MIRA
INFORM REPORT
|
Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SOLIDTON ENTERPRISE |
|
|
|
|
Registered Office : |
54-A, Jalan Ss 2/67, 47300 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Date of Incorporation : |
24 Oct 2000 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Wholesale of Sundry Goods |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
* Adopted abbreviations : SC - Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
REGISTRATION NO : 001268995-P
BUSINESS NAME : SOLIDTON ENTERPRISE
COMMENCEMENT DATE : 24 Oct 2000
REGISTRATION DATE : 02 Nov 2000
EXPIRY DATE : 29 Nov 2008
BUSINESS CONSTITUTION : PARTNERSHIP
BUSINESS ADDRESS : 54-A, JALAN SS 2/67, 47300 PETALING JAYA, SELANGOR,
MALAYSIA.
TEL NO : 03 - 78451884
FAX NO : N/A
CONTACT PERSON : WONG KOK SENG (PARTNER)
INDUSTRY CODE : 51231
PRINCIPAL ACTIVITY : WHOLESALE OF SUNDRY GOODS
STAFF STRENGTH : 3 [2007]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : HIGH
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : STRONG GROWTH
HISTORY / BACKGROUND
The SC commenced its business on 24 Oct, 2000 as a PARTNER.
The SC is a partnership firm registered under the Business Registration Act. The partners liabilities are unlimited, that is, if the partnership is not able to meet its obligations, the partners have to be personally liable for the debts incurred. The SC's ownership is transferable with consent of the other partners. The SC as a partnership firm is governed by the Partnership Act. The SC is not required to file in its financial statements with the Registry of Business.
The SC is principally engaged in the (as a / as an) wholesale of sundry goods.
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 owner of the SC are as follows :
Name Address IC/PP/Loc
No: Shareholding
MR. WONG KOK SENG 6938794 50
620605-10-7001
MS. NG SWEE YOONG 9, 6 STOREY FLAT BLOK, SALAK SOUTH 650513-10-6412 50
GARDEN,
3RD FLOOR, 57100 KUALA LUMPUR,
WILAYAH
PERSEKUTUAN, MALAYSIA.
--------------------
100
===========
+ Also Director
OWNER (S)
OWNER 1
Name of Subject : MR. WONG KOK SENG
IC / PP No. : 6938794
New IC No : 620605-10-7001
Date of Birth : 05/06/1962
Nationality : MALAYSIAN CHINESE
Date of Appointment : 24/10/2000
OWNER 2
Name of Subject : MS. NG SWEE YOONG
Address : 9, 6 STOREY FLAT BLOK, SALAK SOUTH GARDEN, 3RD FLOOR,
57100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No. : N/A
New IC No : 650513-10-6412
Date of Birth : 13/05/1965
Nationality : MALAYSIAN CHINESE
Date of Appointment : 12/08/2004
MANAGEMENT
1) Name of Subject : WONG KOK SENG
Position : PARTNER
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.
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
back dated since 1900.
No legal action was found in our databank.
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : YES
Overseas : YES
CLIENTELE
Local : YES Percentage : 100%
Domestic Markets : MALAYSIA.
Overseas : NO Percentage : 0 %
Credit Term : AS AGREED.
Payment Mode : CASH, CHEQUES.
Type of Customer : RETAIL, WALK IN CUSTOMERS, AGENTS.
OPERATIONS
Goods Traded : SUNDRY GOODS
Competitor(s) : CHOP WI KEE
LEE HENG CHEONG TRADING CO
CHOP KEAN SENG
LIAN HOE TRADING CO
ALAM JAYA ENTERPRISE
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 3
Branch : NO
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 : 60 6 00378048266
Current Telephone Number : 03-78451884
Match : NO
Address Provided By Client : 54A, JALAN SS2/67, 47300 PETALING JAYA MALAYSIA
Current Address : 54-A, JALAN SS 2/67, 47300 PETALING JAYA, SELANGOR,
MALAYSIA.
Match : YES
Other Investigations
We tried to contact the SC several times by the telephone number provided (78048266) as per your enquiry but no one answer the telephone.
Besides that, we contacted the SC and conducted an interview with one of the SC's Sales staff. He revealed some information on the SC.
FINANCIAL COMMENTS
We are unable to comment on the SC financial position as the SC is not required by the law to file its financial statement in the Registrar of Business.
COMMENTS
Established in 2000, the SC is principally engaged in the wholesale of sundry goods which includes rice, sugar, cooking oil, grain, nutritional foods, household products, dried fruits, soft drinks, canned food, consumer goods and others. Over its years of establishment, the SC has slowly been building up its reputation in the market. It should have stabilized its position in the market.
At present, the local market remains the SC's biggest market. It depends solely on the sales in the domestic market to achieve profitability. This narrow market segment has reduce the SC's abilities to compete in the market. As a result, the SC's business risk is high. The management of the SC is managed by its partner, Wong Kok Seng and assisted by 3 employees in the operations.
As a partnership, the SC is not required by law to file its financial statements. Due to unavailability of its financial statements, we are unable to ascertain the SC's financial health.
We noted that the SC sources its products locally and also from overseas market. As such, the SC is exposed to foreign exchange risk.
Based on our database, the SC is clear of litigation.
The industry shows an upward trend and this trend is very likely to sustain in the near term. With the promising outlook of the industry, the SC's business potential should be favourable. Nonetheless, being a small entity, the SC faces competition from other private limited companies in the same field.
In view of the above, we recommend credit be granted to the SC under guarantee.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)