MIRA INFORM REPORT

 

 

Report Date :

18.10.2011

 

IDENTIFICATION DETAILS

 

Name :

LVD (MALAYSIA) SDN BHD

 

 

Registered Office :

14, Jalan Kartunis U1/47 Section U1 Temasya Industrial Park Shah Alam Selangor Darul Ehsan 40150

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

20.10.1982

 

 

Com. Reg. No.:

91631-T

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Import, distribution, maintenance of sheet metalworking machines and software solution

 

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 80,000

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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                :           LVD (MALAYSIA) SDN BHD

 

 

Business address          :           14, Jalan Kartunis U1/47

Section U1

Temasya Industrial Park

 

Town                             :           Shah Alam

 

Province                        :           Selangor Darul Ehsan

 

Zip/postal code              :           40150

 

Country                         :           Malaysia

 

Tel                                :           +60 3 55695861

 

Fax                               :           +60 3 55695862

 

Email                            :           general@lvd.com.my

 

Website                        :           www.lvd.com.my

 

 

Registered address        :           C/o COMPREHENSIVE CORPORATE SERVICES SDN BHD Suite 3.02, Level 3, Wisma E&C

2 Lorong Dungun Kiri

Town                             :           Kuala Lumpur

Province                        :           Wilayah Persekutuan    

Zip/postal code              :           50490

Country                                                           :                       Malaysia

 

 

SUMMARY DETAILS

 

Executive Summary

 

Date founded or registered          :   20/10/1982

 

Legal form                                 :   Private Company Limited By Shares

 

Chief executive                          :   Tey Hwang Ming

 

Issued & paid up capital             :   MYR 250,000

 

Sales turnover                            :   MYR 9,223,409 (Non-consolidated 12 months, 31/12/2008)

Net income                                :   MYR 7,712,824 (Non-consolidated 12 months, 31/12/2008)

Line of business                         :   Import, distribution, maintenance of sheet metalworking machines and software solution.

 

Staff employed                                                                        :   20 employees

 

 

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 fair

Organization structure                :   Organizational structure is acceptable

Detrimental records                    :   No detrimental records found

Payment history                                    :   No payment delays noted

 

Credit amount suggestion           :   USD 80,000

 

Credit amount asked                  :   Not described.

 

Comments                                                      :   Larger credit can still be granted if guaranteed by Ultimate Holding Company.

 

 

STATUTORY DETAILS

 

 

Registry Data

 

Registration date            :   20/10/1982

 

Legal form                     :   Private Company Limited By Shares

 

Registration                   no         91631-T

 

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                         :      Tey Hwang Ming

 

Designation                                              :            Managing Director

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

 

Appointments

 

Name                            :           Tey Hwang Ming

Designation                   :           Managing Director

Identification no              :           550305-01-5147

Appointment date           :           20/08/90

 

Address                        :           506, Block E2, Section 2

Bandar Baru Wangsa Maju

53300 Kuala Lumpur Wilayah Persekutuan Malaysia

 

Name                            :           Eric Theissen

Designation                   :           Director

Identification no              :           T292803

Appointment date           :           17/09/92

 

Address                        :           49 Jalan Pemimpin

#01-10, APS Industrial Building

Singapore 577203

Singapore

 

Name                            :           Jean-Pierre Lefebvre

 

Designation                   :           Director

 

Identification no              :           T151768

 

Appointment date           :           17/09/92

 

Address                        :           169 Chaussée de Dottignies

7701 Mouscron Belgium

 

Name                            :           Ng See Yen

Designation                   :           Company Secretary

Identification no              :           540819-05-5139

Appointment date           :           20/08/90

 

Address                        :           55, Jalan Wangsa Perkasa 1

Wangsa Melawati

53300 Kuala Lumpur Wilayah Persekutuan Malaysia

Staff employed                        :                       20 employees

 

 

Key Advisors

 

 

Auditors            :           A.D. CHUN & CO.

Room 1.01, 50 A & 52A Jalan Pasar

41400 Klang

Selangor Darul Ehsan

Malaysia

 

 

SHARE CAPITAL

 

 

Composition

 

Authorized Capital          :   MYR 500,000

 

No of shares                  :   500,000 Ordinary Shares

 

Share par value              :   MYR 1

 

Issued capital                :   MYR 250,000

 

Paid up capital               :   MYR 250,000

 

Changed in capital         :   The Subject increased its share capital from MYR 200,000 to MYR 500,000 on

09-06-2004.

 

 

OWNERSHIP / SHAREHOLDERS

 

 

 

How listed                     :   Full List

                       

Composition

Shareholder name          :   LVD INVEST N.V.

Address                        :   Nijverheidslaan 2

8560 Gullegem

Belgium

 

No. of shares                 :   250,000 Ordinary Shares

 

% of shares                            :   100%

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

 

Structure

Name                :   LVD COMPANY N.V.

Affiliation type    :   Ultimate Holding Company

Address            :   Nijverheidslaan 2

8560 Gullegem

Belgium

 

 

 

Comments        :   LVD Company NV provides integrated products for sheet metal working. It offers laser cutting systems, CNC bending and forming press brakes, and punching equipment; CADMAN, a programming software that offers offline integration of the key sheet metalworking processes of laser, punching, and bending; and laser cutting systems. LVD Company also provides used machines, such as CNC laser cutting machines, CNC punch presses, CNC press brakes, and CNC shears. In addition, it offers services, such as set-up and installation, product and software training, product and software application, field service, telephone help desk, teleservice, component repair, planned preventive maintenance contracts, and upgrades for CNC controls. LVD Company NV was founded in 1946 and is based in Gullegem, Belgium.

 

 

Name                :   LVD INVEST N.V.

Affiliation type    :   Parent Company

Address            :   Nijverheidslaan 2

8560 Gullegem

Belgium

Comments        :   Holding company.

 

Name                :   STRIPPIT, INC.

Affiliation type    :   Sister Company

 

Address            :   12975 Clarence Center Rd.

Akron, NY 14001

United States of America

 

 

Comments        :   Strippit, Inc. designs and manufactures integrated products for sheet metalworking. It offers laser cutting systems, punching equipment, CNC bending and forming press brakes, and shearing machinery; and compact material storage and retrieval towers for CO2 laser cutting systems, as well as CADMAN, a programming software for offline integration of the sheet metalworking processes of laser, punching, and bending. The company also provides set-up and installation, product and software training and application, field service, telephone help desk, original spare parts supply, component repair, planned preventive maintenance, and CNC controls upgrade services. Strippit, Inc. was formerly known as Houdaille Strippit-DiAcro, Inc. The company was founded in 1925 and is based in Akron, New York. As of 08/25/1998, Strippit, Inc. is a subsidiary of LVD Co NV.

 

 

Name                :   LVD ITALIA S.R.L.

Affiliation type    :   Sister Company

Address            :   Via Strasburgo 18/A

43100 Parma

Italy

 

Name                :   LVD GMBH

Affiliation type    :   Sister Company

Address            :   Europastrasse 3/1

77933 LAHR

Germany

 

Name                :   LVD LTD.

Affiliation type    :   Sister Company

Address            :   Unit 3, Wildmere Road

UK-Banbury

Oxfordshire OX16 3JU

United Kingdom

 

Name                :   EASY METAL FORMING LVD (LLC)

Affiliation type    :   Sister Company

Address            :   P.O. Box 231591 Office No 408

Splash Building Near Al Bustan Centre

Al Qusais, Dubai

United Arab Emirates

 

Name                :   PT. LVD CENTER

Affiliation type    :   Sister Company

Address            :   Jl. Mangga Dua Raya Blok N no. 37

Komplek Mangga Dua Plaza

Jakarta 10730

Indonesia

 

Name                :   LVD DO BRASIL LTDA

Affiliation type    :   Sister Company

Address            :   Rua Dona Francisca

CEP 89218-111 – Joinville – SC

Brazil

 

 

Name                :   MAGAL LVD INDIA PVT. LTD.

Affiliation type    :   Sister Company

Address            :   No. N-2, 2nd Floor, Lic Row Houses

24th Main Road, J.P. Nagar

Bengaluru, Bangalore 560078

 

Related companies and corporate affiliations comments:   Other companies of the LVD Group should be considered affiliates of the Subject.

 

BANK & MORTGAGES

 

Bank Details

 

Name of bank                :   CIMB Bank Berhad

 

Address                        :   Malaysia

 

Account details              :   Current Account

 

 

Name of bank                :   ABN Amro Bank

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: 28-09-2010

Name of Chargee           : HONG LEONG 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

 

Source of financial statement               :   Commercial Registry Filings

 

Financial statement date                     :   31/12/08

 

Type of accounts                                :   Full audited

 

Currency                                            :   Malaysia, Ringgit (MYR)

 

Exchange rate                                    :   1 USD = MYR 3.13 as of 18-10-2011

 

 

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                                                                        :   31/12/08                             31/12/07

 

Length of accounts                                                                                  :   12 months                           12 months

 

Sale turnover / Income                         :   9,223,409                                                                10,304,554

 

Operating profit                                   :

243,020

174,566

Profit before tax                                  :

166,294

132,025

Net income                                        :

94,729

97,914

Non current assets                             :

2,730,400

1,726,958

Current assets                                    :

4,982,424

9,088,617

Inventories                                          :

3,350,919

4,741,862

Total assets                                       :

7,712,824

10,815,575

Current liabilities                                 :

5,730,055

10,020,956

Non current liabilities                           :

0

6,579

Total liabilities                                    :

5,730,055

10,027,535

Share equity                                       :

1,982,769

788,040

Retained earning                                 :

632,769

538,040

 

Comments                      :   The Subject's latest financial is yet to be made available at the registry.

 

 

OPERATION DETAILS

 

Main activities                :   The Subject is engaged in import, distribution, maintenance of sheet metalworking machines and software solution.

 

The Subject was established in 1982 to give technical and service support to LVD customers in Malaysia. And in 2001, a Technology Center was set up in Glenmarie, Shah Alam. The center is equipped with the latest CNC machines and Off-machine software programming stations. The Center also provides regional technical and software support to LVD customers in Singapore, Indonesia, Vietnam, Philippines, Thailand, India and China.

 

Subject is a subsidiary of the LVD Group of Companies, a leader in sheet metalworking machines. The parent company LVD Company NV was founded in 1952. Today this privately owned group has its headquaters in Gullegem, Belgium and owns sales and service support operations in over

20 countries.

 

 

Product & services                     :   Laser Cutting System

CNC Turret Punch Presses

CNC Press Brake

Hydraulic Guillotine Shears

Press Brake Tooling

Programming Software: CADMAN® PC based Windows® compatible software

Profile Bending Machines

Plate Bending Machines

Corner Notching Machines And Horizontal Bending Machine

Tube Bending Machines

Machines And Systems For The Steel Construction Industry

Technical Support and maintenance services

 

Brand                                        :   LVD Strippit Comac Imcar Ficep Simasv Crippa

 

 

 

Purchases

 

International                               :   Europe, United States

 

 

Sales

 

Local                                        :   Yes

 

International                               :   Southeast Asia

 

 

Key events                                :   18 February 2011

 

Pullmax has announced that effective immediately LVD Company, n.v. and

Pullmax AB have entered into an operational merger

 

 

Pullmax has announced that effective immediately LVD Company, n.v. and Pullmax AB have entered into an agreement for the operational merger of their sales, service, production and engineering functions.

 

This combining of their forces will create one of the industry's largest sheet metalworking equipment manufacturers with manufacturing facilities in Belgium, Central Europe, the U.S and China.

 

They will provide the customers with a broader array of products and services, and access to a strong, solidified network of sales and service subsidiaries.

 

Merging of Operations

Under the agreement each company will maintain their independent corporate identity but will combine key operations.

 

LVD will manufacture Pullmax punching machines for the world market and will collaborate with Pullmax on research and development efforts for future punching products and technology. Pullmax will cease all manufacturing operations.

 

The complete range of Pullmax punching machines will be added to LVD's existing punchpress product portfolio. The result will be the industry's most comprehensive punching product offering with a broad range of capabilities and an extensive line of automated systems.

 

Pullmax will add LVD products to its current line, including all LVD laser cutting, punching, bending and shearing equipment, as well as LVD software and mid-range automation products in their represented markets.

 

Pullmax will be responsible for sales and service in Scandinavia and the

UK. In these markets LVD and Pullmax sales and service operations will be merged at a country level to provide an integrated sales and service

network for LVD and Pullmax

customers alike. For all other markets, LVD will provide sales and service support via an extensive network of subsidiaries and agents.

 

Integration of their sales and service operations will take place over the next few months.

9 February 2001

 

 

LVD opened its latest Technical Center (7, 300 sq.Ft. Facility) in Shah Alam, Selangor Darul Ehsan to further enhance the technical assistance to customers in Malaysia and Singapore. The Center enables the customers to see, test and operate the latest LVD CNC machines and provides the training in the latest Cadcam software. It also provides the customers with the facilities for R&D, time studies, project feasibility studies and other technical support. The Center also supports the company's local service organisations in India, China, Korea and South East Asia.

 

Property & Assets

 

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

 

address consisting of administrative office, technology centre and warehouse covering 7,300 square feet.

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: 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 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                                       :   Prepayment, Credit 30-90 days

 

 

Sales Term

 

Local                                                 :   Prepayment, Credit 30-90 days

 

International                                       :   Prepayment, Credit 30-90 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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.89

UK Pound

1

Rs.77.31

Euro

1

Rs.67.79

 

 

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.