MIRA INFORM REPORT

 

 

Report Date :           

04.11.2011

 

IDENTIFICATION DETAILS

 

Name :

TEONG FATT COMMODITIES (M) SDN. BHD.

 

 

Registered Office :

C/O Sh Corporate Services Sdn. Bhd., 35, 1st Floor, Jalan Kelisa Emas 1, Taman Kelisa Emas, Seberang Jaya, Pulau Pinang , Zip/Postal Code       13700

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.08.2010

 

 

Date of Incorporation :

27.05.1991

 

 

Com. Reg. No.:

217777-X

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Import, export and wholesale of agro products such as spices, dhalls, beans  and herbs

 

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 180,000

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                :           TEONG FATT COMMODITIES (M) SDN. BHD.

Business address          :           No. 4181, Lorong Perda Utama 7

Bandar Perda

Town                             :           Bukit Mertajam

Province                        :           Pulau Pinang

Zip/postal code              :           14000

Country                         :           Malaysia

Tel                                :           +60 4 5379996

Fax                               :           +60 4 5303925

 

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

35, 1st Floor

Jalan Kelisa Emas 1

Taman Kelisa Emas

Town                             :           Seberang Jaya

Province                        :           Pulau Pinang

Zip/postal code              :           13700

Country                                                           :                       Malaysia

 

 

Summary details

 

Executive Summary

 

Date founded or registered          :   27/05/1991

Legal form                                 :   Private Company Limited By Shares

Chief executive                          :   Ng Chun Lai

Issued & paid up capital             :   MYR 1,150,000

Sales turnover                            :   MYR 31,932,626 (Non-consolidated 12 months, 31/08/2010)

Net income                                :   MYR 514,216 (Non-consolidated 12 months, 31/08/2010)

Total fixed assets                       :   MYR 18,353,641 (Non-consolidated 12 months, 31/08/2010)

Line of business             :   Import, export and wholesale of agro products such as spices, dhalls, beans

and herbs.

Staff employed                                                                        :   31 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 180,000

Credit amount asked                                      :   Not described.

 

 

Statutory details

 

Registry Data

 

Registration date            :   27/05/1991

Legal form                     :   Private Company Limited By Shares

Registration no              :  217777-X

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                :           Ng Chun Lai

Designation       :           Managing Director

 

Name                :           Ng Choon Chooi

Designation       :           Director

 

Name                :           Ng Chong Seng @ Eng Chong Seng

 

Designation       :           Director

 

Name                :           Ng Swee Luang

 

Designation    :                       Director

 

 

Board of directors / other appointments

 

Appointments

Name                            :           Ng Chun Lai

Designation                   :           Director

Identification no              :           490824-02-5337

Appointment date           :           27/05/91

Address                        :           11, Lorong Tambun Indah 8

Taman Tambun Indah

14100 Simpang Ampat

Pulau Pinang

Malaysia

Name                            :           Ng Choon Chooi

Designation                   :           Director

Identification no              :           441209-08-5011

Appointment date           :           08/01/92

Address                        :           326, Lorong Kenangan 9

Taman Kenangan

09410 Sungai Karangan

Kedah

Malaysia

 

Name                            :           Ng Chong Seng @ Eng Chong Seng

Designation                   :           Director

Identification no              :           480615-02-5235

Appointment date           :           26/04/02

Address                        :           5 Tingkat Binjai 30

Taman Sri Rambai

14000 Bukit Mertajam

Pulau Pinang

Malaysia

 

Name                                                              :                       Ng Swee Luang

Designation                   :           Director

Identification no  :                       650907-02-5666

Appointment date           :           28/08/97

Address                        :           429 Jalan Pasar

09800 Serdang

Kedah

Malaysia

 

Name                            :           Lim Kim Teck

Designation                   :           Company Secretary

Identification no              :           590613-07-5607

Appointment date           :           27/02/02

Address                        :           40 Halaman Bukit Gambier 5

11700 Gelugor Pulau Pinang Malaysia

 

Name                            :           Kong Sown Kaey

Designation                   :           Company Secretary

Identification no              :           731205-07-5225

Appointment date           :           01/07/11

Address                        :           121, Jalan Binjai

Taman Sri Rambai

14000 Bukit Mertajam

Pulau Pinang

Malaysia

 

Staff employed               :           31 employees

 

 

 

 

Key Advisors

Auditors                       :      SH YEOH & CO

37, Jalan Kelisa Emas 1

Taman Kelisa Emas

13700 Seberang Jaya

Pulau Pinang

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 1,150,000

 

Paid up capital                                      :   MYR 1,150,000

 

Changed in capital                                 :   The Subject increased its share capital from MYR 1,000,000 to MYR 5,000,000 on 16-02-1996.

 

 

 

ownership / shareholders

 

How listed         :   Full List

 

Composition

 

Shareholder name          :   Ng Chye Hock

Address                        :   429 Jalan Market

09800 Serdang

Kedah

Malaysia

 

No. of shares                 :   81,114 Ordinary Shares

Shareholder name          :   Ng Choon Chooi

Address                        :   326, Lorong Kenangan 9

Taman Kenangan

09410 Sungai Karangan

Kedah

Malaysia

No. of shares                 :   177,789 Ordinary Shares

 

Shareholder name          :   The Estate of Ng Son Tek

Address                        :   429 Jalan Market

09800 Serdang

Kedah

Malaysia

 

No. of shares                 :   198,620 Ordinary Shares

 

Shareholder name          :   Teoh Siam Loh

Address                        :   429 Jalan Market

09800 Serdang

Kedah

Malaysia

 

No. of shares                 :   60,717 Ordinary Shares

 

Shareholder name          :   Ng Teng Seah

Address                                  :   11, Lorong Tambun Indah 8

Taman Tambun Indah

14100 Simpang Ampat

Pulau Pinang

Malaysia

 

No. of shares                 :   100,000 Ordinary Shares

Shareholder name          :   Tan Swee Leng

 

Address                        :   31 Taman Sentosa

02000 Kuala Perlis

Perlis

Malaysia

 

No. of shares                 :   70,936 Ordinary Shares

Shareholder name          :   Ng Chun Lai

Address                        :   11, Lorong Tambun Indah 8

Taman Tambun Indah

14100 Simpang Ampat

Pulau Pinang

Malaysia

 

No. of shares     :   224,171 Ordinary Shares

 

Shareholder name          :   Ng Chong Seng

 

Address                        :   5 Tingkat Binjai 30

Taman Sri Rambai

14000 Bukit Mertajam

Pulau Pinang

Malaysia

 

No. of shares                 :   165,718 Ordinary Shares

 

Shareholder name          :   Tan Swee Pheng

 

Address                        :   31 Taman Sentosa

02000 Kuala Perlis

Perlis

Malaysia

 

No. of shares                          :   70,935 Ordinary Shares

 

 

Related companies & corporate Affiliations

 

Structure

 

Related companies and corporate affiliations comments : None Reported

 

 

Bank & mortgages

 

Bank Details

Name of bank    :   OCBC Bank (Malaysia) Berhad

Address            :   Malaysia

Account details  :   Curent Account

 

 

Name of bank    :   United Overseas Bank (Malaysia) Bhd.

Address            :   Malaysia

Account details  :   Curent Account

 

Name of bank    :   EON Bank Berhad

Address            :   Malaysia

Account details  :   Curent 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: 3,800,000.00

Date of Creation: 28-12-1992

Name of Chargee: ABN AMRO BANK BHD

Charge Status: FULLY SATISFIED

 

Total of Charge: 570,000.00

Date of Creation: 28-12-1992

Name of Chargee: UNITED MALAYAN BANKING CORPORATION BERHAD

Charge Status: FULLY SATISFIED

 

Total of Charge: 500,000.00

Date of Creation: 26-04-1994

Name of Chargee : 1. ABN AMRO BANK NV

Charge Status: FULLY SATISFIED

 

Total of Charge: 4,300,000.00

Date of Creation: 03-05-1995

Name of Chargee: ABN AMRO BANK BHD

Charge Status: FULLY SATISFIED

 

Total of Charge: 6,000,000.00

Date of Creation: 06-06-1997

Name of Chargee: HONG LEONG BANK BHD

Charge Status: FULLY SATISFIED

 

Total of Charge: 6,000,000.00

Date of Creation: 06-06-1997

Name of Chargee: HONG LEONG BANK BHDHD

Charge Status: FULLY SATISFIED

 

Total of Charge: 1,800,000.00

Date of Creation: 06-07-2000

Name of Chargee: MALAYAN BANKING BERHAD

Charge Status: FULLY SATISFIED

 

Total of Charge: 600,000.00

Date of Creation: 02-10-2002

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: FULLY SATISFIED

 

Total of Charge: 1,175,000.00

Date of Creation: 30-10-2002

Name of Chargee: EON BANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: 125,000.00

Date of Creation: 30-10-2002

Name of Chargee: EON BANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: 250,000.00

Date of Creation: 25-05-2004

Name of Chargee: EON BANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: 1,700,000.00

Date of Creation: 03-10-2005

Name of Chargee: OCBC BANK (MALAYSIA) BERHAD

Charge Status: UNSATISFIED

Total of Charge: 950,000.00

Date of Creation: 03-10-2005

Name of Chargee: OCBC BANK (MALAYSIA) BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: 1,500,000.00

Date of Creation: 03-10-2005

Name of Chargee: OCBC BANK (MALAYSIA) BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: 800,000.00

Date of Creation: 03-10-2005

Name of Chargee: OCBC BANK (MALAYSIA) BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: 500,000.00

Date of Creation: 15-05-2006

Name of Chargee: EON BANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: 5,000,000.00

Date of Creation: 17-09-2007

Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD.

Charge Status: UNSATISFIED

Total of Charge: 5,000,000.00

Date of Creation: 17-09-2007

Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD.

Charge Status: UNSATISFIED

 

Total of Charge: OPEN CHARGE Date of Creation: 17-10-2007

Name of Chargee: OCBC BANK (MALAYSIA) BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: 1,300,000.00

Date of Creation: 17-10-2007

Name of Chargee: OCBC 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                         :   31/08/10

 

Type of accounts                                    :   Full audited

 

Currency                                                :   Malaysia, Ringgit (MYR)

 

Exchange rate                                        :   1 USD = MYR 3.11 as of 04-11-2011

 

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                                                        :

31/08/10

31/08/09

 

Length of accounts                                                        :

12 months

12 months

 

Sale turnover / Income                                                        :

31,932,626

30,655,153

 

Gross profit                                                        :

4,326,135

3,802,543

 

Operating profit                                                        :

1,269,992

1,422,572

 

Profit before tax                                                        :

719,284

697,854

 

Net income                                                        :

514,216

511,057

 

Non current assets                                                        :

7,263,839

7,695,772

 

Current assets                                                        :

11,089,802

12,786,374

 

Inventories                                                       :

2,304,046

3,077,046

Total assets                                                       :

18,353,641

20,482,146

Current liabilities                                                       :

10,295,728

11,984,381

Non current liabilities                                                       :

2,416,271

3,082,839

Total liabilities                                                       :

12,711,999

15,067,220

Share equity                                                       :

5,641,642

5,414,926

Reserve                                                       :

4,491,642

4,264,926

 

 

 

Operation details

 

Main activities                                    :   The Subject is engaged in import, export and wholesale of agro products such as spices, dhalls, beans, and herbs.

Product & services                              :   Spices: Cumin Seeds, Fennel Seeds, Corriander Seeds, Tumeric, Cardamon, Chilly, Pepper, Poppy Seeds & etc.

 

Dhalls: Aust. Yellow Dhall, Moong Dhall, Masoor Gota, Gramdhall, Malawi Dhall, Toldhall & etc

 

Beans: Green Mung Beans, Chick Peas, Cashew Nut, Red/Black Beans, Ground Nut, Raisins & etc

Purchases

International                                          :   Mainly India, Sri Lanka, Australia, China, Canada, United States

 

Sales

Local                                                    :   Yes

 

International                                          :   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 31-08-2010 was MYR 6,761,418.

 

 

Summarized country risk

 

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          :   Central Bank of Malaysia

 

Reserve of foreign exchange & gold         :   US$134.4 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                                      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

International                                          :   L/C, Prepayment, Credit 30-60 days

 

 

Sales Term

Local                                                    :   Prepayment, Credit 30-60 days

International                                          :   L/C, 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.49.08

UK Pound

1

Rs.78.65

Euro

1

Rs.67..79

 

 

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.