MIRA INFORM REPORT

 

 

Report Date :           

25.08.2011

 

IDENTIFICATION DETAILS

 

Name :

HAGECAPS (M) SDN. BHD.

 

 

Registered Office :

C/O Advanced Corporate Resources Sdn.Bhd., Suite 10.02, 10th Floor, Bangunan Yayasan Selangor, 74, Jalan Raja Muda Abdul Aziz, Kuala Lumpur Province Wilayah Persekutuan Postal Code 50300

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

24.05.2001

 

 

Com. Reg. No.:

548644-P

 

 

Legal Form :

Private Limited Company Limited By Shares

 

 

Line of Business :

Subject was engaged in manufacturing of halal hard gelatin capsules used in the pharmaceuticals, nutraceuticals, herbal and supplements industries.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

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

 

Status :

Poor

Payment Behaviour :

Unknown

Litigation :

----

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Malaysia

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Identification details  Bottom of Form

 

 

Verified Address

 

Subject name                            HAGECAPS (M) SDN. BHD.

 

 

Business address                      Lot 5365, Lorong Jelawat 2

Seberang Jaya Industrial Park

 

Town                                         Seberang Jaya

Province                                    Pulau Pinang

Zip/postal code                          13700

Country :                                   Malaysia

Tel                                            +60 4 3990259

Fax                                           +60 4 3993259

Registered address        :           C/o ADVANCED CORPORATE RESOURCES SDN.BHD.

Suite 10.02, 10th Floor

Bangunan Yayasan Selangor

74, Jalan Raja Muda Abdul Aziz

 

Town                                         Kuala Lumpur

Province                                    Wilayah Persekutuan

Zip/postal code                          50300

Country :                                   Malaysia

Comments                                We tried to contact the Subject with the verified contact number however it has

been disconnected. We were also able to obtain numbers for the Subject's directors Mr. Ibrahim Bin Zainol and Ms. Noraini Binti Che Sab, unfortunately the numbers +6016 2270758 and +6016 2270759 was also disconnected. The verified numbers are the main contact details found on the Subject. It is believe that the Subject has ceased operations as we are unable to prove the existence of the physical address on the Subject.

 

 

Summary details

 

Executive Summary

 

Date founded or registered                     :   24/05/2001

 

Legal form                                            :   Private Limited Company Limited By Shares

 

Chief executive                                      :   Ibrahim Bin Zainol

 

Issued & paid up capital                         :   MYR 5,000,000

 

Sales turnover                                       : MYR 1,621,861 (Non-consolidated 12 months, 31/12/2007) Net income                                                 : MYR 240,785 (Non-consolidated 12 months, 31/12/2007) Total fixed assets                                                  :   MYR 6,890,060 (Non-consolidated 12 months,

                                                            31/12/2007)

Line of business                                    :   The Subject was previously engaged in manufacturing of halal hard

                                                            gelatin capsules.

Staff employed                                                                                               :   Nil (Subject)

 

 

Company Analysis

 

 

Country risk                                          Country risk is minimal

Operation trend                                     Operational trend is ceased

Management experience             Management is inadequately experienced

Financial performance                            Financial performance is collapsing

Organisation structure                            Organisational structure is flawed

Detrimental                                Serious detrimental records found

Payment history            :                                   No payment delays noted

Credit amount suggestion                       Fully secured terms.

Credit amount asked                              Not described.

Comments                                            It is strictly advisable not to grant any credit amount. The Subject has

been on losses and the future and stability of the company is in dismal.

 

In addition, it is believe that the Subject has ceased operation as we are

unable to prove the existence of the physical address of the Subject.

 

 

 

Statutory details

 

Registry Data

 

Registration date                                   24/05/2001

Legal form                                            Private Limited Company Limited By Shares

Registration no                                      548644-P

Registered authority                              Commission of Malaysia

Registry status                                      Live/Active

Previous name                                       None reported.

Change of legal form                               None reported.

 

 

Management directors

 

Key Management

Name                            Ibrahim Bin Zainol

Designation                   Managing

 

Director Name               Noraini Binti Che Sab

Designation                   Director

 

 

 

Board of directors / other appointments

 

Appointments

 

Name                            Ibrahim Bin Zainol

Designation       :           Director

Identification no  :           520428-02-5671

Appointment date           24/05/01

 

Address            :           49, Jalan USJ 17/4

UEP Subang Jaya

47630 Subang Jaya Selangor Darul Ehsan Malaysia

 

Name    :                       Noraini Binti Che Sab

Designation       :           Director

Identification no  :           590522-07-6030

Appointment date           24/05/01

Address            :           49, Jalan USJ 17/4

UEP Subang Jaya

47630 Subang Jaya Selangor Darul Ehsan Malaysia

 

Name    :                       Zaimidah Binti Abdul Majid

Designation       :           Company Secretary

Identification no  :           610420-05-5242

Appointment date           10/03/08

 

Address            :           No 8, Jalan BU 1/6, Taman Bukit Utama

Bukit Antarabangsa

68000 Ampang Selangor Darul Ehsan Malaysia

 

Name    :                       Normala Binti Embi

Designation                   Company Secretary

Identification no              650220-07-5122

Appointment date           10/03/08

Address                                  C-1-5,Vista Tasik Condominium

No 12, Jalan Sri Permaisuri

Bandar Sri Permaisuri

56000 Kuala Lumpur Wilayah Persekutuan Malaysia

Staff employed   :           Nil (Subject)

 

 

Key Advisors

Auditors                        Afrizan Tarmili Khairul Azhar (also known as AFTAAS)

No 2, Jalan Rampai Niaga 2

Rampai Business

Park 53300 Kuala Lumpur Wilayah

Persekutuan Malaysia

Share capital

 

Composition

 

Authorized Capital          MYR 5,000,000

 

No of shares      :           5,000,000 Ordinary Shares

 

Share par value  :           MYR 1

 

Issued capital    :           MYR 5,000,000

 

Paid up capital   :           MYR 5,000,000

 

Changed in capital         The Subject increased its share capital from MYR 100,000 to MYR 5,000,000 on

03-01-2002.

 

 

Ownership / shareholders

 

How listed                     Full List

 

Composition

 

Shareholder name          Ibrahim Bin Zainol

 

Address                        49, Jalan USJ 17/4

UEP Subang Jaya

47630 Subang Jaya Selangor Darul Ehsan Malaysia

No. of shares                 2,750,000 Ordinary Shares

Shareholder name          Noraini Binti Che Sab

Address                        49, Jalan USJ 17/4

UEP Subang Jaya

47630 Subang Jaya Selangor Darul Ehsan Malaysia

No. of shares                          2,250,000 Ordinary Shares

 

 

Related companies & corporate affiliations

 

Structure

 

Related companies and corporate

affiliations comments                              None reported.

 

Bank Details

 

Name of bank                                        Affin Bank Berhad

 

Address                                                Malaysia

 

Account details                                      Current Account

 

Comments                                             :   It is generally not the policy of local banks to provide credit status

information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

 

 

Mortgages                                                                            Total of Charge: 3,380,000

Date of Creation: 19-07-2002

Name of Chargee: BANK INDUSTRI TEKNOLOGI MALAYSIA BERHAD Charge Status: UNSATISFIED

 

Legal Fillings

Bankruptcy fillings          None reported.

Court judgements           None reported.

Tax liens           :           None reported.

Others  :                       None reported.

 

 

Financial. Data

 

Description

 

Source of financial statement                   :   Commercial Registry Filings

 

Financial statement date                         :   31/12/07

 

Type of accounts                                    :   Full audited

 

Currency                                                :   Malaysia, Ringgit (MYR)

 

Exchange rate                                        :   1 USD = MYR 2.97 as of 24/08/2011

 

 

Summarized Financial Information

 

Consolidation type                              :

Non Consolidated

Non Consolidated

Currency                                            :

Malaysia, Ringgit (MYR)

Malaysia, Ringgit (MYR)

Denomination                                     :

(x1) One

(x1) One

Date of financial year end                    :

31/12/07

31/12/06

Length of accounts                             :

12 months

12 months

Sale turnover / Income                         :

1,621,861

920,250

Gross profit                                        :

630,875

-130,400

Operating profit                                   :

387,401

-250,999

Profit before tax                                  :

240,785

-441,991

Net income                                        :

240,785

-441,991

Non current assets                             :

6,256,987

6,103,592

Current assets                                    :

633,073

586,813

Inventories                                          :

234,732

202,728

Total assets                                       :

6,890,060

6,690,405

Current liabilities                                 :

3,464,850

4,024,581

Non current liabilities                           :

3,367,461

2,848,860

Total liabilities                                    :

6,832,311

6,873,441

Share equity                                       :

57,749

-183,036

Retained earning                                 :

-2,442,251

-2,683,036

 

 

Comments                                             :   The Subject has yet to file for their latest financial statement at

the registry. It is believe that the Subject has ceased operation as we are unable to prove the existence of the physical address of the Subject.

 

 

 

Main activities                                       :   Subject's was previously engaged in manufacturing of halal

                                                            hard gelatin capsules used in the pharmaceuticals, nutraceuticals,

                                                            herbal and supplements industries.

 

It is believe that the Subject has ceased operation as we are unable to prove the existence of the physical address of the Subject.

 

 

Purchases

 

Local                            None.

International                   None.

 

 

Sales

 

Local                            None.

International                   None.

 

Property & Assets

 

 

Premises                                              :   The Subject was previously operating from the verified heading address consisting of production facilities, warehouse and administrative office. . It is believe that the Subject has ceased operation as we are unable to prove the existence of the physical address of the Subject.

Branches                                                                                                       :   None reported.

 

 

Summarized country risk

 

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                         :   Central Bank of Malaysia

 

Reserve of foreign exchange & gold         :   US$ 136.1 billion as of 15 August 2011

 

Gross domestic product - GDP               :   US$ 247.781 billion

 

GPP (Purchasing power parity)               :   442.01 billion of International dollars

 

GDP per capita - current prices              :   US$ 8,624

 

GDP - composition by sector                  Agriculture: 9.4%

Industry: 40.9%

Services: 49.7%

 

Inflation :                                               2008: 5.4%

2009: 0.6%

2010: 1.7%

 

Unemployment rate                                2008: 3.3%

2009: 3.6%

2010: 3.3%

 

Public debt

(General Government gross

debt as a % GDP)                                  2008: 42.8%

2009: 55.4%

2010: 54.2%

 

Government bond ratings                        Standard & Poor's: A-/Stable/A-2

Moody's rating: A3

Moody's outlook: STA

 

Market value of publicly traded shares      US$255.952 billion

Largest companies in the country           :   CIMB Group Holdings (Banking), Sime Darby (Conglomerates),

                                                            Public Bank (Banking), Maybank (Banking), Tenaga Nasional

                                                            (Utilities), Petronas Chemicals, Maxis Berhad

 

Trade & Competitiveness Overview

 

 

Total exports                                         :   US$210.3 billion

 

Exports commodities                             :   electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals

Total imports                                         :   US$156.2 billion

 

Imports commodities                             :   electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals

Export - major partners                          :   US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%, Hong Kong 4.6%

Import - major partners                           :   Japan 13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan

5.7%,Thailand 5.3%, South Korea 4.9%, Germany 4.6%, Indonesia 4.2%

 

FDI Inflows                                            2007: US$8,538 million

2008: US$7,318 million

2009: US$1,381 million

 

FDI Outflows                                          2007: US$11,280 million

2008: US$14,988 million

2009: US$8,038 million

 

Best countries for doing business           :   21 out of 183 countries

 

Global competitiveness ranking              :   26 (ranking by country on a basis of 133, the first is the best)

 

 

Country & Population Overview

 

Total population                                    :   28.23 million

 

Total area                                             :   329,847 km2

 

Capital                                                 :   Kuala Lumpur

 

Currency                                                                                                      :   Malaysia Ringgits (MYR)

 

 

Internet users as % of total population     :   57.61%

 

 

Purchase Term

 

Local                                                    :   None

International                                          :   None

 

Sales Term

 

Local                                                    :   None

International                                          :   None

 

Trade Reference/ Payment Behaviour

 

 

Comments                                            As local and international trade references were not supplied, the

                                                            Subject's payment track record history cannot be appropriately

                                                            determined but based on our research, payments are believed to be met

without delay.

 

Investigation Note

 

Sources                                               :   Official and local business sources

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.77

UK Pound

1

Rs.75.58

Euro

1

Rs.65.97

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.