MIRA
INFORM REPORT
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Report Date : |
05.07.2007 |
IDENTIFICATION DETAILS
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Name : |
AKEE DOTCHEM SDN
BHD |
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Registered Office : |
272-K, Jalan Air Itam, 11400 Pulau Pinang, Pulau Pinang |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
23/10/2004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading of Chemical Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
* Adopted abbreviations : SC - Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 670424-H
COMPANY NAME : AKEE DOTCHEM SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 23/10/2004
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 272-K, JALAN AIR ITAM, 11400 PULAU
BUSINESS ADDRESS : 2P, JALAN RU 2, BANDAR BARU AIR ITAM, 11500 AYER
ITAM,
PULAU
TEL NO : 04 - 8273001
FAX NO : 04 - 8299817
CONTACT PERSON : LIM SWEE KEE (EXECUTIVE DIRECTOR)
INDUSTRY CODE : 51499
PRINCIPAL ACTIVITY : TRADING OF CHEMICAL PRODUCTS
AUTHORISED CAPITAL : MYR100,000.00 DIVIDED INTO ORDINARY SHARE 100,000
OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR55,000.00 DIVIDED INTO ORDINARY SHARE 55,000
CASH OF MYR1.00 EACH.
SALES : MYR371,563 [2005]
NET WORTH : MYR66,850 [2005]
STAFF STRENGTH : 4 [2007]
BANKER (S) : PUBLIC BANK BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : FAIR
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : AVERAGE 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 of chemical products.
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. LIM SWEE KEE + 2P,
JALAN RU 2, BANDAR BARU AIR ITAM, A0539221 27,500
11500
AYER ITAM, PULAU
MS. WENDY CHIN WING LAI @ 2P, JALAN RU 2, BANDAR BARU AIR ITAM, A0095600 27,500
CHIN + 11500
AYER ITAM, PULAU
--------------------
55,000
===========
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. LIM SWEE KEE
Address : 2P, JALAN RU 2, BANDAR BARU AIR ITAM, 11500 AYER ITAM,
PULAU
IC / PP No. : A0539221
New IC No : 661020-02-5335
Date of Birth : 20/10/1966
Nationality : MALAYSIAN CHINESE
Date of Appointment : 23/10/2004
DIRECTOR 2
Name of Subject : MS. WENDY CHIN WING LAI @ CHIN
Address : 2P, JALAN RU 2, BANDAR BARU AIR ITAM, 11500 AYER ITAM,
PULAU
IC / PP No. : A0095600
New IC No : 650511-07-5616
Date of Birth : 11/05/1965
Nationality : MALAYSIAN CHINESE
Date of Appointment : 23/10/2004
MANAGEMENT
1) Name of Subject : LIM SWEE KEE
Position : EXECUTIVE DIRECTOR
AUDITOR
Auditor : SOON & ASSOCIATES
Auditors' Address : 8, JALAN EDGECUMBE, 10250 PULAU
PINANG, PULAU
COMPANY SECRETARY
1) Company Secretary : MR. HO SOO THENG@HO SOO AUN
IC / PP No. : 1851967
New IC No. : 410906-10-5397
Address : 14, JALAN KEBUN NYOR, 10470 PULAU
Date of Appointment : 23/10/2004
BANKING
Banking relations are maintained principally with :
1) Banker Name : PUBLIC BANK BHD
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of 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
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 Percentage : 60%
Overseas : YES Percentage : 40%
Import Countries :
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 : 90%
Domestic Markets :
Overseas : YES Percentage : 10%
Export Market :
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES, TELEGRAPHIC TRANSFER (TT).
Type of Customer : MANUFACTURING INDUSTRIES.
OPERATIONS
Goods Traded : CHEMICAL PRODUCTS
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 4
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 : 04-8299817
Current Telephone Number : 04-8273001
Match : NO
Address Provided By Client : 2P JLN RU2, BDR BARU AIR ITAM, 11500
Current Address : 2P, JALAN RU 2, BANDAR BARU AIR ITAM, 11500
AYER
ITAM, PULAU
Match : YES
Latest Financial Accounts : YES
Other Investigations
On 3rd July 2007 we contacted the SC's Director, Mr Lim Swee Kee. He furnished some information on the SC.
FINANCIAL COMMENTS
The financial summary of the SC in Year 2005 showed that it was financially FAIR. The SC has generated a favourable return on its shareholders' funds. 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. The SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected.
Overall financial condition of the SC: FAIR
COMMENTS
Incorporated in 2004, the SC is principally engaged in the trading of chemical products. At presently, its paid up capital stand at RM55,000. The SC is relatively new in the market and it has yet to enjoy a the stable market share and more efforts are expected from the management. It has a limited clientele base due to its early years of establishment.
Our investigation revealed that the SC serves both local and
overseas clients. Penetrating into the overseas countries such as
During the financial year 2005, the SC's turnover and pre-tax profit stood at RM371,563 and RM22,250 respectively. Return on shareholders' funds of the SC was high indicating that the SC was efficient in utilising its shareholders' funds to generate favourable returns. Besides that, the SC possesses strong liquidity position where its current liabilities are well covered by its current assets.
However, the SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected. Overall, the SC's financial standing is fair.
Investigation revealed that the SC's supplies are sourced from both local and overseas suppliers.
Hence, the SC is subjected to currency fluctuation risk and high operating costs.
The SC is clear of litigation.
The industry shows an upward trend and this trend is very likely to sustain in the near future. With the promising outlook of the industry performance, the business potential of the SC should be favourable.
In view of the above, we only recommend the credit be granted to the SC with close monitoring.
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH
PROFIT AND LOSS ACCOUNT
AKEE
DOTCHEM SDN BHD
31-December-2005
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Turnover 371,563.00
Operating
Revenue 0.00
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Profit
/ (Loss) Before Tax 22,250.00
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Profit
/ (Loss) After Tax 11,850.00
Extraordinary
Item 0.00
Minority
Interest 0.00
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Profit/(Loss)
Attributable to Shareholders 11,850.00
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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 11,850.00
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BALANCE SHEET
AKEE
DOTCHEM SDN BHD
31-December-2005
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Fixed
Assets 50,378.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 184,431.00
Intangible
Assets 0.00
Other
Assets 0.00
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Total
Assets 234,809.00
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Working
Capital 22,872.00
Issued Capital 55,000.00
Paid
Up Capital 55,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) 11,850.00
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Shareholder's
Fund/Equity 66,850.00
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Current
Liabilities 161,559.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 6,400.00
Share
Application Account 0.00
Minority
Interest 0.00
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Total
Equity Liability 234,809.00
================
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 |
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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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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%)