MIRA INFORM REPORT

 

 

Report Date :           

01.11.2011

 

IDENTIFICATION DETAILS

 

Name :

CHONG EE SEA PRODUCTS SDN. BHD.

 

 

Registered Office :

No. 4 Jalan Industri Mas 7, Taman Mas,Puchong,Selangor Darul Ehsan, Zip/postal code  47100

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

19.05.2005

 

 

Com. Reg. No.:

692181-H

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Import and export of fresh and frozen seafood

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 110,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

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                :           CHONG EE SEA PRODUCTS SDN. BHD.

Business address          :           No.4 Jalan Industri Mas 7

Taman Mas

Town                             :           Puchong

Province                        :           Selangor Darul Ehsan

Zip/postal code              :           47100

Country                         :           Malaysia

Tel                                :           +60 3 80603781

Fax                               :           +60 3 80603769

 

Registered address                  :           No. 4 Jalan Industri Mas 7

Taman Mas

Town                                         :           Puchong

Province                                    :           Selangor Darul Ehsan

Zip/postal code                          :           47100

Country                                                                                   :                       Malaysia

 

 

Summary details

 

Executive Summary

 

Date founded or registered          :   19/05/2005

Legal form                                 :   Private Company Limited By Shares

Chief executive                          :   Tan Jia Jia

Issued & paid up capital             :   MYR 2,000,007

Sales turnover                            :   MYR 12,765,891 (Non-consolidated 12 months, 31/12/2010)

Net income                                :   MYR 60,912 (Non-consolidated 12 months, 31/12/2010)

Total fixed assets                       :   MYR 10,161,432 (Non-consolidated 12 months, 31/12/2010)

Line of business             :   Import and export of fresh and frozen seafood.

Staff employed                                                                        :   27 employees

 

 

Credit risk opinion

 

Company Analysis

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is progressing

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 110,000

Credit amount asked                                      :   Not described.

Statutory details

 

Registry Data

 

Registration date                        :   19/05/2005

Legal form                                 :   Private Company Limited By Shares

Registration no                          :   692181-H

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                :           Tan Jia Jia

Designation       :           Managing Director

 

Name                :           Tan Huang San

Designation       :           Director

 

 

 

Board of directors / other appointments

 

Appointments

 

Name                            :           Tan Chu Tak

Designation                   :           Director

Identification no              :           530928-08-5303

Appointment date           :           19/05/05

Address                        :           No. 1, Lorong 1 Jalan Foo Ling Kong

Sungai Pinang Besar

32300 Pangkor

Perak

Malaysia

 

Name                            :           Tan Huang San

Designation                   :           Director

Identification no              :           760311-08-5665

Appointment date           :           19/05/05

Address                        :           No. 1, Lorong 1 Jalan Foo Ling Kong

Sungai Pinang Besar

32300 Pangkor

Perak

Malaysia

 

Name                            :           Tan Huang Hai

Designation                   :           Director

Identification no              :           770523-08-6503

Appointment date           :           19/05/05

 

Address                        :           No. 1, Lorong 1 Jalan Foo Ling Kong

Sungai Pinang Besar

32300 Pangkor

Perak, Malaysia

 

Name                            :           Tan Jia Jia

Designation                   :           Managing Director

Identification no              :           790521-08-6858

Appointment date           :           11/06/07

Address                                  :                       473 Taman Kota Jaya

34700 Simpang

Perak

Malaysia

 

Name                            :           Tan Choon Keat

Designation                   :           Company Secretary

Identification no              :           730520-02-5207

Appointment date           :           18/05/11

 

Address                        No. 14, Jalan SS14/2

47500 Subang Jaya Selangor Darul Ehsan Malaysia

 

Staff employed   :           27 employees

 

Key Advisors

Auditors                       :      WT NG & CO

51-1, Jalan 46B/26, Rampai Town Centre

Taman Sri Rampai, Setapak 53300

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 2,000,007

Paid up capital                                                                                              :   MYR 2,000,007

 

 

ownership / shareholders

 

How listed         :   Full List

 

Composition

 

Shareholder name          Tan Huang San

Address                        No. 1, Lorong 1 Jalan Foo Ling Kong

Sungai Pinang Besar

32300 Pangkor

Perak

Malaysia

 

No. of shares                 666,669 Ordinary Shares

 

Shareholder name          Tan Chu Tak

 

Address                        No. 1, Lorong 1 Jalan Foo Ling Kong

Sungai Pinang Besar

32300 Pangkor

Perak

Malaysia

 

No. of shares                 666,669 Ordinary Shares

 

Shareholder name          Tan Huang Hai

 

Address                        No. 1, Lorong 1 Jalan Foo Ling Kong

Sungai Pinang Besar

32300 Pangkor

Perak

Malaysia

 

No. of shares  :   666,669 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    :   OCBC 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         

Total of Charge: OPEN CHARGE

Date of Creation: 07-04-2008

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: CANCELLATION

 

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 3.06 as of 29-10-2011

 

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                         :

12,765,891

8,995,949

Gross profit                                        :

1,663,030

988,819

Operating profit                                   :

319,317

259,249

Profit before tax                                  :

158,912

136,945

Net income                                        :

60,912

35,695

Non current assets                             :

826,129

863,428

Current assets                                    :

9,335,303

4,335,296

Inventories                                          :

1,507,524

0

Total assets                                       :

10,161,432

5,198,724

Current liabilities                                 :

7,534,436

4,169,016

Non current liabilities                           :

445,289

808,913

Total liabilities                                    :

7,979,725

4,977,929

Share equity                                       :

2,181,707

220,795

Retained earning                                 :

181,700

120,788

 

 

Operation details

 

Main activities    :   The Subject is engaged in import and export of fresh and frozen seafood. Product & services                               :   Indian Mackerel

·         Tilapia

·         Squaid

·         Spanish mackerel

·         Catfish

·         White Prawn Fresh fish Frozen products

 

Purchases

Local                                                    :   Yes

International                                          :   China, India, Vietnam, South America, Caribbean

 

Sales

Local                                                    :   Yes

International                                          :   Southeast Asia

 

Property & Assets

Premises                                              :   The Subject operates from premises located at the verified heading address consisting of warehouse and administrative office.

Branches                                              :   None reported.

 

Other property                                       :   Total NBV of property, plant and equipment as of 31-12-2010 was

MYR 826,129.

 

 

Summarized country risk

 

Gross Domestic Products (GDP) & Economic Overview

Central bank                                          :   Central Bank of Malaysia

Reserve of foreign exchange & gold         :   USD134.4 billion as of 14 October 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:    55.2%

 

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                                                    :   Cash against document, Credit 30-60 days

International                                          :   Prepayment, Credit 30-60 days

 

Sales Term

Local                                                    :   Prepayment, Credit 30-60 days

International                                          :   Prepayment, Credit 30-60 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.48.87

UK Pound

1

Rs.78.11

Euro

1

Rs.68.36

 

 

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.