MIRA INFORM REPORT
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Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
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Name : |
SLEEP FOCUS SDN. BHD. |
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Formerly Known As : |
SUASA KETARA SDN. BHD. |
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Registered Office : |
C/O Ptp Corporate Services Sdn Bhd Suite. 13a.01(A), Level, 13awisma Goldhill, 67 Jalan Raja Chulan, Kuala Lumpur, Wilayah Persekutuan, Zip/Postal Code 50200 |
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Country : |
Malaysia |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
07.09.1996 |
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Com. Reg. No.: |
401252-V |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Design and manufacturing of home linen and bedding accessories |
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No. of Employees : |
360 employees (Subject) 800 (Yoong Onn Group) |
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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Maximum Credit Limit : |
USD 600,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Malaysia |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Identification details
Verified Address
Subject name : SLEEP FOCUS SDN. BHD.
Business address : Lot No. PT 16690-16692
Jalan Permata 2
Arab-Malaysian Industrial Park
Town : Nilai
Province : Negeri Sembilan
Zip/postal code : 71800
Country : Malaysia
Tel : +60 6 7996012
Fax : +60 6 7997015
Website : www.yoongonn.com
Registered address : C/o PTP CORPORATE SERVICES SDN BHD Suite. 13A.01(A), Level
13A Wisma Goldhill
67 Jalan Raja Chulan
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal code : 50200
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 07/09/1996
Legal form : Private Company Limited By Shares
Chief executive : Chew Hon Keong
Issued & paid up capital : MYR 5,000,000
Sales turnover : MYR 52,136,000 (Non-consolidated 12 months, 30/06/2010)
Net income : MYR 3,651,000 (Non-consolidated 12 months, 30/06/2010)
Total fixed assets : MYR 36,553,000 (Non-consolidated 12 months, 30/06/2010)
Line of business : Design and manufacturing of home linen and bedding accessories.
Staff employed : 360 employees (Subject) 800 (Yoong Onn Group)
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is adequately experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 600,000
Credit amount asked : Not described.
Comments : Larger credit can still be considered. The Subject is well positioned in the
market and the financial stability of the group is positive.
Statutory details
Registry Data
Registration date : 07/09/1996
Legal form : Private Company Limited By Shares
Registration no 401252-V
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : The Subject was previously known as
SUASA KETARA SDN. BHD. and changed to the current style on 19-11-1999.
Change of legal form : None reported.
Management / directors
Key Management
Name : Chew Hon Keong
Designation : Managing
Director
Name : Chew Hon Yoong
Designation : Director
Name : Tan Peng
Designation : Chief
Financial Officer
Name : Shahid Muhammad Siddique
Designation : Design
Manager
Board of directors / other
appointments
Appointments
Name : Chew Hon Yoong
Designation : Director
Identification no : 571012-10-5803
Appointment date : 12/12/06
Address : E-2-9,
Sentosa Court
Jalan 1/133,
Taman Sri Sentosa, Kuala Lumpur 58000
Wilayah Persekutuan
Malaysia
Biography : Mr.
Chew Hon Foong serves as Managing Director, Group Chief Executive Officer and
Executive Director of Yoong Onn Corp Bhd on April 17, 2008. He is also a member
of the Remuneration Committee of the Company. As the co-founder, he has more
than thirty (30) years of experience in the home linen industry. He has been
involved in the development, growth and success of the Yoong Onn Corporation
Berhad Group during his tenure with the Group. He started his career in 1979 when
he joined Yoon On, a partnership company, which is involved in trading and
retailing of textiles and home linen. With his business acumen, he was involved
in
developing and
creating own brands of bed linen which was marketed under the names Diana and Novelle
in 1982. In 1988, together with his brother, Chew Hon Keong, he established
Syarikat Yoong Onn Sdn Bhd and took over the entire business of the partnership
company, Yoon On. His intention is to expand the business to include
international trades. Besides overseeing the Group activities, he is involved
in creating fabric designs for both the mass and niche markets. He has
experience in the development and creation of home linen designs and he is
currently heading the Group’s in-house design team. He is responsible for the
overall
operations of
the Group with emphasis on strategic business planning and promoting brand
equity of products. He does not have any other directorships of public
companies.
Name : Chew Hon Keong
Designation : Director
Identification no : 601030-10-7057
Appointment date : 30/06/99
Address : No. 18, Jalan Bayu 7
Bukit Gita Bayu
43300 Seri Kembangan Selangor Darul Ehsan Malaysia
Biography Mr. Chew Hon Keong serves
as Group Chief Operating Officer and Executive Director of Yoong Onn Corp Bhd
on April 17, 2008. He has more than thirty (30) years of experience in the home
linen industry. His career started in 1979 when he joined Yoon On, a
partnership, which is involved in trading and retailing of textiles and home
linen. He also assisted in establishing Syarikat Yoong Onn Sdn Bhd in
1988. As the other partner of Yoon On, he was also involved in aspects of the
business in textiles and home linen, which includes technical specification in
fabrics. His capability has enabled the Company to develop new range of product
to cater for different markets and industries. With knowledge in the production
processes, he together with his brother, Chew Hon Foong were involved in the
establishment of Sleep Focus Sdn Bhd in 1996 and the construction of Nilai
manufacturing plant for the Group’s manufacturing operations. He is responsible
in overseeing the overall management and strategic business development of the
Group with emphasis on product development and product research. He does not have
any other directorships of public companies.
Name : Dato' Tang Swee Guan
Designation : Company Secretary
Identification no : 530407-01-5887
Appointment date : 24/04/01
Address : 21C, Jalan SS22/19
Damansara Jaya
47400 Petaling Jaya Selangor Darul Ehsan Malaysia
Staff employed : 360 employees (Subject) 800 (Yoong Onn Group)
Key Advisors
Auditors : CROWE
HORWATH
Level 16, Tower C, Megan Avenue II
12 Jalan Yap Kwan Seng
50450 Kuala Lumpur
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 500,000 to MYR
5,000,000 on 25-04-2011.
ownership / shareholders
How listed : Full List
Composition
Shareholder name : YOONG ONN CORPORATION BERHAD
Address : Lot No. PT 16690-16692
Jalan Permata 2
Arab-Malaysian Industrial Park
Nilai 71800
Negeri Sembilan
Malaysia
No. of shares : 5,000,000 Ordinary Shares
% of shares : 100%
Related companies & corporate Affiliations
Structure
Name : CASATEX COSMO SDN. BHD.
Affiliation type : Ultimate Holding Company
Address : 27-35 Jalan 11/118B
Desa Tun Razak, Cheras
56000 Kuala Lumpur Wilayah Persekutuan Malaysia
Name : YOONG ONN CORPORATION BERHAD
Affiliation type : Parent Company
Address : Lot No. PT 16690-16692
Jalan Permata 2
Arab-Malaysian Industrial Park
Nilai 71800
Negeri Sembilan
Malaysia
Comments : Yoong Onn Corporation Berhad, an
investment holding company, engages in designing, manufacturing, distributing,
retailing, and trading in home linen, homeware, and bedding accessories in Malaysia.
The company also exports its products to Australia, Brunei, Dubai, Fiji, Japan,
Papua New Guinea, New Caledonia, Singapore, Taiwan, Turkey, and Vietnam.
As of June 30, 2010, it had 13 fully-owned retail outlets
and 1 retail outlet fully-owned and managed through a dealer under the Home’s
Harmony brand name. The company was founded in 1966 and is headquartered in
Nilai, Malaysia. Yoong Onn Corporation Berhad is a subsidiary of Casatex Cosmo
Sdn. Bhd.
Yoong Onn Corporation Berhad is listed in Bursa Malaysia
Stock Exchange.
Name : SYARIKAT YOONG ONN SDN. BHD.
Affiliation type : Sister Company
Address : 27-35 Jalan 11/118B
Desa Tun Razak, Cheras 56000
Kuala Lumpur Wilayah Persekutuan Malaysia
Comments : Syarikat Yoong Onn Sdn Bhd is
principally engaged in distribution, trading and institutional supply of home
linen and homeware. It has more than 75 consignment counters in Malaysia and
supplies to hotels, hospitals and resorts.
Name : ELEGANT TOTAL HOME SDN. BHD.
Affiliation type : Sister Company
Address : Lot No. PT 16690-16692
Jalan Permata 2
Arab-Malaysian Industrial Park
Nilai 71800
Negeri Sembilan
Malaysia
Comments : Elegant Total Home Sdn Bhd is principally
engaged in distribution and trading of home linen and homeware, particularly
floor coverings and ready-made curtains.
Name : MONSIEUR (M) SDN. BHD.
Affiliation type : Sister Company
Address : 27-35 Jalan 11/118B
Desa Tun Razak, Cheras 56000
`Kuala Lumpur Wilayah Persekutuan Malaysia
Comments : Monsieur (M) Sdn Bhd is principally
involved in retailing of home linen and homeware. It
has twelve (13) fully-owned retail outlet operates under the “Home’s Harmony” brand
name and one (1) other fully-owned retail outlet is under the “Home’s
Warehouse” brand name.
Bank & mortgages
Bank Details
Name of
bank :
Hong Leong Bank Berhad
Address :
Malaysia
Account
details :
Current Account
Name of
bank :
United Overseas Bank (Malaysia) Bhd.
Address :
Malaysia
Account
details :
Current Account
Name of
bank :
Standard Chartered Bank Malaysia 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: OPEN CHARGE Date of Creation: 16-03-2011
Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD.
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 : 30/06/10
Type of accounts : Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.13 as of 03-12-2011
Summarized Financial Information
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Consolidation type |
Non Consolidated |
Non Consolidated |
Group Consolidated |
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Currency |
: Malaysia,
Ringgit (MYR) |
Malaysia, Ringgit (MYR) |
Malaysia, Ringgit (MYR) |
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Denomination : |
(x1) One |
(x1) One |
(x1) One |
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Date
of financial year end : |
30/06/10 |
30/06/09 |
30/06/11 |
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Length
of accounts : |
12 months |
12 months |
12 months |
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Sale
turnover / Income : |
52,136,000 |
54,180,000 |
141,002,000 |
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Gross
profit : |
8,504,000 |
6,673,000 |
59,116,000 |
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Operating
profit : |
5,128,000 |
3,851,000 |
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Profit
before tax : |
4,701,000 |
3,213,000 |
25,309,000 |
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Net
income : |
3,651,000 |
2,417,000 |
18,302,000 |
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Non
current assets : |
1,688,000 |
1,784,000 |
33,349,000 |
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Current
assets : |
34,865,000 |
24,650,000 |
98,422,000 |
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Inventories : |
16,138,000 |
14,414,000 |
39,890,000 |
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Total
assets : |
36,553,000 |
26,434,000 |
131,771,000 |
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Current
liabilities : |
24,443,000 |
14,050,000 |
19,464,000 |
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Non
current liabilities : |
67,000 |
2,718,000 |
1,898,000 |
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Total
liabilities : |
24,510,000 |
16,768,000 |
21,362,000 |
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Share
equity : |
12,043,000 |
9,666,000 |
110,409,000 |
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Retained
earning : |
11,543,000 |
9,166,000 |
75,852,000 |
Comments : The non-consolidated financial
information above relates to the
Subject
only.
The group’s consolidated
financial information above relates to the Subject’s Parent Company Yoong Onn
Corporation Berhad and all its subsidiaries which include the Subject.
Operation details
Main activities :
The Subject is engaged in the design
and manufacturing of home linen, bedding accessories and home ware.
Main activities :
The Subject is engaged in the design and
manufacturing of home linen, bedding accessories and home ware.
Product & services : Its home linen products include bed
linen, bed sheets, pillow covers, quilt covers, curtains, towels, and foldable
mattresses; bedding accessories comprise pillow/bolster, quilts,
pillow/mattress protector, cushions, and comforters; and homeware products
consist of floor mats, carpet and rugs, blankets, and curtains and accessories.
Brand : Diana, Novelle, Jean Perry, Louis Casa,
Genova, Firenze,
RedDanielle, BedTalk,
Cotonsoft, Niki Cains, Oasis, Ann Taylor, Sarah Miller, and Season
Purchases
International : Mainly from Asian countries and Europe
Sales
Local : Yes
International : Australia, Brunei, Fiji, Indonesia, Japan,
Mozambique, New Caledonia, Singapore, Taiwan, Turkey and Vietnam
Property & Assets
Premises :
The Subject operates from premises
located at the verified heading address consisting of
production facilities, warehouse and administrative office. Its
manufacturing plant is on 9.3 acres of land at Nilai, Negeri Sembilan,
Malaysia. The factory has gross floor area of 202,925 square feet
Branches : None reported.
Other property : Total
NBV of property, plant and equipment as of 30-06-2010 was MYR 1,688,000.
Summarized country risk
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$135.0 billion as of 14 October 2011
Gross domestic product - GDP : US$ 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 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$ 420 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%,
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%
Payment history
Purchase Term
Local : Prepayment, Cash against document,
Credit up to 90 days
International : L/C, D/P, Credit up to 90 days
Sales Term
Local : Prepayment, Cash against document,
Credit up to 90 days
International : L/C, D/P, 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.51.40 |
|
UK Pound |
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
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 |
|
26-40 |
B |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.