MIRA
INFORM REPORT
|
Report Date : |
16.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
WANGSURI MARKETING SDN BHD |
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Registered Office : |
24-5-1, Jalan 4/50, Diamond Square, Off Jalan Gombak, 53000 Kuala
Lumpur, Wilayah Persekutuan |
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Country : |
Malaysia |
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Date of Incorporation : |
29/12/2001 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Supplying of Shoe Materials |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
-- |
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Litigation : |
Clear |
* Adopted abbreviations : SC - Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 567471-M
COMPANY NAME : WANGSURI MARKETING SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 29/12/2001
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 24-5-1, JALAN 4/50, DIAMOND SQUARE,
OFF JALAN
GOMBAK,
53000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN,
MALAYSIA.
BUSINESS ADDRESS : 4, JALAN 14/108C, TAMAN SUNGAI BESI,
57100 KUALA
LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
TEL NO : 03 - 79811625
FAX NO : 03 - 79812507
CONTACT PERSON : MAK FOO FATT (DIRECTOR)
INDUSTRY CODE : 51312
PRINCIPAL ACTIVITY : SUPPLYING OF SHOE MATERIALS
AUTHORISED CAPITAL : MYR1,000,000.00 DIVIDED INTO ORDINARY
SHARE
1,000,000
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 : 15
[2007]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : N/A
PAYMENT : N/A
MANAGEMENT CAPABILITY : WEAK
COMMERCIAL RISK : HIGH
CURRENCY EXPOSURE : LOW
GENERAL REPUTATION : POOR
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) supplying of shoe
materials.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is not qualified to be one of the Top Corporate Performers in the
Malaysia 1000 (M1000) publication, a directory jointly published by Companies
Commission of Malaysia (The Registrar Office), Minister of Domestic Trade and
Consumer Affairs and our publication arm, BASIS Publications House Sdn Bhd.
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
MR. MAK FOO FATT + 4,
JALAN 14/108C, TAMAN SUNGAI BESI, 57100 6811189 255,000
KUALA
LUMPUR, WILAYAH PERSEKUTUAN, 620701-10-5313
MALAYSIA.
MCY HOLDINGS SDN BHD 4, JALAN 14/108C, TAMAN SUNGAI BESI, 57100 166767 150,000
KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
MR. MAK FOO WAH A0830724 45,000
671020-10-5721
MR. MAK FOO KEONG 81,
JALAN BUKIT MIDAH, TAMAN MIDAH, 56100 A2233298 25,000
KUALA
LUMPUR, WILAYAH PERSEKUTUAN, 730310-14-5139
MALAYSIA.
MS. MAK MING CHOO A3747456 25,000
770726-14-5366
--------------------
500,000
===========
+
Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. MAK FOO FATT
Address : 4, JALAN 14/108C, TAMAN SUNGAI BESI,
57100 KUALA LUMPUR,
WILAYAH
PERSEKUTUAN, MALAYSIA.
IC / PP No. : 6811189
New IC No : 620701-10-5313
Date of Birth : 01/07/1962
Nationality : MALAYSIAN CHINESE
Date of Appointment : 29/12/2001
DIRECTOR 2
Name of Subject : MR. MAK HOONG WENG
Address : 23, JALAN KOLEJ, TAMAN PERINDUSTRIAN
SERDANG BARU,
43300 SERI
KEMBANGAN, SELANGOR, MALAYSIA.
IC / PP No. : 5869193
New IC No : 600222-10-6951
Date of Birth : 22/02/1960
Nationality : MALAYSIAN CHINESE
Date of Appointment : 26/03/2002
MANAGEMENT
1) Name of Subject : MAK
FOO FATT
Position : DIRECTOR
AUDITOR
No data was found in our databank
COMPANY SECRETARY
1) Company Secretary : MR.
WONG HAN LIM
IC / PP No. : A3045291
New IC No. : 750428-04-5465
Address : 19-8, IDAMAN PUTERI, 4 JALAN 13/21D, MEDAN IDAMAN,
53100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
Date of Appointment : 27/01/2006
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 Malaysia
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
CLIENTELE
Local : YES Percentage : 100%
Domestic Markets : MALAYSIA.
Overseas : NO Percentage : 0
%
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES.
Type of Customer : MANUFACTURING INDUSTRIES .
OPERATIONS
Goods Traded : SHOE MATERIALS
Brand Name :
Competitor(s) : BANDAR AKADEMIA SDN BHD
FILA
SPORT (MALAYSIA) SDN BHD
KRIS
SAFETY FOOTWEAR SDN BHD
M-POL
PRECISION PRODUCTS SDN BHD
NGIU
KEE (MIRI) SDN BHD
Total Number of Employees :
YEAR 2007 2006 2005
GROUP N/A N/A N/A
COMPANY 15 13 10
Branch : NO
Other Information :
The SC is principally engaged in the (as a / as an) supplying of shoe
materials.
The SC offers a wide range of products which include:
* Heel lift (3 layers),
* EVA foam, PE foam, rubber foam, PU foam,
* Top cover,
* PVC leathers for shoes,
* Metal shoe ornaments, and;
* Others.
Besides that the SC also sells shoes buckle, shoes insoles, shoes tie,
shoes lace and related shoes accessories.
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 : 03-79811625
Match : N/A
Address Provided By Client : 4 JLN 14/108 C TAMNA SUNGAI BESI
57100 KUALA
LUMPUR
MALAYSIA
Current Address : 4, JALAN 14/108C, TAMAN SUNGAI BESI,
57100
KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
Match : YES
Latest Financial Accounts : NO
Investigation :
We have contacted the SC's Accountant and its Company Secretary for the latest
financial accounts. However they have rejected our request in view of the
confidentiality of the documents.
Other Investigations
We conducted an interview with one of the SC's staff from Admin &
Accounts Department. She revealed some information on the SC.
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.
ECONOMIC / INDUSTRY OUTLOOK
Major Economic Indicators : 2004 2005 2006 2007* 2008**
Population ( Million ) 25.58 26.13 26.64 27.17 27.73
Gross Domestic Products ( % ) 7.1 5.3 5.8 6.0 6.5
Domestic Demand ( % ) 7.5 7.3 7.0 9.0 6.8
Private Expenditure ( % ) 13.1 9.5 7.0 8.6 8.2
Consumption ( % ) 10.5 9.2 7.1 9.0 7.9
Investment ( % ) 25.8 8.5 7.0 7.1 9.5
Public Expenditure ( % ) <2.1> 3.6 6.8 10.1 3.2
Consumption ( % ) 6.0 5.4 5.0 10.8 5.5
Investment ( % )
<8.7> 1.9 8.9 9.3 0.5
Balance of Trade ( RM Million ) 80,663 99,760 108,192 99,965 99,599
Government Finance ( RM Million ) <19,419> <18,684> <19,109> <19,948> <20,933>
Government Finance to GDP / Fiscal Deficit (
% ) <4.3> <3.8> <3.3> <3.2> <3.1>
Inflation ( % Change in Composite CPI ) 1.4 3.1 3.9 4.0 4.0
Unemployment Rate ( % ) 3.5 3.5 3.4 3.5 3.3
Net International Reserves ( RM Billion ) 254 266 290 - -
Average 6 Months of Non-performing Loans ( %
) 13.84 13.63 12.91 - -
Average Risk-Weigthted Capital Adequacy
Ratio ( % ) 8.46 6.74 5.41 - -
Average Base Lending Rate ( % ) 5.99 6.00 6.61 - -
Business Loans Disbursed ( % ) 10.5 8.7 <2.5> - -
Foreign Investment ( MYR Million ) 13,143.9 17,882.9 20,228.0 - -
Registration of New Companies ( No.) 38,580 37,474 38,293 - -
Registration of New Companies ( % ) 6.8 <2.9> 2.2 - -
Liquidation of Companies ( No. ) 3,334 3,069 8,647 - -
Liquidation of Companies ( % ) <15.8> <7.9> 181.8 - -
Registration of New Business ( No. ) 189,206 193,095 216,147 - -
Registration of New Business ( % ) 4.6 2.1 11.9 - -
Business Dissolved ( No.) 51,301 73,355 52,879 - -
Business Dissolved ( % ) 7.0 43.0 <27.9> - -
Sales of New Passenger Cars ( '000 Unit ) 380.6 400.8 374.1 - -
Cellular Phone Subscribers ( Million ) 14.6 18.5 19.5 21.3 -
Tourist Arrival ( Million Persons ) 15.7 16.7 17.5 20.1 -
Hotel Occupancy Rate ( % ) 60.8 63.6 64.8 - -
Credit Cards Spending ( % ) 19.3 13.9 15.4 - -
Bad Cheque Offenders ( No.) 70,465.0 57,316.0 36,555.0 - -
Individual Bankruptcy ( No.) 16,251.0 15,868.0 13,596.0 - -
Individual Bankruptcy ( % ) 31.6 <2.4> <14.3> - -
INDUSTRIES ( % of Growth ) : 2004 2005 2006 2007* 2008**
Agriculture 5.0 2.5 5.3 3.1 3.5
Palm Oil 3.9 7.1 5.8 <0.6> -
Rubber 16.5 <2.9> 12.6 1.0 -
Forestry & Logging 4.3 2.0 <0.4> 2.8 -
Fishing 5.5 <0.4> 9.3 5.2 -
Other Agriculture 2.4 3.2 5.3 7.0 -
Industry
Non-Performing Loans ( RM Million ) 620.3 563.7 516.5 487.3 -
% of Industry
Non-Performing Loans 1.4 1.2 1.1 1.1 -
Mining 3.9 0.8 <0.4> 3.3 4.0
Oil & Gas 4.5 1.6 4.6 - -
Other Mining <8.0> <1.0> 5.1 - -
Industry
Non-Performing Loans ( RM Million ) 62.6 68.8 55.4 42.2 -
% of Industry
Non-Performing Loans 0.1 0.1 0.1 0.1 -
Manufacturing # 9.8 5.1 7.3 3.1 3.8
Export-oriented Industries 15.5 3.0 11.1 <1.9> -
Electrical & Electronics 17.8 3.6 13.4 3.0 -
Rubber Products 14.8 2.4 0.4 8.0 -
Wood Products 12.7 0.9 0.7 3.3 -
Textiles & Apparel <11.7> <4.4> 12.6 <10.1> -
Domestic-oriented Industries 9.7 6.9 5.0 5.3 -
Food, Beverages & Tobacco 3.8 7.7 4.8 5.6 -
Chemical & Chemical Products 14.6 6.9 1.7 9.2 -
Plastic Products 13.5 18.6 21.3 <3.6> -
Iron & Steel 2.7 <6.7> <6.9> 17.5 -
Fabricated Metal Products 29.2 <7.5> 20.0 26.2 -
Non-metallic Mineral <4.8> <6.0> <1.9> 6.6 -
Transport Equipment 8.6 10.4 5.3 <19.0> -
Paper & Paper Products 2.3 4.6 4.1 14.9 -
Crude Oil Refineries <2.4> 8.2 12.1 8.6 -
Industry
Non-Performing Loans ( RM Million ) 7,765.4 6,035.6 6,181.3 6,366.2 -
% of Industry
Non-Performing Loans 17.3 12.7 12.7 14.1 -
Construction <1.5> <1.6> <0.5> 5.2 6.3
Industry
Non-Performing Loans ( RM Million ) 5,547.7 5,172.7 5,527.3 5,116.7 -
% of Industry
Non-Performing Loans 12.4 10.9 11.4 11.3 -
Services 6.8 6.6 7.2 9.0 8.6
Electricity, Gas & Water 8.1 5.5 5.2 4.6 5.0
Transport, Storage & Communication 8.5 6.3 5.2 7.6 7.8
Wholesale, Retail, Hotel & Restaurant 7.1 8.0 7.1 11.6 10.0
Finance, Insurance & Real Estate 6.3 7.0 7.7 10.7 9.2
Government Services 6.5 7.6 9.8 4.6 8.6
Other Services 4.9 5.0 4.7 5.0 5.9
Industry
Non-Performing Loans ( RM Million ) 8,913.7 8,716.8 11,593.2 10,207.8 -
% of Industry
Non-Performing Loans 19.9 18.4 23.9 22.6 -
* Estimate
/ Preliminary
** Forecast
# Based On Manufacturing Production Index
( Source : Department of
Statistics / Economic Report / Bank
Negara Report )
INDUSTRY COMMENTS
MSIC CODE
51312 : Wholesale of footwear
INDUSTRY : TRADING
The spending spree is expected to continue in year 2007 with total sales
projected to hit a whopping RM64 billion. In the first quarter of 2007,
Malaysian Retailers Association (MRA) members estimate that the retail business
grew by an average 9.5%, supported largely by the supermarket and hypermarket
category, furniture and electrical & electronics and department store cum
supermarket.
Malaysian Retailers Association (MRA) expects the retail sector growth
to accelerate for year 2007 in anticipation of more tourist arrivals during
Visit Malaysia Year (VMY) 2007. Assuming that tourists' spending pattern
remained constant, the retail industry outlook would be "better" in
2007 as the government had projected tourist arrivals to increase to 21 million
from 16 million in 2006 in conjunction with the Visit Malaysia Year 2007. For
year 2006, receipts from shopping accounted for one quarter of total tourist
spending. In 2007, tourism receipts are expected to contribute over RM40
billion to the economy. Of this, RM9 billion is expected to go into shopping
alone.
Malaysian retailers in the country can look forward to another two years
of robust growth, ringing up sales to the tune of RM69.3 billion in 2008 and
RM74.88 billion in 2009. For 2007, sales growth in the first half was 8.2 per
cent, and it is expected that the second half to be between 7.5 and 8 per cent.
According to Retail Group Malaysia (RGM), retail growth is estimated to be end
this year at eight percent with total sales of RM64.2 billion. In 2008, RGM project another eight per cent growth
due to the uncertain US economy, which makes it too early to reduce or increase
the projection as the situation is still being observed.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH
COMMENTS
Formed in 2001 as a private limited company, the SC is principally engaged
in trading of shoe materials. It is a small business entity with paid-up
capital of RM500,000. The SC is mainly depending on a few specific clients for
its business operation.
The SC's business expansion opportunities are limited as it concentrates
solely on the local market. With the only concentration in the domestic market,
the SC is deemed to be in high risk compared to other export-oriented players
in the same industry and it is sensitive to the changes in the local economy.
The management of the SC is assisted by 15 staff in the operations. Overall the
management capability of the SC is weak.
No latest financial accounts are available at the Registry Office, thus
we are not able to comment on the SC's financial performance.
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.
This trading industry shows an upward trend and this is very likely to
sustain in the near future. However, being a small player in the industry, the
SC faces fierce competition from other well-established players.
In view of the above concern, we do not recommend the credit to be
granted to the SC.
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. |
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%)