MIRA INFORM REPORT

 

 

Report Date :

15.12.2011

 

IDENTIFICATION DETAILS

 

Name :

AREMCA SDN. BHD.

 

 

Registered Office :

No. 12, Jalan Bagan Lallang 3 Taman  Bagan Lallang Butterw Pulau 13400

 

 

Country :

Malaysia

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

24.06.2002

 

 

Com. Reg. No.:

583987-D

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Furniture Manufacturer

 

 

No. of Employees :

3 employees including directors (as reported)

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Undetermined

Payment Behaviour :

--

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

 

 

Verified Address

 

Subject name                            :           AREMCA SDN. BHD.

Business address                      :           No. 12, Jalan Bagan Lallang 3

Taman Bagan Lallang

Town                                         :           Butterworth

Province                                    :           Pulau Pinang

Zip/postal code                          :           13400

Country                                     :           Malaysia

Tel                                            :           N/A

Fax                                           :           N/A

 

Registered address                    :           C/o TOP CONTROLLER SECRETARIAL SERVICES No 78-B, 2nd Floor, Block D Pusat Perniagaan Raja Uda Jalan Raja Uda

Town                                         :           Butterworth

Province                                    :           Pulau Pinang

Zip/postal code                          :           12300

Country                                     :           Malaysia

Comments                                :           The Subject is not registered as a phone user locally.

 

We obtained contact number +60 4 3970339 for the Subject however it was invalid. In addition we contacted the Subject’s accountant CHEAM & ASSOCIATES, the representative provided the mobile number for Mr. Yeoh Kean Peng at +60 16 4460033, unfortunately this mobile has been unreachable for many working days. The representative advised that they have no further

 

contact number besides the above mentioned mobile number and that Mr. Yeoh Kean Peng could be out of the country. With regards to the status of the company, the representative said that the company seems active as the Subject has filed for its financial statement and annual return.

 

The provided address 2725 Mukim 12, Kampung Baharu, Tasek Gelugor, 13300

Seberang Perai Utara, Penang, Malaysia has connection with the Subject however we are unable to verify the nature of the address.

 

 

SUMMARY DETAILS

 

Executive Summary

 

Date founded or registered          :   24/06/2002

 

Legal form                                 :   Private Company Limited By Shares

 

Chief executive                          :   Yeoh Kean Peng

 

Issued & paid up capital             :   MYR 100,000

 

Sales turnover                            :   MYR 1,692,876 (Non-consolidated 12 months, 30/06/2010)

 Net income                               :   MYR 33,307 (Non-consolidated 12 months, 30/06/2010)

Total fixed assets                       :   MYR 392,190 (Non-consolidated 12 months, 30/06/2010)

Line of business             :   Furniture manufacturer. (as reported)

Staff employed                                                                        :   3 employees including directors (as reported)

 

 

CREDIT RISK OPINION

 

Company Analysis

 

Country risk                               :   Country risk is minimal

 

Operation trend                          :   Operational trend is undetermined

Management experience :   Management is modestly experienced

Financial performance                :   Financial performance is fair

Organization structure                :   Organizational structure is undetermined

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

Credit amount suggestion           :   Fully secured terms.

Credit amount asked                  :   Not described.

Comments                                                                              :   Credit of any amount can’t be granted as we are unable to determine the existence and location of the Subject.

 

 

STATUTORY DETAILS

 

Registry Data

 

Registration date                                :   24/06/2002

 

Legal form                                          :   Private Company Limited By Shares

 

Registration no                                       583987-D

 

Registered authority                            :   Companies Commission of Malaysia

 

Registry status                                   :   Live/Active

 

Previous name                                    :   The Subject was established on 24-06-2002 under the name VITAL DYNASTY SDN. BHD. and changed to the current style on 29-08-2002.

Change of legal form                                                                              :   None reported.

 

 

MANAGEMENT / DIRECTORS

 

Key Management

 

Name                         :      Yeoh Kean Peng

 

Designation                                              :            Managing Director

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

 

Name                            :           Yeoh Kean Peng

Designation                   :           Director

Identification no              :           640824-07-5351

Appointment date           :           29/07/02

 

Address                        :           1826, Bagan Lallang Off Jalan Raja Uda

12300 Butterworth Pulau Pinang Malaysia

 

Name                            :           Voo Yin Thart

Designation                   :           Director

Identification no              :           690908-12-5147

Appointment date           :           29/07/02

 

Address                        :           11B, Beauty Garden

Jalan Likas

Likas 88450

Kota Kinabalu Sabah Malaysia

 

Name                            :           Yong Yu Hua

Designation                   :           Company Secretary

 Identification no :           440214-02-5019

Appointment date           :           29/07/02

 

Address                        :           C/o TOP CONTROLLER SECRETARIAL SERVICES No 78-B, 2nd Floor, Block D Pusat Perniagaan Raja Uda

Jalan Raja Uda

12300 Butterworth Pulau Pinang Malaysia

Staff employed               :           3 employees including directors (as reported)

 

 

Key Advisors

 

Auditors                        :           CHEAM & ASSOCIATES

107A, Pusat Perniagaan Raja Uda

Jalan Raja Uda

12300 Butterworth Pulau Pinang Malaysia

 

 

SHARE CAPITAL

 

 

Composition

 

Authorized Capital                              :   MYR 100,000

 

No of shares                                       :   100,000 Ordinary Shares

 

Share par value                                   :   MYR 1

 

Issued capital                                     :   MYR 100,000

 

Paid up capital                                                                                         :   MYR 100,000

 

 

OWNERSHIP / SHAREHOLDERS

 

 

How listed                     :   Full List

 

Composition

 

Shareholder name          :   Yeoh Kean Peng

 

Address                        :   1826, Bagan Lallang Off Jalan Raja Uda

12300 Butterworth Pulau Pinang Malaysia

No. of shares                 :   66,000 Ordinary shares

 

% of shares                   :   66%

 

 

Shareholder name          :   Voo Yin Thart

 

Address                        :   11B, Beauty Garden

Jalan Likas

Likas 88450

Kota Kinabalu Sabah Malaysia

No. of shares                 :   34,000 Ordinary shares

 

% of shares                            :   34%

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

Structure

 

Related companies and corporate affiliations comments:   None reported.

 

BANK & MORTGAGES

 

Bank Details

 

Name of bank    :   HSBC Bank Malaysia Berhad

 

Address            :   Malaysia

 

Account details  :   Current Account

 

 

Name of bank    :   Public 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     :   None reported.

 

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 3.19 as of 14-12-2011

 

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                                                                        :   30/06/10                             30/06/09

 

Length of accounts                                                                                  :   12 months                           12 months

 

Sale turnover / Income                                                                             :   1,692,876                            1,164,097

 

Gross profit                                                                                              :   198,505                              207,840

 

Profit before tax                                  :   34,217                                                                     7,657

 

Net income                                        :

33,307

7,299

Non current assets                             :

20,060

5,489

Current assets                                    :

372,130

250,210

Total assets                                       :

392,190

255,699

Current liabilities                                 :

260,797

158,523

Non current liabilities                           :

1,450

540

Total liabilities                                    :

262,247

159,063

Share equity                                       :

129,943

96,636

Retained earning                                 :

29,943

-3,364

 

 

OPERATION DETAILS

 

Main activities    :   The Subject is engaged as furniture manufacturer. (as reported)

 

Purchases

 

Local                :   None reported.

International       :   None reported.

 

 

Sales

 

Local                :   None reported.

International       :   None reported.

 

 

Property & Assets

 

 

Premises          :   The Subject's physical premises can't be determined as we are unable to contact the Subject to verify the existence and location of the Subject.

Branches          :   None reported.

 

Other property   :   Total NBV of property, plant and equipment as of 30-06-2010 was MYR

20,060.

 

SUMMARIZED COUNTRY RISK

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          :   Central Bank of Malaysia

 

Reserve of foreign exchange & gold         :   US$ 134.8 billion as of 30 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 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$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%, 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 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                                                 :   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                                             :   Other official and local business sources

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.58

UK Pound

1

Rs.82.97

Euro

1

Rs.69.89

 

 

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.