MIRA
INFORM REPORT
|
Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
BLUSH FASHION SDN
BHD |
|
|
|
|
Registered Office : |
Lot 114, Jalan Pjs 3/5, Taman |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
01/12/2003 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trading in Garment |
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 : |
Unknown |
|
|
|
|
Litigation : |
Clear |
* Adopted abbreviations : SC - Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 635562-T
COMPANY NAME : BLUSH FASHION SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 01/12/2003
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : LOT 114, JALAN PJS 3/5, TAMAN
KELANG LAMA, 46000 PETALING JAYA, SELANGOR,
BUSINESS ADDRESS : LOT 114, JALAN PJS 3/5, TAMAN
KELANG LAMA, 46000 PETALING JAYA, SELANGOR,
TEL NO : 03 - 77841653
FAX NO : 03 - 77837592/3242
CONTACT PERSON : MANEETA KAUR KATARI (MANAGING DIRECTOR)
INDUSTRY CODE : 52322
PRINCIPAL ACTIVITY : TRADING IN GARMENT
AUTHORISED CAPITAL : MYR500,000.00 DIVIDED INTO ORDINARY SHARE 500,000
OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR300,000.00 DIVIDED INTO ORDINARY SHARE 300,000
CASH OF MYR1.00 EACH.
SALES : MYR4,147,956 [2006]
NET WORTH : MYR440,800 [2006]
STAFF STRENGTH : 3 [2007]
BANKER (S) : UNITED OVERSEAS BANK (
LITIGATION : CLEAR
FINANCIAL CONDITION : FAIR
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : HIGH
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : MARGINAL GROWTH
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 garment.
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
MR. JASDEEP SINGH KATARI 20, LORONG KEMARIS 4, BUKIT BANDARAYA, A3527188 150,000
S/O JASPAL SINGH + 59100
MS. MANEETA KAUR KATARI 20, LORONG KEMARIS 4, BUKIT BANDARAYA, A2627665 150,000
D/O JASPAL SINGH + 59100
--------------------
300,000
===========
+ Also
Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. JASDEEP SINGH KATARI S/O JASPAL SINGH
Address : 20, LORONG KEMARIS 4, BUKIT BANDARAYA, 59100 KUALA
LUMPUR,
WILAYAH
IC / PP No. : A3527188
New IC No : 760422-14-5587
Date of Birth : 22/04/1976
Nationality : MALAYSIAN OTHER
Date of Appointment : 01/12/2003
DIRECTOR 2
Name of Subject : MS. MANEETA KAUR KATARI D/O JASPAL SINGH
Address : 20, LORONG KEMARIS 4, BUKIT BANDARAYA, 59100 KUALA
LUMPUR,
WILAYAH
IC / PP No. : A2627665
New IC No : 731110-07-5660
Date of Birth : 10/11/1973
Nationality : MALAYSIAN OTHER
Date of Appointment : 01/12/2003
MANAGEMENT
1) Name of Subject : MANEETA KAUR KATARI
Position : MANAGING DIRECTOR
AUDITOR
Auditor : WSJ & CO
Auditors' Address : C5-8, BLOCK C, MEGAN
KM
10 CHERAS, 56000
COMPANY SECRETARY
1) Company Secretary : MS. THAVY@DEVI D/O GOPAL
IC / PP No. : A0087917
New IC No. : 650301-05-5692
Address : 51, JALAN WIRA 2, TAMAN MALURI, 50500
WILAYAH
Date of Appointment : 01/12/2003
2) Company Secretary : MS. PALANIAPPAN S/O KASIVISVANATHAN
IC / PP No. : 5735705
New IC No. : 470531-71-5125
Address : 196, JALAN A4, TAMAN MELAWATI, 53000
WILAYAH
Date of Appointment : 01/12/2003
BANKING
Banking relations are maintained principally with :
1) Banker Name : UNITED
OVERSEAS 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 : 19 May 2006
Description of Charge : N/A
Amount Secured : RM 140,000.00
Description of Property Affected : N/A
Name & Address of Chargee : UNITED OVERSEAS
BANK (
Form 40 Dated
Registered and Numbered 1 In The Register of Charges
ENCUMBRANCE 2
Date of Creation : 19 May 2006
Description of Charge : N/A
Amount Secured : RM 140,000.00
Description of Property Affected : N/A
Name & Address of Chargee : UNITED
OVERSEAS BANK (
Form 40 Dated
Registered and Numbered 2 In The Register of Charges
ENCUMBRANCE 3
Date of Creation : 19 May 2006
Description of Charge : N/A
Amount Secured : RM 140,000.00
Description of Property Affected : N/A
Name & Address of Chargee : UNITED
OVERSEAS BANK (
Form 40 Dated
Registered and Numbered 3 In The Register of Charges
ENCUMBRANCE 4
Date of Creation : 19 May 2006
Description of Charge : N/A
Amount Secured : RM 745,000.00
Description of Property Affected : N/A
Name & Address of Chargee : UNITED
OVERSEAS BANK (
Form 40 Dated
Registered and Numbered 4 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
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 :
CLIENTELE
Local : YES Percentage : 100%
Domestic Markets :
Overseas : NO Percentage : 0 %
Credit Term : AS AGREED.
Payment Mode : CASH , CHEQUES.
Type of Customer : AGENTS , WALK IN CUSTOMERS , END USERS .
OPERATIONS
Goods Traded : GARMENTS
Competitor(s) : BERJAYA RETAIL SDN BHD
HARUM ASPIRASI SDN BHD
NINO GARMENT CORPORATION SDN BHD
BELBON SDN BHD
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 : N/A
Current Telephone Number : 03-77841653
Match : N/A
Address Provided By Client : LOT NO 114, JALAN PJS 3/5, TAMAN
MILLE,
SELANGOR DARUL EHSAN
Current Address : LOT 114, JALAN PJS 3/5, TAMAN
JALAN KELANG LAMA, 46000 PETALING JAYA,
Match : YES
Latest Financial Accounts : YES
Other Investigations
On 28th June 2007, we conducted an interview with the SC's Managing Director, Mdm Maneeta. She revealed some relevant information on the SC.
FINANCIAL COMMENTS
The financial summary of the SC in Year 2006 showed that it was financially FAIR. Return on shareholders' funds of the SC was high indicating that the SC was efficient in utilizing its shareholders' funds to generate favourable returns. Besides this, it also has an adequate liquidity position with its current liabilities well covered by its current assets. With its net current assets, the SC should be able to repay its short term obligations. Although the SC's liability ratio is high, it is mainly due to high current liabilities rather than long term debt. However, the high current liabilities are well covered by its large current assets, indicating that the SC does not face any shortage in short term working capital.
Overall financial condition of the SC: FAIR
COMMENTS
Formed in 2003, the SC is registered as a private limited company, focusing on trading in garments. Presently, the SC has a paid up capital of RM300,000. Due to its small paid up capital, the SC may face difficulties in expanding its business. Having been in the industry for only 4 years, the SC has slowly been building up goodwill with its clients and suppliers. Its business position in the market is normal.
The SC's business operations are predominantly in
For the financial year 2006, the SC reported pre-tax profit of RM202,937 based on its turnover of RM4,147,956. Return on shareholders' funds of the SC was relatively high, indicating that the SC was efficient in utilising its funds to generate return. Moreover, with its current liabilities well covered by its current assets, the SC has no problems in meeting its working capital. Unfortunately, a high liabilities ratio has placed the SC at high financial risk. The overall financial standing of the SC is fair.
We noticed that the SC sources its products locally and also from overseas suppliers. Thus it faces foreign exchange risk and also high operating cost.
There are no legal suit against the SC.
In this competitive market, the SC should have diversified its products range in order to capture higher market share in the market.
In view of the above, we recommend credit be granted to the SC with close monitoring.
THE FINANCIAL STATEMENTS
WERE PREPARED
IN ACCORDANCE WITH
STANDARD
PROFIT AND LOSS ACCOUNT
31-March-2006
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Turnover 4,147,956.00
Operating
Revenue 0.00
----------------------------
Profit
/ (Loss) Before Tax 202,937.00
----------------------------
Profit
/ (Loss) After Tax 160,446.00
Extraordinary
Item 0.00
Minority
Interest 0.00
----------------------------
Profit/(Loss)
Attributable to Shareholders 160,446.00
----------------------------
Prior
Period Adjustment 0.00
Net
Dividend 0.00
Transferred
To/From Reserved 0.00
Others 0.00
----------------------------
Unappropriated
Profit/(Loss) Brought Forward 80,354.00
----------------------------
Unappropriated
Profit/(Loss) Carried Forward 240,800.00
================
BALANCE SHEET
BLUSH
FASHION SDN BHD
31-March-2006
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Fixed
Assets 144,227.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 2,159,604.00
Intangible
Assets 0.00
Other
Assets 0.00
----------------------------
Total
Assets 2,303,831.00
================
Working
Capital 357,906.00
Issued Capital 200,000.00
Paid
Up Capital 200,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) 240,800.00
----------------------------
Shareholder's
Fund/Equity 440,800.00
----------------------------
Current
Liabilities 1,801,698.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 61,333.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 2,303,831.00
================
Contingent
Liabilities 0.00
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH
PROFIT
AND LOSS ACCOUNT
For
The Year Ended 31-March-2005
2005 2004
MYR MYR
TURNOVER 1,889,507 0
=========== ===========
PROFIT/(LOSS) FROM OPERATIONS 104,888 <3,330>
SHARE
OF PROFITS/(LOSSES) OF ASSOCIATED
------------------- -------------------
PROFIT/(LOSS)
BEFORE TAXATION 104,888 <3,330>
Taxation <21,204> -
------------------- -------------------
PROFIT/(LOSS)
AFTER TAXATION 83,684 <3,330>
------------------- -------------------
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS 83,684 <3,330>
------------------- -------------------
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS 83,684 <3,330>
RETAINED
PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As
previously reported <3,330> -
------------------- -------------------
As
restated <3,330> -
------------------- -------------------
PROFIT
AVAILABLE FOR APPROPRIATIONS 80,354 <3,330>
------------------- -------------------
RETAINED
PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD 80,354 <3,330>
=========== ===========
RETAINED BY:
The Company 80,354 <3,330>
------------------- -------------------
80,354 <3,330>
=========== ===========
INTEREST
EXPENSE (as per notes to P&L)
Hire
purchase 238 -
------------------- -------------------
238 -
=========== ===========
BALANCE SHEET
As At 31-March-2005
2005 2004
MYR MYR
ASSETS
EMPLOYED:
FIXED ASSETS 101,874 -
LONG
TERM INVESTMENTS/OTHER ASSETS
------------------- -------------------
INTANGIBLE
ASSETS
------------------- -------------------
------------------- -------------------
TOTAL LONG
TERM ASSETS 101,874 -
CURRENT
ASSETS
Stocks 42,029 -
Trade debtors 1,319,841 -
Other
debtors, deposits & prepayments 84,550 -
Items in
transit between head office & branches
Cash &
bank balances 23,060 -
------------------- -------------------
TOTAL CURRENT
ASSETS 1,469,480 -
CURRENT
LIABILITIES
Trade
creditors 1,169,187 -
Other
creditors & accruals 41,795 730
Amounts owing
to director 110,482 2,598
Provision for
taxation 21,204 -
------------------- -------------------
TOTAL CURRENT
LIABILITIES 1,342,668 3,328
------------------- -------------------
NET CURRENT
ASSETS/(LIABILITIES) 126,812 <3,328>
------------------- -------------------
TOTAL NET
ASSETS 228,686 <3,328>
=========== ===========
FINANCED
BY:
SHARE CAPITAL
Ordinary
share capital 100,000 2
------------------- -------------------
TOTAL SHARE
CAPITAL 100,000 2
RESERVES
Retained
profit/(Accumulated loss) carried forward 80,354 <3,330>
------------------- -------------------
TOTAL RESERVES 80,354 <3,330>
------------------- -------------------
SHAREHOLDERS'
FUNDS/EQUITY 180,354 <3,328>
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
Hire purchase
creditors 48,332 -
------------------- -------------------
TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 48,332 -
------------------- -------------------
228,686 <3,328>
=========== ===========
FINANCIAL RATIOS
As At 31-March-2005
2005 2004
MYR MYR
TYPES OF
FUNDS
Cash 23,060 0
Net Liquid
Funds 23,060 0
Net Liquid
Assets 84,783 <3,328>
Net Current
Assets/(Liabilities) 126,812 <3,328>
Net Tangible
Assets 228,686 <3,328>
Net Monetary
Assets 36,451 <3,328>
BALANCE
SHEET ITEMS
Total
Borrowings 48,332 0
Total
Liabilities 1,391,000 3,328
Total Assets 1,571,354 0
Net Assets 228,686 <3,328>
Net Assets
Backing 180,354 <3,328>
Shareholders''
Funds 180,354 <3,328>
Total Share
Capital 100,000 2
Total
Reserves 80,354 <3,330>
LIQUIDITY
(Times)
Cash Ratio 0.02 0
Liquid Ratio 1.06 0
Current Ratio 1.09 0
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 8 0
Debtors Ratio 255 0
Creditors
Ratio 226 0
SOLVENCY
RATIOS (Times)
Gearing Ratio 0.27 0
Liabilities
Ratio 7.71 <1.00>
Times
Interest Earned Ratio 441.71 0
PERFORMANCE
RATIO (%)
Operating
Profit Margin 5.55 0
Net Profit
Margin 4.43 0
Return On Net
Assets 45.97 100.06
Return On
Capital Employed 45.97 100.06
Return On
Shareholders'' Funds/Equity 46.40 100.06
Dividend Pay
Out Ratio (Times) 0 0
NOTES
TO ACCOUNTS
Contingent
Liabilities 0 0
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 |
|
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%)