ratio (Times)

-

0.00

0.00

0.00

-

NOTES TO ACCOUNTS

Contingent Liabilities

-

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.49

UK Pound

1

Rs.92.26

Euro

1

Rs.66.80

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.