MIRA INFORM REPORT

 

 

Report Date :           

31.12.2011

 

IDENTIFICATION DETAILS

 

Name :

ZEE FURNITURE SDN. BHD.

 

 

Formerly Known As :

ZEALOT MANUFACTURING SDN. BHD.

 

 

Registered Office :

C/O Mega Corporate Services Sdn Bhd Level 15-2, Faber Imperial Court, Jalan Sultan Ismail, Kuala Lumpur, Wilayah Persekutuan, Zip/Postal Code  50250

 

 

Country :

Malaysia  

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.02.1998

 

 

Com. Reg. No.:

458237-X

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Import and export of furniture.

 

 

No. of Employees :

10

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 80,000

 

 

Status :

Moderate

 

 

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 – September 30th, 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

 

 

 Bottom of Form

Identification details  Bottom of Form

 

 

 

Verified Address

 

Subject name                :           ZEE FURNITURE SDN. BHD.

 

Business address         :           Lot 6.04E, 6th Floor

Wisma Central, Jalan Ampang

Town                             :           Kuala Lumpur

Province                        :           Wilayah Persekutuan

Zip/postal code              :           50450

Country                         :           Malaysia

Tel                                :           +60 3 21662890

Fax                               :           +60 3 21661890

 

Registered address      :           C/o MEGA CORPORATE SERVICES SDN BHD Level 15-2,

Faber Imperial Court

Jalan Sultan Ismail

Town                             :           Kuala Lumpur

Province                        :           Wilayah Persekutuan

Zip/postal code              :           50250

Country                                                           :                       Malaysia

 

 

Summary details

 

Executive Summary

 

Date founded or registered          :   25/02/1998

Legal form                                 :   Private Company Limited By Shares

Chief executive                          :   Mahesh Atalrai Keswani

Issued & paid up capital             :   MYR 500,000

Sales turnover                            :   MYR 15,316,696 (Non-consolidated 12 months, 31/12/2010)

Net income                                :   MYR 96,152 (Non-consolidated 12 months, 31/12/2010)

Total fixed assets                       :   MYR 5,473,476 (Non-consolidated 12 months, 31/12/2010)

Line of business             :   Import and export of furniture.

Staff employed                                                                        :   10 employees

 

 

Credit risk opinion

 

Company Analysis

 

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is steady

Management experience :   Management is modestly experienced

Financial performance                :   Financial performance is fair

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                                   :   25/02/1998

Legal form                                            :   Private Company Limited By Shares

Registration no                                         458237-X

Registered authority                              :   Companies Commission of Malaysia

Registry status                                     :   Live/Active

Previous name                                      :   The Subject was previously known as ZEALOT MANUFACTURING SDN. BHD. and changed to the current style on 24-08-2007.

Change of legal form                                                                                   :   None reported.

 

 

Management / directors

 

Key Management

Name                           :      Mahesh Atalrai Keswani

Designation                                                   :            Managing Director

 

 

Board of directors / other appointments

 

Appointments

 

Name                           :      Asha Devi A/p Kischinchand

 

Designation                   :      Director

 

Identification no             :      600409-11-5372

 

Appointment date          :      09/09/00

 

Address                        :      No. 37, Jalan Tempinis Kanan

Taman Lucky, Bangsar

Kuala Lumpur 59100

Wilayah Persekutuan

Malaysia

 

Name                           :      Mahesh Atalrai Keswani

 

Designation                   :      Director

 

Identification no             :      Z1809516

 

Appointment date          :      09/09/00

 

Address                        :      No. 37, Jalan Tempinis Kanan

Taman Lucky, Bangsar

Kuala Lumpur 59100

Wilayah Persekutuan

Malaysia

 

Name                           :      M. Chandrasegaran A/l S. Murugasu

 

Designation                   :      Company Secretary

 

Identification no             :      581020-06-5169

 

Appointment date          :      01/04/07

Address                        No.1, Jalan SS 18/1

Subang Jaya

47500 Petaling Jaya Selangor Darul Ehsan Malaysia

 

Name                            Lim Seck Wah

Designation                   Company Secretary

Identification no              591223-02-5430

Appointment date           01/04/07

Address                        41, Jalan Taming Indah 2

Taman Taming Indah

Bandar Sungai Long

43000 Kajang

Selangor Darul Ehsan

Malaysia

 

Staff employed   :           10 employees

 

Key Advisors

 

Auditors                        SHAMSIR JASANI GRANT THORNTON MALAYSIA Level 11,

Sheraton Imperial Court

Jalan Sultan Ismail

50250 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 500,000

Paid up capital                                      :   MYR 500,000

 

Changed in capital         :   The Subject increased its share capital from MYR 100,000 to MYR 5,000,000 on

13-09-2000.

 

 

ownership / shareholders

 

How listed                                            :   Full List

 

Composition

 

Shareholder name          Mahesh Atalrai Keswani

Address                        No. 37, Jalan Tempinis Kanan

Taman Lucky, Bangsar

Kuala Lumpur 59100

Wilayah Persekutuan

Malaysia

No. of shares                 :   321,497 Ordinary Shares

 

Shareholder name          Asha Devi A/p Kischinchand

Address                        No. 37, Jalan Tempinis Kanan

Taman Lucky, Bangsar

Kuala Lumpur 59100

Wilayah Persekutuan

Malaysia

 

No. of shares                          178,503 Ordinary Shares

 

 

Related companies & corporate Affiliations

 

Structure

Related companies and corporate affiliations comments : None Reported

 

 

Bank & mortgages

 

Bank Details

 

Name of bank    :   Malayan Banking Berhad (Maybank)

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: OPEN CHARGE

Date of Creation: 16-07-2009

Name of Chargee: HSBC BANK MALAYSIA BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: OPEN CHARGE Date of Creation: 16-07-2009

Name of Chargee: HSBC BANK MALAYSIA BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: OPEN CHARGE Date of Creation: 24-10-2011

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                        :   31/12/10

Type of accounts                                   :   Full audited

Currency                                              :   Malaysia, Ringgit (MYR)

Exchange rate                                                                                               :   1 USD = MYR 3.17 as of 30-12-2011

 

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                    :

31/12/10

31/12/09

Length of accounts                             :

12 months

12 months

Sale turnover / Income                         :

15,316,696

10,345,377

Gross profit                                        :

978,918

1,051,733

Profit before tax                                  :

121,851

96,259

Net income                                        :

96,152

65,259

Non current assets                             :

127,071

193,938

Current assets                                    :

5,346,405

2,734,178

Inventories                                          :

23,575

5,765

Total assets                                       :

5,473,476

2,928,116

Current liabilities                                 :

4,877,457

2,374,617

Non current liabilities                           :

95,117

148,749

Total liabilities                                    :

4,972,574

2,523,366

Share equity                                       :

500,902

404,750

Retained earning                                 :

150,899

54,747

 

 

Operation details

 

Main activities                                       :   The Subject is engaged in import and export of furniture.

 

Purchases

Local                                                    :   Yes

International                                          :   China, South Korea, Vietnam

 

Sales

Local                                        :   No local sales.

International                               :   India, Poland, Iran

 

 

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$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

Local                                                    :   Cash

International                                          :   Telegraphic transfer

 

Sales Term

International                                          :   L/C, Cash, Credit 60-120 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.53.27

UK Pound

1

Rs.82.09

Euro

1

Rs.68.90

 

 

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.