MIRA
INFORM REPORT
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Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
BANLEN ENTERPRISES SDN BHD |
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Registered Office : |
176A, JALAN RUGAYAH, 83000 BATU PAHAT, JOHOR |
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Country : |
Malaysia |
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Financials (as on) : |
30.04.2003 |
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Date of Incorporation : |
06.05.1998 |
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Legal Form : |
Exempt Private Company |
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Line of Business : |
Manufacturer of Furniture |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
EXECUTIVE SUMMARY
LOCAL NO : 461973-P
COMPANY NAME : BANLEN ENTERPRISES SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 06/05/1998
COMPANY STATUS : EXIST
LEGAL STATUS : EXEMPT PRIVATE COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 176A, JALAN RUGAYAH, 83000 BATU PAHAT, JOHOR,
MALAYSIA.
BUSINESS ADDRESS : 4 JALAN SULONG 6, TAMAN INDUSTRIAL SRI SULONG, 83000
BATU PAHAT, JOHOR, MALAYSIA.
TEL NO : 07 - 4102686
FAX NO : 07 - 4101686
CONTACT PERSON : CHERN CHAI SIN (EXECUTIVE DIRECTOR)
INDUSTRY CODE : 36101
PRINCIPAL ACTIVITY : MANUFACTURER AND DEALERS IN FURNITURES
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 : MYR1,200,540 [2003]
NET WORTH : MYR146,817 [2003]
STAFF STRENGTH : 100 [2007]
BANKER (S) : MALAYAN BANKING BHD
: AMBANK (M) BHD
: OCBC BANK (MALAYSIA) BHD
: PUBLIC BANK BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : N/A
PAYMENT : N/A
MANAGEMENT CAPABILITY : WEAK
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : HIGH
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : STRONG GROWTH
CREDIT RATING : C (please refer to appendix)
HISTORY / BACKGROUND
The SC is an exempt private company which is allowed to have a minimum of two and a maximum of twenty shareholders and all the shareholders must be individuals. An exempt company is a type of private limited company. 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, suing or be sued by other companies. The SC is governed by the Companies Act, 1965 and must file in its annual return. The SC need not file in its financial statements but it has to file in a document duly signed by its director in charge of its finance, the secretary and its auditor stating that the SC is able to meet all its obligations as and when they fall due.
Although the SC is not required to file in its financial statements, it also has to prepare its financial account which must be presented at the Annual General Meeting.
The SC is principally engaged in the (as a / as an) manufacturer and dealers in furnitures.
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
MR. CHERN CHAI SIN + 29, JALAN TEMPINIS, TAMAN BATU PAHAT, 570424-01-5367 166,667
83000 BATU PAHAT, JOHOR, MALAYSIA.
MR. TAN ENG KIEN + 113, SUNGAI SULOH, MUKIM 9, 83000 BATU 7419914 166,667
PAHAT, JOHOR, MALAYSIA. 641008-01-5611
MR. TAN YEE WEE + 53C, KAMPUNG SUNGAI SULOH, MUKIM 9, A2023033 166,666
83000 BATU PAHAT, JOHOR, MALAYSIA. 711118-12-5089
--------------------
500,000
===========
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. CHERN CHAI SIN
Address : 29, JALAN TEMPINIS, TAMAN BATU PAHAT, 83000 BATU PAHAT, JOHOR, MALAYSIA.
IC / PP No. : N/A
New IC No : 570424-01-5367
Date of Birth :
24/04/1957
Nationality : MALAYSIAN CHINESE
Date of Appointment : 06/05/1998
DIRECTOR 2
Name of Subject : MR. TAN ENG KIEN
Address : 113, SUNGAI SULOH, MUKIM 9, 83000 BATU PAHAT, JOHOR,
MALAYSIA.
IC / PP No. : 7419914
New IC No : 641008-01-5611
Date of Birth : 08/10/1964
Nationality : MALAYSIAN CHINESE
Date of Appointment : 06/05/1998
DIRECTOR 3
Name of Subject : MR. TAN YEE WEE
Address : 53C, KAMPUNG SUNGAI SULOH, MUKIM 9, 83000 BATU PAHAT,
JOHOR, MALAYSIA.
IC / PP No. : A2023033
New IC No : 711118-12-5089
Date of Birth : 18/11/1971
Nationality : MALAYSIAN CHINESE
Date of Appointment : 15/02/2000
MANAGEMENT
1)Name of Subject : CHERN CHAI SIN
Position : EXECUTIVE DIRECTOR
2)Name of Subject : ELAINE
Position : ACCOUNTANT
AUDITOR
Auditor : D R SENG & CO
Auditors' Address : 4B, JALAN MOHD SALLEH, P.O.BOX 79, 83007 BATU PAHAT, JOHOR,
MALAYSIA.
COMPANY SECRETARY
1)Company Secretary : MR. SENG CHONG ROO
New IC No. : 540529-01-5611
Address : 4, JALAN DATO WAN IDRIS, KAMPUNG MERDEKA JOHOR
BAHRU, JOHOR, MALAYSIA.
Date of Appointment : 06/05/1998
2)Company Secretary : MR. LEE KWONG CHIAN
IC / PP No : 7508435
New IC No. : 481108-01-5125
Address : BATU 2 1/2, JALAN MINYAK BEKU, KAMPUNG PETANI, 83000
BATU PAHAT, JOHOR, MALAYSIA.
Date of Appointment : 15/02/2000
3)Company Secretary : MS. KOH KWAI LIAN
IC / PP No. : 1244817
New IC No. : 490102-01-5380
Address : 41, JALAN LEDANG, TAMAN BANDAR, 83000 BATU PAHAT,
JOHOR, MALAYSIA.
Date of Appointment : 06/05/1998
BANKING
Banking relations are maintained principally with :
1) Banker Name : MALAYAN BANKING BHD
2) Banker Name : AMBANK (M) BHD
3) Banker Name : OCBC BANK (MALAYSIA) BHD
4) Banker Name : PUBLIC BANK BHD
TheSC
enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s).
ENCUMBRANCE (S)
ENCUMBRANCE 1
Date of Creation : 27 Nov 2004
Description of Charge : N/A
Amount Secured : RM 340,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 1 In The Register of Charges
ENCUMBRANCE 2
Date of Creation : 27 Nov 2004
Description of Charge : N/A
Amount Secured : RM 683,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 2 In The Register of Charges
ENCUMBRANCE 3
Date of Creation : 27 Nov 2004
Description of Charge : N/A
Amount Secured : RM 500,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 3 In The Register of Charges
ENCUMBRANCE 4
Date of Creation : 08 May 2006
Description of Charge :
Amount Secured : RM 300,000.00
Description of Property Affected : N/A
Name & Address of Chargee : AMBANK (M) BHD
Form 40 Dated
Registered and Numbered 4 In The Register of Charges
ENCUMBRANCE 5
Date of Creation : 26 Jun 2006
Description of Charge : OPEN CHARGE
Amount Secured : N/A
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (MALAYSIA) BHD
Form 40 Dated
Registered and Numbered 5 In The Register of Charges
ENCUMBRANCE 6
Date of Creation : 21 Aug 2006
Description of Charge : OPEN CHARGE
Amount Secured : N/A
Description of Property Affected : N/A
Name & Address of Chargee : PUBLIC BANK BHD
Form 40 Dated
Registered and Numbered 6 In The Register of Charges
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.
No winding up petition was found in our data bank
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : YES
Overseas : YES
Import Countries: ASIA.
CLIENTELE
Local : YES Percentage : 5%
Domestic Markets : MALAYSIA.
Overseas : YES Percentage : 95%
Export Market : UNITED ARAB EMIRATES , EUROPE , SINGAPORE.
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES , TELEGRAPHIC TRANSFER (TT) , LETTER OF CREDIT (LC).
Type of Customer : END USERS , AGENTS , DISTRIBUTORS .
The SC focuses on the overseas market at this moment.
The SC plans to further expand its overseas venture.
OPERATIONS
Products Manufactured : FURNITURES
Competitor(s) : KENMARK INDUSTRIAL CO (M) BHD
POH HUAT RESOURCES HOLDINGS BHD
HEVEABOARD BHD
KIMBLE FURNITURE CORPORATION (M) SDN BHD
NARRA INDUSTRIES BHD
Ownership of premises : LEASED/RENTED
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 100
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 : 6074102686
Current Telephone Number : 07-4102686
Match : YES
Address Provided By Client : 4 JLN SULONG 6,TMN INDUSTRIAL SRI
SULONG,83000 BATU PAHAT,JOHOR
Current Address : 4 JALAN SULONG 6, TAMAN INDUSTRIAL SRI
SULONG, 83000 BATU PAHAT, JOHOR, 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
We contacted Ms Elaine from the Accounts Department. She provided some information on the SC.
FINANCIAL COMMENTS
The SC is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the SC's financial performance.
COMMENTS
Incorporated in 1998, the SC is a private limited company with core business as a manufacturer and dealer in furniture. Throughout its years of establishment, the SC has slowly been building up contacts with its clients and competing in the industry. The SC is considered as a medium company with issued and paid up capital standing at RM500,000.
Besides catering to the local market, the SC also exports to overseas countries such as United Arab, Europe and Singapore. As it concentrates in both local and overseas markets, we believe that the SC has the ability to lower its business risk to meet any uncertainties in the local economy. Currently, the SC has a total work force of 100 employees and its business activities are overseen by Chern Chai Sin. Overall the management capability of the SC is weak.
As the SC is registered as an exempt private company, it is not required to file the financial statements for public review. As such, we are unable to ascertain its present financial health.
Based on our investigation we revealed that the SC is exposed to currency fluctuation risk and operating costs as its products are imported from both local and foreign countries mainly among Asia. As such, the SC has minimised its risk for any shortage and disruptions in the supply of raw materials.
Based on our databank, there are no legal suits against the SC.
The industry is rapidly growing with the continuous investment in advance technology. Moreover, the continuous efforts implemented by the government to boost the economic growth will further enhance the industry. The SC however faces moderate business risk as it has to compete with many well established players in the same field.
In view of above and base on our assessment, we recommend credit be granted to the SC under guarantee.
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
PROFIT AND LOSS ACCOUNT
BANLEN ENTERPRISES SDN BHD
30-April-2003
Consolidated Accounts : No
UnQualified Reports : Yes
RM
Turnover 1,200,540.00
Operating
Revenue 0.00
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Profit
/ (Loss) Before Tax 9,607.00
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Profit
/ (Loss) After Tax 7,123.00
Extraordinary
Item 0.00
Minority
Interest 0.00
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Profit/(Loss)
Attributable to Shareholders 7,123.00
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Prior
Period Adjustment 0.00
Net
Dividend 0.00
Transferred
To/From Reserved 0.00
Others 0.00
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Unappropriated
Profit/(Loss) Brought Forward 0.00
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Unappropriated
Profit/(Loss) Carried Forward 7,123.00
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BALANCE SHEET
BANLEN ENTERPRISES SDN BHD
30-April-2003
Consolidated
Accounts : No
UnQualified Reports : Yes
RM
Fixed
Assets 395,257.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 362,809.00
Intangible
Assets 0.00
Other
Assets 0.00
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Total
Assets 758,066.00
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Working
Capital <
228,868.00 >
Issued Capital 99,999.00
Paid
Up Capital 99,999.00
Share
Premium & Reserved 39,695.00
Unappropriated
Profit/(Loss) 7,123.00
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Shareholder's
Fund/Equity 146,817.00
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Current
Liabilities 591,677.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 19,572.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 758,066.00
================
Contingent
Liabilities 0.00
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 |
|
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. |
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 |
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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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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%)