MIRA
INFORM REPORT
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Report Date : |
28.07.2007 |
IDENTIFICATION DETAILS
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Name : |
THYE HUAT CHAN SDN BHD |
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Registered Office : |
Suite 3-5, Wisma Sri Weld, 3a Pengkalan Weld, 10300 Pulau Pinang,
Pulau Pinang |
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Country : |
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Date of Incorporation : |
06/01/1978 |
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Legal Form : |
Exempt Private Company |
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Line of Business : |
Wholesale of Sundry Goods, Consumer Goods and other |
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 : |
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 : THYE HUAT CHAN SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 06/01/1978
COMPANY STATUS : EXIST
LEGAL STATUS : EXEMPT PRIVATE COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : SUITE 3-5, WISMA SRI WELD, 3A
PENGKALAN WELD, 10300
PULAU
PINANG, PULAU
BUSINESS ADDRESS : 368-3-12A BELLISA ROW, JALAN
PINANG,
PULAU
TEL NO : 04 - 2288123
FAX NO : 04 - 2288180
CONTACT PERSON : NG TEE SOO (MANAGING DIRECTOR)
INDUSTRY CODE : 51231
51399 51239
PRINCIPAL ACTIVITY : WHOLESALE OF SUNDRY GOODS, CONSUMER
GOODS
AND
OTHER
AUTHORISED CAPITAL : MYR5,000,000.00 DIVIDED INTO ORDINARY
SHARE
5,000,000
OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR5,000,000.00 DIVIDED INTO ORDINARY
SHARE 100,000
CASH
AND 4,900,000 OTHERWISE OF MYR1.00 EACH.
SALES : N/A
NET WORTH : N/A
STAFF STRENGTH : 150
[2007]
BANKER (S) : HSBC BANK
: OCBC BANK (
LITIGATION : CLEAR
FINANCIAL CONDITION : N/A
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
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) wholesale of sundry
goods, consumer goods and other.
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. NG TEE SOO + 2-J, JALAN D S RAMANATHAN, 10350 PULAU 1237852 3,500,000
PINANG,
PULAU
MS. TAN GUAT NGOH + 2-J, JALAN D S RAMANATHAN, 10350 PULAU 3902447 1,500,000
PINANG,
PULAU
--------------------
5,000,000
===========
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. NG TEE SOO
Address : 2-J, JALAN D S RAMANATHAN, 10350
PULAU
IC / PP No. : 1237852
New IC No : 480906-07-5443
Date of Birth : 06/09/1948
Nationality : MALAYSIAN CHINESE
Date of Appointment : 06/01/1978
DIRECTOR 2
Name of Subject : MS. TAN GUAT NGOH
Address : 2-J, JALAN D S RAMANATHAN, 10350
PULAU
IC / PP No. : 3902447
New IC No : 500615-07-5422
Date of Birth : 15/06/1950
Nationality : MALAYSIAN CHINESE
Date of Appointment : 15/12/1977
DIRECTOR 3
Name of Subject : MS. NG CHENG CHENG
Address : 2-J, JALAN SCOTT, 10350 PULAU PINANG,
PULAU
IC / PP No. : A2253255
New IC No : 720623-07-5224
Date of Birth : 23/06/1972
Nationality : MALAYSIAN CHINESE
Date of Appointment : 27/09/1995
DIRECTOR 4
Name of Subject : MR. NG ENG WAH
Address : 2-J, JALAN SCOTT, 10350 PULAU PINANG,
PULAU
IC / PP No. : N/A
New IC No : 780923-07-5415
Date of Birth : 23/09/1978
Nationality : MALAYSIAN CHINESE
Date of Appointment : 27/01/2004
MANAGEMENT
1) Name of Subject : NG
TEE SOO
Position : MANAGING DIRECTOR
AUDITOR
Auditor : YEAP GEOK LAKE & COMPANY
Auditors' Address : 16, LEBUH
COMPANY SECRETARY
1) Company Secretary : MR.
LIM SENG HIN
IC / PP No. : 7170472
New IC No. : 631201-08-5735
Address : 1, TINGKAT LEMBAH RIA 4, 11500 AYER ITAM, PULAU
Date of Appointment : 01/06/1998
BANKING
Banking relations are maintained principally with :
1) Banker Name : HSBC
BANK
2) Banker Name : OCBC
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 : 12 Jun 1986
Description of Charge : DEBENTURE
Amount Secured : RM 900,000.00
Description of Property Affected : FLOATING CHARGE
Name & Address of Chargee : OVERSEA-CHINESE BANKING CORPORATION
LTD
Form 40 Dated 22 Jul 1986
Registered and Numbered 3 In The
Register of Charges
ENCUMBRANCE 2
Date of Creation : 20 Nov 1987
Description of Charge : DEBENTURE
Amount Secured : RM 850,000.00
Description of Property Affected : FLOATING CHARGE
Name & Address of Chargee : OCBC BANK (
Form 40 Dated 24 Dec 1987
Registered and Numbered 5 In The
Register of Charges
ENCUMBRANCE 3
Date of Creation : 29 Jan 1988
Description of Charge : DEBENTURE
Amount Secured : RM 1,000,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : OCBC BANK (
Form 40 Dated 25 Feb 1988
Registered and Numbered 6 In The
Register of Charges
ENCUMBRANCE 4
Date of Creation : 28 Jan 1988
Description of Charge : CHARGE
Amount Secured : RM 1,300,000.00
Description of Property Affected : FIXED CHARGE
Name & Address of Chargee : HONGKONG BANK
Form 40 Dated 25 Mar 1988
Registered and Numbered 7 In The
Register of Charges
ENCUMBRANCE 5
Date of Creation : 03 Feb 1990
Description of Charge : CHARGE
Amount Secured : RM 1,600,000.00
Description of Property Affected : FIXED CHARGE
Name & Address of Chargee : HONGKONG BANK
Form 40 Dated 22 Feb 1990
Registered and Numbered 8 In The
Register of Charges
ENCUMBRANCE 6
Date of Creation : 09 Apr 1991
Description of Charge : CHARGE
Amount Secured : RM 3,250,000.00
Description of Property Affected : FIXED CHARGE
Name & Address of Chargee : HONGKONG BANK
Form 40 Dated 17 May 1991
Registered and Numbered 9 In The
Register of Charges
ENCUMBRANCE 7
Date of Creation : 09 Apr 1991
Description of Charge : N/A
Amount Secured : RM 750,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HONGKONG BANK
Form 40 Dated
Registered and Numbered 10 In The
Register of Charges
ENCUMBRANCE 8
Date of Creation : 14 Jul 1992
Description of Charge : DEBENTURE
Amount Secured : RM 300,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : OCBC BANK (
Form 40 Dated 14 Sep 1993
Registered and Numbered 11 In The
Register of Charges
ENCUMBRANCE 9
Date of Creation : 14 Jul 1992
Description of Charge : CHARGE
Amount Secured : RM 2,850,000.00
Description of Property Affected : GM 56 & 57, LOT 137 & 209, MK
6, DAERAH SEBERANG PRAI
GM
444 & 445, LOT 530 & 531, MK 5, DAERAH SEBERANG PRAI
Name & Address of Chargee : OCBC BANK (
Form 40 Dated 14 Sep 1993
Registered and Numbered 12 In The
Register of Charges
ENCUMBRANCE 10
Date of Creation : 24 Apr 1993
Description of Charge : DEBENTURE
Amount Secured : RM 1,500,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : OCBC BANK (
Form 40 Dated 19 Jul 1993
Registered and Numbered 13 In The
Register of Charges
ENCUMBRANCE 11
Date of Creation : 24 Apr 1993
Description of Charge :
CHARGE
Amount Secured : RM 1,500,000.00
Description of Property Affected : GM 56 & 57, LOT 530 & 531, MK
5,
Name & Address of Chargee : OCBC BANK (
Form 40 Dated 19 Jul 1993
Registered and Numbered 14 In The
Register of Charges
ENCUMBRANCE 12
Date of Creation : 14 Apr 1994
Description of Charge : CHARGE
Amount Secured : RM 1,300,000.00
Description of Property Affected : LOT 147 & 209, MK 6, PROVINCE
GM56
& 57, LOT 530 & 531, MK 5, PROVINCE WELLESLEY
SOUTH,
Name & Address of Chargee : OCBC BANK (
Form 40 Dated 07 May 1994
Registered and Numbered 15 In The
Register of Charges
ENCUMBRANCE 13
Date of Creation : 14 Apr 1994
Description of Charge : LOAN AGREEMENT & ASSIGNMENT
Amount Secured : RM 1,300,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : OCBC BANK (
Form 40 Dated 07 May 1994
Registered and Numbered 16 In The
Register of Charges
ENCUMBRANCE 14
Date of Creation : 14 Apr 1994
Description of Charge : DEBENTURE
Amount Secured : RM 5,650,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : OCBC BANK (
Form 40 Dated 07 May 1994
Registered and Numbered 17 In The
Register of Charges
ENCUMBRANCE 15
Date of Creation : 24 Apr 1995
Description of Charge : N/A
Amount Secured : RM 550,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 18 In The
Register of Charges
ENCUMBRANCE 16
Date of Creation : 24 Apr 1995
Description of Charge : N/A
Amount Secured : RM 550,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 19 In The
Register of Charges
ENCUMBRANCE 17
Date of Creation : 12 Oct 1996
Description of Charge : N/A
Amount Secured : RM 2,200,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 20 In The
Register of Charges
ENCUMBRANCE 18
Date of Creation : 05 Jun 1997
Description of Charge : DEBENTURE
Amount Secured : RM 2,000,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : OCBC BANK (
Form 40 Dated 26 Jun 1997
Registered and Numbered 21 In The
Register of Charges
ENCUMBRANCE 19
Date of Creation : 10 May 2001
Description of Charge : N/A
Amount Secured : RM 10,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 22 In The
Register of Charges
ENCUMBRANCE 20
Date of Creation : 10 May 2001
Description of Charge : N/A
Amount Secured : RM 600,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 23 In The
Register of Charges
ENCUMBRANCE 21
Date of Creation : 10 May 2001
Description of Charge : N/A
Amount Secured : RM 14,800,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 24 In The
Register of Charges
ENCUMBRANCE 22
Date of Creation : 10 May 2001
Description of Charge : N/A
Amount Secured : RM 5,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 25 In The
Register of Charges
ENCUMBRANCE 23
Date of Creation : 24 Sep 2001
Description of Charge : N/A
Amount Secured : RM 5,800,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HSBC BANK
Form 40 Dated
Registered and Numbered 26 In The
Register of Charges
ENCUMBRANCE 24
Date of Creation : 29 Nov 2001
Description of Charge : N/A
Amount Secured : RM 2,200,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 27 In The
Register of Charges
ENCUMBRANCE 25
Date of Creation : 29 Nov 2001
Description of Charge : N/A
Amount Secured : RM 2,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 28 In The
Register of Charges
ENCUMBRANCE 26
Date of Creation : 29 Nov 2001
Description of Charge : N/A
Amount Secured : RM 5,050,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 29 In The
Register of Charges
ENCUMBRANCE 27
Date of Creation : 29 Nov 2001
Description of Charge : N/A
Amount Secured : RM 550,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 30 In The
Register of Charges
ENCUMBRANCE 28
Date of Creation : 29 Nov 2001
Description of Charge : N/A
Amount Secured : RM 600,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 31 In The
Register of Charges
ENCUMBRANCE 29
Date of Creation : 29 Nov 2001
Description of Charge : N/A
Amount Secured : RM 5,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 32 In The
Register of Charges
ENCUMBRANCE 30
Date of Creation : 29 Nov 2001
Description of Charge : N/A
Amount Secured : RM 5,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 33 In The
Register of Charges
ENCUMBRANCE 31
Date of Creation : 21 Feb 2003
Description of Charge : DEBENTURE
Amount Secured : RM 740,000.00
Description of Property Affected : FLOATING CHARGE
Name & Address of Chargee : HSBC BANK
Form 40 Dated
Registered and Numbered 34 In The
Register of Charges
ENCUMBRANCE 32
Date of Creation : 11 Feb 2004
Description of Charge : DEBENTURE
Amount Secured : RM 250,000.00
Description of Property Affected : FLOATING CHARGE
Name & Address of Chargee : HSBC BANK
Form 40 Dated
Registered and Numbered 35 In The
Register of Charges
ENCUMBRANCE 33
Date of Creation : 03 Aug 2004
Description of Charge : DEBENTURE
Amount Secured : RM 10,000,000.00
Description of Property Affected : FLOATING CHARGE
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 36 In The
Register of Charges
ENCUMBRANCE 34
Date of Creation : 03 Aug 2004
Description of Charge : DEBENTURE
Amount Secured : RM 10,000,000.00
Description of Property Affected : FLOATING CHARGE
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 37 In The
Register of Charges
ENCUMBRANCE 35
Date of Creation : 03 Jul 2006
Description of Charge : OPEN CHARGE
Amount Secured : N/A
Description of Property Affected : FLOATING CHARGE
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 38 In The
Register of Charges
ENCUMBRANCE 36
Date of Creation : 12 Jun 2007
Description of Charge : OPEN CHARGE
Amount Secured : N/A
Description of Property Affected : FLOATING CHARGE
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 39 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 Percentage : 30%
Overseas : YES Percentage : 70%
Import Countries :
CLIENTELE
Local : YES Percentage : 95%
Domestic Markets :
Overseas : YES Percentage : 5%
Export Market :
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES , CASH.
Type of Customer : SUPERMARKET , FOOD MANUFACTURER ,
GROCERY STORE .
OPERATIONS
Goods Traded : SUNDRY GOODS, CONSUMER PRODUCTS &
OTHERS
Total Number of Employees :
YEAR 2007 2006 2005
GROUP N/A N/A N/A
COMPANY 150 168 200
Branch : YES
No of Branches : 3
Branch(es) : LOT 2103-C JLN KAMPUNG, BANDAR DALAM,
51100 KUALA
LUMPUR,
WILAYAH PERSEKUTUAN.
Tel No : 03 - 40231111
Fax No : 03 - 40234603
NO.4, JLN SIRMA, 2/1, KWSN PERINDUSTRIAN TEBRAU 1, 81100
JOHOR BAHRU, JOHOR.
Tel No : 07 - 3538777
Fax No : 07 - 3559977
2519, JLN MEGAT HARUN, 14000 BUKIT MERTAJAM, PULAU
Tel No : 04 - 5371111
Fax No : 04 - 5395878
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 : 04-2288123
Match : N/A
Address Provided By Client : 368-3-12A BELLISA ROW, JALAN
PULAU
Current Address : 368-3-12A BELLISA ROW, JALAN
PULAU PINANG, PULAU
Match : YES
Latest Financial Accounts : NO
Other Investigations
We conducted an interview with one of the staff from the SC's Human
Resource Department. She revealed some information pertaining to 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
Established in 1978, the SC is principally engaged in the
wholesale of sundry goods, consumer goods and other. With 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. The SC is an exempt
private company with the paid up capital of RM5 million.
Apart from supplying its products to local market, the SC also exports
to overseas markets. However, the SC is still vulnerable to the changes in the
local market as 95% of the SC's incomes are generated from the local market. At
present the workforce of the SC is 150 and the management of the SC is overseen
by Ng Tee Soo. 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
monitoring.
RATING EXPLANATIONS
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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%)