MIRA
INFORM REPORT
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Report Date : |
17.05.2007 |
IDENTIFICATION DETAILS
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Name : |
WIZE CREATION SDN BHD |
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Registered Office : |
C12-4, Block C, |
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Country : |
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Date of Incorporation : |
09/03/2005 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading in Textile and related rReady-Made Garments |
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 : |
Moderate |
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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 : 683735-A
COMPANY NAME : WIZE CREATION SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 09/03/2005
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : C12-4, BLOCK C,
SENG,
LEVEL 12, 50450
BUSINESS ADDRESS :
ABDULLAH,
50100
TEL NO : 03 - 26916675/26936675
FAX NO : 03 - 26926855
CONTACT PERSON : M NAEEM (MANAGER)
INDUSTRY CODE : 51311
PRINCIPAL ACTIVITY : TRADING IN TEXTILE AND RELATED
READY-MADE
GARMENTS
AUTHORISED CAPITAL : MYR500,000.00 DIVIDED INTO ORDINARY
SHARE 500,000
OF
MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR500,000.00 DIVIDED INTO ORDINARY
SHARE 500,000
CASH
OF MYR1.00 EACH.
SALES : N/A
NET WORTH : N/A
STAFF STRENGTH : 10
[2007]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : N/A
PAYMENT : N/A
MANAGEMENT CAPABILITY : WEAK
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 textile
and related ready-made garments.
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. MUHAMMAD NAIM KHAN KC977093 245,999
S/O DIN MUHAMMAD
MR. KADER AHMED MOHAMED 32 BLOCK MAYA, ASTRIA APARTMENT, A0887928 148,000
BIN JANAB AHAMAD +
MR. MOHAMMAD YOUSAF 330901-76-5011 105,999
SHAH +
MS. SALASIAH BTE MOHD SAID A2045040 1
720125-10-5750
MS. ASIAH BTE OSMAN 600123-10-6294 1
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500,000
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+
Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. KADER AHMED MOHAMED BIN JANAB
AHAMAD
Address : 32 BLOCK MAYA, ASTRIA APARTMENT,
68000 AMPANG,
IC / PP No. : A0887928
New IC No : 640926-71-5057
Date of Birth : 26/09/1964
Nationality : MALAYSIAN MALAY
Date of Appointment : 23/03/2005
DIRECTOR 2
Name of Subject : MR. MOHAMMAD YOUSAF SHAH
IC / PP No. : N/A
New IC No : 330901-76-5011
Date of Birth : 01/09/1933
Nationality : MALAYSIAN OTHER
Date of Appointment : 23/03/2005
MANAGEMENT
1) Name of Subject : M
NAEEM
Position : MANAGER
AUDITOR
No data was found in our databank
COMPANY SECRETARY
1) Company Secretary : MR.
ANNAMALAI A/L SUNDRASAN
IC / PP No. : 8016499
New IC No. : 471217-02-5067
Address :
53300
Date of Appointment : 23/03/2005
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
Overseas : YES
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 : 100%
Domestic Markets :
Overseas : NO Percentage : 0
%
Credit Term : 30 DAYS.
Payment Mode : CASH, CHEQUES.
Type of Customer : AGENTS, DISTRIBUTORS, WALK IN
CUSTOMERS .
OPERATIONS
Goods Traded : TEXTILES AND RELATED READY-MADE
GARMENTS
Competitor(s) : CNLT (FAR EAST) BHD
KIMA
SDN BHD
APPAREL
WORLD (M) SDN BHD
YANGTZEKIANG
INDUSTRIES SDN BHD
RETAILWORKS
SDN BHD
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 10
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 : 03-26916675/26936675
Match : N/A
Address Provided By Client : NO 01 16 1ST FLOOR, CITY ONE PLAZA
JALAN
MUSHI
ABDULLAH 50100 KUALAMPUR
Current Address :
MUNSHI
ABDULLAH, 50100
WILAYAH
Match : YES
Latest Financial Accounts : NO
Investigation :
On 17th May 2007, we contacted the SC's Company Secretary, Mr. Annamalai
for the latest financial accounts. According to him the SC is still under
preparing the financial accounts.
Other Investigations
On 17th May 2007, we conducted an interview with the SC's Manager, Mr. M
Naeem. He revealed some relevant information on the SC.
Besides that, we were informed that the SC is sharing the working
premises with its other two related companies namely; Lucky Noble Fashion and
Seherish Manufacturing (M) Sdn Bhd.
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 2005, as a private limited company, the SC is principally
engaged in the trading in textile and related ready-made garments. Presently,
the SC has a paid up capital of RM500,000. As a relatively new entity, the SC
has slowly been building up its reputation in the market. Overall, its business
position in the market is normal.
The SC's business operations are predominantly in
Due to unavailability of its financial statements, we are unable to
comment on its financial health. We noted that the SC’s supplies are obtained
from both local and overseas market. Hence it faces foreign exchange risk.
The SC is clear of any litigation.
The industry has reached its maturity stage and only enjoying a marginal
growth. It is saturated and very competitive. Thus the SC is required to be
competitive in order to sustain its market position in the market.
In view of the above, we are against 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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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%)