MIRA INFORM REPORT
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Report Date : |
10.10.2011 |
IDENTIFICATION DETAILS
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Name : |
Signature Manufacturing Sdn Bhd |
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Registered Office : |
C/o BOARDROOM CORPORATE SERVICES (KL) SDN BHD Lot 6.05, Level 6, KPMG Tower 8 First Avenue, Bandar Utama, Petaling Jaya,Selangor Darul Ehsan, Zip/postal code 47800 |
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Country : |
Malaysia |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
08.07.2005 |
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Com. Reg. No.: |
702219-P |
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Legal Form : |
Private Limited Company Limited By Shares |
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Line of Business : |
Manufacturing of kitchen systems and wardrobe systems |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 600,000 |
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Status : |
Satisfactory |
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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 : SIGNATURE MANUFACTURING SDN. BHD.
Business address : Lot 24, Jalan Teknologi
Taman Sains Selangor 1
Kota Damansara, PJU5
Town : Petaling Jaya
Province : Selangor Darul Ehsan
Zip/postal code : 47810
Country : Malaysia
Tel : +60 3 62867000
Fax : +60 3 62867001
Website : www.signaturekitchen.com.my
Registered address : C/o BOARDROOM CORPORATE SERVICES (KL) SDN BHD Lot 6.05,
Level 6, KPMG Tower 8 First Avenue, Bandar Utama
Town : Petaling Jaya
Province : Selangor Darul Ehsan
Zip/postal code : 47800
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 08/07/2005
Legal form : Private Limited Company Limited By Shares
Chief executive : Tan Kee Choong
Issued & paid up capital : MYR 350,000
Sales turnover : MYR 33,871,598 (Non-consolidated 12 months, 30/06/2010)
Net income : MYR 2,001,527 (Non-consolidated 12 months, 30/06/2010)
Total fixed assets : MYR 23,045,739 (Non-consolidated 12 months, 30/06/2010)
Line of business : Manufacturing of kitchen systems and wardrobe systems.
Staff employed : 150 (Subject); 340 (Group)
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 good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 600,000
Credit amount asked : Not described.
Comments : Larger credit can still be considered. The Subject is well positioned in the
market and the financial stability of the group is positive.
Statutory details
Registry Data
Registration date : 08/07/2005
Legal form : Private Limited Company Limited By Shares
Registration no : 702219-P
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 : Tan Kee Choong
Designation :
Managing Director
Name : Simon Leong
Designation : Operation
Director
Board of directors / other
appointments
Appointments
Name : Tan Kee Choong
Designation : Director
Identification no : 620318-05-5595
Appointment date : 29/06/06
Address : B-9-8, La Granade Kiara
Jalan Duta Kiara
Bukit Kiara
50480 Kuala Lumpur Wilayah Persekutuan Malaysia
Biography : Mr.
Tan Kee Choong serves as Managing Director and Executive Director at SIGNATURE
International Bhd. He was appointed to the Board on November 20, 2007. He is a
substantial shareholder of the Company. He started his career in 1990 when he
was employed as a Sales Executive in Better Living Grand Sdn Bhd, a company in
the trading of building materials and design of kitchen cabinets, handling
retail sales of kitchen cabinets. In 1992, he joined Home Scene Sdn Bhd as a Project
Executive handling project sales of kitchen cabinets. He left Home Scene Sdn
Bhd in 1994 and founded Signature Cabinet Sdn Bhd with Michael Chooi. As the
co-founder and Managing Director, his main responsibilities are in developing
the strategic direction of the Signature Group. He is also in charge of product
research and development on kitchen systems and wardrobe systems. He has
approximately 19 years of experience in the Kitchen Systems industry, gaining
his experience through a hands-on management style. He has contributed
significantly to the production process improvements, product quality, brand
recognition, research and development and more importantly, market penetration
throughout
Name : Chooi Yoey Sun
Designation : Director
Identification no : 630103-07-5707
Appointment date : 29/06/06
Address : No. 33, Jalan SS 23/6E Taman Sea
47300
Petaling Jaya Selangor Darul Ehsan Malaysia
Biography : Mr.
Chooi (Michael) Yoey Sun serves as Executive Director of Signature
International Berhad. He was appointed to the Board on November 20, 2007. His
career started in 1990, where he started his venture in MJKB Sdn Bhd, a company
trading in home appliances and furniture. Since then, he has developed
invaluable hands-on experience in merchandising and retail distribution outlet.
In 1994, he joined his partner, Tan Kee Choong, in establishing Signature
Cabinet Sdn
Bhd. As the co-founder and Executive Director, he draws on the experience
amassed from his earlier ventures and channels it towards spearheading a
dynamic sales and marketing division within the Signature Group. He brings with
him approximately
15 years of
experience in the marketing and management of kitchen systems. He is entrusted
with the main task of making kitchen and related products as a household
necessity as well as making the brand Signature Kitchen a household brand. The
current brand recognition and market penetration achieved by Signature Kitchen
nationwide as well as overseas is a testament to his accomplishment. He is
currently a Director of Kubiq Sdn Bhd, Signature Obicorp Sdn Bhd, Signature
Aluminium Sdn Bhd and other subsidiary companies
of Signature Cabinet Sdn Bhd. He is also a member of the
Remuneration Committee of the Company.
Name : Tai Yit Chan
Designation : Company Secretary
Appointment date : 13/05/11
Address : C/o BOARDROOM CORPORATE SERVICES (KL) SDN BHD Lot 6.05, Level 6
KPMG Tower 8 First Avenue
Bandar Utama, Petaling Jaya 47800
Selangor Darul Ehsan
Malaysia
Staff employed : 150 (Subject); 340 (Group)
Key Advisors
Auditors : CROWE HORWATH Level 16 Tower C Megan Avenue II
12 Jalan Yap Kwan Seng
50450 Kuala Lumpur Wilayah Persekutuan
Maalysia
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
Changed
in capital : The Subject increased its share capital
from MYR 100,000 to MYR 500,000 on
22-02-2006.
ownership / shareholders
How listed : Full List
Composition
Shareholder
name SIGNATURE CABINET SDN. BHD.
Address : Lot 24, Jalan Teknologi
Taman Sains Selangor 1
Kota Damansara, PJU5
Petaling Jaya 47810
Selangor Darul Ehsan
Malaysia
No. of
shares : 350,000 Ordinary Shares
%
of shares : 100%
Related companies & corporate Affiliations
Structure
Name : SIGNATURE INTERNATIONAL BERHAD
Affiliation type : Ultimate Holding Company
Address : Lot 24, Jalan Teknologi
Taman Sains Selangor 1
Kota Damansara, PJU5
Petaling Jaya 47810
Selangor Darul Ehsan
Malaysia
Comments : The company is listed on the Kuala Lumpur Stock Exchange.
Name SIGNATURE CABINET SDN. BHD.
Affiliation type Parent Company
Address Lot 24, Jalan Teknologi
Taman Sains Selangor 1
Kota Damansara, PJU5
Petaling Jaya 47810
Selangor Darul Ehsan
Malaysia
Comments Design, marketing and distribution of kitchen systems, wardrobe systems and built-in
kitchen appliances.
Name SIGNATURE ALUMINIUM SDN. BHD.
Affiliation type Sister Company
Address Lot 24, Jalan Teknologi
Taman Sains Selangor 1
Kota Damansara, PJU5
Petaling Jaya 47810
Selangor Darul Ehsan
Malaysia
Comments Manufacture, supply, fabrication, and installation of aluminium, glass and aluminium related
products for the retail and project business.
Name SIGNATURE OBICORP SDN. BHD.
Affiliation type Sister Company
Address Lot 24, Jalan Teknologi
Taman Sains Selangor 1
Kota Damansara, PJU5
Petaling Jaya 47810
Selangor Darul Ehsan
Malaysia
Comments Marketing and distribution of built-in kitchen appliances and white goods.
Name KUBIQ SDN. BHD.
Affiliation type Sister Company
Address Lot 24, Jalan Teknologi
Taman Sains Selangor 1
Kota Damansara, PJU5
Petaling Jaya 47810
Selangor Darul Ehsan
Malaysia
Comments Selling, marketing and distributing of cabinets in kitchen and bedroom, knockdown furniture and
furniture parts, appliances and accessories.
Name SIGNATURE KITCHEN SDN. BHD.
Affiliation type Sister Company
Address Lot 24, Jalan Teknologi
Taman Sains Selangor 1
Kota Damansara, PJU5
Petaling Jaya 47810
Selangor Darul Ehsan
Malaysia
Comments Retailing of kitchen systems, wardrobe systems and built-in kitchen appliances.
Name SIGNATURE KITCHEN (NZ) LIMITED
Affiliation type Sister Company
Address Flat 2, 112 Wairau Road
Wairau Valley, North Shore City, 0627
New Zealand
Comments Retailing of kitchen systems, wardrobe systems and built-in kitchen appliances.
Name SIGNATURE GLOBAL MARKETING PTE. LIMITED
Affiliation type Sister Company
Address 80 Marine Parade Road
#19-08 Parkway Parade
449269 Singapore
Singapore
Comments Marketing and distribution of kitchen systems, wardrobe systems and built-in kitchen appliances.
Name FABRIANO SDN. BHD.
Affiliation type Sister Company
Address Lot 24, Jalan Teknologi
Taman Sains Selangor 1
Kota Damansara, PJU5
Petaling Jaya 47810
Selangor Darul Ehsan
Malaysia
Comments Investment holding.
Name SIGNATURE KITCHEN INDUSTRIES SDN. BHD.
Affiliation type Sister Company
Address Lot 24, Jalan Teknologi
Taman Sains Selangor 1
Kota Damansara, PJU5
Petaling Jaya 47810
Selangor Darul Ehsan
Malaysia
Comments Dormant.
Related companies and corporate affiliations comments
Other companies of the Signature International Berhad 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 :
Alliance Bank Malaysia Berhad
Address :
Malaysia
Account
details :
Current Account
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
Total of Charge: 5,500,000.00
Date of Creation: 10-06-2008
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE
Date of Creation: 24-12-2008
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
Source of financial statement : Commercial
Registry Filings
Financial statement date : 30/06/10
Type of accounts : Full audited
Currency :
Exchange rate : 1 USD = MYR 3.18 as of 06-10-2011
Summarized Financial Information
Consolidation type : Non Consolidated Non Consolidated Group Consolidated
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Currency : |
Malaysia, Ringgit (MYR) |
Malaysia, Ringgit (MYR) |
Malaysia, Ringgit (MYR) |
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Denomination : |
(x1) One |
(x1) One |
(x1) One |
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Date of financial
year end : |
30/06/10 |
30/06/09 |
30/06/10 |
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Length of
accounts : |
12 months |
12 months |
12 months |
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33,871,598 |
34,436,898 |
138,363,000 |
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Gross profit : |
6,335,277 |
4,907,504 |
43,535,000 |
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Profit before tax : |
1,859,399 |
3,305,851 |
20,472,000 |
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Net income : |
2,001,527 |
2,981,602 |
15,200,000 |
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Non current
assets : |
1,630,121 |
1,086,383 |
34,248,000 |
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Current assets : |
21,415,618 |
18,303,339 |
102,340,000 |
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Inventories : |
2,857,506 |
3,687,212 |
8,511,000 |
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Total assets : |
23,045,739 |
19,389,722 |
136,588,000 |
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Current
liabilities : |
7,536,190 |
5,662,700 |
39,445,000 |
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Non current
liabilities : |
0 |
219,000 |
3,999,000 |
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Total
liabilities : |
7,536,190 |
5,881,700 |
43,444,000 |
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Share equity : |
15,509,549 |
13,508,022 |
93,144,000 |
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Retained earning : |
15,159,549 |
13,158,022 |
67,663,000 |
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 Signature
International Berhad and all its subsidiaries which include the Subject.
Operation details
Main activities : The Subject main activities are manufacturing
of kitchen systems and wardrobe systems.
The Subject is part of Signature International Berhad, which
is a
Purchases
Local : Yes
International : Mainly from China, Germany, Italy
Sales
Local : Yes
International : United Arab Emirates, India, Pakistan,
Sri Lanka, Vietnam, Philippines, Thailand, Indonesia, New Zealand
Property & Assets
Premises : The Subject operates from group headquarters located at the verified heading address
consisting of production facilities, warehouse and administrative office.
Branches : None reported.
Other property : Total NBV of property, plant and equipment as of 30-06-2010 was MYR 1,462,121.
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$ 420Billion
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 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
Local : Cash against document, Prepayment,
Credit up to 90 days
International : L/C, Prepayment, Credit up to 90 days
Sales Term
Local : Cash against document, Prepayment,
Credit up to 90 days
International : L/C, Prepayment, Credit up to 90 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.49.14 |
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UK Pound |
1 |
Rs.75.97 |
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Euro |
1 |
Rs.65.99 |
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.