MIRA INFORM REPORT

 

 

Report No. :

344683

Report Date :

15.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ALUMINIUM ALLOY SMELTER INDUSTRIES SDN. BHD.

 

 

Formerly Known As :

BOSS TECHNOLOGY SDN BHD

 

 

Registered Office :

52A, Lebuh Enggang, 41150 Klang, Selangor

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

19.12.2002

 

 

Com. Reg. No.:

601467-D

 

 

Legal Form :

Exempt Private (Limited by Share)

 

 

Line of Business :

Smelting and manufacturing of metal alloy ingots

 

 

No. of Employee :

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 :

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.

The NAJIB administration 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. Gross exports of goods and services constitute more than 80% of GDP. The oil and gas sector supplied about 29% of government revenue in 2014. As an oil and gas exporter, Malaysia has previously 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 strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is trying to lessen its dependence on state oil producer Petronas.

Bank Negara Malaysia (the central bank) maintains healthy foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. In order to attract increased investment, NAJIB 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

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

601467-D

COMPANY NAME

:

ALUMINIUM ALLOY SMELTER INDUSTRIES SDN. BHD.

FORMER NAME

:

BOSS TECHNOLOGY SDN BHD (23/08/2005)

INCORPORATION DATE

:

19/12/2002

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

52A, LEBUH ENGGANG, 41150 KLANG, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

LOT 6076, JALAN HAJI ABDUL MANAN, OFF JALAN MERU, KM 3, 41050 KLANG, SELANGOR, MALAYSIA.

TEL.NO.

:

03-33936855

FAX.NO.

:

03-33936899

EMAIL

:

AAS.MARKETING@ALLOY.COM.MY

WEB SITE

:

WWW.ALLOY.COM.MY

CONTACT PERSON

:

LIM SIN KHEANG ( MANAGING DIRECTOR )

INDUSTRY CODE

:

25994

PRINCIPAL ACTIVITY

:

SMELTING AND MANUFACTURING OF METAL ALLOY INGOTS

AUTHORISED CAPITAL

:

MYR 5,000,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 1,000,000.00 DIVIDED INTO
ORDINARY SHARES 1,000,000 CASH OF MYR 1.00 EACH.

SALES

:

MYR 109,699,515 [2012]

NET WORTH

:

MYR 3,041,782 [2012]

STAFF STRENGTH

:

60 [2015]

BANKER (S)

:

ALLIANCE BANK MALAYSIA BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

SLOW BUT CORRECT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

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) smelting and manufacturing of metal alloy ingots.

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 5,000,000.00

MYR 1,000,000.00

 

The major shareholder(s) of the Subject are shown as follows :


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

MR. LIM SIN KHEANG +

30, JALAN SS 17/3B, SUBANG JAYA, 47500 SUBANG JAYA, SELANGOR, MALAYSIA.

620913-02-5673 6859630

800,000.00

80.00

MR. LIM SENG MENG +

19, USJ 5/2, 47610 SUBANG JAYA, SELANGOR, MALAYSIA.

690911-02-5681 A1352983

200,000.00

20.00

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

------

1,000,000.00

100.00

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

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. LIM SENG MENG

Address

:

19, USJ 5/2, 47610 SUBANG JAYA, SELANGOR, MALAYSIA.

IC / PP No

:

A1352983

New IC No

:

690911-02-5681

Date of Birth

:

11/09/1969

Nationality

:

MALAYSIAN

Date of Appointment

:

19/12/2002

 

DIRECTOR 2

 

Name Of Subject

:

MR. LIM SIN KHEANG

Address

:

30, JALAN SS 17/3B, SUBANG JAYA, 47500 SUBANG JAYA, SELANGOR, MALAYSIA.

IC / PP No

:

6859630

New IC No

:

620913-02-5673

Date of Birth

:

13/09/1962

Nationality

:

MALAYSIAN

Date of Appointment

:

19/12/2002



MANAGEMENT

 

 

1)

Name of Subject

:

LIM SENG MENG

Position

:

DIRECTOR

 

2)

Name of Subject

:

LIM SIN KHEANG

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

T.SIM & CO.

Auditor' Address

:

568-9-36, KOMP.MUTIARA, BT.3 1/2, TINGKAT 9, JALAN IPOH, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. YEW ING CHUO

IC / PP No

:

K0055981

New IC No

:

650606-13-5888

Address

:

52A, LEBUH ENGGANG, 41150 KLANG, SELANGOR, MALAYSIA.

 

2)

Company Secretary

:

MR. NG SAY OR

IC / PP No

:

4537146

New IC No

:

531118-10-6103

Address

:

6, SOLOK PEGAGA SATU, OFF JALAN PEGAGA, TAMAN CHI LIUNG, 41200 KLANG, SELANGOR, MALAYSIA.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

ALLIANCE BANK MALAYSIA BHD

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

1

19/06/2008

OPEN CHARGE

ALLIANCE BANK MALAYSIA BERHAD

-

Satisfied

2

19/06/2008

OPEN CHARGE

ALLIANCE BANK MALAYSIA BERHAD

-

Satisfied

3

01/06/2012

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

4

25/09/2012

N/A

UNITED OVERSEAS BANK (MALAYSIA) BHD.

-

Unsatisfied

5

19/06/2014

N/A

UNITED OVERSEAS BANK (MALAYSIA) BHD.

-

Unsatisfied

6

10/10/2014

N/A

AMBANK (M) BERHAD

-

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

:

ASIA

 

Credit Term

:

30 - 90 DAYS

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

OPERATIONS

 

Products manufactured

:

ALUMINIUM ALLOY INGOTS

 

Total Number of Employees:

YEAR

2015

2010

GROUP

N/A

N/A

COMPANY

60

50

 

Branch

:

YES

Other Information:


The Subject is principally engaged in the (as a / as an) smelting and manufacturing of metal alloy ingots.

The Subject is one of the largest and most reputable aluminium alloy smelter in Malaysia.

The Subject caters different grade range of Aluminium Alloy Ingots which are Domestic Aluminium Alloys, United Kingdom Alloys and Japanese Aluminium Alloys.

The products are used in electronic, electrical, automotive, construction and others.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

0333936855

Current Telephone Number

:

03-33936855

Match

:

YES

Address Provided by Client

:

LOT 6076, JALAN HAJI ABDUL MANAN, OFF JALAN MERU, KM 3,41050,KLANG,SELANGOR.

Current Address

:

LOT 6076, JALAN HAJI ABDUL MANAN, OFF JALAN MERU, KM 3, 41050 KLANG, SELANGOR, MALAYSIA.

Match

:

YES

Latest Financial Accounts

:

NO

 

Other Investigations


We contacted one of the staff from the Subject and he provided some information.


FINANCIAL ANALYSIS

 

The Subject's latest financial accounts are up to 2012 which is out dated in our opinion. Therefore, our comment on the Subject financial performance is restricted thereto.

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

3.2

4.0

Unemployment Rate

3.3

3.2

3.0

2.9

3.0

Net International Reserves ( MYR Billion )

415

427

-

417

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

3.50

2.20

-

4.00

-

Average 3 Months of Non-performing Loans ( % )

14.80

14.70

-

-

-

Average Base Lending Rate ( % )

6.60

6.53

6.53

6.85

-

Business Loans Disbursed( % )

15.3

32.2

-

56.0

-

Foreign Investment ( MYR Million )

23,546.1

26,230.4

38,238.0

43,486.6

-

Consumer Loans ( % )

-

-

-

-

-

Registration of New Companies ( No. )

45,455

45,441

46,321

49,144

-

Registration of New Companies ( % )

3.0

(0.0)

1.9

6.1

-

Liquidation of Companies ( No. )

132,485

17,092

26,430

21,753

-

Liquidation of Companies ( % )

417.8

(87.1)

54.6

(17.7)

-

Registration of New Business ( No. )

284,598

324,761

329,895

332,723

-

Registration of New Business ( % )

5.0

14.0

2.0

1.0

-

Business Dissolved ( No. )

20,121

20,380

18,161

21,436

-

Business Dissolved ( % )

1.9

1.3

(10.9)

18.0

-

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

63.2

-

Credit Cards Spending ( % )

15.6

12.6

-

13.5

-

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)

-

-

3.0

-

Other Mining

-

-

-

46.6

-

Industry Non-performing Loans ( MYR Million )

46.5

-

-

-

-

% of Industry Non-performing Loans

0.1

-

-

-

-

Manufacturing #

4.7

4.8

3.4

6.4

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

1.4

-

Plastic Products

3.8

-

-

2.7

-

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

-

-

13.0

-

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

 

25994 : Manufacture of metal household articles

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

 


Incorporated in 2002, the Subject is an Exempt Private company, focusing on smelting and manufacturing of metal alloy ingots. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of MYR 1,000,000 allows the Subject to expand its business more comfortably. However, the Subject does not have strong shareholders’ backing. Without a strong shareholders' backing, the opportunity of the Subject to expand its business is limited.


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 60 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.


As the Subject is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.


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 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)

ALUMINIUM ALLOY SMELTER INDUSTRIES SDN. BHD.

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

SUMMARY

SUMMARY

SUMMARY

SUMMARY

Currency

MYR

MYR

MYR

MYR

TURNOVER

109,699,515

96,332,925

69,478,162

53,529,255

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

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

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

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

Total Turnover

109,699,515

96,332,925

69,478,162

53,529,255

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

1,505,785

1,032,449

578,214

441,174

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

1,505,785

1,032,449

578,214

441,174

Taxation

(326,898)

(195,098)

(121,871)

(52,000)

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

1,178,887

837,351

456,343

389,174

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

862,895

1,825,544

1,369,201

980,027

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

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

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

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

As restated

862,895

1,825,544

1,369,201

980,027

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

2,041,782

2,662,895

1,825,544

1,369,201

DIVIDENDS - Ordinary (paid & proposed)

-

(1,800,000)

-

-

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

2,041,782

862,895

1,825,544

1,369,201

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

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

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

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

 

 

 

BALANCE SHEET

 

ALUMINIUM ALLOY SMELTER INDUSTRIES SDN. BHD.

 

ASSETS EMPLOYED:

FIXED ASSETS

7,121,803

7,426,481

7,597,399

7,679,474

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

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

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

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

TOTAL LONG TERM ASSETS

7,121,803

7,426,481

7,597,399

7,679,474

TOTAL CURRENT ASSETS

28,194,554

19,358,081

18,273,759

13,515,918

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

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

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

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

TOTAL ASSET

35,316,357

26,784,562

25,871,158

21,195,392

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

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

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

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

TOTAL CURRENT LIABILITIES

32,013,259

24,581,412

22,780,396

18,614,126

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(3,818,705)

(5,223,331)

(4,506,637)

(5,098,208)

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

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

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

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

TOTAL NET ASSETS

3,303,098

2,203,150

3,090,762

2,581,266

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

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

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

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

SHARE CAPITAL

Ordinary share capital

1,000,000

1,000,000

1,000,000

1,000,000

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

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

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

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

TOTAL SHARE CAPITAL

1,000,000

1,000,000

1,000,000

1,000,000

Retained profit/(loss) carried forward

2,041,782

862,895

1,825,544

1,369,201

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

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

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

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

TOTAL RESERVES

2,041,782

862,895

1,825,544

1,369,201

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

3,041,782

1,862,895

2,825,544

2,369,201

TOTAL LONG TERM LIABILITIES

261,316

340,255

265,218

212,065

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

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

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

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

3,303,098

2,203,150

3,090,762

2,581,266

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

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

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

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

 

 

 

FINANCIAL RATIO

 

ALUMINIUM ALLOY SMELTER INDUSTRIES SDN. BHD.

 

TYPES OF FUNDS

Net Liquid Assets

(3,818,705)

(5,223,331)

(4,506,637)

(5,098,208)

Net Current Assets/(Liabilities)

(3,818,705)

(5,223,331)

(4,506,637)

(5,098,208)

Net Tangible Assets

3,303,098

2,203,150

3,090,762

2,581,266

Net Monetary Assets

(4,080,021)

(5,563,586)

(4,771,855)

(5,310,273)

BALANCE SHEET ITEMS

Total Liabilities

32,274,575

24,921,667

23,045,614

18,826,191

Total Assets

35,316,357

26,784,562

25,871,158

21,195,392

Net Assets

3,303,098

2,203,150

3,090,762

2,581,266

Net Assets Backing

3,041,782

1,862,895

2,825,544

2,369,201

Shareholders' Funds

3,041,782

1,862,895

2,825,544

2,369,201

Total Share Capital

1,000,000

1,000,000

1,000,000

1,000,000

Total Reserves

2,041,782

862,895

1,825,544

1,369,201

LIQUIDITY (Times)

Current Ratio

0.88

0.79

0.80

0.73

SOLVENCY RATIOS (Times)

Liabilities Ratio

10.61

13.38

8.16

7.95

Assets Backing Ratio

3.30

2.20

3.09

2.58

PERFORMANCE RATIO (%)

Operating Profit Margin

1.37

1.07

0.83

0.82

Net Profit Margin

1.07

0.87

0.66

0.73

Return On Net Assets

45.59

46.86

18.71

17.09

Return On Capital Employed

45.59

46.86

18.71

17.09

Return On Shareholders' Funds/Equity

38.76

44.95

16.15

16.43

Dividend Pay Out Ratio (Times)

-

2.15

-

-

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.11

UK Pound

1

Rs.99.50

Euro

1

Rs.74.24

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ASH

 

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.