MIRA
INFORM REPORT
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Report Date : |
30.07.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Suite B, A1-2, Taman Pangsapuri Malim, |
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Country : |
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Date of Incorporation : |
10/05/1996 |
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Legal Form : |
Exempt Private Company |
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Line of Business : |
Distributing and Trading of Foodstuffs |
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/normal. |
Small |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
* Adopted
abbreviations : SC - Subject Company ( the company enquired
by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
COMPANY NAME :
FORMER NAME : N/A
INCORPORATION DATE : 10/05/1996
COMPANY STATUS : EXIST
LEGAL STATUS : EXEMPT PRIVATE COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : SUITE B, A1-2,
75250
MELAKA,
BUSINESS ADDRESS : 8865 JALAN SEMABOK, 75050 MELAKA,
TEL NO : 06 - 2829081
FAX NO : 06 - 2829208
CONTACT PERSON : TEH ENG GHEE (DIRECTOR)
INDUSTRY CODE : 51239
PRINCIPAL ACTIVITY : DISTRIBUTING AND TRADING OF FOODSTUFFS
AUTHORISED CAPITAL : MYR500,000.00 DIVIDED INTO ORDINARY
SHARE 500,000
OF
MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR250,000.00 DIVIDED INTO ORDINARY
SHARE 250,000
CASH
OF MYR1.00 EACH.
SALES : N/A
NET WORTH : N/A
STAFF STRENGTH : 50
[2007]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : N/A
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : HIGH
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : AVERAGE GROWTH
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) distributing and
trading of foodstuffs.
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. TEH ENG GHEE + 8865, JALAN SEMABOK, 75050 MELAKA, 4779441 125,000
MS. TEH SAW ENG + 8865, JALAN SEMABOK, 75050 MELAKA, 4672054 125,000
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250,000
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+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. TEH ENG GHEE
Address : 8865, JALAN SEMABOK, 75050 MELAKA,
IC / PP No. : 4779441
New IC No : 550504-07-5273
Date of Birth : 04/05/1955
Nationality : MALAYSIAN CHINESE
Date of Appointment : 10/05/1996
DIRECTOR 2
Name of Subject : MS. TEH SAW ENG
Address : 8865, JALAN SEMABOK, 75050 MELAKA,
IC / PP No. : 4672054
New IC No : 541019-07-5152
Date of Birth : 19/10/1954
Nationality : MALAYSIAN CHINESE
Date of Appointment : 10/05/1996
MANAGEMENT
1) Name of Subject : TEH
ENG GHEE
Position : DIRECTOR
AUDITOR
Auditor : TAN KIM HENG & CO
Auditors' Address : A1-2,
COMPANY SECRETARY
1) Company Secretary : MR.
WONG CHEK CHOONG
IC / PP No. : 5676535
New IC No. : 590313-05-5161
Address : 1B, JALAN PANDAN INDAH 4/6, PANDAN INDAH, CHERAS,
55100
Date of Appointment : 10/05/1996
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)
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 : 40%
Overseas : YES Percentage : 60%
Import Countries :
CLIENTELE
Local : YES Percentage : 100%
Domestic Markets :
Overseas : NO Percentage : 0
%
Credit Term : 30 DAYS.
Payment Mode : CASH, CHEQUES.
Type of Customer : RETAIL, DEALERS .
The SC only gives credit terms to its long-term customers.
OPERATIONS
Goods Traded : DRIED FOODSTUFFS
Competitor(s) : LUN HENG SDN BHD
MAGRI
FOODS SDN BHD
SUSHI
KIN SDN BHD
A
CLOUET & CO (
KEONGCO
Total Number of Employees :
YEAR 2007 2006 2005
GROUP N/A N/A N/A
COMPANY 50 40 40
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 : 06-2829081
Match : N/A
Address Provided By Client : NO 8865, JALAN SEMABOK,
Current Address : 8865 JALAN SEMABOK, 75050 MELAKA,
Match : YES
Latest Financial Accounts : NO
Other Investigations
We contacted one of the Senior staff 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 1996, the SC is principally engaged in
distributing and trading of foodstuffs. Its long presence in the industry
coupled with its vast experiences in the business, the SC should have built up
a certain
goodwill with its client over times. With an issued and paid up of RM250,000
contributed by 2 individual shareholders, the SC does not have strong
shareholders' backing. Without a strong capital position, the business expansion of the SC is limited.
With its over 10 years of experience in the market, the SC should have
received strong support from its regular customers. However, the SC's main
income are solely generated via local market. Thus, its business risk is high.
Any adverse changes to the local economy might have a negative impact on the
SC's business performance. Currently, the SC has 50 employees in the operations
and the management of the SC is headed by Director Teh Eng Ghee. Overall the
management capability of the SC is average.
As an exempt private company, the SC is not required by the law to
disclose its financial accounts for public review. Without its financial
accounts, we are unable to ascertain the current financial standing of the SC.
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 rising population, improvement in quality of life and higher
propensity to consume will further increase the demand for food products. We
believe that the encouraging demand for the SC's products would present more
business opportunities for the SC. However, the SC is facing increasing competition
from other companies. Hence, the SC should improve its management capability
and explore more new market segments in order to have a stable standing in the
industry.
In view of the above, we recommend credit be granted to the SC with
guarantee.
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%)