MIRA INFORM REPORT

 

 

Report Date :

17.11.2011

 

IDENTIFICATION DETAILS

 

Name :

SING CHEW COLDSTORAGE SDN. BHD.

 

 

Formerly Known As :

SING CHEW COLD STORAGE SDN.

 

 

Registered Office :

Bangunan Hung Ann No.1 Jalan Bujang Suntong Sibu  Sarawak 96000

 

 

Country :

Malaysia

 

 

Financials (as on) :

30.09.2010

 

 

Date of Incorporation :

13.05.1999

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Frozen food and cold storage business.

 

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 800,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 30, 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

 

IDENTIFICATION DETAILS

 

 

Verified Address

 

Subject name                :   SING CHEW COLDSTORAGE SDN. BHD.

 

Business address          :   Bangunan Hung Ann

No.1 Jalan Bujang Suntong

 

Town                             :   Sibu

Province                        :   Sarawak

Zip/postal code              :   96000

Country                         :   Malaysia

Tel                                :   +60 84 326155

Fax                               :   +60 84 316160

Email                            :   info@wtk.com.my

Website                        :   www.wtk.com.my

 

 

Registered address        :   Bangunan Hung Ann

No.1 Jalan Bujang Suntong

 

Town                             :   Sibu

Province                        :   Sarawak

Zip/postal code              :   96000

Country                         :   Malaysia

Postal address              :   P.O.Box 256

Town                             :   Sibu

Province                                  :   Sarawak

 

 

Zip/postal code              :   96007

 

Country                         :   Malaysia

 

Comments                              :   The provided address belongs to the Subject's branch office.

 

 

SUMMARY DETAILS

 

Executive Summary

 

Date founded or registered          :   13/05/1999

 

Legal form                                 :   Private Company Limited By Shares

 

Chief executive                          :   Datuk Wong Kie Yik

 

Issued & paid up capital             :   MYR 3,470,000

 

Sales turnover                            :   MYR 54,202,812 (Non-consolidated 12 months, 30/09/2010)

Net income                                :   MYR 1,669,962 (Non-consolidated 12 months, 30/09/2010)

Total fixed assets                       :   MYR 32,378,394 (Non-consolidated 12 months, 30/09/2010)

Line of business             :   Frozen food and cold storage business.

 

Staff employed                                                                        :   125 employees

 

 

CREDIT RISK OPINION

 

Company Analysis

 

Country risk                               :   Country risk is minimal

 

Operation trend                          :   Operational trend is steady

 

Management experience :   Management is adequately experienced

Financial performance                :   Financial performance is good

Organization structure                :   Organizational structure is stable

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

 

Credit amount suggestion     :   USD 800,000

 

Credit amount asked                                      :   Not described.

 

 

STATUTORY DETAILS

 

 

Registry Data

 

Registration date            :   13/05/1999

 

Legal form                     :   Private Company Limited By Shares

 

Registration no              :   483456-M

 

Registered authority       :   Companies Commission of Malaysia

 

Registry status              :   Live/Active

 

Previous name               :   The Subject was previously known as SING CHEW COLD STORAGE SDN.

BHD. and changed to the current style on 18-11-1999.

 

Change of legal form             :   None reported.

MANAGEMENT / DIRECTORS

 

Key Management

 

Name                         :      Datuk Wong Kie Yik

 

Designation                :      Managing Director

 

Name                         :      Patrick Wong Haw Yeong

 

Designation                :      Director

 

Name                         :      Datuk Wong Kie Nai

 

Designation                :      Director

 

Name                         :      Ung Tieng Law

 

Designation                                              :            Operation Manager

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

 

Name                            :           Datuk Wong Kie Yik

 

Designation                   :           Director and Company Secretary

 

Identification no  :                       411203-13-5009

 

Appointment date           :           14/10/99

 

Address                        :           69 Jalan Tun Abg. Hj Openg

96000 Sibu Sarawak Malaysia

 

Biography                                  :           Pemanca Datuk Wong Kie Yik is Non-Independent Non-Executive Chairman of the Board of WTK Holdings Berhad. He is Member of the Audit Committee, Remuneration Committee and Nomination Committee of the Company. Pemanca Datuk Wong Kie Yik, a Certified Accountant from the United Kingdom and Member of the Malaysian Institute of Accountants. He is actively involved in the development of the Malaysian Timber Industry, serving as the Chairman of Sarawak Timber Association. He was a Senator of Malaysia from 1986 to 1992. He was conferred the title “Datuk” by the Tuan Yang Terutama Yang DiPertua Negeri Sarawak on 11

September 1999. He was appointed as “Pemanca” by the State

Government of Sarawak in January 2010.

 

 

Name                            :           Datuk Wong Kie Nai

 

Designation                   :           Director

 

Identification no  :                       450204-13-5133

 

Appointment date           :           07/01/03

 

Address                        :           47 Jalan Tun Abg. Hj Openg

96000 Sibu

Sarawak

Malaysia

 

Biography                      :           Y. Bhg. Datuk Wong Kie Nai has been Chief Executive Officer and Executive Director of WTK Holdings Berhad since February 3, 1998. Datuk Wong Kie Nai, an Accountant by training, is currently a member of CPA, Australia and a member of the Malaysian Institute of Accountants (C.A. (M)). He plays a role in the expansion of WTK and is responsible for WTK’s timber operation in Sarawak, including overseas market development. He also oversees the non-timber operation in West Malaysia. He had served as a Senator of Malaysia from 1977 to 1983 and was conferred the distinction of Panglima Gemilang Bintang Kenyalang (PGBK) on 16 September 1991 by the Tuan Yang Terutama Yang DiPertua Negeri Sarawak.

 

 

Name                            :           Patrick Wong Haw Yeong

 

Designation                   :           Director

 

Identification no              :           700604-13-5611

 

Appointment date           :           14/10/99

 

Address                        :           69 Jalan Tun Abg. Hj Openg

96000 Sibu Sarawak Malaysia

 

Biography                                  :           Mr. Wong Haw Yeong has been Non-Independent Non-Executive Director of WTK Holdings Berhad since January 10, 2005. He holds a Bachelor of Business Administration from the American International University of London United Kingdom. Upon graduation in 1993, Mr. Patrick Wong Haw Yeong joined WTK family-owned group of companies in Sarawak and has been involved in the timber sector, namely the marketing of logs and plywood. Currently, he oversees and is fully in-charge of the marketing of plywood sector. He is presently the Executive Director of all the wholly-owned subsidiaries

of WTK in the plywood division.

Staff employed   :           125 employees

 

 

Key Advisors

 

Auditors                        :           ERNST & YOUNG

Level 23A, Menara Milenium

Jalan Damanlela

Pusat Bandar Damansara

Damansara Heights

50490 Kuala Lumpur

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 3,470,000

 

Paid up capital                                   :   MYR 3,470,000

 

Changed in capital                              :   The Subject increased its share capital from MYR 1,000,000 to MYR 5,000,000 on 13-03-2000.

 

 

OWNERSHIP / SHAREHOLDERS

 

 

How listed                     :   Full List

 

Composition

Shareholder name          :   TMC IMPORTER & EXPORTER SDN. BHD.

Address                        :   Bangunan Hung Ann

No.1 Jalan Bujang Suntong

Sibu 96000

Sarawak

Malaysia

 

No. of shares                 :   3,470,000 Ordinary Shares

 

% of shares                   :   100%

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

 

Structure

 

Name                :   TMC IMPORTER & EXPORTER SDN. BHD.

Affiliation type    :   Parent Company

Address            :   Bangunan Hung Ann

No.1 Jalan Bujang Suntong

Sibu 96000

Sarawak

Malaysia

 

Name                :   W T K HOLDINGS BERHAD

Affiliation type    :   Associate

Address            :   Lot No. 25(AB)

25th Floor, UBN Tower

No. 10, Jalan P. Ramlee

50250 Kuala Lumpur

Malaysia

 

Comments        :   W T K Holdings Berhad, an investment holding company, engages in the manufacture and sale of veneer, plywood, and sawn timber in Malaysia. It involves in the extraction and sale of logs; property investment and car park operations; reforestation, and the planting and managing oil palm plantation; and the trade of tapes, foil, papers, and electrostatic discharge products. The company also engages in the manufacture and trade of adhesive and gummed tapes; marketing packaging related products; sawmilling; and the conversion of aluminum foils into various foil products. In addition, it operates as a logging contractor, as well as a general and commission agent. Further, the company involves in property investment, property rental, plant and equipment rental, and operation of barges. W T K Holdings Berhad primarily exports its products to

India, Japan, Vietnam, China, and Taiwan. As of December 31, 2009, it had 4,500 hectares of forest plantation and 5,300 hectares of oil palm plantation. The company was incorporated in 1970 and is headquartered in Sibu, Malaysia.

 

 

Name                :   GENERAL ALUMINIUM WORKS (M) SDN. BHD

 Affiliation type   :   Associate

Address            :   76 KM, Ipoh / Penang Main Trunk Road

P.O. Box 165, 34008, Taiping

Perak Darul Ridzuan

Malaysia

 

 

Name                :   LOYTAPE INDUSTRIES SDN. BHD.

Affiliation type    :   Associate

Address            :   Lot 1017, Lorong Perusahaan Satu

Kawasan Perusahaan Perai

13600 Perai, Seberang Perai

Penang

Malaysia

 

Name                :   MEDAN MESTIKA SDN BHD

Affiliation type    :   Associate

Address            :   No. 85, Jln Niah/bintulu

Sawai Land District

98000 Miri Sarawak Malaysia

 

 

Name                :   TAJANG LAING HOLDINGS SDN BHD

Affiliation type    :   Associate

Address            :   Bangunan Hung Ann

No.1 Jalan Bujang Suntong

Sibu 96000

Sarawak

Malaysia

 

Name                :   SOUTHWIND PLANTATION SDN BHD

Affiliation type    :   Associate

Address          :   Southwind Palm Oil Mill

Jln Bintulu-Miri KM98

97000 Bintulu, Sarawak

Malaysia

 

 

Name                :   WTK ENTERPRISES SDN BHD

Affiliation type    :   Associate

Address            :   Bangunan Hung Ann

No.1 Jalan Bujang Suntong

Sibu 96000

Sarawak

Malaysia

 

Name                :   WTK TRADING SDN BHD

Affiliation type    :   Associate

Address            :   No. 9, Ground Floor, Lrg Lanang Barat 20A

96000 Sibu Sarawak Malaysia

 

 

 

Name                :   SYARIKAT KALULONG SDN BHD

Affiliation type    :   Associate

Address            :   No. 13, Lrg Lanang Barat 20A

96000 Sibu Sarawak Malaysia

 

 

Related companies and corporate affiliations comments:   Other companies of the WTK Group should be considered affiliates of the Subject.

 

 

BANK & MORTGAGES

 

Bank Details

 

Name of bank    :   Eon Bank Berhad

 

Address            :   Malaysia

 

Account details  :   Current Account

 

 

Name of bank    :   HSBC 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: 10,000,000.00

Date of Creation: 12-04-2000

Name of Chargee: HSBC 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                     :   30/09/10

 

Type of accounts                                :   Full audited

 

Currency                                            :   Malaysia, Ringgit (MYR)

 

Exchange rate                                    :   1 USD = MYR 3.15 as of 15-11-2011

 

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                    :

30/09/10

30/09/09

Length of accounts                             :

12 months

12 months

Sale turnover / Income                         :

54,202,812

61,804,868

Gross profit                                        :

9,309,944

9,527,622

Operating profit                                   :

2,985,926

3,257,302

Profit before tax                                  :

2,447,270

2,653,081

Net income                                        :

1,669,962

1,983,791

Non current assets                             :

7,853,177

8,135,304

Current assets                                    :

24,525,217

27,502,118

Inventories                                          :

9,758,757

11,510,037

Total assets                                       :

32,378,394

35,637,422

Current liabilities                                 :

13,474,007

18,808,774

Non current liabilities                           :

691,470

285,693

Total liabilities                                    :

14,165,477

19,094,467

Share equity                                       :

18,212,917

16,542,955

Retained earning                                 :

14,742,917

13,072,955

 

 

OPERATION DETAILS

 

Main activities                :   The Subject is engaged as importer and distributor of frozen poultry products, meats, bacons, sausages, marine and aquatic products dairy products etc.

In addition, the Subject also provides cold storage facilities

 

Purchases

 

International       :   Europe, India, New Zealand, Australia, United States

 

 

Sales

 

Local                :   Yes

 

International       :   No exports.

 

 

Property & Assets

 

 

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

Branches          :   In addition, the Subject operates from branch offices and cold storages located at:

 

No. 2, Jln Permas 9/15

Taman Permas Jaya

81750 Masai Johor Malaysia

Tel: +60 7 3889422

 

No. 2154, Lrg Taman Hui Sing 3

93350 Kuching Sarawak Malaysia

Tel: +60 82 576277

 

No. 1940, 1st Floor, Jln Piasau Utara 1

Kawasan Perindustrian Piasau, 98000 Lutong

Sarawak

Malaysia

Tel: +60 85 657355

 

No. 3419, 2nd Floor, Jln Tun Ahmad Zaidi

Park City, 97000 Bintulu

Sarawak

Malaysia

Tel: +60 86 337902

 

No. 131, Lrg Ding Lik Kwong 26B

96000 Sibu

Sarawak

Malaysia

Tel: +60 84 315532

 

 

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: 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%, 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

 

International       :   L/C, Prepayment, Credit 30-90 days

 

 

Sales Term

 

Local    :   Prepayment, Cash against document, Credit 30-90 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.50.90

UK Pound

1

Rs.80.30

Euro

1

Rs.68.47

 

 

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.