|
|
|
MIRA
INFORM REPORT
|
Report No. : |
493702 |
|
Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
MFE FORMWORK TECHNOLOGY SDN. BHD. |
|
|
|
|
Formerly Known As : |
·
MIVAN FAR EAST SDN BHD
·
SPIRE FAR EAST SDN BHD
|
|
|
|
|
Registered Office : |
Lot 824 Tkt.8, Komplek Sun, Jalan Bukit
Bintang, Kuala Lumpur, 55100 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
05.09.1990 |
|
|
|
|
Com. Reg. No.: |
203754-U |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in manufacturing
of formwork system for civil engineering construction. |
|
|
|
|
No. of Employees : |
600 [2017] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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. |
: |
203754-U |
||||
|
COMPANY NAME |
: |
MFE FORMWORK TECHNOLOGY SDN.
BHD. |
||||
|
FORMER NAME |
: |
MIVAN FAR EAST SDN BHD
(03/12/2007) |
||||
|
INCORPORATION DATE |
: |
05/09/1990 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY
SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
LOT 824 TKT.8,KOMPLEK SUN, JALAN BUKIT BINTANG, KUALA
LUMPUR, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 4 & 6, JALAN TUN
PERAK 3, PERDANA INDUSTRIAL PARK, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-33753000 |
||||
|
FAX.NO. |
: |
03-33753198 |
||||
|
EMAIL |
: |
JIMR@MFEFORMWORK.COM |
||||
|
WEB SITE |
: |
WWW.MFEFORMWORK.COM |
||||
|
CONTACT PERSON |
: |
JAMES ROBINSON ( MANAGING
DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
25111 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF FORMWORK
SYSTEM FOR CIVIL ENGINEERING CONSTRUCTION |
||||
|
AUTHORISED CAPITAL |
: |
MYR 11,000,000.00 DIVIDED
INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,000,000.00 DIVIDED
INTO |
||||
|
SALES |
: |
MYR 259,879,408 [2016] |
||||
|
NET WORTH |
: |
MYR 54,383,254 [2016] |
||||
|
STAFF STRENGTH |
: |
600 [2017] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
REGULAR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
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
of formwork system for civil engineering construction.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate and ultimate holding company of the Subject is MFE HOLDING
LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.
Former Address(es)
|
Address |
As At Date |
|
TKT 4 BLOCK B,GLOMAC
BUSINESS CENTRE, 10 JLN SS 6/1, KELANA JAYA;P.JAYA, 47301, SELANGOR, MALAYSIA |
15/02/2013 |
|
TINGKAT 4 BLOCK B,, GLOMAC
BUSINESS CENTRE, 10 JALAN SS 6/1, KELANA JAYA, 47301, SELANGOR, MALAYSIA |
15/02/2013 |
|
NO.501, 4TH. FLOOR, BLOK B,
GLOMAC BUSINESS CENTRE 10, JALAN SS 6/1, KELANA JAYA, 47301, SELANGOR,
MALAYSIA |
15/02/2013 |
|
NO 501, 4TH FLOOR, BLOCK B,
GLOMAC BUSINESS CENTRE, 10 JALAN SS 6/1, KELANA JAYA, 47301, SELANGOR,
MALAYSIA |
27/05/2016 |
Share Capital
History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
30/06/2015 |
MYR 11,000,000.00 |
MYR 1,000,000.00 |
|
30/01/1991 |
MYR 10,000,000.00 |
MYR 1,000,000.00 |
|
06/09/1990 |
MYR 10,000,000.00 |
MYR 2.00 |
The major shareholder(s) of
the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MFE HOLDING LIMITED |
171 MAIN STREET, ROAD TOWN,
TORTOLO VGI 110 VIRGIN ISLANDS, BRITISH |
XLZ1707479 |
1,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc No |
Shareholding |
Last Updated |
|
MFE SYSTEM FORMWORK
TECHNOLOGY LIMITED |
N/A |
XLZ00215698 |
1,000,000.00 |
N/A |
|
MIVAN FAR EAST (UK) LIMITED |
N/A |
XLZ00212356 |
1,000,000.00 |
N/A |
|
MIVAN LIMITED |
N/A |
XLZ000100012 |
1,000,000.00 |
N/A |
The Subject's interest in
other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
NEW ZEALAND |
FORMCO NEW ZEALAND LIMITED |
- |
55.00 |
31/12/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
DEREK ROY CRANE |
|
Address |
: |
HOUSE 1, THE MANGROVE 348,
NAM WAI VILLAGE, SAI KUNG, HONG KONG |
|
IC / PP No |
: |
518002737 |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
12/12/2014 |
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 |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
1093877K |
BELLA SKIN CARE SDN. BHD. |
Director |
17/08/2015 |
0.00 |
- |
MYR(1,848,688.00) |
2016 |
- |
23/10/2017 |
|
2 |
1081573A |
GBI MANAGEMENT SDN. BHD. |
Director |
17/08/2015 |
0.00 |
- |
MYR(1,055,705.00) |
2016 |
- |
23/10/2017 |
|
3 |
1079708D |
GLOBAL BEAUTY MANAGEMENT
SDN. BHD. |
Director |
17/08/2015 |
0.00 |
- |
MYR(1,115,019.00) |
2016 |
- |
23/10/2017 |
|
4 |
195194H |
MARIE FRANCE BODYLINE SDN.
BHD. |
Director |
17/08/2015 |
0.00 |
- |
MYR2,257,294.00 |
2016 |
- |
23/10/2017 |
|
5 |
203754U |
MFE FORMWORK TECHNOLOGY SDN.
BHD. |
Director |
12/12/2014 |
0.00 |
- |
MYR12,842,404.00 |
2016 |
- |
23/10/2017 |
|
6 |
195211P |
SVENSON HAIR CENTER SDN.
BHD. |
Director |
17/08/2015 |
0.00 |
- |
MYR1,053,036.00 |
2015 |
- |
23/10/2017 |
|
7 |
68225K |
TEKNICAST SDN BHD |
Director |
26/03/2015 |
0.00 |
- |
MYR2,426,771.00 |
2016 |
- |
23/10/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
ANSHUMANN WOODHULL |
|
Address |
: |
FT 52,24/F,BLOCK C, REPULSE
BAY APARTMENT, 101 REPULSE BAY ROAD,REPULSE BAY HONG KONG |
|
IC / PP No |
: |
681207106037 |
|
Date of Appointment |
: |
12/12/2014 |
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 |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
1093877K |
BELLA SKIN CARE SDN. BHD. |
Director |
17/08/2015 |
0.00 |
- |
MYR(1,848,688.00) |
2016 |
- |
23/10/2017 |
|
2 |
1081573A |
GBI MANAGEMENT SDN. BHD. |
Director |
17/08/2015 |
0.00 |
- |
MYR(1,055,705.00) |
2016 |
- |
23/10/2017 |
|
3 |
1079708D |
GLOBAL BEAUTY MANAGEMENT
SDN. BHD. |
Director |
17/08/2015 |
0.00 |
- |
MYR(1,115,019.00) |
2016 |
- |
23/10/2017 |
|
4 |
195194H |
MARIE FRANCE BODYLINE SDN.
BHD. |
Director |
17/08/2015 |
0.00 |
- |
MYR2,257,294.00 |
2016 |
- |
23/10/2017 |
|
5 |
203754U |
MFE FORMWORK TECHNOLOGY SDN.
BHD. |
Director |
12/12/2014 |
0.00 |
- |
MYR12,842,404.00 |
2016 |
- |
23/10/2017 |
|
6 |
195211P |
SVENSON HAIR CENTER SDN.
BHD. |
Director |
17/08/2015 |
0.00 |
- |
MYR1,053,036.00 |
2015 |
- |
23/10/2017 |
|
7 |
68225K |
TEKNICAST SDN BHD |
Director |
27/03/2015 |
0.00 |
- |
MYR2,426,771.00 |
2016 |
- |
23/10/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
PATRICK GERARD GORHAM |
|
Address |
: |
NO. 18 KIARA PEAK, CHANGKAT
DUTA KIARA 3, MONT KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
LT8299439 |
|
Date of Appointment |
: |
09/06/2010 |
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 |
1154649A |
GAELIC SPORTS MALAYSIA
BERHAD |
Director |
07/08/2015 |
0.00 |
- |
- |
- |
- |
23/10/2017 |
|
2 |
1184067V |
MFE FORMWORK RENTAL SDN.
BHD. |
Director |
18/04/2016 |
0.00 |
- |
MYR487,315.00 |
2016 |
- |
23/10/2017 |
|
3 |
203754U |
MFE FORMWORK TECHNOLOGY SDN.
BHD. |
Director |
09/06/2010 |
0.00 |
- |
MYR12,842,404.00 |
2016 |
- |
23/10/2017 |
|
4 |
1068317U |
PIMA CONSTRUCTION SDN. BHD. |
Director |
30/10/2013 |
0.00 |
- |
MYR(28,082.00) |
2016 |
- |
23/10/2017 |
|
5 |
68225K |
TEKNICAST SDN BHD |
Director |
20/10/2015 |
0.00 |
- |
MYR2,426,771.00 |
2016 |
- |
23/10/2017 |
DIRECTOR 4
|
Name Of Subject |
: |
JASON ALEKSANDER KARDACHI |
|
Address |
: |
134, WATTEN EST RD, #02-03,
SINGAPORE 287601 |
|
IC / PP No |
: |
PE0377928 |
|
Date of Appointment |
: |
23/08/2011 |
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 |
1093877K |
BELLA SKIN CARE SDN. BHD. |
Director |
10/06/2014 |
0.00 |
- |
MYR(1,848,688.00) |
2016 |
- |
23/10/2017 |
|
2 |
1081573A |
GBI MANAGEMENT SDN. BHD. |
Director |
17/08/2015 |
0.00 |
- |
MYR(1,055,705.00) |
2016 |
- |
23/10/2017 |
|
3 |
1079708D |
GLOBAL BEAUTY MANAGEMENT
SDN. BHD. |
Director |
04/02/2014 |
0.00 |
- |
MYR(1,115,019.00) |
2016 |
- |
23/10/2017 |
|
4 |
195194H |
MARIE FRANCE BODYLINE SDN.
BHD. |
Director |
15/11/2013 |
0.00 |
- |
MYR2,257,294.00 |
2016 |
- |
23/10/2017 |
|
5 |
203754U |
MFE FORMWORK TECHNOLOGY SDN.
BHD. |
Director |
23/08/2011 |
0.00 |
- |
MYR12,842,404.00 |
2016 |
- |
23/10/2017 |
|
6 |
1068317U |
PIMA CONSTRUCTION SDN. BHD. |
Director |
30/10/2013 |
0.00 |
- |
MYR(28,082.00) |
2016 |
- |
23/10/2017 |
|
7 |
195211P |
SVENSON HAIR CENTER SDN.
BHD. |
Director |
15/11/2013 |
0.00 |
- |
MYR1,053,036.00 |
2015 |
- |
23/10/2017 |
DIRECTOR 5
|
Name Of Subject |
: |
JAMES ROBINSON |
|
Address |
: |
BA-28-01, 10 MONT KIARA, NO.
4, JALAN KIARA 1, MONT KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
IC / PP No |
: |
510742731 |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
28/09/2009 |
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 |
1184067V |
MFE FORMWORK RENTAL SDN.
BHD. |
Director |
18/04/2016 |
0.00 |
- |
MYR487,315.00 |
2016 |
- |
23/10/2017 |
|
2 |
203754U |
MFE FORMWORK TECHNOLOGY SDN.
BHD. |
Director |
28/09/2009 |
0.00 |
- |
MYR12,842,404.00 |
2016 |
- |
23/10/2017 |
|
3 |
1068317U |
PIMA CONSTRUCTION SDN. BHD. |
Director |
30/10/2013 |
0.00 |
- |
MYR(28,082.00) |
2016 |
- |
23/10/2017 |
|
4 |
68225K |
TEKNICAST SDN BHD |
Director |
20/10/2015 |
0.00 |
- |
MYR2,426,771.00 |
2016 |
- |
23/10/2017 |
DIRECTOR 6
|
Name Of Subject |
: |
MATHEW WILLIAM MORAHAN |
|
Address |
: |
14, BROMBOROUGH ROAD
ROSEVILLE, SYDNEY, NSW 2069 |
|
IC / PP No |
: |
PA3077744 |
|
Date of Appointment |
: |
16/03/2015 |
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 |
203754U |
MFE FORMWORK TECHNOLOGY SDN.
BHD. |
Director |
16/03/2015 |
0.00 |
- |
MYR12,842,404.00 |
2016 |
- |
23/10/2017 |
|
2 |
68225K |
TEKNICAST SDN BHD |
Director |
02/11/2015 |
0.00 |
- |
MYR2,426,771.00 |
2016 |
- |
23/10/2017 |
FORMER
DIRECTOR(S)
|
|
Name |
Address |
IC/PP No |
Appointed Date |
Withdrawn Date |
|
STEVEN MARK ENDERBY |
12, WIMBORNE AVENUE, MOUNT
ELIZA VICTORIA, 3930 AUSTRALIA |
761082192 |
20/07/2007 |
20/04/2012 |
|
ROBERT ONIONS |
174-1-6,G.FLR, KIARA PART
APT, TMN TUN DR.ISMAIL, K.L., KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
003061816 |
01/03/1995 |
31/12/1997 |
|
SAMUEL WILLIAM MARTIN REILLY |
MENARA HARTAMAS BLOK 7,
7-9-3 JALAN SRI HARTAMAS 1, K.L, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
B255246 |
01/03/1995 |
04/09/1996 |
|
OH TEIK TATT |
11,PINGGIRAN TUNKU, BUKIT
TUNKU, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
480201-07-5013 |
09/06/2010 |
31/08/2011 |
|
RICHARD HENRY PHILLIPS |
37 JALAN TENGKU AMPUAN,
TAMAN DUTA, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
706027180 |
20/07/2007 |
13/12/2007 |
|
MAH TECK OON |
2A,LINTANG SERAYA, TAMAN
PALM GROVE, KLANG,SELANGOR, KLANG, SELANGOR, MALAYSIA |
521105-10-5073 |
01/07/2009 |
11/12/2009 |
|
LIEW TENG PHUA |
1344,JALAN 17/48, PETALING
JAYA, SELANGOR, PETALING JAYA, SELANGOR, MALAYSIA |
5829332 |
10/01/1992 |
23/02/1996 |
|
LEE CHING |
3-14-6, THE RESIDENCE, NO.3,
JALAN WAN KADIR 5, TAMAN TUN DR ISMAIL, KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA |
730502-10-5553 |
21/05/2009 |
30/11/2011 |
|
KENNETH JAMES ANDREW |
NO.51,JALAN KELAB GOLF 13/6,
KGSAAS SHAH ALAM, SELANGOR |
712101V |
05/01/1997 |
21/12/1999 |
|
JAMES MARTIN LAUGHLIN |
10, SETIA KASIH 8, DAMANSARA
HEIGHTS, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
761105029 |
10/01/1992 |
29/06/2009 |
|
GARY JAMES ADDISON |
NO. 3, JALAN RUMBIA, #13-03,
THE IMPERIAL, SINGAPORE 239617 |
099124122 |
09/06/2010 |
18/05/2012 |
|
DAVID ALEXANDER MERVYN
MCCALL |
NEWPARK GREYSTONE ROAD,
ANTRIM, NORTHERN IRELAND, BT41 2QN, UNITED KINGDOM |
028576204 |
01/03/2002 |
18/07/2007 |
|
DAVID NICHOLAS WILSON |
NO.5, JALAN KIARA 11, BANDAR
BOTANIC, KLANG, SELANGOR, MALAYSIA |
740151050 |
21/12/1999 |
09/07/2009 |
|
AROGYASWAMI JOSEPH JAGATHAN |
18 MONTGOMERIE CLUB VILLAS,
EMIRATES HILLS, DUBAI, UAE |
BC273780 |
21/05/2009 |
31/12/2009 |
|
ALAN JOHN MCCREADY |
10 JALAN SETIAKASIH 8,
DAMANSARA HEIGHTS, KUALA LUMPUR UR, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
L003917 |
10/01/1992 |
01/03/2002 |
Note : The above information
was generated from our database.
MANAGEMENT
|
|
1) |
Name of Subject |
: |
JAMES ROBINSON |
|
Position |
: |
MANAGING DIRECTOR |
AUDITOR
|
|
Auditor |
: |
KPMG PLT (LLP0010081-LCA) |
|
Auditor' Address |
: |
LEVEL 10, KPMG TOWER,, 8
FIRST AVENUE, BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. TAN BENG HOCK |
|
IC / PP No |
: |
4086144 |
|
|
New IC No |
: |
361028-07-5295 |
|
|
Address |
: |
80, JALAN USJ 6/2B,, 47200
SUBANG JAYA, SELANGOR, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. LAI SOOK HEAN |
|
IC / PP No |
: |
A1854741 |
|
|
New IC No |
: |
710503-08-6122 |
|
|
Address |
: |
206,BLOCK A10, WANGSA MAJU,
SECTION 2, KUALA LUMPUR, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, 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 |
29/10/1992 |
N/A |
PUBLIC INVESTMENT BANK
BERHAD |
- |
Satisfied |
|
2 |
04/11/1992 |
N/A |
THE PACIFIC ABNK BERHAD |
- |
Satisfied |
|
3 |
26/12/1992 |
N/A |
THE PACIFIC BANK BERHAD |
MYR 1,000,000.00 |
Satisfied |
|
4 |
16/06/1993 |
N/A |
THE PACIFIC BANK BERHAD |
MYR 1,000,000.00 |
Satisfied |
|
5 |
07/07/1995 |
N/A |
NATIONAL AUSTRALIA MERCHANT
BANK SINGAPORELTD |
- |
Satisfied |
|
6 |
06/07/1999 |
N/A |
MALAYAN BANKING BERHAD |
MYR 1,200,000.00 |
Satisfied |
|
7 |
01/11/2007 |
DEBENTURE |
MADISON PACIFIC TRUST
LIMITED |
MYR 5,000,000.00 |
Satisfied |
|
8 |
08/06/2012 |
DEBENTURE |
THE ROYAL BANK OF SCOTLAND
BERHAD |
MYR 8,300,000.00 |
Satisfied |
|
9 |
08/06/2012 |
DEBENTURE |
THE ROYAL BANK OF SCOTLAND,
PLC, LABUAN BRANCH |
USD 5,000,000.00 |
Satisfied |
|
10 |
08/06/2012 |
DEBENTURE |
PATRICK GERARD GORHAM
(PASSPORT NO. LT0009566) |
USD 300,000.00 |
Satisfied |
|
11 |
25/11/2014 |
DEBENTURE |
VENTURE OPPORTUNITY (LABUAN)
LIMITED |
- |
Satisfied |
|
12 |
22/01/2016 |
N/A |
CIMB BANK BERHAD |
- |
Unsatisfied |
|
13 |
22/01/2016 |
N/A |
CIMB BANK BERHAD |
- |
Unsatisfied |
|
14 |
22/01/2016 |
N/A |
CIMB BANK BERHAD |
- |
Unsatisfied |
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 |
Percentage |
: |
20% |
|
Overseas |
: |
YES |
Percentage |
: |
80% |
|
Import Countries |
: |
EUROPE,ASIA |
|||
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 |
Percentage |
: |
30% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
70% |
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
TELEGRAPHIC TRANSFER (TT) |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|||||
|
Competitor(s) |
: |
DS ALBEDO SDN. BHD. |
|||||
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
2014 |
2013 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
600 |
600 |
600 |
600 |
600 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
formwork system for civil engineering construction.
The Subject is a revolutionary aluminium formwork construction system.
The Subject has many experiences for forming cast in place reinforced concrete
building structures. Using this unique system, all walls, floor slabs, columns,
beams, stairs, balconies, together with door and window openings are cast in
place in a single site based operation.
There are four main elements in the Subject's business, which are design,
manufacturing, technical support and safety and environment.
The combination of bespoke software and the experience of the designers, the
Subject guarantees the most efficient construction process, incorporating the
optimum assembly procedures, economical panel selection and ultimately
minimizing capital and operational costs.
CURRENT
INVESTIGATION
|
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone Number Provided By
Client |
: |
N/A |
|
Current Telephone Number |
: |
03-33753000 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
LOT 824, 8TH FLOOR, KOMPLEK
SUN JALAN BUKIT BINATANG KUALALUMPUR, |
|
Current Address |
: |
LOT 4 & 6, JALAN TUN
PERAK 3, PERDANA INDUSTRIAL PARK, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
The address provided is the registered address.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
23.56% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
14.87% |
] |
|
|
The Subject's management had
generated acceptable return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
67 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
66 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
71 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 unfavourable creditors' ratio could
be due to the Subject taking advantage of the credit granted by its
suppliers. However this may affect the goodwill between the Subject and its
suppliers and the Subject may inadvertently have to pay more for its future
supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.83 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.48 Times |
] |
|
|
A minimum liquid ratio of 1
should be maintained by the Subject in order to assure its creditors of its
ability to meet short term obligations and the Subject was in a good
liquidity position. Thus, we believe the Subject is able to meet all its
short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Acceptable |
[ |
3.42 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.59 Times |
] |
|
|
The Subject's interest cover
was slightly low. If there is no sharp fall in its profit or sudden increase
in the interest rates, we believe the Subject is able to generate sufficient
income to service its interest and repay the loans. 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 was in good
liquidity position with its total current liabilities well covered by its
total current assets. With its current net assets, the Subject should be able
to repay its short term obligations. The Subject had an acceptable interest
cover. If there is no sudden sharp increase in interest rate or fall in the
Subject's profit, we do believe the Subject is able to generate sufficient
cash flow to service its interest payment. 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 : STABLE |
||||||
|
|
||||||
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators: |
2013 |
2014 |
2015 |
2016* |
2017** |
|
Population ( Million) |
29.8 |
30.0 |
31.0 |
31.7 |
32.1 |
|
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 |
91,577 |
52,206 |
- |
|
Government Finance ( MYR
Million ) |
(38,584) |
(37,414) |
(37,194) |
(38,727) |
(40,344) |
|
Government Finance to GDP /
Fiscal Deficit ( % ) |
(3.8) |
(3.4) |
(3.2) |
(3.1) |
(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 |
43,255 |
- |
|
Registration of New
Companies ( % ) |
1.9 |
6.1 |
(7.2) |
(5.3) |
- |
|
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 |
376,720 |
- |
|
Registration of New Business
( % ) |
2.0 |
1.0 |
9.0 |
3.0 |
- |
|
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) |
- |
- |
|
|
2013 |
2014 |
2015 |
2016* |
2017** |
|
Agriculture |
2.0 |
2.1 |
1.2 |
(3.3) |
1.5 |
|
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 |
1.1 |
1.4 |
|
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 |
4.0 |
4.1 |
|
Exported-oriented Industries |
3.3 |
5.6 |
4.8 |
4.7 |
- |
|
Electrical & Electronics |
6.9 |
11.8 |
9.2 |
7.0 |
- |
|
Rubber Products |
11.7 |
(1.3) |
5.1 |
3.9 |
- |
|
Wood Products |
(2.7) |
7.8 |
7.0 |
7.0 |
- |
|
Textiles & Apparel |
(2.6) |
10.8 |
7.5 |
6.7 |
- |
|
Domestic-oriented Industries |
5.9 |
7.7 |
4.7 |
3.0 |
- |
|
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 |
2.8 |
1.6 |
2.2 |
- |
|
Fabricated Metal Products |
9.9 |
2.8 |
4.6 |
5.1 |
- |
|
Non-metallic Mineral |
(2.0) |
6.9 |
6.8 |
5.5 |
- |
|
Transport Equipment |
13.8 |
14.4 |
5.2 |
(3.1) |
- |
|
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 |
8.7 |
8.3 |
|
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 |
5.6 |
5.7 |
|
Electric, Gas & Water |
4.4 |
3.8 |
3.5 |
5.9 |
5.0 |
|
Transport, Storage &
Communication |
7.30 |
7.50 |
7.55 |
7.55 |
7.70 |
|
Wholesale, Retail, Hotel
& Restaurant |
6.3 |
8.9 |
6.9 |
6.2 |
6.7 |
|
Finance, Insurance &
Real Estate |
3.7 |
4.7 |
4.3 |
6.6 |
- |
|
Government Services |
7.4 |
6.2 |
4.0 |
6.5 |
4.5 |
|
Other Services |
5.6 |
4.8 |
4.7 |
4.6 |
5.3 |
|
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 |
|
|
25111 : Manufacture of
industrial frameworks in metal |
|
|
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
|
|
|
PROFIT AND LOSS
ACCOUNT
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
MFE FORMWORK TECHNOLOGY SDN.
BHD. |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
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 |
259,879,408 |
312,764,203 |
256,537,978 |
216,515,208 |
144,850,455 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
259,879,408 |
312,764,203 |
256,537,978 |
216,515,208 |
144,850,455 |
|
Costs of Goods Sold |
(199,034,361) |
(246,046,526) |
(190,974,322) |
(162,137,717) |
(116,465,122) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
60,845,047 |
66,717,677 |
65,563,656 |
54,377,491 |
28,385,333 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM
OPERATIONS |
13,495,810 |
10,635,996 |
36,275,133 |
26,832,049 |
9,574,339 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE
TAXATION |
13,495,810 |
10,635,996 |
36,275,133 |
26,832,049 |
9,574,339 |
|
Taxation |
(653,406) |
(3,737,322) |
(5,351,359) |
(6,871,616) |
(2,037,389) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
12,842,404 |
6,898,674 |
30,923,774 |
19,960,433 |
7,536,950 |
|
Minority interests |
(31,568) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE
EXTRAORDINARY ITEMS |
12,810,836 |
6,898,674 |
30,923,774 |
19,960,433 |
7,536,950 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE
TO SHAREHOLDERS |
12,810,836 |
6,898,674 |
30,923,774 |
19,960,433 |
7,536,950 |
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD |
|||||
|
As previously reported |
39,525,638 |
32,626,964 |
31,432,107 |
17,992,974 |
27,552,037 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
39,525,638 |
32,626,964 |
31,432,107 |
17,992,974 |
27,552,037 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR
APPROPRIATIONS |
52,336,474 |
39,525,638 |
62,355,881 |
37,953,407 |
35,088,987 |
|
DIVIDENDS - Ordinary (paid
& proposed) |
- |
- |
(29,728,917) |
(6,521,300) |
(17,096,013) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD |
52,336,474 |
39,525,638 |
32,626,964 |
31,432,107 |
17,992,974 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per
notes to P&L) |
|||||
|
Bank overdraft |
- |
- |
- |
- |
171,705 |
|
Hire purchase |
- |
- |
- |
- |
9,104 |
|
Lease interest |
232,018 |
230,990 |
110,546 |
61,449 |
- |
|
Revolving loans |
87,378 |
- |
328,350 |
433,134 |
141,103 |
|
Term loan / Borrowing |
5,146,509 |
6,813,383 |
1,671,724 |
918,252 |
375,132 |
|
Others |
113,506 |
222,258 |
163,761 |
58,685 |
170,535 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
5,579,411 |
7,266,631 |
2,274,381 |
1,471,520 |
867,579 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes
to P&L) |
7,675,943 |
7,352,513 |
4,368,950 |
6,959,350 |
3,874,373 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And
Depreciation |
7,675,943 |
7,352,513 |
4,368,950 |
6,959,350 |
3,874,373 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
MFE FORMWORK TECHNOLOGY SDN.
BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
18,117,207 |
24,879,342 |
10,449,061 |
13,999,103 |
12,040,004 |
|
Investments |
7,670 |
7,670 |
7,670 |
7,670 |
7,670 |
|
Deferred assets |
1,928,027 |
310,411 |
1,801,207 |
1,801,207 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS |
1,935,697 |
318,081 |
1,808,877 |
1,808,877 |
7,670 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
20,052,904 |
25,197,423 |
12,257,938 |
15,807,980 |
12,047,674 |
|
Stocks |
47,552,771 |
48,915,142 |
41,121,782 |
24,824,897 |
19,403,505 |
|
Contract work-in-progress |
- |
2,324,639 |
2,812,484 |
- |
- |
|
Trade debtors |
47,023,233 |
80,392,036 |
57,443,689 |
61,367,283 |
45,396,111 |
|
Other debtors, deposits
& prepayments |
15,683,928 |
14,571,464 |
16,171,146 |
7,956,489 |
2,565,395 |
|
Short term deposits |
112,080 |
- |
- |
- |
- |
|
Deposits with financial
institutions |
- |
112,080 |
- |
- |
- |
|
Amount due from holding
company |
15,975,683 |
15,170,551 |
12,256,611 |
8,177,194 |
2,940,686 |
|
Amount due from related
companies |
6,481,522 |
30,500 |
8,966 |
5,998 |
- |
|
Cash & bank balances |
37,220,547 |
5,266,253 |
9,612,446 |
10,018,045 |
785,535 |
|
Amount owing by customer |
1,181,509 |
248,810 |
- |
- |
- |
|
Others |
10,023,923 |
6,484,845 |
- |
- |
4,448,509 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
181,255,196 |
173,516,320 |
139,427,124 |
112,349,906 |
75,539,741 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
201,308,100 |
198,713,743 |
151,685,062 |
128,157,886 |
87,587,415 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
38,453,947 |
52,144,376 |
26,597,310 |
42,054,143 |
24,904,139 |
|
Other creditors &
accruals |
9,611,652 |
13,124,067 |
16,879,281 |
14,858,070 |
14,965,560 |
|
Hire purchase & lease
creditors |
- |
- |
1,029,433 |
953,198 |
563,507 |
|
Short term borrowings/Term
loans |
- |
- |
11,153,130 |
14,450,040 |
- |
|
Other borrowings |
21,504,826 |
9,746,461 |
- |
12,982,059 |
11,326,938 |
|
Amounts owing to holding
company |
- |
- |
6,993,600 |
3,264,900 |
- |
|
Amounts owing to related
companies |
1,265,666 |
2,383,278 |
926,153 |
1,027,986 |
531,636 |
|
Amounts owing to director |
- |
- |
- |
985,230 |
897,210 |
|
Provision for taxation |
- |
- |
1,766,255 |
4,043,910 |
- |
|
Lease payables |
2,231,297 |
2,355,727 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
73,067,388 |
79,753,909 |
65,345,162 |
94,619,536 |
53,188,990 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
108,187,808 |
93,762,411 |
74,081,962 |
17,730,370 |
22,350,751 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
128,240,712 |
118,959,834 |
86,339,900 |
33,538,350 |
34,398,425 |
|
============= |
============= |
============= |
============= |
============= |
|
|
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 |
|
Exchange
equalisation/fluctuation reserve |
244 |
- |
- |
- |
- |
|
Retained profit/(loss)
carried forward |
52,336,474 |
39,525,638 |
32,626,964 |
31,432,107 |
17,992,974 |
|
Capital redemption reserve |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
53,336,718 |
40,525,638 |
33,626,964 |
32,432,107 |
18,992,974 |
|
MINORITY INTEREST |
46,536 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
54,383,254 |
41,525,638 |
34,626,964 |
33,432,107 |
19,992,974 |
|
Long term loans |
63,847,125 |
66,043,573 |
51,509,213 |
- |
13,159,080 |
|
Lease obligations |
1,049,333 |
2,362,513 |
203,723 |
106,243 |
- |
|
Hire purchase creditors |
- |
- |
- |
- |
574,870 |
|
Deferred taxation |
- |
- |
- |
- |
671,501 |
|
Others |
8,961,000 |
9,028,110 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
73,857,458 |
77,434,196 |
51,712,936 |
106,243 |
14,405,451 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
128,240,712 |
118,959,834 |
86,339,900 |
33,538,350 |
34,398,425 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
MFE FORMWORK TECHNOLOGY SDN.
BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
37,332,627 |
5,266,253 |
9,612,446 |
10,018,045 |
785,535 |
|
Net Liquid Funds |
37,332,627 |
5,266,253 |
9,612,446 |
10,018,045 |
785,535 |
|
Net Liquid Assets |
60,635,037 |
44,847,269 |
32,960,180 |
(7,094,527) |
2,947,246 |
|
Net Current
Assets/(Liabilities) |
108,187,808 |
93,762,411 |
74,081,962 |
17,730,370 |
22,350,751 |
|
Net Tangible Assets |
128,240,712 |
118,959,834 |
86,339,900 |
33,538,350 |
34,398,425 |
|
Net Monetary Assets |
(13,222,421) |
(32,586,927) |
(18,752,756) |
(7,200,770) |
(11,458,205) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest
& Tax (EBIT) |
19,075,221 |
17,902,627 |
38,549,514 |
28,303,569 |
10,441,918 |
|
Earnings Before Interest,
Taxes, Depreciation And Amortization (EBITDA) |
26,751,164 |
25,255,140 |
42,918,464 |
35,262,919 |
14,316,291 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
86,488,662 |
78,152,547 |
64,223,849 |
28,924,674 |
25,765,498 |
|
Total Liabilities |
146,924,846 |
157,188,105 |
117,058,098 |
94,725,779 |
67,594,441 |
|
Total Assets |
201,308,100 |
198,713,743 |
151,685,062 |
128,157,886 |
87,587,415 |
|
Net Assets |
128,240,712 |
118,959,834 |
86,339,900 |
33,538,350 |
34,398,425 |
|
Net Assets Backing |
54,383,254 |
41,525,638 |
34,626,964 |
33,432,107 |
19,992,974 |
|
Shareholders' Funds |
54,383,254 |
41,525,638 |
34,626,964 |
33,432,107 |
19,992,974 |
|
Total Share Capital |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
Total Reserves |
53,336,718 |
40,525,638 |
33,626,964 |
32,432,107 |
18,992,974 |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
(16.91) |
21.92 |
18.48 |
49.47 |
(28.81) |
|
Proft/(Loss) Before Tax |
26.89 |
(70.68) |
35.19 |
180.25 |
(30.04) |
|
Proft/(Loss) After Tax |
86.16 |
(77.69) |
54.93 |
164.83 |
(38.31) |
|
Total Assets |
1.31 |
31.00 |
18.36 |
46.32 |
8.40 |
|
Total Liabilities |
(6.53) |
34.28 |
23.58 |
40.14 |
31.91 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.51 |
0.07 |
0.15 |
0.11 |
0.01 |
|
Liquid Ratio |
1.83 |
1.56 |
1.50 |
0.93 |
1.06 |
|
Current Ratio |
2.48 |
2.18 |
2.13 |
1.19 |
1.42 |
|
WORKING CAPITAL CONTROL
(Days) |
|||||
|
Stock Ratio |
67 |
60 |
63 |
42 |
49 |
|
Debtors Ratio |
66 |
94 |
82 |
103 |
114 |
|
Creditors Ratio |
71 |
77 |
51 |
95 |
78 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.59 |
1.88 |
1.85 |
0.87 |
1.29 |
|
Liabilities Ratio |
2.70 |
3.79 |
3.38 |
2.83 |
3.38 |
|
Times Interest Earned Ratio |
3.42 |
2.46 |
16.95 |
19.23 |
12.04 |
|
Assets Backing Ratio |
128.24 |
118.96 |
86.34 |
33.54 |
34.40 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
5.19 |
3.40 |
14.14 |
12.39 |
6.61 |
|
Net Profit Margin |
4.93 |
2.21 |
12.05 |
9.22 |
5.20 |
|
Return On Net Assets |
14.87 |
15.05 |
44.65 |
84.39 |
30.36 |
|
Return On Capital Employed |
14.86 |
15.05 |
43.96 |
81.04 |
29.75 |
|
Return On Shareholders'
Funds/Equity |
23.56 |
16.61 |
89.31 |
59.70 |
37.70 |
|
Dividend Pay Out Ratio
(Times) |
0 |
0 |
0.96 |
0.33 |
2.27 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.81 |
|
|
1 |
INR 90.66 |
|
Euro |
1 |
INR 79.94 |
|
MYR |
1 |
INR 16.33 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
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.