MIRA INFORM REPORT
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Report Date : |
08.12.2011 |
IDENTIFICATION DETAILS
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Name : |
EASTBOND LOGISTICS SDN. BHD. |
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Formerly Known As : |
EASTBOND (M) SDN. BHD. |
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Registered Office : |
C/O Wms Corporate Services Sdn. Bhd.,
11-2-4, 2nd Floor, Megan Corporate Park B Jalan 1/125E, Taman Desa Petaling,
Kuala Lumpur, Wilayah Persekutuan, Zip/postal code 57100 |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
03.08.1991 |
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Com. Reg. No.: |
222383-K |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Forwarding and
Logistic Company |
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No. of Employees : |
60 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 80,000 |
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Status : |
Moderate |
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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 : EASTBOND LOGISTICS SDN. BHD.
Business
address : Plot No. 7280, Putra Point
Jalan 1/2B
Bandar Baru Nilai
Town : Nilai
Province : Negeri Sembilan
Zip/postal
code : 71800
Country : Malaysia
Tel : +60 6 8503636
Fax : +60 6 8502626
Registered
address : C/o WMS CORPORATE SERVICES SDN. BHD.
11-2-4, 2nd Floor, Megan
Corporate Park B Jalan 1/125E,
Taman Desa Petaling
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal
code : 57100
Country : Malaysia
Comments : The provided address No. 41, Jalan Sungai Keladi 2 Off
Jalan Kem, 42000
Pelabuhan Klang, Selangor Darul Ehsan, Malaysia belongs to
the Subject's branch office.
Summary details
Executive Summary
Date founded or
registered : 03/08/1991
Legal form : Private Company Limited By Shares
Chief executive : Law Kong Choon
Issued & paid up
capital : MYR 500,000
Sales turnover : MYR 23,160,735 (Consolidated 12 months,
31/12/2009)
Net income : MYR 266,703 (Consolidated 12 months,
31/12/2009)
Total fixed assets : MYR 58,998,403 (Consolidated 12 months,
31/12/2009)
Line of business :
Forwarding and logistic company.
Staff employed : 60 employees
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is developing
Management experience : Management is modestly experienced
Financial performance : Financial performance is recovering
Organization structure : Organizational structure is acceptable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 80,000
Credit amount asked : Not described.
Statutory details
Registry Data
Registration date : 03/08/1991
Legal form : Private Company Limited By Shares
Registration no 222383-K
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : The Subject was previously known as
EASTBOND (M) SDN. BHD. and changed to the current style on 13-03-2000.
Change of legal form : None reported.
Management / directors
Key Management
Name : Law Kong Choon
Designation : Managing Director
Name : Nurol Khan Bin Amir
Designation : Director
Name : Norliza binti Ab. Shukur
Designation : Director
Board of directors / other
appointments
Appointments
Name : Law Kong Choon
Designation : Director
Identification no : 650323-06-5285
Appointment date : 08/03/94
Address : 21, Jalan Damai Indah 3
Taman Damai Indah
56100 Kuala Lumpur Wilayah Persekutuan Malaysia
Name : Nurol Khan Bin Amir
Designation : Director
Identification no : 740413-14-5237
Appointment date : 01/02/99
Address : No. 210, Tingkat 1, Blok 3
Jalan PJS 6/3B, Kampung Lindungan, Sungai Way
46150 Petaling Jaya Selangor Darul Ehsan Malaysia
Name : Norliza binti Ab. Shukur
Designation : Director
Identification no : 770318-10-5576
Appointment date : 15/09/09
Address : Lot 499, Jalan Yadi
Telok Gadong Kecil
41250 Klang
Selangor Darul Ehsan
Malaysia
Name : Tay Pooi Hoon
Designation : Company Secretary
Identification no : 651029-10-5818
Appointment date : 01/10/06
Address : No.5 Jalan Cempaka 29
Taman Cempaka
68000 Ampang Selangor Darul
Ehsan Malaysia
Staff employed : 60 employees
Key Advisors
Auditors : Y.M. WONG & CO
11-2-4, 2nd Floor, Megan Corporate Park B Jalan 1/125E, Taman Desa Petaling
57100 Kuala Lumpur Wilayah Persekutuan Malaysia
Share capital
Composition
Authorized Capital : MYR 1,000,000
No of shares : 1,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 500,000
Paid up capital :
MYR 500,000
Changed in capital :
The Subject increased its share capital
from MYR 100,000 to MYR 1,000,000 on
07-05-2002.
ownership / shareholders
How listed : Full List
Composition
Shareholder name : Nurol Khan Bin Amir
Address : No. 210, Tingkat 1, Blok 3
Jalan PJS 6/3B, Kampung Lindungan, Sungai Way
46150 Petaling Jaya Selangor Darul Ehsan Malaysia
No. of shares : 300,000 Ordinary Shares
Shareholder name : Law Kong Choon
Address : 21, Jalan Damai Indah 3
Taman Damai Indah
56100 Kuala Lumpur Wilayah Persekutuan Malaysia
No. of shares : 200,000 Ordinary Shares
Related companies & corporate Affiliations
Structure
Name : EASTBOND DEVELOPMENT SDN. BHD.
Affiliation type : Subsidiary
Address : Plot No. 7280, Putra Point
Jalan 1/2B
Bandar Baru Nilai
Nilai 71800
Negeri Sembilan
Malaysia
Comments : Property
development.
Bank & mortgages
Bank Details
Name of bank : CIMB Bank Berhad
Address : Malaysia
Account details : Current Account
Name of bank : Ambank (M) Berhad
Address : Malaysia
Account details : Curent Account
Name of bank : Malayan Banking Berhad
Address : Malaysia
Account details : Curent Account
Name of bank : OCBC Bank (M) Bhd
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: 472,320.00
Date of Creation: 06-01-2009
Name of Chargee: AMBANK (M) BERHAD
Charge Status: UNSATISFIED
Total of Charge: 516,600.00
Date of Creation: 24-03-2009
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 925,400.00
Date of Creation: 24-03-2009
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 865,000.00
Date of Creation: 22-07-2009
Name of Chargee: AMBANK (M) 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 3.13 as of 07-12-2011
Summarized Financial Information
Consolidation type : Consolidated 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 : 23,160,735 26,931,407
Operating profit : 261,868 -2,066,394
Profit before tax : 241,943 -2,074,232
Net income : 266,703 -2,484,221
Non current assets : 31,752,732 13,000,466
Current assets : 27,245,671 30,947,491
Total assets : 58,998,403 43,947,957
Current liabilities : 54,269,623 40,575,349
Non current liabilities : 1,125,119 23,976
Total liabilities : 55,394,742 40,599,325
Share equity : 3,522,278 3,255,575
Retained earning : 3,022,278 2,755,575
Comments : The consolidated financial information
above relates to the Subject and its only subsidiary Eastbond Development Sdn.
Bhd.
Operation details
Main activities : The Subject is primarily engaged in forwarding of freight, arranging or carrying out of transport
operations by road, sea or air and logistics services.
Purchases
Local : Yes
International : As a freight forwarder and logistics
company, the Subject imports on behalf of it's customers.
Sales
Local Yes
International As a freight forwarder and
logistics company, the Subject exports on behalf of it's customers.
Property & Assets
Premises The Subject operates from
premises located at the verified heading address consisting of administrative
office and logistic centre.
Branches The Subject in addition
operates from branch office located at:
No. 41, Jalan Sungai Keladi 2
Off Jalan Kem
42000 Pelabuhan Klang Selangor Darul Ehsan Malaysia
Tel: +61 3 31661190
Summarized country risk
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$135.0 billion as of 15 November 2011
Gross domestic product - GDP : US$ 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, Credit 30 days
International : Prepayment, Credit 30 days
Sales Term
Local : Prepayment, Credit 30 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.45 |
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UK Pound |
1 |
Rs.80.38 |
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Euro |
1 |
Rs.69.12 |
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 |
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.