MIRA
INFORM REPORT
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Report Date : |
14.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
HUA LOUNG HENG SDN BHD |
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Registered Office : |
46, Lorong Riang, Taman Riang, 12300 Butterworth, Pulau Pinang, |
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Country : |
Malaysia |
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Date of Incorporation : |
26.11.2002 |
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Legal Form : |
Exempt Private Company |
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Line of Business : |
Spices and Food Products |
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 : |
No Complaints |
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Litigation : |
Clear |
EXECUTIVE SUMMARY
LOCAL NO :
599894-U
COMPANY NAME :
HUA LOUNG HENG SDN BHD
FORMER NAME :
N/A
INCORPORATION DATE :
26/11/2002
COMPANY STATUS :
EXIST
LEGAL STATUS :
EXEMPT PRIVATE COMPANY
LISTED STATUS :
NO
REGISTERED ADDRESS :
46, LORONG RIANG, TAMAN RIANG, 12300 BUTTERWORTH,
PULAU PINANG, MALAYSIA.
BUSINESS ADDRESS :
46 LORONG RIANG, TAMAN RIANG, 12300 BUTTERWORTH,
PULAU PINANG, MALAYSIA.
TEL NO :
04 - 3329600
FAX NO :
04 - 3323395
CONTACT PERSON :
KOAY WEE LONG (DIRECTOR)
INDUSTRY CODE :
51239
PRINCIPAL ACTIVITY :
TRADING OF FOOD PRODUCT
AUTHORISED CAPITAL :
MYR500,000.00 DIVIDED INTO ORDINARY SHARE 500,000 OF
MYR1.0 0 EACH.
ISSUED AND PAID UP CAPITAL :
MYR300,000.00 DIVIDED INTO ORDINARY SHARE 300,000 CASH
OF MYR1.00 EACH.
SALES :
N/A
NET WORTH :
N/A
STAFF STRENGTH :
3 [2007]
BANKER (S) :
RHB BANK BHD
LITIGATION :
CLEAR
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 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) trading of food product.
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.
12300 Butterworth, Penang.
The major shareholder(s) of the SC are shown as follows :
Name Address
IC/PP/Loc No: Shareholding
MR. KOAY WEE LONG + 46,
LORONG RIANG, TAMAN RIANG,
12300 BUTTERWORTH,
PULAU PINANG,
MALAYSIA 8123792 150,000
530622-02-5041
MS. LIM IT SUAN + 46, LORONG RIANG, TAMAN RIANG, 6176094 150,000
12300 BUTTERWORTH, PULAU PINANG,
MALAYSIA.
610319-02-5794
--------------------
300,000
===========
DIRECTORS
DIRECTOR 1
Name of Subject : MR.
KOAY WEE LONG
Address :
46, LORONG RIANG, TAMAN RIANG, 12300 BUTTERWORTH, PULAU PINANG,
MALAYSIA.
IC / PP No. :
8123792
New IC No :
530622-02-5041
Date of Birth :
22/06/1953
Nationality :
MALAYSIAN CHINESE
Date of Appointment :
26/11/2002
DIRECTOR 2
Name of Subject : MS.
LIM IT SUAN
Address :
46, LORONG RIANG, TAMAN RIANG, 12300 BUTTERWORTH, PULAU PINANG,
MALAYSIA.
IC / PP No. :
6176094
New IC No :
610319-02-5794
Date of Birth :
19/03/1961
Nationality :
MALAYSIAN CHINESE
Date of Appointment :
26/11/2002
MANAGEMENT
1) Name of Subject : KOAY WEE LONG
Position : DIRECTOR
AUDITOR
No data was found in our databank
COMPANY SECRETARY
Company Secretary : MS. KER
SIEW LUAN
IC / PP No. :
5185194
New IC No. :
570614-08-5972
Address :
4A, LORONG SELAMAT, 10400 PULAU PINANG, PULAU PINANG, MALAYSIA.
Date of Appointment :
26/11/2002
BANKING
Banking relations are maintained principally with :
1) Banker Name : RHB
BANK BHD
ENCUMBRANCE (S)
ENCUMBRANCE 1
Date of Creation : 12
Apr 2004
Description of Charge :
N/A
Amount Secured :
RM 143,000.00
Description of Property Affected :
N/A
Name & Address of Chargee :
RHB BANK BHD
Form 40 Dated
Registered and Numbered 1 In The
Register of Charges
ENCUMBRANCE 2
Date of Creation : 12
Apr 2004
Description of Charge :
N/A
Amount Secured :
RM 95,000.00
Description of Property Affected :
N/A
Name & Address of Chargee :
RHB BANK 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 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
Import Countries : INDIA
, INDONESIA , MIDDLE EAST , EUROPE.
CLIENTELE
Local :
YES
Domestic Markets :
MALAYSIA.
Overseas :
YES
Export Market :
SINGAPORE , ASIA.
Credit Term : 30
- 60 DAYS.
Payment Mode : CHEQUES
, TELEGRAPHIC TRANSFER (TT).
Type of Customer : END
USERS , DEALERS .
OPERATIONS
Goods Traded :
SPICES & FOOD PRODUCTS
Competitor(s) :
HARPERS TRADING (MALAYSIA) SDN BHD
LUN HENG SDN BHD
MAGRI FOODS SDN BHD
SUSHI KIN SDN BHD
A CLOUET & CO (KUALA LUMPUR) SDN BHD
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 3
Branch : NO
Other Information :
The SC is principally engaged in the (as a / as an) trading of food
product.
The SC is a wholesaler of all kinds of spices.
The SC keeps stocks of the products.
The SC is also able to source the spices according to its customers'
requirements.
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 :
04-3329600
Match :
N/A
Address Provided By Client :
46 LORONG RIANG, TAMAN RIANG, 12300 BUTTERWORTH,
PENANG
Current Address :
46 LORONG RIANG, TAMAN RIANG, 12300 BUTTERWORTH,
PULAU PINANG, 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
On 22nd October 2007 we contacted one of the Senior staff from the SC
and she provided some information on 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.
BASIS COMMENTS
Incorporated in 2002, the SC is principally engaged in trading of food
products. Being an exempt private company with a paid up capital of RM300,000,
the shares are held equally by two major shareholders. Having been in the
market for almost five years, the SC should have established a satisfactory
reputation in the market.
Being a small and young company, the SC has slowly been building up
contacts with its customers. Apart catering to the domestic market, the SC has
penetrated into Asia countries in order to capture higher market shares. In
view of its wide market segment, the SC's business risk is moderate. At
present, there are 3 employees in its business operations and the SC's overall
management capability is regarded
average.
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.
We noted that the SC's products are sourced locally and internationally.
Being involved in import and export activities, the SC is subjected to currency
fluctuation risk.
The SC is clear of any litigation.
The industry remains robust and the upward trend is likely to sustain in
the near term. With the promising outlook of the industry performance, the SC
is required to implement aggressive marketing strategies in order to compete
with other well established players in the same industry.
In view of the above and based on our assessment, we do not recommend 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. |
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%)