MIRA INFORM REPORT

 

 

Report Date :

31.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ASSAR REFINERY SERVICES SDN. BHD.

 

 

Registered Office :

Lot 957, Block 5 Muara Tebas Land District Senari Port Area, Jalan Bako Kuching Sarawak 93050

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.03.1996

 

 

Com. Reg. No.:

381216-A

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Palm Oil Refinery

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

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                :           ASSAR REFINERY SERVICES SDN. BHD.

 

 

Business address          :           Lot 957, Block 5

Muara Tebas Land District

Senari Port Area, Jalan Bako

 

Town                             :           Kuching

Province                        :           Sarawak

Zip/postal code              :           93050

Country                         :           Malaysia

 

Tel                                :           +60 82 432518

 

Fax                               :           +60 82 432519

Email                            :           noraini@assarsenarigp.com

 

Registered address        :           Lot 7689 & Lot 7690, Section 64

Kuching Town Land District

Jalan Pending Town       :           Kuching

Province                        :           Sarawak

 Zip/postal code             :           93450

Country                                                           :                       Malaysia

 

 

SUMMARY DETAILS

 

Executive Summary

 

Date founded or registered          :   25/03/1996

 

Legal form                                 :   Private Company Limited By Shares

 

Chief executive                          :   Noraini Edris

 

Issued & paid up capital             :   MYR 22,700,000

 

Sales turnover                            :   MYR 715,838,613 (Non-consolidated 12 months, 31/12/2010)

Net income                                :   MYR -5,520,342 (Non-consolidated 12 months, 31/12/2010)

Total fixed assets                       :   MYR 218,285,485 (Non-consolidated 12 months, 31/12/2010)

Line of business             :   Palm oil refinery.

Staff employed                                                                        :   76 employees (Subject)

 

 

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 deteriorating

Organization structure                :   Organizational structure is acceptable

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

Credit amount suggestion           :   Fully secured terms.

Credit amount asked                  :   Not described.

Comments                                                      :  Credit can be considered if guaranteed by Parent or Ultimate Holding Company.

 

 

STATUTORY DETAILS

 

Registry Data

 

Registration date                        :   25/03/1996

 

Legal form                                 :   Private Company Limited By Shares

 

Registration no                          : 381216-A

 

Registered authority                   :   Companies Commission of Malaysia

 

Registry status                          :   Live/Active

 

Previous name                           :   The Subject was established on 25-03-1996 under the name PASB REFINERY SERVICES SDN. BHD. and changed to current style on 26-12-1996.

 

Change of legal form                                     :   None reported.

 

 

MANAGEMENT / DIRECTORS

 

Key Management

 

Name                         :      Noraini Edris

 

Designation                :      General Manager

 

Name                         :      Robert Chu Ghim Nyan

 

Designation                                              :            Marketing Manager

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

 

Appointments

 

Name                            :           Datu Vasco Sabat Anak Singkang

Designation                   :           Director

Identification no              :           521228-13-5571

Appointment date           :           19/08/05

Address                        :           No 228, Lot 9332, Taman Jugah

Lorong Durian Burung

Off Jalan Tun Jugah

93350 Kuching Sarawak Malaysia

 

Name                            :           Thomas Andrew Polhill

Designation                   :           Director

Identification n               :           425654559

Appointment date           :           08/02/10

Address                        :           Unit No. A-6-1, Inara Condominium

Jalan Medang Tanduk

Bukit Bandaraya

59100 Kuala Lumpur Wilayah Persekutuan Malaysia

 

Name                            :           Tan Sri Datuk Amar Haji Bujang Bin Mohammed Bujang Mohammed

Nor Designation             :           Director

 Identification no :           350808-13-5013

Appointment date           :           22/12/03

Address                        :           No.145, Jalan Abang Taib

93400 Kuching Sarawak Malaysia

 

Name                            :           Nogeh Anak Gumbek

Designation                   :           Alternate Director

Identification no              :           570331-13-5255

Appointment date                    :                       11/08/06

Address                        :           No.542 Tabuan Desa

Lorong 4E, Jalan Keranji

93350 Kuching Sarawak Malaysia

 

Name                            :           Dato Sri Ahmad Tarmizi Bin Hj Sulaiman

Designation                   :           Director

Identification no              :           621029-13-5585

Appointment date           :           06/05/10

Address                        :           1492 Lorong E5B

Taman Satria Jaya BDC

93350 Kuching Sarawak Malaysia

 

Name                            :           Rojini Binti Bawi

Designation                   :           Company Secretary

Identification no              :           721031-13-5128

Appointment date           :           13/12/10

 

Address                        :           Lot 7411, Lorong 3

Taman Matang Jaya

93050 Kuching Sarawak Malaysia

Staff employed               :           76 employees (Subject)

 

 

Key Advisors

 

 

Auditors                        :           CROWE HORWATH

Level 16, Tower C, Megan Avenue II

12, Jalan Yap Kwan Seng

50450 Kuala Lumpur Wilay Persekutuan Malaysia

 

 

SHARE CAPITAL

 

Composition

 

Authorized Capital          :   MYR 25,000,000

 

No of shares                  :   25,000,000 Ordinary Shares

 

Share par value              :   MYR 1

 

Issued capital                :   MYR 22,700,000

 

Paid up capital               :   MYR 22,700,000

 

Changed in capital         :   The Subject increased its share capital from MYR 5,000,000 to 25,000,000 on

03-01-2006.

 

 

OWNERSHIP / SHAREHOLDERS

 

 

How listed                     :   Full List

 

Composition

Shareholder name          :   SENARI SYNERGY SDN. BHD.

Address                        :   Lot 7689 & Lot 7690, Section 64

Kuching Town Land District

Jalan Pending

Kuching 93450

Sarawak

Malaysia

 

No. of shares                 :   13,620,000 Ordinary Shares

Shareholder name          :   CARGILL HOLDINGS (MALAYSIA) SDN. BHD.

Address                        :   Level 22, Menara TM

Off Jalan Pantai Baru

59200 Kuala Lumpur

Malaysia

 

No. of shares                 :   4,540,000 Ordinary Shares

 

Shareholder name          :   SARAWAK LAND CONSOLIDATION AND REHABILITATION AUTHORITY

Address                        :   Wisma Salcra, No. 1, Lot 2220, Block 26

Jalan Dato Mohd Musa, 94300 Kota Samarahan Sarawak

Malaysia

 

No. of shares                 :   4,540,000 Ordinary Shares

 

Ownership / Shareholding comment   :   The Subject is a subsidiary of SENARI SYNERGY SDN. BHD.

 

SENARI SYNERGY SDN. BHD. was incorporated in July 2010 to facilitate the streamlining of businesses under Assar Senari Group (ASG) which is indirectly owned by the State Government of Sarawak, Senari Synergy is the current holding company of eight operating subsidiaries.

 

SENARI SYNERGY SDN. BHD. activities focus on the development, operation, management and maintenance of port facilities mainly for oil and gas,

 

petrochemical and oleo chemicals-related services.

 

SENARI SYNERGY SDN. BHD. is a subsidiary of Permodalan ASSAR Sdn Bhd (PASB), a state-owned investment holding company (Goverment Link Company,GLC).

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

Structure

 

Name                :   PERMODALAN ASSAR SDN BHD

Affiliation type    :   Ultimate Holding Company

Address            :   Lot 357, Section 5 KTLD Jalan Satok

93400 Kuching, Sarawak

Malaysia

 

Comments        :   PERMODALAN ASSAR SDN BHD (PASB) is a wholly-owned corporate body of the State Government of Sarawak. Incorporated in February 1994, Permodalan ASSAR Sdn Bhd (PASB) is a state-owned investment holding company (GLC) with a well-diversified portfolio of investments in Financial Services, Agro & Resource-based, Property Development & Construction, Services & Technology, Manufacturing, Trading and Others.

 

 

Name                :   SENARI SYNERGY SDN. BHD.

Affiliation type    :   Parent Company

Address            :   Lot 7689 & Lot 7690, Section 64

Kuching Town Land District

Jalan Pending

Kuching 93450

Sarawak

Malaysia

 

Comments        :   Senari Synergy is an investment holding company with core group activities focusing on the development, operation, management and maintenance of port facilities mainly for oil and gas, petrochemical and oleo chemicals-related services.

 

 

Name                :   CARGILL HOLDINGS (MALAYSIA) SDN. BHD.

Affiliation type    :   Minority Shareholder

Address            :   Level 22, Menara TM Off Jalan Pantai Baru

59200 Kuala Lumpur

Malaysia

 

Comments        :   Cargill is an international provider of food, agricultural and risk management products and services.

 

Founded in 1865 as a single grain elevator in the United States, Cargill employs more than 153,000 people in about 66 countries.

 

Cargill has been conducting business in Malaysia since 1978 and has a significant presence in this country.

 

Headquartered in Menara TM, Kuala Lumpur, Cargill currently employs more than

500 people at six locations.

 

 

Name                :   SARAWAK LAND CONSOLIDATION AND REHABILITATION AUTHORITY

Affiliation type    :   Minority Shareholder

Address            :   Wisma Salcra, No. 1, Lot 2220, Block 26

Jalan Dato Mohd Musa, 94300 Kota Samarahan Sarawak

Malaysia

 

Comments        :   Sarawak Land Consolidation and Rehabilitation Authority (SALCRA) was officially established on 1st May 1976, as a Government Statutory Body under the Sarawak Land Consolidation and Rehabilitation Authority Ordinance, 1976. The formation of SALCRA was to enable and assist the State Government in achieving the objectives of the New Economic Policy (NEP), particularly concerning the eradication of poverty.

 

 

Name                :   ASSAR PLANTATIONS HOLDING SDN BHD

Affiliation type    :   Sister Company

Address            :   Malaysia

 

Comments        :   Investment holding company specialized in oil palm plantation.

 

 

 

Name                :   ASSAR-TUBAU PLANTATION SDN BHD

Affiliation type    :   Sister Company

Address            :   Malaysia

 

Comments        :   Oil palm plantation.

 

 

Name                :   ASSAR CHEMICAL TRADING SDN BHD

Affiliation type    :   Sister Company

Address            :   Malaysia

 

Comments        :   Trading & services of chemical products.

 

 

 

Name                :   APPL ENGINEERING SERVICES SDN BHD

Affiliation type    :   Sister Company

Address            :   Malaysia

 

Comments        :   Construction and project management.

 

 

Name                :   BORNEO GRANITE SDN BHD

Affiliation type    :   Sister Company

Address          :   Malaysia

 

Comments        :   Quarry operation & trading.

 

 

Name                :   PASB TECHNOLOGY SDN BHD

Affiliation type    :   Sister Company

Address            :   Malaysia

 

Comments      :   Investment holding.

 

 

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

 

 

BANK & MORTGAGES

 

Bank Details

 

Name of bank    :   Ambank (M) Berhad

 

Address            :   Malaysia

 

Account details  :   Current Account

 

Name of bank    :   RHB 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: 155,000,000.00

Date of Creation: 03-03-2006

Name of Chargee: RHB BANK BERHAD Charge Status: FULLY SATISFIED

 

Total of Charge: 140,000,000.00

Date of Creation: 03-03-2006

Name of Chargee: RHB BANK BERHAD Charge Status: FULLY SATISFIED

 

Total of Charge: 150,000,000.00

Date of Creation: 06-06-2011

Name of Chargee: AMBANK (M) 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 3.06 as of 29-10-2011

 

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                         :

715,838,613

576,628,638

Gross profit                                        :

-789,920

4,342,703

Operating profit                                   :

130,044

7,490,405

Profit before tax                                  :

-5,537,891

758,766

Net income                                        :

-5,520,342

713,766

Non current assets                             :

84,876,692

89,299,653

Current assets                                    :

133,408,793

105,508,451

Inventories                                          :

76,282,847

49,316,700

Total assets                                       :

218,285,485

194,808,104

Current liabilities                                 :

185,855,610

148,010,692

Non current liabilities                           :

31,464,242

40,311,437

Total liabilities                                    :

217,319,852

188,322,129

Share equity                                       :

965,633

6,485,975

Retained earning                                 :

-21,734,367

-16,214,025

 

 

OPERATION DETAILS

 

 

Main activities                :   The Subject is engaged in manufacturing of palm oil products.

 

The Subject owns an integrated palm oil refinery located at Senari, Kuching catering for the downstream activities of crude palm oil (CPO) and palm kernel.

 

The Subject is part of PERMODALAN ASSAR SDN. BHD. a state-owned investment holding company (GLC: Goverment Link Company) through subsidiary Senari Synergy Sdn Bhd, is involved in oil, gas and chemicals related industries located at the Senari Synergy Industrial Complex. The integrated hi-tech industrial complex consists of an Independent Oil Terminal, the Palm Oil Refinery Complex and its own bulking facility and jetty.

 

Purchases

 

Local                            :   Yes

 

International                   :   Asia

 

Sales

 

Local                            :   Yes

 

International                   :   Worldwide

 

 

Group key events           :   2 August 2011

 

DANAJAMIN GUARANTEES SARAWAK’S SENARI SYNERGY’S RM380

MILLION 20-YEAR SUKUK PROGRAMME

 

First Issuance With 20 Year Programme, Longest Tenure Guaranteed By

Danajamin To-date

 

Kuala Lumpur – Danajamin Nasional Berhad (“Danajamin”), the country’s Financial Guarantee Insurer, today announced it is guaranteeing Senari Synergy Sdn Bhd’s (“Senari Synergy”) RM380 million 20-year Islamic Medium Term Notes programme.

Rated AAAIS(fg), the RM380 million sukuk programme was fully issued and subscribed today.

 

Ahmad Zulqarnain Onn, Chief Executive Officer of Danajamin said, “Senari Synergy is the first company in Sarawak to be given our financial guarantee. We are proud to work together with them in this transaction, which is of great significance to Danajamin, as it is the first issuance with a

20-year programme that we are guaranteeing”. To-date, Danajamin has provided guarantees for RM2.69 billion bond programmes from various sectors including property, plantation, utilities, and manufacturing.

 

“This transaction further reinforces the important role that Danajamin plays in providing companies access to the longer end of the sukuk market, which is less liquid as well as facilitating the development of Malaysia as a leading Islamic financial centre”, he added.

 

The issuance of Senari Synergy’s sukuk followed the signing of an

Al-Kafalah guarantee facility agreement with Danajamin held in Kuching, Sarawak earlier. Mohammad Aris Yusop, the Chief Executive Officer of Senari Synergy Group, signed the agreement on behalf of Senari Synergy, while Danajamin was represented by Ahmad Zulqarnain Onn.

 

Jointly witnessing the signing ceremony were Dato’ Sri Abdul Hamidy Hafiz, Chairman of Danajamin; Tan Sri Datuk Amar Haji Bujang Mohammed Nor, Director of Senari Synergy; and Ms. Pushpa Rajadurai, Managing Director, Corporate and Institutional Banking, AmBank Group. AmInvestment Bank Berhad is the Principal Adviser, Lead Arranger and Lead Manager for the sukuk programme. Also present were

representatives from Astramina Advisory Sdn Bhd, the Financial Adviser to

Senari Synergy Group.

 

In his note after the signing ceremony, Mohammad Aris Yusop said, “Danajamin’s guarantee is a strong endorsement of Senari Synergy and

our two vital development projects namely Assar Senari Industrial Complex I at Senari (ASIC 1) and Assar Senari Industrial Complex II at Tanjung Manis (ASIC 2). Upon completion of ASIC 2, Senari Synergy is poised to become the Sarawak state’s flagship entity that is focussed on

strategically important activities in the oil & gas and palm oil industries.”

 

1 August 2011

 

MARC Assigns AAAIS(fg) Rating To Senari Synergy SDN BHD'S RM380

Million IMTN Programme; Outlook Stable

 

MARC has assigned a AAAIS (fg) rating to Sukuk issued under a RM380 million Islamic Medium Term Notes (IMTN) Programme by Senari Synergy Sdn Bhd (Senari Synergy). The outlook on the rating is stable. The rating and rating outlook reflect MARC's credit rating on Danajamin Nasional Berhad (Danajamin) of AAA/Stable which is providing an unconditional and irrevocable guarantee to meet obligations on the Sukuk.

 

Incorporated in July 2010 to facilitate the streamlining of businesses under Assar Senari Group (ASG) which is indirectly owned by the State Government of Sarawak, Senari Synergy is the current holding company of eight operating subsidiaries. The operations of the eight subsidiaries are concentrated around two projects, the Assar Senari Industrial Complex I (ASIC I) and Assar Senari Industrial Complex II (ASIC II). ASIC II which replicates ASIC I is also comprised of an oil terminal, port facilities and a proposed palm oil refinery. Revenue from six of the eight operating subsidiaries provide support for the Sukuk's debt service requirements, which MARC views as a positive credit feature.

 

The Sukuk proceeds will be mainly used to repay bridge financing and part finance capital expenditure in respect of ASIC I and ASIC II amounting in total to RM194 million, as well as to repay RM139 million of its subsidiaries' debt. The initial issuance of notes under the 20-year programme is expected to have maturities of not more than seven years. MARC's analysis of business risks and sustainable cash flows from ASIC I and

 

ASIC II leads the rating agency to conclude that Senari Synergy would face increased risk of debt service shortfalls and non-compliance with its finance service coverage ratio (FSCR) covenant in the event debt amortisation requirements for the Sukuk exceed RM25.0 million annually. The group's cash flow generation profile, assuming actual operating cash flows do not deviate significantly from the forecast average of RM36.6 million annually, would be more supportive of a level debt amortisation schedule over a tenure that matches the debt programme. A more lumpy debt repayment profile would result in increased refinancing risk and potential violation of its covenant to maintain a minimum FSCR of 1.3 times at all times.

 

Over 80% of revenues that will be available for debt service are expected to come from the group's independent oil terminal (IOT) which is adjacent to Senari Port in Kuching, its centralised oil distribution terminal (CODT) in Tanjung Manis, Mukah and port operations at Senari. The stability of cash flows from IOT and CODT operations are underpinned by 30-year user agreements with PETRONAS Dagangan Berhad (PDB) and Shell Timur Sdn Bhd (STSB) expiring in 2037 and 30 years post-commercial operation of the CODT. PDB and STSB have shareholdings of 20% each in Assar Chemicals Dua Sdn Bhd, the owner and operator of the CODT. The CODT will facilitate the distribution of PDB and STSB's petroleum products to the Sarawak state's central region including Sibu, Sarikei and Mukah. The CODT is currently in the pre-commissioning phase, with commercial operations targeted to commence by end-2011. The group's favourable track record of operating the IOT and palm oil refinery complex in ASIC I since 2007 mitigates concern over potential operational risks in respect of the CODT and proposed palm oil refinery plant at ASIC II. While Assar Senari Port Sdn Bhd (ASPSB) is expected to be the third largest revenue

contributor to the group, its contribution to bottom line results and cash flow for debt service is expected to be much more muted based on its historical financial performance. ASPSB which had been reporting recurring losses with the exception of its RM17.6 million pre-tax profit for the 12 months ended December 2010 (FY2010); its FY2010 results had been achieved with a waiver of debt owed to the non-core companies of ASG.

 

MARC believes that the stand-alone credit profile of the Senari Synergy will be largely driven by the business prospects of ASIC I and ASIC II, which

are closely tied to the oil and gas sector, as well as the indirect support from its shareholders. Such support will likely be dependent on the significance of ASIC I and ASIC II to the local economy, particularly in relation to employment generation and contribution to economic development. Sukukholders are, nevertheless, insulated from downside risks relating to Senari Synergy's credit profile.

 

Property & Assets

 

 

Premises          :   The Subject operates from premises located at the verified heading address consisting of a independent oil terminal, the palm oil refinery complex and its own bulking facility and jetty.

 

Branches          :   In addition, the Subject operates from branch office located at:

 

1st Floor (West Wing) Bangunan BaitulMakmur

 

Lot 4562, Medan Raya

93050 Kuching, Sarawak

Malaysia

Tel: +60 82 445505

 

Other property   :   Total NBV of property, plant and equipment as of 31-12-2010 was MYR 84,876,692.

 

 

SUMMARIZED COUNTRY RISK

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          :   Central Bank of Malaysia

 

Reserve of foreign exchange & gold         :   USD134.4 billion as of 14 October 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 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

 

Local                                                 :   Prepayment, Credit 30-60 days

 

International                                       :   L/C, Credit 30-60 days

 

 

Sales Term

 

Local                                                 :   Prepayment, Credit 30-60 days

 

International                                       :   L/C, 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.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.28

 

 

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.