|
|
|
MIRA
INFORM REPORT
|
Report No. : |
490969 |
|
Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
GLOWMORE EXPRESS SDN. BHD. |
|
|
|
|
Registered Office : |
2nd Floor, 17 & 19, Jalan Brunei Barat, Pudu, 55100 Kuala Lumpur,
Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.11.2016 |
|
|
|
|
Date of Incorporation : |
21.11.2002 |
|
|
|
|
Com. Reg. No.: |
599448-M |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The
Subject is engaged in the manufacturing and reprocessing petroleum flakes and
other related petro-chemical products. |
|
|
|
|
No. of Employees : |
100 [2018] |
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 : |
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
|
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 2013-17. The ringgit 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. |
: |
599448-M |
||||
|
GST
NO. |
: |
000262168576 |
||||
|
COMPANY
NAME |
: |
GLOWMORE
EXPRESS SDN. BHD. |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
21/11/2002 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
2ND
FLOOR, 17 & 19, JALAN BRUNEI BARAT, PUDU, 55100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
LOT
7, SOLOK HISHAMUDDIN 6, KAWASAN PERUSAHAAN PERLABUHAN UTARA, 42000 PELABUHAN
KLANG, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-31760001 |
||||
|
FAX.NO. |
: |
03-31760002 |
||||
|
WEB
SITE |
: |
WWW.GLOWMOREEXPRESS.COM |
||||
|
CONTACT
PERSON |
: |
LIM
KIANG KOK ( DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
32120
|
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
AND REPROCESSING PETROLEUM FLAKES AND OTHER RELATED PETRO-CHEMICAL PRODUCTS |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
1,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
1,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
10,104,041 [2016] |
||||
|
NET
WORTH |
: |
MYR
1,152,177 [2016] |
||||
|
STAFF
STRENGTH |
: |
100
[2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
NO
COMPLAINTS |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
MODERATE |
||||
|
CURRENCY
EXPOSURE |
: |
HIGH |
||||
|
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 and
reprocessing petroleum flakes and other related petro-chemical products.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Former
Address(es)
|
Address |
As
At Date |
|
SUITE
C, S-00-17, SUTRAMAS AVENUE, BANDAR PUCHONG JAYA, 47170, SELANGOR, MALAYSIA |
02/03/2017 |
|
DRYBULK
TERMINAL 1, JLN.TG.WESTPORT, PULAU INDAH,PORT KLANG;SELANGOR, 42009,
SELANGOR, MALAYSIA |
15/02/2013 |
|
18C,
JALAN KENARI, BANDAR PUCHONG JAYA, 47100, SELANGOR, MALAYSIA |
29/05/2012 |
|
38B,
LORONG GELUGOR, OFF JALAN PERSIARAN SULTAN IBRAHIM, 41300, SELANGOR, MALAYSIA |
31/10/2017 |
|
WESTPORT
DISTRIPARK,DRYBULK TERMINAL 1, JALAN WESTPORT, PULAU INDAH, 42009, SELANGOR,
MALAYSIA |
N/A |
|
LOT
1, SOLOK HISHAMUDDIN 6, NORTH KLANG, STRAITS INDUSTRIAL AREA, 42000,
SELANGOR, MALAYSIA |
N/A |
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
02/10/2003 |
MYR
1,000,000.00 |
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 KIANG KOK + |
10,
LORONG PENGKALAN MACHANG 5, TAMAN PENGKALAN MACHANG, SUNGAI DUA, 13800
BUTTERWORTH, PULAU PINANG, MALAYSIA. |
690909-07-5313
A1362312 |
360,000.00 |
36.00 |
|
MR.
LIM KEAN YAP + |
116,
JALAN LIM LEAN TENG, GEORGETOWN, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA. |
661231-07-5551
A0641492 |
280,000.00 |
28.00 |
|
MR.
LIM CHIANG TONG + |
22A,
LORONG MERBAU INDAH 5, TAMAN MERBAU INDAH, SUNGAI DUA, 13800 BUTTERWORTH,
PULAU PINANG, MALAYSIA. |
700320-07-5181
A1512327 |
120,000.00 |
12.00 |
|
MR.
LIM KENG CHOONG + |
2A,
LORONG HJ AHMAD JAMIL 8, TAMAN HJ ABDUL JAMIL, 13300 TASEK GELUGOR, PULAU
PINANG, MALAYSIA. |
620925-07-5133
6914939 |
120,000.00 |
12.00 |
|
LIM
KIANG CHEEN (DECEASED) |
2688,
TINGKAT SELAMAT 9, KAMPUNG SELAMAT, 13300 TASEK GELUGOR, PULAU PINANG,
MALAYSIA. |
00033272 |
120,000.00 |
12.00 |
|
--------------- |
------ |
|||
|
1,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
Former
Shareholder(s) :
|
Name |
Country |
IC/PP/Loc
No |
Shareholding |
Last
Updated |
|
CHAN
SEOK LAY |
MALAYSIA |
810905-07-5272 |
N/A |
N/A |
|
KHAW
KIM LANG |
MALAYSIA |
390312-07-5308 |
10,001.00 |
N/A |
|
LIM
KIANG CHEEN |
MALAYSIA |
641214-07-5471 |
120,000.00 |
N/A |
|
LIN
TANG |
N/A |
G02321964 |
N/A |
N/A |
|
LIU
MING |
MALAYSIA |
G06212903 |
20,000.00 |
N/A |
|
LOH
KOOI CHUAN |
N/A |
590508-02-5691 |
989,999.00 |
N/A |
DIRECTORS |
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
LIM KENG CHOONG |
|
Address |
: |
2A,
LORONG HJ AHMAD JAMIL 8, TAMAN HJ ABDUL JAMIL, 13300 TASEK GELUGOR, PULAU
PINANG, MALAYSIA. |
|
IC
/ PP No |
: |
6914939 |
|
New
IC No |
: |
620925-07-5133 |
|
Date
of Birth |
: |
25/09/1962 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
15/03/2013 |
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 |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
599448M |
GLOWMORE
EXPRESS SDN. BHD. |
Director |
15/03/2013 |
120,000.00 |
12.00 |
MYR148,097.00 |
2016 |
- |
25/01/2018 |
|
2 |
783710P |
JUPITER
PRIVILEGE SDN. BHD. |
Director |
15/03/2013 |
0.00 |
- |
MYR(117,088.00) |
2016 |
- |
25/01/2018 |
|
3 |
1041101W |
SIHAT
JUBLI SDN. BHD. |
Director |
11/04/2014 |
0.00 |
- |
MYR(25,982.00) |
2016 |
- |
25/01/2018 |
DIRECTOR
2
|
Name
Of Subject |
: |
MR.
LIM CHIANG TONG |
|
Address |
: |
22A,
LORONG MERBAU INDAH 5, TAMAN MERBAU INDAH, SUNGAI DUA, 13800 BUTTERWORTH,
PULAU PINANG, MALAYSIA. |
|
Other
Address(es) |
: |
1663
KAMPONG SELAMAT, 13300 TASEK GLUGOR, BUTTERWORTH., MALAYSIA. |
|
IC
/ PP No |
: |
A1512327 |
|
New
IC No |
: |
700320-07-5181 |
|
Date
of Birth |
: |
20/03/1970 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
12/05/2011 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
see
below |
|
Former
interest |
: |
none
in our databank |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
599448M |
GLOWMORE
EXPRESS SDN. BHD. |
Director |
12/05/2011 |
120,000.00 |
12.00 |
MYR148,097.00 |
2016 |
- |
25/01/2018 |
|
2 |
783710P |
JUPITER
PRIVILEGE SDN. BHD. |
Director |
01/11/2010 |
12.00 |
12.00 |
MYR(117,088.00) |
2016 |
- |
25/01/2018 |
|
3 |
1041101W |
SIHAT
JUBLI SDN. BHD. |
Director |
11/04/2014 |
0.00 |
- |
MYR(25,982.00) |
2016 |
- |
25/01/2018 |
INTEREST IN BUSINESS
|
No |
Local
No |
Business |
Designation |
App
Date |
Shareholding
(%) |
Status |
As
At |
|
1 |
SA0303386K |
CITY
PLASTIC ENTERPRISE |
SOLE
PROPRIETORSHIP |
14/07/2014 |
33.00 |
- |
26/12/2017 |
|
2 |
AS0165443T |
LIANG
CHI AIR-CONDITIONING SERVICES |
PARTNERSHIP |
18/06/2004 |
25.00 |
- |
25/01/2018 |
|
3 |
PG0166898W |
T
& T SWIFTLET VENTURE |
PARTNERSHIP |
12/12/2005 |
25.00 |
- |
25/01/2018 |
|
4 |
PG0143397V |
ZHONGXIN
WATER SYSTEM SALES & SERVICE |
SOLE
PROPRIETORSHIP |
18/06/2004 |
100.00 |
- |
25/01/2018 |
DIRECTOR
3
|
Name
Of Subject |
: |
MR.
LIM KEAN YAP |
|
Address |
: |
116,
JALAN LIM LEAN TENG, GEORGETOWN, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA. |
|
IC
/ PP No |
: |
A0641492 |
|
New
IC No |
: |
661231-07-5551 |
|
Date
of Birth |
: |
31/12/1966 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
01/07/2010 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
see
below |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
1110560H |
AA
INNOVATION SDN. BHD. |
Director |
30/04/2015 |
50,000.00 |
50.00 |
MYR(75,644.00) |
2016 |
- |
25/01/2018 |
|
2 |
534328X |
ABLE
TOUCH SDN. BHD. |
Director |
01/04/2014 |
25,000.00 |
25.00 |
MYR51,792.00 |
2017 |
- |
25/01/2018 |
|
3 |
574545D |
BOND
INDUSTRIAL SUPPLY SDN. BHD. |
Director |
21/03/2002 |
249,999.00 |
100.00 |
MYR(99,882.00) |
2017 |
- |
25/01/2018 |
|
4 |
236177M |
CARTONPAC
(M) SDN. BHD. |
Shareholder |
- |
10,000.00 |
2.22 |
MYR(41,116.00) |
1996 |
- |
25/01/2018 |
|
5 |
626493K |
ELITE
COATING SDN. BHD. |
Director |
04/04/2014 |
150,000.00 |
25.00 |
MYR472,486.00 |
2016 |
- |
25/01/2018 |
|
6 |
662478A |
GEMINI
BOUNTY SDN. BHD. |
Director |
25/08/2004 |
1.00 |
50.00 |
MYR(7,873.00) |
2016 |
- |
25/01/2018 |
|
7 |
599448M |
GLOWMORE
EXPRESS SDN. BHD. |
Director |
01/07/2010 |
280,000.00 |
28.00 |
MYR148,097.00 |
2016 |
- |
25/01/2018 |
|
8 |
783710P |
JUPITER
PRIVILEGE SDN. BHD. |
Director |
01/11/2010 |
28.00 |
28.00 |
MYR(117,088.00) |
2016 |
- |
25/01/2018 |
|
9 |
138287K |
PRECISION
SPRINGS (M) SDN.BHD. |
Shareholder |
- |
588,000.00 |
28.16 |
MYR3,210,023.00 |
2016 |
- |
25/01/2018 |
|
10 |
1031646M |
ROBUST
RESOURCES SDN. BHD. |
Director |
04/02/2013 |
1.00 |
50.00 |
MYR(3,723.00) |
2017 |
- |
25/01/2018 |
|
11 |
253745W |
STANDARD
COATING (M) SDN. BHD. |
Director |
04/04/2014 |
37,500.00 |
25.00 |
MYR50,048.00 |
2009 |
- |
25/01/2018 |
|
12 |
767387V |
VISAGATE
SDN. BHD. |
Director |
14/08/2009 |
19.00 |
33.33 |
- |
- |
- |
25/01/2018 |
FORMER INTEREST
|
No |
Local
No |
Company |
Designation |
App
Date |
Withdrawn
Date |
Shareholding |
Status |
|
1 |
526678T |
AM
AUTOMATION SDN. BHD. |
Shareholder |
- |
- |
- |
- |
|
2 |
21478H |
AMAN
SENTOSA SDN.BHD. |
Shareholder |
- |
- |
- |
- |
|
3 |
528405U |
DORKEI
KUALITI (M) SDN. BHD. |
Shareholder |
- |
- |
- |
- |
|
4 |
248398K |
SAN
MARINO ENTERPRISE SDN. BHD. |
Shareholder |
- |
- |
- |
- |
|
5 |
499100W |
SOFTEGIC
SYSTEMS MANAGEMENT SDN. BHD. |
Director |
06/06/2006 |
01/12/2009 |
- |
- |
|
6 |
499100W |
SOFTEGIC
SYSTEMS MANAGEMENT SDN. BHD. |
Shareholder |
- |
- |
- |
- |
|
7 |
663678P |
SUPER-RIDER
MOTOR (NT) SDN. BHD. |
Shareholder |
- |
- |
- |
- |
DIRECTOR
4
|
Name
Of Subject |
: |
MR.
LIM KIANG KOK |
|
Address |
: |
10,
LORONG PENGKALAN MACHANG 5, TAMAN PENGKALAN MACHANG, SUNGAI DUA, 13800
BUTTERWORTH, PULAU PINANG, MALAYSIA. |
|
IC
/ PP No |
: |
A1362312 |
|
New
IC No |
: |
690909-07-5313 |
|
Date
of Birth |
: |
09/09/1969 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
01/07/2010 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
see
below |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
1110560H |
AA
INNOVATION SDN. BHD. |
Director |
30/04/2015 |
50,000.00 |
50.00 |
MYR(75,644.00) |
2016 |
- |
25/01/2018 |
|
2 |
599448M |
GLOWMORE
EXPRESS SDN. BHD. |
Director |
01/07/2010 |
360,000.00 |
36.00 |
MYR148,097.00 |
2016 |
- |
25/01/2018 |
|
3 |
783710P |
JUPITER
PRIVILEGE SDN. BHD. |
Director |
01/11/2010 |
36.00 |
36.00 |
MYR(117,088.00) |
2016 |
- |
25/01/2018 |
|
4 |
1031646M |
ROBUST
RESOURCES SDN. BHD. |
Director |
04/02/2013 |
1.00 |
50.00 |
MYR(3,723.00) |
2017 |
- |
25/01/2018 |
FORMER INTEREST
|
No |
Local
No |
Company |
Designation |
App
Date |
Withdrawn
Date |
Shareholding |
Status |
|
1 |
PG0112285H |
ADVANCED
MANUFACTURING CONSULTANCY |
PARTNERSHIP |
18/06/2004 |
23/11/2007 |
- |
- |
FORMER DIRECTOR(S) |
|
Name |
Address |
IC/PP
No |
Appointed
Date |
Withdrawn
Date |
|
SALASIAH
BINTI MOHD SAID |
48,JALAN
TERATAI 1/10, TMN. BKT. TERATAI, AMPANG, K.L., KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA |
720125-10-5750 |
21/11/2002 |
11/01/2003 |
|
TAN
BENG SIAN |
NO.1252,PERMATANG
BERANGAN, TASEK GELUGOR, PULAU PINANG, MALAYSIA |
791106-07-5267 |
28/02/2011 |
20/06/2013 |
|
LOH
KOOI CHUAN |
50,JALAN
BUNGA MAWAR, KULIM, KEDAH |
590508025691 |
10/01/2003 |
02/07/2010 |
|
LIU
MING |
RM101
NO. 18, 225 LANE, MEI CHUAN ROAD,SHANGHAI, MALAYSIA |
G06212903 |
14/02/2003 |
31/07/2006 |
|
LIN
TANG |
WUYUAN
ROAD, LANE 252,NO.7 SHANGHAI |
G02321964 |
11/03/2003 |
15/04/2004 |
|
LIM
KIANG CHEEN |
NO.2688,TINGKAT
SELAMAT 9, KAMPUNG SELAMAT, TASEK GELUGOR, PULAU PINANG, MALAYSIA |
641214-07-5471 |
12/05/2011 |
13/08/2012 |
|
KHAW
KIM LANG |
50,JALAN
BUNGA MAWAR, KG DARULAMAN, JALAN TUNKU BENDAHARA, KU, KULIM, KEDAH, MALAYSIA |
390312-07-5308 |
14/04/2004 |
02/07/2010 |
|
CHAN
SEOK LAY |
79
MARKET LANE, PENANG., PULAU PINANG, PULAU PINANG, MALAYSIA |
810905-07-5272 |
10/01/2003 |
15/04/2004 |
|
ASIAH
BINTI OSMAN |
LOT
1605,KG KERDAS 1, GOMBAK, KUALA LUMPUR, WILAYAH PERSEKUTUAN |
600123-10-6294 |
21/11/2002 |
11/01/2003 |
Note
: The above information was generated from our database.
MANAGEMENT |
|
1)
|
Name
of Subject |
: |
LIM
KIANG KOK |
|
Position |
: |
DIRECTOR |
AUDITOR |
|
Auditor |
: |
SFW
& ASSOCIATES |
|
Auditor'
Address |
: |
SUITE
B, S-00-17, SUTRAMAS AVENUE, BANDAR PUCHONG JAYA, 47170 PUCHONG JAYA,
SELANGOR, MALAYSIA. |
COMPANY SECRETARIES |
|
1)
|
Company
Secretary |
: |
MS.
CHANG PINKY |
|
IC
/ PP No |
: |
A0788299 |
|
|
New
IC No |
: |
670820-10-5530 |
|
|
Address |
: |
43,
JALAN DESA 13/3, BANDAR COUNTRY HOMES, 48000 RAWANG, SELANGOR, MALAYSIA. |
|
|
2)
|
Company
Secretary |
: |
MS.
NOORHANUM BINTI ABBAS |
|
New
IC No |
: |
890728-08-5818 |
|
|
Address |
: |
4-1-10,
GUGUSAN MATAHARI, JALAN CAMAR 4/5, KOTA DAMANSARA, 47810 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
BANKING |
Banking relations are maintained principally with :
|
1)
|
Name |
: |
MALAYAN
BANKING BHD |
ENCUMBRANCE (S) |
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
14/01/2004 |
N/A |
MALAYSIAN
INDUSTRIAL DEVELOPMENT FINANCE BERHAD |
MYR
1,000,000.00 |
Satisfied |
|
2 |
20/06/2014 |
LEGAL
CHARGE |
OCBC
BANK (MALAYSIA) BERHAD |
- |
Unsatisfied |
|
3 |
13/11/2014 |
LEGAL
CHARGE |
OCBC
BANK (MALAYSIA) BERHAD |
- |
Unsatisfied |
LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT |
* A check has been conducted in our databank against the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SUBJECT |
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
PAYMENT
RECORD |
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
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 |
: |
NO |
|
||
|
|||||
|
Overseas |
: |
YES |
Percentage |
: |
100% |
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
30
- 60 DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS |
|
Products
manufactured |
: |
|
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2018 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
100 |
||||||||
|
Branch |
: |
|
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing and
reprocessing petroleum flakes and other related petro-chemical products.
The Subject specialize in processing all kind of recyclable plastics into high
quality plastic raw material (PET, PP) and supply to worldwide.
The Subject produces clear PET flakes.
It produces its products from recycle plastic products.
CURRENT INVESTIGATION |
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
03-31760001 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
LOT
7, JALAN SOLOK SULTAN HISHAMUDDIN 6, KAWASAN PERUSAHAAN PELABUHAN UTARA42000
PELABUHAN KLANG, SELANGOR |
|
Current
Address |
: |
LOT
7, SOLOK HISHAMUDDIN 6, KAWASAN PERUSAHAAN PERLABUHAN UTARA, 42000 PELABUHAN
KLANG, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We
contacted one of the staff from the Subject and he provided some information.
FINANCIAL ANALYSIS |
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012
- 2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2012
- 2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
12.85% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
27.95% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.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. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
35
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
27
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
19
Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the Subject. 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 |
[ |
0.65
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
0.98
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 |
[ |
1.48
Times |
] |
|
|
Gearing
Ratio |
: |
Unfavourable |
[ |
2.94
Times |
] |
|
|
The
Subject's interest cover was low. If its profits fall or when interest rate
rises, it may not be able to meet all its interest payment. The Subject
was highly geared, thus it had a high financial risk. The Subject was
dependent on loans to finance its business needs. In times of economic
downturn and / or high interest rate, the Subject will become less profitable
and competitive than other firms in the same industry, which are lowly
geared. This is because the Subject has to service the interest and to repay
the loan, which will erode part of its profits. The profits will fluctuate
depending on the Subject's turnover and the interest it needs to pay. |
||||||
|
Overall
Assessment : |
||||||
|
The
Subject recorded lower profits as its turnover showed a erratic trend. The
Subject's management was unable to control its costs efficiently as its
profit showed a downward trend. 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. If there is a fall in the Subject's profit or any increase in
interest rate, the Subject may not be able to generate sufficient cash-flow
to service its interest. The Subject's gearing 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 : LIMITED |
||||||
MALAYSIA ECONOMIC / INDUSTRY OUTLOOK |
|
Major
Economic Indicators: |
2014 |
2015 |
2016 |
2017* |
2018** |
|
Population
( Million) |
30.0 |
31.0 |
31.6 |
32.1 |
32.9 |
|
Gross
Domestic Products ( % ) |
6.0 |
4.6 |
4.2 |
5.3 |
5.4 |
|
Domestic
Demand ( % ) |
6.4 |
6.2 |
4.3 |
6.3 |
6.4 |
|
Private
Expenditure ( % ) |
7.9 |
6.9 |
7.8 |
7.4 |
7.3 |
|
Consumption
( % ) |
6.5 |
6.1 |
5.1 |
6.9 |
6.8 |
|
Investment
( % ) |
12.0 |
8.1 |
10.0 |
9.3 |
8.9 |
|
Public
Expenditure ( % ) |
2.3 |
4.2 |
3.3 |
5.3 |
5.5 |
|
Consumption
( % ) |
2.1 |
4.3 |
2.0 |
2.7 |
1.3 |
|
Investment
( % ) |
2.6 |
(1.0) |
1.1 |
3.4 |
3.8 |
|
Balance
of Trade ( MYR Million ) |
82,480 |
91,577 |
88,145 |
94,593 |
96,993 |
|
Government
Finance ( MYR Million ) |
(37,414) |
(37,194) |
(38,401) |
(39,887) |
(39,790) |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
(3.4) |
(3.2) |
(3.1) |
(3.0) |
(2.8) |
|
Inflation
( % Change in Composite CPI) |
3.2 |
4.0 |
2.1 |
3.5 |
3.0 |
|
Unemployment
Rate |
2.9 |
3.1 |
3.4 |
3.4 |
3.3 |
|
Net
International Reserves ( MYR Billion ) |
417 |
390 |
391 |
- |
- |
|
Average
Risk-Weighted Capital Adequacy Ratio ( % ) |
4.00 |
3.50 |
- |
- |
- |
|
Average
3 Months of Non-performing Loans ( % ) |
2.10 |
2.00 |
1.90 |
- |
- |
|
Average
Base Lending Rate ( % ) |
6.85 |
6.79 |
6.81 |
6.73 |
- |
|
Business
Loans Disbursed( % ) |
18.6 |
2.2 |
- |
- |
- |
|
Foreign
Investment ( MYR Million ) |
43,486.6 |
43,435.0 |
- |
- |
- |
|
Consumer
Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration
of New Companies ( No. ) |
49,203 |
45,658 |
43,255 |
- |
- |
|
Registration
of New Companies ( % ) |
6.1 |
(7.2) |
(5.3) |
- |
- |
|
Liquidation
of Companies ( No. ) |
11,099 |
7,066 |
- |
- |
- |
|
Liquidation
of Companies ( % ) |
(19.5) |
(36.3) |
- |
- |
- |
|
Registration
of New Business ( No. ) |
332,723 |
364,230 |
376,720 |
- |
- |
|
Registration
of New Business ( % ) |
1.0 |
9.0 |
3.0 |
- |
- |
|
Business
Dissolved ( No. ) |
21,436 |
- |
- |
- |
- |
|
Business
Dissolved ( % ) |
18.0 |
- |
- |
- |
- |
|
Sales
of New Passenger Cars (' 000 Unit ) |
588.3 |
591.3 |
514.6 |
527.8 |
- |
|
Cellular
Phone Subscribers ( Million ) |
44.0 |
44.2 |
44.0 |
- |
- |
|
Tourist
Arrival ( Million Persons ) |
27.4 |
25.7 |
30.2 |
30.1 |
- |
|
Hotel
Occupancy Rate ( % ) |
63.6 |
58.8 |
61.2 |
- |
- |
|
Credit
Cards Spending ( % ) |
5.8 |
6.8 |
6.3 |
- |
- |
|
Bad
Cheque Offenders (No.) |
- |
- |
- |
- |
- |
|
Individual
Bankruptcy ( No.) |
22,351 |
18,457 |
- |
- |
- |
|
Individual
Bankruptcy ( % ) |
1.7 |
(17.4) |
- |
- |
- |
|
INDUSTRIES
( % of Growth ): |
2014 |
2015 |
2016 |
2017* |
2018** |
|
Agriculture |
2.0 |
1.3 |
(5.1) |
5.6 |
2.4 |
|
Palm
Oil |
6.7 |
7.0 |
(12.7) |
11.8 |
- |
|
Rubber |
(10.4) |
(11.0) |
(6.3) |
10.8 |
- |
|
Forestry
& Logging |
(4.2) |
(7.2) |
(3.0) |
(15.0) |
- |
|
Fishing |
2.7 |
2.1 |
2.2 |
0.2 |
- |
|
Other
Agriculture |
6.2 |
6.0 |
5.1 |
2.4 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
303.8 |
343.7 |
420.3 |
- |
- |
|
%
of Industry Non-Performing Loans |
1.4 |
1.5 |
1.8 |
- |
- |
|
Mining |
3.3 |
5.3 |
2.2 |
0.5 |
0.9 |
|
Oil
& Gas |
3.0 |
3.5 |
4.5 |
- |
- |
|
Other
Mining |
46.6 |
47.1 |
42.6 |
- |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
63.5 |
180.1 |
190.0 |
- |
- |
|
%
of Industry Non-performing Loans |
0.3 |
0.8 |
0.8 |
- |
- |
|
Manufacturing
# |
6.1 |
4.9 |
4.4 |
5.5 |
5.3 |
|
Exported-oriented
Industries |
7.1 |
6.5 |
4.3 |
6.5 |
- |
|
Electrical
& Electronics |
11.8 |
9.2 |
6.8 |
9.3 |
- |
|
Rubber
Products |
(1.3) |
5.1 |
5.0 |
6.9 |
- |
|
Wood
Products |
7.8 |
7.0 |
7.8 |
7.3 |
- |
|
Textiles
& Apparel |
10.8 |
7.5 |
7.5 |
7.4 |
- |
|
Domestic-oriented
Industries |
7.7 |
4.7 |
3.4 |
6.2 |
- |
|
Food,
Beverages & Tobacco |
6.1 |
8.9 |
7.5 |
11.0 |
- |
|
Chemical
& Chemical Products |
1.4 |
3.5 |
4.5 |
3.5 |
- |
|
Plastic
Products |
2.7 |
3.9 |
5.1 |
- |
- |
|
Iron
& Steel |
2.8 |
1.6 |
2.2 |
- |
- |
|
Fabricated
Metal Products |
2.8 |
4.6 |
5.6 |
4.6 |
- |
|
Non-metallic
Mineral |
6.9 |
6.8 |
6.3 |
5.4 |
- |
|
Transport
Equipment |
14.4 |
5.2 |
(3.1) |
4.7 |
- |
|
Paper
& Paper Products |
4.7 |
3.2 |
5.4 |
5.8 |
- |
|
Crude
Oil Refineries |
13.0 |
14.3 |
13.7 |
- |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
5,730.8 |
4,243.7 |
4,214.1 |
- |
- |
|
%
of Industry Non-Performing Loans |
25.6 |
19.0 |
18.5 |
- |
- |
|
Construction |
11.7 |
8.2 |
7.4 |
7.6 |
7.5 |
|
Industry
Non-Performing Loans ( MYR Million ) |
1,666.4 |
1,638.0 |
1,793.9 |
- |
- |
|
%
of Industry Non-Performing Loans |
7.5 |
7.3 |
7.9 |
- |
- |
|
Services |
6.6 |
5.1 |
5.6 |
5.9 |
5.8 |
|
Electric,
Gas & Water |
3.8 |
3.6 |
5.4 |
2.5 |
2.6 |
|
Transport,
Storage & Communication |
7.70 |
7.55 |
6.85 |
7.35 |
7.30 |
|
Wholesale,
Retail, Hotel & Restaurant |
7.70 |
6.65 |
6.65 |
7.05 |
6.65 |
|
Finance,
Insurance & Real Estate |
5.15 |
2.90 |
4.70 |
5.70 |
5.90 |
|
Government
Services |
6.3 |
4.0 |
4.9 |
4.4 |
4.5 |
|
Other
Services |
4.8 |
4.7 |
4.8 |
5.3 |
5.3 |
|
Industry
Non-Performing Loans ( MYR Million ) |
5,373.5 |
6,806.6 |
7,190.6 |
- |
- |
|
%
of Industry Non-Performing Loans |
24.1 |
30.5 |
31.5 |
- |
- |
|
*
Estimate / Preliminary |
|||||
|
**
Forecast |
|||||
|
#
Based On Manufacturing Production Index |
|||||
INDUSTRY ANALYSIS |
|
MSIC
CODE |
|
|
32120
: Manufacture of imitation jewellery and related articles |
|
|
INDUSTRY
: |
MANUFACTURING |
|
The
manufacturing sector is forecast to increase 5.3% in year 2018 (2017: 5.5%).
Output of export-oriented industries is projected to expand on account of
sustained demand for E&E, refined petroleum and woods products. Growth in
the domestic-oriented industries is anticipated to remain resilient supported
by ongoing construction of infrastructure projects as well as strong demand
for consumer products, especially food and transport equipment. |
|
|
Value
added of the manufacturing sector expanded further by 5.8% during the first
half of 2017 (January – June 2016: 4.4%) with expansion across a wide range
of outputs in both the export- and domestic-oriented industries. During the
first eight months, production increased 6.4%, while sales rebounded
significantly by 15.6% to RM500.2 billion (January – August 2016: 4%; -0.7%;
RM432.8 billion). Output of export-oriented industries rose 6.5% (January –
August 2016: 4.3%) led by an upturn in global electronics cycle and further
enhanced by strong demand for resource-based products. Meanwhile,
domestic-oriented industries expanded 6.2% (January – August 2016: 3.4%)
benefiting from vibrant consumption and construction activities. |
|
|
Within
the export-oriented industries, E&E output expanded 9.3% while sales
surged 16.3% to RM169.5 billion (January – August 2016: 6.8%; 9%; RM145.8
billion). Growth emanated mainly from the expansion in output of printed
circuit boards, semiconductor devices and electronic integrated circuits
which strengthened further by 24.4%, 11.9% and 16.9% (January – August 2016:
11.9%; 5.9%; 15%), respectively. This is in line with the trend in global
semiconductor sales which is expected to expand 11.5% in 2017, the highest
level since 2010. On the contrary, the output of computers and peripheral
equipment contracted 7.7% (January – August 2016: 3.1%) as a result of lower
demand for notebooks and personal computers following rising preferences for
smartphones and tablets. Meanwhile, consumer electronics grew at a moderate
pace of 2.6% (January – August 2016: 5.3%) partly due to lower demand for
in-car entertainment, portable media players and digital cameras. |
|
|
Output
of wood and wood products grew 7.3% (January – August 2016: 7.8%). The growth
was primarily supported by output of sawmilling and planning of wood which
expanded 14.7% (January – August 2016: 16.8%) in response to strong demand
from Australia, Japan and the US. Meanwhile, production of wooden and cane
furniture remained steady at 10.9% (January – August 2016: 10.9%), benefiting
from greater adoption of technology and diversification of export markets. |
|
|
Manufacture
of food products rose 11.2%, largely attributed to a significant increase in
refined palm oil at 26.1% (January – August 2016: 6.3%; -3.3%), following
higher production of CPO. Meanwhile, output of other food products grew 7%
supported by production of bread, cakes and other bakery (15.6%) as well as
biscuits and cookies (12%) to meet the rising demand from households (January
– August 2016: 11.1%; 19.2%; 19.1%). |
|
|
For
the year, the manufacturing sector is projected to expand further by 5.5%
(2016: 4.4%) mainly attributed to an upturn in global semiconductor sales as
well as higher demand for consumer products and construction materials. |
|
|
OVERALL
INDUSTRY OUTLOOK : Marginal Growth |
|
CREDIT RISK EVALUATION & RECOMMENDATION |
|
|
Financials
|
PROFIT
AND LOSS ACCOUNT |
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
GLOWMORE
EXPRESS SDN. BHD. |
|
Financial
Year End |
2016-11-30 |
2015-11-30 |
2014-11-30 |
2013-11-30 |
2012-11-30 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
10,104,041 |
10,188,997 |
8,533,714 |
12,478,081 |
14,349,384 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
10,104,041 |
10,188,997 |
8,533,714 |
12,478,081 |
14,349,384 |
|
Costs
of Goods Sold |
(8,996,569) |
(9,676,929) |
(8,083,721) |
(11,712,853) |
(13,319,221) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
1,107,472 |
512,068 |
449,993 |
765,228 |
1,030,163 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
103,859 |
198,652 |
127,920 |
202,797 |
309,222 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
103,859 |
198,652 |
127,920 |
202,797 |
309,222 |
|
Taxation |
44,238 |
43,990 |
(42,983) |
(4,855) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
148,097 |
242,642 |
84,937 |
197,942 |
309,222 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
4,080 |
(238,562) |
(323,499) |
(521,441) |
(830,663) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
4,080 |
(238,562) |
(323,499) |
(521,441) |
(830,663) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
152,177 |
4,080 |
(238,562) |
(323,499) |
(521,441) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
152,177 |
4,080 |
(238,562) |
(323,499) |
(521,441) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Hire
purchase |
- |
1,709 |
2,458 |
2,458 |
2,458 |
|
Letter
of credit |
- |
1,427 |
9,762 |
- |
- |
|
Term
loan / Borrowing |
158,090 |
161,822 |
25,514 |
- |
- |
|
Others |
60,082 |
77,143 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
218,172 |
242,101 |
37,734 |
2,458 |
2,458 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
216,172 |
242,101 |
146,126 |
174,854 |
151,993 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
216,172 |
242,101 |
146,126 |
174,854 |
151,993 |
|
============= |
============= |
============= |
============= |
============= |
|
BALANCE
SHEET |
|
GLOWMORE
EXPRESS SDN. BHD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
4,424,719 |
4,461,893 |
4,214,166 |
149,335 |
234,424 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Deferred
assets |
68,351 |
24,018 |
10,711 |
16,457 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
68,351 |
24,018 |
10,711 |
16,457 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
4,493,070 |
4,485,911 |
4,224,877 |
165,792 |
234,424 |
|
CURRENT
ASSETS |
|||||
|
Stocks |
960,802 |
426,943 |
962,360 |
559,764 |
856,707 |
|
Contract
work-in-progress |
6,830 |
11,704 |
30,644 |
114,932 |
87,718 |
|
Trade
debtors |
750,453 |
1,096,157 |
1,161,548 |
1,055,967 |
1,970,365 |
|
Other
debtors, deposits & prepayments |
601,275 |
868,059 |
871,039 |
588,819 |
234,364 |
|
Amount
due from director |
- |
- |
112,437 |
- |
- |
|
Cash
& bank balances |
443,477 |
607,641 |
25,365 |
1,055,724 |
309,391 |
|
Others |
114,905 |
55,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
2,877,742 |
3,065,504 |
3,163,393 |
3,375,206 |
3,458,545 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
7,370,812 |
7,551,415 |
7,388,270 |
3,540,998 |
3,692,969 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
473,238 |
185,333 |
92,142 |
41,224 |
845,293 |
|
Other
creditors & accruals |
1,272,425 |
1,928,454 |
1,126,651 |
804,669 |
271,823 |
|
Short
term borrowings/Term loans |
115,689 |
105,070 |
99,572 |
- |
- |
|
Amounts
owing to director |
980,525 |
880,000 |
- |
7,660 |
133,200 |
|
Provision
for taxation |
- |
- |
- |
21,312 |
- |
|
Other
liabilities |
100,000 |
100,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
2,941,877 |
3,198,857 |
1,318,365 |
874,865 |
1,250,316 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
(64,135) |
(133,353) |
1,845,028 |
2,500,341 |
2,208,229 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||||
|
Long
term loans |
3,276,758 |
3,348,478 |
3,238,267 |
- |
- |
|
Hire
purchase creditors |
- |
- |
- |
9,632 |
24,094 |
|
Others |
- |
- |
2,070,200 |
1,980,000 |
1,940,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
3,276,758 |
3,348,478 |
5,308,467 |
1,989,632 |
1,964,094 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
1,152,177 |
1,004,080 |
761,438 |
676,501 |
478,559 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
1,000,000 |
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 |
1,000,000 |
|
RESERVES |
|||||
|
Retained
profit/(loss) carried forward |
152,177 |
4,080 |
(238,562) |
(323,499) |
(521,441) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
152,177 |
4,080 |
(238,562) |
(323,499) |
(521,441) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
1,152,177 |
1,004,080 |
761,438 |
676,501 |
478,559 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCIAL
RATIO |
|
GLOWMORE
EXPRESS SDN. BHD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
443,477 |
607,641 |
25,365 |
1,055,724 |
309,391 |
|
Net
Liquid Funds |
443,477 |
607,641 |
25,365 |
1,055,724 |
309,391 |
|
Net
Liquid Assets |
(1,024,937) |
(560,296) |
882,668 |
1,940,577 |
1,351,522 |
|
Net
Current Assets/(Liabilities) |
(64,135) |
(133,353) |
1,845,028 |
2,500,341 |
2,208,229 |
|
Net
Tangible Assets |
1,152,177 |
1,004,080 |
761,438 |
676,501 |
478,559 |
|
Net
Monetary Assets |
(4,301,695) |
(3,908,774) |
(4,425,799) |
(49,055) |
(612,572) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
- |
440,753 |
165,654 |
205,255 |
311,680 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
538,203 |
682,854 |
311,780 |
380,109 |
463,673 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
3,392,447 |
3,453,548 |
3,337,839 |
9,632 |
24,094 |
|
Total
Liabilities |
6,218,635 |
6,547,335 |
6,626,832 |
2,864,497 |
3,214,410 |
|
Total
Assets |
7,370,812 |
7,551,415 |
7,388,270 |
3,540,998 |
3,692,969 |
|
Net
Assets |
1,152,177 |
1,004,080 |
761,438 |
676,501 |
478,559 |
|
Net
Assets Backing |
1,152,177 |
1,004,080 |
761,438 |
676,501 |
478,559 |
|
Shareholders'
Funds |
1,152,177 |
1,004,080 |
761,438 |
676,501 |
478,559 |
|
Total
Share Capital |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
Total
Reserves |
152,177 |
4,080 |
(238,562) |
(323,499) |
(521,441) |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(0.83) |
19.40 |
(31.61) |
(13.04) |
28.67 |
|
Proft/(Loss)
Before Tax |
(47.72) |
55.29 |
(36.92) |
(34.42) |
32.95 |
|
Proft/(Loss)
After Tax |
(38.96) |
185.67 |
(57.09) |
(35.99) |
32.95 |
|
Total
Assets |
(2.39) |
2.21 |
108.65 |
(4.12) |
63.82 |
|
Total
Liabilities |
(5.02) |
(1.20) |
131.34 |
(10.89) |
54.17 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.15 |
0.19 |
0.02 |
1.21 |
0.25 |
|
Liquid
Ratio |
0.65 |
0.82 |
1.67 |
3.22 |
2.08 |
|
Current
Ratio |
0.98 |
0.96 |
2.40 |
3.86 |
2.77 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
35 |
16 |
42 |
20 |
24 |
|
Debtors
Ratio |
27 |
39 |
50 |
31 |
50 |
|
Creditors
Ratio |
19 |
7 |
4 |
1 |
23 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
2.94 |
3.44 |
4.38 |
0.01 |
0.05 |
|
Liabilities
Ratio |
5.40 |
6.52 |
8.70 |
4.23 |
6.72 |
|
Times
Interest Earned Ratio |
1.48 |
1.82 |
4.39 |
83.50 |
126.80 |
|
Assets
Backing Ratio |
1.15 |
1.00 |
0.76 |
0.68 |
0.48 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
1.03 |
1.95 |
1.50 |
1.63 |
2.15 |
|
Net
Profit Margin |
1.47 |
2.38 |
1.00 |
1.59 |
2.15 |
|
Return
On Net Assets |
27.95 |
43.90 |
21.76 |
30.34 |
65.13 |
|
Return
On Capital Employed |
7.27 |
10.13 |
2.73 |
7.70 |
12.76 |
|
Return
On Shareholders' Funds/Equity |
12.85 |
24.17 |
11.15 |
29.26 |
64.62 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.28 |
|
|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
|
MYR |
1 |
INR 16.33 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
KET |
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.