MIRA
INFORM REPORT
|
Report Date : |
05.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
DOVER PAINTS SDN. BHD. |
|
|
|
|
Registered Office : |
No 19, Jalan Rebena 3 Off Jalan Seruling 59 Taman Klang Jaya Klang Selangor Darul Ehsan 41200 |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
29.09.2009 |
|
|
|
|
Com. Reg. No.: |
873349-K |
|
|
|
|
Legal Form : |
Private Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacturing of paint and coating products. |
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 15,000 |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 : DOVER PAINTS SDN. BHD.
Business address : No 19, Jalan Rebena 3
Off Jalan Seruling 59
Taman Klang Jaya
Town : Klang
Province : Selangor Darul Ehsan
Zip/postal code : 41200
Country : Malaysia
Tel : +60 3 33262304
Fax : +60 3 33263240
Website : www.doverpaints.com.my
Registered address : C/o SMT MANAGEMENT SDN BHD No 35-A, Persiaran Sultan Ibrahim
Town : Klang
Province : Selangor Darul Ehsan
Zip/postal code : 41200
Country : Malaysia
SUMMARY DETAILS
Executive Summary
Date founded or registered : 29/09/2009
Legal form : Private Company Limited By Shares
Chief executive : Rajandaran A/L Raman
Issued & paid up capital : MYR 400,000
Sales turnover : MYR 1,128,614 (Non-consolidated 12 months, 31/12/2010)
Net income : MYR 36,023 (Non-consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 691,709 (Non-consolidated 12 months, 31/12/2010)
Line of business : Manufacturing of paint and coating products.
Staff employed : 15 employees
CREDIT RISK OPINION
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is in start-up phase
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 15,000
Credit amount asked : Not described.
Comments : It is advisable to conduct business dealing on prepayment or L/C for larger credit transaction than suggested due to the Subject’s recent date establishment.
STATUTORY DETAILS
Registry Data
Registration date : 29/09/2009
Legal form : Private Company Limited By Shares
Registration no : 873349-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 : Rajandaran A/L Raman
Designation : Managing Director
Name : Govindarajoo A/L Krishnan
Designation : Director
Name : Tiaga Rajan A/L Subramaniam
Designation : Director
Name : Ganesh A/L Muniandy
Designation : Director
BOARD OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name : Rajandaran A/L Raman
Designation : Director
Identification no : 570402-10-5345
Appointment date : 29/09/09
Address : No.1, Lot 239, Batu 3 1/2
Jalan Kampung Jawa
41000 Klang
Selangor Darul Ehsan
Malaysia
Name : Govindarajoo A/L Krishnan
Designation : Director
Identification no : 650717-10-5315
Appointment date : 20/07/10
Address : No.60,Jalan Sri Sarawak 28
Taman Sri Andalas
41200 Klang
Selangor Darul Ehsan
Malaysia
Name : Tiaga Rajan A/L Subramaniam
Designation : Director
Identification no : 670902-02-5075
Appointment date : 29/09/09
Address : No.77, Jalan Kudus 25/114
Seksyen 25, Taman Sri Muda
40400 Shah Alam Selangor
Darul Ehsan Malaysia
Name : Ganesh A/L Muniandy
Designation : Director
Identification no : 830408-14-5119
Appointment date : 29/09/09
Address : No.37,Jalan Anggerik14A Taman Puchong
Perdana
47100 Puchong Selangor
Darul Ehsan Malaysia
Name : LimChee Huat
Designation : Company Secretary
Identification no : 580328-10-5871
Appointment date : 29/09/09
Address : No.38, Leboh Sembilang 2
Kawasan 7, Taman Teluk Pulai
41100 Klang
Selangor Darul Ehsan
Malaysia
Staff employed : 15 employees
Key Advisors
Auditors : ARI & CO.
24-4-2, Jalan 4/50
Jalan Gombak BT 3 1/2
53000 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 400,000
Paid up capital : MYR 400,000
Changed in capital : The Subject increased the share capital from MYR 100,000 to MYR 500,000 on
05-08-2010.
OWNERSHIP / SHAREHOLDERS
How listed : Full List
Composition
Shareholder name : Rajandaran A/L Raman
Address : No.1, Lot 239, Batu 3 1/2
Jalan Kampung Jawa
41000 Klang
Selangor Darul Ehsan
Malaysia
No. of shares : 160,000 Ordinary Shares
Shareholder name : Ganesh A/L Muniandy
Address : No.37, Jalan Anggerik 14A
Taman Puchong Perdana
47100 Puchong Selangor Darul Ehsan Malaysia
No. of shares : 80,000 Ordinary Shares
Shareholder name : Tiaga Rajan A/L Subramaniam
Address : No.77, Jalan Kudus 25/114
Seksyen 25, Taman Sri Muda
40400 Shah Alam Selangor Darul Ehsan Malaysia
No. of shares : 80,000 Ordinary Shares
Shareholder name : Govindarajoo A/L Krishnan
Address : No.60,Jalan Sri Sarawak 28
Taman Sri Andalas
41200 Klang
Selangor Darul Ehsan
Malaysia
No. of shares : 80,000 Ordinary Shares
RELATED COMPANIES &
CORPORATE AFFILIATIONS
Structure
Related companies and corporate affiliations comments : None reported.
BANK & MORTGAGES
Bank Details
Name of bank : Alliance 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 : 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 3.20 as of 04-10-2011
Summarized Financial Information
Consolidation type : Non Consolidated
Currency : Malaysia, Ringgit (MYR)
Denomination : (x1) One
Date of financial year end : 31/12/10
Length of accounts : 12 months
Sale turnover / Income : 1,128,614
Profit before tax : 37,921
Net income : 36,023
Non current assets : 120,185
Current assets : 571,524
Total assets : 691,709
Current liabilities : 255,686
Total liabilities : 255,686
Share equity : 436,023
Retained earning : 36,023
Comments : Comparative financial information is not available due to the Subject date of establishment.
OPERATION DETAILS
Main activities : The Subject is engaged in manufacturing of paint and coating products such as epoxy mortar, novalac system, self levelling epoxy, waterbase epoxy, antistatic coatings, polyester glassflake, vinylester glassflake, roof coatings, internal vassel & tank linings, general industrial coatings, photoluminous glow effect paint.
Brand : DOVER PAINTS
Purchases
Local : Yes
International : United States, United Kingdom
Sales
Local : Yes
International : Middle East, Pakistan, India, Vietnam, Myanmar
Property & Assets
Premises : The Subject operates from premises located at the verified heading address consisting of production facilities, 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$136.3 billion as of 29 August 2011
Gross domestic product - GDP : US$ 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: 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 S$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
Sales Term
Local : Credit 30-60 days
International : L/C
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.49.22 |
|
|
1 |
Rs.76.07 |
|
Euro |
1 |
Rs.65.06 |
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.