MIRA INFORM REPORT

 

 

Report Date :           

12.10.2011

 

IDENTIFICATION DETAILS

 

Name :

SKYTEX INDUSTRIES (M) SDN. BHD.

 

 

Registered Office :

C/o SCB MANAGEMENT CONSULTANATS, 131A, Jalan Sultanah,Batu Pahat

Province Johor Darul Takzim, Zip/postal code 83000

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.04.2000

 

 

Com. Reg. No.:

512192-A

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Manufacturer of knitted fabric.

 

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 140,000

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

 

 Bottom of Form

Identification details  Bottom of Form

 

 

Verified Address

 

Subject name                            :           SKYTEX INDUSTRIES (M) SDN. BHD.

Business address                      :           No. 5, Jalan Budi Selatan

Taman Wawasan Perindustrian

Town                                         :           Batu Pahat

Province                                    :           Johor Darul Takzim

Zip/postal code                          :           83000

Country                                     :           Malaysia

Tel                                            :           +60 7 4286999

Fax                                           :           +60 7 4287575

Email                                        :           skytex_sb@hotmail.com 

 

 

Registered address                    :           C/o SCB MANAGEMENT CONSULTANATS

131A, Jalan Sultanah

Town                                         :           Batu Pahat

Province                                    :           Johor Darul Takzim

Zip/postal code                          :           83000

Country                                                                                   :                       Malaysia

 

 

Summary details

 

Executive Summary

Date founded or registered          :   22/04/2000

Legal form                                 :   Private Company Limited By Shares

Chief executive                          :   Goh Thiam Hwa

Issued & paid up capital             :   MYR 200,000

Sales turnover                            :   MYR 10,827,528 (Non-consolidated 12 months, 31/12/2010)

Net income                                :   MYR 5,510,289 (Non-consolidated 12 months, 31/12/2010)

Line of business             :   Manufacturer of knitted fabric.

Staff employed                                                                        :   20 employees

 

 

Credit risk opinion

 

Company Analysis

 

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is progressing

Management experience :   Management is modestly experienced

Financial performance                :   Financial performance is fair

Organization structure                :   Organizational structure is stable

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

Credit amount suggestion     :   USD 140,000

Credit amount asked              :   Not described.

 

 

Statutory details

 

Registry Data

 

Registration date            :   22/04/2000

Legal form                     :   Private Company Limited By Shares

Registration no              :   512192-A

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                :           Goh Thiam Hwa

Designation       :           Managing Director

 

Name                :           Tan Teng San

Designation       :           General Manager

 

 

Board of directors / other appointments

 

Appointments

 

Name                            :           Tan Teng San

Designation                   :           Director

Identification no              :           551122-01-5667

Appointment date           :           22/04/00

Address                        :           No 25, Jalan Kemuncak

Taman Bandar Johor Darul Takzim Malaysia

 

Name                            :           Ng Siew Cheng

Designation                   :           Director

Identification no              :           581125-01-5942

Appointment date           :           01/07/02

Address                        :           No 25, Jalan Kemuncak

Taman Bandar Johor Darul Takzim Malaysia

 

Name                            :           Goh Thiam Hwa

Designation                   :           Director

Identification no              :           591022-01-6159

Appointment date           :           22/04/00

Address                        :           45, Jalan Panti

Taman Johor, 81200 Johor Bahru

Johor Darul Takzim

Malaysia

 

Name                            :           Lim Suat Ben

Designation                   :           Company Secretary

Identification no              :           601001-01-6738

Appointment date           :           22/04/00

Address                        :           No. 131A, Jalan Sultanah

83000 Batu Pahat Johor Darul Takzim Malaysia

 

Staff employed   :           20 employees

 

 

Key Advisors

Auditors                       :      OK YAU & HOWYONG

38D-2, Jalan Radin Anum

Bandar Baru Seri Petaling

57000 Kuala Lumpur

Malaysia

 

 

Share capital

 

Composition

 

Authorized Capital                                 :   MYR 500,000

 

No of shares                                         :   500,000 Ordinary Shares

 

Share par value                                     :   MYR 1

 

Issued capital                                       :   MYR 200,000

 

Paid up capital                                                                                              :   MYR 200,000

 

 

ownership / shareholders

 

How listed                                :   Full List

 

Composition

Shareholder name          :   Goh Thiam Hwa

Address                        :   45, Jalan Panti

Taman Johor, 81200 Johor Bahru

Johor Darul Takzim

Malaysia

 

No. of shares                 :   90,000 Ordinary Shares

 

Shareholder name          :   Tan Teng San

 

Address                        :   No 25, Jalan Kemuncak

Taman Bandar Johor Darul Takzim Malaysia

No. of shares                          :   110,000 Ordinary Shares

 

 

Related companies & corporate Affiliations

 

Structure

 

Name                            :   SUTIAMOTO (M) SDN. BHD

Affiliation type                :   Associate

Address                        :   2, Jalan Budi Selantan

Taman Wawasan Perindustrian

83000 Batu Pahat Johor Darul Takzim Malaysia

Comments                              :   Manufacturer and distributor clothes, garments and textiles.

 

 

Bank & mortgages

 

Bank Details

 

Name of bank    :   United Overseas Bank (Malaysia) Bhd.

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: OPEN CHARGE

Date of Creation: 06-07-2009

Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD.

Charge Status: SATISFIED

 

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 3.12 as of 11-10-2011

 

Summarized Financial Information

 

Consolidation type                              :

Non Consolidated

Non Consolidated

Currency                                            :

Malaysia, Ringgit (MYR)

Malaysia, Ringgit (MYR)

Denomination                                     :

(x1) One

(x1) One

Date of financial year end                    :

31/12/10

31/12/09

Length of accounts                             :

12 months

12 months

Sale turnover / Income                         :

10,827,528

7,767,072

Profit before tax                                  :

902,756

762,903

Net income                                        :

690,754

588,649

Non current assets                             :

379,259

438,130

Current assets                                    :

5,131,030

3,410,953

Total assets                                       :

5,510,289

3,849,083

Current liabilities                                 :

2,235,246

1,206,341

Non current liabilities                           :

421,776

480,229

Total liabilities                                    :

2,657,022

1,686,570

Share equity                                       :

2,853,267

2,162,513

Retained earning                                 :

2,653,267

1,962,513

 

 

Operation details

 

Main activities    :   The Subject is engaged in manufacturing of knitted fabric.

 

Purchases

International       :   Vietnam, India, China

 

Sales

Local                :   100% local sales.

International       :   No exports.

 

Property & Assets

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

production facilities, warehouse, 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$131 billion as of 30 September 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 and steel products, chemicals

Export - major partners                          :   US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%,

                                                            Hong Kong 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                                          :   L/C

 

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.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

----

 

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.