MIRA INFORM REPORT

 

 

Report Date :           

31.05.2011

 

IDENTIFICATION DETAILS

 

Name :

PANDIYAN STORE SDN BHD

 

 

Formerly Known As :

SARAVANAN SILK STORE SDN BHD

 

 

Registered Office :

Wisma Adiss, Udarama Complex, 1-3a Jalan 1/64a, 4th Floor, 50350 Kuala Lumpur, Wilayah Persekutuan

 

 

Country :

Malaysia

 

 

Date of Incorporation :

24.02.2000

 

 

Com. Reg. No.:

506257-U

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Trading in textiles                                 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Poor

 

 

Payment Behaviour :

Unknown

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

506257-U

COMPANY NAME

:

PANDIYAN STORE SDN BHD

FORMER NAME

:

SARAVANAN SILK STORE SDN BHD (08/04/2002)

INCORPORATION DATE

:

24/02/2000

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

WISMA ADISS, UDARAMA COMPLEX, 1-3A JALAN 1/64A, 4TH FLOOR, 50350 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

PLAZA PLACE, , UNIT 1-5, 46, JALAN MASJID INDIA, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

TEL.NO.

:

N/A

FAX.NO.

:

N/A

CONTACT PERSON

:

N/A

INDUSTRY CODE

:

52321

PRINCIPAL ACTIVITY

:

TRADING IN TEXTILES

AUTHORISED CAPITAL

:

MYR 500,000.00 DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 500,000.00 DIVIDED INTO
ORDINARY SHARES 500,000 CASH OF MYR 1.00 EACH.

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

N/A

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

N/A

INDUSTRY OUTLOOK

:

MATURE

PROPOSED CREDIT LIMIT

:

NIL

 

 

HISTORY / BACKGROUND


The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) trading in textiles.

The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).

The major shareholder(s) of the SC are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

MR. THEAWARAJAN S/O KANDASAMY +

25, JALAN MELATU, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

631019-08-5915 A1056406

470,000.00

MR. VEERAPUTHRAN S/O DORAISAMY +

6, JALAN 55, SRI DAMAK KAWASAN 2, TAMAN SRI ANDALAS, 41200 KLANG, SELANGOR, MALAYSIA.

611216-10-6107 A2838725

30,000.00

 

 

 

---------------

 

 

 

500,000.00

 

 

 

============

 

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. VEERAPUTHRAN S/O DORAISAMY

Address

:

6, JALAN 55, SRI DAMAK KAWASAN 2, TAMAN SRI ANDALAS, 41200 KLANG, SELANGOR, MALAYSIA.

IC / PP No

:

A2838725

New IC No

:

611216-10-6107

Date of Birth

:

16/12/1961

 

 

 

Nationality

:

MALAYSIAN INDIAN

Date of Appointment

:

14/04/2003

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MR. THEAWARAJAN S/O KANDASAMY

Address

:

25, JALAN MELATU, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

A1056406

New IC No

:

631019-08-5915

Date of Birth

:

19/10/1963

 

 

 

Nationality

:

MALAYSIAN INDIAN

Date of Appointment

:

24/02/2000

 

 

MANAGEMENT


No data found in our databank.

AUDITOR

 

Auditor

:

TCMK ASSOCIATED

Auditor' Address

:

102C, BANGUNAN PERSATUAN YAP SELANGOR, JALAN TUN H S LEE, 3RD FLOOR, 50000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

DR XAVIER A/L SUSEIMANIKAM @ ADISSAYAM

 

IC / PP No

:

7625640

 

New IC No

:

480201-08-5123

 

Address

:

WISMA ADISS, UDARAMA COMPLEX, 1-3A JALAN 1/64A, 50350 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

BANKING


No Banker found in our databank.

ENCUMBRANCE (S)


ENCUMBRANCE 1

Date of Creation

:

20/10/2004

Description Of Charge

:

N/A

 

Amount Secured

:

RM150,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

BUMIPUTRA-COMMERCE BANK BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 1 In The Register of Charges



ENCUMBRANCE 2

Date of Creation

:

12/05/2005

Description Of Charge

:

N/A

 

Amount Secured

:

RM200,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

BANK ISLAM MALAYSIA BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 2 In The Register of Charges



ENCUMBRANCE 3

Date of Creation

:

08/01/2008

Description Of Charge

:

GENERAL FACILITY AGREEMENT

 

Amount Secured

:

RM210,000.00

Description Of Property Affected

:

FICED DEPOSIT RECEIPT 01168331

 

Name & Address Of Chargee

:

CIMB BANK BHD
WISMA BANDAR, 18, JALAN TUANKU ABDUL RAHMAN, 7TH FLOOR, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

 

 

 

 

 

Form 40 Dated 05/02/2008

Registered and Numbered 3 In The Register of Charges



ENCUMBRANCE 4

Date of Creation

:

15/07/2009

Description Of Charge

:

N/A

 

Amount Secured

:

RM500,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

AMBANK (M) BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 4 In The Register of Charges



ENCUMBRANCE 5

Date of Creation

:

01/09/2009

Description Of Charge

:

N/A

 

Amount Secured

:

RM230,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

CREDIT GUARANTEE CORPORATION MALAYSIA BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 5 In The Register of Charges

 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.

No legal action was found in our databank.

No winding up petition was found in our databank.

DEFAULTER CHECK AGAINST SC

 

* We have checked through the SC in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection since 1990. Information was provided by third party where the debt amount can be disputed. Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed.

No blacklisted record & debt collection case was found in our defaulters' databank.

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 

CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A

 

OPERATIONS

 

 

Branch

:

NO

 

Other Information:

 

The SC is principally engaged in the (as a / as an) trading in textiles.

 

 

PROJECTS


No projects found in our databank

 

RECENT DEVELOPMENT


We have checked with the Malaysian National News Agency's (BERNAMA)database, but no latest development was noted in our investigation.

 

 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

N/A

Match

:

N/A

 

 

 

Address Provided by Client

:

JACAN TUN SAMBANTHAN BRICKFIELDS 50470 KUALA LUMPUR

Current Address

:

PLAZA PLACE, , UNIT 1-5, 46, JALAN MASJID INDIA, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

Match

:

N/A

 

 

 

Latest Financial Accounts

:

NO

 

Other Investigations


We contacted one of the SC's Director, Mr Theawarajan on his mobile at 012-3958775. However he refused to reveal any information on its business.

We are unable to contact the SC based on the address provided.

FINANCIAL COMMENTS

 

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the SC's financial performance.

 

 

ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators:

2007

2008

2009

2010*

2011**

 

 

 

 

 

 

Population ( Million)

27.17

27.73

28.31

28.88

29.13

Gross Domestic Products ( % )

6.3

4.6

<0.5>

6.9

5.8

Domestic Demand ( % )

9.0

6.9

2.9

4.6

4.8

Private Expenditure ( % )

8.6

7.1

<2.7>

8.1

7.0

Consumption ( % )

9.0

8.4

0.7

6.7

6.3

Investment ( % )

7.1

1.5

<17.2>

15.2

10.2

Public Expenditure ( % )

10.1

6.5

5.2

3.8

2.8

Consumption ( % )

10.8

11.6

3.1

0.2

4.6

Investment ( % )

9.3

0.7

8.0

8.3

0.6

 

 

 

 

 

 

Balance of Trade ( MYR Million )

100,340

129,563

89,650

118,356

116,058

Government Finance ( MYR Million )

<19,948>

<34,462>

<28,450>

<40,482>

-

Government Finance to GDP / Fiscal Deficit ( % )

<3.2>

<4.8>

<4.8>

<5.6>

<5.4>

Inflation ( % Change in Composite CPI)

2.0

<3.3>

<5.2>

5.1

-

Unemployment Rate

3.2

3.7

4.5

3.9

-

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

336

388

331

394

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

3.04

1.91

2.87

2.20

-

Average 3 Months of Non-performing Loans ( % )

13.30

13.24

11.08

15.30

-

Average Base Lending Rate ( % )

6.72

6.72

5.53

5.70

-

Business Loans Disbursed( % )

9.1

11.6

10.5

14.7

-

Foreign Investment ( MYR Million )

33,426.0

23,261.4

22,156.8

22,517.9

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

Registration of New Companies ( No. )

43,337

41,599

41,578

-

-

Registration of New Companies ( % )

13.2

<4.0>

<0.1>

-

-

Liquidation of Companies ( No. )

22,629

27,992

39,075

-

-

Liquidation of Companies ( % )

161.5

23.7

39.6

-

-

 

 

 

 

 

 

Registration of New Business ( No. )

227,410

269,866

312,581

-

-

Registration of New Business ( % )

-

-

-

-

-

Business Dissolved ( No. )

20,431

18,885

19,345

-

-

Business Dissolved ( % )

<61.4>

<7.6>

2.4

-

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

442.9

497.5

319.4

369.7

-

Cellular Phone Subscribers ( Million )

23.3

25.1

30.1

32.8

-

Tourist Arrival ( Million Persons )

20.9

21.5

23.6

24.0

25.0

Hotel Occupancy Rate ( % )

70

68

58

63

-

 

 

 

 

 

 

Credit Cards Spending ( % )

20.1

17.1

12.8

15.1

-

Bad Cheque Offenders (No.)

30,004

34,834

-

-

-

Individual Bankruptcy ( No.)

13,238

13,907

-

-

-

Individual Bankruptcy ( % )

<2.6>

5.1

-

-

-

INDUSTRIES ( % of Growth ):

2007

2008

2009

2010*

2011**

 

 

 

 

 

 

Agriculture

3.1

3.6

0.4

3.4

4.5

Palm Oil

<0.6>

7.0

<1.1>

1.3

-

Rubber

1.0

<1.1>

<19.8>

9.9

-

Forestry & Logging

2.8

<1.5>

<5.9>

<1.3>

-

Fishing

5.2

4.0

5.5

4.1

-

Other Agriculture

7.0

5.9

9.0

6.6

-

Industry Non-Performing Loans ( MYR Million )

487.3

393.0

413.7

508.4

-

% of Industry Non-Performing Loans

1.1

<2.0>

1.3

2.1

-

 

 

 

 

 

 

Mining

3.3

<0.8>

<3.8>

1.0

2.9

Oil & Gas

2.2

12.7

2.1

4.9

-

Other Mining

-

-

-

-

-

Industry Non-performing Loans ( MYR Million )

42.2

36.0

44.2

49.7

-

% of Industry Non-performing Loans

0.1

0.1

0.1

0.1

-

 

 

 

 

 

 

Manufacturing #

3.1

1.3

<9.4>

10.8

6.7

Exported-oriented Industries

<1.9>

2.7

<19.0>

12.1

-

Electrical & Electronics

3.0

2.4

<30.3>

27.4

-

Rubber Products

8.0

4.2

<10.1>

25.3

-

Wood Products

3.3

<6.0>

<24.1>

19.7

-

Textiles & Apparel

<10.1>

1.9

<19.5>

<1.3>

-

Domestic-oriented Industries

5.3

9.9

<9.8>

16.3

-

Food, Beverages & Tobacco

5.6

9.5

0.2

3.0

-

Chemical & Chemical Products

9.2

1.4

<7.7>

20.4

-

Plastic Products

<3.6>

6.5

<9.1>

2.4

-

Iron & Steel

17.5

16.8

<32.7>

30.0

-

Fabricated Metal Products

26.2

14.7

<2.5>

14.9

-

Non-metallic Mineral

6.6

8.3

<15.5>

20.2

-

Transport Equipment

<19.0>

27.1

<13.5>

36.5

-

Paper & Paper Products

14.9

8.6

<5.0>

20.5

-

Crude Oil Refineries

8.6

7.8

0.2

<11.4>

-

Industry Non-Performing Loans ( MYR Million )

6,366.2

5,729.4

6,007.3

6,217.5

-

% of Industry Non-Performing Loans

14.1

16.8

18.3

23.8

-

 

 

 

 

 

 

Construction

4.6

2.1

5.8

4.9

4.4

Industry Non-Performing Loans ( MYR Million )

5,116.7

4,149.8

3,241.8

4,038.5

-

% of Industry Non-Performing Loans

11.3

12.2

9.9

10.7

-

 

 

 

 

 

 

Services

9.7

7.3

2.6

6.5

5.3

Electric, Gas & Water

4.6

5.0

0.4

8.5

5.6

Transport, Storage & Communication

7.60

7.80

1.60

7.15

7.55

Wholesale, Retail, Hotel & Restaurant

11.6

10.0

2.8

4.7

5.2

Finance, Insurance & Real Estate

10.7

9.2

3.8

6.0

5.2

Government Services

4.6

8.6

2.0

6.7

1.9

Other Services

5.0

5.9

4.4

4.2

5.4

Industry Non-Performing Loans ( MYR Million )

10,207.8

8,281.4

6,631.3

7,384.6

-

% of Industry Non-Performing Loans

22.6

24.3

20.2

25.7

-

 

 

 

 

 

 

 

 

 

 

 

 

* Estimate / Preliminary

 

 

 

 

 

** Forecast

 

 

 

 

 

# Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)

 

 

 

 

 

 

 

 

INDUSTRY COMMENTS

 

MSIC CODE

52321 : Retail sale of textiles, linen, towels, blankets, etc.

 

 

INDUSTRY :

TEXTILE


The Malaysian textile industry is in a quandary and slowly losing out to other textile-producing countries in the region like Cambodia, China, Indonesia, Thailand and Vietnam. Malaysian Knitting Manufacturers Association (MKMA) viewed that in order to remain competitive and relevant, it needs support from the Government and the financial sector. Without this support, the industry might not be able to survive and will soon become a sunset industry.


Textile industry remained labour-intensive and the Government must admit that companies were largely dependent on foreign workers as they were having problems hiring locals. If the Government did not provide long-term solutions, local textile companies would have no choice but to relocate to other countries. Although production cost was rising in China, the country was huge, offered a ready workforce and companies could operate in the second- and third-tier cities. Government always told industries to automate, it must remember that certain production procedures still required the human touch. Moreover, it was not easy for textile companies to secure loans to invest in automation and technology, as local banks already had the notion that the industry was a sunset industry.


However, this perception is disputed as the country's export of textiles and apparel was on the uptrend in the last 10 years; although the figure declined to RM8.93bil last year from RM10.49bil in 2008 due to the global economic recession. The outlook for the textile industry is still positive as orders have started coming back since the last quarter of 2009 and are expected to pick up in the second half of the year.


Local textile makers were not really perturbed by the difficulty in securing loans for their business expansion and some of them had even diversified their range of products. These include producing fire-retardant and ultraviolet-protective textile and fabrics for the non-apparel segment such as the upholstery for furniture, automotives and aeroplanes.


In the view of above, Government should be more proactive and emulate the steps taken by the governments of the countries mentioned in supporting their textile industry. For example, there is a bill in the United States requiring the health, military and postal departments there to use only locally-made fabrics for their staff uniforms. Therefore, Malaysia should do the same and the move could include the police, immigration and customs departments, and uniforms for school children and participants of the National Service programme. If such a bill were passed by parliament, not only the textile industry would benefit but so would the small and medium-scale enterprises, especially those in the support and service sectors. Although local textile makers were known for their reliability and quality products internationally, that would not guarantee their survival as other countries were fast catching up.

 

 

OVERALL INDUSTRY OUTLOOK : Mature

 

 

COMMENTS & RECOMMENDATION

 

 

Incorporated in 2000 as a private limited company, the SC is principally engaged in the trading of textiles as per Registry Office. However, we were unable to further comment on the SC's business operation as its Director has refused to reveal any information on its business.


There is no latest financial statement that has been submitted to the Registry Office. We noted that the SC's encumbrances in year 2009 is exceeding its current paid up capital. The financial risk in default the payment is high.

Based on the above unfavourable condition, we regard granting credit to the SC to be quite risky. Hence, credit is not recommended.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.10

UK Pound

1

Rs.74.27

Euro

1

Rs.64.35

 

 

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.