📊Financial Statement Analysis

💼ABC Marine Services Sdn. Bhd.

Registration No. 20XXXXXXXXXX (XXXXXX-T)

Principal Activities
Engineering consultancy services
Financial Year End
31 December
Analysis Period
FY Dec 2023 (Audited - Restated) to YTD Sep 2025 (MA)
Auditor
[Auditor Name Redacted]
Prepared By
Kredit Lab
📋 FY Dec 2023 (Audited - Restated)📋 FY Dec 2024 (Audited)📋 YTD Sep 2025 (MA)
SAMPLE REPORT — For illustration purposes only | Schema: v7.6
This report is confidential and prepared solely for the intended purchaser.
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Source Documents:
• FY Dec 2023 (Audited - Restated): Audited
• FY Dec 2024 (Audited): Audited
• YTD Sep 2025 (MA): Management Accounts

Schema Version: v7.6
SME Status: Qualified (Private limited company engaged in engineering services)

🔍 Audit Opinion Summary

FY Dec 2023 (Audited - Restated) UNKNOWN

Auditor: N/A
Date Signed: N/A

FY Dec 2024 (Audited) ✓ UNQUALIFIED

Auditor: [Auditor Name Redacted]
Firm No: AF 1522
Date Signed: 04 August 2025

YTD Sep 2025 (MA) UNKNOWN

Auditor: N/A
Date Signed: N/A
DescriptionFY Dec 2023 (Audited - Restated)
RM		FY Dec 2024 (Audited)
RM		YTD Sep 2025 (MA)
RM
REVENUE
Client A (O&G)31,430,94833,293,215-
Client B (Plantation)7,879,9990-
ABC Offshore3,510,853383,037-
Client C (Marine)03,192,365-
Client D (Marine)472,8001,681,680-
Client E (Engineering)01,449,000-
ABC JR Sdn Bhd1,190,000(1,190,000)-
Other Clients1,412,810479,125-
Sales (per MA - unitemised)--98,333,578
Total Revenue45,897,41039,288,42298,333,578
COST OF SALES
Project Cost(12,243,956)(4,929,501)-
Staff Cost (COS)(2,109,987)(4,218,157)-
Depreciation of Right-of-Use Asset(578,032)0-
Project Cost (per MA - unitemised)--(46,624,669)
Staff Cost Payroll (per MA)--(7,094,671)
Total Cost of Sales(14,931,975)(9,147,658)(53,719,340)
GROSS PROFIT30,965,43530,140,76444,614,238
OTHER INCOME
Reversal/Write-off of Payables431,2141,833,838-
Rebate/Discount/Credit Note135,068931,849101,351
Reversal of Allowance for ECL0123,199-
Gain on Disposal of Right-of-Use Asset1,357,5930-
Unrealised Gain on Foreign Exchange43,46216,322352,626
Other Income25,84830,29231,491
Total Other Income1,993,1852,935,500485,468
OPERATING EXPENSES
Administrative Expenses
Depreciation (PPE and ROU)(26,007,772)(23,770,162)-
Other Administrative Expenses (excl. Depreciation)(3,227,805)(4,192,031)-
Administrative Expenses (per MA)--(2,369,556)
Depreciation of Assets--(22,200,473)
Professional/Legal Fee--(2,456,590)
Director Expenses--(698,061)
Staff Salary (Admin)--(2,457,376)
Other Expenses/Overhead--(2,757,164)
Utilities--(67,355)
Written Off Receivable--(129,131)
Other Miscellaneous Expenses--(32,604)
Total Administrative Expenses(29,235,577)(27,962,193)(33,168,310)
Staff Costs
Wages and Salaries(1,307,437)(1,193,611)-
Defined Contributions & Social Security(160,846)(34,223)-
Other Benefits(691,428)(532,830)-
Total Staff Costs(2,159,711)(1,760,664)0
TOTAL OPERATING EXPENSES(31,395,288)(29,722,857)(33,168,310)
OPERATING PROFIT (EBIT)1,563,3323,353,40711,931,396
FINANCE COSTS
Bank Overdraft Interest(31,032)(101,595)-
Finance Lease Interest(2,000)0-
Term Loan Interest(5,993,597)(1,872,063)-
Finance/Loan Charges (per MA)--(4,108,799)
Bank Charges (per MA)--(41,363)
Total Finance Costs(6,026,629)(1,973,658)(4,150,162)
PROFIT BEFORE TAX(4,463,297)1,379,7497,781,234
TAXATION
Deferred Tax1,607,832(31,200)0
Total Taxation1,607,832(31,200)0
NET PROFIT(2,855,465)1,348,5497,781,234
EBITDA27,571,10427,123,56934,131,869
DescriptionFY Dec 2023 (Audited - Restated)
RM		FY Dec 2024 (Audited)
RM		YTD Sep 2025 (MA)
RM
NON-CURRENT ASSETS
Property, Plant & Equipment
Freehold Building6,110,0005,980,000-
Furniture and Fittings30,36033,966-
Office Equipment219,559161,534-
Vessel, Project and Equipment106,203,18583,197,739-
Renovation3,069,2762,568,349-
Fixed Assets (per MA - unitemised)--141,612,825
Total PPE115,632,38091,941,588141,612,825
Investment in Subsidiaries10100
Investment16,00015,00015,010
TOTAL NON-CURRENT ASSETS115,648,39091,956,598141,627,835
CURRENT ASSETS
Trade Receivables5,835,8149,228,50824,155,431
Other Receivables404,239113,65523,300
Contract Asset1,695,450520,925520,925
Deposits and Prepayments2,545,5213,872,38212,880,445
Collateral/Sinking Fund/Reserved-Bank002,160,200
Cash and Bank Balances4,074,6643,630,56314,405,069
TOTAL CURRENT ASSETS14,555,68817,366,03354,145,369
TOTAL ASSETS130,204,078109,322,631195,773,204
EQUITY
Share Capital14,700,00014,700,00018,753,000
Retained Earnings40,449,11041,797,65949,578,894
TOTAL EQUITY55,149,11056,497,65968,331,894
NON-CURRENT LIABILITIES
Trade and Other Payables (Non-Current)14,491,0588,682,2948,516,482
Borrowings (Non-Current)19,022,23727,348,42224,828,249
Deferred Tax Liability031,20031,200
TOTAL NON-CURRENT LIABILITIES33,513,29536,061,91633,375,931
CURRENT LIABILITIES
Trade Payables7,091,5184,665,79420,456,215
Other Payables and Accruals3,109,2295,791,161724,262
Borrowings (Current)28,792,0596,211,05072,071,420
SST/GST Payable1,576,95251,663813,482
Current Tax Liabilities564,48343,3790
Amount Due to Subsidiaries990
Amount Due to Related Companies407,42300
TOTAL CURRENT LIABILITIES41,541,67316,763,05694,065,379
TOTAL LIABILITIES75,054,96852,824,972127,441,310
TOTAL EQUITY & LIABILITIES130,204,078109,322,631195,773,204
RatioFY Dec 2023 (Audited - Restated)FY Dec 2024 (Audited)YTD Sep 2025 (MA)
Profitability Ratios
Gross Profit Margin67.47%76.72%45.37%
Formula: (GP / Revenue) x 100
Operating Profit Margin3.41%8.54%12.13%
Formula: (OP / Revenue) x 100
PBT Margin-9.72%3.51%7.91%
Formula: (PBT / Revenue) x 100
Net Profit Margin-6.22%3.43%7.91%
Formula: (NPAT / Revenue) x 100
EBITDA Margin60.07%69.04%34.71%
Formula: (EBITDA / Revenue) x 100
Return on Assets-2.19%1.23%3.97%
Formula: (NPAT / TA) x 100
Return on Equity-5.18%2.39%11.39%
Formula: (NPAT / TE) x 100
Liquidity Ratios
Current Ratio >= 1.25x0.35x1.04x0.58x
Formula: CA / CL
Quick Ratio0.35x1.04x0.58x
Formula: (CA - Inventory) / CL
Cash Ratio0.10x0.22x0.15x
Formula: Cash and Bank Balances / CL
Leverage Ratios
Liabilities-to-Equity <= 4.0x1.36x0.93x1.87x
Formula: TL / TE
Liabilities-to-Assets0.58x0.48x0.65x
Formula: TL / TA
Gearing Ratio0.87x0.59x1.42x
Formula: Total Borrowings / TE
Interest Coverage4.57x13.74x8.22x
Formula: EBITDA / Finance Costs
DSCR >= 1.25x0.81x3.73x0.45x
Formula: EBITDA / (Term Current + Interest)
Efficiency Ratios
Asset Turnover0.35x0.36x0.50x
Formula: Revenue / TA
Debtor Days46 days86 days90 days
↳ Period-Adjusted--67 days (273d period)
Formula: (Trade Rec / Revenue) x Days
Creditor Days173 days186 days139 days
↳ Period-Adjusted--104 days (273d period)
Formula: (Trade Pay / COS) x Days
Inventory Days0 days0 days0 days
Formula: (Inventory / COS) x Days
Cash Conversion Cycle(127) days(100) days(49) days
↳ Period-Adjusted--(37) days (273d period)
Formula: Debtor Days + Inventory Days - Creditor Days
MetricFY Dec 2023 (Audited - Restated)FY Dec 2024 (Audited)YTD Sep 2025 (MA)
OPERATING WORKING CAPITAL (SUPPORTING INDICATOR)
Trade Receivables + Inventory - Trade Payables(1,255,704)4,562,7143,699,216
Trade Receivables5,835,8149,228,50824,155,431
Inventory000
Trade Payables7,091,5184,665,79420,456,215
WORKING CAPITAL REQUIREMENT (CCC-BASED)
CCC Days (PRIMARY DRIVER)(127) days(100) days(49) days
↳ Period-Adjusted CCC--(37) days
WC Requirement (Standard)(15,957,209)(10,788,214)(13,291,242)
WC Facility Needed: ✅ No - Self-funding position
🟢 CCC Status (PRIMARY): NEGATIVE | 🟢 OWC Status (Supporting): MIXED
⚡ CCC/OWC signals differ — CCC takes precedence (see rationale)
The Cash Conversion Cycle is consistently negative across all periods (FY2023: -126.9 days, FY2024: -100.5 days, YTD Sep 2025: -36.9 days adjusted), indicating the Company is self-funding its operations through extended creditor terms. Creditor days significantly exceed debtor days, meaning suppliers effectively finance the operating cycle. While OWC turned positive in FY2024 (RM4.6M) and remains positive in YTD Sep 2025 (RM3.7M), this reflects the balance sheet snapshot rather than the operating cycle dynamics. The positive OWC is driven by the increase in trade receivables (from RM5.8M to RM24.2M) while trade payables also grew substantially. The negative CCC confirms no structural working capital facility is needed. The existing overdraft facility (RM915K) provides adequate short-term liquidity buffer. WCR is negative across all periods (FY2023: -RM16.0M, FY2024: -RM10.8M, YTD Sep 2025: -RM13.3M), confirming the Company generates working capital surplus from its operating cycle.

📐 Layer 1: Gap Identification

ComponentFY Dec 2023 (Audited - Restated)FY Dec 2024 (Audited)YTD Sep 2025 (MA)
FUNDING GAP ANALYSIS
Non-Current Assets (NCA)115,648,39091,956,598141,627,835
Long-Term Funding (Equity + NCL)88,662,40592,559,575101,707,825
Funding Gap26,985,985(602,977)39,920,010
Gap % of NCA23.33%-0.66%28.19%
Status⚠️ Moderate✅ Matched⚠️ Moderate

⚖️ Funding Structure Assessment

Sustainability Rating: Adequate

Risk Flags:

  • YTD Sep 2025 shows moderate funding gap of 28.2% (RM39.9M) as NCA of RM141.6M significantly increased (likely marine/vessel asset asset additions) while long-term funding has not proportionally increased
  • Current liabilities in YTD Sep 2025 include RM72.1M in bank loans classified as current, which may include term loans with upcoming maturity requiring refinancing
  • Significant reliance on long-term creditor payment terms (non-current trade payables RM8.5M-RM14.5M) as a funding source

🏦 Existing Facilities

FacilityCurrentNon-CurrentTotal
Hire Purchase12,403012,403
Term Loan5,283,33227,348,42232,631,754
Overdraft915,3150915,315
Total Borrowings33,559,472

🏦 Facility Classification

Term Facilities (Principal + Interest in DSCR): Principal + Interest in DSCR

Includes: Term Loan (Bank A), Term Loan (Bank B), Term Loan (Bank C), Hire Purchase

Total Term Current Portion: 5,295,735

Revolving Facilities (Interest ONLY in DSCR): Interest ONLY in DSCR

Includes: Bank Overdraft

Total Revolving: 915,315 (excluded from principal)

ComponentFY Dec 2023 (Audited - Restated)FY Dec 2024 (Audited)YTD Sep 2025 (MA)
EBITDA
EBITDA27,571,10427,123,56934,131,869
DEBT SERVICE
Principal Repayment (Term Facilities)27,811,4035,295,73571,156,420
Interest Expense6,026,6291,973,6584,150,162
Total Debt Service33,838,0327,269,39375,306,582
DSCR
DSCR0.81x3.73x0.45x
Benchmark: DSCR ≥ 1.25x (Banking Standard) | Minimum: ≥ 1.00x
Note: DSCR = EBITDA ÷ (Term Facility Principal + All Interest). Revolving facilities contribute to interest but NOT principal.

📋 DSCR Assessment

FY2023 DSCR of 0.81x was below the 1.25x benchmark, primarily driven by the very large current portion of term loans (RM27.8M) which included reclassified borrowings from the prior year adjustment. The Company's EBITDA of RM27.6M was insufficient to cover total debt service of RM33.8M. FY2024 showed significant improvement with DSCR of 3.73x, well above benchmark, as the current TL portion normalized to RM5.3M following debt restructuring/repayment, while EBITDA remained strong at RM27.1M. For YTD Sep 2025, the DSCR of 0.45x appears concerning at face value, but this is distorted by the RM72.1M bank loan classified entirely as current in the MA balance sheet. The MA classification likely does not reflect the actual repayment schedule, as much of this may be term loans with remaining tenures. The interest coverage ratio of 8.22x for this period confirms the Company generates more than adequate EBITDA to service interest obligations. The underlying debt serviceability remains strong when assessed on a normalized principal repayment basis.
ComponentFY Dec 2023 (Audited - Restated)FY Dec 2024 (Audited)YTD Sep 2025 (MA)
TNW CALCULATION
Total Shareholders' Equity (Original TNW)55,149,11056,497,65968,331,894
Less: Adjustments
Intangible Assets000
Due from Directors000
Due from Related Companies380,93990,3550
Total Adjustments380,93990,3550
Adjusted TNW54,768,17156,407,30468,331,894
Assessment: TNW has been consistently positive and improving from RM55.1M (FY2023) to RM56.5M (FY2024) to RM68.3M (YTD Sep 2025). The improvement in the latest period reflects both profit accumulation (retained earnings grew from RM41.8M to RM49.6M) and additional share capital injection of RM4.1M. Adjustments for related party receivables are minimal (RM90K in FY2024), resulting in adjusted TNW closely tracking original TNW. The Company maintains a solid equity base relative to its asset size. Trend: Improving
CheckFY Dec 2023 (Audited - Restated)FY Dec 2024 (Audited)YTD Sep 2025 (MA)
Total Assets130,204,078109,322,631195,773,204
Total Equity & Liabilities130,204,078109,322,631195,773,204
Variance000
Status✅ Balanced✅ Balanced✅ Balanced

📊 Key Observations

Revenue Trend

Revenue shows significant recovery in YTD Sep 2025 at RM98.3M (9 months), on track to exceed RM100M annualized, compared to RM39.3M (FY2024) and RM45.9M (FY2023). The FY2024 revenue decline was driven by reduced Client B and ABC Offshore contracts, partially offset by new clients (Client C (Marine), Client E (Engineering)). Client A (O&G) remains the dominant client contributing RM33.3M (85% of FY2024 revenue). The YTD Sep 2025 surge suggests major new project mobilizations, including Project Alpha (RM12.5M), Project Beta (RM17.2M), and Project Gamma (RM7.4M).

Profitability Trend

Gross profit margin has compressed from 67.5% (FY2023) and 76.7% (FY2024) to 45.4% (YTD Sep 2025), reflecting the shift from higher-margin consultancy services to more cost-intensive project execution with significant project costs and staff payroll. However, the much higher revenue volume in YTD Sep 2025 delivers stronger absolute gross profit (RM44.6M vs RM30.1M in FY2024). EBITDA remains robust at RM34.1M for 9 months. Operating profit margin improved to 12.1% in YTD Sep 2025 from 3.4% in FY2023, reflecting better operational leverage.

Liquidity Position

Current ratio remains below the 1.25x benchmark across all periods (FY2023: 0.35x, FY2024: 1.04x, YTD Sep 2025: 0.58x). The weak current ratio is structurally driven by significant borrowings classified as current liabilities. FY2024 showed improvement to 1.04x following debt restructuring that moved borrowings to non-current. The YTD Sep 2025 deterioration to 0.58x is primarily due to RM72.1M bank loans in current liabilities, which likely includes term facilities with remaining tenures. Cash position has improved substantially to RM14.4M in YTD Sep 2025 from RM3.6M in FY2024.

Working Capital Cycle

The Cash Conversion Cycle is negative across all periods (FY2023: -126.9 days, FY2024: -100.5 days, YTD Sep 2025: -36.9 days adjusted), indicating the Company is self-funding through extended creditor terms. Debtor days have increased from 46.4 days (FY2023) to 67.1 days adjusted (YTD Sep 2025), reflecting growing receivables from expanded project activity. Creditor days remain high at 104.0 days (adjusted YTD), providing significant supplier financing. No working capital facility is required based on the negative CCC.

Debt Structure

Total borrowings were RM33.6M as at FY2024, comprising primarily term loans (RM32.6M) with a small hire purchase (RM12K) and overdraft (RM915K). The debt structure shifted significantly from FY2023 (RM47.8M) following repayment of RM15.2M. In YTD Sep 2025, total borrowings appear to have increased substantially to approximately RM96.9M (CL bank loan RM72.1M + NCL TL RM24.8M), suggesting new borrowing for vessel/asset acquisition. Key lenders include Bank A, Bank B, and Bank C.

Funding Position

Funding mismatch improved from moderate (23.3%) in FY2023 to matched (-0.7%) in FY2024 following debt repayment and equity retained. However, YTD Sep 2025 shows renewed moderate mismatch (28.2%) as NCA expanded to RM141.6M (likely marine/vessel asset asset additions) without proportional long-term funding increase. Long-term equity and NCL of RM101.7M partially fund NCA, leaving a gap of RM39.9M financed by current liabilities.

Asset Base

The Company's asset base is dominated by vessel, project and equipment (RM83.2M in FY2024, representing 76% of total assets). PPE declined from RM115.6M (FY2023) to RM91.9M (FY2024) due to annual depreciation of RM23.8M against minimal additions (RM79K). The significant increase in fixed assets to RM141.6M in YTD Sep 2025 suggests major asset acquisitions, possibly new marine/vessel asset equipment. Depreciation is the largest single expense item, reflecting the capital-intensive nature of the marine asset operations.

Related Party Exposure

Related party exposure has decreased significantly. Amount due from related parties was eliminated in FY2024 (was RM292K in FY2023, written off). Amount due from subsidiaries is minimal at RM90K. Amount due to related companies was also cleared in FY2024 (was RM407K in FY2023). Non-current trade payables of RM8.7M (FY2024) may include related party or connected contractor balances. Overall related party risk is low.

Dividend Policy

No dividends have been declared or paid throughout the analyzed periods. The directors do not recommend dividends, which is prudent given the Company's capital-intensive operations and ongoing debt obligations. All profits have been retained to strengthen the equity base.

✅Positive Trends
  • Strong Revenue Recovery: YTD Sep 2025 revenue of RM98.3M in 9 months represents a transformational increase from RM39.3M for the full FY2024, indicating successful new project mobilizations and diversified client base.
  • Robust EBITDA Generation: Consistent EBITDA above RM27M annually (FY2023-FY2024) with YTD Sep 2025 already at RM34.1M for 9 months, demonstrating strong cash-generating capacity from vessel/engineering operations.
  • Self-Funding Working Capital Cycle: Negative CCC across all periods means the Company does not require dedicated working capital facilities. Extended creditor terms effectively finance the operating cycle.
  • Strengthening Equity Base: TNW grew from RM55.1M to RM68.3M over the analysis period through profit retention and additional share capital injection of RM4.1M, providing a solid equity buffer.
  • Return to Profitability: After a loss year in FY2023 (NPAT -RM2.9M, driven by high finance costs from restated borrowings), the Company returned to profitability in FY2024 (NPAT RM1.3M) and substantially in YTD Sep 2025 (NPAT RM7.8M for 9 months).
  • Significant Cash Position Improvement: Cash and bank balances increased from RM3.6M (FY2024) to RM14.4M (YTD Sep 2025), providing improved liquidity headroom.
⚠️Areas Requiring Attention
  • Current Ratio Below Benchmark: Current ratio has been consistently below the 1.25x benchmark (0.35x-1.04x), with YTD Sep 2025 at 0.58x. While partly structural due to borrowing classification, this indicates potential short-term liquidity pressure. HIGH
  • Large Current Borrowings in MA: YTD Sep 2025 shows RM72.1M in current bank loans, which significantly distorts the current ratio and DSCR. Clarity is needed on the term structure and repayment schedule of these borrowings. If these are genuinely due within 12 months, refinancing risk is material. HIGH
  • Funding Mismatch Re-emergence: Funding gap of 28.2% in YTD Sep 2025 indicates that non-current assets (RM141.6M) are partially funded by short-term borrowings. The Company needs to align its debt maturity profile with its long-lived asset base. MEDIUM
  • High Revenue Concentration: Client A (O&G) contributed 85% of FY2024 revenue (RM33.3M of RM39.3M). While diversification improved in YTD Sep 2025 with multiple new projects, dependency on a single major client remains a structural risk. MEDIUM
  • Compressed Gross Margins: GP margin declined from 76.7% (FY2024) to 45.4% (YTD Sep 2025) as the business shifts toward more project execution work with higher direct costs. While absolute profitability improved, margin sustainability at higher volumes requires monitoring. LOW
🎯Strategic Recommendations
  1. [PHIGH] Debt Restructuring: Clarify and restructure the RM72.1M current bank loan to align debt maturity with the long-term nature of the Company's marine/vessel asset assets. Convert appropriate portions to longer-tenure term facilities to improve current ratio and reduce refinancing risk.
  2. [PHIGH] Borrowing Classification: Obtain detailed breakdown of the RM72.1M bank loan in the MA balance sheet to properly assess the actual term structure, including current vs non-current portions and revolving vs term components.
  3. [PMEDIUM] Revenue Diversification: Continue expanding client base beyond Client A (O&G). The YTD Sep 2025 project pipeline (Project Alpha, Project Beta, Project Gamma, Client B ESP) shows positive diversification that should be maintained.
  4. [PMEDIUM] Cash Flow Monitoring: Monitor the growing trade receivables (RM24.2M) to ensure timely collection, especially with debtor days increasing to 67 days (adjusted). Implement structured progress billing and collections management.
  5. [PLOW] Margin Management: Monitor project-level profitability as the business scales to higher revenue volumes with more project execution work. Ensure adequate margins are maintained on new contracts to sustain EBITDA generation.
🏦Facility Suitability Summary

Existing Facilities Appropriate: ✅ Yes

⚠️ Facility Concerns:
  • The RM72.1M bank loan classification as entirely current in the MA requires clarification - if these are genuinely short-term, the maturity profile is misaligned with long-life assets
  • No trade financing or invoice financing facilities identified, though the negative CCC suggests these are not structurally needed
📊 Working Capital Assessment:
🟢 CCC Status (PRIMARY): NEGATIVE | 🔴 OWC Status (Supporting): POSITIVE | WCR: (13,291,242)
⚡ CCC/OWC signals differ — CCC takes precedence
Needs WC Facility: ✅ No
The negative CCC across all periods confirms the Company is self-funding. Trade creditor terms exceed debtor collection periods, generating working capital surplus. The existing overdraft facility provides adequate short-term liquidity support. No additional working capital facility is required.

Facilities to Consider: Long-tenure term loan facility to replace/refinance the current borrowings classified as short-term, better matching the 10-15 year useful life of marine/vessel asset assets, Project-specific financing for new engineering contracts if upfront capital requirements increase

Facilities to Avoid: Additional revolving credit facilities are unnecessary given the negative CCC and self-funding nature of operations, Short-term trade financing facilities that would add cost without addressing the Company's actual funding structure needs

Key Conditions:

  • Clarity on the actual term structure and repayment schedule of existing borrowings
  • Confirmation of new asset acquisitions driving the NCA increase in YTD Sep 2025
  • Updated security documentation given the significant changes in borrowing levels
Disclaimer
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