MIRA INFORM REPORT

Report No. :	484890
Report Date :	11.01.2018

IDENTIFICATION DETAILS

Name :	KISWIRE CORD SDN. BHD.
Registered Office :	Suite 7e, Level 7, Menara Ansar, 65, Jalan Trus, 80000 Johor Bahru, Johor
Country :	Malaysia
Financials (as on) :	31.12.2016
Date of Incorporation :	21.08.2003
Com. Reg. No.:	625666-K
Legal Form :	Private Limited (Limited By Share)
Line of Business :	The subject is principally engaged in the manufacturing of hose wire, bead wire and related products.
No. of Employees :	500 [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	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	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.

:

625666-K

COMPANY NAME

:

KISWIRE CORD SDN. BHD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

21/08/2003

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

SUITE 7E, LEVEL 7, MENARA ANSAR, 65, JALAN TRUS, 80000 JOHOR BAHRU, JOHOR, MALAYSIA.

BUSINESS ADDRESS

:

PLOT 475, JALAN NIBONG, TANJUNG LANGSAT INDUSTRIAL AREA, 81707 PASIR GUDANG, JOHOR, MALAYSIA.

TEL.NO.

:

07-2551475

FAX.NO.

:

07-2552475

WEB SITE

:

WWW.KISWIRE.COM

CONTACT PERSON

:

ZAINUDDIN BIN ABDUL HAMID ( DIRECTOR )

INDUSTRY CODE

:

27320

PRINCIPAL ACTIVITY

:

MANUFACTURING OF HOSE WIRE, BEAD WIRE AND RELATED PRODUCTS

AUTHORISED CAPITAL

:

MYR 150,000,000.00 DIVIDED INTO 
ORDINARY SHARE 150,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 134,260,112.00 DIVIDED INTO 
ORDINARY SHARES 125,651,833 CASH AND 8,608,279 OTHERWISE OF MYR 1.00 EACH.

SALES

:

MYR 551,417,285 [2016]

NET WORTH

:

MYR 507,313,575 [2016]

M1000 OVERALL RANKING

:

791[2011]

M1000 INDUSTRY RANKING

:

13[2011]

STAFF STRENGTH

:

500 [2018]

BANKER (S)

:

HSBC BANK MALAYSIA BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

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 of hose wire, bead wire and related 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
OVERALL RANKING	791
INDUSTRY RANKING	13

The immediate holding company of the Subject is KISWIRE SDN. BHD., a company incorporated in MALAYSIA.

The ultimate holding company of the Subject is KISWIRE LTD, a company incorporated in KOREA.

Former Address(es)

Address	As At Date
PLO 475, JALAN KELULI 2, 81707, JOHOR, MALAYSIA	15/02/2013

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
15/04/2014	MYR 150,000,000.00	MYR 134,260,112.00
01/10/2009	MYR 150,000,000.00	MYR 125,651,833.00
26/12/2007	MYR 150,000,000.00	MYR 100,004,706.00
18/05/2004	MYR 100,000,000.00	MYR 60,004,706.00
31/12/2003	MYR 50,000,000.00	MYR 37,604,706.00
30/12/2003	MYR 50,000,000.00	MYR 29,404,706.00
26/08/2003	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	(%)
KISWIRE SDN. BHD.	PLO 475, JALAN KELULI 2, 81700 PASIR GUDANG, JOHOR, MALAYSIA.	181952V	67,282,435.00	50.11
KISWE SINGAPORE LTD	135, CECIL STREET, 06-06, LKN BUILDING 069536 ,SINGAPORE	198902368K	35,803,744.00	26.67
KISWIRE HOLDINGS CO. LTD	2114, JANGGYO BUILDING, JANGGYO-DONG, JUNG-GU, SEOUL KOREA	606-81-61779	13,081,947.00	9.74
KISWIRE CORD LTD.	37, GURAK-RO, 141BEON-GIL, SUYEONG-GU, BUSAN KOREA	621-81-00301	12,564,694.00	9.36
HONGDUK CO. LTD	2114, JANGGYO BUILDING, JANGGYO-DONG, JUNG-GU, SEOUL SOUTH KOREA	506-81-06520	3,080,987.00	2.29
SUKCHEON CO., LTD	2114, JANGGYO BUILDING, 363, SAMIL-DAERO, JUNG-GU, SEOUL KOREA	506-81-13147	905,749.00	0.67
HONG SUK PYO +	C12-E2, THE STRAITS VIEW CONDOMINIUM, 8, JALAN PERMAS SELATAN, BANDAR BARU PERMAS JAYA, 81720 MASAI, JOHOR, MALAYSIA.	M37887113	770,278.00	0.57
HONG YOUNG CHUL	475-9, PYEONGCHANG-DONG, JONGNO-GU, SEOUL, KOREA KOREA	M77236787	770,278.00	0.57
			---------------	------
			134,260,112.00	100.00
			============	=====

+ Also Director

Former Shareholder(s) :

Name	Country	IC/PP/Loc No	Shareholding	Last Updated
HONGDUK DEVELOPMENT CO. LTD	SOUTH KOREA	XLZ00221671	905,749.00	N/A
HONGDUK ENGINEERING LTD	N/A	XLZ00002115	10,000,960.00	N/A
KISWIRE ARCELORMITTAL LTD.	SOUTH KOREA	XLZ00214434	12,564,694.00	22/08/2017
KISWIRE TRADING (S) CO.LTD	N/A	XLZ00001906	39,003,744.00	N/A

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

Local No	Country	Company	Status	(%)	As At
1163068K	MALAYSIA	KISWIRE R&D SDN. BHD.	-	100.00	26/12/2017
884013K	MALAYSIA	KISWIRE SAW-TECH SDN. BHD.	Winding-Up	100.00	26/12/2017

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. ZAINUDDIN BIN ABDUL HAMID
Address	:	BAREK 2, ISTANA BUKIT SERENE, 80300 JOHOR BAHRU, JOHOR, MALAYSIA.
IC / PP No	:	6927544
New IC No	:	621204-01-5995
Date of Birth	:	04/12/1962
Nationality	:	MALAYSIAN
Date of Appointment	:	13/03/2014

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	846767V	BY ENGINEERING SDN. BHD.	Director	16/02/2009	1.00	33.33	-	-	In the process of striking off	26/12/2017
2	625666K	KISWIRE CORD SDN. BHD.	Director	13/03/2014	0.00	-	MYR22,446,895.00	2016	-	26/12/2017

INTEREST IN BUSINESS

No	Local No	Business	Designation	App Date	Shareholding (%)	Status	As At
1	JM0190337H	ROSSAL TRADE LINK ENTERPRISE	PARTNERSHIP	18/06/2004	12.00	-	26/12/2017

FORMER INTEREST

No	Local No	Company	Designation	App Date	Withdrawn Date	Shareholding	Status
1	188794H	AD RUBBER INDUSTRIES SDN. BHD.	Director	04/11/1991	14/04/1995	-	-
2	867380A	EVOWORKS SDN. BHD.	Director	06/08/2009	04/11/2010	-	-
3	867380A	EVOWORKS SDN. BHD.	Shareholder	-	-	-	-

DIRECTOR 2

Name Of Subject	:	LIM SUNG YOUNG
Address	:	ELEPHANT HOUSE 2, JALAN TANJUNG PUTERI, 81700 PASIR GUDANG, JOHOR, MALAYSIA.
IC / PP No	:	BS2603478
Date of Birth	:	27/05/1962
Nationality	:	KOREAN
Date of Appointment	:	15/07/2015

INTEREST CHECK

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

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	896429H	HONGDUK ENGINEERING SDN. BHD.	Director	15/07/2015	0.00	-	MYR50,810.00	2016	-	26/12/2017
2	625666K	KISWIRE CORD SDN. BHD.	Director	15/07/2015	0.00	-	MYR22,446,895.00	2016	-	26/12/2017
3	937466X	KISWIRE DIES SDN. BHD.	Director	15/07/2015	0.00	-	MYR303,259.00	2016	-	26/12/2017
4	181952V	KISWIRE SDN. BHD.	Director	15/07/2015	0.00	-	MYR(529,131.00)	2016	-	26/12/2017

DIRECTOR 3

Name Of Subject	:	MR. ASRIN BIN MAAROP
Address	:	16, JALAN PADI RIA 15, BANDAR BARU UDA, 81200 JOHOR BAHRU, JOHOR, MALAYSIA.
IC / PP No	:	A3394344
New IC No	:	751215-01-6913
Date of Birth	:	15/12/1975
Nationality	:	MALAYSIAN
Date of Appointment	:	01/03/2016

INTEREST CHECK

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

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	625666K	KISWIRE CORD SDN. BHD.	Director	01/03/2016	0.00	-	MYR22,446,895.00	2016	-	26/12/2017
2	884013K	KISWIRE SAW-TECH SDN. BHD.	Director	01/03/2016	0.00	-	MYR(29,313.00)	2015	Winding-Up by Member Voluntary	26/12/2017

DIRECTOR 4

Name Of Subject	:	KIM JIN BAE
Address	:	A18-W2, THE STRAIT VIEW CONDOMINIUM, JALAN PERMAS SELATAN, BANDAR BARU PERMAS JAYA, 81750 MASAI, JOHOR, MALAYSIA.
IC / PP No	:	M72536621
Nationality	:	KOREAN
Date of Appointment	:	15/07/2015

INTEREST CHECK

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

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	625666K	KISWIRE CORD SDN. BHD.	Director	15/07/2015	0.00	-	MYR22,446,895.00	2016	-	26/12/2017

DIRECTOR 5

Name Of Subject	:	JEONG JAEMAN
Address	:	5, JALAN PINGGIRAN 2/7, THE GOLF EAST, HORIZON HILLS, 79100 NUSAJAYA, JOHOR, MALAYSIA.
IC / PP No	:	M41175015
Date of Birth	:	28/03/1971
Nationality	:	KOREAN
Date of Appointment	:	01/03/2016

INTEREST CHECK

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

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	625666K	KISWIRE CORD SDN. BHD.	Director	01/03/2016	0.00	-	MYR22,446,895.00	2016	-	26/12/2017
2	811182P	KISWIRE NEPTUNE SDN. BHD.	Director	11/03/2016	0.00	-	MYR(24,913,154.00)	2016	-	26/12/2017
3	884013K	KISWIRE SAW-TECH SDN. BHD.	Director	01/03/2016	0.00	-	MYR(29,313.00)	2015	Winding-Up by Member Voluntary	26/12/2017
4	181952V	KISWIRE SDN. BHD.	Director	01/03/2016	0.00	-	MYR(529,131.00)	2016	-	26/12/2017

DIRECTOR 6

Name Of Subject	:	PARK CHANG HEE
Address	:	HONGEUN-DONG PUNGLIM IWANT APT, 102-DONG, 602-HO, 149 HONGEUN JUNGANG0RO, SEODAEMUN-GU, SEOUL, 120-779, KOREA.
Other Address(es)	:	BLOCK A, 18-W2 THE STRAITS VIEW CONDOMINIUM, NO. 8, JALAN PERMAS SELATAN, BANDAR BARU PERMAS JAYA, 81750 MASAI, JOHOR, MALAYSIA.
IC / PP No	:	M62184218/SG0003955
Date of Birth	:	25/04/1954
Nationality	:	KOREAN
Date of Appointment	:	30/01/2008

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	625666K	KISWIRE CORD SDN. BHD.	Director	30/01/2008	0.00	-	MYR22,446,895.00	2016	-	26/12/2017

DIRECTOR 7

Name Of Subject	:	LEE CHANGWOO
Address	:	BLOCK D, 18-W2, THE STRAITS VIEW CONDOMINIUM 8, JALAN PERMAS SELATAN, BANDAR BARU PERMAS JAYA, 81750 MASAI, JOHOR, MALAYSIA.
IC / PP No	:	M71430899
Date of Birth	:	13/01/1962
Nationality	:	KOREAN
Date of Appointment	:	20/04/2010

INTEREST CHECK

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

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	896429H	HONGDUK ENGINEERING SDN. BHD.	Director	15/07/2015	0.00	-	MYR50,810.00	2016	-	26/12/2017
2	207284K	KISWEL SDN. BHD.	Director	12/05/2014	0.00	-	MYR16,501,407.00	2016	-	26/12/2017
3	625666K	KISWIRE CORD SDN. BHD.	Director	20/04/2010	0.00	-	MYR22,446,895.00	2016	-	26/12/2017
4	937466X	KISWIRE DIES SDN. BHD.	Director	13/03/2014	0.00	-	MYR303,259.00	2016	-	26/12/2017
5	811182P	KISWIRE NEPTUNE SDN. BHD.	Director	06/04/2010	0.00	-	MYR(24,913,154.00)	2016	-	26/12/2017
6	1163068K	KISWIRE R&D SDN. BHD.	Director	21/10/2015	0.00	-	MYR(245,135.00)	2016	-	26/12/2017
7	884013K	KISWIRE SAW-TECH SDN. BHD.	Director	13/03/2014	0.00	-	MYR(29,313.00)	2015	Winding-Up by Member Voluntary	26/12/2017
8	916784V	SAM HWA STEEL SDN. BHD.	Director	12/05/2014	0.00	-	MYR7,688,631.00	2016	-	26/12/2017

DIRECTOR 8

Name Of Subject	:	HONG SUK PYO
Address	:	C12-E2, THE STRAITS VIEW CONDOMINIUM, 8, JALAN PERMAS SELATAN, BANDAR BARU PERMAS JAYA, 81720 MASAI, JOHOR, MALAYSIA.
IC / PP No	:	M37887113
Date of Birth	:	03/11/1979
Nationality	:	KOREAN
Date of Appointment	:	24/08/2016

INTEREST CHECK

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

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	625666K	KISWIRE CORD SDN. BHD.	Director	24/08/2016	770,278.00	0.57	MYR22,446,895.00	2016	-	26/12/2017
2	181952V	KISWIRE SDN. BHD.	Director	01/03/2016	0.00	-	MYR(529,131.00)	2016	-	26/12/2017

FORMER DIRECTOR(S)

Name	Address	IC/PP No	Appointed Date	Withdrawn Date
YOON YONG SIK	BLOCK A, 18-W2, THE STRAITS VIEW CONDOMINIUM, 8, JALAN PERMAS SELATAN, BANDAR BARU PERMAS JAYA, MASAI, JOHOR, MALAYSIA	07022422	04/05/2010	03/08/2011
SHIN DAE YONG	75, SOOME-DONG, BUNDANG-KU, SUNGNAM CITY, KYUNG KEE-DO, SEOUL	JR1599049	19/12/2003	30/01/2008
PAIK IN KEUN	BLOCK C, 12-E2, THE STRAITS VIEW CONDOMINIUM, NO. 8, JALAN PERMAS SELATAN, BANDAR BARU PERMAS JAYA, MASAI, JOHOR, MALAYSIA	MA0007795	21/08/2003	30/01/2008
LEE YOUNG MIN	#08-06, MOLEK PINE APARTMENTS, JALAN MOLEK 1/27, TAMAN MOLEK, JOHOR BAHRU, JOHOR, MALAYSIA	M22971725	10/04/2013	13/03/2014
LEE LIE MOON	BLK A,18-W2,THE STRAITS VIEW CONDO, 8 JALAN PERMAS SELATAN, MASA	SG0009663	21/08/2003	04/05/2010
LEE CHEON KEUN	DAEWOO IAN, 107-2105 WHAMYUNGDONG, BUK-KU, BUSAN CITY, SOUTH KOREA	M09069404	21/03/2012	10/04/2013
JOO JONGDAE	BLOCK D, 18-E1, THE STRAITS VIEW CONDOMINIUM, 8, JALAN PERMAS SELATAN, BANDAR BARU PERMAS JAYA, MASAI, JOHOR, MALAYSIA	S2505773	04/05/2010	10/04/2013
JEONG LANN	BLOCK A, #13-02, PERMAS VILLE APARTMENT, JALAN PERMAS 3, BANDRA BARU PERMAS JAYA, MASAI, JOHOR, MALAYSIA	MA0009868	30/01/2008	04/05/2010
HONG YOUNG CHUL	475-9, PYEONGCHANG-DONG, JONGNO-GU, SEOUL, KOREA, KOREA	M77236787	18/12/2003	21/03/2012
CHOI SOO SUNG	51-201, HYUNDAI VILLA, 7-51-(9-5), YANGJAE-DONG, SUCHO-KU, SEOUL	JR3339717	19/12/2003	21/03/2012
HAN SANG-DUK	TOWER PALACE G-2007, DOGOK-DONG, KANGNAM-KU, SEOUL	JR2763756	05/12/2007	04/05/2010
BAHNG WAN SOO	BLOCK A, 18-W2, THE STRAITS VIEW CONDOMINIUM, 8, JALAN PERMAS SELATAN, BANDAR BARU PERMAS JAYA, MASAI, JOHOR, MALAYSIA	M27191513	03/08/2011	10/04/2013
JANG SE JOHN	NO. 28, JALAN TANJONG PUTRI 3, TANJONG PUTRI HEIGHT, PASIR GUDANG, JOHOR, MALAYSIA	M44508260	10/04/2013	15/07/2015
LEE SEE PENG	7, JALAN PERMAS 6, BANDAR BARU PERMAS JAYA, MASAI, JOHOR, MALAYSIA	571111-01-6419	10/04/2013	01/03/2016
LEE JEUNG WON	NO. 1, JALAN PINGGIRAN 2/7,, HORIZON HILLS,, NUSAJAYA, JOHOR, MALAYSIA	M79445068	10/04/2013	15/07/2015
MOHAMAD GHAZALI BIN HASHIM	NO. 24 JALAN TASEK 13, BANDAR SERI ALAM, MASAI, JOHOR, MALAYSIA	660810-07-5121	13/03/2014	22/06/2016

Note : The above information was generated from our database.

MANAGEMENT

1)	Name of Subject	:	ZAINUDDIN BIN ABDUL HAMID
	Position	:	DIRECTOR

AUDITOR

Auditor	:	CROWE HORWATH
Auditor' Address	:	E-2-3, PUSAT KOMERSIAL BAYU TASEK, PERSIARAN SOUTHKEY 1, KOTA SOUTHKEY, 80150 JOHOR BAHRU, JOHOR, MALAYSIA.

COMPANY SECRETARIES

1)	Company Secretary	:	MS. ANG MUI KIOW
	IC / PP No	:	7032746
	New IC No	:	630530-01-5426
	Address	:	27, JALAN NIBONG 18, TAMAN DAYA, 81100 JOHOR BAHRU, JOHOR, MALAYSIA.

2)	Company Secretary	:	MS. CHEN YEW TING
	IC / PP No	:	7457931
	New IC No	:	641127-01-5462
	Address	:	28, JALAN TOMBAK SATU, TAMAN SRI TEBRAU, 80050 JOHOR BAHRU, JOHOR, MALAYSIA.

BANKING

Banking relations are maintained principally with :

1)

Name

:

HSBC BANK MALAYSIA BHD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
1	01/07/2004	DEBENTURE	HSBC BANK MALAYSIA BERHAD AS SECURITY AGENT AND TR	-	Unsatisfied
2	01/07/2004	FOREIGN CURRENCY	HSBC BANK MALAYSIA BERHAD AS SECURITY AGENT AND TR	-	Unsatisfied
3	02/12/2004	FIRST LEGAL CHARGE	HSBC BANK MALAYSIA BERHAD AS SECURITY AGENT AND TR	-	Unsatisfied
4	25/07/2007	2ND DEBENTURE	HSBC BANK MALAYSIA BERHAD	MYR 30,000,000.00	Unsatisfied
5	25/07/2007	2ND LEGAL CHARGE	HSBC BANK MALAYSIA BERHAD	MYR 30,000,000.00	Unsatisfied
6	03/09/2008	DEBENTURE	HSBC BANK MALAYSIA BERHAD	-	Unsatisfied
7	03/09/2008	LEGAL CHARGE	HSBC BANK MALAYSIA BERHAD	-	Unsatisfied
8	08/01/2009	DEBENTURE	HSBC BANK MALAYSIA BERHAD	-	Unsatisfied
9	08/01/2009	LEGAL CHARGE	HSBC BANK MALAYSIA BERHAD	-	Unsatisfied
10	08/01/2009	DEBENTURE	HSBC BANK MALAYSIA BERHAD	MYR 10,000,000.00	Unsatisfied
11	08/01/2009	LEGAL CHARGE	HSBC BANK MALAYSIA BERHAD	MYR 10,000,000.00	Unsatisfied
12	08/01/2009	DEBENTURE	HSBC BANK MALAYSIA BERHAD	-	Unsatisfied
13	08/01/2009	LEGAL CHARGE	HSBC BANK MALAYSIA BERHAD	-	Unsatisfied
14	08/01/2009	DEED OF ASSIGNMENT	HSBC BANK MALAYSIA BERHAD	-	Unsatisfied
15	08/01/2009	TRADE FINANCING GENERAL AGREEMENT	HSBC BANK MALAYSIA BERHAD	-	Unsatisfied
16	10/05/2010	1ST LEGAL CHARGE	HSBC BANK MALAYSIA 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
Overseas	:	YES
Import Countries	:	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 EUROPE
Credit Term	:	30 - 60 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Products manufactured

:

HOSE WIRE, BEAD WIRE AND RELATED PRODUCTS

Competitor(s)

:

ALPHA INDUSTRIES SDN. BHD.
BENCHMARK ELECTRONICS (M) SDN. BHD.
LEADER UNIVERSAL ALUMINIUM SDN. BHD.
METROD (OFHC) SDN. BHD.
SARAWAK CABLE BERHAD

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	500	450	450	450	450	450

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) manufacturing of hose wire, bead wire and related products. 

The Subject is the leading Company for steel wire industry. 

Its major products are steel wire rope, Galvanized Steel Wire and Strand, PC Wire and Strand, Spring Wire, Steel Cord and Bead Wire is well known in Asia Pacific region.

The Subject's products are mainly used for automation industry.

The Subject utilizes with advanced automated and semi-automated machineries to ensure production of high quality products. 

RECENT DEVELOPMENT

No recent development was noted at the time inspection.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	07-2551475
Match	:	N/A
Address Provided by Client	:	PLO 475, JALAN NIBONG, TANJUNG LANGSAT INDUSTRIAL AREA, 81707 PASIR GUDANG, JOHOR
Current Address	:	PLOT 475, JALAN NIBONG, TANJUNG LANGSAT INDUSTRIAL AREA, 81707 PASIR GUDANG, JOHOR, 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	:	Unfavourable	[	4.42%	]
Return on Net Assets	:	Unfavourable	[	5.19%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's management have been efficient in controlling its operating costs. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Unfavourable	[	77 Days	]
Debtor Ratio	:	Unfavourable	[	65 Days	]
Creditors Ratio	:	Favourable	[	13 Days	]
The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Acceptable	[	0.99 Times	]
Current Ratio	:	Unfavourable	[	1.51 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Acceptable	[	7.85 Times	]
Gearing Ratio	:	Favourable	[	0.27 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 lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
Although the 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. 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 : LIMITED

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators:	2014	2015	2016	2017*	2018**
Population ( Million)	30.0	31.0	31.6	32.1	32.9
Gross Domestic Products ( % )	6.0	4.6	4.2	5.5	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
27320 : Manufacture of other electronic and electric wires and cables
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 2003, the Subject is a Private Limited company, focusing on manufacturing of hose wire, bead wire and related products. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. The Subject is a large entity with strong capital position of MYR 134,260,112. 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 penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a large entity, the Subject has a steady workforce of 500 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. 

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. 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 507,313,575, 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 normally.

PROFIT AND LOSS ACCOUNT

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

KISWIRE CORD SDN. BHD.

Financial Year End	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Months	12	12	12	12	12
Consolidated Account	GROUP	GROUP	GROUP	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	551,417,285	577,200,488	545,639,627	508,100,995	516,259,653
Other Income	9,737,852	20,351,783	-	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	561,155,137	597,552,271	545,639,627	508,100,995	516,259,653
Costs of Goods Sold	(492,889,250)	(511,673,355)	(514,505,461)	(467,942,716)	(482,148,112)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	68,265,887	85,878,916	31,134,166	40,158,279	34,111,541
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	25,513,395	24,767,807	(14,700,149)	18,653,082	15,838,997
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	25,513,395	24,767,807	(14,700,149)	18,653,082	15,838,997
Taxation	(3,066,500)	1,501,500	2,661,000	1,294,000	(2,903,400)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	22,446,895	26,269,307	(12,039,149)	19,947,082	12,935,597
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	294,250,445	267,981,138	280,020,287	258,515,373	245,579,776
	----------------	----------------	----------------	----------------	----------------
As restated	294,250,445	267,981,138	280,020,287	258,515,373	245,579,776
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	316,697,340	294,250,445	267,981,138	278,462,455	258,515,373
DIVIDENDS - Ordinary (paid & proposed)	(7,101,188)	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	309,596,152	294,250,445	267,981,138	278,462,455	258,515,373
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bankers' acceptance	2,532,063	2,011,367	-	521,600	602,044
Loan from holding company	272,571	920,804	434,951	-	174,639
Term loan / Borrowing	619,011	114,370	636,415	865,339	1,601,713
Others	298,792	1,184,529	1,808,090	87,746	113,440
	----------------	----------------	----------------	----------------	----------------
	3,722,437	4,231,070	2,879,456	1,474,685	2,491,836
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	63,856,476	62,837,380	59,911,522	51,187,428	48,140,702
	----------------	----------------	----------------	----------------	----------------
Total Amortization And Depreciation	63,856,476	62,837,380	59,911,522	51,187,428	48,140,702
	=============	=============	=============	=============	=============

BALANCE SHEET

KISWIRE CORD SDN. BHD.

ASSETS EMPLOYED:
FIXED ASSETS	462,446,226	456,545,154	475,261,071	337,762,032	358,736,213
Associated companies	9,604,045	10,113,728	10,959,884	9,465,823	11,123,500
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	9,604,045	10,113,728	10,959,884	9,465,823	11,123,500
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	472,050,271	466,658,882	486,220,955	347,227,855	369,859,713
Stocks	92,852,511	84,944,294	95,067,309	66,788,007	86,575,772
Contract work-in-progress	22,994,194	20,579,844	22,420,486	15,420,790	-
Trade debtors	98,243,398	92,543,513	93,770,534	103,046,664	101,327,728
Other debtors, deposits & prepayments	858,842	2,214,303	1,837,264	2,491,958	3,372,700
Short term deposits	-	6,250,000	1,575,000	-	-
Amount due from holding company	1,369,956	220,039	796,648	617,070	191,997
Amount due from related companies	16,271,657	18,084,886	42,149,309	18,462,004	2,986,571
Amount due from associated companies	10,656,871	6,571,135	4,881,703	9,629,756	4,771,894
Cash & bank balances	23,636,933	42,506,834	12,718,240	2,132,012	3,375,558
Others	2,598,212	2,308,359	808,158	26,274,560	21,205,186
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	269,482,574	276,223,207	276,024,651	244,862,821	223,807,406
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	741,532,845	742,882,089	762,245,606	592,090,676	593,667,119
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	17,518,258	15,058,358	11,015,082	14,155,567	16,118,136
Other creditors & accruals	44,188,099	50,373,905	34,895,174	27,055,690	26,425,744
Short term borrowings/Term loans	3,134,131	-	2,173,123	58,284,286	59,272,601
Other borrowings	90,616,662	-	140,230,936	-	-
Bill & acceptances payable	17,390,000	85,104,000	-	-	-
Amounts owing to holding company	915,350	41,533,393	59,847,761	351,657	3,208,390
Amounts owing to related companies	2,581,553	478,333	1,088,771	2,239,777	4,549,798
Amounts owing to associated companies	-	-	-	290,379	163,937
Provision for taxation	13,502	769,000	-	52,525	9,277
Other liabilities	1,895,646	3,324,232	16,415,198	7,653,917	1,903,690
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	178,253,201	196,641,221	265,666,045	110,083,798	111,651,573
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	91,229,373	79,581,986	10,358,606	134,779,023	112,155,833
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	563,279,644	546,240,868	496,579,561	482,006,878	482,015,546
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	134,260,112	134,260,112	134,260,112	125,651,833	125,651,833
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	134,260,112	134,260,112	134,260,112	125,651,833	125,651,833
RESERVES
Share premium	63,457,311	63,457,311	63,457,311	42,260,590	42,260,590
Retained profit/(loss) carried forward	309,596,152	294,250,445	267,981,138	278,462,455	258,515,373
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	373,053,463	357,707,756	331,438,449	320,723,045	300,775,963
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	507,313,575	491,967,868	465,698,561	446,374,878	426,427,796
Long term loans	23,781,869	25,752,000	-	2,045,000	20,553,750
Deferred taxation	32,184,200	28,521,000	30,881,000	33,587,000	35,034,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	55,966,069	54,273,000	30,881,000	35,632,000	55,587,750
	----------------	----------------	----------------	----------------	----------------
	563,279,644	546,240,868	496,579,561	482,006,878	482,015,546
	=============	=============	=============	=============	=============

FINANCIAL RATIO

KISWIRE CORD SDN. BHD.

TYPES OF FUNDS
Cash	23,636,933	48,756,834	14,293,240	2,132,012	3,375,558
Net Liquid Funds	6,246,933	(36,347,166)	14,293,240	2,132,012	3,375,558
Net Liquid Assets	(1,623,138)	(5,362,308)	(84,708,703)	67,991,016	25,580,061
Net Current Assets/(Liabilities)	91,229,373	79,581,986	10,358,606	134,779,023	112,155,833
Net Tangible Assets	563,279,644	546,240,868	496,579,561	482,006,878	482,015,546
Net Monetary Assets	(57,589,207)	(59,635,308)	(115,589,703)	32,359,016	(30,007,689)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	29,235,832	28,998,877	(11,820,693)	20,127,767	18,330,833
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	93,092,308	91,836,257	48,090,829	71,315,195	66,471,535
BALANCE SHEET ITEMS
Total Borrowings	134,922,662	110,856,000	142,404,059	60,329,286	79,826,351
Total Liabilities	234,219,270	250,914,221	296,547,045	145,715,798	167,239,323
Total Assets	741,532,845	742,882,089	762,245,606	592,090,676	593,667,119
Net Assets	563,279,644	546,240,868	496,579,561	482,006,878	482,015,546
Net Assets Backing	507,313,575	491,967,868	465,698,561	446,374,878	426,427,796
Shareholders' Funds	507,313,575	491,967,868	465,698,561	446,374,878	426,427,796
Total Share Capital	134,260,112	134,260,112	134,260,112	125,651,833	125,651,833
Total Reserves	373,053,463	357,707,756	331,438,449	320,723,045	300,775,963
GROWTH RATIOS (Year on Year)
Revenue	(4.47)	5.78	7.39	(1.58)	(14.03)
Proft/(Loss) Before Tax	3.01	268.49	(178.81)	17.77	(79.26)
Proft/(Loss) After Tax	(14.55)	318.20	(160.36)	54.20	(83.79)
Total Assets	(0.18)	(2.54)	28.74	(0.27)	(3.91)
Total Liabilities	(6.65)	(15.39)	103.51	(12.87)	(18.17)
LIQUIDITY (Times)
Cash Ratio	0.13	0.25	0.05	0.02	0.03
Liquid Ratio	0.99	0.97	0.68	1.62	1.23
Current Ratio	1.51	1.40	1.04	2.22	2.00
WORKING CAPITAL CONTROL (Days)
Stock Ratio	77	67	79	59	61
Debtors Ratio	65	59	63	74	72
Creditors Ratio	13	11	8	11	12
SOLVENCY RATIOS (Times)
Gearing Ratio	0.27	0.23	0.31	0.14	0.19
Liabilities Ratio	0.46	0.51	0.64	0.33	0.39
Times Interest Earned Ratio	7.85	6.85	(4.11)	13.65	7.36
Assets Backing Ratio	4.20	4.07	3.70	3.84	3.84
PERFORMANCE RATIO (%)
Operating Profit Margin	4.63	4.29	(2.69)	3.67	3.07
Net Profit Margin	4.07	4.55	(2.21)	3.93	2.51
Return On Net Assets	5.19	5.31	(2.38)	4.18	3.80
Return On Capital Employed	5.19	5.31	(2.38)	4.18	3.80
Return On Shareholders' Funds/Equity	4.42	5.34	(2.59)	4.47	3.03
Dividend Pay Out Ratio (Times)	0.32	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 63.83
UK Pound	1	INR 86.28
Euro	1	INR 76.14
MYR	1	INR 16.00

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA
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)

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