KUALA LUMPUR (Apr 10): Censof Holdings Bhd announced that its wholly-owned subsidiary Century Software (M) Sdn Bhd has bagged two contracts for “financial accounting system” for the Royal Malaysian Customs Department (Customs) from Brilliance Information Sdn Bhd for a total of RM2.31 million.

In an announcement to Bursa Malaysia this evening, Censof (fundamental: 1.95; valuation: 1.4) said the contract will run for 33 months, of which nine months will be for the implementation, followed by two years of maintenance service.

“The maintenance service will be renewable on a yearly basis, which have yet to be determined. The commencement of the contract will be in April 2015,” Censof (fundamental: 1.95; valuation: 1.40) said, adding that the contract will contribute positively to its current and future earnings.

Censof, however, did not provide any details about Brilliance Information in its filing today.

However, it was previously reported that Brilliance Information had in 2013 received a letter of intent from the Customs to create the long-awaited and controversial national single-window system called the Ubiquitous System for Jabatan Kastam dan Eksais Diraja (uCustoms) — to facilitate inbound and outbound trades.

Customs Director-General Datuk Khazali Ahmad was quoted as saying that the total contract for the entire uCustoms project is expected to be worth around US$140 million (RM450 million).

A check with Companies Commission of Malaysia revealed that Brilliance Information has an issued and paid-up capital of RM3 million. Shareholders in Brilliance Information include Salehodin Majid, who has a 90% stake, while Asmar Haiza Ishak owns the remaining 10%.

For the financial year ended March 31, 2014 (FY14), Brilliance Information saw its net profit leap over five-fold to RM494.87 million from RM88.59 million in FY13 on higher revenue, which ballooned 33-fold to RM1.16 billion from RM85.52 million a year ago.

Censof’s counter closed down half sen at 43 sen, which gives it a market capitalisation of RM204.96 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)