MIRA INFORM REPORT

 

 

Report Date :

24.11.2011

 

IDENTIFICATION DETAILS

 

Name :

JAL DIAM SDN. BHD.

 

 

Registered Office :

A-15-12, Waldorf Tower Service Apartment 62, Jalan Sri Hartamas 1 Kuala Lumpur  Wilayah Persekutuan  50480

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.09.2001

 

 

Com. Reg. No.:

560270-K

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Import and export in precious stones and diamonds.

 

 

No. of Employees :

2 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 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                :           JAL DIAM SDN. BHD.

 

Business address          :           A-15-12, Waldorf Tower Service Apartment

62, Jalan Sri Hartamas 1

 

Town                             :           Kuala Lumpur

Province                        :           Wilayah Persekutuan

Zip/postal code              :           50480

Country                         :           Malaysia

Tel                                :           +60 12 2297426

 

Registered address        :           RAMANATHAN & ASSOCIATES Level 5, Menara City One

Letter Box CP5-01

No.3, Jalan Munshi Abdullah

 

Town                             :           Kuala Lumpur

Province                        :           Wilayah Persekutuan

Zip/postal code              :           50100

Country                         :           Malaysia

Comments                    :           The Subject does not operate from a physical office instead operates from residential premises of Mr. Jignesh Rameshkumar Jhaveri.

 

 

SUMMARY DETAILS

 

Executive Summary

 

Date founded or registered          :   29/09/2001

 

Legal form                                 :   Private Company Limited By Shares

Chief executive                          :   Jignesh Rameshkumar Jhaveri

Issued & paid up capital             :   MYR 350,000

Sales turnover                            :   MYR 7,590,031 (Non-consolidated 12 months, 31/12/2010)

Net income                                :   MYR 26,683  (Non-consolidated 12 months, 31/12/2010)

Total fixed assets                       :   MYR 6,845,641 (Non-consolidated 12 months, 31/12/2010)

Line of business             :   Import and export in precious stones and diamonds.

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 fair

Organization structure                :   Organizational structure is acceptable

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

 

 

STATUTORY DETAILS

 

Registry Data

 

Registration date            :   29/09/2001

 

Legal form                     :   Private Company Limited By Shares

 

Registration no              :   560270-K

 

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                         :      Jignesh Rameshkumar Jhaveri

 

Designation                                              :            Managing Director

 

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

 

Name                            :           A. Maheswary A/P S.Arjunan

Designation                   :           Director

Identification no              :           660818-10-6180

Appointment date           :           29/09/01

 

Address                        :           Block C, C01-08, Palm Court Condominium

Jalan Berhala

Brickfields

50470 Kuala Lumpur Wilayah Persekutuan Malaysia

 

Name                            :           Jignesh Rameshkumar Jhaveri

Designation                   :           Director

Identification no              :           Z012926

Appointment date           :           29/09/01

 

Address                        :           A-15-12, Waldorf Tower Service Apartment

62, Jalan Sri Hartamas 1

50480 Kuala Lumpur Wilayah Persekutuan Malaysia

 

Name                            :           M Ramanathan A/l S M Meyyappan

Designation                   :           Company Secretary

Identification no              :           600923-10-6815

Appointment date           :           29/09/01

Address                        :           15, Jalan Dato Abdul Aziz 14/29

46100 Petaling Jaya Selangor Darul Ehsan Malaysia

 

Staff employed               :           2 employees

 

Key Advisors

 

 

Auditors                                  :                       WSJ & CO

136A, Jalan Cerdas Taman Connaught Cheras 56000

Kuala Lumpur Wilayah Persekutuan Malaysia

 

 

SHARE CAPITAL

 

Composition

 

Authorized Capital                              :   MYR 500,000

 

No of shares                                       :   500,000 Ordinary Shares

 

Share par value                                   :   MYR 1

 

Issued capital                                     :   MYR 350,000

 

Paid up capital                                                                                         :   MYR 350,000

 

 

OWNERSHIP / SHAREHOLDERS

 

How listed                     :   Full List

 

Composition

 

Shareholder name          :   Siti Suhana Binti Mohamed Othman

 

Address                        :   3432, Jalan 18/60B Taman Sri Serdang

43400 Seri Kembangan Selangor Darul Ehsan Malaysia

No. of shares                 :   122,500 Ordinary Shares

 

Shareholder name          :   A. Maheswary A/P S.Arjunan

 

Address                        :   Block C, C01-08, Palm Court Condominium

Jalan Berhala

Brickfields

50470 Kuala Lumpur Wilayah Persekutuan Malaysia

 

No. of shares                 :   122,500 Ordinary Shares

 

Shareholder name          :   Jignesh Rameshkumar Jhaveri

 

Address                        :   A-15-12, Waldorf Tower Service Apartment

62, Jalan Sri Hartamas 1

50480 Kuala Lumpur Wilayah Persekutuan Malaysia

 

No. of shares                          :   105,000 Ordinary Shares

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

Structure

 

Related companies and corporate affiliations comments:   None reported.

 

 

BANK & MORTGAGES

 

 

Bank Details

 

Name of bank                :   Malayan Banking Berhad (Maybank)

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

 

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 3.16 as of 19-11-2011

 

 

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                                                                        :   31/12/10                             31/12/09

 

Length of accounts                                                                                  :   12 months                           12 months

 

Sale turnover / Income                                                                             :   7,590,031                            9,580,403

 

Gross profit                                                                                              :   350,066                              398,373

 

Profit before tax                                                                                        :   35,149                                91,610

 

Net income                                                                                               :   26,683                                71,743

 

Non current assets                                                                                  :   51,235                                62,850

 

Current assets                                                                                         :   6,794,406                            6,608,350

 

Inventories                                          :   1,397,691                                                                1,151,103

 

Total assets                                       :

6,845,641

6,671,200

Current liabilities                                 :

6,201,460

6,053,702

Total liabilities                                    :

6,201,460

6,053,702

Share equity                                       :

644,181

617,498

Retained earning                                 :

294,181

267,498

 

 

OPERATION DETAILS

 

 

Main activities                :   The Subject's main activities are import and export of precious stones and diamonds.

 

Purchases

International                   :   India, Hong Kong

 

Sales

International                   :   None reported.

 

 

Property & Assets

 

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

 

Branches                      :   None reported.

 

Other property               :   Total NBV of property, plant and equipment as of 31-12-2010 was MYR

51,235.

 

 

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                                       :   Credit 120-150 days D/A

 

 

Sales Term

 

International                                       :   Credit 120-150 days D/A

 

 

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.52.10

UK Pound

1

Rs.81.30

Euro

1

Rs.70.07

 

 

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.