MIRA INFORM REPORT

 

 

Report Date :

13th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

HAGECAPS (M) SDN BHD

 

 

Registered Office :

8-4-13a Sunny Point Complex, Jalan Batu Uban, 11700 Gelugor, Malaysia.

 

 

Country :

Malaysia

 

 

Date of Incorporation :

24/05/2001

 

 

Legal Form :

Exempt Private Company

 

 

Line of Business :

Manufacturer of Halal Two-Piece Empty Hard Capsules

 

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/normal.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

EXECUTIVE SUMMARY

 

LOCAL NO                                : 548644-P

COMPANY NAME                     : HAGECAPS (M) SDN BHD

FORMER NAME                        : N/A

INCORPORATION DATE            : 24/05/2001

COMPANY STATUS                  : EXIST

LEGAL STATUS                        : EXEMPT PRIVATE COMPANY

LISTED STATUS                        : NO

REGISTERED ADDRESS           : 8-4-13A SUNNY POINT COMPLEX, JALAN BATU UBAN, 11700

  GELUGOR, MALAYSIA.

BUSINESS ADDRESS               : LOT 5365, LORONG JELAWAT 2, SEBERANG JAYA INDUSTRIAL

  PARK, 13700 PERAI, PULAU PINANG, MALAYSIA.

TEL NO                         : 04 - 3990259

FAX NO                                    : 04 - 3993259

EMAIL                                      : info@hagecaps.com

WEB SITE                                : www.hagecaps.com

CONTACT PERSON                  : IBRAHIM ZAINAL (MANAGING DIRECTOR)

INDUSTRY CODE                      : 24230

PRINCIPAL ACTIVITY                : MANUFACTURING AND DISTRIBUTE OF HALAL TWO-PIECE

  EMPTY HARD CAPSULES

AUTHORISED CAPITAL : MYR5,000,000.00 DIVIDED INTO

  ORDINARY SHARE 5,000,000 OF MYR1.00 EACH.

ISSUED & PAID UP CAPITAL     : MYR2,500,000.00 DIVIDED INTO

  ORDINARY SHARE 2 CASH AND 2,499,998 OTHERWISE OF

   MYR1.00 EACH.

SALES                                     : N/A

NET WORTH                             : N/A

STAFF STRENGTH                    : 10  [2007]

BANKER (S)                             : MALAYAN BANKING BHD

LITIGATION                               : CLEAR

FINANCIAL CONDITION : N/A

PAYMENT                                : N/A

MANAGEMENT  CAPABILITY    : AVERAGE

COMMERCIAL RISK                  : MODERATE

CURRENCY EXPOSURE           : MODERATE

GENERAL REPUTATION           : SATISFACTORY

INDUSTRY OUTLOOK                : STRONG GROWTH

CREDIT RATING                        : B        (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) manufacturing and distribute of halal two-piece empty hard capsules.

 

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

IBRAHIM BIN ZAINOL +

49 JALAN USJ 17/4, 47630 PETALING JAYA, SELANGOR, MALAYSIA.

4323453

520428-02-5671

375,000

NORAINI BTE CHE SAB +

49 JALAN USJ 17/4, 47630 PETALING JAYA, SELANGOR, MALAYSIA.

5538345

590522-07-6030

1,000,000

MS. CH'NG LAY POH

1-9-1 DESA BELLA, JALAN BUNGA HINAI, 11200 TANJONG BUNGAH, PULAU PINANG, MALAYSIA.

A0899004

1,000,000

MR. TAN KHENG BOON

75C JALAN TANJUNG TOKONG, 10470 PULAU, PINANG, PULAU PINANG, MALAYSIA.

A0047318

125,000

 

 

 

2,500,000

 

+ Also Director

 

 

DIRECTORS

 

DIRECTOR  1

                                                                                                                                                                                                                        

Name of Subject            : MR. IBRAHIM BIN ZAINOL

Address                        : 49 JALAN USJ 17/4, 47630 PETALING JAYA, SELANGOR, MALAYSIA.

IC / PP No                     : 4323453

New IC No                     : 520428-02-5671

Date of Birth                  : 28/04/1952

Nationality                     : MALAYSIAN MALAY

Date of Appointment       : 24/05/2001

 

 

DIRECTOR  2

 

Name of Subject            : MS. NORAINI BTE CHE SAB

Address                        : 49 JALAN USJ 17/4, 47630 PETALING JAYA, SELANGOR, MALAYSIA.

IC / PP No                     : 5538345

New IC No                     : 590522-07-6030

Date of Birth                  : 22/05/1959

Nationality                     : MALAYSIAN MALAY

Date of Appointment       : 24/05/2001

 

 

DIRECTOR  3

 

Name of Subject            : MR. TAN SAY CHOON

Address                        : 14, NUNN CRESCENT, 10350 PULAU PINANG, PULAU PINANG, MALAYSIA.

IC / PP No                     : 7019391

New IC No                     : 630505-07-5961

Date of Birth                  : 05/05/1963

Nationality                     : MALAYSIAN CHINESE

Date of Appointment       : 16/11/2001

Working Experience       : HE HAS WIDE & IN-DEPTH TECHNICAL EXPERTISE & EXPERIENCE IN

  THE ELECTRONIC PRODUCTS SECTOR. PRIOR TO HIS APPOINMENT IN

  TRANS CAPITAL S/B, HE WAS A QUALITY ENGINEER IN AT & T

  CONSUMER PRODUCTS (S) PTE LTD FROM 1986 TO 1988. IN 1988,

  JOINED THOMPSON CONSUMER PRODUCTS, SINGAPORE AS A

  SENIOR QUALITY ENGINEER. SUBSEQUENTLY JOINED CONNER

  PERIPHERALS (M) S/B IN 1989 AS AN ENGINEERING MGR.

 

 

MANAGEMENT

 

1)  Name of Subject        : IBRAHIM ZAINAL

Position                                    : MANAGING DIRECTOR

 

 

AUDITOR

 

No data was found in our databank

 

 

COMPANY SECRETARY

 

1)         Company Secretary       : MS. TAN MEE YEAM

IC / PP No.                    : 5141441

New IC No.                    : 570226-07-5676

Address                        : 102, 19E, JALAN SRI TEH EWE LIM, 11600 PULAU PINANG,

  PULAU PINANG, MALAYSIA.

Date of Appointment       : 16/11/2001

 

 

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)

 

ENCUMBRANCE 1

 

Date of Creation             : 19 Jul 2002

Description of Charge                 : N/A

Amount Secured                        : RM 3,380,000.00

Description of Property Affected  : N/A

Name & Address of Chargee       : BANK INDUSTRI TEKNOLOGI MALAYSIA BHD

Form 40 Dated

Registered and Numbered 1 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

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%

Domestic Markets          : MALAYSIA.

Overseas                       : NO                 Percentage        : 0 %

Credit Term                   : AS AGREED.

Payment Mode              : CHEQUES.

 

 

OPERATIONS

 

Products Manufactured   :           HALAL TWO-PIECE EMPTY HARD CAPSULES

Competitor(s)                 :           HOVID BHD

APEX HEALTHCARE BHD

GLAXOSMITHKLINE PHARMACEUTICAL SDN BHD

SAFIRE PHARMACEUTICALS (M) SDN BHD

AIN MEDICARE SDN BHD

Total Number of Employees        :

YEAR               2007     2006     2005

GROUP            N/A       N/A       N/A

COMPANY        10         15         12

Branch  :           NO

 

Other Information           :

The SC is principally engaged in the (as a / as an) manufacturing and distribute of halal two-piece empty hard capsules.

 

 

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      : N/A

Current Telephone Number                      : 04-3990259

Match                                                   : N/A

Address Provided By Client                     : LOT 5365, LORONG JELAWAT 2, SEBERANG JAYA

  INDUSTRIAL PARK, 13700 PENANG, MALAYSIA

Current Address                         : LOT 5365, LORONG JELAWAT 2, SEBERANG JAYA

  INDUSTRIAL PARK, 13700 PERAI, PULAU PINANG,

  MALAYSIA.

Match                                                   : YES

Latest Financial Accounts                      : NO

Investigation                                          :

 

On 13th February 2007, we contacted the SC's Company Secretary, Ms. Tan Mee Yeam for the latest financial accounts. According to her the SC is an exempt private company and its financial year end is at 31st December.

 

Other Investigations

 

On 8th February 2007, we conducted an interview with one of the SC's staff from Human Resource Department. She provided some information on the SC.

 

Besides that, we conducted an interview with one of the SC's staff from Production Department. He revealed some relevant 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 2001 and the SC is an exempt private company. The SC is principally engaged in manufacturing and distribution of halal two-piece empty hard capsules. Presently, it has a total paid up capital of RM2.5 million. Throughout its years of establishment, the SC has slowly been building up contacts with its clients and competing in the industry.

 

The SC solely concentrates on the local market only. This narrow market segment limits its business expansion opportunities and placed the SC at higher business risk. At present, the SC has 10 staff in its operation and it is overseen by Managing Director Ibrahim Zainal. Its management capability is considered average.

 

As the SC is registered as a Exempt Private company, it is not required by the law to file its financial statements for public review. As such, we are unable to ascertain its present financial health.

 

The SC's suppliers are from local market and also from overseas market. As a result, the SC is exposed to foreign currency fluctuation risk.

 

Investigation revealed that the SC is clear of litigation.

 

This industry shows an upward trend and this trend is likely to sustain in the near future. With the promising outlook of the industry performance, the SC business potential should be favourable. The SC however faces moderate business risk as it has to compete with many well established players in the same field.

 

In view of the above and based on our assessment, we recommend credit be granted to the SC with 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/normal.

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

 

 

 

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