MIRA
INFORM REPORT
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Report Date : |
17.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
PROFITERA CORPORATION SDN BHD |
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Registered Office : |
568-3-28, Mutiara Complex, 3 1/2 Mile, Jalan Ipoh, 3rd Floor,
51200 Kuala Lumpur, Wilayah Persekutuan |
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Country : |
Malaysia |
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Date of Incorporation : |
19/05/1999 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developing, Marketing, Distributing of Software Product, providing
After Sale Service and Support |
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. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Exists |
* Adopted
abbreviations : SC - Subject Company ( the company enquired
by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 483922-V
COMPANY NAME : PROFITERA CORPORATION SDN BHD
FORMER NAME : KS EMINENT ADVANCE SYSTEMS SDN BHD (05-03-2001)
INCORPORATION DAT E : 19/05/1999
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 568-3-28, MUTIARA COMPLEX, 3 1/2
MILE, JALAN IPOH, 3RD
FLOOR,
51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
BUSINESS ADDRESS : NO 37-1, JALAN SEPAH PUTERI 5/1B,
KOTA DAMANSARA,
47810
PETALING JAYA, SELANGOR, MALAYSIA.
TEL NO : 03 - 61578886
FAX NO : 03 - 61578881
CONTACT PERSON : KESHMAHINDER SINGH (CEO)
INDUSTRY CODE : 72200
PRINCIPAL ACTIVITY : DEVELOPING, MARKETING, DISTRIBUTING
OF SOFTWARE
PRODUCT, PROVIDING
AFTER SALE SERVICE AND
SUPPORT
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 : 50
[2007]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : TRACED
FINANCIAL CONDITION : N/A
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : STRONG 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) developing,
marketing, distributing of software product, providing after sale service and
support.
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. KESHMAHINDER SINGH 2, JALAN MELOR 3B, BANDAR BUKIT 670105-10-6585 495,000
A/L MANJEET SINGH + BERUNTUNG, 48300 RAWANG, SELANGOR,
MALAYSIA.
MS. PARKASH KAUR D/O 6354132 5,000
SADHU SINGH 611115-10-5658
--------------------
500,000
===========
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. KESHMAHINDER SINGH A/L MANJEET
SINGH
Address : 2, JALAN MELOR 3B, BANDAR BUKIT
BERUNTUNG, 48300
RAWANG,
SELANGOR, MALAYSIA.
IC / PP No. : N/A
New IC No : 670105-10-6585
Date of Birth : 05/01/1967
Nationality : MALAYSIAN OTHER
Date of Appointment : 10/01/2002
DIRECTOR 2
Name of Subject : MR. SERJIT SINGH A/L BASANT SINGH
Address : V2-01-11, JALAN PERSIARAN MULIA, GOOD
YEAR COURT 9,
47600
SUBANG JAYA, SELANGOR, MALAYSIA.
IC / PP No. : A0383638
New IC No : 660314-10-6179
Date of Birth : 14/03/1966
Nationality : MALAYSIAN OTHER
Date of Appointment : 10/07/2001
MANAGEMENT
1) Name of Subject : KESHMAHINDER
SINGH
Position : CEO
2) Name of Subject : JENNY
KAUR
Position : SENIOR BUSINESS DEVELOPMENT MANAGER
3) Name of Subject : GANESH
Position : PROJECT MANAGER
AUDITOR
Auditor : KHAIRUL AFRIZAN KHAIRUDIN &
PARTNERS
Auditors' Address : BANGUNAN YAYASAN SELANGOR, 74 JALAN
RAJA MUDA, 10TH
FLOOR
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
COMPANY SECRETARY
1) Company Secretary : MR.
SOORI BAPOO A/L KUANDIAH
IC / PP No. : A2518614
New IC No. : 730524-10-5677
Address : 1, JALAN 3/16, TAMAN BIDARA, 68100 BATU CAVES,
SELANGOR,
MALAYSIA.
Date of Appointment : 09/05/2007
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)
ENCUMBRANCE 1
Date of Creation : 21 Nov 2001
Description of Charge : N/A
Amount Secured : RM 750,000.00
Description of Property Affected : N/A
Name & Address of Chargee : BUMIPUTRA-COMMERCE BANK BHD
Form 40 Dated
Registered and Numbered 1 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 Malaysia
back dated since 1900.
LEGAL ACTION
Code No : 52 Case
No : 1474
Year : 2006 Place : KUALA
LUMPUR
Court : SESSIONS COURT
Solicitor : AZAM, BABA & AQMAR
Solicitor Ref : ABA/SF/979/MBB/AWP/HP/KLM-NBO
Plaintiff : MALAYAN BANKING BHD
Defendants : PROFITERA CORPORATION SDN BHD
(483922)
S7
CENTREPOINT, LEBUH BDR UTAMA, LEVEL 2, 47800
PETALING JAYA,
SELANGOR.
SERJIT
SINGH S/O BASANT SINGH (A0383638/660314-10-6179)
V2-01-11 JLN PERSIARAN MULIA,
GOOD YEAR COURT 9,
47600
PETALING JAYA, SELANGOR.
KESHMAHINDER
SINGH S/O MANJEET SINGH (A0607235/670105-10-6585)
8 JLN TELAWI 6, BANGSAR BARU,
59100 KUALA LUMPUR.
Amount Claimed : 35,669.78
Nature of Claim : LOAN
Remarks : STAR 26.5.2006
Code No : 22 Case
No : 1634
Year : 2003 Place : KUALA
LUMPUR
Court : HIGH COURT
Solicitor : RASTAM SINGA & CO
Plaintiff : BUMIPUTRA-COMMERCE BANK BHD
Defendants : PROFITERA CORPORATION SDN BHD
(483922)
S7 CENTREPOINT,
LEBUH BDR UTAMA, LEVEL 2, 47800
PETALING
JAYA, SELANGOR.
SERJIT
SINGH S/O BASANT SINGH (A0383638/660314-10-6179)
V2-01-11 JLN PERSIARAN MULIA,
GOOD YEAR COURT 9,
47600
PETALING JAYA, SELANGOR.
Amount Claimed : 743,166.65
Nature of Claim : LOAN
Remarks : LIST
NOTE: Please check with creditors
for confirmation as alleged debts may have been paid since recorded or are
being disputed. The person who has been sued has the same name as the subject. However,
we are unable to determine whether the person sued is the one and the same
person.
No winding up petition was found in our data bank
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : YES
Overseas : YES
CLIENTELE
Local : YES
Domestic Markets : MALAYSIA.
Overseas : YES
Export Market : INDIA , SRI LANKA , SINGAPORE ,
THAILAND , INDONESIA.
Credit Term : AS AGREED.
Payment Mode : CHEQUES , TELEGRAPHIC TRANSFER (TT).
Type of Customer : INFORMATION TECHNOLOGY INDUSTRY .
OPERATIONS
Services : DEVELOPING OF SOFTWARE
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 50
Branch : NO
RECENT DEVELOPMENT
Malaysia-based independent software vendors (ISV) Profitera sidestepped
a myriad of business and technical challenges when it turned to computing giant
IBM for leverage on software testing and development. KeshMahinder Singh,
founder and chief executive of Profitera, said Big Blue's Innovation Center in
Malaysia helped his company gained quantifiable advantages, which he would not
have experienced otherwise. "With [the center], a local ISV like us can
gain access to hardware, software test tools, deep access to research and
development expertise, and the IBM knowledge base--all for free,"
KeshMahinder told ZDNet Asia, on the sidelines of a media briefing Wednesday.
The SC, an ISV specializing in revenue collections and debt recovery management
software, is headquartered in Malaysia and has offices in United States.
Officially opened in October last year, the Malaysian IBM Innovation Center
(IIC)--costing over US$3 million--is the sixth of such facilities in the
Asia-Pacific region, and one of 33 around the world. The other innovation
centers in the region are located in Bangalore, Seoul, Shanghai, Sydney and
Tokyo. It provides the IT vendor's ISV partners access to in-depth IBM skills
and cross-platform test environments aimed at helping them design, implement,
port and test their software applications.
Since the opening of the IIC, KeshMahinder said SC has enjoyed significant
cost savings from the use of its tools and services. "If we had to test
our applications in a [Microsoft] Windows environment, we would need to invest
in two four-CPU Intel [servers] and all the associated [software] licenses just
to power the application server and the database server," he explained. In
fact, KeshMahinder revealed, SC was able to tap on this particular advantage
when the company pitched its products and services to a potential customer,
Jakarta, Indonesia-based Bank Mandari. Charles Manuel, IBM's regional manager
for ISV and developer relations, said Big Blue also provides the IIC's
facilities to partners in the Philippines, Thailand and Singapore, in industry
segments that include banking, insurance, manufacturing and healthcare. "IBM
has invested close to US$1 billion worldwide in its partner organization and
ISV program, which includes program development and execution," Manuel
said. "Our goal is to utilize the IIC to aid our partners such as
Profitera, to go to market and succeed with their sales."
The SC is confident of good growth in the niche market of revenue
collection solutions with its PowerCollect system. Its president and chief
executive officer Kesh Mahinder Singh said the company is targeting to increase
its revenue from RM6 million this year to RM10 million in 2006.He said the
market opportunity for SC is growing, based on the bad debt growth in the
Asia-Pacific region. It is reported that bad loans in Asia currently already
hit US$2 trillion (RM7.56 trillion), and the household loan in countries like
Malaysia has already reached 56 per cent of the gross domestic product (GDP).In
facing bad loans issues and maintaining smooth revenue collection processes,
Kesh Mahinder said companies such as the financial institutions,
telecommunications companies(telcos), insurance firms, and even Government need
to have a good revenue collection system.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
Telephone Number Provided By Client : 61578886
Current Telephone Number : 03-61578886
Match : YES
Address Provided By Client : 37-1, JALAN SEPAH PUTERI 5/1B, KOTA
DAMANSARA,
47810 PETALING JAYA SELANGOR
Current Address : NO 37-1, JALAN SEPAH PUTERI 5/1B,
KOTA
DAMANSARA,
47810 PETALING JAYA, SELANGOR,
MALAYSIA.
Match : YES
Latest Financial Accounts : NO
Investigation :
We have contacted Mr Soori the SC's Company Secretary for the latest
financial accounts. However he has refused to provide the financial accounts
due to the confidentiality of the information.
Other Investigations
We conducted an interview with Ms Rina Chopra from the SC's Admin
Department. She revealed some information pertaining to 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.
COMMENTS
Incorporated in 1999 as a private limited company, the SC is principally
engaged in developing, marketing, distributing of software products. Besides,
the SC also provides after sales service to its customers. Being a private
limited company, the SC's paid up capital stands at RM500,000. Throughout its
years of establishment, the SC has slowly been building up contacts with its
customers and suppliers in the market.
Besides catering to the local market, some of the SC's products are
exported to India, Sri Lanka, Singapore and etc in order to capture higher
market shares. The wider market segments has enabled the SC to secure more
business opportunities and diversified its business risk. Presently, the
business activities of the SC are overseen by its CEO, Keshmahinder Singh
assisted by 50 employees in its operations.
Our comments on the SC's overall performance however are restricted due
to the unavailability of its latest financial statements.
The SC sources its products from both local and overseas countries.
Being involved in import and export activities, the SC is subjected to currency
fluctuation risk.
The SC is clear of any litigation.
The Information and Communication Technology industry remains attractive
with the continuous investment in advance technology. Moreover, the continuous
efforts implemented by the government to boost the IT sector will contribute
favourable business potential in the industry. With the promising outlook of
the industry performance, the SC should adopt more competitive strategies in
order to compete with other well established players.
In view of the above and based on our assessment, we recommend credit be
granted to the SC under reliable 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. |
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%)