MIRA INFORM REPORT

Report No. :	488320
Report Date :	31.01.2018

IDENTIFICATION DETAILS

Name :	DUNHAM-BUSH INDUSTRIES SDN. BHD.
Formerly Known As :	TOPGROUP INDUSTRIES SDN BHD (02/05/1995) TOPGROUP SDN BHD (02/02/1988)
Registered Office :	Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Wilayah Persekutuan
Country :	Malaysia
Financials (as on) :	31.12.2016
Date of Incorporation :	20.11.1987
Com. Reg. No.:	166302-K
Legal Form :	Private Limited (Limited By Share)
Line of Business :	The subject is principally engaged in the manufacturing of air-conditioners.
No. of Employees :	Not Available

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 :	--

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Malaysia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

MALAYSIA - ECONOMIC OVERVIEW

Malaysia, an upper middle-income country, has transformed itself since the 1970s from a producer of raw materials into a multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move further up the value-added production chain by attracting investments in high technology, knowledge-based industries and services. NAJIB's Economic Transformation Program is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.

The NAJIB administration is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Domestic demand continues to anchor economic growth, supported mainly by private consumption, which accounts for 53% of GDP. Nevertheless, exports - particularly of electronics, oil and gas, and palm oil - remain a significant driver of the economy. In 2015, gross exports of goods and services were equivalent to 73% of GDP. The oil and gas sector supplied about 22% of government revenue in 2015, down significantly from prior years amid a decline in commodity prices and diversification of government revenues. Malaysia has embarked on a fiscal reform program aimed at achieving a balanced budget by 2020, including rationalization of subsidies and the 2015 introduction of a 6% value added tax. Sustained low commodity prices throughout the period not only strained government finances, but also shrunk Malaysia’s current account surplus and weighed heavily on the Malaysian ringgit, which was among the region’s worst performing currencies during 2013-17. The ringgit hit new lows following the US presidential election amid a broader selloff of emerging market assets.

Bank Negara Malaysia (the central bank) maintains adequate foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments, although it remains vulnerable to volatile global capital flows. In order to increase Malaysia’s competitiveness, Prime Minister NAJIB raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program, policies that favor and advance the economic condition of ethnic Malays.

Malaysia signed the 12-nation Trans-Pacific Partnership (TPP) free trade agreement in February 2016, although the future of the TPP remains unclear following the US withdrawal from the agreement. Along with nine other ASEAN members, Malaysia established the ASEAN Economic Community in 2015, which aims to advance regional economic integration.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

166302-K

GST NO.

:

000753598464

COMPANY NAME

:

DUNHAM-BUSH INDUSTRIES SDN. BHD.

FORMER NAME

:

TOPGROUP INDUSTRIES SDN BHD (02/05/1995)
TOPGROUP SDN BHD (02/02/1988)

INCORPORATION DATE

:

20/11/1987

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

UNIT 30-01, LEVEL 30, TOWER A, VERTICAL BUSINESS SUITE, AVENUE 3, BANGSAR SOUTH, NO. 8, JALAN KERINCHI, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

LOT 5755-6, KIDAMAI INDUSTRIAL PARK, BUKIT ANGKAT, SUNGAI CHUA, 43000 KAJANG, SELANGOR, MALAYSIA.

TEL.NO.

:

03-89249000

FAX.NO.

:

03-87395020

EMAIL

:

INFO@DUNHAM-BUSH.COM

WEB SITE

:

WWW.DUNHAM-BUSH.COM

CONTACT PERSON

:

YU BAOSHUANG ( MANAGING DIRECTOR )

INDUSTRY CODE

:

28192

PRINCIPAL ACTIVITY

:

MANUFACTURING OF AIR-CONDITIONERS

AUTHORISED CAPITAL

:

MYR 10,000,000.00 DIVIDED INTO 
ORDINARY SHARE 10,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 8,562,600.00 DIVIDED INTO 
ORDINARY SHARES 3,066,600 CASH AND 5,496,000 OTHERWISE OF MYR 1.00 EACH.

SALES

:

MYR 226,451,881 [2016]

NET WORTH

:

MYR 96,816,730 [2016]

STAFF STRENGTH

:

N/A

BANKER (S)

:

EXPORT-IMPORT BANK OF MALAYSIA BHD HSBC BANK MALAYSIA BHD MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD MALAYAN BANKING BHD

LITIGATION

:

TRACED

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE 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 air-conditioners.

The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).

The immediate holding company of the Subject is DUNHAM-BUSH HOLDING BHD, a company incorporated in MALAYSIA.

The ultimate holding company of the Subject is YANTAI MOON CO., LTD, a company incorporated in CHINA.

The penultimate holding company of the Subject is YANTAI MOON GROUP (HONG KONG) LIMITED, a company incorporated in HONG KONG.

Former Address(es)

Address	As At Date
LEVEL 14, UPTOWN 1, 1, JALAN SS 21/58, DAMANSARA UPTOWN, 47400, SELANGOR, MALAYSIA	01/09/2008
ROOM 1, LOT 301, 3RD FLOOR, WISMA HLA, JALAN RAJA CHULAN, 50200, WILAYAH PERSEKUTUAN, MALAYSIA	09/03/1993
LEVEL 18, THE GARDENS NORTH TOWER, MID VALLEY CITY, LINGKARAN SYED PUTRA, 59200, WILAYAH PERSEKUTUAN, MALAYSIA	20/09/2015
LOT 13-01A, LEVEL 13 (EAST WING), BERJAYA TIMES SQUARE, 1, JALAN IMBI, 55100, WILAYAH PERSEKUTUAN, MALAYSIA	23/04/2007
11TH FLOOR, MENARA BERJAYA, KL PLAZA, 179, JALAN BUKIT BINTANG, 55100, WILAYAH PERSEKUTUAN, MALAYSIA	25/04/2006
35-A, 1ST FLOOR, ROOM 2, JALAN TUN RAZAK, 50400, WILAYAH PERSEKUTUAN, MALAYSIA	27/06/1988
SUITE 2.5A, 2ND FLOOR, MENARA AIK HUA, JALAN HICKS, 50200, WILAYAH PERSEKUTUAN, MALAYSIA	29/04/1990

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
03/05/1994	MYR 10,000,000.00	MYR 8,562,600.00
09/02/1993	MYR 8,000,000.00	MYR 7,494,000.00
20/10/1990	MYR 2,500,000.00	MYR 2,498,000.00
07/06/1990	MYR 2,000,000.00	MYR 2,000,000.00
17/09/1988	MYR 2,000,000.00	MYR 1,500,000.00
22/08/1988	MYR 2,000,000.00	MYR 1,300,000.00
03/05/1988	MYR 2,000,000.00	MYR 1,000,000.00
25/01/1988	MYR 2,000,000.00	MYR 25,000.00
26/11/1987	MYR 25,000.00	MYR 2.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
DUNHAM-BUSH HOLDING BHD	LOT 5755-6 KIDAMAI INDUSTRIAL PARK, BUKIT ANGKAT, SUNGAI CHUA, 43000 KAJANG, SELANGOR, MALAYSIA.	129358X	8,562,600.00	100.00
			---------------	------
			8,562,600.00	100.00
			============	=====

+ Also Director

Former Shareholder(s) :

Name	Country	IC/PP/Loc No	Shareholding	Last Updated
CHUA KOON CHOO	MALAYSIA	660101-10-6896	N/A	24/01/2017
LIM WEI HUNG	MALAYSIA	720809-03-5247	N/A	24/01/2017

DIRECTORS

DIRECTOR 1

Name Of Subject	:	YU BAOSHUANG
Address	:	A-11-3A KIARAMAS AYURIA, NO 9 JALAN KIARA 7, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	E99802611
Date of Appointment	:	12/04/2011

INTEREST CHECK

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

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	129358X	DUNHAM-BUSH HOLDING BHD	Director	22/01/2013	0.00	-	MYR76,855,000.00	2016	-	26/12/2017
2	166302K	DUNHAM-BUSH INDUSTRIES SDN. BHD.	Director	12/04/2011	0.00	-	MYR21,030,206.00	2016	-	26/12/2017
3	272200X	DUNHAM-BUSH SALES & SERVICES SDN. BHD.	Director	12/04/2011	0.00	-	MYR4,847,762.00	2016	-	26/12/2017

DIRECTOR 2

Name Of Subject	:	WANG QIANG
Address	:	ROOM 5 UNIT 1 NO 17 XISHAN ROAD, ZHIFU DISTRICT YANTAI CITY, SHANDONG PROVICE 264000 CHINA
IC / PP No	:	G42651819
Nationality	:	CHINESE
Date of Appointment	:	22/01/2013

INTEREST CHECK

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

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	129358X	DUNHAM-BUSH HOLDING BHD	Director	22/01/2013	0.00	-	MYR76,855,000.00	2016	-	26/12/2017
2	166302K	DUNHAM-BUSH INDUSTRIES SDN. BHD.	Director	22/01/2013	0.00	-	MYR21,030,206.00	2016	-	26/12/2017
3	272200X	DUNHAM-BUSH SALES & SERVICES SDN. BHD.	Director	22/01/2013	0.00	-	MYR4,847,762.00	2016	-	26/12/2017

DIRECTOR 3

Name Of Subject	:	MR. TIEW HENG SOON
Address	:	10 JALAN JELOK RIA 8, TAMAN SRI JELOK, 43000 KAJANG, SELANGOR, MALAYSIA.
IC / PP No	:	A0677133
New IC No	:	670213-10-5125
Date of Birth	:	13/02/1967
Nationality	:	MALAYSIAN
Date of Appointment	:	31/10/2013

INTEREST CHECK

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

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	129358X	DUNHAM-BUSH HOLDING BHD	Director	31/10/2013	0.00	-	MYR76,855,000.00	2016	-	26/12/2017
2	166302K	DUNHAM-BUSH INDUSTRIES SDN. BHD.	Director	31/10/2013	0.00	-	MYR21,030,206.00	2016	-	26/12/2017

DIRECTOR 4

Name Of Subject	:	MAX GHIASSIAN
Address	:	NO 3 18# BUILDING JINHAIAN, GARDEN LAISHAN DISTRICT, YANTAI CITY SHANDONG PROVINCE 264000 CHINA
IC / PP No	:	483710317
Nationality	:	AMERICAN
Date of Appointment	:	22/01/2013

INTEREST CHECK

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

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	129358X	DUNHAM-BUSH HOLDING BHD	Director	22/01/2013	0.00	-	MYR76,855,000.00	2016	-	26/12/2017
2	166302K	DUNHAM-BUSH INDUSTRIES SDN. BHD.	Director	22/01/2013	0.00	-	MYR21,030,206.00	2016	-	26/12/2017
3	272200X	DUNHAM-BUSH SALES & SERVICES SDN. BHD.	Director	22/01/2013	0.00	-	MYR4,847,762.00	2016	-	26/12/2017

DIRECTOR 5

Name Of Subject	:	LI ZENGQUN
Address	:	ROOM 2 UNIT 1 NO 9 HUANCUI ROAD, ZHIFU DISTRICT YANTAI CITY SHANDONG, PROVINCE 264000 CHINA
IC / PP No	:	G29289253
Nationality	:	CHINESE
Date of Appointment	:	22/01/2013

INTEREST CHECK

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

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	129358X	DUNHAM-BUSH HOLDING BHD	Director	22/01/2013	0.00	-	MYR76,855,000.00	2016	-	26/12/2017
2	166302K	DUNHAM-BUSH INDUSTRIES SDN. BHD.	Director	22/01/2013	0.00	-	MYR21,030,206.00	2016	-	26/12/2017
3	272200X	DUNHAM-BUSH SALES & SERVICES SDN. BHD.	Director	22/01/2013	0.00	-	MYR4,847,762.00	2016	-	26/12/2017

DIRECTOR 6

Name Of Subject	:	JIAO YUXUE
Address	:	NO 29 NO 5 NEI QIANJIN ROAD ZHIFU DISTRICT, YANTAI CITY, SHANDONG, PROVINCE 264000 CHINA
IC / PP No	:	E86238127
Date of Appointment	:	22/01/2013

INTEREST CHECK

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

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	129358X	DUNHAM-BUSH HOLDING BHD	Director	22/01/2013	0.00	-	MYR76,855,000.00	2016	-	26/12/2017
2	166302K	DUNHAM-BUSH INDUSTRIES SDN. BHD.	Director	22/01/2013	0.00	-	MYR21,030,206.00	2016	-	26/12/2017
3	272200X	DUNHAM-BUSH SALES & SERVICES SDN. BHD.	Director	22/01/2013	0.00	-	MYR4,847,762.00	2016	-	26/12/2017

FORMER DIRECTOR(S)

Name	Address	IC/PP No	Appointed Date	Withdrawn Date
YEO SEK CHIONG	131,JALAN HUJAN EMAS, TMN.OVERSEAS UNION, KUALA LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	520126-71-5095	24/12/1987	03/06/2008
ZAINUN AISHAH BINTI AHMAD	NO.4,JALAN 11/3, SEKSYEN 11, SELANGOR	460903085314	01/12/2004	04/06/2007
YUSOFF BIN MOHAMED DATO`	10,LORONG TITIWANGSA 2, KUALA LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	270905-11-5073	15/06/1993	14/10/2004
YONG TECK MING	24,JALAN KAWASARI 2, TMN ENG ANN, KLANG,SELANGOR., KLANG, SELANGOR, MALAYSIA	530803-04-5121	10/03/1993	20/01/1995
YEAP DEIN WAH	31,JALAN SS 7/3, KELANA JAYA, SELANGOR	560510086517	01/05/2002	11/05/2007
VLADIMIR KORJEVSKI	31, JALAN BAYU 5, BUKIT GITA BAYU, SERDANG, SERI KEMBANGAN, SELANGOR, MALAYSIA	BA776871	22/12/2008	22/01/2013
VLADIMIR MELNIKOV	AP 376 13, BABAKINA KHIMKI, MOSCOW REGION, RUSSIA	4037407	21/09/2007	02/09/2008
TAY THIAM SIEW	92,JALAN BU 12/6, BANDAR UTAMA, PETALING JAYA,SELANGOR, PETALING JAYA, SELANGOR, MALAYSIA	510524-04-5251	10/03/1993	24/09/1999
TENGKU ADNAN BIN TENGKU MANSOR	50480 KUALA LUMPUR	501220-04-5119	15/06/1993	24/09/1999
TATIANA EFREMTSEVA	31 JALAN BAYU 5, BUKIT GITA BAYU, SERDANG, SERI KEMBANGAN, SELANGOR, MALAYSIA	3844199	22/12/2008	22/01/2013
TAN KIM POH	105,JALAN ATHINAHAPAN DUA, TMN TUN DR ISMAIL, K.LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	530222-04-5289	20/01/1995	28/01/1998
SAN WAN HING	NO.56,JALAN SS 20/10, DAMANSARA KIM, P.JAYA,SELANGOR., PETALING JAYA, SELANGOR, MALAYSIA	410118-10-5257	24/09/1999	30/04/2002
MAIZAN BIN SHAARI	287 JALAN B9, TAMAN MELAWATI, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	470914-08-5925	01/12/2004	04/06/2007
SERGEY IVANOV	A-0-1, CROWN TOWER, ASTANA CONDOMINIUM, JALAN KIARA 2, MONT\' KIARA, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	3844180	21/09/2007	21/01/2009
LIM YOCK YEE		540208085777	22/04/1988	03/06/2008
KONG CHOO HUI	13, JALAN BK 6B/2, BANDAR KINRARA, PUCHONG, SELANGOR, MALAYSIA	660309-01-6056	22/01/2013	31/10/2013
KAMAL BIN MOHAMAD NOOR	NO.6, JALAN HELANG 6/4, SEKSYEN 6, SHAH ALAM, SELANGOR, MALAYSIA	570104-71-5401	01/10/2009	12/04/2011
HEW DENG WAI	NO 6, LORONG PJU 3/28D, SUNWAY DAMANSARA, PETALING JAYA, SELANGOR, MALAYSIA	540502-10-5441	04/07/2008	03/09/2010
JEFFREY SCOTT ALBRIGHT	UNIT NO. 70, LOT 71, KIARA HILLS, OFF JALAN 32/70 A, DESA SRI HARTAMAS, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	028893998	04/07/2008	11/11/2010
JOHN JANSEN	43-07,INTERNATIONAL PLAZA, 10,ANSON ROAD, SINGAPORE 0207	E5300006	15/07/1993	09/02/1999
DEREK JAMES SMITH	16,WHITE OAK ROAD, CONNECTICUT_06032, USA	377129	15/07/1993	09/02/1999
FREDDIE PANG HOCK CHENG	LOT 12856,JALAN BKT MEWAH 31A, BKT MEWAH, SELANGOR	550206045279	10/03/1993	04/06/2007
CHAN SOO HAR	26,JALAN SS18/1A, SUBANG JAYA, SUBANG JAYA, SELANGOR, MALAYSIA	430428-10-5277	24/12/1987	03/06/2008

Note : The above information was generated from our database.

MANAGEMENT

1)	Name of Subject	:	YU BAOSHUANG
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	PKF
Auditor' Address	:	LEVEL 33, MENARA 1MK, KOMPLEKS 1, MONT' KIARA, 1, JALAN KIARA, MONT' KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

COMPANY SECRETARIES

1)	Company Secretary	:	MS. WONG WAI FOONG
	IC / PP No	:	A0379022
	New IC No	:	660510-10-6838
	Address	:	1164, JALAN 17/46, HAPPY GARDEN, 46400 PETALING JAYA, SELANGOR, MALAYSIA.

2)	Company Secretary	:	MS. LIM POH YEN
	IC / PP No	:	A0671228
	New IC No	:	670427-01-5168
	Address	:	10 JALAN USJ 11/1E, TAMAN SEAFIELD JAYA, 47620 SUBANG JAYA, SELANGOR, MALAYSIA.

3)	Company Secretary	:	MS. FONG SEAH LIH
	IC / PP No	:	A3689856
	New IC No	:	771119-14-5836
	Address	:	17, JALAN MUTIARA 2/12A, TAMAN MUTIARA INDAH, 47100 PUCHONG, SELANGOR, MALAYSIA.

BANKING

Banking relations are maintained principally with :

1)

Name

:

EXPORT-IMPORT BANK OF MALAYSIA BHD

2)

Name

:

HSBC BANK MALAYSIA BHD

3)

Name

:

MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD

4)

Name

:

MALAYAN BANKING BHD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
1	14/12/1988	N/A	MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD	MYR 1,000,000.00	Satisfied
2	01/03/1989	N/A	MALAYAN BANKING BERHAD	MYR 1,050,000.00	Satisfied
3	01/03/1989	N/A	MALAYAN BANKING BERHAD	MYR 1,050,000.00	Satisfied
4	07/03/1990	N/A	ORIENTAL BANK BERHAD	MYR 1,000,000.00	Satisfied
5	09/11/1990	N/A	MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD	MYR 700,000.00	Satisfied
6	12/11/1990	N/A	ORIENTAL BANK BERHAD	MYR 1,500,000.00	Satisfied
9	09/08/1991	N/A	ORIENTAL BANK BERHAD	MYR 5,000,000.00	Satisfied
10	09/08/1991	N/A	ORIENTAL BANK BERHAD	MYR 5,000,000.00	Satisfied
7	08/05/1992	N/A	ORIENTAL BANK BERHAD	MYR 4,000,000.00	Satisfied
8	22/05/1992	N/A	MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD	MYR 530,000.00	Satisfied
11	23/12/1992	OPEN CHARGE	LEE WAH BANK LTD	-	Unsatisfied
12	25/10/1993	N/A	MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD	MYR 6,500,000.00	Satisfied
13	11/01/1995	N/A	MALAYSIAN INSUSTRIAL DEVELOPMENT FINANCE BERHAD	MYR 4,500,000.00	Satisfied
14	18/12/1995	N/A	HONGKONG BANK MALAYSIA BERHAD	MYR 9,000,000.00	Satisfied
15	12/08/1996	N/A	HONGKONG BANK MALAYSIA BERHAD	MYR 12,000,000.00	Satisfied
16	13/07/1998	N/A	HONGKONG BANK MALAYSIA BERHAD	MYR 12,000,000.00	Satisfied
17	05/10/2005	FIXED CHARGE	EXPORT-IMPORT BANK OF MALAYSIA BERHAD	USD 7,000,000.00	Unsatisfied
18	05/11/2007	TRADE FINANCING GENERAL AGREEMENT	HSBC BANK MALAYSIA BERHAD AS SECURITY AGENT FOR HSBC AMANAH MALAYSIA BERHAD AND ITSELF	MYR 20,000,000.00	Unsatisfied
19	26/12/2014	N/A	CITIBANK BERHAD	-	Unsatisfied

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT

* A check has been conducted in our databank against the Subject whether the Subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.


There is/are CLOSED litigation case(s) on the Subject in our database as below:
- 1 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	:	20%
Domestic Markets	:	MALAYSIA
Overseas	:	YES	Percentage	:	80%
Export Market	:	ASIA EUROPE
Credit Term	:	30 - 90 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT) LETTER OF CREDIT (LC)

OPERATIONS

Products manufactured

:

AIR-CONDITIONERS

Product Brand Name

:

DUNHAM-BUSH, DB-AIRE

Award

:

1 ) MS ISO 9001 : 2000 Year :2002
2 ) ENTERPRISE 50 AWARD Year :1997

Member(s) / Affiliate(s)

:

FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)

MALAYSIAN IRON AND STEEL INDUSTRY FEDERATION (MISIF)

SMI ASSOCIATION OF MALAYSIA

MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)

SMALL & MEDIUM ENTERPRISE

Ownership of premises

:

OWNED

Production Capacity

:

APPROXIMATELY 1100 TONNES

Total Number of Employees:
YEAR	2016	2015	2014
GROUP	N/A	N/A	N/A
COMPANY	558	550	1000

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) manufacturing of air-conditioners. 

The Dunham-Bush Group specializes in the manufacturing, distribution, and sale of air-conditioning and refrigeration equipment such as air diffusion product, chillers, cooling tower, condenser, oil seperator, large commercial air-conditioner, blowers and ventilators worldwide.

Dunham-Bush is a pioneer in the development of rotary screw compressor technology and ICE-CEL thermal storage systems for the use in the heating, ventilating, air-conditioning and refrigeration (HVAC and R) business.

The rotary screw compressor technology for air-conditioning and refrigeration applications has made products to be more efficient, reliable and durable compared to the conventional centrifugal types.

This technology is one of the main distinctive assets as well as one of its main selling features in Dunham-Bush products and has made the Group one of the largest manufacturers of rotary-screw compressor-type water-chillers in the world.

The Subject produces a wide range of products including silencers, variable-air-volume boxes, cooling towers, exhaust, grilles and diffusers, ventilation fans and etc.

The Subject is mainly focused on the production of heating, ventilation, air-conditioning and refrigeration for hotels, corporations, factories etc. Whereas its related company, Dunham-Bush Topaire Sdn Bhd produces residential air-conditioners.

The Subject provides complete range of heating, ventilation, air-conditioning and refrigeration equipment as follows:-

1) Wall-mount split air-conditioners (1 to 2.5 hp).

2) Ceiling-exposed split air-conditioners (1 to 5 hp).

3) Water-cooled and air cooled split and package air-conditioners (1 to120 hp).

4) Air-handling units and fan coil units (300 to 120,000 cu ft perminute).

5) Water-cooled and air-cooled chillers (1 to 2000-ton cooling capacity).

6) Low temperature condensing units and fan coil units for refrigeration purposes and closed-controlled air-conditioning equipment, computer room air-conditioners, heating products and accessories. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	0389249000
Current Telephone Number	:	03-89249000
Match	:	YES
Address Provided by Client	:	LOT 5755-6, KIDAMAI INDUSTRIAL PARK, BUKIT ANGKAT 43000 KAJANG SELANGOR DARUL EHSAN
Current Address	:	LOT 5755-6, KIDAMAI INDUSTRIAL PARK, BUKIT ANGKAT, SUNGAI CHUA, 43000 KAJANG, SELANGOR, MALAYSIA.
Match	:	NO
Latest Financial Accounts	:	YES

Other Investigations

we contacted one of the staff from the Subject and she provided some information.

The address provided is incomplete.

The Subject refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2012 - 2016	]
Profit/(Loss) Before Tax	:	Increased	[	2012 - 2016	]
Return on Shareholder Funds	:	Acceptable	[	21.72%	]
Return on Net Assets	:	Acceptable	[	29.63%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Acceptable	[	57 Days	]
Debtor Ratio	:	Favourable	[	41 Days	]
Creditors Ratio	:	Favourable	[	49 Days	]
The Subject kept adequate stocks to meet its normal business transactions without incurring excessive storage costs. 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	:	Favourable	[	1.46 Times	]
Current Ratio	:	Unfavourable	[	1.86 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	118.79 Times	]
Gearing Ratio	:	Favourable	[	0.09 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : STRONG

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
28192 : Manufacture of air-conditioning machines, including for motor vehicles
INDUSTRY :	MACHINERY
Malaysia is presently the leading manufacturer of automation machinery and equipment (M&E) in the ASEAN region with a total of 22 companies in production. The machinery and equipment industry assumes an important role in the industrial development of the country, in view of its extensive linkages to major economic sectors, such as manufacturing, construction, transportation, mining and agriculture. The industry supports a large number of Small and Medium Enterprises (SMEs), which are capable of producing machinery and equipment for both domestic and export markets. In turn, the industry is supported by a wide range of important engineering services, which mainly involve SMEs.
Exports of machinery, appliances and parts continued to post double-digit growth of 14.3% driven largely by specialized machinery for specific industries, particularly for civil engineering as well as the manufacture of semiconductors and parts. In addition, higher demand also emanated from general industrial machinery and equipment, particularly heating and cooling equipment as well as pumps, compressors, fans and parts. Key export destinations for machinery, appliances and parts were Singapore, Thailand, the US, China and Vietnam.
In 2015, machinery and equipment investment turned around to record a positive growth of 5.8%. According to MATRADE Malaysia, the exports of machinery, appliances and parts to Japan had increased by RM98 million in 2015 compared to 2014. However, export to China is decreased in 2015. Moreover, Machinery, appliances and parts also one of the major import products in Malaysia that is 8.9% of all total import products.
Under Budget 2016, Government will focus into chemical, electrical and electronics, machinery and equipment, aerospace and medical devices industries as well as services. For this, RM730 million is allocated to funds under the Malaysian Investment Development Authority (MIDA).
The Government has identified the M&E industry to be one of the key areas for growth and development. The growth will focus on the manufacture of high value-added and high technology M&E. For the further development of the M&E industry, six strategic thrusts have been set during the Third Industrial Master Plan (IMP3), 2006 - 2020 period:-
- Promoting Malaysia as a regional production, trading and distribution centre for M&E
- Rising the development and promotion of selected specialized and high technology M&E
- Strengthening the engineering support industries and support services
- Developing Malaysian Standards for machinery and equipment
- Developing sufficient highly skilled workforce
- Strengthening the institutional support for the further development of the industry
OVERALL INDUSTRY OUTLOOK : Average Growth

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1987, the Subject is a Private Limited company, focusing on manufacturing of air-conditioners. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of MYR 8,562,600 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. 

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. 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. To improve its quality products and services, we noted that the Subject has received a number of certifications & awards. This will improve the customer's confidence level to 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. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term 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 96,816,730, 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 shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry. 

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)

DUNHAM-BUSH INDUSTRIES SDN. BHD.

Financial Year End	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	MYR	MYR	MYR	MYR	MYR
TURNOVER	226,451,881	188,135,096	170,570,179	139,120,902	131,775,478
Other Income	616,277	3,063,392	6,493,536	570,052	7,065,090
	----------------	----------------	----------------	----------------	----------------
Total Turnover	227,068,158	191,198,488	177,063,715	139,690,954	138,840,568
Costs of Goods Sold	(160,262,981)	(134,510,096)	(132,684,452)	(109,648,780)	(115,319,797)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	66,805,177	56,688,392	44,379,263	30,042,174	23,520,771
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	28,444,855	23,657,144	17,182,894	10,534,767	(35,811,798)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	28,444,855	23,657,144	17,182,894	10,534,767	(35,811,798)
Taxation	(7,414,649)	(6,292,461)	(2,335,867)	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	21,030,206	17,364,683	14,847,027	10,534,767	(35,811,798)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	65,017,249	47,652,566	32,805,539	22,270,772	58,082,570
	----------------	----------------	----------------	----------------	----------------
As restated	65,017,249	47,652,566	32,805,539	22,270,772	58,082,570
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	86,047,455	65,017,249	47,652,566	32,805,539	22,270,772
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	86,047,455	65,017,249	47,652,566	32,805,539	22,270,772
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	-	-	-	194,613	560,521
Hire purchase	-	-	-	-	2,825
Term loan / Borrowing	-	-	-	-	24,270
Others	241,483	705,637	722,036	682,033	1,973,020
	----------------	----------------	----------------	----------------	----------------
	241,483	705,637	722,036	876,646	2,560,636
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	2,447,150	2,137,226	2,116,646	2,583,243	2,964,666
AMORTIZATION	97,019	184,506	418,951	485,729	498,854
	----------------	----------------	----------------	----------------	----------------
Total Amortization And Depreciation	2,544,169	2,321,732	2,535,597	3,068,972	3,463,520
	=============	=============	=============	=============	=============

BALANCE SHEET

DUNHAM-BUSH INDUSTRIES SDN. BHD.

ASSETS EMPLOYED:
FIXED ASSETS	35,110,422	36,091,019	34,846,207	35,107,938	37,275,002
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	260,761	260,761	260,761	260,761	-
Deferred assets	2,220,603	2,220,603	1,291,507	1,291,507	1,291,507
Others	-	-	-	65,721	75,102
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	2,481,364	2,481,364	1,552,268	1,617,989	1,366,609
INTANGIBLE ASSETS
Deferred/Expenditure carried forward	3	3	3	3	3
Computer software	309,130	177,168	273,606	618,996	1,095,378
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	309,133	177,171	273,609	618,999	1,095,381
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	37,900,919	38,749,554	36,672,084	37,344,926	39,736,992
CURRENT ASSETS
Stocks	31,830,233	27,502,147	29,306,586	32,165,521	41,189,454
Contract work-in-progress	3,232,776	3,459,845	3,013,489	3,626,799	-
Trade debtors	25,554,600	20,094,210	24,132,281	8,228,395	16,631,368
Other debtors, deposits & prepayments	1,301,886	1,251,020	948,194	725,777	1,119,491
Amount due from holding company	16,089,353	6,931,031	6,838,311	-	-
Amount due from related companies	21,899,054	15,688,824	10,715,639	18,023,039	7,699,789
Cash & bank balances	48,688,670	54,085,343	30,993,425	12,780,397	6,496,126
Others	-	-	1,063,192	3,769,412	3,444,287
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	148,596,572	129,012,420	107,011,117	79,319,340	76,580,515
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	186,497,491	167,761,974	143,683,201	116,664,266	116,317,507
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	21,422,534	15,488,233	12,447,216	11,275,390	15,865,569
Other creditors & accruals	12,361,757	8,590,474	7,031,886	4,403,141	10,798,040
Bank overdraft	-	-	-	-	5,273,773
Other borrowings	8,366,766	28,525,600	27,789,982	25,327,220	-
Deposits from customers	6,455,066	9,448,317	5,768,994	7,374,156	9,076,892
Amounts owing to holding company	-	-	-	378,893	6,005,308
Amounts owing to related companies	24,154,477	16,188,405	26,678,614	21,451,102	3,128,924
Provision for taxation	2,715,702	4,733,012	-	-	-
Other liabilities	4,531,884	6,107,631	2,443,639	1,236,621	32,030,936
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	80,008,186	89,081,672	82,160,331	71,446,523	82,179,442
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	68,588,386	39,930,748	24,850,786	7,872,817	(5,598,927)
	----------------	----------------	----------------	----------------	----------------
LONG TERM LIABILITIES
Others	9,672,575	2,893,778	3,101,029	1,631,407	866,320
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	9,672,575	2,893,778	3,101,029	1,631,407	866,320
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	96,816,730	75,786,524	58,421,841	43,586,336	33,271,745
	=============	=============	=============	=============	=============
FINANCED BY:
SHARE CAPITAL
Ordinary share capital	8,562,600	8,562,600	8,562,600	8,562,600	8,562,600
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	8,562,600	8,562,600	8,562,600	8,562,600	8,562,600
RESERVES
Share premium	2,206,675	2,206,675	2,206,675	2,206,675	2,206,675
Exchange equalisation/fluctuation reserve	-	-	-	11,522	231,698
Retained profit/(loss) carried forward	86,047,455	65,017,249	47,652,566	32,805,539	22,270,772
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	88,254,130	67,223,924	49,859,241	35,023,736	24,709,145
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	96,816,730	75,786,524	58,421,841	43,586,336	33,271,745
	=============	=============	=============	=============	=============

FINANCIAL RATIO

DUNHAM-BUSH INDUSTRIES SDN. BHD.

TYPES OF FUNDS
Cash	48,688,670	54,085,343	30,993,425	12,780,397	6,496,126
Net Liquid Funds	48,688,670	54,085,343	30,993,425	12,780,397	1,222,353
Net Liquid Assets	36,758,153	12,428,601	(4,455,800)	(24,292,704)	(46,788,381)
Net Current Assets/(Liabilities)	68,588,386	39,930,748	24,850,786	7,872,817	(5,598,927)
Net Tangible Assets	96,507,597	75,609,353	58,148,232	42,967,337	32,176,364
Net Monetary Assets	27,085,578	9,534,823	(7,556,829)	(25,924,111)	(47,654,701)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	24,362,781	0	0	0
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	31,230,507	26,684,513	20,440,527	14,480,385	(29,787,642)
BALANCE SHEET ITEMS
Total Borrowings	8,366,766	28,525,600	27,789,982	25,327,220	5,273,773
Total Liabilities	89,680,761	91,975,450	85,261,360	73,077,930	83,045,762
Total Assets	186,497,491	167,761,974	143,683,201	116,664,266	116,317,507
Net Assets	96,816,730	75,786,524	58,421,841	43,586,336	33,271,745
Net Assets Backing	96,816,730	75,786,524	58,421,841	43,586,336	33,271,745
Shareholders' Funds	96,816,730	75,786,524	58,421,841	43,586,336	33,271,745
Total Share Capital	8,562,600	8,562,600	8,562,600	8,562,600	8,562,600
Total Reserves	88,254,130	67,223,924	49,859,241	35,023,736	24,709,145
GROWTH RATIOS (Year on Year) (%)
Revenue	20.37	10.30	22.61	5.57	45.86
Proft/(Loss) Before Tax	20.24	37.68	63.11	129.42	(1,106.72)
Proft/(Loss) After Tax	21.11	16.96	40.93	129.42	(1,106.72)
Total Assets	11.17	16.76	23.16	0.30	(34.48)
Total Liabilities	(2.49)	7.87	16.67	(12.00)	(23.51)
LIQUIDITY (Times)
Cash Ratio	0.61	0.61	0.38	0.18	0.08
Liquid Ratio	1.46	1.14	0.95	0.66	0.43
Current Ratio	1.86	1.45	1.30	1.11	0.93
WORKING CAPITAL CONTROL (Days)
Stock Ratio	57	60	69	94	114
Debtors Ratio	41	39	52	22	46
Creditors Ratio	49	42	34	38	50
SOLVENCY RATIOS (Times)
Gearing Ratio	0.09	0.38	0.48	0.58	0.16
Liabilities Ratio	0.93	1.21	1.46	1.68	2.50
Times Interest Earned Ratio	118.79	34.53	24.80	13.02	(12.99)
Assets Backing Ratio	11.27	8.83	6.79	5.02	3.76
PERFORMANCE RATIO (%)
Operating Profit Margin	12.56	12.57	10.07	7.57	(27.18)
Net Profit Margin	9.29	9.23	8.70	7.57	(27.18)
Return On Net Assets	29.63	32.15	30.65	26.18	(99.94)
Return On Capital Employed	26.86	30.89	28.97	24.90	(82.09)
Return On Shareholders' Funds/Equity	21.72	22.91	25.41	24.17	(107.63)
Dividend Pay Out Ratio (Times)	0	0	0	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.75
UK Pound	1	INR 89.39
Euro	1	INR 78.75
MYR	1	INR 16.31

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

INFORMATION DETAILS

Analysis Done by :	DIV
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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