|
|
|
MIRA INFORM REPORT
|
Report No. : |
483663 |
|
Report Date : |
03.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
MIECO
MANUFACTURING SDN. BHD. |
|
|
|
|
Registered Office : |
1, Block C, Jalan Indah 2/6, Taman Indah, Batu
11, 43200 Cheras, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
04.07.2003 |
|
|
|
|
Com. Reg. No.: |
620690-T |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
manufacturing and trading of particleboards. |
|
|
|
|
No. of Employees : |
800 [2018] |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, an upper middle-income country, has transformed itself since
the 1970s from a producer of raw materials into a multi-sector economy. Under current
Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by
2020 and to move further up the value-added production chain by attracting
investments in high technology, knowledge-based industries and services.
NAJIB's Economic Transformation Program is a series of projects and policy
measures intended to accelerate the country's economic growth. The government
has also taken steps to liberalize some services sub-sectors. Malaysia is
vulnerable to a fall in world commodity prices or a general slowdown in global
economic activity.
The NAJIB administration is continuing efforts to boost domestic demand
and reduce the economy's dependence on exports. Domestic demand continues to
anchor economic growth, supported mainly by private consumption, which accounts
for 53% of GDP. Nevertheless, exports - particularly of electronics, oil and
gas, and palm oil - remain a significant driver of the economy. In 2015, gross
exports of goods and services were equivalent to 73% of GDP. The oil and gas sector
supplied about 22% of government revenue in 2015, down significantly from prior
years amid a decline in commodity prices and diversification of government
revenues. Malaysia has embarked on a fiscal reform program aimed at achieving a
balanced budget by 2020, including rationalization of subsidies and the 2015
introduction of a 6% value added tax. Sustained low commodity prices throughout
the period not only strained government finances, but also shrunk Malaysia’s
current account surplus and weighed heavily on the Malaysian ringgit, which was
among the region’s worst performing currencies during 2015. The ringgit
rebounded in early 2016, but hit new lows following the US presidential
election amid a broader selloff of emerging market assets.
Bank Negara Malaysia (the central bank) maintains adequate foreign
exchange reserves; a well-developed regulatory regime has limited Malaysia's
exposure to riskier financial instruments, although it remains vulnerable to
volatile global capital flows. In order to increase Malaysia’s competitiveness,
Prime Minister NAJIB raised possible revisions to the special economic and
social preferences accorded to ethnic Malays under the New Economic Policy of
1970, but retreated in 2013 after he encountered significant opposition from
Malay nationalists and other vested interests. In September 2013 NAJIB launched
the new Bumiputra Economic Empowerment Program, policies that favor and advance
the economic condition of ethnic Malays.
Malaysia signed the 12-nation Trans-Pacific Partnership (TPP) free trade
agreement in February 2016, although the future of the TPP remains unclear
following the US withdrawal from the agreement. Along with nine other ASEAN
members, Malaysia established the ASEAN Economic Community in 2015, which aims
to advance regional economic integration.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|
REGISTRATION NO. |
: |
620690-T |
||||
|
COMPANY NAME |
: |
MIECO MANUFACTURING SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
04/07/2003 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
1, BLOCK C, JALAN INDAH 2/6, TAMAN INDAH,
BATU 11, 43200 CHERAS, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
NO.1, BLOCK C, JALAN INDAH 2/6 TAMAN INDAH,
BATU 11 CHERAS, 43200 CHERAS, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-90759991 |
||||
|
FAX.NO. |
: |
03-90807991 |
||||
|
EMAIL |
: |
MKTG@MIECO.COM.MY |
||||
|
WEB SITE |
: |
WWW.MIECO.COM.MY |
||||
|
CONTACT PERSON |
: |
NG AH CHAI ( GROUP MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
16292 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING AND TRADING OF PARTICLEBOARDS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 100,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 50,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 324,095,606 [2016] |
||||
|
NET WORTH |
: |
MYR 25,484,578 [2016] |
||||
|
M1000 OVERALL RANKING |
: |
806[2009] |
||||
|
M1000 INDUSTRY RANKING |
: |
47[2009] |
||||
|
STAFF STRENGTH |
: |
800 [2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
SLOW BUT CORRECT |
||||
|
MANAGEMENT CAPABILITY |
: |
GOOD |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
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 trading of particleboards.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication,
the Subject's ranking are as follows: |
|||
|
YEAR |
2009 |
2008 |
|
|
OVERALL RANKING |
806 |
797 |
|
|
INDUSTRY RANKING |
47 |
52 |
|
The immediate and ultimate holding company of
the Subject is MIECO CHIPBOARD BERHAD, a company incorporated in MALAYSIA.
Former Address(es)
|
Address |
As At Date |
|
31ST FLOOR, MENARA MULTI-PURPOSE, CAPITAL
SQUARE, 8, JALAN MUNSHI ABDULLAH, 50100, WILAYAH PERSEKUTUAN, MALAYSIA |
01/08/2010 |
|
LOT 3,, KAW. PERINDUSTRIAN KECHAU TUI,
PADANG TENGKU, 27100, PAHANG, MALAYSIA |
15/02/2013 |
|
LEVEL 11, MENARA BRDB, 285, JALAN MAAROF,
BUKIT BANDARAYA, 59000, WILAYAH PERSEKUTUAN, MALAYSIA |
15/11/2016 |
|
LOT 77-83, KAWASAN PERINDUSTRIAN SEMAMBU,
25350, PAHANG, MALAYSIA |
27/05/2016 |
|
LOT 74, KAWASAN PERINDUSTRIAN GEBENG,
26080, PAHANG, MALAYSIA |
N/A |
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
30/04/2005 |
MYR 100,000,000.00 |
MYR 50,000,000.00 |
|
04/07/2003 |
MYR 100,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MIECO CHIPBOARD BERHAD |
LEVEL 9, MENARA BRDB, 285, JALAN MAAROF, BUKIT
BANDARAYA, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
12849K |
50,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
50,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
DATO' SRI NG AH CHAI |
|
Address |
: |
11, JALAN PUNCAK PERDANA 1, PERDANA
HEIGHTS, KAJANG, 43200 CHERAS, SELANGOR, MALAYSIA. |
|
Other Address(es) |
: |
NO.98, CHERAS BATU 11, 43000 KAJANG,
SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
6812773 |
|
New IC No |
: |
620703-10-5077 |
|
Date of Birth |
: |
03/07/1962 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/11/2016 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
see below |
|
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 |
491899W |
ASPIRE BENCHMARK SDN. BHD. |
Director |
15/11/2016 |
0.00 |
- |
MYR(3,127.00) |
2016 |
- |
27/11/2017 |
|
2 |
948057M |
ASTANA BARU SDN. BHD. |
Shareholder |
- |
556,700.00 |
55.67 |
MYR(502,838.00) |
2015 |
- |
27/11/2017 |
|
3 |
1146206K |
DANAU BUMIRAYA SDN. BHD. |
Director |
15/08/2015 |
56.00 |
56.00 |
MYR(5,746.00) |
2016 |
- |
27/11/2017 |
|
4 |
835183K |
EJIA ENTERPRISE SDN. BHD. |
Director |
18/05/2012 |
95.00 |
95.00 |
MYR2,424,864.00 |
2016 |
- |
27/11/2017 |
|
5 |
893135V |
GBT FORESTRY SDN. BHD. |
Director |
13/06/2012 |
0.00 |
- |
MYR(5,149,528.00) |
2016 |
- |
27/11/2017 |
|
6 |
972159A |
GREAT PLATFORM SDN. BHD. |
Director |
22/12/2011 |
0.00 |
- |
MYR2,999,433.00 |
2016 |
- |
27/11/2017 |
|
7 |
1210036V |
HEBAT BESKAYA SDN. BHD. |
Director |
19/12/2016 |
0.00 |
- |
- |
- |
- |
27/11/2017 |
|
8 |
1147464T |
HEMAH HARMONI SDN. BHD. |
Director |
09/11/2015 |
0.00 |
- |
MYR(6,065.00) |
2016 |
- |
27/11/2017 |
|
9 |
1194825V |
HIJAU MAHAJUTA SDN. BHD. |
Director |
01/09/2016 |
0.00 |
- |
MYR(5,436.00) |
2016 |
- |
27/11/2017 |
|
10 |
981020K |
JADE HECTARE SDN. BHD. |
Director |
02/04/2012 |
1.00 |
50.00 |
MYR(2,430.00) |
2017 |
- |
27/11/2017 |
|
11 |
823609H |
JUTA DEVELOPMENT SDN. BHD. |
Director |
31/07/2009 |
950,000.00 |
95.00 |
MYR(10,423.00) |
2016 |
- |
27/11/2017 |
|
12 |
951709K |
KIARA AGRO SDN. BHD. |
Director |
25/10/2011 |
90.00 |
90.00 |
MYR(4,936.00) |
2016 |
- |
27/11/2017 |
|
13 |
796665A |
KIARA SUSILA SDN. BHD. |
Shareholder |
- |
5,010,000.00 |
55.67 |
MYR40,273,493.00 |
2016 |
- |
27/11/2017 |
|
14 |
1198016U |
MERCU BAYUMAS SDN. BHD. |
Director |
01/09/2016 |
0.00 |
- |
- |
- |
- |
27/11/2017 |
|
15 |
86089W |
MIECO CHEMICALS SDN. BHD. |
Director |
15/11/2016 |
0.00 |
- |
MYR(1,626.00) |
2016 |
- |
27/11/2017 |
|
16 |
12849K |
MIECO CHIPBOARD BERHAD |
Director |
15/11/2016 |
0.00 |
- |
MYR82,678,000.00 |
2016 |
- |
27/11/2017 |
|
17 |
620690T |
MIECO MANUFACTURING SDN. BHD. |
Director |
15/11/2016 |
0.00 |
- |
MYR48,051,129.00 |
2016 |
- |
27/11/2017 |
|
18 |
127203M |
MIECO MARKETING SDN.BHD. |
Director |
15/11/2016 |
0.00 |
- |
MYR(10,376.00) |
2016 |
- |
27/11/2017 |
|
19 |
436337K |
MIECO REFORESTATION SDN. BHD. |
Director |
15/11/2016 |
0.00 |
- |
MYR(1,185.00) |
2015 |
- |
27/11/2017 |
|
20 |
211023H |
MIECO WOOD RESOURCES SDN. BHD. |
Director |
15/11/2016 |
0.00 |
- |
MYR(1,626.00) |
2016 |
- |
27/11/2017 |
|
21 |
1146218X |
NIKMAT SEKITAR SDN. BHD. |
Director |
20/07/2015 |
0.00 |
- |
MYR(3,423.00) |
2016 |
- |
27/11/2017 |
|
22 |
1144273T |
NURI MERIAH SDN. BHD. |
Director |
20/07/2015 |
0.00 |
- |
MYR(24,428.00) |
2016 |
- |
27/11/2017 |
|
23 |
1246578K |
PARTICLEBOARD MALAYSIA SDN. BHD. |
Director |
13/09/2017 |
0.00 |
- |
- |
- |
- |
27/11/2017 |
|
24 |
954479U |
POPULAR ESPRIT SDN. BHD. |
Director |
10/06/2014 |
0.00 |
- |
MYR(841,125.00) |
2016 |
- |
27/11/2017 |
|
25 |
1115211H |
POPULAR VANTAGE SDN. BHD. |
Director |
04/12/2014 |
0.00 |
- |
MYR(3,184.00) |
2016 |
- |
27/11/2017 |
|
26 |
1198024M |
PROSPEK SETIAMAS SDN. BHD. |
Director |
01/09/2016 |
0.00 |
- |
- |
- |
- |
27/11/2017 |
|
27 |
258992X |
SENG YIP FURNITURE SDN. BHD. |
Director |
05/03/1993 |
0.00 |
- |
MYR10,011,352.00 |
2016 |
- |
27/11/2017 |
|
28 |
580578X |
SYF CONSTRUCTION SDN. BHD. |
Director |
11/07/2006 |
0.00 |
- |
MYR206,971.00 |
2016 |
- |
27/11/2017 |
|
29 |
186909D |
SYF DEVELOPMENT SDN. BHD. |
Director |
25/07/2006 |
0.00 |
- |
MYR21,515,045.00 |
2016 |
- |
27/11/2017 |
|
30 |
94099A |
SYF PLANTATION SDN. BHD. |
Director |
08/09/2003 |
0.00 |
- |
MYR(8,119.00) |
2016 |
- |
27/11/2017 |
|
31 |
364372H |
SYF RESOURCES BERHAD |
Director |
01/02/2001 |
11,422,700.00 |
1.86 |
MYR38,217,000.00 |
2016 |
- |
27/11/2017 |
|
32 |
670406M |
SYF VENTURE SDN. BHD. |
Director |
11/07/2006 |
0.00 |
- |
MYR(905,183.00) |
2016 |
- |
27/11/2017 |
|
33 |
144265W |
TOMISHO SDN BHD |
Director |
08/09/2003 |
0.00 |
- |
MYR6,836,958.00 |
2016 |
- |
27/11/2017 |
|
34 |
569988V |
TUDOR CAPITAL SDN. BHD. |
Director |
15/11/2016 |
0.00 |
- |
MYR(3,749.00) |
2016 |
- |
27/11/2017 |
|
35 |
1192864V |
WUJUD MAJUMAS SDN. BHD. |
Director |
01/09/2016 |
0.00 |
- |
MYR(4,436.00) |
2016 |
- |
27/11/2017 |
INTEREST IN BUSINESS
|
No |
Local No |
Business |
Designation |
App Date |
Shareholding (%) |
Status |
As At |
|
1 |
000735925K |
CHERAS SNOOKER CENTRE |
PARTNERSHIP |
18/06/2004 |
25.00 |
- |
27/11/2017 |
|
2 |
000867527M |
S.Y.FURNITURE TRADING |
SOLE PROPRIETORSHIP |
18/06/2004 |
100.00 |
- |
27/11/2017 |
FORMER INTEREST
|
No |
Local No |
Company |
Designation |
App Date |
Withdrawn Date |
Shareholding |
Status |
|
1 |
107529A |
BUMI RAYA DEVELOPMENT SDN BHD |
Shareholder |
- |
- |
- |
- |
|
2 |
868306M |
DREAM LAND DEVELOPMENT SDN. BHD. |
Shareholder |
- |
- |
125000.00 |
- |
|
3 |
639149D |
ECOFIRST FIBALOY SDN. BHD. |
Director |
26/01/2004 |
18/10/2004 |
- |
- |
|
4 |
478550M |
EVERISE CIRCLE (M) SDN. BHD. |
Director |
20/04/1999 |
07/12/2000 |
- |
- |
|
5 |
233176D |
HARAPAN AKTIVITI (M) SDN. BHD. |
Director |
02/11/2004 |
15/03/2006 |
- |
- |
|
6 |
182021D |
HH MARKETING SDN. BHD. |
Director |
17/05/1989 |
28/02/2001 |
- |
- |
|
7 |
375816U |
IN-N-OUT PLANTATION MANAGEMENT SENDIRIAN
BERHAD |
Director |
14/02/2013 |
31/07/2014 |
- |
- |
|
8 |
375816U |
IN-N-OUT PLANTATION MANAGEMENT SENDIRIAN
BERHAD |
Shareholder |
- |
- |
300000.00 |
- |
|
9 |
796665A |
KIARA SUSILA SDN. BHD. |
Director |
22/04/2008 |
08/07/2010 |
- |
- |
|
10 |
784165T |
MDF MALAYSIA SDN. BHD. |
Director |
16/07/2009 |
30/11/2011 |
- |
- |
|
11 |
784165T |
MDF MALAYSIA SDN. BHD. |
Shareholder |
- |
- |
1.00 |
- |
|
12 |
682819W |
MIDAS MENANG SDN. BHD. |
Director |
28/03/2007 |
08/06/2007 |
- |
- |
|
13 |
191670K |
VILLARAYA NEW HOLDING SDN. BHD. |
Director |
02/11/2004 |
15/03/2006 |
- |
- |
|
14 |
557483U |
WIRA CHERAS DEVELOPMENT SDN. BHD. |
Director |
21/07/2006 |
02/09/2009 |
- |
- |
|
15 |
617145W |
WIRA CHERAS PLANTATION SDN. BHD. |
Director |
26/11/2008 |
03/07/2014 |
- |
- |
|
16 |
617145W |
WIRA CHERAS PLANTATION SDN. BHD. |
Shareholder |
- |
- |
5500.00 |
- |
DIRECTOR 2
|
Name Of Subject |
: |
MR. NG TIEN YING |
|
Address |
: |
19, LORONG GALING 16, JALAN HAJI AHMAD,
25300 KUANTAN, PAHANG, MALAYSIA. |
|
New IC No |
: |
840625-06-5595 |
|
Date of Birth |
: |
25/06/1984 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
13/10/2017 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
491899W |
ASPIRE BENCHMARK SDN. BHD. |
Director |
13/10/2017 |
0.00 |
- |
MYR(3,127.00) |
2016 |
- |
27/11/2017 |
|
2 |
620690T |
MIECO MANUFACTURING SDN. BHD. |
Director |
13/10/2017 |
0.00 |
- |
MYR48,051,129.00 |
2016 |
- |
27/11/2017 |
|
3 |
569988V |
TUDOR CAPITAL SDN. BHD. |
Director |
13/10/2017 |
0.00 |
- |
MYR(3,749.00) |
2016 |
- |
27/11/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. NG WEI PING |
|
Address |
: |
11, JALAN PUNCAK PERDANA 1, PERDANA
HEIGHTS, BATU 9, 43200 CHERAS, SELANGOR, MALAYSIA. |
|
New IC No |
: |
900321-14-6603 |
|
Date of Birth |
: |
21/03/1990 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
13/10/2017 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
1146206K |
DANAU BUMIRAYA SDN. BHD. |
Director |
15/08/2015 |
0.00 |
- |
MYR(5,746.00) |
2016 |
- |
27/11/2017 |
|
2 |
835183K |
EJIA ENTERPRISE SDN. BHD. |
Director |
08/08/2017 |
5.00 |
5.00 |
MYR2,424,864.00 |
2016 |
- |
27/11/2017 |
|
3 |
1210036V |
HEBAT BESKAYA SDN. BHD. |
Director |
19/12/2016 |
0.00 |
- |
- |
- |
- |
27/11/2017 |
|
4 |
1147464T |
HEMAH HARMONI SDN. BHD. |
Director |
09/11/2015 |
0.00 |
- |
MYR(6,065.00) |
2016 |
- |
27/11/2017 |
|
5 |
1194825V |
HIJAU MAHAJUTA SDN. BHD. |
Director |
01/09/2016 |
0.00 |
- |
MYR(5,436.00) |
2016 |
- |
27/11/2017 |
|
6 |
823609H |
JUTA DEVELOPMENT SDN. BHD. |
Director |
01/11/2017 |
0.00 |
- |
MYR(10,423.00) |
2016 |
- |
27/11/2017 |
|
7 |
784165T |
MDF MALAYSIA SDN. BHD. |
Director |
01/08/2017 |
1.00 |
50.00 |
MYR(2,704.00) |
2016 |
- |
27/11/2017 |
|
8 |
1198016U |
MERCU BAYUMAS SDN. BHD. |
Director |
01/09/2016 |
0.00 |
- |
- |
- |
- |
27/11/2017 |
|
9 |
620690T |
MIECO MANUFACTURING SDN. BHD. |
Director |
13/10/2017 |
0.00 |
- |
MYR48,051,129.00 |
2016 |
- |
27/11/2017 |
|
10 |
1246578K |
PARTICLEBOARD MALAYSIA SDN. BHD. |
Director |
13/09/2017 |
0.00 |
- |
- |
- |
- |
27/11/2017 |
|
11 |
954479U |
POPULAR ESPRIT SDN. BHD. |
Director |
10/06/2014 |
0.00 |
- |
MYR(841,125.00) |
2016 |
- |
27/11/2017 |
|
12 |
1198024M |
PROSPEK SETIAMAS SDN. BHD. |
Director |
01/09/2016 |
0.00 |
- |
- |
- |
- |
27/11/2017 |
|
13 |
186909D |
SYF DEVELOPMENT SDN. BHD. |
Director |
10/10/2017 |
0.00 |
- |
MYR21,515,045.00 |
2016 |
- |
27/11/2017 |
|
14 |
364372H |
SYF RESOURCES BERHAD |
Director |
13/10/2017 |
0.00 |
- |
MYR38,217,000.00 |
2016 |
- |
27/11/2017 |
|
15 |
1192864V |
WUJUD MAJUMAS SDN. BHD. |
Director |
01/09/2016 |
0.00 |
- |
MYR(4,436.00) |
2016 |
- |
27/11/2017 |
FORMER DIRECTOR(S)
|
|
Name |
Address |
IC/PP No |
Appointed Date |
Withdrawn Date |
|
LIM SUAT CHUI |
13,JALAN 10/4, PETALING JAYA, SELANGOR,
MALAYSIA |
650823-10-7066 |
30/06/2014 |
16/11/2016 |
|
LOW KIM SENG |
NO.32,JALAN BU 2/4, BANDAR UTAMA, PETALING
JAYA,SELANGOR, PETALING JAYA, SELANGOR, MALAYSIA |
550423-10-5231 |
15/03/2005 |
16/11/2016 |
|
YONG SENG YEOW |
94,JALAN SARJANA 3, TMN.CONNAUGHT, BT.6
1/2,JALAN CHERAS |
530409-04-5123 |
04/07/2003 |
30/06/2014 |
|
MOHAMED MOIZ BIN J M ALI MOIZ |
ISTANA PAHANG, PERSIARAN RAJA CHULAN, KUALA
LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
600808-71-5383 |
04/07/2003 |
10/12/2013 |
|
JAGANATH DEREK STEVEN SABAPATHY |
NO. 98, LORONG SETIA BESTARI SATU, BUKIT
DAMANSARA, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
570415-10-6419 |
15/03/2005 |
30/09/2013 |
|
CHRISTOPHER MANIVANNAN |
LEVEL 11 MENARA BRDB, 285 JALAN MAAROF,
BUKIT BANDARAYA, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
640923-10-5851 |
16/10/2013 |
16/11/2016 |
|
KAJENDRA A/L PATHMANATHAN |
NO. 21, JALAN 5/58, GASING INDAH, PETALING
JAYA, SELANGOR, MALAYSIA |
740217-07-5411 |
15/11/2016 |
13/10/2017 |
Note : The above information was generated
from our database.
MANAGEMENT
|
|
1) |
Name of Subject |
: |
NG AH CHAI |
|
Position |
: |
GROUP MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
DELOITTE PLT (LLP0010145-LCA) |
|
Auditor' Address |
: |
LEVEL 16, MENARA LGB, 1, JALAN WAN KADIR,
TAMAN TUN DR ISMAIL, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. NG GEOK LIAN |
|
IC / PP No |
: |
A2976279 |
|
|
New IC No |
: |
750403-14-5494 |
|
|
Address |
: |
38, JALAN BUKIT MEWAH 1, TAMAN BUKIT MEWAH,
43000 KAJANG, SELANGOR, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
PUBLIC BANK BHD |
|
2) |
Name |
: |
RHB BANK BHD |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
22/11/2013 |
LETTER OF UNDERTAKING |
AMBANK (M) BERHAD |
- |
Satisfied |
|
2 |
18/12/2013 |
SALE AGREEMENT ASSIGNMENT & OTHERS |
AMBANK (M) BERHAD |
132,000,000.00 |
Unsatisfied |
|
3 |
26/06/2014 |
CHARGE |
AMBANK (M) BERHAD |
- |
Satisfied |
|
4 |
30/09/2014 |
FACILITIES AGREEMENT & OTHERS |
OCBC BANK (MALAYSIA) BERHAD |
MYR 14,000,000.00 |
Unsatisfied |
|
5 |
11/02/2015 |
CHARGE |
OCBC BANK (MALAYSIA) BERHAD |
MYR 14,000,000.00 |
Unsatisfied |
|
6 |
13/10/2017 |
MEMORANDUM OF CHARGE OF MONEY DEPOSITS |
ALLIANCE BANK MALAYSIA BERHAD |
- |
Unsatisfied |
|
7 |
19/12/2017 |
N/A |
HONG LEONG 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 |
: |
60% |
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
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 |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|||||
|
Product Brand Name |
: |
|
|||||
|
Award |
: |
1 ) PRODUCT CERTIFICATION GRANT Year :2002 |
|||||
|
Competitor(s) |
: |
BRIPANEL
INDUSTRIES SDN. BHD. |
|||||
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
2013 |
|||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|||
|
COMPANY |
800 |
800 |
800 |
800 |
735 |
800 |
|||
|
Branch |
: |
YES |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing and
trading of particleboards.
The Subject's particleboards, also known as chipboards, conform to
international quality standards such as the European Community's BS EN 312
standard, applicable for both moisture-resistant and non-moisture resistant
boards with E1 and E2 formaldehyde emission levels.
The Subject is using rubber wood, or now known as tropical oak wood in the
process of their manufacturing.
The two main products for the Subject included Mieco Plain Board and Mieco
Decorative MFC
The Subject is one of the leading manufacturer of high quality
particleboards.
RECENT DEVELOPMENT
|
1 October 2015
Singaporean Datuk Seri Akhbar Khan Mohamed Khan has emerged as a controlling
shareholder in Mieco Chipboard Bhd with a 56.76% stake.
In a filing with Bursa Malaysia yesterday, the wood-based products manufacturer
said Akhbar Khan via New Zealand-based Datuk Seri Akhbar Khan Trust Co Ltd, had
acquired Ambang Sehati Sdn Bhd, which owns the Mieco stake comprising 119.19
million shares.
Mieco said Datuk Seri Akhbar Khan Trust had bought Ambang Sehati from Datuk
Mohamed Moiz J.M. Ali Moiz, Abdul Sathar MSM Abdul Kadir, Sascha Saleem Khan
and Tania Aishah Khan.
“Datuk Seri Akhbar Khan Trust is the trustee of a discretionary trust of which
the beneficiaries are members of the family of Akhbar Khan,” it said.
Following the acqusition, Mohamed Moiz, Abdul Sathar, Sascha and Tania are no
longer major shareholders of Mieco.
Mieco shares closed one sen higher at 95 sen yesterday.
28 January 2015
Purnama Kuantum Sdn Bhd has emerged as the single largest shareholder of Mieco
Chipboard Bhd with a 56.76% stake.
A filing with Bursa Malaysia yesterday showed Purnama Kuantum had bought the
stake, comprising 119.19 million shares, from Ambang Sehati Sdn Bhd and BRDB
Developments Sdn Bhd.
The company had signed a conditional letter of agreement on Jan 21 with Ambang
Sehati and BRDB for the proposed purchase of the shares.
Datuk Mohamed Moiz J.M. Ali Moiz is deemed to have an indirect interest in the
Mieco shares via his 33.3% equity interest in Purnama Kuantum.
The BRDB buyout by Ambang Sehati in late 2012 was a well-publicised merger and
acquisition exercise which started in the previous year as a move to acquire
the company’s prized mall and office assets – Bangsar Shopping Centre, Menara
BRDB, CapSquare Retail Centre and Permas Jusco Mall – for RM914mil.
The deal quickly drew attention, as not only was it a related-party
transaction, but also because many commentators reckoned that the properties might
be worth more than the offer price.
Subsequently, Ambang Sehati made a conditional takeover offer of RM2.90 for the
shares and RM1.80 for the warrants, a price that was never traded before,
succeeding in its privatisation bid.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
60 3 90759991 |
|
Current Telephone Number |
: |
03-90759991 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
NO.1, BLOCK C, JALAN INDAH 2/6 TAMAN INDAH,
BATU 11 CHERAS, 43200 SELANGOR DARUL EHSAN |
|
Current Address |
: |
NO.1, BLOCK C, JALAN INDAH 2/6 TAMAN INDAH,
BATU 11 CHERAS, 43200 CHERAS, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We have contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
188.55% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
10.56% |
] |
|
|
The fluctuating turnover reflects the fierce
competition among the existing and new market players.The higher profit could
be attributed to the increase in turnover. Generally the Subject was
profitable. The favourable return on shareholders' funds and return on net
assets indicate that the Subject's management was efficient in utilising the
assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
45 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
55 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
77 Days |
] |
|
|
The Subject's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks. The
Subject's management was quite efficient in handling its debtors. The
Subject's debtors days were at an acceptable range, thus the risk of its
debts turning bad was minimised. 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 |
: |
Unfavourable |
[ |
0.62 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.88 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 |
: |
Acceptable |
[ |
8.78 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.27 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 : |
||||||
|
Although the turnover was erratic, the
Subject had maintained a steady growth in its profit. This indicate the management's
efficiency in controlling its costs and profitability. Due to its weak
liquidity position, the Subject will be faced with problems in meeting all
its short term obligations if no short term loan is obtained or additional
capital injected into the Subject. The Subject 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 :
FAIR |
||||||
|
|
||||||
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 |
5.5 |
5.3 |
|
Domestic Demand ( % ) |
6.4 |
6.2 |
6.3 |
- |
- |
|
Private Expenditure ( % ) |
7.9 |
6.9 |
7.8 |
10.6 |
10.0 |
|
Consumption ( % ) |
6.5 |
6.1 |
5.1 |
- |
- |
|
Investment ( % ) |
12.0 |
8.1 |
10.0 |
12.0 |
- |
|
Public Expenditure ( % ) |
2.3 |
4.2 |
3.3 |
- |
- |
|
Consumption ( % ) |
2.1 |
4.3 |
2.0 |
- |
- |
|
Investment ( % ) |
2.6 |
(1.0) |
1.1 |
- |
- |
|
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 |
- |
- |
|
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 |
8.2 |
- |
- |
|
Rubber |
(10.4) |
(11.0) |
(12.3) |
- |
- |
|
Forestry & Logging |
(4.2) |
(7.2) |
(4.8) |
- |
- |
|
Fishing |
2.7 |
2.1 |
2.9 |
- |
- |
|
Other Agriculture |
6.2 |
6.0 |
6.8 |
- |
- |
|
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 |
3.3 |
21.1 |
- |
|
Electrical & Electronics |
11.8 |
9.2 |
7.0 |
- |
- |
|
Rubber Products |
(1.3) |
5.1 |
3.9 |
- |
- |
|
Wood Products |
7.8 |
7.0 |
7.0 |
- |
- |
|
Textiles & Apparel |
10.8 |
7.5 |
6.7 |
- |
- |
|
Domestic-oriented Industries |
7.7 |
4.7 |
3.0 |
- |
- |
|
Food, Beverages & Tobacco |
6.1 |
8.9 |
7.5 |
- |
- |
|
Chemical & Chemical Products |
1.4 |
3.5 |
5.1 |
- |
- |
|
Plastic Products |
2.7 |
3.9 |
5.1 |
- |
- |
|
Iron & Steel |
2.8 |
1.6 |
2.2 |
- |
- |
|
Fabricated Metal Products |
2.8 |
4.6 |
5.1 |
- |
- |
|
Non-metallic Mineral |
6.9 |
6.8 |
5.5 |
- |
- |
|
Transport Equipment |
14.4 |
5.2 |
(3.1) |
- |
- |
|
Paper & Paper Products |
4.7 |
3.2 |
3.9 |
- |
- |
|
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 |
|
|
16292 : Manufacture of other products of
wood, cane, articles of cork, straw and plaiting materials |
|
|
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) |
|
MIECO MANUFACTURING 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 |
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 |
324,095,606 |
354,988,459 |
316,993,783 |
289,439,498 |
304,083,122 |
|
Other Income |
- |
- |
- |
- |
332,561 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
324,095,606 |
354,988,459 |
316,993,783 |
289,439,498 |
304,415,683 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
37,862,538 |
18,800,015 |
17,350,835 |
(72,762,917) |
(9,956,864) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
37,862,538 |
18,800,015 |
17,350,835 |
(72,762,917) |
(9,956,864) |
|
Taxation |
10,188,591 |
108 |
(531,596) |
4,794,617 |
2,549,160 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
48,051,129 |
18,800,123 |
16,819,239 |
(67,968,300) |
(7,407,704) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(73,527,338) |
(92,327,461) |
(109,813,264) |
(41,844,964) |
(33,423,610) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(73,527,338) |
(92,327,461) |
(109,813,264) |
(41,844,964) |
(33,423,610) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(25,476,209) |
(73,527,338) |
(92,994,025) |
(109,813,264) |
(40,831,314) |
|
TRANSFER TO RESERVES - General |
960,787 |
- |
666,564 |
- |
(1,013,650) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(24,515,422) |
(73,527,338) |
(92,327,461) |
(109,813,264) |
(41,844,964) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
333,140 |
85,348 |
128,210 |
153,257 |
105,947 |
|
Bankers' acceptance |
1,785,311 |
2,156,340 |
2,463,973 |
2,260,177 |
1,891,474 |
|
Hire purchase |
- |
- |
- |
- |
1,660 |
|
Loan from holding company |
2,349,871 |
4,494,819 |
5,901,616 |
6,709,901 |
8,434,018 |
|
Revolving loans |
223,443 |
292,500 |
281,993 |
268,391 |
112,548 |
|
Term loan / Borrowing |
5,153 |
36,404 |
68,536 |
100,220 |
133,733 |
|
Others |
170,366 |
5,249 |
9,210 |
212,896 |
2,305 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,867,284 |
7,070,660 |
8,853,538 |
9,704,842 |
10,681,685 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
14,917,453 |
14,890,461 |
14,680,768 |
16,944,584 |
17,528,341 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
14,917,453 |
14,890,461 |
14,680,768 |
16,944,584 |
17,528,341 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
MIECO MANUFACTURING SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
413,283,607 |
401,954,283 |
400,150,338 |
411,249,218 |
476,219,195 |
|
Deferred assets |
10,188,758 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
10,188,758 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
423,472,365 |
401,954,283 |
400,150,338 |
411,249,218 |
476,219,195 |
|
Stocks |
39,261,365 |
51,724,303 |
46,432,405 |
45,631,323 |
59,900,995 |
|
Contract work-in-progress |
916,845 |
526,920 |
710,284 |
- |
- |
|
Trade debtors |
48,913,180 |
61,188,950 |
40,916,821 |
41,853,739 |
36,136,412 |
|
Other debtors, deposits & prepayments |
9,865,348 |
8,448,867 |
2,660,921 |
3,761,794 |
2,072,594 |
|
Short term deposits |
- |
751,567 |
84,493 |
82,676 |
80,890 |
|
Amount due from related companies |
130,893 |
90,413 |
46,862 |
32,850 |
- |
|
Cash & bank balances |
36,237,529 |
10,623,303 |
4,482,072 |
2,187,565 |
5,345,722 |
|
Others |
1,884 |
1,738 |
1,542 |
6,406,682 |
63,313 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
135,327,044 |
133,356,061 |
95,335,400 |
99,956,629 |
103,599,926 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
558,799,409 |
535,310,344 |
495,485,738 |
511,205,847 |
579,819,121 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
68,703,708 |
60,273,109 |
45,366,257 |
58,617,680 |
48,895,160 |
|
Other creditors & accruals |
14,443,677 |
24,989,019 |
8,661,170 |
14,776,546 |
13,128,515 |
|
Bank overdraft |
2,282,138 |
3,689,170 |
- |
4,860,935 |
1,483,583 |
|
Short term borrowings/Term loans |
- |
350,000 |
600,000 |
- |
- |
|
Other borrowings |
4,000,000 |
5,415,283 |
5,617,794 |
55,208,222 |
51,509,467 |
|
Bill & acceptances payable |
25,889,000 |
42,732,109 |
47,970,013 |
- |
- |
|
Amounts owing to holding company |
9,845,619 |
27,564,400 |
20,154,441 |
16,497,504 |
34,662,000 |
|
Amounts owing to related companies |
28,671,110 |
38,144,682 |
32,835,587 |
14,689,548 |
8,165,516 |
|
Other liabilities |
266,807 |
78,691 |
1,327,782 |
244,797 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
154,102,059 |
203,236,463 |
162,533,044 |
164,895,232 |
157,844,241 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(18,775,015) |
(69,880,402) |
(67,197,644) |
(64,938,603) |
(54,244,315) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
404,697,350 |
332,073,881 |
332,952,694 |
346,310,615 |
421,974,880 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
|
Retained profit/(loss) carried forward |
(24,515,422) |
(73,527,338) |
(92,327,461) |
(109,813,264) |
(41,844,964) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(24,515,422) |
(73,527,338) |
(92,327,461) |
(109,813,264) |
(41,844,964) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
25,484,578 |
(23,527,338) |
(42,327,461) |
(59,813,264) |
8,155,036 |
|
Long term loans |
- |
- |
350,000 |
950,000 |
1,550,000 |
|
Deferred taxation |
- |
- |
- |
- |
4,795,200 |
|
Retirement benefits provision |
11,968,438 |
11,625,254 |
10,428,366 |
- |
- |
|
Others |
367,244,334 |
343,975,965 |
364,501,789 |
405,173,879 |
407,474,644 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
379,212,772 |
355,601,219 |
375,280,155 |
406,123,879 |
413,819,844 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
404,697,350 |
332,073,881 |
332,952,694 |
346,310,615 |
421,974,880 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
MIECO MANUFACTURING SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
36,237,529 |
11,374,870 |
4,566,565 |
2,270,241 |
5,426,612 |
|
Net Liquid Funds |
8,066,391 |
(35,046,409) |
(43,403,448) |
(2,590,694) |
3,943,029 |
|
Net Liquid Assets |
(58,036,380) |
(121,604,705) |
(113,630,049) |
(110,569,926) |
(114,145,310) |
|
Net Current Assets/(Liabilities) |
(18,775,015) |
(69,880,402) |
(67,197,644) |
(64,938,603) |
(54,244,315) |
|
Net Tangible Assets |
404,697,350 |
332,073,881 |
332,952,694 |
346,310,615 |
421,974,880 |
|
Net Monetary Assets |
(437,249,152) |
(477,205,924) |
(488,910,204) |
(516,693,805) |
(527,965,154) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
42,729,822 |
25,870,675 |
26,204,373 |
(63,058,075) |
724,821 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
57,647,275 |
40,761,136 |
40,885,141 |
(46,113,491) |
18,253,162 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
32,394,581 |
52,479,062 |
54,819,800 |
61,287,548 |
54,655,598 |
|
Total Liabilities |
533,314,831 |
558,837,682 |
537,813,199 |
571,019,111 |
571,664,085 |
|
Total Assets |
558,799,409 |
535,310,344 |
495,485,738 |
511,205,847 |
579,819,121 |
|
Net Assets |
404,697,350 |
332,073,881 |
332,952,694 |
346,310,615 |
421,974,880 |
|
Net Assets Backing |
25,484,578 |
(23,527,338) |
(42,327,461) |
(59,813,264) |
8,155,036 |
|
Shareholders' Funds |
25,484,578 |
(23,527,338) |
(42,327,461) |
(59,813,264) |
8,155,036 |
|
Total Share Capital |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
|
Total Reserves |
(24,515,422) |
(73,527,338) |
(92,327,461) |
(109,813,264) |
(41,844,964) |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
(8.70) |
11.99 |
9.52 |
(4.82) |
3.14 |
|
Proft/(Loss) Before Tax |
101.40 |
8.35 |
123.85 |
(630.78) |
(439.78) |
|
Proft/(Loss) After Tax |
155.59 |
11.78 |
124.75 |
(817.54) |
(333.98) |
|
Total Assets |
4.39 |
8.04 |
(3.08) |
(11.83) |
(0.30) |
|
Total Liabilities |
(4.57) |
3.91 |
(5.82) |
(0.11) |
1.19 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.24 |
0.06 |
0.03 |
0.01 |
0.03 |
|
Liquid Ratio |
0.62 |
0.40 |
0.30 |
0.33 |
0.28 |
|
Current Ratio |
0.88 |
0.66 |
0.59 |
0.61 |
0.66 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
45 |
54 |
54 |
58 |
72 |
|
Debtors Ratio |
55 |
63 |
47 |
53 |
43 |
|
Creditors Ratio |
77 |
62 |
52 |
74 |
59 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.27 |
(2.23) |
(1.30) |
(1.02) |
6.70 |
|
Liabilities Ratio |
20.93 |
(23.75) |
(12.71) |
(9.55) |
70.10 |
|
Times Interest Earned Ratio |
8.78 |
3.66 |
2.96 |
(6.50) |
0.07 |
|
Assets Backing Ratio |
8.09 |
6.64 |
6.66 |
6.93 |
8.44 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
11.68 |
5.30 |
5.47 |
(25.14) |
(3.27) |
|
Net Profit Margin |
14.83 |
5.30 |
5.31 |
(23.48) |
(2.44) |
|
Return On Net Assets |
10.56 |
7.79 |
7.87 |
(18.21) |
0.17 |
|
Return On Capital Employed |
10.49 |
7.70 |
7.86 |
(17.94) |
0.17 |
|
Return On Shareholders' Funds/Equity |
188.55 |
(79.91) |
(39.74) |
113.63 |
(90.84) |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.67 |
|
|
1 |
INR 85.90 |
|
Euro |
1 |
INR 76.41 |
|
MYR |
1 |
INR 15.82 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.