MIRA
INFORM REPORT
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Report Date : |
2nd
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
NAMI
CREATIONS SDN BHD |
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Registered Office : |
52b Jln 6/21d Medan Idaman Business Centre, Jln Gombak, 53100 Kuala Lumpur, Wilayah Persekutuan, Malaysia. |
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Country : |
Malaysia |
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Date of Incorporation : |
28/03/2005 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Wholesalers of jewelleries |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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Status : |
Poor |
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Payment Behaviour : |
Unknown
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Litigation : |
Exist |
EXECUTIVE SUMMARY
LOCAL NO : 686333-H
COMPANY
NAME : NAMI CREATIONS SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 28/03/2005
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 52B JLN 6/21D MEDAN IDAMAN BUSINESS CENTRE, JLN
GOMBAK, 53100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
BUSINESS ADDRESS : VILLA PUTRA CONDO, 21ST FLOOR, UNIT 33B-21-6, B
WING, JALAN TUN DR ISMAIL, 50480 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
TEL NO : 03 - 40410321
FAX NO : 03 - 40410321
CONTACT PERSON : NIREN BHARAT SHAH (MANAGING DIRECTOR)
INDUSTRY CODE : 51393
PRINCIPAL ACTIVITY : WHOLESALE OF JEWELLERIES
AUTHORISED CAPITAL : MYR500,000.00 DIVIDED INTO
ORDINARY SHARE 500,000 OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL: MYR500,000.00 DIVIDED INTO
ORDINARY SHARE 500,000 CASH OF MYR1.00 EACH.
SALES : N/A
NET WORTH : N/A
STAFF STRENGTH : 7 [2006]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : N/A
PAYMENT : N/A
MANAGEMENT CAPABILITY : WEAK
COMMERCIAL RISK : HIGH
CURRENCY EXPOSURE : HIGH
GENERAL REPUTATION : POOR
INDUSTRY OUTLOOK : AVERAGE GROWTH
CREDIT RATING : D (please refer to appendix)
HISTORY / BACKGROUND
The SC 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 SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) wholesale of jewelleries.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is not qualified to be one of the Top Corporate Performers in the Malaysia 1000 (M1000) publication, a directory jointly published by Companies Commission of Malaysia (The Registrar Office),
Minister of Domestic Trade and Consumer Affairs and our publication arm, BASIS Publications House
Sdn Bhd.
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
NIREN BHARAT SHAH
+ 6-M JLN PJS 7/20B, BDR SUNWAY, 46150 Z1534153 200,000
PETALING JAYA, SELANGOR, MALAYSIA.
AZLAN BIN ABDULLAH
+ 71 JLN BKT GANTANG, BT 4, JLN IPOH, TMN A3203907 150,000
EASTERN, 51200 KUALA LUMPUR, WILAYAH 740717-02-6069
PERSEKUTUAN, MALAYSIA.
MOIDEEN BIN ALI
KUTTY + 45 KG MUHIBBAH, MK NAGA, 06000 JITRA, A1160694 150,000
KEDAH, MALAYSIA. 681105-02-5439
---------------
500,000
========
+
Also Director
DIRECTORS
We have conducted the following 2 essential checks on all the directors of the SC in our database:
* INTEREST CHECK This refers to a check in our databank whether the said person has any interest companies and businesses.
* CREDIT HISTORY CHECK : This refers to a check in our databank whether the said person has been involved in any legal suites, bankruptcy, liquidated/wound up companies in Malaysia and as
well as any other default information related to him/her which were contributed by our valued
subscribers. Our information on bankruptcy and wound up companies date back to 1900.
DIRECTOR 1
Name of Subject : NIREN BHARAT SHAH
Address : 6-M JLN PJS 7/20B, BDR SUNWAY, 46150
PETALING JAYA,
SELANGOR,
MALAYSIA.
IC / PP No : Z1534153
Nationality : MALAYSIAN
Date of Appointment : 28/03/2005
INTEREST
CHECK
Interest in other
companies : see below
Interest in business : none in our databank
INTEREST IN COMPANY
Company. . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . Designation Shareholding Court As
At . . . . . . . .
NAMI
CREATIONS SDN BHD Director 200,000 17/10/2006
CREDIT
HISTORY CHECK
Legal action : none in our databank
Bankruptcy action : none in our databank
Secretary/director/ shareholder of would up
company : none in our databank
Contributing subscriber default information : none in our databank
DIRECTOR
2
Name of Subject : AZLAN BIN ABDULLAH
Address : 71 JLN BKT GANTANG, BT 4, JLN IPOH, TMN
EASTERN, 51200
KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No : A3203907
New IC No : 740717-02-6069
Nationality : MALAYSIA MALAY
Date of Appointment : 28/03/2005
INTEREST
CHECK
Interest in other
companies : see below
Interest in business : none in our databank
INTEREST IN COMPANY
Company. . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . Designation Shareholding Court As
At . . . . . .
.
.
NAMI
CREATIONS SDN BHD Director 150,000 17/10/2006
CREDIT
HISTORY CHECK
Legal action : see below
Bankruptcy action : none in our databank
Secretary/director/ shareholder of would up
company : none in our databank
Contributing subscriber default information : none in our databank
LEGAL ACTION
Code No : 6-3 Case No : 351
Year : 1988 Place : KAJANG
Court : LAND
OFFICE
Solicitor : ARIFF
& CO
Plaintiff : BANK ISLAM (M) BHD
Defendants : AZLAN BIN ABDULLAH ( 740717-02-6069 )
4
JLN 4, TMN SG JELOK KAJANG, SELANGOR.
Amount
Claimed: 0.00
Nature
of Claim : FORECLOSURE
Remarks : STAR11/5/90
HS(M) 2485 PT 12018, MK KAJANG & DIST ULU LANGAT
Code No : 82 Case No : 1041
Year : 1989 Place : PETALING JAYA
Court : MAGISTRATE
COURT
Plaintiff : WAN ABHAR ANNUAR
T/A
IMPAQUE ADVERTISING
Defendants : AZLAN BIN ABDULLAH ( 740717-02-6069 )
T/A PERUSAHAAN MAKANAN INTAN ( 740717-02-6069 )
Amount
Claimed: 2,290.00
Nature
of Claim : SUM DUE
& OWING
Code No : 22 Case No : 14
Year : 2003 Place : NEGERI
SEMBILAN
Court : HIGH COURT
Plaintiff : BANK MUAMALAT MALAYSIA BHD
Defendants : AZLAN BIN ABDULLAH ( 740717-02-6069 )
ZAHARINA BE ZAHARI ( 740717-02-6069 )
Amount
Claimed: 0.00
Nature
of Claim : FORECLOSURE
Code No : 38 Case No : 85
Year : 2004 Place : NEGERI
SEMBILAN
Court : HIGH COURT
Plaintiff : BANK MUAMALAT MALAYSIA BHD
Defendants : AZLAN BIN ABDULLAH ( 740717-02-6069 )
ZAHARINA
BTE ZAHARI ( 740717-02-6069 )
Amount
Claimed: 0.00
Nature
of Claim : FORECLOSURE
DIRECTOR 3
Name of Subject : MOIDEEN BIN ALI KUTTY
Address : 45 KG MUHIBBAH, MK NAGA, 06000 JITRA,
KEDAH, MALAYSIA.
IC / PP No : A1160694
New IC No : 681105-02-5439
Nationality : MALAYSIA MALAY
Date of Appointment : 28/03/2005
INTEREST
CHECK
Interest in other
companies : see below
Interest in business : none in our databank
INTEREST IN COMPANY
Company. . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . Designation Shareholding Court As
At . . . . . .
.
.
NAMI
CREATIONS SDN BHD Director 150,000 17/10/2006
CREDIT
HISTORY CHECK
Legal action : none in our databank
Bankruptcy action : none in our databank
Secretary/director/ shareholder of would up
company : none in our databank
Contributing subscriber default information : none in our databank
MANAGEMENT
1) Name of Subject : NIREN
BHARAT SHAH
Position : MANAGING DIRECTOR
AUDITOR
No data
was found in our databank
COMPANY SECRETARY
1)Company Secretary : MAHMMUD BIN KINDANG
IC / PP No. : K0075485
New IC No. : 651206-13-5541
Address : 12A JLN RAMPAISARI 1A, BDR SG BUAYA, 48010 RAWANG,
MALAYSIA.
BANKING
Banking relations are maintained principally with :
1) Banker Name : MALAYAN BANKING BHD
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST THE SC
*A check has been conducted in our databank
against the SC 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 data
bank
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : Percentage : 0%
Overseas : YES Percentage : 100%
The SC refused to furnish us with the suppliers'
names. Without the financial accounts, we are not able to comment on the SC's
payment habit.
CLIENTELE
Local : YES Percentage : 100%
Overseas : NO Percentage : 0 %
Credit Term : AS AGREED.
Payment Mode : CHEQUES.
Type of Customer : RETAIL .
OPERATIONS
Goods Traded : JEWELLERIES
Competitor(s) : PUSAT EMAS & PERMATA AHMAD ISMAIL SDN BHD
KAH HONG TRADING SDN BHD
POH KONG JEWELLERS SDN BHD
MMC (1976) BHD
MALAYSIAN INDUSTRIAL DIAMOND & SYNTHESIZING SDN BHD
Total Number of Employees :
YEAR 2006
GROUP N/A
COMPANY 7
Branch : NO
Other Information :
The SC is principally engaged in the (as a / as an) wholesale of jewelleries.
We were informed that the SC sells both costume and valuable jewelleries includes silverwares, gold and
others.
According to the SC, it has a wholesale outlet based at the Mall Shopping Complex, Kuala Lumpur.
The SC has a warehouse located at its outlet to keep stock.
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA) database, but no latest development was noted in our investigation.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
Telephone Number Provided By
Client : 03-40410321
Current Telephone Number : 03-40410321
Match : YES
Address Provided By Client : 33B-21-6, VILLA PUTRI CONDOMINIUM, JLN TUN
ISMAIL,
50480 KUALA LUMPUR
Current Address : VILLA PUTRA CONDO,21ST FLOOR,UNIT 33B-21-6,B
WING,
JALAN TUN DR ISMAIL, 50480 KUALA
LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
Match : YES
Latest Financial Accounts : NO
Investigation :
We have contacted the SC's Accountant and
its Company Secretary for the latest financial accounts.
However
they have rejected our request in view of the confidentiality of the documents.
Other Investigations
On 2nd November 2006, we conducted an
interview with Mr Niren the SC's Managing Director. He revealed some
information pertaining to the SC.
FINANCIAL COMMENTS
No latest financial accounts are available at the Registry Office, thus we are not able to comment on the
SC's financial performance.
COMMENTS
Incorporated in 2005, the SC is principally engaged as a wholesaler of jewelleries. The SC sells both costume and genuine jewelleries such as silverwares, gold and etc. We noted that the SC has a wholesale outlet based at the Mall shopping Complex in Kuala Lumpur. Being a relatively new and small company with 7 employees, the SC has yet to build up a stable clientele base. It only deals with a limited number of clients. In this regard, the SC faces stiff competition in its attempt to capture a higher market shares. Investigation revealed that the SC's products are mainly imported from overseas countries. Hence, it is likely to be exposed to currency fluctuation risk and high operating costs which in turn may impair its profitability.
No latest financial statements are available for analysis, therefore we are unable to comment on the SC's current financial standing. The SC is likely to incur start-up costs during the initial years of its operations. Hence, caution is advised. In view of the above, we do not recommend any credit be granted to the SC.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong) capability
for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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