MIRA INFORM REPORT

 

 

Report Date :           

27.08.2011

 

IDENTIFICATION DETAILS

 

Name :

JIN WEI (M) SDN. BHD.

 

 

Registered Office :

No. 9-1 Jalan 11, Taman Kepong, Kuala Lumpur Province Wilayah Persekutuan Zip/postal code  52100

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

28.12.1989

 

 

Com. Reg. No.:

191483-M

 

 

Legal Form :

Private Limited Company Limited By Shares

 

 

Line of Business :

Importer, exporter and dealer of palm oil products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 220,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

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                                     :    JIN WEI (M) SDN. BHD.

 

 

Business address          :                       Unit 1007, 10th Floor Block B

Pusat Dagangan Phileo Damansara II

15, Jalan 16/11, Off Jalan Damansara

 

Town     :                                               Petaling Jaya

 

Province                                             :    Selangor Darul Ehsan

 

Zip/postal code                                   :    46350

 

Country                                              :    Malaysia

 

Tel                                                     :    +60 3 79541709 / 79541730

 

Fax                                                    :    +60 3 79541849

 

Registered address                             :    No. 9-1 Jalan 11

Taman Kepong Town      :                                                         Kuala Lumpur Province      :                                                         Wilayah Persekutuan Zip/postal code                                   :    52100

Country                                                                                                      :        Malaysia

 

 

 

Summary details

 

Executive Summary

 

Date founded or registered                     :   28/12/1989

 

Legal form                                            :   Private Limited Company Limited By Shares

 

Chief executive                                      :   Chiang Mei Leng

 

Issued & paid up capital                         :   MYR 1,000,000

 

Sales turnover                                       :  MYR 7,360,261 (Non-consolidated 12 months, 31/12/2009) Net income                                                 :  MYR 221,355 (Non-consolidated 12 months, 31/12/2009) Total fixed assets                                                  :   MYR 9,714,869 (Non-consolidated 12 months, 31/12/2009) Line of business                                              :   Importer, exporter and dealer of palm oil products.

Staff employed                                                                                               :   8 including directors

 

 

Credit risk opnion

 

Company Analysis

 

Country risk       :                       Country risk is minimal

Operation trend  :                       Operational trend is steady

Management experience Management is reasonably experienced

Financial performance    :           Financial performance is fair

Organisation structure    :           Organisational structure is stable

Detrimental        :           No detrimental records found

Payment history                                    No payment delays noted

Credit amount suggestion     USD 220,000

Credit amount asked              :                       Not described.

 

 

Statutory details

 

Registry Data

 

Registration date            28/12/1989

Legal form                     Private Limited Company Limited By Shares

Registration no              191483-M

Registered authority       Companies Commission of Malaysia

Registry status  :           Live/Active

Previous name   :           None reported.

Change of legal form       None reported.

 

Management / directors

 

Key Management

 

Name                           :      Chiang Mei Leng

 

Designation                   :      Director

 

Name                           :      Chin Cha Wat

 

Designation                                                   :            Director

 

Appointments

 

Name    :                       Chin Cha Wat

Designation       :           Director

Identification no  :           540305-10-5039

Appointment date           21/07/11

 

Address            :           1110, Jalan 30

Taman Kepong              52100 Kuala Lumpur Wilayah Persekutuan Malaysia

Name    :                       Chiang Mei Leng

Designation       :           Director

Identification no  :           590817-10-5724

Appointment date           28/12/89

Address            :           No. 22,Jalan Keruing

Bukit Bandaraya

59100 Kuala Lumpur Wilayah Persekutuan Malaysia

 

Name    :                       Lee Wai Ching

Designation       :           Company Secretary

Identification no  :           640222-08-5034

Appointment date           15/12/05

Address            :           2112 Jalan E5/19

Taman Ehsan

Kepong 52100

Kuala Lumpur Wilayah Persekutuan Malaysia

Staff employed   :           8 including directors

 

Key advisors

Auditors            :           K.S.CHAI & CO.

No. 9-M, Jalan 11

Taman Kepong

52100 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 1,000,000

 

Paid up capital                                      :   MYR 1,000,000

 

Changed in capital                                                                                       :   The Subject increased its share capital from MYR 4,500,000 to MYR

                                                                                                                        5,000,000.

 

 

Ownership / share holders

 

 

How listed                                            :   Full List

 

Composition

 

Shareholder name                                  :   Sow Thiam Poh

 

Address                                                No. 22,Jalan Keruing

Bukit Bandaraya

59100 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares                                        :   600,000 Ordinary Shares

 

Shareholder name                                 :   Chiang Mei Leng

 

Address                                                :   No. 22, Jalan Keruing

Bukit Bandaraya

59100 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares                                                                                                :   400,000 Ordinary Shares

 

 

Related companies & corporate affilitaions

 

Structure

 

Name                            CRESTMONT SDN BHD

Affiliation type                Associate

Address                        Lot 30 (1st Floor), Jalan BRP 9/1D Perusahaan Bukit Rahman Putra

47000 Sungai Buloh Selangor Darul Ehsan Malaysia

 

 

Name                            HWEE NIK (M) SDN BHD

Affiliation type                Associate

Address                        Lot 30 (1st Floor), Jalan BRP 9/1D Perusahaan Bukit Rahman Putra

47000 Sungai Buloh Selangor Darul Ehsan Malaysia

 

Name                            TIMURAN ENTERPRISE

Affiliation type                Associate

Address                        Unit 1007, 10th Floor Block B

Pusat Dagangan Phileo Damansara II

15, Jalan 16/11, Off Jalan Damansara

Petaling Jaya 46350

Selangor

Malaysia

 

Name                            SHINGTON HOLDINGS SDN BHD

Affiliation type                Associate

Address                        Unit 1007, 10th Floor Block B

Pusat Dagangan Phileo Damansara II

15, Jalan 16/11, Off Jalan Damansara

Petaling Jaya 46350

Selangor

Malaysia

bank  & mortgages

 

Bank Details

 

Name of bank                                        Malayan Banking Berhad (Maybank)

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: 500,000.00

Date of Creation: 08-01-1996

Name of Chargee: RHB BANK BERHAD Charge Status: UNSATISFIED

 

Total of Charge: 300,000.00

Date of Creation: 29-08-2000

Name of Chargee: MALAYAN BANKING BERHAD Charge Status: UNSATISFIED

 

Total of Charge: 3,200,000.00

Date of Creation: 03-11-2000

Name of Chargee: MALAYAN BANKING BERHAD Charge Status: UNSATISFIED

 

Total of Charge: 2,300,000.00

Date of Creation: 23-05-2006

Name of Chargee: MALAYAN BANKING 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                        :   31/12/09

 

Type of accounts                                   :   Full audited

 

Currency                                              :   Malaysia, Ringgit (MYR)

Exchange rate                                                                                               :   1 USD = MYR 2.99 as of 25-08-2011

 

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                    :

31/12/09

31/12/08

Length of accounts                             :

12 months

12 months

Sale turnover / Income                         :

7,360,261

7,992,428

Gross profit                                        :

732,404

812,890

Operating profit                                   :

437,884

187,681

Profit before tax                                  :

289,255

-44,589

Net income                                        :

221,355

-80,602

Non current assets                             :

4,152,511

4,882,460

Current assets                                    :

5,562,358

803,910

Inventories                                          :

3,423,615

00.00

Total assets                                       :

9,714,869

5,686,370

Current liabilities                                 :

6,960,944

2,964,012

Non current liabilities                           :

735,818

925,606

Total liabilities                                    :

7,696,762

3,889,618

Share equity                                       :

2,018,107

1,796,752

Retained earning                                 :

1,018,107

796,752

 

Main activities                                    :   The Subject is engaged as an importer, exporter and dealer of palm oil products.

Purchases

 

International                                          :   Asian countries

 

 

Sales

 

Local                                                    :   Yes

 

International                                          :   Myanmar, Vietnam, Europe, Africa, Mauritius, Sri Lanka, Nepal, India, Bangladesh and Pakistan

 

Property & Assets

Premises                                              :   The Subject operates from premises located at the verified

                                                            heading address consisting of administrative office.

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 woodproducts, palm oil, rubber, textiles, chemicals

Total imports                                         :   US$156.2 billion

 

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

 

Export - major partners                          :   US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%, HongKong 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 and 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%

 

 

Payments history

 

Purchase Term

 

International                                          :   L/C, Prepayment, Credit up to 90 days

 

 

Sales Term

 

Local                                                    :   Cash against document, Prepayment, Credit up to 90 days

 

International                                          :   L/C, Prepayment, Credit up to 90 days

 

 

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                                               :   Interviews and material provided by the Subject

 

:   Other official and local business sources

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.05

UK Pound

1

Rs.75.20

Euro

1

Rs.66.48

 

 

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.