MIRA INFORM REPORT

 

 

Report Date :           

04.11.2011

 

IDENTIFICATION DETAILS

 

Name :

SURIA SPICES SDN. BHD.

 

 

Registered Office :

C/O Fajar Corporate Services Sdn. Bhd., Suite C5-M, Jalan Selaman 1, Dataran Palma, Off Jalan Ampang, Ampang, Selangor Darul Ehsa, Zip/Postal Code 68000

 

 

Country :

Malaysia

 

 

Financials (as on) :

30.06.2008

 

 

Date of Incorporation :

19.07.2007                   

 

 

Com. Reg. No.:

781532-U

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Dormant Company

 

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 – 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

 

Verified Address

 

Subject name                :           SURIA SPICES SDN. BHD.

Business address          :           No.17, Jalan Sungai Kapar Indah 3F Taman Sungai Kapar Indah

Town                             :           Kapar

Province                        :           Selangor Darul Ehsan

Zip/postal code              :           42200

Country                         :           Malaysia

Tel                                :           +60 3 32916868

Fax                               :           +60 3 32919224

Email                            :           sales@suriaspices.com.my

Website                        :           www.suriaspices.com.my 

 

Registered address        :           C/o FAJAR CORPORATE SERVICES SDN. BHD.

Suite C5-M, Jalan Selaman 1

Dataran Palma, Off Jalan Ampang

Town                             :           Ampang

Province                        :           Selangor Darul Ehsan

Zip/postal code              :           68000

Country                         :           Malaysia

 

Comments        :           The Subject’s premises located at No.17, Jalan Sungai Kapar Indah 3F, Taman Sungai

Kapar Indah, 42200 Kapar, Selangor, Malaysia has ceased operation since February 2011 due to legal matters between the directors and shareholders of the company. The Subject is now a dormant company and the future of the Subject has yet to be determined. The contact number provided above was unanswered for many working days.

 

We contacted Mr. Shah Abadi Mohd Noor who was a previous employee of the Subject and he explained that previously the Subject had three directors which were Mr. Samsudin Bin Mohd, Mr. Ahmad Sha Bin Abd Wadood and Mr. Thirumurugan A/L S.Gopal, however in April 2011, Mr. Thirumurugan A/L S.Gopal was dismissed from the Board of Directors.

 

Before Mr. Thirumurugan A/L S.Gopal's dismissal, 40% of the Subject was owned by Mr. Thirumurugan A/L S.Gopal, 30% by Faizan Binti Amron (wife of Mr. Samsudin Bin Mohd) and 30% by Ahmad Faris Bin Ahmad Shah (son of Mr. Ahmad Sha Bin Abd Wadood).

 

At present, the Subject’s director is Mr. Samsudin Bin Mohd and Mr. Ahmad Sha in Abd Wadood and the shareholding structure comprises of 50% by Faizan Binti Amron and 50% by Ahmad Faris Bin Ahmad Shah.

 

Our investigation shows that Mr. Thirumurugan A/L S.Gopal went on to establish a Sole Proprietorship company under the name SURIA SPICES TRADING.

 

Summary details

 

Executive Summary

Date founded or registered          :   19/07/2007

Legal form                                 :   Private Company Limited By Shares

Chief executive                          :   Samsudin Bin Mohd

Issued & paid up capital             :   MYR 100,000

Sales turnover                            :   MYR 0 (Non-consolidated 12 months, 30/06/2008)

Net income                                :   MYR -71,712 (Non-consolidated 12 months, 30/06/2008)

Total fixed assets                       :   MYR 431,448 (Non-consolidated 12 months, 30/06/2008)

Line of business             :   Dormant company.

Staff employed                                                                        :   Nil (Subject)

 

 

Credit risk opinion

 

Company Analysis

 

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is stalled (dormant)

Management experience :   Management is inadequately experienced

Financial performance                :   Financial performance is poor

Organization structure                :   Organizational structure is flawed

Detrimental                    :   Serious detrimental records found

Payment history                                    :   No payment delays noted

Credit amount suggestion           :   Fully secured terms.

Credit amount asked                  :   Not described.

Comments                                                      :   It is strictly advisable not to conduct any business dealing with the Subject.

 

 

Statutory details

 

Registry Data

 

Registration date            :   19/07/2007

Legal form                     :   Private Company Limited By Shares

Registration no              :   781532-U

Registered authority       :   Companies Commission of Malaysia

Registry status              :   Dormant

Previous name               :   None reported.

Change of legal form       :   None reported.

 

 

Management / directors

 

Key Management

 

Name                           :      Samsudin Bin Mohd

Designation                   :      Director

 

Name                           :      Ahmad Sha Bin Abd Wadood

Designation                                                   :            Director

 

 

Board of directors / other appointments

 

Appointments

 

Name                           :      Samsudin Bin Mohd

 

Designation                   :      Director

 

Identification no             :      501124-04-5151

 

Appointment date          :      10/05/10

 

Address                        :    No.65, Jalan Menara U8/5

     Bukit Jelutong

     40150 Shah Alam Selangor Darul Ehsan Malaysia

Name                            :   Ahmad Sha Bin Abd Wadood

 

Designation                   :      Director

 

Identification no             :      541106-08-6095

 

Appointment date          :      21/01/10

 

Address                        :           20, Jalan SS 19/3A

47500 Subang Jaya Selangor Darul Ehsan Malaysia

 

Name                            :           Norbadil Bin Sulaiman

Designation                   :           Company Secretary

Identification no              :           761017-03-5207

Appointment date           :           19/07/07

Address                        :           No.29, Jalan Saga 8

Taman Saga

68000 Ampang Selangor Darul Ehsan Malaysia

Staff employed               :           Nil (Subject)

 

 

Key Advisors

 

Auditors          :                       HASNAN & CO.

Suite C5-M, Jalan Selaman 1

Dataran Palma, Off Jalan Ampang

68000 Ampang Selangor Darul Ehsan 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          :   Faizan Binti Amron

Address                        :   No.65, Jalan Menara U8/5

Bukit Jelutong

40150 Shah Alam Selangor Darul Ehsan Malaysia

No. of shares                 :   50,000 Ordinary Shares

 

 

Shareholder name          :   Ahmad Faris Bin Ahmad Shah

Address                        :   20, Jalan SS 19/3A

47500 Subang Jaya

Selangor Darul Ehsan

Malaysia

 

No. of shares                 :   50,000 Ordinary Shares

 

Ownership / Shareholding

comment                        :   Prior to current shareholding structure, the Subject was 40% owned by

Mr. Thirumurugan A/L S.Gopal, 30% by Faizan Binti Amron (wife of Mr. Samsudin Bin Mohd) and 30% by Ahmad Faris Bin Ahmad Shah (son of Mr. Ahmad Sha Bin Abd Wadood).

 

In April 2011, Mr. Thirumurugan A/L S.Gopal was dismissed from the Board of        Directors.

 

 

Related companies & corporate Affiliations

 

Structure

 

Related companies and corporate affiliations comments : None Reported


Bank & mortgages

 

Bank Details

Name of bank    :   Ambank (M) 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: 300,000.00

Date of Creation: 24-04-2008

Name of Chargee: AMBANK (M) BERHAD Charge Status: UNSATISFIED

 

Total of Charge: 500,000.00

Date of Creation: 06-08-2009

Name of Chargee: AMBANK (M) 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                        :   30/06/08

Type of accounts                                   :   Full audited

Currency                                              :   Malaysia, Ringgit (MYR)

Exchange rate                                      :   1 USD = MYR 3.12 as of 02-11-2011

 

 

Summarized Financial Information

Consolidation type                     :   Non Consolidated

Currency                                   :   Malaysia, Ringgit (MYR)

Denomination                            :   (x1) One

Date of financial year end            :   30/06/08

Length of accounts                     :   12 months

 

 

Sale turnover / Income                                                                             :   0

 

Profit before tax                                                                                        :   -71,712

 

Net income                                                                                               :   -71,712

 

Non current assets                                                                                  :   177,625

 

Current assets                                                                                         :   253,823

 

Inventories                                                                                                :   38,823

 

Total assets                                                                                              :   431,448

 

Current liabilities                                                                                     :   316,633

 

Non current liabilities                                                                              :   86,527

 

Total liabilities                                                                                          :   403,160

 

Share equity                                                                                             :   28,288

 

Retained earning                                                                                     :   -71,712

 

Comments                                                                                                :   The Subject has yet to file their latest financial information at the

                                                                                                                     registry.

 

 

Operation details

 

Main activities                :   The Subject is now a dormant company. The Subject was previously engaged in

manufacturing, reprocessing, importing and exporting of Suria Spices Brand curry powders, pure spice powders, raw spices and flour.

 

Product & services         :   Curry Powder

Spice Powder

Flour & Grains Powder

Festival Treats

 

Brand                            :   SURIA SPICES

 

Purchases

 

Local                :   None

International       :   None

 

Sales

 

Local                                                    :   None

International                                          :   None

 

Property & Assets

Premises                                              :   The Subject was previously operating from premises located at the verified heading address consisting of production facilities, warehouse and administrative office. This premises has ceased its operation since February 2011.

Branches                                                                                                       :   None reported.

 

Summarized country risk

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          :   Central Bank of Malaysia

 

Reserve of foreign exchange & gold         :   US$131 billion as of 30 September 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                                                 :  Kulaa 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.

 

 

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.49.37

UK Pound

1

Rs.78.50

Euro

1

Rs.67.59

 

 

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.