MIRA INFORM REPORT
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Report Date : |
05.10.2011 |
IDENTIFICATION DETAILS
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Name : |
BORNEO CYNTEX SDN. BHD. |
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Registered Office : |
Lot 124, Section 62, No.280, Datuk Wee Kheng Chiang
Road,Kuching, Province Sarawak, Zip/postal code 93100 |
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Country : |
Malaysia |
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Date of Incorporation : |
17.09.1999 |
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Com. Reg. No.: |
494098-M |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Medical Healthcare Industries Suppliers |
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 : BORNEO CYNTEX SDN. BHD.
Business
address : Lot 124, Section 62, No.280
Datuk Wee Kheng Chiang Road
Town : Kuching
Province : Sarawak
Zip/postal
code : 93450
Country : Malaysia
Tel : +60 82 425329 / 415329
Fax : +60 82 230329
Email : info@borneocyntex.com.my
Website : www.borneocyntex.com.my
Registered
address : Lot 124, Section 62, No.280
Datuk Wee Kheng Chiang Road
Town : Kuching
Province : Sarawak
Zip/postal
code : 93100
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 17/09/1999
Legal form : Private Company Limited By Shares
Chief executive : Chiong Yew Wen
Issued & paid up capital : MYR 700,000
Line of business : Medical healthcare industries suppliers.
Staff employed : 60 employees
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is reasonably experienced
Financial performance : Financial performance is undetermined
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Credit amount suggestion : USD 120,000
Credit amount asked : Not described.
Comments : It is advisable to conduct business dealing
on prepayment or L/C for larger credit transaction than suggested. Although the
Subject seems well positioned in the market and financially stable however
without official financial information it would be difficult to grant a large
credit amount. Our suggestion of credit is based on years of establishment,
nature of business, employees, capital investment etc.
Statutory details
Registry Data
Registration date : 17/09/1999
Legal form : Private Company Limited By Shares
Registration no : 494098-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 : Chiong
Yew Wen
Designation : Managing Director
Name : Benjamin
Hwong Chuok Min
Designation : Director
Name : Ting
Hong Sing
Designation : Director
Name : Terence
Lim Koi Pang
Designation : Sales & Marketing Manager
Board of directors / other
appointments
Appointments
Name : Datuk
Haji Mazelan Bin Bugo
Designation : Director
Identification no : 540902-13-5041
Appointment date : 08/09/05
Address :
93050 Kuching
Sarawak Malaysia
Name : Ting Hong Sing Designation : Director Identification no : 661114-13-5666
Appointment date : 17/09/99
Address : Lot
37
Jalan Penampang
88300
Name : Benjamin
Hwong Chuok Min
Designation : Director
Identification no : 690130-13-5589
Appointment date : 17/09/99
Address : No
29 Seng Goon Garden
93250 Kuching Sarawak Malaysia
Name : Chiong Yew Wen
Designation : Director
Identification no : 731112-13-5137
Appointment date : 17/09/99
Address : No
9 Jalan Pisang Selatan
93400 Kuching
Sarawak
Name : Beh
Chin Hiang @ Beh Choo Chen
Designation : Company Secretary
Identification no : 480417-13-5142
Appointment date : 24/06/02
Address : 44
1st Floor Jalan Tabuan
93100 Kuching
Sarawak
Staff employed : 60 employees
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 700,000
Paid up capital : MYR 700,000
ownership / shareholders
How listed : Full List
Composition
Shareholder name Chiong Yew Wen
Address No 9 Jalan Pisang Selatan
93400 Kuching Sarawak Malaysia
No. of shares 364,000 Ordinary Shares
Shareholder name Benjamin Hwong Chuok Min
Address No 29 Seng Goon Garden
93250 Kuching
Sarawak
Malaysia
No. of shares 210,000 Ordinary Shares
Shareholder name Ting Hong Sing
Address Lot 37 Taman Rodamas
Jalan Penampang
88300 Kota Kinabalu
Sabah
Malaysia
No. of shares 126,000 Ordinary Shares
Related companies & corporate Affiliations
Structure
Name : ALL HEALTH MEDICAL SUPPLIES SDN. BHD.
Affiliation type : Associate
Address : No. 77A, Jalan Tun Ahmad Zaidi Adruce
93400, Kuching
Sarawak
Bank & mortgages
Bank Details
Name of
bank :
RHB Bank Berhad
Address :
Malaysia
Account
details :
Current Account
Name of
bank :
HSBC Bank Malaysia 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: 300,000.00
Date of Creation: 24-04-2000
Name of Chargee: RHB BANK BERHAD
Charge Status: UNSATISFIED
Total of Charge: 200,000.00
Date of Creation: 28-06-2001
Name of Chargee: RHB BANK BERHAD
Charge Status: UNSATISFIED
Total of Charge: 1,332,000.00
Date of Creation: 13-04-2006
Name of Chargee: PUBLIC BANK BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 3,100,000.00
Date of Creation: 06-12-2007
Name of Chargee: HSBC BANK MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: 500,000.00
Date of Creation: 04-01-2011
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
Comments : The Subject has been exempted from revealing
their financials. In 2009, the Subject filed for the certificate of exemption
private company and their accountant states that all liabilities are in good
manner.
In addition we
contacted Ms. Ngui, the name provided and we advised that we are conducting a
credit check on the Subject for an American credit reporting agency however she
declined to provide any information. We have sent her an official email and
will constantly do our best to obtain the Subject’s financial information. If
this information is made available we will provide an updated report.
Operation details
Main activities The principal activities of the Subject are to import and distribute medical healthcare
products.
Product &
services
Products:
1) Oxygen, Aerosol, Sleep, Suction and Ventilator Products
2) IV Solutions, Dialysis Solution, Small Volume Pharmaceutical Injectables
3) Glucose & Ketone Testing Device (POCT)
4) Hospital Furnitures
5) Surgical Instrument
6) Handrub, Handwash and disinfectants
7) OT Tables and Lights
8) Electrosurgical and Accessories
Services:
1) Biomedical Repair and Services
2) Pharmacy & Health Shop Services
3) Home Care Medical Equipment & Supplies
4) In-Home Sleep Studies
Brand
1) Abbott Diabettes Care
2) Ain Medicare
3) Alere
4) Becton Dickinson
5) Berchtold
6) Bowa
7) Cardinalhealth
8) Cardiac Science
Purchases
Local : Yes
International : United States, India, Germany, Switzerland, China
Sales
Local : Yes
International : No exports.
Property & Assets
Premises The Subject operates from the verified heading address consisting of warehouse and
administrative office.
Branches In addition, the Subject operates from retail outlets located at:
1)Cyntex Pharmacy, Kuching
2)Healthshop, Sarawak General Hospital
3)Hospital Healthshop, Miri District Hospital
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
Country and Population Overview
Total population :
28.23 million
Total area :
329,847 km2
Capital : Kuala Lumpur
Currency : Malaysia Ringgits
Internet
users as % of total population
: 57.61%
Payment history
Purchase Term
Local : Cash against document, Prepayment,
Credit 30-60 days
International : L/C, Telegraphic transfer, Credit 30-60
days
Sales Term
Local : Cash against document, 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.49.23 |
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UK Pound |
1 |
Rs.76.07 |
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Euro |
1 |
Rs.65.06 |
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.