MIRA INFORM REPORT

 

 

Report Date :           

08.10.2011

 

IDENTIFICATION DETAILS

 

Name :

HUA LOUNG HENG SDN. BHD.

 

 

Registered Office :

No. 46, Lorong Riang, Taman Riang, Butterworth, Pulau Pinang, Zip/postal code 12300

 

 

Country :

Malaysia

 

 

Date of Incorporation :

26.11.2002

 

 

Com. Reg. No.:

599894-U

 

 

Legal Form :

Private Limited Company Limited By Shares

 

 

Line of Business :

Import and distribute of spices, bean, dhal, chili etc.

 

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 – 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

 

 Bottom of Form

Identification details  Bottom of Form

 

 

 

Verified Address

 

Subject name                HUA LOUNG HENG SDN. BHD.

Business address          No. 46, Lorong Riang

Taman Riang

Town                             Butterworth

Province                        Pulau Pinang

Zip/postal code              12300

Country:                        Malaysia

Tel                                +60 4 3329600

Fax                               +60 4 3323395

Email                            hlhsb@hotmail.com 

 

Registered address      :           No. 46, Lorong Riang

Taman Riang

Town                             :           Butterworth

Province                        :           Pulau Pinang

Zip/postal code              :           12300

Country                         :           Malaysia

Comments                    :           The verified address above belongs to the residential premises of the directors.

 

The Subject does not operate from a separate physical office.

 

 

Summary details

 

Executive Summary

 

Date founded or registered          :   26/11/2002

Legal form                                 :   Private Limited Company Limited By Shares

Chief executive                          :   Koay Wee Long

Issued & paid up capital             :   MYR 300,000

Line of business             :   Import and distribute of spices, bean, dhal, chili etc.

Staff employed                           :   3 including directors

 

 

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 undetermined

Organization structure                :   Organizational structure is acceptable

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

Credit amount suggestion           :   Fully secured terms.

Credit amount asked                  :   Not described.

 

 

Statutory details

 

Registry Data

 

Registration date            :   26/11/2002

Legal form                     :   Private Limited Company Limited By Shares

Registration no              :   599894-U

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                :           Koay Wee Long

Designation       :           Director

 

Name                :           Lim It Suan

Designation       :           Director

 

 

 

Board of directors / other appointments

 

Appointments

 

Name                            :           Koay Wee Long

Designation                   :           Director

Identification no              :           530622-02-5041

Appointment date           :           26/11/02

Address                        :           No. 46, Lorong Riang

Taman Riang

12300 Butterworth Pulau Pinang Malaysia

 

Name                            :           Lim It Suan

Designation                   :           Director

Identification no              :           610319-02-5794

Appointment date           :           26/11/02

Address                        :           No. 46, Lorong Riang

Taman Riang

12300 Butterworth Pulau Pinang Malaysia

Name                            :           Ker Siew Luan

Designation                   :           Company Secretary

Identification no              :           570614-08-5972

Appointment date           :           26/11/02

Address                        :           4A Lorong Selamat

10400 George Town Pulau Pinang Malaysia

Staff employed               :           3 including directors

 

Key Advisors

Auditors          :                       LIM TAY & CO

No. 119, 1st Floor, Lorong Macalister

10400 Georgetown Pulau Pinang Malaysia

 

 

Share capital

 

Composition

 

Authorized Capital          :   MYR 500,000

 

No of shares                  :   500,000 Ordinary Shares

 

Share par value              :   MYR 1

 

Issued capital                :   MYR 300,000

 

Paid up capital               :   MYR 300,000

 

Changed in capital         :   The Subject increased its share capital from MYR 100,000 to MYR 500,000 on

28-02-2003.

 

 

 

ownership / shareholders

 

How listed                     :   Full List

 

Composition

Shareholder name          :   Lim It Suan

Address                        :   No. 46, Lorong Riang

Taman Riang

12300 Butterworth Pulau Pinang Malaysia

No. of shares                 :   150,000 Ordinary Shares

% of shares                   :   50%

 

Shareholder name          :   Koay Wee Long

Address                        :   No. 46, Lorong Riang

Taman Riang

12300 Butterworth Pulau Pinang Malaysia

No. of shares                 :   150,000 Ordinary Shares

% of shares                            :   50%

 

 

Related companies & corporate Affiliations

 

Structure

 

Related companies and corporate affiliations comments : None Reported

 

 

Bank & mortgages

 

Bank Details

Name of bank    :   RHB Bank Berhad

Address            :   Malaysia

Account details  :   Curent 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: 143,000.00

Date of Creation: 12-04-2004

Name of Chargee: RHB BANK BERHAD Charge Status: UNSATISFIED

 

Total of Charge: 95,000.00

Date of Creation: 12-04-2004

Name of Chargee: RHB BANK BERHAD Charge Status: UNSATISFIED

 

Total of Charge: OPEN CHARGE Date of Creation: 07-06-2011

Name of Chargee: RHB BANK 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 financial

                                                            information. On 31-12-2009, 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 representative of the Subject to request their latest financial information however she decline to do so until the inquiring party details are revealed.

 

 

Operation details

 

Main activities                                       :   The Subject main activities are import and distribution of spices, bean, dhal, chili etc.

Purchases

 

International                                          :   Mainly from India, Guatemala, United Arab Emirates, China, Vietnam, Indonesia, Thailand

 

Sales

Local                                                    :   Yes

International                                          :   Asia countries

 

 

Property & Assets

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

Currency                                                                                                      : Malaysia Ringgits (MYR)

Internet users as % of total population   :  57.61 %

 

 

Payment history

 

Purchase Term

International                                          :   Telegraphic transfer, Credit 30-60 days

 

 

Sales Term

Local                                                    :   Prepayment, Credit 30-60 days

International                                          :   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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.18

UK Pound

1

Rs.76.65

Euro

1

Rs.66.63

 

 

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

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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%)

 

 

 

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.