MIRA INFORM REPORT

 

 

Report Date :           

18.11.2011

 

IDENTIFICATION DETAILS

 

Name :

TAN CHAI HENG FROZEN SEAFOOD ENTERPRISE

 

 

Registered Office :

No. 39 Lorong Selat Selatan 30, Port Klang, Klang, Selangor Darul Ehsan, Zip/postal code  42000

 

 

Country :

Malaysia

 

 

Date of Incorporation :

05.10.2005

 

 

Com. Reg. No.:

SA0017400-D

 

 

Legal Form :

Partnership Concern

 

 

Line of Business :

Import and distribution of frozen seafood

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 7,000

 

 

Status :

Moderate

 

 

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 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                :           TAN CHAI HENG FROZEN SEAFOOD ENTERPRISE

 

Business address         :           No. 39 Lorong Selat Selatan 30

Port Klang

Town                             :           Klang

Province                        :           Selangor Darul Ehsan

Zip/postal code              :           42000

Country                         :           Malaysia

Tel                                :           +60 3 31655727

Fax                               :           +60 3 31655728

 

Email                            :           tchfrozenfood@gmail.com 

 

Registered address      :           No. 39 Lorong Selat Selatan 30

Port Klang

Town                             :           Klang

Province                        :           Selangor Darul Ehsan

Zip/postal code              :           42000

Country                                                           :                       Malaysia

 

 

Summary details

 

Executive Summary

 

Date founded or registered          :   05/10/2005

Legal form                                 :   Partnership

Chief executive                          :   Tan Chee Khun

Issued & paid up capital             :   Not required

Line of business             :   Import and distribution of frozen seafood.

Staff employed                           :   30 employees

 

 

Credit risk opinion

 

Company Analysis

 

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is steady

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 7,000

 

Credit amount asked                                      :   Not described.

 

 

Statutory details

 

Registry Data

 

Date founded                 :   05/10/2005

Registration date            :   10/10/2005

Legal form                     :   Partnership

Registration no              :   SA0017400-D

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 Chee Khun

Designation                                                   :            Managing Director

 

 

Board of directors / other appointments

 

Appointments

 

Name                            :           Tan Chee Khun

Designation                   :           Director

Identification no              :           820322-10-5299

Appointment date           :           05/10/05

Address                        :           No. 37 Lorong Selat Selatan

Pandamaran, Pelabuhan Klang

42000 Klang

Selangor Darul Ehsan

Malaysia

 

Biography                      :           Date of Birth: 22-03-1982

Gender                          :           Male Race: Chinese

Nationality                     :           Malaysian

 

Name                            :           Siew Wat Beng

Designation                               Director

Identification no              :           620326-10-5142

Appointment date           :           05/10/05

Address                        :           No. 602, Jalan Bukit Kerayong

Pandamaran, Pelabuhan Klang

42000 Klang

Selangor Darul Ehsan

Malaysia

 

Biography                      :           Date of Birth: 26-03-1962

 

Gender: Female Race    : Chinese Nationality : Malaysian

 

Name                            :           Tan Chai Heng

Designation                   :           Director

Identification no              :           560220-10-5783

Appointment date           :           05/10/05

Address                        :           No. 602, Jalan Bukit Kerayong

Pandamaran, Pelabuhan Klang

42000 Klang

Selangor Darul Ehsan

Malaysia

 

Biography                      :           Date of Birth: 20-02-1956

 

Gender                                      : Male Race: Chinese

Nationality                                 : Malaysian

Staff employed                        :                       30 employees

 

 

Share capital

 

Composition

Authorized Capital          :   Not required

Issued capital                :   Not required

Paid up capital               :   Not required

 

 

ownership / shareholders

 

How listed                                            :   Full List

 

Composition

 

Shareholder name          :   Tan Chee Khun

Address                        :   No. 37 Lorong Selat Selatan

Pandamaran, Pelabuhan Klang

42000 Klang

Selangor Darul Ehsan

Malaysia

 

% of shares                   :   Equal % of shares between the 3 partners

 

Shareholder name          :   Siew Wat Beng

Address                        :   No. 602, Jalan Bukit Kerayong

Pandamaran, Pelabuhan Klang

42000 Klang

Selangor Darul Ehsan

Malaysia

 

% of shares                   :   Equal % of shares between the 3 partners

 

Shareholder name          :   Tan Chai Heng

 

Address                        No. 602, Jalan Bukit Kerayong

Pandamaran, Pelabuhan Klang

42000 Klang

Selangor Darul Ehsan

Malaysia

 

% of shares                            Equal % of shares between the 3 partners

 

 

Related companies & corporate Affiliations

 

Structure

 

Related companies and corporate affiliations comments : None Reported

 

 

Bank & mortgages

 

Bank Details

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:   None reported.

 

 

Legal Fillings

 

Bankruptcy fillings          :   None reported.

Court judgements           :   None reported.

Tax liens                       :   None reported.

Others                          :   None reported.

 

 

financial data

 

Description

 

Comments                                            :   The Subject is a Partnership Company hence is not required to file for their financial information. The representative contacted Mr. Tan Chee Khun advised that the Subject’s annual turnover is between MYR 4,000,000 to MYR 5,000,000.

 

 

Operation details

 

Main activities                                       :   The Subject in engaged in import and distribution of frozen seafood.

 

Purchases

International       :   India, Vietnam

 

Sales

Local                :   Yes

International       :   No exports.

 

Property & Assets

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

warehouse and 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$131 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                                                 :  Kuala Lumpur

Currency                                                                                                      :   Malaysia Ringgits (MYR)

Internet users as % of total population  : 57.61%

 

 

Payment history

 

Purchase Term

International                                          :   D/P

 

Sales Term

Local                                                    :   Cash, Credit 7-15 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.50.72

UK Pound

1

Rs.79.88

Euro

1

Rs.68.64

 

 

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.