MIRA INFORM REPORT
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Report Date : |
03.10.2011 |
IDENTIFICATION DETAILS
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Name : |
LANGSAT BULKERS SDN. BHD. |
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Formerly Known As : |
FOKUS PERINTIS SDN. BHD |
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Registered Office : |
Suite
12B, Level 12, Menara Ansar, Jalan Abdullah Ibrahim, Johor Bahru, Province Johor
Darul Takzim , Zip/postal code 80000 |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.03.2006 |
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Com. Reg. No.: |
727470-K |
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Legal Form : |
Private
Company Limited By Shares |
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Line of Business : |
Bulking
installation, storage and transshipping of biodiesel, bio-fuel, palm oil
products, oleo chemicals, soft oils and other vegetables oils |
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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Maximum Credit Limit : |
USD 120,000 |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 : LANGSAT BULKERS SDN. BHD.
Business address :
Plo 25D, Jalan Tegar
Tanjung Langsat Industrial Complex
Town : Pasir Gudang
Province : Johor Darul Takzim
Zip/postal
code : 81700
Country : Malaysia
Tel : +60 7 2552692
Fax : +60 7 2563082
Registered address :
Suite 12B, Level 12
Menara Ansar
Jalan Abdullah Ibrahim
Town : Johor Bahru
Province : Johor Darul Takzim
Zip/postal
code : 80000
Country : Malaysia
Postal address : P.O. Box 160
Town : Pasir Gudang
Province : Johor Darul Takzim
Zip/postal
code : 81707
Country : Malaysia
Summary details
Executive Summary
Date
founded or registered :
21/03/2006
Legal
form :
Private Company Limited By Shares
Chief
executive :
Muhammad Hadirin Bin Othman
Issued
& paid up capital :
MYR 7,000,000
Sales
turnover :
MYR 3,284,462 (Non-consolidated 12
months, 31/12/2010)
Net
income :
MYR -2,495,624 (Non-consolidated 12
months, 31/12/2010)
Total
fixed assets : MYR 29,373,845 (Non-consolidated 12
months, 31/12/2010)
Line of
business : Bulking installation, storage and
transshipping of biodiesel, bio-fuel,
palm oil products, oleo
chemicals, soft oils and other vegetables oils.
Staff employed : 10 (Subject) 65,000 (Group)
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is declining
Management
experience : Management is reasonably 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 : USD 120,000
Credit amount asked : Not described.
Comments : It would be advisable to obtained a
guarantee by the Subject's Parent
Company
for larger credit transactions.
Statutory details
Registry Data
Registration date : 21/03/2006
Legal form : Private Company Limited By Shares
Registration no 727470-K
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : The Subject was incorporated on
21-03-2006 under the name FOKUS PERINTIS SDN. BHD. and changed to the current
style on 12-07-2006.
Change of legal form : None reported.
Management / directors
Key Management
Name : Muhammad
Hadirin Bin Othman
Designation : Manager
Board of directors / other
appointments
Appointments
Name : Mazlan Bin Othman
Designation : Director
Identification no : 580111-06-5039
Appointment date : 15/05/06
Address : No
15, Jalan Padi Ria 7
Bandar Baru Uda
81200 Johor
Bahru Johor Darul Takzim
Biography : Mazlan
Bin Othman serves as Managing Director at Tanjung Langsat Port Sdn Bhd. Mr. Bin
Othman has worked in Logistics and Port's industry environment for the past 25
years. He started his career in Klang Port Authority in 1982 as Traffic Officer
for a year and then subsequently in Johor Port Authority (as Administrative
Officer and various positions up to level of General Manager) for 17 years from
1983 to 2000.
Prior to joining TLP as General Manager in 2002, Mr. Mazlan Bin Othman was with
Bernas Logistic Sdn Bhd; in charge of its Johor/ Melaka branch for year 2001. He
serves as Vice President 1 of the Johor Yachting Association. He serves as
Honorary Treasurer of the Malaysian Yachting Association. He is also the
Chairman of Great Allied Engineering Sdn Bhd as well as a Director of Langsat
Bulkers Sdn Bhd and Johor Logistic Sdn Bhd. He has been a Director at Tanjung
Langsat Port Sdn Bhd since January 2008. He graduated
from Universiti
Teknologi Mara in 1982 after passing the Chartered Institute of Transport (UK)
examinations and admitted as a corporate member of the Chartered Institute of
Logistics and Transport (UK) in
1985. Mr. Bin
Othman also holds a Master in Business Administration (MBA-International Trade)
from the University of Birmingham, United Kingdom since 1991.
Name : Lukman
Bin Abu Bakar
Designation : Director
Identification no : 591108-71-5567
Appointment date : 15/05/06
Address : No.
16, Jalan Padi Huma
Bandar Baru Uda
81200
Johor Bahru
Johor Darul Takzim
Name : Azman Bin Ahmad
Designation : Director
Identification no : 610613-01-5933
Appointment date : 01/04/09
Address : No.
6 Jalan Tembusu 17
81750 Masai
Johor Darul Takzim
Name : Kamaradin
Bin Selamat
Designation : Director
Identification no : 641008-01-6139
Appointment date : 01/04/10
Address : No.
22, Jalan Mawar 10
81700 Pasir
Gudang Johor Darul Takzim
Name : Haslinda
Binti Md Nor @ Mohd Noah
Designation : Company Secretary
Identification no : 661212-01-5596
Appointment date : 15/11/07
Address : No.
5, Jalan Pulai Perdana 1/2
Perdana Park Homes
81100 Johor
Bahru Johor Darul Takzim
Staff employed : 10
(Subject) 65,000 (Group)
Key Advisors
Auditors : AZMAN,WONG,SALLEH
& CO.
12th Floor, Wisma Tun Sambanthan
No. 2, Jalan Sultan Sulaiman
50000
Share capital
Composition
Authorized Capital : MYR 10,000,000
No of shares : 10,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 7,000,000
ownership / shareholders
How listed : Full List
Composition
Shareholder name : TANJUNG LANGSAT PORT SDN. BHD.
Address : PTD3532, Jalan Tegar
Perindustrian TanjungLangsat
81700 Pasir Gudang Johor Darul Ehsan Malaysia
No. of shares : 4,200,000 Ordinary Shares
% of shares : 60%
Shareholder name : FELDA-JOHORE BULKERS SDN. BHD.
Address : Lorong Sawit Satu
Kawasan Pelabuhan Johor
81700 Pasir Gudang Johor Darul Takzim Malaysia
No. of shares : 2,800,000 Ordinary Shares
% of shares : 40%
Comments : Subject is a joint-venture between
Tanjung Langsat Port (owned by
Johor
Corporation) and Felda Johor Bulkers.
Ownership / Shareholding
comment : Tanjung Langsat Port Sdn Bhd owns and
operates Tanjung Langsat Port.
Additionally,
the company offers petroleum and chemical cargo handling and storage; minor
ship repair and lay up; and water supply services. Tanjung Langsat Port Sdn Bhd
was formerly known as Taswir Abadi Sdn Bhd and changed its name in August 1997.
The company was founded in 1995 and is based in
Related companies & corporate Affiliations
Structure
Name : JOHOR CORPORATION
Affiliation type : Ultimate Holding Company
Address : Level 2, Persada Johor
Jalan Abdullah Ibrahim
80000 Johor Bahru Johor Darul Takzim Malaysia
Comments Johor
Corporation (JCorp) is a Johor State Government-linked Corporation. It is to
date one of Malaysia’s leading business conglomerates, comprising more than 280
member companies and employing more than 65,000 employees in Malaysia as well
as regionally.
7 of these
member entities are listed on the Malaysian Stock Exchange, with one PLC listed
on
Total market capitalization of these 8 PLC entities stood at
RM 11.8 billion at end June, 2010 (with JCorp Group’s holdings amounting more
than RM 5 billion.
Among JCorp’s
strategic businesses include Palm Oils (with more than 120,000 hectares planted
in Malaysia, Papua New Guinea and Solomon Islands); Healthcare (21 Specialist
Hospitals in Malaysia and Indonesia); Food & Restaurants (with more than
900 KFC, Pizza Hut & Rasamas outlets in Malaysia, Singapore, Brunei,
Cambodia and India); Poultry and poultry products (under the Ayamas brand);
Hotels, Industrial and Commercial Property; Intrapreneur Venture; Shipping and
Logistics.
Name : TANJUNG LANGSAT PORT SDN. BHD.
Affiliation type : Parent Company
Address : PTD3532, Jalan Tegar
Perindustrian Tanjung Langsat
81700 Pasir
Gudang Johor Darul Ehsan
Comments :
Additionally,
the company offers petroleum and chemical cargo handling and storage; minor
ship repair and lay up; and water supply services. Tanjung Langsat Port Sdn Bhd
was formerly known as Taswir Abadi Sdn Bhd and changed its name in August 1997.
The company was founded in 1995 and is based in
Name : FELDA-JOHORE BULKERS SDN. BHD.
Affiliation type : Minority Shareholder
Address : Lorong Sawit Satu
Kawasan Pelabuhan Johor
81700 Pasir
Gudang Johor Darul Takzim
Comments : Felda-Johore Bulkers Sdn Bhd (FJB) owns
the largest and most advanced vegetable oil terminal in
FJB handles
between 25% and 50% of
The terminal is
also equipped with the latest and most sophisticated facilities to handle oil
movements.
With a fully computerised
system, stringent quantity and quality controls, strict security and safety
measures as well as comprehensive receipt-storage-despatch facilities, FJB is
now one of the best terminals to handle all types of storage and cargo
movements.
Since it began
operations in 1974, the company has dedicated its storage facilities solely to
vegetable oil products and oleochemicals.
This covers the
storage and handling of various types of processed and crude vegetable oils,
fatty acids, oleochemicals and specialty oil like cocoa butter and palm methyl
ester. The latter, better known as biodiesel, is now stored in large volume in
the terminal.
Date of Incorporation: 9 Oct 1974
Paid-up Capital: RM50 million
Subsidiary of Felda Holdings Berhad which is one of
diversified
agro-based enterprises with a turnover of RM 11.8 billion in 2009 fiscal year.
Name : KULIM (MALAYSIA) BERHAD
Affiliation type : Sister Company
Address :
Comments : Holding company, manufacturing
KULIM (MALAYSIA) BERHAD is a public listed company in Bursa
Malaysia Stock
Exchange.
Name : SKELLERUP FOAM PRODUCTS (MALAYSIA) SDN BHD
Affiliation type : Sister Company
Address :
Comments : Manufacturing of rubber products.
Name : QSR BRANDS BERHAD
Affiliation
type : Associate
Address : Malaysia
Comments : Investment holding and provision
QSR BRANDS BERHAD is a public listed company in Bursa Malaysia Stock Exchange.
Name : KPJ HEALTHCARE BERHAD
Affiliation type : Associate
Address : Malaysia
Comments : Investment holding and Specialist hospital.
KPJ HEALTHCARE BERHAD is a public listed company in Bursa Malaysia Stock Exchange.
Name : JOHOR LAND BERHAD
Affiliation type : Sister Company
Address : Malaysia
Comments : Property developer.
JOHOR LAND BERHAD is a public listed company in Bursa Malaysia Stock Exchange.
Name : SINDORA BERHAD
Affiliation type : Associate
Address : Malaysia
Comments : Investment holding, operations of Malaysia palm oil plantations, palm oil
milling and rubber estate.
SINDORA BERHAD is a public listed company in Bursa Malaysia Stock Exchange.
Name : PELABURAN JOHOR BERHAD
Affiliation type : Sister Company
Address : Malaysia
Comments : Management of unit trust.
Related companies and corporate affiliations comments
Other companies of the Johor Corporation Group should be considered affiliates of the Subject. We are unable to list all the associated companies within the group therefore we have enclosed an attachment to this report.
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.
financials
Description
Source of financial statement : Commercial
Registry Filings
Financial statement date : 31/12/10
Type of accounts : Full audited
Currency :
Exchange rate : 1 USD = MYR 3.19 as of 30-09-2011
Summarized Financial Information
Consolidation type : Non
Consolidated Non Consolidated Group Consolidated Currency :
Date of financial year end : 31/12/10 31/12/09 31/12/10
Length of accounts : 12 months 12 months 12
months
Gross profit : 3,317,000,000
Operating profit : 962,000,000
Profit before tax : -1,764,958 -2,642,940 682,000,000
Net income : -2,495,624 -2,018,940 804,000,000
Non current assets : 27,871,674 30,369,699 11,205,000,000
Current assets : 1,502,171 788,280 3,179,000,000
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Inventories : |
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791,000,000 |
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Total assets : |
29,373,845 |
31,157,979 |
14,384,000,000 |
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Current
liabilities : |
2,595,226 |
3,243,364 |
3,876,000,000 |
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Non current
liabilities : |
24,627,953 |
23,268,325 |
5,473,000,000 |
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Total
liabilities : |
27,223,179 |
26,511,689 |
9,349,000,000 |
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Share equity : |
2,150,666 |
4,646,290 |
5,035,000,000 |
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Retained earning : |
-4,849,334 |
-2,353,710 |
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Comments : The non-consolidated financial
information above relates to the
Subject
only.
The group’s consolidated
financial information above relates to the Subject’s Ultimate Holding Company
Johor Corporation and all its subsidiaries which include the Subject.
Operation details
Main activities : The Subject is mainly engages in
bulking installation, storage and transshipping of biodiesal. The facility in
Tanjung Langsat, Pasir Gudang caters specifically for this product.
It is a
dedicated storage terminal for biodiesel products developed to support the
Malaysian government's efforts to develop biodiesel industry in
Subject was
established as a joint venture company between Felda Johor Bulkers and Tanjung
Langsat Port Berhad in order to venture
into storage of biodiesel.
The Subject is
part of Johor Corporation, as a group the Subject is engaged in agro,
industrial development, and property businesses. Its businesses include palm
oils plantations to produce palm kernels and palm kernel oils in Malaysia,
Indonesia, Papua New Guinea, and Solomon Islands; oleochemicals and
bio-fuel/renewable energy; specialist hospitals operation in Malaysia, Indonesia,
Bangladesh, and Saudi Arabia; and poultry and poultry products offering. The
company’s businesses also comprise hotels development; housing, industrial, and
commercial property development, sale, and investment; production of clay roof
tiles, door frames, silica sand, and ready mixed concrete for development
projects; participation in the capital market; and investment advisory. In
addition, its businesses include office buildings construction and rental; unit
trust schemes management; food and restaurant outlets in
known as Johor
State Economic Development Corporation and changed its name to Johor
Corporation in 1995. Johor Corporation was founded in
1968 and is based in
Product & services : Biodiesel
Biodiesel Products
Vegetable Oils
Palm Oil
Palm Oil Products
Oleochemicals
Purchases
International :
Key events : 18 August 2011
Outlook negative
MARC has
downgraded its ratings on Tanjung Langsat Port Sdn Bhd's (TLP) RM250 million
Sukuk Musyarakah Bonds (Sukuk Musyarakah) and RM135 million Musyarakah
Commercial Papers/Medium Term Notes Programme (MCP/MMTN) to A-IS and
MARC-2ID/A-ID from AA-IS and
MARC-1ID/AA-ID respectively. The outlook on the ratings
remains negative.
The downgrades
reflect further erosion of TLP's credit and operating profile during 2010 due
to the still lingering effects of the 2008 fire incident at its tank terminal
complex and its depleting unencumbered land bank. Its
larger-than-expected revenue decline and operating cash flow
deficit in
2010 raises
concerns over its cash flow and liquidity risks related to certain long
outstanding balances due to its contractors for port construction and dredging
works. In light of its depleted unencumbered land bank and current operating
challenges, MARC expects TLP to become increasingly dependent on liquidity
support from parent, Johor Corporation (JCorp), to fund cash flow and debt
service shortfalls. The negative outlook on the ratings reflects increased
concerns over TLP's ability to stem its operating losses and cash flow
deficits.
MARC
understands that although one of the eight tanks at TLP's tank terminal complex
was certified as ready for operations in March 2010 followed by four more tanks
in May 2010 and the sixth tank in early 2011, the storage facilities are
currently not in use by the sole lessee, Trafigura Pte Ltd. MARC has been
informed that the remaining two tanks which were earlier damaged by fire should
be ready to resume operations by
end-2011.
Consequently, TLP's tank terminal complex operations have not generated any
revenue since the fire incident in August 2008, resulting in estimated monthly
revenue losses of RM0.55 million. TLP recently sold its remaining unencumbered
land holdings, raising total proceeds of RM134.9 million to partially pay down
the RM216.1 million due to contractors. The company urgently needs to restore
its cash flow and earnings through higher utilisation of its tank terminal
complex, and dry and liquid cargo wharves beginning from the second half of
2011 to maintain compliance with its financial covenants and to meet its 2012
note maturities of RM20.0 million. MARC foresees that TLP will require further
financial support from its parent to maintain compliance with its financial
covenants.
Based on its
latest consolidated audited financial statements ended December 31, 2010, TLP's
revenue declined to RM63.59 million (FY2009: RM100.15 million) due to lower
land sales. Higher administrative expenses and finance costs, as well as RM14.7
million of write-offs from insurance receivables relating to the fire incident
led TLP to record pre-tax losses of RM24.3 million (FY2009: pre-tax profit of
RM16.1 million). TLP has initiated legal proceedings against its insurer on May
5, 2011 to recover these
sums. MARC
notes the conversion of amounts due to TLP's parent into equity during 2010
which had the effect of lowering TLP's debt-to-equity ratio to 1.68 times
(FY2009: 3.33 times) against its covenanted
debt-to-equity
ratio of 4.0 times. At the same time, the rating agency considers the parent's
probability of providing further support as low to moderate in light of JCorp's
own heavy debt burden.
MARC will
continue to monitor TLP's operating trends as well as key financial metrics and
will consider revising the outlook to stable if TLP is able to stabilise its
financial and operating performance, and halt further erosion in its credit
profile. To maintain its current ratings, TLP needs to demonstrate that it can
generate adequate earnings and operating cash flow on a consistent basis. The
ratings may be lowered if TLP is unable to stabilise its performance in the
near-term and turn itself around.
Tanjung Langsat port in full swing September
30 July 2007
The general
manager of
Nexsol is a
joint venture company between German based Peter Cremers and Kulim (M) Bhd.
Kulim entered
into a venture agreement with Peter Cremer earlier last year to set up the two
biodiesel plants (one in Tanjung Langsat Industrial area and one in
petrochemical hub of Jurong Island) to produce bio-fuel and other downstream
derivatives.
To cope with
the traffic from Nexsol, Langsat Bulkers Sdn Bhd is developing a 20,000-tonnes
tank farm facility for biodiesel products within our port area.
The tank farm
on a 2.56 ha land will have direct pipeline connection to the jetty head.
Tanjung Langsat
Bulkers is a joint venture company with 60 per cent stake owned by
“We will be
ready by September to handle Nexsol shipments of biofuel and other downstream
derivatives to European market,” said Mazlan Othman.
The development
of tank farm facility would further strengthen and complement the 480 ha
Located in the
vicinity of the Pasir Gudang Industrial Estate - the largest concentration of
oil palm refineries in the world with 17 refinery companies with a capacity of
7.0 million tones per year - the
The L-shaped
twin berth jetty at the
The inner
berths draw 285 metres with 11 metres depth and the outer berths draws 164
metres at the port. Plans are in pipe line to further deepen-up the berth depth
to cope with arrival of VLCC for loading and
unloading raw
materials and finished products from the tank farm within the port area.
“We are also developing a tank
farm with an initial capacity to store
100,000
tonnes for petroleum products following securing a 10-year deal
with Trafigura Beheer BV, an international trading company
to utilize the
100,000 square metres tank farm.
Trafigura with
more than RM3.45 billion in assets and RM155.25 billion in annual revenue is
involved in the supply and off-take of crude oil, petroleum products, liquefied
petroleum gas, metals and mental ores and concentrates.
The long-term
deal is expected to contribute positively towards volume of traffic at the
Tanjung Langsat Port.
Trafigura will
be the first long-term customer and investor of the tank terminal here. The
volume generated by Trafugura will propel the
Mazlan said the
capacity of the tank farm within the port area will be further enlarged under
the second phase development of the project.
Dialog Group
recently sealed an agreement with Trafigura to develop another 400,000 cubic
metres tank farm to store petroleum and
petroleum-related
products. About 4ha of land adjacent to it will house the centralized tanker
facilities, which will serve the terminal and other tank terminals to be
developed in its vicinity.
The RM600
million tank farm project also the first of six nominated services situated
within the Iskandar Development Region.
Felda-Johore Bulkers Sdn Bhd to form a joint venture
company, Langsat
Bulkers Sdn Bhd.
Chief executive
of Johor Corporation, Tan Sri Muhammad Ali Hashim said the authorised capital
for the JV was RM10 million and paid-up capital was RM7.0 million.
Langsat Bulkers
would be building the first phase of a biodiesel storage tank with a capacity
of 20,000 metric tonnes at the
Felda-Johore Bulkers the remaining 40 percent.
The storage
tank is to be built on a 6.479-hectare piece of land and the cost is expected
to come to RM23 million, Muhammad Ali told a press conference after the signing
of the JV agreement here today.
Director of
Tanjung Langsat Port, Datuk Johari Mohamed and the director of Felda-Johore
Bulkers, Datuk Raja Shariffuddinhizan Raja Zainal Abidin signed the deal.
Work on the
tank is expected to start this September while its completion has been
scheduled for September next year.
The tank is
expected to store the first production of biodiesel by the joint venture
company of Kulim (M) Bhd and
Muhammad Ali
said the joint venture would provide both the companies the opportunity to be
aggressively involved in the provision of storage facilities for biodiesel to
be produced at the Tanjung Langsat Industrial Complex's biofuel hub.
Property & assets
Premises : The Subject operates from premises
located at the verified heading address consisting of storage facilities and
administrative office. The Subject has a
storage facility with a capacity of 20,800 MT.
Branches : None reported.
Summarized country risk
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of
Reserve of foreign exchange & gold :
US$136.3 billion as of 29 August 2011
Gross domestic product - GDP : US$ 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: 55.2%
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 andsteel 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 :
Maalysia Ringgits (MYR)
Internet
users as % of total population
: 57.61%
Payment history
Purchase Term
International : Credit 30-60 days
Sales Term
Local : 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.48.93 |
|
UK Pound |
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.