MIRA INFORM REPORT
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Report Date : |
24.12.2011 |
IDENTIFICATION DETAILS
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Name : |
DEVI IMPEX SDN. BHD. |
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Registered Office : |
B-2-4, Block B, Megan Avenue 1, 189 Jalan Tun Razak, Kuala Lumpur,Wilayah Persekutuan, Zip/postal code 50400 |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
21.06.2004 |
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Com. Reg. No.: |
656780-P |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Import and export of metal electrical fittings, copper and brass electrical wiring and earthing accessories |
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No. of Employees : |
5 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 110,000 |
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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 : DEVI IMPEX SDN. BHD.
Business address : B-2-4, Block B, Megan Avenue 1
189 Jalan Tun Razak
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal code : 50400
Country : Malaysia
Tel : +60 3 21663044
Fax : +60 3 21662453
Email : rsa@aglfittings.com
Website : www.aglfittings.com
Registered address : C/o THIRU & CO.
429-A, Jalan Ipoh
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal code : 51200
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 21/06/2004
Legal form : Private Company Limited By Shares
Chief executive : Radhey Shyam Agrawal
Issued & paid up capital : MYR 1,500,000
Sales turnover : MYR 31,687,461 (Non-consolidated 12 months, 31/12/2009)
Net income : MYR 84,974 (Non-consolidated 12 months, 31/12/2009)
Total fixed assets : MYR 6,151,379 (Non-consolidated 12 months, 31/12/2009)
Line of business : Import and export of metal electrical fittings, copper and brass electrical wiring
and earthing accessories.
Staff employed : 5 employees
Credit risk opinion
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
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 110,000
Credit amount asked : Not described.
Comments : It is advisable to conduct business
dealing on prepayment of L/C basis for larger credit transaction than suggested.
As the Subject is a trading company, it is very likely the Subject will have a
large turnover however the profit margin will be small.
Statutory details
Registry Data
Registration date : 21/06/2004
Legal form : Private Company Limited By Shares
Registration no : 656780-P
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 : Radhey
Shyam Agrawal
Designation : Managing Director
Board of directors / other
appointments
Appointments
Name : M. Devi A/P Munishwar Lall
Designation : Director
Identification no : 580417-07-5256
Appointment date : 21/06/04
Address : 12, Jalan Bukit Setiawangsa 5
Taman Setiawangsa
52000 Kuala Lumpur Wilayah Persekutuan Malaysia
Name : Radhey Shyam Agrawal
Designation : Director
Identification no : Z1800822
Appointment date : 21/06/04
Address : 12, Jalan Bukit Setiawangsa 5
Taman Setiawangsa
52000 Kuala Lumpur Wilayah Persekutuan Malaysia
Name : Thirunilakantan A/L Arumugam
Designation : Company Secretary
Identification no : 421212-71-5039
Appointment date : 21/06/04
Address : 2-17-1, Menara KLH Condo
2, Jalan Kasipillay
51200 Kuala Lumpur Wilayah Persekutuan Malaysia
Staff employed : 5 employees
Key Advisors
Auditors : GURDARSAN & CO.
151-3-3 Wisma Mutiara Puchong
Batu 6 1/4 Jalan Puchong
Kuala Lumpur 58200
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 1,500,000
Paid up capital : MYR 1,500,000
Changed in capital : The Subject increased its share capital
from MYR 1,000,000 to MYR 5,000,000 on 12-11-2011.
ownership / shareholders
How listed : Full List
Composition
Shareholder name : M. Devi A/P Munishwar Lall
Address : 12, Jalan Bukit Setiawangsa 5
Taman Setiawangsa
52000 Kuala Lumpur Wilayah Persekutuan Malaysia
No. of shares : 825,000 Ordinary Shares
Shareholder name : Radhey Shyam Agrawal
Address : 12, Jalan Bukit Setiawangsa 5
Taman Setiawangsa
52000 Kuala Lumpur Wilayah Persekutuan Malaysia
No. of shares : 675,000 Ordinary Shares
Related companies & corporate Affiliations
Structure
Name : AGL METALS LLC
Affiliation type : Associate
Address : 25622 Portico Lane
Novi MI-48375
United States
Name : AGL METAL & FITTINGS PTE. LTD.
Affiliation type : Associate
Address : Unit TWA2, Jalan Buroh Warehouse Complex
30 Jurong Port Road
Singapore 619103
Singapore
Bank & mortgages
Bank Details
Name of bank : CIMB Bank Berhad
Address : Malaysia
Account details : Current Account
Name of bank : HSBC 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: 1,100,000.00
Date of Creation: 21-06-2006
Name of Chargee: BUMIPUTRA-COMMERCE BANK BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 200,000.00
Date of Creation: 27-07-2007
Name of Chargee: CIMB BANK BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: OPEN CHARGE Date of Creation: 04-07-2008
Name of Chargee: HSBC BANK MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE Date of Creation: 10-06-2011
Name of Chargee: HSBC BANK MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE Date of Creation: 12-09-2011
Name of Chargee: HSBC BANK 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 : 31/12/09
Type of accounts : Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.16 as of 23-12-2011
Summarized
Financial Information
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Consolidation
type : |
Non Consolidated |
Non Consolidated |
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Currency : |
Malaysia,
Ringgit (MYR) |
Malaysia,
Ringgit (MYR) |
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Denomination : |
(x1) One |
(x1) One |
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Date
of financial year end : |
31/12/09 |
31/12/08 |
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Length
of accounts : |
12 months |
12 months |
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31,687,461 |
14,220,400 |
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Operating profit : |
189,549 |
162,321 |
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Profit before
tax : |
106,924 |
69,624 |
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Net income : |
84,974 |
46,124 |
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Non current
assets : |
37,742 |
13,639 |
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Current assets : |
6,113,637 |
3,744,354 |
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Inventories : |
49,488 |
76,417 |
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Total assets : |
6,151,379 |
3,757,993 |
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Current
liabilities : |
4,977,215 |
2,668,803 |
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Total
liabilities : |
4,977,215 |
2,668,803 |
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Share equity : |
1,174,164 |
1,089,190 |
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Retained earning : |
174,164 |
89,190 |
Operation details
Main activities : The Subject is engaged in import and
export of metal electrical fittings, copper and brass electrical wiring and
earthing accessories.
Product & services G.I Conduit
Accessories
EMT Fittings
Brass Electrical Wiring Accessories
Copper Wiring Accessories Copper Alloy Clamps Conductors - Solid / Standed Bonds
Lightening Protection
PVC Coated Galvanised Fleible Conduit
Disconnecting Links
IMC Fittings - UL Approved
Purchases
International : India
Sales
Local : Yes
International : Singapore, Thailand, Indonesia
Property &
Assets
Premises : The Subject operates from premise
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$ 135.0 billion as of 15 December
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
International : L/C, Credit 30 days
Sales Term
Local : Cash on delivery, Credit 30-60 days
International : L/C at sight
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.52.72 |
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UK Pound |
1 |
Rs.82.71 |
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Euro |
1 |
Rs.68.90 |
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.