MIRA INFORM REPORT

Report No. :	484451
Report Date :	10.01.2018

IDENTIFICATION DETAILS

Name :	ANN JOO STEEL BERHAD
Registered Office :	Wisma Ann Joo, Lot 19391, Batu 8 1/2, Jalan Klang Lama, 46000 Petaling Jaya, Selangor
Country :	Malaysia
Financials (as on) :	31.12.2016
Date of Incorporation :	10.10.1961
Com. Reg. No.:	4405-M
Legal Form :	Public (Limited By Share)
Line of Business :	The subject is principally engaged in the manufacturing of steel products.
No. of Employees :	1000 [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd 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 :	Exist

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.

:

4405-M

COMPANY NAME

:

ANN JOO STEEL BERHAD

FORMER NAME

:

MALAYAWATA STEEL BHD (08/12/2006)
MALAYAWATA STEEL LTD (28/04/1966)

INCORPORATION DATE

:

10/10/1961

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PUBLIC (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

WISMA ANN JOO, LOT 19391, BATU 8 1/2, JALAN KLANG LAMA, 46000 PETALING JAYA, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

LOT 1236, PRAI INDUSTRIAL ESTATE, 13600 PRAI, PULAU PINANG, MALAYSIA.

TEL.NO.

:

04-3888301/3888300

FAX.NO.

:

04-3904534

WEB SITE

:

WWW.ANNJOO.COM.MY

CONTACT PERSON

:

LIM HONG THYE ( DIRECTOR )

INDUSTRY CODE

:

241

PRINCIPAL ACTIVITY

:

MANUFACTURING OF STEEL PRODUCTS

AUTHORISED CAPITAL

:

MYR 250,000,000.00 DIVIDED INTO 
ORDINARY SHARE 250,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 197,735,238.00 DIVIDED INTO 
ORDINARY SHARES 130,540,671 CASH AND 67,194,567 OTHERWISE OF MYR 1.00 EACH.

SALES

:

MYR 1,347,208,297 [2016]

NET WORTH

:

MYR 555,377,411 [2016]

M1000 OVERALL RANKING

:

383[2011]

M1000 INDUSTRY RANKING

:

14[2011]

STAFF STRENGTH

:

1000 [2018]

BANKER (S)

:

MALAYAN BANKING BHD RHB BANK BHD

LITIGATION

:

TRACED

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

HISTORY / BACKGROUND

As a public limited company, the Subject must have at least one shareholder but there is no limit on the maximum number of shareholders. The Subject must have at least two directors. A public limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, suing or be sued by other companies. The liabilities of the shareholders are only up 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 must file in its annual return, together with its financial statements with the Registrar of Companies. In Malaysia, all the companies seeking listing on the Bursa Malaysia (Malaysia Stock Exchange) must be public limited companies.

The Subject is principally engaged in the (as a / as an) manufacturing of steel products.

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	2011	2009	2008	2005	2004
OVERALL RANKING	383	225	247	265	294
INDUSTRY RANKING	14	10	10	4	2

The immediate holding company of the Subject is ANN JOO RESOURCES BERHAD, a company incorporated in MALAYSIA.

Former Address(es)

Address	As At Date
LOT 236, PRAI PROVINCE WELLESLEY, P. O. BOX 60, 13600, PULAU PINANG, MALAYSIA	23/05/2006
LEVEL 26, MENARA MULTI PURPOSE, CAPITAL SQUARE, 8, JALAN MUNSHI ABDULLAH, 50100, WILAYAH PERSEKUTUAN, MALAYSIA	30/06/2009

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
26/05/2014	MYR 250,000,000.00	MYR 197,735,238.00
27/10/1997	MYR 250,000,000.00	MYR 201,583,701.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
ANN JOO RESOURCES BERHAD	WISMA ANN JOO, LOT 19391, BATU 8 1/2, JALAN KLANG LAMA, 46000 PETALING JAYA, SELANGOR, MALAYSIA.	371152U	197,735,238.00	100.00
			---------------	------
			197,735,238.00	100.00
			============	=====

+ Also Director

Former Shareholder(s) :

Name	Country	IC/PP/Loc No	Shareholding	Last Updated
AFFIN HWANG NOMINEES (ASING) SDN. BHD.	MALAYSIA	278474A	844,998.00	N/A
ALLIANCEGROUP NOMINEES (TEMPATAN) SDN. BHD.	MALAYSIA	42234H	N/A	N/A
AMANAH RAYA NOMINEES (TEMPATAN) SDN. BHD.	MALAYSIA	434217U	10,604,500.00	N/A
AMINA W/O MOHAMMED RAMPURAWALA	MALAYSIA	1388587G	N/A	N/A
AMSEC NOMINEES (ASING) SDN. BHD.	MALAYSIA	258515D	10,123,000.00	N/A
CHEE BAY HOON	N/A	1341990F	N/A	N/A
CHEW KHAI HAN	MALAYSIA	400228-01-5229	N/A	N/A
CHIN SIN HOW	MALAYSIA	601021-05-5494	N/A	N/A
CHONG LAI KENG	SINGAPORE	E0232364F	N/A	N/A
CHOO SWEE YOONG & BROTHERS SDN BHD	MALAYSIA	7595H	N/A	N/A
CHOONG HOLDINGS SDN. BHD.	MALAYSIA	11980V	N/A	N/A
CIMB GROUP NOMINEES (TEMPATAN) SDN. BHD.	MALAYSIA	274740T	154,691,078.00	N/A
CITICORP NOMINEES (ASING) SDN. BHD.	MALAYSIA	263875D	2,024,875.00	N/A
EMPLOYEES PROVIDENT FUND BOARD	MALAYSIA	AX000000033	9,510,200.00	N/A
GAN TECK KAR SDN. BHD.	MALAYSIA	30734X	N/A	N/A
GOLDEN FRESH SDN. BHD.	MALAYSIA	139091P	N/A	N/A
GOOI MOOI LEE	MALAYSIA	710701-07-5002	N/A	N/A
HLG NOMINEE (ASING) SDN. BHD.	MALAYSIA	250883D	N/A	N/A
HLIB NOMINEE (TEMPATAN ) SDN. BHD.	MALAYSIA	250650T	2,274,100.00	N/A
HSBC NOMINEES (ASING) SDN. BHD.	MALAYSIA	4381U	N/A	N/A
HSBC NOMINEES (TEMPATAN) SDN. BHD.	MALAYSIA	258854D	4,743,475.00	N/A
JOHAN ENTERPRISE SDN. BHD.	MALAYSIA	14199A	1,126,000.00	N/A
KOAY KANG CHUWAN	MALAYSIA	550306-02-5603	N/A	N/A
KOEK TIANG KUNG	MALAYSIA	610606-02-5789	N/A	N/A
KOPERASI SRI NILAM BHD	N/A	000000203	1,105,500.00	N/A
LEE AH BAH	N/A	201123-10-5023	N/A	N/A
LEE KUAI YEE	MALAYSIA	530909-14-5040	N/A	N/A
LEE MOH LE	MALAYSIA	G6970	N/A	N/A
LEMBAGA TABUNG HAJI	MALAYSIA	AX000000002	4,334,200.00	N/A
LIM KIAN HUAT	MALAYSIA	0146959B	N/A	N/A
LOW SOE ENG.	MALAYSIA	520110-01-5254	594,000.00	N/A
MADAM LEE KUI JAK	SINGAPORE	0066647	N/A	N/A
MALAYSIA NOMINEES (TEMPATAN) SENDIRIAN BERHAD	MALAYSIA	6193K	4,018,000.00	N/A
MAYBANK NOMINEES (TEMPATAN) SDN. BHD.	MALAYSIA	258939H	258,939.00	N/A
MC INTERNATIONAL STEEL OPERATIONS PTE LTD	N/A	XLZ00212787	N/A	N/A
MC INTERNATIONAL STEEL OPERATIONS PTE. LTD.	N/A	XLZ000011511	538,000.00	N/A
MECROFLEX SENDIRIAN BERHAD	MALAYSIA	237303X	N/A	N/A
MEGAH EFEKTIF SDN. BHD.	MALAYSIA	527431W	2,531,274.00	N/A
MOHD ARIS	MALAYSIA	451120-03-5121	N/A	N/A
NA BOON JING	MALAYSIA	531104-01-5219	N/A	N/A
NIPPON STEEL	N/A	XLZ000001825	14,276,979.00	N/A
NIPPON STEEL TRADING CO. LTD.	N/A	XLZ000002274	2,064,559.00	N/A
PERMODALAN NASIONAL BERHAD	MALAYSIA	AX000000299	N/A	N/A
PERMODALAN NASIONAL BHD.	MALAYSIA	38218X	3,445,200.00	N/A
PRB NOMINEES (TEMPATAN) SDN. BHD.	MALAYSIA	403264P	1,161,000.00	N/A
QUALITY SHORE SDN. BHD.	MALAYSIA	247728M	N/A	N/A
REMAINING SHAREHOLDERS FOR BERHAD COMPANY	MALAYSIA	000000001	N/A	N/A
RHB NOMINEES (ASING) SDN. BHD.	MALAYSIA	259065D	N/A	N/A
RHB NOMINEES (TEMPATAN) SDN. BHD.	MALAYSIA	259064V	N/A	N/A
SONG SIEW GNOH	MALAYSIA	581127-07-5578	N/A	N/A
TAN GEOK LIAN	MALAYSIA	211129-10-5066	N/A	N/A
TAN PENG SIM	MALAYSIA	440302-07-5286	N/A	N/A
TAN WEE MENG	MALAYSIA	0045222Z	N/A	N/A
UNITED OVERSEAS NOMINEES (TEMPATAN) SDN. BHD.	MALAYSIA	10766A	N/A	N/A
UNIVERSITI MALAYA	N/A	00000091	N/A	N/A
UOBM NOMINEES (ASING) SDN. BHD.	MALAYSIA	266699T	N/A	N/A
WONG PENG WAH & SONS SDN. BHD.	MALAYSIA	36876U	N/A	N/A
YAP CHAI COMPANY SDN BHD	MALAYSIA	4894W	N/A	N/A
YAP CHIK TIN	MALAYSIA	530312-10-5767	N/A	N/A
YEE NGAN	MALAYSIA	430512-10-5325	N/A	N/A
YEOH KEAN HUA	MALAYSIA	381021-08-5229	N/A	N/A
YONG YEW LOONG	MALAYSIA	580426-05-5185	N/A	N/A

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	Status	(%)	As At
591252P	MALAYSIA	AJSB LAND SDN. BHD.	-	100.00	27/11/2017
6558H	MALAYSIA	AJSB PROPERTIES SDN. BHD.	-	100.00	27/11/2017
10726X	MALAYSIA	MALAYAWATA MARKETING SDN. BHD.	-	100.00	27/11/2017
550618A	MALAYSIA	SACHIEW PALM OIL MILL SDN. BHD.	-	100.00	27/11/2017
144527U	MALAYSIA	STEELCORP SDN. BHD	-	0.15	27/11/2017

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. YOONG WAI MENG
Address	:	12, PESARA SUNLIGHT, SUNLIGHT PARK, 31650 IPOH, PERAK, MALAYSIA.
IC / PP No	:	A0546597
New IC No	:	660914-08-5295
Date of Birth	:	14/09/1966
Nationality	:	MALAYSIAN
Date of Appointment	:	01/07/2008

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	see below

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	774914H	ANN JOO INTEGRATED STEEL SDN. BHD.	Director	01/09/2008	0.00	-	MYR42,008,963.00	2016	-	26/12/2017
2	4405M	ANN JOO STEEL BERHAD	Director	01/07/2008	0.00	-	MYR92,645,838.00	2016	-	26/12/2017

FORMER INTEREST

No	Local No	Company	Designation	App Date	Withdrawn Date	Shareholding	Status
1	406319U	SAGA MAKMUR INDUSTRI SDN. BHD.	Director	01/07/2011	13/05/2016	-	-

DIRECTOR 2

Name Of Subject	:	DATO' LIM KIAM LAM
Address	:	62, JALAN 5/60, 46000 PETALING JAYA, SELANGOR, MALAYSIA.
Other Address(es)	:	LOT 19391,BATU 8 1/2, JALAN KLANG LAMA, 46000 PETALING JAYA, SELANGOR, MALAYSIA.
IC / PP No	:	4271938
New IC No	:	520606-10-5907
Date of Birth	:	06/06/1952
Nationality	:	MALAYSIAN
Date of Appointment	:	10/08/2000

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	see below

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	24089X	ANN JOO CORPORATION SDN. BHD.	Director	15/12/1976	750,000.00	1.50	MYR170,115,000.00	2016	-	26/12/2017
2	774914H	ANN JOO INTEGRATED STEEL SDN. BHD.	Director	26/07/2007	0.00	-	MYR42,008,963.00	2016	-	26/12/2017
3	211919V	ANN JOO MANAGEMENT SERVICES SDN. BHD.	Director	20/04/2010	0.00	-	MYR5,465,702.00	2016	-	26/12/2017
4	371152U	ANN JOO RESOURCES BERHAD	Director	11/09/1996	7,027,550.00	1.41	MYR166,775,000.00	2016	-	26/12/2017
5	4405M	ANN JOO STEEL BERHAD	Director	10/08/2000	0.00	-	MYR92,645,838.00	2016	-	26/12/2017
6	320497M	HITEC METAL SDN. BHD.	Director	23/11/2009	0.00	-	MYR1,256,368.00	2016	-	26/12/2017
7	175781D	LIM SENG CHEE & SONS SDN. BERHAD	Director	11/11/1988	2,600,000.00	26.00	-	-	-	26/12/2017
8	918526H	REAP PROPERTY MANAGEMENT SDN. BHD.	Director	16/02/2011	0.00	-	MYR87,928.00	2016	-	26/12/2017
9	342999H	STABLE GROWTH SDN. BHD.	Director	18/04/2014	0.00	-	MYR94,458.00	2016	-	26/12/2017
10	93674K	UNITED HARDWARE HOLDINGS SENDIRIAN BERHAD	Director	03/01/1994	0.00	-	MYR(59,461.00)	2016	-	26/12/2017
11	38010T	YAYASAN ANN KOAI SELANGOR	Director	23/06/2002	0.00	-	N/A	2015	-	26/12/2017

FORMER INTEREST

No	Local No	Company	Designation	App Date	Withdrawn Date	Shareholding	Status
1	158869M	AIS MANUFACTURING SDN. BHD.	Director	16/02/1994	04/11/1994	-	-
2	15952A	AJE BEST-ON SDN. BHD.	Director	01/03/1989	09/01/1997	-	-
3	83567V	ALAM SAUJANA SDN. BHD.	Director	16/04/1982	16/12/1994	-	-
4	9118M	AMALGAMATED INDUSTRIAL STEEL BERHAD.	Director	21/01/1994	04/11/1994	-	-
5	260316P	ANN JOO METAL SDN. BHD.	Director	01/07/2008	20/04/2010	-	-
6	56270K	ANN JOO PROPERTIES SDN BHD	Director	14/09/1984	01/09/1999	-	-
7	371152U	ANN JOO RESOURCES BERHAD	Shareholder	-	-	2772750	-
8	66487W	ANN JOO TRADING SDN. BHD.	Director	22/01/1981	09/01/1997	-	-
9	117938W	ANSHIN CASTING INDUSTRIES SDN.BHD.	Director	30/03/1987	09/01/1997	-	-
10	188473T	ANSHIN PRECISION INDUSTRIES SDN. BHD.	Director	05/03/1997	07/01/2013	-	-
11	30543K	ANSHIN STEEL INDUSTRIES SDN. BHD.	Director	30/09/1987	20/04/2000	-	-
12	487678D	ANSHIN STEEL PROCESSOR SDN. BHD.	Director	14/03/2003	12/09/2011	-	-
13	164093X	ANSHIN STEEL SERVICE CENTRE SDN. BHD.	Director	18/08/1989	20/04/2010	-	-
14	145959H	EMPRESA (M) SENDIRIAN BERHAD.	Director	10/08/2000	28/07/2008	-	-
15	1012609P	IVORY BLISS SDN. BHD.	Director	29/08/2012	13/10/2016	-	-
16	338385H	JURUS IKHLAS SDN. BHD.	Director	01/10/1998	01/09/1999	-	-
17	18730T	PARKWOOD DEVELOPMENTS SDN. BHD.	Director	16/02/1994	04/11/1994	-	-
18	116790W	PEELEE CONSTRUCTION & TRADING SDN. BHD.	Director	05/02/1991	04/06/2010	-	-
19	1001842T	PEMULA JUTAMAS SDN. BHD.	Director	01/06/2012	30/09/2016	-	-
20	1001842T	PEMULA JUTAMAS SDN. BHD.	Shareholder	-	-	-	-
21	348474A	PERSRAYA SDN. BHD.	Director	29/06/1995	01/09/1999	-	-
22	550618A	SACHIEW PALM OIL MILL SDN. BHD.	Director	17/01/2004	20/04/2010	-	-
23	156264M	SACHIEW PLANTATIONS SDN. BHD.	Director	10/08/2000	26/04/2005	-	-
24	406319U	SAGA MAKMUR INDUSTRI SDN. BHD.	Director	01/07/2011	13/05/2016	-	-
25	14469K	SILVERON BUILDERS SDN. BHD.	Director	04/04/1994	08/08/2002	-	-
26	294977V	SILVERON ENGINEERING SDN. BHD.	Director	26/04/1994	23/03/2000	-	-
27	223235M	SILVERON HOLDINGS SDN. BHD.	Director	20/01/1992	08/08/2002	-	-
28	366946H	TRIMVILLA SDN. BHD.	Director	01/10/1998	01/09/1999	-	-

DIRECTOR 3

Name Of Subject	:	DATO' LIM HONG THYE
Address	:	11A, JALAN PERMATA 7/1, 40000 SHAH ALAM, SELANGOR, MALAYSIA.
IC / PP No	:	A2940872
New IC No	:	750101-14-5579
Date of Birth	:	01/01/1975
Nationality	:	MALAYSIAN
Date of Appointment	:	15/01/2004

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	see below

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	24089X	ANN JOO CORPORATION SDN. BHD.	Director	10/01/2012	0.00	-	MYR170,115,000.00	2016	-	26/12/2017
2	774914H	ANN JOO INTEGRATED STEEL SDN. BHD.	Director	26/07/2007	0.00	-	MYR42,008,963.00	2016	-	26/12/2017
3	260316P	ANN JOO METAL SDN. BHD.	Director	01/07/2008	0.00	-	MYR6,814,840.00	2016	-	26/12/2017
4	371152U	ANN JOO RESOURCES BERHAD	Director	01/01/2003	2,274,900.00	0.45	MYR166,775,000.00	2016	-	26/12/2017
5	4405M	ANN JOO STEEL BERHAD	Director	15/01/2004	0.00	-	MYR92,645,838.00	2016	-	26/12/2017
6	30543K	ANSHIN STEEL INDUSTRIES SDN. BHD.	Director	01/07/2008	0.00	-	MYR3,554,175.00	2016	-	26/12/2017
7	487678D	ANSHIN STEEL PROCESSOR SDN. BHD.	Director	12/09/2011	0.00	-	MYR4,392,708.00	2016	-	26/12/2017
8	164093X	ANSHIN STEEL SERVICE CENTRE SDN. BHD.	Director	20/04/2010	0.00	-	MYR5,845,787.00	2016	-	26/12/2017
9	673082T	GALAXY INFINITY SDN. BHD.	Director	08/02/2005	0.00	-	MYR(1,573.00)	2016	-	26/12/2017
10	176637V	LSQ & SONS SDN. BERHAD	Director	01/01/2013	1,000,000.00	10.00	MYR20,180.00	1997	-	26/12/2017
11	10726X	MALAYAWATA MARKETING SDN. BHD.	Director	31/12/2003	0.00	-	MYR(1,358.00)	2016	-	26/12/2017
12	76350P	MALAYSIAN IRON & STEEL INDUSTRY FEDERATION	Director	11/08/2014	0.00	-	N/A	2015	-	26/12/2017
13	406319U	SAGA MAKMUR INDUSTRI SDN. BHD.	Director	01/07/2008	0.00	-	MYR(128,706.00)	2016	-	26/12/2017

FORMER INTEREST

No	Local No	Company	Designation	App Date	Withdrawn Date	Shareholding	Status
1	6558H	AJSB PROPERTIES SDN. BHD.	Director	10/08/2001	20/04/2010	-	-
2	145959H	EMPRESA (M) SENDIRIAN BERHAD.	Director	23/02/2001	28/07/2008	-	-
3	550618A	SACHIEW PALM OIL MILL SDN. BHD.	Director	10/08/2001	20/04/2010	-	-
4	156264M	SACHIEW PLANTATIONS SDN. BHD.	Director	26/05/2001	26/04/2005	-	-

DIRECTOR 4

Name Of Subject	:	MR. LIM HONG HOCK
Address	:	105B-6-8, PERSIARAN BAYAN INDAH 1, 11900 BAYAN LEPAS, PULAU PINANG, MALAYSIA.
IC / PP No	:	A1863718
New IC No	:	710511-10-5637
Date of Birth	:	11/05/1971
Nationality	:	MALAYSIAN
Date of Appointment	:	01/07/2008

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	591252P	AJSB LAND SDN. BHD.	Director	19/12/2014	0.00	-	MYR(1,333.00)	2016	-	26/12/2017
2	6558H	AJSB PROPERTIES SDN. BHD.	Director	26/02/2007	0.00	-	MYR(4,995.00)	2016	-	26/12/2017
3	774914H	ANN JOO INTEGRATED STEEL SDN. BHD.	Director	01/09/2008	0.00	-	MYR42,008,963.00	2016	-	26/12/2017
4	371152U	ANN JOO RESOURCES BERHAD	Director	01/07/2015	419,500.00	0.08	MYR166,775,000.00	2016	-	26/12/2017
5	4405M	ANN JOO STEEL BERHAD	Director	01/07/2008	0.00	-	MYR92,645,838.00	2016	-	26/12/2017
6	117938W	ANSHIN CASTING INDUSTRIES SDN.BHD.	Director	19/12/2014	0.00	-	MYR191.00	2016	-	26/12/2017
7	176637V	LSQ & SONS SDN. BERHAD	Director	01/01/2013	1,000,000.00	10.00	MYR20,180.00	1997	-	26/12/2017
8	10726X	MALAYAWATA MARKETING SDN. BHD.	Director	31/12/2016	0.00	-	MYR(1,358.00)	2016	-	26/12/2017
9	550618A	SACHIEW PALM OIL MILL SDN. BHD.	Director	18/12/2014	0.00	-	MYR(1,359.00)	2016	-	26/12/2017
10	406319U	SAGA MAKMUR INDUSTRI SDN. BHD.	Director	01/07/2011	0.00	-	MYR(128,706.00)	2016	-	26/12/2017

DIRECTOR 5

Name Of Subject	:	MR. NG @ OOI SIM HWANG
Address	:	5, LORONG SELESA 1, TAMAN SELESA, ALMA, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
IC / PP No	:	A0358578
New IC No	:	660319-07-5009
Date of Birth	:	19/03/1966
Nationality	:	MALAYSIAN
Date of Appointment	:	19/12/2014

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	see below
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	4405M	ANN JOO STEEL BERHAD	Director	19/12/2014	0.00	-	MYR92,645,838.00	2016	-	26/12/2017
2	986828X	NIPPON HARTAJAYA SDN. BHD.	Director	14/05/2012	190,000.00	19.00	MYR205,816.00	2017	-	26/12/2017

INTEREST IN BUSINESS

No	Local No	Business	Designation	App Date	Shareholding (%)	Status	As At
1	PG0158374M	NG @ OOI SIM HWANG	SOLE PROPRIETORSHIP	31/05/2005	100.00	-	27/11/2017

FORMER DIRECTOR(S)

Name	Address	IC/PP No	Appointed Date	Withdrawn Date
MOHD IDRIS BIN HAJI IBRAHIM	NO.62,JALAN KERAMAT HUJUNG, DATUK KERAMAT, KUALA LUMPUR., KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	371219-05-5253	15/08/1975	10/08/2000
YUTAKA SHINKI	18.01,18TH FLOOR, AMPANG TARA, NO.33 JALAN APNG HILIR, K.L., KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	MM0230242	01/10/1993	01/01/1996
YOSHITAKA MINAMI	101A-3-2 CHECKTAN TERRACES, JALAN DAMAI OFF JALAN AMPANG, KL, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	MN9106870	01/10/1993	01/03/1995
YOSHIKI SAGARA	UNIT 5-2-3,78 L.A.D, NO.5,LORONG AMPANG DUA, KUALA LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	TE4290177	04/02/2002	31/10/2003
YOJI ASAHI	25 CLAYMORE ROAD, #24-02 THE CLAYMORE, S\'PORE 229543	TE5469006	01/05/1999	27/06/2002
YAMADA SATOSHI	25,CLAYMORE BLACK #24-02, ALLAMANDA BLK, THE CLAYMORE S\'PORE.	TF9210006	24/07/2002	25/05/2005
TUNKU SHAHRIMAN BIN TUNKU SULAIMAN	49,PERSIARAN DUTA, KUALA LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	320204-05-5007	09/04/1975	10/08/2000
TUNKU NAQUIYUDDIN IBNI TUANKU JA'AFAR	315A, JALAN AMPANG HILIR, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	470308-05-5259	10/08/2000	06/09/2007
TOMONORI OMORI	LOT 2-7-2,1A,STONOR COND, JALAN STONOR, OFF JALAN CONLAY, K.L, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	TF4172211	19/11/2003	01/04/2004
TOSHIMINE HOSHIAI	16,RAFFLES QUAY, #11-01,HONG LEONG BLDG, SINGAPORE 0104	ML2321122	01/01/1970	01/07/1997
TOMOMI OHARA	16 RAFFLES QUAY, #11-01,HONG LEONG BLDG, SINGAPORE 048581	MN8104873	01/07/1997	01/05/1999
TEOH SEE CHENG	9LB RIANG 2, TMN ABD AZIZ, BUTTERWORTH., BUTTERWORTH, PULAU PINANG, MALAYSIA	491023-07-5339	01/07/2008	01/01/2011
TOH TUAN SUN	UNIT 4B-3A-3 ARAHILL CONDOMINIUM, JALAN PJU 1A/31, ARA DAMANSARA, PETALING JAYA, SELANGOR, MALAYSIA	510410-08-5853	10/08/2000	18/01/2004
TAKASHI NAKAMOTO	25,BALMORAL PARK #02-02, PINEWOOD GARDENS, SINGAPORE 259854.	TZ0216685	24/07/2002	04/12/2002
SHIGENOBU NISHIDA	386-1-606,HISASUE TAKATSU-KU, KAWASAKHI KANAGAWA-KEN, 213-006	TE7335883	28/01/2000	31/12/2001
MORIMASA SATO	23,JALAN LANGGAK GOLF, KUALA LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	MN7085434	18/06/1996	16/01/1998
NOBUAKI KOJIMA	NO.10-6-1,CONTESSA CONDO, JALAN KAPAS, BUKIT BANDARA, K.L, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	MM3738035	01/01/1996	18/06/1996
MOHD TAH BIN HAJI ABD MANAN DATO' HAJI	TIADA, TIADA, TIADA	200928-10-5077	31/01/1973	10/08/2000
MOHD SHARIF BIN HAJI YUSOF	26,JALAN 18/2, P.JAYA, SELANGOR	390610-14-5001	27/06/2002	06/09/2007
MOHD SARIT BIN HAJI YUSOH;DATO HAJI	NO. 145, JALAN ATHINAHAPPAN, TAMAN TUN DR ISMAIL, KUALA LUMPUR, PUTRAJAYA, MALAYSIA	510227-06-5109	23/09/1991	10/08/2000
MOHAMED TAWFIK BIN TUN DR ISMAIL	NO. 5, JALAN STRAITS VIEW SATU, JOHOR BAHRU, JOHOR, MALAYSIA	510923-01-6175	29/11/1989	10/08/2000
MOHAMED KHADAR BIN MERICAN	NO. 20, JALAN PAKAT, UKAY HEIGHTS MALAYSIA, AMPANG, SELANGOR, MALAYSIA	560507-02-5609	15/09/1990	10/08/2000
MICHIHO TANAKA	2,KIM SENG WALK #06-06, GREAT WORLD SERVICES APART, S\'PORE.	TZ0228326	25/05/2005	24/03/2006
MASAAKI KONDO	16,RAFFLES QUAY, #11-01,HONG LEONG BLDG, SINGAPORE 0104	ML2845225	01/10/1994	01/05/1999
LIM SENG CHEE	WISMA ANN JOO, LOT 19391,, BATU 8 1/2, JALAN KLANG LAMA, PETALING JAYA, SELANGOR, MALAYSIA	330203-71-5121	10/08/2000	06/09/2007
LEE CHING KION	NO. 38, LORONG TEPI SUNGAI, TAMAN KOTA JAYA, DI JALAN TEPI SUNGAI, KLANG, SELANGOR, MALAYSIA	540304-10-6021	14/04/2004	06/09/2007
KOICHIRO YAMATO	APT NO.6C-2-1 8, AMPANG HILIR, JALAN AMPANG HILIR, K.L, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	MN9233571	01/03/1995	01/01/1996
HOKUTO HANDA	8C,1-2SRI MURNI CONDO, 8 LORONG KOTA4, BKT LEDANG,OFF JALAN DUTA,KL	TE3954804	28/01/2000	31/12/2001
JUNSAKU KITAMURA	C2-2,DESA PALMA CONDO, PERSIARAN MADGE, KUALA LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	MZ0050099	18/09/1998	25/05/1999
HISANORI YOSHIMURA	23,JALAN LANGGAK GOLF, KUALA LUMPUR., KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	MN9175891	01/01/1996	18/06/1996
HIROAKI SATO	2-4-9,CHOU-CHO, YAHATHIGASHI-KU,KITA-KYUSHU CITY, FUKUOKA,JAPAN	TE6437611	25/05/2005	24/03/2006
HIROTOSHI YOKOTE	30,JALAN LANGGAK GOLF, KUALA LUMPUR., KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	MN9360654	16/01/1998	28/01/2000
ELYAS BIN OMARDR.	NO.1 JALAN BIDAI U8/13F, BUKIT JELUTONG, SHAH ALAM, SELANGOR, MALAYSIA	361116-07-5287	10/08/2000	24/05/2002
CHOONG PHOOI YING	NO.5, LENGKOK ZAABA DUA, TAMAN TUN DR ISMAIL, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	521111-08-6059	10/08/2000	06/09/2007
CHOO KEAN HIN	36,CHANGKAT MINDEN, JALAN 5, PULAU PINANG, GELUGOR, PULAU PINANG, MALAYSIA	430124-07-5339	01/11/1990	10/08/2000
CHANG CHEE SENG	NO. 3, JALAN SS22A/3, DAMANSARA JAYA, PETALING JAYA,SELANGOR, PETALING JAYA, SELANGOR, MALAYSIA	500910-12-5269	01/10/2005	28/02/2007
AHMAD BIN SIDEKHAJI	2,JALAN 2/42, PETALING JAYA	390428-05-5165	22/08/1988	10/08/2000
ABDUL RAHMAN BIN HAMIDON	110,JALAN DAMAI, OFF JALAN AMPANG, KUALA LUMPUR., KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	320515-01-5045	09/04/1975	10/08/2000
LIM KIEN LIP	NO. 33, JALAN BU 10/3, BANDAR UTAMA, PETALING JAYA, SELANGOR, MALAYSIA	620329-10-5981	05/11/2007	01/01/2016
HAW GUAN GEE	TIADA, TIADA, TIADA	540502-04-5071	20/04/2010	15/08/2016
CHEAH BAN SENG	22, JALAN DAMAI RASA 6,,, ALAM DAMAI MALAYSIA, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	640516-10-7569	01/07/2008	19/12/2014
CHOO JOON KONG	2-6-1 PEARL REGENCY, LEBUH TUNKU KUDIN 3, GELUGOR, PULAU PINANG, MALAYSIA	630321-07-5385	19/12/2014	15/08/2016
MICHIO YAMADA	25-5,SAKAI 3-CHOME, MUSASHINO-SHI,TOKYO 180, JAPAN.	MM2641326	11/04/1992	01/10/1994

Note : The above information was generated from our database.

MANAGEMENT

1)	Name of Subject	:	LIM HONG THYE
	Position	:	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. MABEL TIO MEI PENG
	IC / PP No	:	A0810065
	New IC No	:	670411-04-5290
	Address	:	27, JALAN PJU 1A/28B, ARA DAMANSARA, 47301 PETALING JAYA, SELANGOR, MALAYSIA.

2)	Company Secretary	:	MS. LIM SWEE FOON
	New IC No	:	800621-14-5954
	Address	:	15, JALAN DM 3/2, TAMAN DESA MAS, 48000 RAWANG, SELANGOR, MALAYSIA.

BANKING

Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

2)

Name

:

RHB BANK BHD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
6	04/05/1982	N/A	MALAYAN BANKING BERHAD	MYR 20,000,000.00	Satisfied

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.


There is/are PENDING litigation case(s) on the Subject in our database as below:
- 1 case(s) filed in year 2017

There is/are CLOSED litigation case(s) on the Subject in our database as below:
- 2 case(s) filed in year 2016


According to the Credit Reporting Agencies Act 2010, consent from the Subject is required for the disclosure of this credit information. In order to have the consent from the Subject, we need to serve a notice to the Subject by disclose the following according to the Act Section 23(1) :

1) Enquirer or Company who request for this credit information.
2) Contact person of Enquirer
3) Purpose of this credit information being used.
4) Contact person of the Subject.

We shall appreciate if you can furnish us the above in order for us to serve a notice or inform the Subject accordingly. Otherwise, we are prohibited to disclose this credit information if there is no consent from the Subject according to the Act Section 24(1)(a).

No winding up petition was found in our affiliate's company databank.

DEFAULTER CHECK AGAINST SUBJECT

* We have checked through the Subject in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection. 

No blacklisted record & debt collection case was found in our defaulters' databank. 

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES	Percentage	:	40%
Domestic Markets	:	MALAYSIA
Overseas	:	YES	Percentage	:	60%
Export Market	:	SINGAPORE MIDDLE EAST ASIA AUSTRALIA MALDIVES NEW ZEALAND UNITED STATES
Credit Term	:	30 - 60 DAYS
Payment Mode	:	LETTER OF CREDIT (LC) TELEGRAPHIC TRANSFER (TT) CHEQUES

OPERATIONS

Products manufactured

:

STEEL PRODUCTS

Award

:

1 ) MS ISO 9001 : 2000 Year :2003
2 ) MS ISO 14001 : 2004 Year :1996

Certification of Products

:

1) MS 146 : 2000

Competitor(s)

:

ANN JOO RESOURCES BERHAD
CSC STEEL SDN. BHD.
EVERSENDAI CORPORATION BERHAD
SOUTHERN STEEL BERHAD
SOUTHERN STEEL ROD SDN. BHD.

Member(s) / Affiliate(s)

:

FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)

MALAYSIAN IRON AND STEEL INDUSTRY FEDERATION (MISIF)

SMI ASSOCIATION OF MALAYSIA

SMALL & MEDIUM ENTERPRISE

CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)

Ownership of premises

:

OWNED

Total Number of Employees:
YEAR	2018	2017	2015	2014
GROUP	N/A	N/A	N/A	N/A
COMPANY	1000	1007	1006	900

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) manufacturing of steel products. 

The Subject manufacturer of long products ranging from billets, high yield deformed bars, mild steel round bars and wire rods.

The Subject owns an Electrical-Arc-Furnace (EAF) steel making plant and three rolling mills.

The Group, through its steel-making plant and rolling mills, focuses on the production of steel product ranging from billets, bars to wire rods serving mainly the construction and engineering sectors. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	04-3888301/3888300
Match	:	N/A
Address Provided by Client	:	LOT 1236 PRAI INDUSTRIAL ESTATE 13600 PRAI PENANG
Current Address	:	LOT 1236, PRAI INDUSTRIAL ESTATE, 13600 PRAI, PULAU PINANG, 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 incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2012 - 2016	]
Profit/(Loss) Before Tax	:	Increased	[	2012 - 2016	]
Return on Shareholder Funds	:	Acceptable	[	16.68%	]
Return on Net Assets	:	Acceptable	[	25.25%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Unfavourable	[	124 Days	]
Debtor Ratio	:	Favourable	[	26 Days	]
Creditors Ratio	:	Favourable	[	26 Days	]
The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Unfavourable	[	0.67 Times	]
Current Ratio	:	Unfavourable	[	1.25 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	[	5.92 Times	]
Gearing Ratio	:	Favourable	[	0.76 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 lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
The Subject's turnover showed a volatile trend but its losses were lower when compared to the previous corresponding period. This could suggest that the Subject was more efficient in its operating cost control and was more competitive. 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 as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the Subject : 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
241 : Manufacture of basic iron and steel
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

Incorporated in 1961, the Subject is a Public Limited Company, focusing on manufacturing of steel products. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. The Subject is a large entity with strong capital position of MYR 197,735,238. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. Being a large entity, the Subject has a steady workforce of 1000 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at MYR 555,377,411, the Subject should be able to maintain its business in the near terms. 

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources. 

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts. 

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market. 

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

ANN JOO STEEL BERHAD

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	1,347,208,297	1,136,491,650	1,630,781,904	1,451,618,103	1,404,877,337
	----------------	----------------	----------------	----------------	----------------
Total Turnover	1,347,208,297	1,136,491,650	1,630,781,904	1,451,618,103	1,404,877,337
Costs of Goods Sold	(1,124,548,506)	(1,172,735,718)	(1,521,612,060)	(1,348,678,005)	(1,411,961,770)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	222,659,791	(36,244,068)	109,169,844	102,940,098	(7,084,433)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	117,632,546	(135,816,461)	1,561,770	6,247,174	(79,115,749)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	117,632,546	(135,816,461)	1,561,770	6,247,174	(79,115,749)
Taxation	(24,986,708)	3,603,232	4,711,710	13,302,058	28,336,157
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	92,645,838	(132,213,229)	6,273,480	19,549,232	(50,779,592)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	29,227,450	161,440,679	163,992,832	144,443,600	194,148,192
	----------------	----------------	----------------	----------------	----------------
As restated	29,227,450	161,440,679	163,992,832	144,443,600	194,148,192
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	121,873,288	29,227,450	170,266,312	163,992,832	143,368,600
TRANSFER TO RESERVES - General	-	-	1,159,996	-	1,075,000
DIVIDENDS - Ordinary (paid & proposed)	-	-	(9,985,629)	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	121,873,288	29,227,450	161,440,679	163,992,832	144,443,600
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	23,028,516	25,764,598	23,272,065	23,058,792	15,583,340
Others	894,378	2,722,399	218,719	942,428	560,009
	----------------	----------------	----------------	----------------	----------------
	23,922,894	28,486,997	23,490,784	24,001,220	16,143,349
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	18,580,999	24,051,653	24,189,450	25,709,353	25,424,201
AMORTIZATION	262,652	262,652	262,652	262,644	21,615
	----------------	----------------	----------------	----------------	----------------
Total Amortization And Depreciation	18,843,651	24,314,305	24,452,102	25,971,997	25,445,816
	=============	=============	=============	=============	=============

BALANCE SHEET

ANN JOO STEEL BERHAD

ASSETS EMPLOYED:
FIXED ASSETS	355,802,901	360,313,615	379,346,133	399,357,028	419,102,768
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	5,000,004	14,540,112	14,540,112	14,540,112	14,540,112
Deferred assets	47,280,333	71,620,788	65,174,305	59,697,847	47,047,018
Others	8,952,669	9,215,471	9,478,123	9,740,775	10,114,155
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	61,233,006	95,376,371	89,192,540	83,978,734	71,701,285
INTANGIBLE ASSETS
Deferred/Expenditure carried forward	-	-	-	-	276,743
Others	286,013	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	286,013	-	-	-	276,743
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	417,321,920	455,689,986	468,538,673	483,335,762	491,080,796
Stocks	331,150,772	438,411,628	505,090,141	535,274,394	545,944,218
Contract work-in-progress	127,640,732	154,267,643	203,171,717	421,646,611	334,986,549
Trade debtors	95,030,492	48,817,537	73,445,850	86,153,637	43,747,739
Other debtors, deposits & prepayments	19,155,404	17,727,013	17,855,022	14,455,186	11,145,279
Short term deposits	3,199,000	2,933,000	4,000,000	5,131,000	7,036,000
Amount due from subsidiary companies	37,918	11,753	4,561	18,861	29,618
Amount due from related companies	122,514,196	128,313,523	199,763,676	118,554,191	19,939,983
Cash & bank balances	5,920,468	10,755,954	15,920,776	16,553,114	546,425
Others	2,767,502	906,190	909,999	4,307,853	8,877,568
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	707,416,484	802,144,241	1,020,161,742	1,202,094,847	972,253,379
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	1,124,738,404	1,257,834,227	1,488,700,415	1,685,430,609	1,463,334,175
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	80,418,533	58,234,501	74,274,475	252,570,484	165,441,358
Other creditors & accruals	60,773,607	54,797,788	53,236,682	44,637,042	40,193,111
Hire purchase & lease creditors	208,265	-	-	-	-
Other borrowings	158,865,478	152,492,132	78,539,336	380,643,743	177,657,088
Bill & acceptances payable	262,294,000	471,653,202	441,422,517	393,603,000	463,053,000
Amounts owing to holding company	-	-	-	11,950	-
Amounts owing to subsidiary companies	-	-	-	4,486,550	19,268,591
Amounts owing to related companies	558,856	52,186,208	240,040,936	4,166,112	11,858,409
Other liabilities	1,087,991	931,075	1,124,328	1,057,359	435,397
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	564,206,730	790,294,906	888,638,274	1,081,176,240	877,906,954
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	143,209,754	11,849,335	131,523,468	120,918,607	94,346,425
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	560,531,674	467,539,321	600,062,141	604,254,369	585,427,221
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	197,735,238	197,735,238	197,735,238	197,735,238	197,735,238
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	197,735,238	197,735,238	197,735,238	197,735,238	197,735,238
RESERVES
Share premium	54,113,072	54,113,072	54,113,072	54,113,072	54,113,072
General reserve	181,562,646	181,562,646	181,562,646	182,722,642	182,812,475
Retained profit/(loss) carried forward	121,873,288	29,227,450	161,440,679	163,992,832	144,443,600
Capital redemption reserve	204,800	204,800	204,800	204,800	204,800
Others	(111,633)	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	357,642,173	265,107,968	397,321,197	401,033,346	381,573,947
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	555,377,411	462,843,206	595,056,435	598,768,584	579,309,185
Lease obligations	898,071	-	-	-	-
Retirement benefits provision	4,256,192	4,696,115	5,005,706	5,485,785	6,118,036
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	5,154,263	4,696,115	5,005,706	5,485,785	6,118,036
	----------------	----------------	----------------	----------------	----------------
	560,531,674	467,539,321	600,062,141	604,254,369	585,427,221
	=============	=============	=============	=============	=============

FINANCIAL RATIO

ANN JOO STEEL BERHAD

TYPES OF FUNDS
Cash	9,119,468	13,688,954	19,920,776	21,684,114	7,582,425
Net Liquid Funds	(253,174,532)	(457,964,248)	(421,501,741)	(371,918,886)	(455,470,575)
Net Liquid Assets	(187,941,018)	(426,562,293)	(373,566,673)	(414,355,787)	(451,597,793)
Net Current Assets/(Liabilities)	143,209,754	11,849,335	131,523,468	120,918,607	94,346,425
Net Tangible Assets	560,245,661	467,539,321	600,062,141	604,254,369	585,150,478
Net Monetary Assets	(193,095,281)	(431,258,408)	(378,572,379)	(419,841,572)	(457,715,829)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	141,555,440	(107,329,464)	25,052,554	30,248,394	(62,972,400)
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	160,399,091	(83,015,159)	49,504,656	56,220,391	(37,526,584)
BALANCE SHEET ITEMS
Total Borrowings	422,265,814	624,145,334	519,961,853	774,246,743	640,710,088
Total Liabilities	569,360,993	794,991,021	893,643,980	1,086,662,025	884,024,990
Total Assets	1,124,738,404	1,257,834,227	1,488,700,415	1,685,430,609	1,463,334,175
Net Assets	560,531,674	467,539,321	600,062,141	604,254,369	585,427,221
Net Assets Backing	555,377,411	462,843,206	595,056,435	598,768,584	579,309,185
Shareholders' Funds	555,377,411	462,843,206	595,056,435	598,768,584	579,309,185
Total Share Capital	197,735,238	197,735,238	197,735,238	197,735,238	197,735,238
Total Reserves	357,642,173	265,107,968	397,321,197	401,033,346	381,573,947
GROWTH RATIOS (Year on Year)
Revenue	18.54	(30.31)	12.34	3.33	(11.11)
Proft/(Loss) Before Tax	186.61	(8,796.32)	(75.00)	107.90	(489.12)
Proft/(Loss) After Tax	170.07	(2,207.49)	(67.91)	138.50	(287.92)
Total Assets	(10.58)	(15.51)	(11.67)	15.18	1.37
Total Liabilities	(28.38)	(11.04)	(17.76)	22.92	8.67
LIQUIDITY (Times)
Cash Ratio	0.02	0.02	0.02	0.02	0.01
Liquid Ratio	0.67	0.46	0.58	0.62	0.49
Current Ratio	1.25	1.01	1.15	1.11	1.11
WORKING CAPITAL CONTROL (Days)
Stock Ratio	124	190	159	241	229
Debtors Ratio	26	16	16	22	11
Creditors Ratio	26	18	18	68	43
SOLVENCY RATIOS (Times)
Gearing Ratio	0.76	1.35	0.87	1.29	1.11
Liabilities Ratio	1.03	1.72	1.50	1.81	1.53
Times Interest Earned Ratio	5.92	(3.77)	1.07	1.26	(3.90)
Assets Backing Ratio	2.83	2.36	3.03	3.06	2.96
PERFORMANCE RATIO (%)
Operating Profit Margin	8.73	(11.95)	0.10	0.43	(5.63)
Net Profit Margin	6.88	(11.63)	0.38	1.35	(3.61)
Return On Net Assets	25.25	(22.96)	4.17	5.01	(10.76)
Return On Capital Employed	25.23	(22.96)	4.17	5.01	(10.75)
Return On Shareholders' Funds/Equity	16.68	(28.57)	1.05	3.26	(8.77)
Dividend Pay Out Ratio (Times)	0	0	1.59	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.47
UK Pound	1	INR 86.15
Euro	1	INR 75.92
MYR	1	INR 15.91

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.