MIRA
INFORM REPORT
|
Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
EZ LUMBER (M) SDN BHD |
|
|
|
|
Registered Office : |
1-1, Jalan 3/116d, Kuchai Entrepreneurs Park, 1st Flr, 58200 Kuala
Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2003 |
|
|
|
|
Date of Incorporation : |
28/10/2000 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Supplier of Timber Product |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
* Adopted
abbreviations : SC - Subject Company ( the company enquired
by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 530303-V
COMPANY NAME : EZ LUMBER (M) SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 28/10/2000
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 1-1, JALAN 3/116D,
FLR,
58200
BUSINESS ADDRESS : LEISURE COMMERCE SQUARE, BLOCK B2,
5TH FLOOR,
TEL NO : 03 - 78777686/7699
FAX NO : 03 - 78777818
CONTACT PERSON : BERNARD WANG LOKE HENG (MANAGING
DIRECTOR)
INDUSTRY CODE : 51431
PRINCIPAL ACTIVITY : SUPPLIER OF TIMBER PRODUCT
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 : MYR4,866,448 [2003]
NET WORTH : MYR709,439 [2003]
STAFF STRENGTH : 3
[2007]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : N/A
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : HIGH
GENERAL REPUTATION : SATISFACTORY
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) supplier of timber
product.
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. LOCK YOU HUA + 20, SRI MANGGA 4,
75250
MELAKA,
MS. CHEN CHUI NGOH + 9, JALAN BESAR, 18300 GUA MUSANG, 5453813 100,000
MR. BERNARD WANG LOKE 1, JALAN 18, KAWASAN 16,
HENG + 41300
KLANG,
MR. LEE HONG WEE + 44, JALAN PEKAN BARU,
41150
KLANG,
MR. LOCK YOU SENG + 9374-C,
75150
MELAKA,
MR. GOH HOA SENG 6831176 50,000
620826-04-5027
--------------------
500,000
===========
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. LOCK YOU HUA
Address : 20, SRI MANGGA 4,
IC / PP No. : 5123767
New IC No : 570215-04-5383
Date of Birth : 15/02/1957
Nationality : MALAYSIAN CHINESE
Date of Appointment : 13/04/2001
DIRECTOR 2
Name of Subject : MS. CHEN CHUI NGOH
Address : 9, JALAN BESAR, 18300 GUA MUSANG,
IC / PP No. : 5453813
New IC No : 580609-06-5132
Date of Birth : 09/06/1958
Nationality : MALAYSIAN CHINESE
Date of Appointment : 13/04/2001
DIRECTOR 3
Name of Subject : MR. BERNARD WANG LOKE HENG
Address : 1, JALAN 18, KAWASAN 16,
IC / PP No. : A1585457
New IC No : 700704-10-5669
Date of Birth : 04/07/1970
Nationality : MALAYSIAN CHINESE
Date of Appointment : 28/10/0200
DIRECTOR 4
Name of Subject : MR. LEE HONG WEE
Address : 44, JALAN PEKAN BARU,
IC / PP No. : A1484605
New IC No : 700309-10-5191
Date of Birth : 09/03/1970
Nationality : MALAYSIAN CHINESE
Date of Appointment : 28/10/0200
DIRECTOR 5
Name of Subject : MR. LOCK YOU SENG
Address : 9374-C,
IC / PP No. : 4247664
New IC No : 520505-04-5511
Date of Birth : 05/05/1952
Nationality : MALAYSIAN CHINESE
Date of Appointment : 13/04/2001
MANAGEMENT
1) Name of Subject : BERNARD
WANG LOKE HENG
Position : MANAGING DIRECTOR
AUDITOR
Auditor : LAW & ASSOCIATES
Auditors' Address : 1-2, JALAN 3/116D,
LUMPUR,
WILAYAH
COMPANY SECRETARY
1) Company Secretary : MS.
LEE VERN YEING
IC / PP No. : A2818045
New IC No. : 740516-14-5440
Address : 4, JALAN LANG PERUT PUTIH 9, KEPONG BARU, 52100 KUALA
LUMPUR,
WILAYAH
Date of Appointment : 02/05/2006
2) Company Secretary : MS.
LOW POOI MING
IC / PP No. : A0653416
New IC No. : 670407-10-6150
Address : 17, JALAN KELICAP 41, KAWASAN 17, OFF JALAN MERU, 41050
KLANG,
Date of Appointment : 28/10/2000
BANKING
Banking relations are maintained principally with :
1) Banker Name : MALAYAN
BANKING BHD
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 : 11 Jul 2001
Description of Charge : N/A
Amount Secured : RM 500,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 1 In The
Register of Charges
ENCUMBRANCE 2
Date of Creation : 03 Jun 2003
Description of Charge : N/A
Amount Secured : RM 2,800,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 2 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 : 100%
Overseas : NO Percentage : 0
%
CLIENTELE
Local : NO Percentage : 0
%
Overseas : YES Percentage : 100%
Export Market : EUROPE,
Credit Term : 30 DAYS.
Payment Mode : LETTER OF CREDIT (LC).
Type of Customer : END USERS.
OPERATIONS
Goods Traded : TIMBER
Competitor(s) : MERBOK MDF SDN BHD
KPS
PLYWOOD SDN BHD
COSTRACO
SDN BHD
SHIN
YANG TRADING SDN BHD
ASIAPRIMA
RESOURCES SDN BHD
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 3
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 : 03-78777686/7699
Match : N/A
Address Provided By Client : LEISURE COMMERCE SQUARE, BLOCK B2,
SUITE
527,
5TH FLOOR, NO 9, JALAN PJS 8/9 46150
PETALING
JAYA, SELANGOR
Current Address : LEISURE COMMERCE SQUARE, BLOCK B2,
5TH
FLOOR,
PETALING
JAYA,
Match : YES
Latest Financial Accounts : NO
Investigation :
We have contacted the SC's Company
Secretary for the latest financial accounts (2006). According to them, the SC's
financial account is until 2003 and 2004 to 2006 is under preparation.
Other Investigations
We conducted an interview with the SC's Managing Director, Mr Bernard.
He furnished us some information on the SC.
FINANCIAL COMMENTS
The SC's latest available financial accounts with the Registrar of
Companies are for the year 2003 only. We are of the opinion that the financial
accounts are outdated and our comment on the SC's financial is restricted
thereto.
Overall financial condition of the SC: N/A
COMMENTS
Incorporated in 2000, the SC is principally engaged as a supplier of
timber products. Being a private limited company with a small paid up capital
of RM500,000, the SC may face difficulties in expanding its business when the
needs arise. Throughout its years of establishment, the SC should have
developed a satisfactory reputation in the market.
Being a small and young company, the SC has slowly been building up contacts
with its customers in the market. Information revealed that the SC exports all
its timber products to other countries such as Europe and
The SC's latest available financial accounts with the Registrar of
Companies are for the year 2003 only. We are of the opinion that the financial
accounts are outdated and our comment on the SC's financial is restricted
thereto.
Information revealed that the SC's supplies are sourced locally. Over
the years, the SC should have established a stable supplier base in the market.
The SC is clear of any litigation.
The industry remains attractive with the encouraging global demand for
its products. Nevertheless, the industry is quite competitive and the SC is required
to implement aggressive competitive strategies in order to compete with other
well established players in the same industry.
In view of the above, we recommend credit be granted to the SC under
guarantee.
THE FINANCIAL
STATEMENTS WERE PREPARED
IN ACCORDANCE WITH
STANDARD.
PROFIT AND LOSS ACCOUNT
EZ
LUMBER (M) SDN BHD
31-December-2003
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Turnover 4,866,448.00
Operating
Revenue 0.00
----------------------------
Profit
/ (Loss) Before Tax 44,174.00
----------------------------
Profit
/ (Loss) After Tax 30,674.00
Extraordinary
Item 0.00
Minority
Interest 0.00
----------------------------
Profit/(Loss)
Attributable to Shareholders 30,674.00
----------------------------
Prior
Period Adjustment 0.00
Net
Dividend 0.00
Transferred
To/From Reserved 0.00
Others 0.00
----------------------------
Unappropriated
Profit/(Loss) Brought Forward 178,765.00
----------------------------
Unappropriated
Profit/(Loss) Carried Forward 209,439.00
================
BALANCE SHEET
EZ
LUMBER (M) SDN BHD
31-December-2003
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Fixed
Assets 65,808.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 3,490,287.00
Intangible
Assets 0.00
Other
Assets 0.00
----------------------------
Total
Assets 3,556,095.00
================
Working
Capital 652,131.00
Issued Capital 500,000.00
Paid
Up Capital 500,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) 209,439.00
----------------------------
Shareholder's
Fund/Equity 709,439.00
----------------------------
Current
Liabilities 2,838,156.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 8,500.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 3,556,095.00
================
Contingent
Liabilities 0.00
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%)