MIRA INFORM REPORT

 

 

Report Date :           

25.10.2011

 

IDENTIFICATION DETAILS

 

Name :

EVERFLEX (M) SDN. BHD.

 

 

Registered Office :

C/O Masco Management Services (M) Sdn Bhd, No. C-3a-2, 4th Floor, Block C, Megan Phoenix, Jalan 2/142a, 6th Miles, Jalan Cheras,    KualaLumpur, Wilayah Persekutuan, Zip/Postal Code56000

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.07.2010

 

 

Date of Incorporation :

04.07.1988

 

 

Com. Reg. No.:

171707-X

 

 

Legal Form :

Private Limited Company Limited By Shares

 

 

Line of Business :

Trading of paints

 

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 130,000

 

 

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 30th, 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

 

 

 Bottom of Form

Identification details  Bottom of Form

 

 

Verified Address

                       

Subject name                            :           EVERFLEX (M) SDN. BHD.

Business address                      :           No. 17, Jalan 6/2

Kawasan Perindustrian Seri Kembangan

 

Town                                         :           Seri Kembangan

Province                                    :           Selangor Darul Ehsan

 Zip/postal code                         :           43300

Country                                     :           Malaysia

Tel                                            :           +60 3 89422438

Fax                                           :           +60 3 89433914

Website                                                :           www.everflex.com.my 

 

Registered address                    :           C/o MASCO MANAGEMENT SERVICES (M) SDN BHD

No. C-3A-2, 4th Floor, Block C

Megan Phoenix, Jalan 2/142A

6th Miles, Jalan Cheras

Town                                         :           Kuala Lumpur

Province                                    :           Wilayah Persekutuan

Zip/postal code                          :           56000

Country                                                                                   :                       Malaysia

 

 

 

Summary details

 

Executive Summary

Date founded or registered          :   04/07/1988

Legal form                                 :   Private Limited Company Limited By Shares

Chief executive                          :   Cheong Kim Hong

Issued & paid up capital             :   MYR 1,500,000

Sales turnover                            :   MYR 10,396,678 (Non-consolidated 12 months, 31/07/2010)

Net income                                :   MYR 168,852 (Non-consolidated 12 months, 31/07/2010)

Total fixed assets                       :   MYR 7,415,968 (Non-consolidated 12 months, 31/07/2010)

Line of business             :   Trading of paints.

Staff employed                                                                        :   18 employees

 

 

 

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 fair

Organization structure                :   Organizational structure is stable

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

Credit amount suggestion     :   USD 130,000

Credit amount asked                                      :   Not described.

 

 

Statutory details

 

Registry Data

Registration date            :   04/07/1988

Legal form                     :   Private Limited Company Limited By Shares

Registration no              :  171707-X

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                           :      Cheong Kim Hong

Designation                                                   :            Managing Director

 

 

 

 

 

 

Board of directors / other appointments

 

Appointments

 

Name                            :           Cheong Kim Hong

Designation                   :           Director

Identification no  :                       491126-10-5107

Appointment date           :           04/07/88

Address                        :           12, Jalan Wan Sendari 2

Taman Sri Endah

Bandar Baru Sri Petaling

57000 Kuala Lumpur Wilayah Persekutuan Malaysia

 

Name                            :           Ho Mah Lee @ Ho Chwee Keng

Designation                   :           Director

Identification no  :                       501014-10-5918

Appointment date           :           10/07/95

Address                        :           12, Jalan Wan Sendari 2

Taman Sri Endah

Bandar Baru Sri Petaling

57000 Kuala Lumpur Wilayah Persekutuan Malaysia

 

Name                            :           Chun Choon Chuan @ Tee Hoe Chuan

Designation                   :           Company Secretary

Identification no  :                       490719-10-5909

Appointment date           :           04/07/88

Address                        :           8 Jalan Pendita Taman Connaught Cheras 56000

Wilayah Persekutuan

Malaysia

 

Staff employed   :           18 employees

 

 

Key Advisors

 

Auditors                        :           NG, LEONG & CO.

No. C-3-4, 3th Floor, Block C Megan Phoenix, Jalan 2/142A

6th Miles, Jalan Cheras

Kuala Lumpur 56000

Wilayah Persekutuan

Malaysia

 

Share capital

 

Composition

 

Authorized Capital                                 :   MYR 5,000,000

 

No of shares                                         :   5,000,000 Ordinary Shares

 

Share par value                                     :   MYR 1

 

Issued capital                                       :   MYR 1,500,000

 

Paid up capital                                      :   MYR 1,500,000

 

Changed in capital                                 :   The Subject increased its share capital from MYR 1,000,000 to MYR 5,000,000 on 12-05-2008.

 

 

 

ownership / shareholders

 

How listed         :   Full List

 

 

Composition

 

Shareholder name                      :   Cheong Kim Hong

 

Address                                    :   12, Jalan Wan Sendari 2

Taman Sri Endah

Bandar Baru Sri Petaling

57000 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares                             :   525,000 Ordinary Shares

 

Shareholder name                      :   Ho Mah Lee @ Ho Chwee Keng

Address                                    :   12, Jalan Wan Sendari 2

Taman Sri Endah

Bandar Baru Sri Petaling

57000 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares                             :   525,000 Ordinary Shares

 

Shareholder name                      :   Wong Kim Yoon

Address                                    :   S117, Jalan 4/1

Serdang Jaya

43300 Seri Kembangan Selangor Darul Ehsan Malaysia

No. of shares                             :   225,000 Ordinary Shares

 

 

Shareholder name                      :   Ho Siew Kee

 

Address                                    :   2, Jalan Wan Sendari 3

Taman Sri Endah

Bandar Baru Sri Petaling

57000 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares                                                  :   225,000 Ordinary Shares

 

Related companies & corporate Affiliations

 

Structure

 

Name                            :   EVA COATING INDUSTRIES SDN. BHD.

Affiliation type                :   Associate

Address                        :   No. 17, Jalan 6/2

Kawasan Perindustrian Seri Kembangan

Seri Kembangan 43300

Selangor Darul Ehsan

Malaysia

 

Comments                              :   Manufacturing arm of the group.

 

 

Bank & mortgages

 

Bank Details

 

Name of bank                :   Malayan Banking Berhad (Maybank)

Address                        :   Malaysia

Account details              :   Current Account

 

Name of bank                :   Public Bank Berhad

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: 260,000.00

Date of Creation: 12-11-1992

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: FULLY SATISFIED

 

Total of Charge: 1,367,500.00

Date of Creation: 29-03-2000

Name of Chargee: MALAYAN BANKING BERHAD

Charge Status: FULLY SATISFIED

 

Total of Charge: 720,000.00

Date of Creation: 02-08-2000

Name of Chargee: HONG LEONG BANK BERHAD

Charge Status: FULLY SATISFIED

 

Total of Charge: 1,150,000.00

Date of Creation: 17-07-2003

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: FULLY SATISFIED

 

Total of Charge: 640,000.00

Date of Creation: 03-03-2004

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: 2,000,000.00

Date of Creation: 06-06-2007

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: OPEN CHARGE

Date of Creation: 11-03-2011

Name of Chargee: PUBLIC 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                         :   31/07/10

 

Type of accounts                                    :   Full audited

 

Currency                                                :   Malaysia, Ringgit (MYR)

 

Exchange rate                                        :   1 USD = MYR 3.15 as of 22-10-2011

 

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                    :

31/07/10

31/07/09

Length of accounts                             :

12 months

12 months

Sale turnover / Income                         :

10,396,678

8,743,410

Gross profit                                        :

2,783,965

2,579,194

Operating profit                                   :

371,144

600,929

Profit before tax                                  :

233,341

452,061

Net income                                        :

168,852

339,075

Non current assets                             :

2,387,579

2,470,861

Current assets                                    :

5,028,389

4,484,988

Inventories                                          :

420,530

401,321

Total assets                                       :

7,415,968

6,955,849

Current liabilities                                 :

4,529,077

4,099,916

Non current liabilities                           :

464,017

551,911

Total liabilities                                    :

4,993,094

4,651,827

Share equity                                       :

2,422,874

2,304,022

Retained earning                                 :

922,874

804,022

 

 

 

 

Operation details

 

Main activities                :   The Subject is engaged in trading of paint mainly universal tinter, automotive finishes,

wood finishes, decorative coating, plastic coating, industrial coating and protective

coating.

 

The Subject acts as the sales and marketing arm for the group.

 

Brand                            :   Glomax EVA

 

Purchases

Local                            :   Yes

International                   :   China, Japan, Indonesia, India, Thailand

 

Sales

 

Local                :   Yes

International       :   Singapore

 

 

Property & Assets

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

of production facilities, administrative office and warehouse.

 

Branches                      :   None reported.

 

Other property               :   Total NBV of property, plant and equipment as of 31-07-2010 was MYR 2,405,658.

 

 

 

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 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

 

 

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                                                    :   Prepayment, Credit 30 days

International                                          :   Prepayment, L/C, Credit 30 days

 

 

Sales Term

 

Local                                                    :   Prepayment, Credit 30 days

 

International                                          :   Prepayment, Credit 30 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.49.87

UK Pound

1

Rs.79.73

Euro

1

Rs.69.52

 

 

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.