MIRA INFORM REPORT
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Report Date : |
04.11.2011 |
IDENTIFICATION DETAILS
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Name : |
EUGENE CHEMICAL SENDIRIAN BERHAD |
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Registered Office : |
C/o Champ Corporate House Sdn Bhd First Floor, Acctax Corporate, Centre No. 2, Jalan Bawasah, Georgetown, Pulau Pinang, Zip/Postal Code 10050 |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.11.1969 |
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Com. Reg. No.: |
9068-M |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Trading in mainly food chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Malaysia |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Identification details
Verified Address
Subject name : EUGENE CHEMICAL SENDIRIAN BERHAD
Business address : 51-B Rangoon Road
Town : Georgetown
Province : Pulau
Pinang
Zip/postal code : 10400
Country : Malaysia
Tel : +60 4 2260064
Fax : +60 4 2268064
Email : eugenechem@gmail.com
Registered address : C/o CHAMP CORPORATE HOUSE SDN BHD First Floor, Acctax Corporate
Centre No. 2, Jalan Bawasah
Town : Georgetown
Province : Pulau Pinang
Zip/postal code : 10050
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 24/11/1969
Legal form : Private Company Limited By Shares
Chief executive : Loke Teng Aik
Issued & paid up capital : MYR 600,000
Sales turnover : MYR 480,813 (Non-consolidated 12 months, 31/12/2010)
Net income : MYR -525 (Non-consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 288,841 (Non-consolidated 12 months, 31/12/2010)
Line of business : Trading in mainly food chemicals.
Staff employed : 2 employees
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is declining
Management experience : Management is modestly experienced
Financial performance : Financial performance is gradually declining
Organization structure : Organizational structure is acceptable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : Fully secured terms.
Credit amount asked : Not described.
Comments : It is advisable to conduct business dealing on prepayment or L/C basis.
Statutory details
Registry Data
Registration date : 24/11/1969
Legal form : Private Company Limited By Shares
Registration no : 9068-M
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 : Loke Teng Aik
Designation : Managing Director
Name : Loke Saw Wah
Designation : Director
Board of directors / other
appointments
Appointments
Name : Loke Teng Aik
Designation : Director
Identification no : 600603-07-5685
Appointment date : 01/11/09
Address : 26A-07-10 Taman Kristal Apartment
Lengkok Erskine
10470 Georgetown Pulau Pinang Malaysia
Name : Loke Saw Wah
Designation : Director
Identification no 630118-07-5398
Appointment date : 01/11/09
Address 27-9-2 Taman Jubilee
Lengkok Nipah Dua, Sungai Dua
11700 Gelugor Pulau Pinang Malaysia
Name : Wong Mee Choon
Designation : Company Secretary
Identification no : 640707-07-5328
Appointment date : 01/12/09
Address : No. 35, Lebuh Rambai 10
Paya Terubong
11500 Ayer Itam Pulau Pinang Malaysia
Staff employed : 2 employees
Key Advisors
Auditors : ALJEFFRIDEAN CHARTERED ACCOUNTANTS (M) SDN BHD
2-5-13, 5th Floor, Menara KLH (Business Centre)
No 2, Jalan Kassipillay, Off Jalan Ipoh
51200 Kuala Lumpur
Malaysia
Share capital
Composition
Authorized Capital : MYR 1,000,000
No of shares : 1,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 600,000
Paid up capital : MYR 600,000
Changed in capital : The Subject increased its share capital from MYR 600,000 to MYR 1,000,000 on 12-02-2010.
ownership / shareholders
How listed : Full List
Composition
Shareholder name : Loke Teng Aik
Address : 26A-07-10 Taman Kristal Apartment
Lengkok Erskine
10470 Georgetown Pulau Pinang Malaysia
No. of shares : 360,000 Ordinary Shares
Shareholder name : Loke Saw Wah
Address : 27-9-2 Taman Jubilee
Lengkok Nipah Dua, Sungai Dua
11700 Gelugor Pulau Pinang Malaysia
No. of shares : 240,000 Ordinary Shares
Related companies & corporate Affiliations
Structure
Related
companies and corporate affiliations comments : None Reported
Bank & mortgages
Bank Details
Name of
bank :
CIMB 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: 120,000.00
Date of
Creation: 15-11-1979
Name of
Chargee: PUBLIC BANK BHD
Charge
Status: FULLY SATISFIED
Total of
Charge: 150,000.00
Date of
Creation: 21-06-1988
Name of
Chargee: MALAYAN UNITED BANK BHD
Charge
Status: FULLY SATISFIED
Total of
Charge: 300,000.00
Date of
Creation: 21-06-1988
Name of
Chargee: MALAYAN UNITED BANK BHD
Charge
Status: FULLY SATISFIED
Total of
Charge: 200,000.00
Date of
Creation: 28-06-1990
Name of
Chargee: MUI BANK BHD Charge Status: FULLY SATISFIED
Total of
Charge: 290,000.00
Date of
Creation: 03-08-1992
Name of
Chargee: MUI BANK BHD Charge Status: FULLY SATISFIED
Total of
Charge: 200,000.00
Date of
Creation: 01-07-1993
Name of
Chargee: UNITED OVERSEAS BANK MALAYSIA BHD
Charge
Status: FULLY SATISFIED
Total of
Charge: 150,000.00
Date of
Creation: 01-07-1993
Name of
Chargee: UNITED OVERSEAS BANK MALAYSIA BHD
Charge
Status: FULLY SATISFIED
Total of
Charge: 1,900,000.00
Date of
Creation: 16-10-1995
Name of Chargee:
BANK OF COMMERCE M BHD
Charge
Status: FULLY SATISFIED
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 3.11 as of 05-11-2011
Summarized Financial Information
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Consolidation
type : |
Non Consolidated |
Non Consolidated |
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Currency : |
Malaysia, Ringgit (MYR) |
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Denomination : |
(x1) One |
(x1) One |
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Date of
financial year end : |
31/12/10 |
31/12/09 |
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Length of
accounts : |
12 months |
12 months |
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480,813 |
465,568 |
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Profit before
tax : |
3,065 |
-523,807 |
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Net income : |
-525 |
-532,603 |
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Non current
assets : |
20,180 |
18,885 |
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Current assets : |
268,661 |
193,303 |
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Total assets : |
288,841 |
212,188 |
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Current
liabilities : |
172,540 |
98,945 |
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Non current
liabilities : |
3,583 |
0 |
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Total
liabilities : |
176,123 |
98,945 |
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Share equity : |
112,718 |
113,243 |
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Retained earning : |
-487,282 |
-486,757 |
Operation details
Main activities : The Subject is engaged in import and
sales of mainly food chemicals.
Purchases
International : India, United Kingdom
Sales
Local : Yes
International : Indonesia
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$134.4 billion as of 14 October 2011
Gross domestic product - GDP : US$ 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
Local : 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.08 |
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UK Pound |
1 |
Rs.78.65 |
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Euro |
1 |
Rs.67.79 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.