|
|
|
MIRA
INFORM REPORT
|
Report No. : |
491604 |
|
Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
BAHRU STAINLESS
SDN. BHD. |
|
|
|
|
Registered Office : |
Ptd 4069 (Plo 108), Jalan Rumbia 4, Tanjung
Langsat Industrial, Complex, 81700 Pasir Gudang, Johor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2015 |
|
|
|
|
Date of Incorporation : |
27.03.2008 |
|
|
|
|
Com. Reg. No.: |
811430-H |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is engaged in the manufacturing
of stainless steel. |
|
|
|
|
No. of Employees : |
100 [2017] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, an upper middle-income country, has transformed itself since
the 1970s from a producer of raw materials into a multi-sector economy. Under
current Prime Minister NAJIB, Malaysia is attempting to achieve high-income
status by 2020 and to move further up the value-added production chain by
attracting investments in high technology, knowledge-based industries and
services. NAJIB's Economic Transformation Program 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. Domestic demand continues to
anchor economic growth, supported mainly by private consumption, which accounts
for 53% of GDP. Nevertheless, exports - particularly of electronics, oil and
gas, and palm oil - remain a significant driver of the economy. In 2015, gross
exports of goods and services were equivalent to 73% of GDP. The oil and gas
sector supplied about 22% of government revenue in 2015, down significantly
from prior years amid a decline in commodity prices and diversification of
government revenues. Malaysia has embarked on a fiscal reform program aimed at
achieving a balanced budget by 2020, including rationalization of subsidies and
the 2015 introduction of a 6% value added tax. Sustained low commodity prices
throughout the period not only strained government finances, but also shrunk
Malaysia’s current account surplus and weighed heavily on the Malaysian
ringgit, which was among the region’s worst performing currencies during 2015.
The ringgit rebounded in early 2016, but hit new lows following the US
presidential election amid a broader selloff of emerging market assets.
Bank Negara Malaysia (the central bank) maintains adequate foreign
exchange reserves; a well-developed regulatory regime has limited Malaysia's
exposure to riskier financial instruments, although it remains vulnerable to
volatile global capital flows. In order to increase Malaysia’s competitiveness,
Prime Minister 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, policies that favor and advance
the economic condition of ethnic Malays.
Malaysia signed the 12-nation Trans-Pacific Partnership (TPP) free trade
agreement in February 2016, although the future of the TPP remains unclear
following the US withdrawal from the agreement. Along with nine other ASEAN
members, Malaysia established the ASEAN Economic Community in 2015, which aims
to advance regional economic integration.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
811430-H |
||||
|
COMPANY NAME |
: |
BAHRU STAINLESS SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
27/03/2008 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
PTD 4069 (PLO 108), JALAN RUMBIA 4, TANJUNG
LANGSAT INDUSTRIAL, COMPLEX, 81700 PASIR GUDANG, JOHOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
PTD 4069 (PLO 108), JALAN RUMBIA 4, TANJUNG
LANGSAT INDUSTRIAL COMPLEX, 81700 PASIR GUDANG, JOHOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
07-2546440 |
||||
|
FAX.NO. |
: |
07-2513186 |
||||
|
HP.NO. |
: |
0197795888 |
||||
|
WEB SITE |
: |
WWW.ACERINOX.COM |
||||
|
CONTACT PERSON |
: |
DANIEL TOMAS AZPITARTE ZEMP ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
24102 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF STAINLESS STEEL |
||||
|
AUTHORISED CAPITAL |
: |
MYR
1,151,600,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR
1,151,600,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 1,302,942,000 [2015] |
||||
|
NET WORTH |
: |
MYR 740,767,000 [2015] |
||||
|
STAFF STRENGTH |
: |
100 [2017] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
SLOW BUT CORRECT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL 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 shall have a minimum one director. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act, 1965 and the company
must file its annual returns, together with its financial statements with the
Registrar of Companies.
The subject is principally engaged in the (as
a / as an) manufacturing of stainless steel.
The subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the Subject
is ACERINOX , S. A., a company incorporated in SPAIN.
The ultimate holding company of the Subject
is ACERINOX, S. A., a company incorporated in SPAIN.
Former Address(es)
|
Address |
As At Date |
|
LOT PTD 3532,
JALAN TEGAR, PERINDUSTRIAN TANJUNG LANGSAT, 81700, JOHOR, MALAYSIA |
15/02/2013 |
|
LEVEL 2, TLP
BUILDING, TANJUNG LANGSAT, INDUSTRIAL COMPLEX, 81707, JOHOR, MALAYSIA |
N/A |
|
SUIET 3.6,
LEVEL 3, MENARA PELANGI, NO. 2, JALAN KUNING, TAMAN PELANGI, 80400, JOHOR,
MALAYSIA |
N/A |
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
20/06/2013 |
MYR 1,151,600,000.00 |
MYR 1,151,600,000.00 |
|
01/11/2010 |
MYR 1,151,600,000.00 |
MYR 701,600,000.00 |
|
24/12/2008 |
MYR 1,000,000,000.00 |
MYR 106,000,000.00 |
|
10/12/2008 |
MYR 1,000,000,000.00 |
MYR 16,000,000.00 |
|
27/03/2008 |
MYR 100,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ACERINOX , S. A. |
CALLE SANTIAGO DE COMPOSTELA, 100, MADRID
28035 ,SPAIN |
XLZ00213186 |
771,572.00 |
67.00 |
|
NISSHIN STEEL CO. LTD. |
4-1, MARUNOUCHI 3-CHOME, CHIYODA-KU, TOKYO
JAPAN |
XLZ00214048 |
345,480.00 |
30.00 |
|
HANWA CO., LTD. |
- |
XLZ00227734 |
34,548.00 |
3.00 |
|
--------------- |
------ |
|||
|
1,151,600.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc No |
Shareholding |
Last Updated |
|
METAL ONE CORPORATION |
JAPAN |
XLZ00214588 |
34,548.00 |
N/A |
|
PETER JOHN A/L FRANCIS |
MALAYSIA |
591109-10-5445 |
N/A |
N/A |
|
RAMOS FLORES BENJAMIN |
MALAYSIA |
XDA918292 |
N/A |
N/A |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. DANIEL TOMAS AZPITARTE ZEMP |
|
Address |
: |
C/AZALEA 372, 28109 ALCOBENDAS, MADRID,
SPIN, 28703, MALAYSIA. |
|
IC / PP No |
: |
AAA159226 |
|
Date of Appointment |
: |
19/06/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
811430H |
BAHRU STAINLESS SDN. BHD. |
Director |
19/06/2014 |
0.00 |
MYR(275,876,000.00) |
2015 |
- |
25/07/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
OSWALD WOLFE GOMEZ |
|
Address |
: |
NO. 6, JALAN HANG KASTURI 1/2, 79250
NUSAJAYA, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
XDC445013 |
|
Date of Appointment |
: |
01/11/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
811430H |
BAHRU STAINLESS SDN. BHD. |
Director |
01/11/2014 |
0.00 |
MYR(275,876,000.00) |
2015 |
- |
25/07/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
RYO HATTORI |
|
Address |
: |
B1-16-07, MOLEK PINE 4, JALAN MOLEK 1/27,
TAMAN MOLEK, 81100 JOHOR BAHRU, JOHOR, 81100 JOHOR BAHRU, JOHOR, MALAYSIA. |
|
Other Address(es) |
: |
6-1005 OKANOMARCHI, 564-1,, SHINANOCHO,
TOTSUKA-KU, YOKOHAMA-CITY,, KANAGAWA 244-0801, JAPAN |
|
IC / PP No |
: |
TK5162836 |
|
Date of Appointment |
: |
04/12/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
811430H |
BAHRU STAINLESS SDN. BHD. |
Director |
04/12/2014 |
0.00 |
MYR(275,876,000.00) |
2015 |
- |
25/07/2017 |
DIRECTOR 4
|
Name Of Subject |
: |
DARIO MESONERO-ROMANOS VIVANCO |
|
Address |
: |
7, JALAN HANG TUAH 2/1, EAST LEDANG, 73250
NUSAJAYA, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
PAC619163 |
|
Date of Appointment |
: |
15/06/2016 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
199110U |
ACERINOX SC MALAYSIA SDN. BHD. |
Director |
30/06/2016 |
0.00 |
MYR(4,035,800.00) |
2015 |
- |
25/07/2017 |
|
2 |
811430H |
BAHRU STAINLESS SDN. BHD. |
Director |
15/06/2016 |
0.00 |
MYR(275,876,000.00) |
2015 |
- |
25/07/2017 |
DIRECTOR 5
|
Name Of Subject |
: |
CRISTOBAL FUENTES |
|
Address |
: |
109, MAJAVE TR, CARROLLTON, KENTUCKY,
UNITEC STATES OF AMERICA |
|
IC / PP No |
: |
505669635 |
|
Date of Appointment |
: |
17/06/2016 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
811430H |
BAHRU STAINLESS SDN. BHD. |
Director |
17/06/2016 |
0.00 |
MYR(275,876,000.00) |
2015 |
- |
25/07/2017 |
DIRECTOR 6
|
Name Of Subject |
: |
EIICHIRO TOGO |
|
Address |
: |
1-113, YATSU 3-CHOME, NARASHINO-SHI, CHIBA
275-0026 |
|
IC / PP No |
: |
MZ1120457 |
|
Date of Appointment |
: |
01/07/2017 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
811430H |
BAHRU STAINLESS SDN. BHD. |
Director |
01/07/2017 |
0.00 |
MYR(275,876,000.00) |
2015 |
- |
25/07/2017 |
FORMER
DIRECTOR(S)
|
|
Name |
Address |
IC/PP No |
Appointed Date |
Withdrawn Date |
|
SHIGERU MATSUNAGA |
4-4-3-303 DAIJIN, SHUNAN-SI, YAMGUCHI-KEN,
746-0018 JAPAN |
TH8890608 |
16/04/2009 |
16/06/2011 |
|
RAFAEL GARVIN SALAZAR |
BLOCK D12-E3, STRAITS VIEW CONDOMINIUM,
BANDAR BARU PERMAS JAYA, JOHOR BAHRU, JOHOR, MALAYSIA |
XD416942 |
20/11/2008 |
07/04/2009 |
|
MOHD RIZAL BIN OMAR |
31,JALAN TENANG 12, TAMAN DAMAI JAYA,
SKUDAI, JOHOR, MALAYSIA |
831129-01-5121 |
27/03/2008 |
07/04/2009 |
|
PETER JOHN A/L FRANCIS |
32, JALAN BULAT, TAMAN CENTURY, JOHOR
BAHRU, JOHOR, MALAYSIA |
591109-10-5445 |
27/03/2008 |
13/05/2009 |
|
LUIS GIMENO VALLEDOR |
C/ ALIMOCHE, LAS ROZAS, , MADRID, SPAIN,
MALAYSIA |
AAI151374 |
02/12/2010 |
19/06/2014 |
|
ANTONIO JUAN DE LA ROSA GARCIA |
BLOCK D7-E3, STRAITS VIEW CONDOMINIUM,
JALAN PERMAS SELATAN, BANDAR BARU PERMAS JAYA, JOHOR BAHRU, JOHOR, MALAYSIA |
AAB863399 |
30/03/2009 |
18/11/2011 |
|
MIGUEL FERRANDIS TORRES |
C/ PABLO VIDAL, 72C,, MADRID, SPAIN,
MALAYSIA |
BE463961 |
07/04/2009 |
02/12/2010 |
|
KOJI MIZUMOTO |
SHIN KOKUSAI BUILDING 4-1, MARUNOUCHI 3
CHOME, CHIYODA-KU TOKYO 100-8366 JAPAN |
TK5027968 |
16/06/2011 |
07/06/2012 |
|
NAOTO HIRAMATSU |
NO. 9, JALAN RUMBIA, 11-14 THE IMPERIAL,
SINGAPORE 239620 |
MZ0715473 |
07/06/2012 |
04/12/2014 |
|
LUCIEN MAURICE MATTHEWS |
NO. 170, JALAN MOLEK 2/17, TAMAN MOLEK,
JOHOR BAHRU, JOHOR, MALAYSIA |
M00097633 |
18/11/2011 |
01/11/2014 |
|
BENJAMIN RAMOS FLORES |
NO. 8, JALAN MOLEK 2/16,, TAMAN MOLEK,
JOHOR BAHRU, JOHOR, MALAYSIA |
XDA918292 |
27/03/2008 |
20/03/2016 |
|
BERNARDO VELAZQUEZ HERREROS |
SOPELANA 9 CASA 4, , MADRID, MALAYSIA |
AAI151372 |
07/04/2009 |
17/06/2016 |
|
HIROYUKI MIZUMOTO |
TOWER 4, BLOCK 1-13-01,, MOLEK PINE
APARTMENT, NO.9, JALAN MOLEK 1/27,, JOHOR BAHRU, JOHOR, MALAYSIA |
MZ1117923 |
16/04/2009 |
30/06/2017 |
|
STEPHEN BLAISE SHAVER |
BLOCK D12-E3, STRAITS VIEW CONDOMINIUM,
BANDAR BARU PERMAS JAYA, JOHOR BAHRU, JOHOR, MALAYSIA |
215563289 |
20/11/2008 |
07/04/2009 |
Note : The above information was generated
from our database.
MANAGEMENT
|
|
1) |
Name of Subject |
: |
DANIEL TOMAS AZPITARTE ZEMP |
|
Position |
: |
DIRECTOR |
AUDITOR
|
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
LEVEL 10, KPMG TOWER,, 8 FIRST AVENUE,
BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. JERRY YIN WA |
|
IC / PP No |
: |
A0397689 |
|
|
New IC No |
: |
660629-01-5634 |
|
|
Address |
: |
20,JALAN MOLEK 3/16, TAMAN MOLEK, 81100
JOHOR BAHRU, JOHOR, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK - SUBJECT COMPANY AS A DEFENDANT
|
* 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 |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
No of Customer |
: |
N/A |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|||||
|
Competitor(s) |
: |
FIW STEEL SDN.
BHD. |
|||||
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
2014 |
2013 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
100 |
100 |
100 |
100 |
100 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
stainless steel.
The Subject mainly focuses on cold rolled stainless steel sheets and other
metal product and hardware.
The Subject utilizes advanced automated and semi automated machinery to ensure
production of high quality products.
The Subject supplies a wide range of high quality stainless steel types and
finishes.
RECENT
DEVELOPMENT
|
4 Sep 2012
KUB (M) Bhd's unit KUB Power Sdn Bhd has accepted a contract award from Bahru
Stainless Sdn Bhd for a project worth RM33.9 million.
In a filing to Bursa Malaysia today, KUB said the project to "Supply,
Install, Lay, Erect, Test and Commission A 275V Outdoor Conventional Single
Busbar Electrical System" is at the stainless steel integrated plant in
Tanjung Langsat, Pasir Gudang, Johor.
"The contract tenure is for a period of 365 days," it said, adding it
will contribute positively to the group‘s earnings and earnings per share of
KUB Group for the financial year ending Dec 31, 2012.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
07-2546440 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
4069 (PLO 108), JALAN RUMBIA 4, TANJUNG
LANGSAT INDUSTRIAL COMPLEX, 81700 PASIR GUDANG JOHOR |
|
Current Address |
: |
PTD 4069 (PLO 108), JALAN RUMBIA 4, TANJUNG
LANGSAT INDUSTRIAL COMPLEX, 81700 PASIR GUDANG, JOHOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted on of the staff from the Subject and he provided some information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2011 - 2015 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2011 - 2015 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(37.24%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(5.74%) |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.Higher losses before tax during the year could be due to
the higher operating costs incurred. The Subject's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
74 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
76 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
48 Days |
] |
|
|
The Subject could be incurring higher
holding cost. As its capital was tied up in stocks, it could face liquidity
problems. The high debtors' ratio could indicate that the Subject was weak in
its credit control. However, the Subject could also giving longer credit
periods to its customers in order to boost its sales or to capture / retain
its market share. The Subject had a favourable creditors' ratio where the
Subject could be taking advantage of the cash discounts and also wanting to
maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.42 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.65 Times |
] |
|
|
A low liquid ratio means that the Subject
may be facing working capital deficiency. If the Subject cannot obtain
additional financing or injection of fresh capital, it may face difficulties
in meeting its short term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
(3.29 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.49 Times |
] |
|
|
The Subject incurred losses in the year. It
did not generate sufficient income to service its interest. If the
situation does not improve, the Subject may be vulnerable to default in
servicing the interest. The Subject was lowly geared thus it had a low
financial risk. The Subject was mainly financed by its shareholders' funds
and internally generated funds. In times of economic slowdown / downturn, the
Subject being a lowly geared company, will be able to compete better than
those companies which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the Subject's turnover increased
its profits however showed a reverse trend. The losses could be due to the
management's failure to maintain its competitiveness in the market. Due to
its weak liquidity position, the Subject will be faced with problems in
meeting all its short term obligations if no short term loan is obtained or
additional capital injected into the Subject. The Subject's interest cover
was negative, indicating that it did not generate sufficient income to
service its interest. If its result does not show impressive improvements or
succeed obtaining short term financing or capital injection, it may not be
able to service its interest and repay the loans. The Subject as a lowly
geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations. |
||||||
|
Overall financial condition of the Subject
: POOR |
||||||
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators: |
2013 |
2014 |
2015 |
2016* |
2017** |
|
Population ( Million) |
29.8 |
30.0 |
31.0 |
31.7 |
32.0 |
|
Gross Domestic Products ( % ) |
5.3 |
6.0 |
4.6 |
4.9 |
4.2 |
|
Domestic Demand ( % ) |
5.6 |
6.4 |
6.2 |
6.3 |
- |
|
Private Expenditure ( % ) |
8.6 |
7.9 |
6.9 |
7.4 |
- |
|
Consumption ( % ) |
5.7 |
6.5 |
6.1 |
5.1 |
- |
|
Investment ( % ) |
13.3 |
12.0 |
8.1 |
10.0 |
12.0 |
|
Public Expenditure ( % ) |
4.4 |
2.3 |
4.2 |
3.3 |
- |
|
Consumption ( % ) |
(1.2) |
2.1 |
4.3 |
2.0 |
- |
|
Investment ( % ) |
4.2 |
2.6 |
(1.0) |
1.1 |
- |
|
Balance of Trade ( MYR Million ) |
71,298 |
82,480 |
85,258 |
- |
- |
|
Government Finance ( MYR Million ) |
(39,993) |
(37,291) |
(37,249) |
- |
- |
|
Government Finance to GDP / Fiscal Deficit
( % ) |
(4.0) |
(3.5) |
(3.0) |
- |
- |
|
Inflation ( % Change in Composite CPI) |
2.5 |
3.2 |
4.0 |
- |
- |
|
Unemployment Rate |
3.0 |
2.9 |
3.1 |
3.7 |
3.8 |
|
Net International Reserves ( MYR Billion ) |
422 |
417 |
390 |
391 |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
3.10 |
4.00 |
3.50 |
- |
- |
|
Average 3 Months of Non-performing Loans (
% ) |
2.00 |
2.10 |
2.00 |
1.90 |
- |
|
Average Base Lending Rate ( % ) |
6.53 |
6.85 |
6.79 |
6.81 |
- |
|
Business Loans Disbursed( % ) |
(1.0) |
18.6 |
2.2 |
- |
- |
|
Foreign Investment ( MYR Million ) |
38,238.0 |
43,486.6 |
43,435.0 |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
46,321 |
49,203 |
45,658 |
- |
- |
|
Registration of New Companies ( % ) |
1.9 |
6.1 |
(7.2) |
- |
- |
|
Liquidation of Companies ( No. ) |
13,788 |
11,099 |
7,066 |
- |
- |
|
Liquidation of Companies ( % ) |
(15.4) |
(19.5) |
(36.3) |
- |
- |
|
Registration of New Business ( No. ) |
329,895 |
332,723 |
364,230 |
- |
- |
|
Registration of New Business ( % ) |
2.0 |
1.0 |
9.0 |
- |
- |
|
Business Dissolved ( No. ) |
18,161 |
21,436 |
- |
- |
- |
|
Business Dissolved ( % ) |
(10.9) |
18.0 |
- |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
576.7 |
598.4 |
591.3 |
464.4 |
527.8 |
|
Cellular Phone Subscribers ( Million ) |
43.0 |
44.0 |
44.2 |
44.0 |
- |
|
Tourist Arrival ( Million Persons ) |
25.72 |
27.40 |
25.70 |
30.20 |
30.10 |
|
Hotel Occupancy Rate ( % ) |
62.6 |
63.6 |
58.8 |
61.2 |
- |
|
Credit Cards Spending ( % ) |
6.0 |
5.8 |
6.8 |
6.3 |
- |
|
Bad Cheque Offenders (No.) |
28,876 |
- |
- |
- |
- |
|
Individual Bankruptcy ( No.) |
21,984 |
22,351 |
18,457 |
- |
- |
|
Individual Bankruptcy ( % ) |
12.3 |
1.7 |
(17.4) |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2013 |
2014 |
2015 |
2016* |
2017** |
|
Agriculture |
2.0 |
2.1 |
1.2 |
1.6 |
- |
|
Palm Oil |
2.6 |
6.7 |
7.0 |
8.2 |
- |
|
Rubber |
(10.1) |
(10.4) |
(11.0) |
(12.3) |
- |
|
Forestry & Logging |
(7.8) |
(4.2) |
(7.2) |
(4.8) |
- |
|
Fishing |
1.6 |
2.7 |
2.1 |
2.9 |
- |
|
Other Agriculture |
8.2 |
6.2 |
6.0 |
6.8 |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
314.9 |
303.8 |
343.7 |
420.3 |
- |
|
% of Industry Non-Performing Loans |
1.4 |
1.4 |
1.5 |
1.8 |
- |
|
Mining |
1.2 |
3.5 |
4.7 |
3.6 |
- |
|
Oil & Gas |
2.0 |
3.0 |
3.5 |
4.5 |
- |
|
Other Mining |
47.6 |
46.6 |
47.1 |
42.6 |
- |
|
Industry Non-performing Loans ( MYR Million
) |
152.7 |
63.5 |
180.1 |
190.0 |
- |
|
% of Industry Non-performing Loans |
0.7 |
0.3 |
0.8 |
0.8 |
- |
|
Manufacturing # |
3.4 |
6.2 |
4.9 |
7.6 |
- |
|
Exported-oriented Industries |
3.3 |
5.6 |
4.8 |
5.0 |
- |
|
Electrical & Electronics |
6.9 |
13.3 |
7.9 |
10.5 |
- |
|
Rubber Products |
11.7 |
(0.3) |
3.4 |
5.1 |
- |
|
Wood Products |
(2.7) |
5.1 |
7.1 |
9.6 |
- |
|
Textiles & Apparel |
(2.6) |
11.5 |
7.2 |
9.4 |
- |
|
Domestic-oriented Industries |
5.9 |
7.7 |
4.7 |
6.3 |
- |
|
Food, Beverages & Tobacco |
3.6 |
6.1 |
8.9 |
7.5 |
- |
|
Chemical & Chemical Products |
5.6 |
1.4 |
3.5 |
5.1 |
- |
|
Plastic Products |
3.4 |
2.7 |
3.9 |
5.1 |
- |
|
Iron & Steel |
5.0 |
3.4 |
2.8 |
1.6 |
- |
|
Fabricated Metal Products |
9.9 |
2.9 |
3.6 |
5.8 |
- |
|
Non-metallic Mineral |
(2.0) |
5.4 |
7.2 |
5.8 |
- |
|
Transport Equipment |
13.8 |
22.9 |
7.6 |
11.9 |
- |
|
Paper & Paper Products |
1.8 |
4.7 |
3.2 |
3.9 |
- |
|
Crude Oil Refineries |
11.8 |
13.0 |
14.3 |
13.7 |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
6,165.3 |
5,730.8 |
4,243.7 |
4,214.1 |
- |
|
% of Industry Non-Performing Loans |
27.2 |
25.6 |
19.0 |
18.5 |
- |
|
Construction |
10.6 |
11.7 |
8.2 |
11.1 |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
1,658.2 |
1,666.4 |
1,638.0 |
1,793.9 |
- |
|
% of Industry Non-Performing Loans |
7.3 |
7.5 |
7.3 |
7.9 |
- |
|
Services |
5.9 |
6.6 |
5.1 |
5.8 |
- |
|
Electric, Gas & Water |
4.2 |
3.6 |
3.9 |
3.7 |
- |
|
Transport, Storage & Communication |
7.3 |
7.5 |
7.2 |
7.0 |
- |
|
Wholesale, Retail, Hotel & Restaurant |
6.3 |
8.9 |
6.9 |
8.0 |
- |
|
Finance, Insurance & Real Estate |
3.7 |
4.7 |
4.3 |
6.6 |
- |
|
Government Services |
7.6 |
6.1 |
4.0 |
5.0 |
- |
|
Other Services |
5.6 |
4.8 |
4.7 |
5.8 |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
5,084.6 |
5,373.5 |
6,806.6 |
7,190.6 |
- |
|
% of Industry Non-Performing Loans |
22.5 |
24.1 |
30.5 |
31.5 |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production
Index |
|||||
INDUSTRY
ANALYSIS
|
|
MSIC CODE |
|
|
24102 : Production of bars and rods of
stainless steel or other alloy steel |
|
|
INDUSTRY : |
MANUFACTURING |
|
The manufacturing sector is expected to
grow by 4.3% in 2015. Export-oriented industries are expected to benefit from
higher demand as a result of improving growth in advanced economies, while
domestic-oriented industries will be boosted by resilient domestic economic
activities. The resource-based industry is envisaged to grow steadily
attributed to improved demand for chemical, petroleum, rubber, wood and
plastic products. In addition, strong construction activities following the
implementation of infrastructure projects under the 11MP will augur well for
growth in iron and steel as well as cement segments. |
|
|
In first six months of 2015, the sector
expanded at a slower pace of 4.9%. Output of the sector moderated to 4.8%
while the sales value of manufactured products grew marginally by 0.1% to
RM379.9 billion during the first seven months of 2015. Output from
export-oriented industries also increased at a slower pace of 5.3% due to
weaker global demand. The manufacturing sector continued to attract domestic
and foreign investments, with projects approved by the Malaysian Investment
Development Authority (MIDA) valued at RM49.5 billion for the first six
months of 2015. |
|
|
Besides that, production of wood and wood
products rose by 7.1% largely supported by higher demand for wooden and cane furniture
as well as particleboard and fibreboard with output up by 6.5% and 35.4%,
respectively. The overall positive performance of the wood products
sub-sector was attributed to higher demand from the US, Singapore and
Australia. Output of rubber products rebounded to 3.4%, mainly due to higher
output of rubber gloves and rubber tires for vehicles. The rubber-based
industry stands to benefit from the strengthening US dollar, as most of the
input costs are in ringgit while sales are in US dollar. |
|
|
Exports of manufactured goods decreased by
3% due to the high base effect during the corresponding period in year 2014.
Although, a weak ringgit should have bolstered exports, however, softened by
weak external demand coupled with the depreciation in regional currencies
during the period. During the first eight months of 2015, the slower
expansion in E&E exports and weaker earnings from the non-E&E segment
weighed down the overall exports of manufactured goods. Receipts from
chemicals and chemical products continued to grow, albeit at a slower pace of
5.7%, mainly due to a slack in the demand for organic chemical products
(-3.5%) as major markets. However, the overall growth in the sub-sector was
supported by higher exports of plastics in primary form. |
|
|
In addition, export earnings of wood
products remained high at RM9.8 billion during the first eight months of
2015, it supported by strong demand for wooden furniture. demand for veneer
and plywood, contracted by 7.4% following lower demand mainly from Japan. Exports
of textile, clothing and footwear grew at a slower pace of 6.8% mainly due to
a contraction in the exports of the textile segment, particularly textile
yarns and woven fabrics. During the first eight months of 2015, the total
registered foreign workers in the country increased to 2.2 million. The
employment of foreign workers was largely concentrated in the manufacturing
sectors. Under the 11MP, the Government will improve the management of
foreign workers through the establishment of an improved framework to take
into consideration the relevant laws, rules, regulations, national policies
and directives relating to recruitment, employment and repatriation of
workers. |
|
|
Under budget 2015, the Government will
provide a new incentive that is, Special Reinvestment Allowance to promote
reinvestment among existing companies in the manufacturing sectors. The rate
of claim is at 60% of the qualifying capital expenditure and is allowed to be
set off against 70% of statutory income from year of assessment 2016 to
2018. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
CREDIT RISK
EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS
ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
BAHRU STAINLESS SDN. BHD. |
|
Financial Year End |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
1,302,942,000 |
1,063,398,000 |
791,083,000 |
535,403,000 |
74,789,000 |
|
Other Income |
471,000 |
2,188,000 |
4,247,000 |
6,979,000 |
490,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
1,303,413,000 |
1,065,586,000 |
795,330,000 |
542,382,000 |
75,279,000 |
|
Costs of Goods Sold |
(1,456,371,000) |
(1,131,078,000) |
(823,973,000) |
(593,293,000) |
(82,565,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
(152,958,000) |
(65,492,000) |
(28,643,000) |
(50,911,000) |
(7,286,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(227,523,000) |
(141,494,000) |
(104,364,000) |
(94,053,000) |
(21,372,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(227,523,000) |
(141,494,000) |
(104,364,000) |
(94,053,000) |
(21,372,000) |
|
Taxation |
(48,353,000) |
(46,344,000) |
- |
136,000 |
(136,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(275,876,000) |
(187,838,000) |
(104,364,000) |
(93,917,000) |
(21,508,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(432,013,000) |
(244,175,000) |
(139,811,000) |
(45,894,000) |
(24,386,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(432,013,000) |
(244,175,000) |
(139,811,000) |
(45,894,000) |
(24,386,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(707,889,000) |
(432,013,000) |
(244,175,000) |
(139,811,000) |
(45,894,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(707,889,000) |
(432,013,000) |
(244,175,000) |
(139,811,000) |
(45,894,000) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
53,025,000 |
49,394,000 |
8,437,000 |
8,843,000 |
214,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
53,025,000 |
49,394,000 |
8,437,000 |
8,843,000 |
214,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
92,295,000 |
77,986,000 |
11,280,000 |
10,296,000 |
6,907,000 |
|
AMORTIZATION |
- |
- |
960,000 |
923,000 |
512,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
92,295,000 |
77,986,000 |
12,240,000 |
11,219,000 |
7,419,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
BAHRU STAINLESS SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
3,427,134,000 |
2,787,676,000 |
2,540,068,000 |
2,112,568,000 |
1,560,119,000 |
|
Computer software |
309,000 |
392,000 |
982,000 |
1,625,000 |
2,071,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
309,000 |
392,000 |
982,000 |
1,625,000 |
2,071,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
3,427,443,000 |
2,788,068,000 |
2,541,050,000 |
2,114,193,000 |
1,562,190,000 |
|
Stocks |
262,491,000 |
221,081,000 |
119,034,000 |
126,520,000 |
92,247,000 |
|
Trade debtors |
271,470,000 |
209,646,000 |
174,849,000 |
144,490,000 |
- |
|
Other debtors, deposits & prepayments |
12,412,000 |
54,498,000 |
47,310,000 |
45,850,000 |
45,926,000 |
|
Short term deposits |
6,345,000 |
5,156,000 |
4,841,000 |
111,031,000 |
189,921,000 |
|
Amount due from holding company |
344,000 |
2,000 |
10,000 |
27,000 |
443,000 |
|
Amount due from related companies |
108,574,000 |
86,986,000 |
66,415,000 |
73,281,000 |
28,134,000 |
|
Cash & bank balances |
67,082,000 |
140,251,000 |
104,318,000 |
39,619,000 |
23,657,000 |
|
Others |
- |
- |
- |
303,000 |
166,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
728,718,000 |
717,620,000 |
516,777,000 |
541,121,000 |
380,494,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
4,156,161,000 |
3,505,688,000 |
3,057,827,000 |
2,655,314,000 |
1,942,684,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
189,882,000 |
124,261,000 |
52,534,000 |
19,451,000 |
3,902,000 |
|
Other creditors & accruals |
56,927,000 |
57,234,000 |
98,961,000 |
271,820,000 |
61,376,000 |
|
Hire purchase & lease creditors |
- |
- |
63,000 |
50,000 |
- |
|
Short term borrowings/Term loans |
298,330,000 |
180,284,000 |
48,644,000 |
11,334,000 |
- |
|
Other borrowings |
- |
- |
21,000,000 |
- |
- |
|
Amounts owing to holding company |
1,723,000 |
1,674,000 |
1,460,381,000 |
830,150,000 |
516,165,000 |
|
Amounts owing to related companies |
568,777,000 |
493,988,000 |
243,806,000 |
326,063,000 |
59,792,000 |
|
Other liabilities |
- |
- |
- |
14,447,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
1,115,639,000 |
857,441,000 |
1,925,389,000 |
1,473,315,000 |
641,235,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(386,921,000) |
(139,821,000) |
(1,408,612,000) |
(932,194,000) |
(260,741,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
3,040,522,000 |
2,648,247,000 |
1,132,438,000 |
1,181,999,000 |
1,301,449,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
|
RESERVES |
|||||
|
Share premium |
297,056,000 |
129,902,000 |
- |
- |
- |
|
Retained profit/(loss) carried forward |
(707,889,000) |
(432,013,000) |
(244,175,000) |
(139,811,000) |
(45,894,000) |
|
Others |
- |
- |
78,949,000 |
(11,326,000) |
(18,503,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(410,833,000) |
(302,111,000) |
(165,226,000) |
(151,137,000) |
(64,397,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
740,767,000 |
849,489,000 |
986,374,000 |
1,000,463,000 |
1,087,203,000 |
|
Long term loans |
63,623,000 |
103,683,000 |
145,930,000 |
181,339,000 |
199,616,000 |
|
Lease obligations |
- |
- |
134,000 |
197,000 |
- |
|
Others |
2,236,132,000 |
1,695,075,000 |
- |
- |
14,630,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
2,299,755,000 |
1,798,758,000 |
146,064,000 |
181,536,000 |
214,246,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,040,522,000 |
2,648,247,000 |
1,132,438,000 |
1,181,999,000 |
1,301,449,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
BAHRU STAINLESS SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
73,427,000 |
145,407,000 |
109,159,000 |
150,650,000 |
213,578,000 |
|
Net Liquid Funds |
73,427,000 |
145,407,000 |
109,159,000 |
150,650,000 |
213,578,000 |
|
Net Liquid Assets |
(649,412,000) |
(360,902,000) |
(1,527,646,000) |
(1,058,714,000) |
(352,988,000) |
|
Net Current Assets/(Liabilities) |
(386,921,000) |
(139,821,000) |
(1,408,612,000) |
(932,194,000) |
(260,741,000) |
|
Net Tangible Assets |
3,040,213,000 |
2,647,855,000 |
1,131,456,000 |
1,180,374,000 |
1,299,378,000 |
|
Net Monetary Assets |
(2,949,167,000) |
(2,159,660,000) |
(1,673,710,000) |
(1,240,250,000) |
(567,234,000) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(174,498,000) |
(92,100,000) |
(95,927,000) |
(85,210,000) |
(21,158,000) |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
(82,203,000) |
(14,114,000) |
(83,687,000) |
(73,991,000) |
(13,739,000) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
361,953,000 |
283,967,000 |
215,771,000 |
192,920,000 |
199,616,000 |
|
Total Liabilities |
3,415,394,000 |
2,656,199,000 |
2,071,453,000 |
1,654,851,000 |
855,481,000 |
|
Total Assets |
4,156,161,000 |
3,505,688,000 |
3,057,827,000 |
2,655,314,000 |
1,942,684,000 |
|
Net Assets |
3,040,522,000 |
2,648,247,000 |
1,132,438,000 |
1,181,999,000 |
1,301,449,000 |
|
Net Assets Backing |
740,767,000 |
849,489,000 |
986,374,000 |
1,000,463,000 |
1,087,203,000 |
|
Shareholders' Funds |
740,767,000 |
849,489,000 |
986,374,000 |
1,000,463,000 |
1,087,203,000 |
|
Total Share Capital |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
1,151,600,000 |
|
Total Reserves |
(410,833,000) |
(302,111,000) |
(165,226,000) |
(151,137,000) |
(64,397,000) |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
22.53 |
34.42 |
47.75 |
615.88 |
- |
|
Proft/(Loss) Before Tax |
(60.80) |
(35.58) |
(10.96) |
(340.08) |
(26.47) |
|
Proft/(Loss) After Tax |
(46.87) |
(79.98) |
(11.12) |
(336.66) |
(26.99) |
|
Total Assets |
18.55 |
14.65 |
15.16 |
36.68 |
34.23 |
|
Total Liabilities |
28.58 |
28.23 |
25.17 |
93.44 |
8.52 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.07 |
0.17 |
0.06 |
0.10 |
0.33 |
|
Liquid Ratio |
0.42 |
0.58 |
0.21 |
0.28 |
0.45 |
|
Current Ratio |
0.65 |
0.84 |
0.27 |
0.37 |
0.59 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
74 |
76 |
55 |
86 |
450 |
|
Debtors Ratio |
76 |
72 |
81 |
99 |
0 |
|
Creditors Ratio |
48 |
40 |
23 |
12 |
17 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.49 |
0.33 |
0.22 |
0.19 |
0.18 |
|
Liabilities Ratio |
4.61 |
3.13 |
2.10 |
1.65 |
0.79 |
|
Times Interest Earned Ratio |
(3.29) |
(1.86) |
(11.37) |
(9.64) |
(98.87) |
|
Assets Backing Ratio |
2.64 |
2.30 |
0.98 |
1.02 |
1.13 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(17.46) |
(13.31) |
(13.19) |
(17.57) |
(28.58) |
|
Net Profit Margin |
(21.17) |
(17.66) |
(13.19) |
(17.54) |
(28.76) |
|
Return On Net Assets |
(5.74) |
(3.48) |
(8.47) |
(7.21) |
(1.63) |
|
Return On Capital Employed |
(5.74) |
(3.48) |
(8.46) |
(7.20) |
(1.62) |
|
Return On Shareholders' Funds/Equity |
(37.24) |
(22.11) |
(10.58) |
(9.39) |
(1.98) |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.37 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.89 |
|
MYR |
1 |
INR 16.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.