MIRA
INFORM REPORT
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Report Date : |
13.01.2007 |
IDENTIFICATION DETAILS
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Name : |
PURNA JAYA METAL ALLOY SDN BHD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
18/12/1989 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Trading
in Non Ferrous Metal |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate
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Payment Behaviour : |
Unknown
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Litigation : |
Clear |
EXECUTIVE SUMMARY
LOCAL NO : 191056-V
COMPANY
NAME : PURNA JAYA METAL ALLOY SDN BHD
FORMER
NAME : N/A
INCORPORATION
DATE : 18/12/1989
COMPANY STATUS : EXIST
LEGAL
STATUS : PRIVATE LIMITED COMPANY
LISTED
STATUS : NO
REGISTERED
ADDRESS :
JALAN
TUN SAMBANTHAN, 50470
BUSINESS
ADDRESS :
47000
SUNGAI BULOH,
TEL NO : 03 - 61570150
FAX NO : 03 - 61570964
CONTACT
PERSON : SEETHARAMAN MAPILLAI CHETTIAR
(MANAGING
DIRECTOR)
INDUSTRY
CODE : 51420
PRINCIPAL
ACTIVITY : TRADING IN NON FERROUS METAL
AUTHORISED
CAPITAL : MYR5,000,000.00 DIVIDED INTO ORDINARY
SHARE
5,000,000
OF MYR1.00 EACH.
ISSUED
AND PAID UP CAPITAL : MYR2,700,000.00 DIVIDED INTO ORDINARY
SHARE
2,700,000
CASH OF MYR1.00 EACH.
SALES : N/A
NET WORTH : N/A
STAFF
STRENGTH : 40
[2007]
BANKER
(S) : ALLIANCE BANK
LITIGATION : CLEAR
FINANCIAL
CONDITION : N/A
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL
RISK : HIGH
CURRENCY
EXPOSURE : MODERATE
GENERAL
REPUTATION : SATISFACTORY
INDUSTRY
OUTLOOK : DECLINING
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) trading in non ferrous metal.
The SC
is not listed on
The SC is
not qualified to be one of the Top Corporate Performers in the
The
major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
SEETHARAMAN SRIMATHI 8, PERSIARAN
SEGAMBUT TENGAH, 51200 Z1020846 200,000
+
SEETHARAMAN MAPILLAI 8, PERSIARAN
SEGAMBUT TENGAH, 51200 T121686 2,500,000
CHETTIAR +
--------------------
2,700,000
===========
+ 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
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 : DATO'' NAZIR ARIFF BIN MUSHIR ARIFF
Address : 18, PUNCAK BUKIT MUITIARA, 11200 TANJONG BUNGAH, PULAU
IC / PP
No : 3896191
New IC
No : 461116-07-5007
Date of
Birth : 16/11/1946
Nationality : MALAYSIAN MALAY
Date of
Appointment : 30/01/1995
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST IN COMPANY
Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . Designation
BUSANA MEWAH SDN BHD Director 0 12/10/1995
EASTERN SMELTING BHD Director 0 23/04/1994
ESCOY HOLDINGS BHD Director 0 18/05/2005
ESCOY SMELTING SDN BHD Director 0 17/05/2005
IOI OLEOCHEMICAL INDUSTRIES
BHD Director 0 18/07/2006
LOGAM SEMPURNA SDN BHD Director 0 10/02/2000
PURNA JAYA METAL ALLOY SDN
BHD Director 0 06/01/2007
TEXCHEM RESOURCES BHD Director 0 07/07/2006
THE SUPER PASTRY CENTRE SDN
BHD Director 0 25/10/1994
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 : MR. SEETHARAMAN SRIMATHI
Address : 8, PERSIARAN SEGAMBUT TENGAH, 51200
WILAYAH
IC / PP
No : Z1020846
Nationality : MALAYSIAN INDIAN
Date of
Appointment : 28/09/2001
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST
IN COMPANY
Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . Designation
PURNA JAYA METAL ALLOY SDN
BHD Director 200,000 06/01/2007
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 3
Name of
Subject : MR. SEETHARAMAN MAPILLAI CHETTIAR
Address : 8, PERSIARAN SEGAMBUT TENGAH, 51200
WILAYAH
IC / PP
No : T121686
Nationality : MALAYSIAN INDIAN
Date of
Appointment : 10/01/1990
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST
IN COMPANY
Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . Designation
PURNA JAYA METAL ALLOY SDN
BHD Director 2,500,000 06/01/2007
SEMPURNA IMPEX SDN BHD Director 3,396,937 11/10/2006
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 : SEETHARAMAN
MAPILLAI CHETTIAR
Position : MANAGING
DIRECTOR
AUDITOR
Auditor : KUMPULAN NAGA
Auditors'
Address : WISMA LEOPARD, 5 JALAN TUN SAMBANTHAN, 1ST FLOOR, 50470
COMPANY SECRETARY
1) Company Secretary : MR.
RAVENDRAN S/O P SIVALINGAM
IC / PP No. : 5232053
New IC No. : 570925-10-6275
Address :
TUN
SAMBANTHAN, 50470
Date of Appointment : 18/12/1989
BANKING
Banking
relations are maintained principally with :
1) Banker Name : ALLIANCE BANK
The SC
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 : 29 Aug 2002
Description
of Charge : OPEN CHARGE
Amount
Secured : N/A
Description
of Property Affected : N/A
Name
& Address of Chargee : ALLIANCE BANK
Form 40
Dated
Registered
and Numbered 7 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
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 :
Overseas : NO Percentage : 0%
Credit
Term : AS AGREED.
Payment
Mode : CHEQUES.
Type of
Customer : CONTRACTOR , AGENT .
OPERATIONS
Goods
Traded : NON FERROUS METAL
Competitor(s) : AGROMATE
(M) SDN BHD
METROD
(OFHC) SDN BHD
S.P.
TECHVANCE CORPORATION SDN BHD
EDARAN
MAJU-MUDA SDN BHD
STAR SHINE
MARKETING SDN BHD
Total
Number of Employees :
YEAR 2007 2006 2005
GROUP N/A N/A N/A
COMPANY 40 41 39
Branch : NO
Other
Information :
The SC
is principally engaged in the (as a / as an) trading in non ferrous metal.
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 : 03-61570150
Match : N/A
Address
Provided By Client :
BULOH
Current
Address :
47000
SUNGAI BULOH,
Match : YES
Latest
Financial Accounts : NO
Investigation :
We have
contacted Ms Saras the SC's Company Secretary for the latest financial
accounts. According to her, the SC has not completed auditing its financial
accounts from year 2003 up to year 2006 yet.
Other Investigations
On 10th
January 2007, we conducted an interview with Ms Thiru from the SC's Accounts
Department.
She
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 1989, the SC is registered as
a private limited company and is principally engaged in trading of non ferrous
metal. The SC has been in the business for more than 10 years. Over its years
of establishment,
the SC should have built up goodwill and extensive clientele base which has
contributed to the SC's business growth. At present, the SC has a paid up
capital stands at RM2.7 million.
We noted
that the SC is solely concentrated on the local market. This narrow market
segment would limit its business expansion opportunities lowers the growth
prospect. The business risk is high. Presently, the SC has 40 staffs in its
operation and the management is headed by Managing Director Seetharaman Mapillai
Chettiar. Its overall management capability is considered average.
We are
unable to comment on the SC's overall financial standing as no latest financial
accounts are available for analysis. Nonetheless, we have tried to obtain the
latest financial accounts from the SC but according to SC's company secretary,
the SC has not yet completed auditing its financial accounts from year 2003 up
to year 2006.
We noted
that the SC sources its raw material from local and overseas market. As a
result, the SC is exposed to foreign currency fluctuation risk.
Based on
our investigation revealed that the currently the SC is clear of litigation.
The
industry demonstrate downward trend. The immediate outlook for the industry is
unfavourable and sometimes it is negative. The poor performance of the industry
is likely to impair the company performance and thus caution is advised.
In view
of the above and based on our assessment, 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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