MIRA INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SEPANG DYNAMICS SDN. BHD. |
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Registered Office : |
C/O
Fulcrum Management Sdn Bhd, 16b, Jalan Tun Mohd Fuad 1, Taman Tun Dr.Ismail,
Kuala Lumpur, Wilayah Persekutuan, Zip/Postal Code 60000 |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.01.1994 |
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Com. Reg. No.: |
287631-P |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Manufacturing and trading of crude and refined coconut and palm oil products |
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 300,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Australia |
a1 |
a1 |
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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 : SEPANG DYNAMICS SDN. BHD.
Business
address : 1st
Floor, Lot 9685 Lorong 10
Jalan Datuk Abang Abdul Rahim
Off Jalan Pending
Town : Kuching
Province : Sarawak
Zip/postal
code : 93450
Country : Malaysia
Tel : +60 82 338240
Fax : +60 82 349924
Registered
address : C/o
FULCRUM MANAGEMENT SDN BHD
16B, Jalan Tun Mohd Fuad 1
Taman Tun Dr.Ismail
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal
code : 60000
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 20/01/1994
Legal form : Private Company Limited By Shares
Chief executive : Cheng Tin Kah
Issued & paid up capital : MYR 800,000
Sales turnover : MYR 104,319,579 (Non-consolidated 12 months, 31/12/2010)
Net income : MYR 1,634,800 (Non-consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 20,850,503 (Non-consolidated 12 months, 31/12/2010)
Line of business : Manufacturing and trading of crude and refined coconut and palm oil products.
Staff employed : 14 employees
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is progressing
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 300,000
Credit amount asked : Not described.
Statutory details
Registry Data
Registration date : 20/01/1994
Legal form : Private Company Limited By Shares
Registration no : 287631-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 : Cheng
Tin Kah
Designation : Managing Director
Board of directors / other
appointments
Appointments
Name : Cheng Tin Kah
Designation : Managing Director
Identification no : 590131-13-5275
Appointment date : 27/09/94
Address : No. 1126, Section 66
Jalan Tekad
Bintawa Industrial Estate
93450 Kuching Sarawak Malaysia
Name : Esther Lew Mee Fong
Designation : Director
Identification no : 590403-13-5640
Appointment date : 25/11/96
Address : 385
Lorong Song 1A1
Tabuan Height Phase 1
93350 Kuching Sarawak Malaysia
Name : Ng Lai Cho
Designation : Company
Secretary
Identification no : 651006-10-5102
Appointment date : 08/11/04
Address : 31
Jalan Anggerik Tainia 31/118
Bukit Rimau, 40460 Shah Alam
Selangor Darul Ehsan
Malaysia
Name : Lee Suwi Fang
Designation : Company
Secretary
Identification no : 711012-04-5208
Appointment date : 08/11/04
Address : 37
Jalan BU 7/5
Bandar Utama, 47800 Petaling
Jaya
Selangor Darul Ehsan
Malaysia
Staff employed : 14
employees
Key Advisors
Auditors : LAU YAW JOO & CO.
No. 79, 1st Floor
Jln Chan Bee Kiew
93450 Kuching Sarawak Malaysia
Share capital
Composition
Authorized Capital : MYR 1,000,000
No of shares : 800,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 800,000
Paid up capital : MYR 800,000
Changed in capital : The Subject increased its share capital from MYR 500,000 to MYR 1,000,000 on
13-08-2009.
ownership / shareholders
How listed : Full List
Composition
Shareholder name Cheng Tin Kah
Address No. 1126, Section 66
Jalan Tekad
Bintawa Industrial Estate
93450 Kuching Sarawak Malaysia
No. of shares 704,000 Ordinary Shares
Shareholder name Esther Lew Mee Fong
Address 385 Lorong Song 1A1
Tabuan Height Phase 1
93350 Kuching Sarawak Malaysia
No. of shares 96,000 Ordinary Shares
Related companies & corporate Affiliations
Structure
Name SEPANG DYNAMICS (SABAH) SDN. BHD.
Affiliation type Associate
Address Lot No. 6, Building No. 11
Lorong Selatan 1A, KKIP Jalan Sepangar, Menggatal Kota Kinabalu, Sabah, 88460
Malaysia
Bank & mortgages
Bank Details
Name of bank : United Overseas Bank (
Address : Malaysia
Account details : Current Account
Name of bank : Hong Leong 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: 170,000.00
Date of Creation: 01-02-2000
Name of Chargee: THE PACIFIC BANK BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 130,000.00
Date of Creation: 15-05-2001
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 500,000.00
Date of Creation: 20-12-2004
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 150,000.00
Date of Creation: 09-12-2004
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 300,000.00
Date of Creation: 15-08-2005
Name of Chargee: RHB BANK BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 1,150,000
Date of Creation: 21-12-2005
Name of Chargee: CIMB BANK BERHAD
Charge Status: UNSATISFIED
Total of Charge: 4,709,352.50
Date of Creation: 16-07-2008
Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD. Charge Status: UNSATISFIED
Total of Charge: 2,031,000
Date of Creation: 30-07-2008
Name of Chargee: CIMB BANK BERHAD
Charge Status: UNSATISFIED
Total of Charge: 900,000
Date of Creation: 27-10-2008
Name of Chargee: RHB BANK BERHAD
Charge Status: UNSATISFIED
Total of Charge: 2,600,000
Date of Creation: 27-10-2008
Name of Chargee: RHB BANK BERHAD
Charge Status: UNSATISFIED
Total of Charge: 4,200,000
Date of Creation: 15-09-2009
Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD.
Charge Status: UNSATISFIED
Total of Charge: 1,000,000
Date of Creation: 29-12-2009
Name of Chargee: CIMB BANK BERHAD
Charge Status: UNSATISFIED
Total of Charge: 5,000,000.00
Date of Creation: 25-04-2011
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 : 31/12/10
Type of accounts : Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.11 as of 20-10-2011
Summarized Financial Information
Consolidation type : Non Consolidated Non Consolidated
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Currency : |
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Denomination : |
(x1) One |
(x1) One |
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Date of
financial year end : |
31/12/10 |
31/12/09 |
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Length of accounts : |
12 months |
12 months |
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|
104,319,579 |
108,624,695 |
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Gross profit : |
3,671,763 |
2,331,486 |
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Operating profit : |
2,694,282 |
1,305,360 |
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Profit before
tax : |
2,198,530 |
893,049 |
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Net income : |
1,634,800 |
658,852 |
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Non current
assets : |
1,428,045 |
1,462,515 |
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Current assets : |
19,422,458 |
15,364,800 |
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Inventories : |
7,552,157 |
2,077,962 |
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Total assets : |
20,850,503 |
16,827,315 |
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Current
liabilities : |
17,285,577 |
13,686,557 |
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Non current
liabilities : |
100,132 |
310,764 |
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Total
liabilities : |
17,385,709 |
13,997,321 |
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Share equity : |
3,464,794 |
2,829,994 |
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Reserve : |
2,664,794 |
2,029,994 |
Operation details
Main activities :
The Subject is engaged in manufacturing
of coconut oil, palm kernel oil, copra cake and palm kernel cake.
In addition,
the Subject exports RBD Palm Olein and palm oil for soap making such as palm
acid oil, palm stearin, PFAD, PKFAD.
Product & services Crude and Refined Coconut Oil
Crude Palm Kernel Oil
Palm Kernel Cake
PFAD (Palm Fatty Acid Distillete) Crude Palm Oil
Palm Acid Oil
Palm Olein (Palm Cooking Oil) RBD Palm Olein
PKFAD (Palm Kernel Fatty Acid Distillate)
Purchases
Local : Yes
International : India, Papua New Guinea, Indonesia,
Pakistan
Sales
Local : Yes
International : Pakistan, Yemen, South Korea, India
Property & Assets
Premises The Subject operates
from premises located at the verified heading address consisting of
administrative office.
Branches In addition, the
Subject operates from branch production and packaging facilities located at:
Production facilities & warehouse Lot 1126, Section 66, Jalan Tekad Bintawa Industrial Estate
Kuching 93450
Sarawak
Warehouse & packaging facilities No 14, Jln Bukit 7, Bandar Sri Alam
81750 Masai
Johor Darul Takzim
Malaysia
Other property Total
NBV of property, plant and equipment as of 31-12-2010 was MYR
1,428,045.
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$ 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 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 : Cash, D/A 90-120 days
Sales Term
Local : Cash, Credit 30 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.71 |
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UK Pound |
1 |
Rs.78.09 |
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Euro |
1 |
Rs.68.05 |
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.