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Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
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Name : |
HUP SEONG AUTO PARTS SDN. BHD. |
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Registered Office : |
C/o Liew Kiat Ching No. 15-10, Prima Saujana Jalan Wangsa 2/6 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.01.2010 |
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Com. Reg. No.: |
886609-P |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Import & distribution of automobile spare parts. |
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No. of Employees : |
12 employees |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Verified Address
Subject name : HUP SEONG AUTO PARTS SDN. BHD.
Business address :
No. 5 Jalan Arfah 1
Medan Niaga Seri Kuching
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal code : 51200
Country : Malaysia
Tel : +60 3 62598133
Fax : +60 3 62598733
Registered address
: C/o Liew Kiat Ching
No. 15-10, Prima Saujana
Jalan Wangsa 2/6
Taman Wangsa Permai
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal code : 52200
Country : Malaysia
Executive Summary
Date founded or
registered : 18/01/2010
Legal form : Private Company
Limited By Shares
Chief executive : Lum Pek Har
Issued & paid
up capital : MYR 1,385,002
Sales turnover : MYR
1,810,441 (Non-consolidated 12 months, 31/12/2010)
Net income : MYR 141,274
(Non-consolidated 12 months, 31/12/2010)
Total fixed assets
: MYR 2,557,970
(Non-consolidated 12 months, 31/12/2010)
Line of business :
Import &
distribution of automobile spare parts.
Staff employed : 12 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is in
start-up phase
Management
experience : Management is
modestly experienced
Financial
performance : Financial
performance is fair
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 : It is strictly
advisable to conduct business dealing on prepayment or L/C basis
due to the
Subject's recent date of establishment.
Registry Data
Registration date
: 18/01/2010
Legal form : Private Company Limited By
Shares
Registration no 886609-P
Registered
authority : Companies Commission of
Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Key Management
Name : Lum Pek Har
Designation : Managing Director
Name : Fong Ly Heng
Designation : Director
Name : Lee Jiee Min
Designation : Director
Appointments
Name : Fong Ly Heng
Designation : Director
Identification no
: 591026-10-6215
Appointment date :
14/09/11
Address : No. 92 Jalan Sri Ehsan 2
Taman Sri Ehsan, Kepong
52100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name : Lum Pek Har
Designation : Director
Identification no
: 670701-10-6768
Appointment date :
18/01/10
Address : No. 92 Jalan Sri Ehsan 2
Taman Sri Ehsan, Kepong
52100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name : Lee Jiee Min
Designation : Director
Identification no
: 721022-14-5017
Appointment date :
18/01/10
Address : No. 59, Jalan 143
Kepong Baru
52100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name : Liew Kiat Ching
Designation : Company Secretary
Identification no
: 360310-10-5131
Appointment date :
18/01/10
Address : No. 1060-1A, 1st Floor
Jalan Sentul Pasar
51000 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Staff employed : 12 employees
Key Advisors
Auditors : C.K. YAP & ASSOCIATES
Suite 2-2-12, Menara KLH
Off 2 1/2 Mile, Jalan Ipoh
51200 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Composition
Authorized Capital
: MYR 3,000,000
No of shares : 3,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 1,385,002
Paid up capital : MYR 1,385,002
Changed in capital
: The Subject increased its share
capital from MYR 500,000 to 3,000,000 on
15-07-2011.
How listed : Full
List
Composition
Shareholder name :
Liew Jin Chung
Address : No. 24, Jalan 12/38A
Taman Sri Sinar
Segambut
51200 Kuala Lumpur
Wilayah Persekutuan
Malaysia
No. of shares : 50,000
Ordinary Shares
Shareholder name :
Fong Ly Heng
Address : No. 92 Jalan Sri Ehsan 2
Taman Sri Ehsan, Kepong
52100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
No. of shares : 500,000 Ordinary Shares
Shareholder name :
Lee Jie Quan
Address : No. 59, Jalan 143
Kepong Baru
52100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
No. of shares : 100,000 Ordinary Shares
Shareholder name :
Lum Pek Har
Address : No. 92 Jalan Sri Ehsan 2
Taman Sri Ehsan, Kepong
52100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
No. of shares : 250,001 Ordinary Shares
Shareholder name :
Lee Jiee Min
Address : No. 59, Jalan 143
Kepong Baru
52100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
No. of shares : 200,001 Ordinary Shares
Shareholder name : Fong Chong Whay
Address : No. 19, Jalan 19/38A
Taman Sri Sinar
Segambut
51200 Kuala Lumpur
Wilayah Persekutuan
Malaysia
No. of shares : 15,000 Ordinary Shares
Shareholder name :
Fong Kai Hong
Address : No. 92 Jalan Sri Ehsan 2
Taman Sri Ehsan, Kepong
52100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
No. of shares : 125,000 Ordinary Shares
Shareholder name :
Fong Kai Li
Address : No. 92 Jalan Sri Ehsan 2
Taman Sri Ehsan, Kepong
52100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
No. of shares : 125,000 Ordinary Shares
Shareholder name :
Kong Kok Hooi
Address : No. 51A, Jalan Sarikei
Off Jalan Pahang
53000 Kuala Lumpur
Wilayah Persekutuan
Malaysia
No. of shares : 20,000 Ordinary Shares
Structure
Name : HUP SEONG TRADING SDN. BHD.
Affiliation type :
Associate
Address : No. 10, Jalan Segambut Pusat
Taman Segambut
51200 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Bank Details
Name of bank : Hong Leong 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 : None reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court judgements :
None reported.
Tax liens : None reported.
Others : None reported.
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 3.07 as of
09-04-2012
Summarized Financial Information
Consolidation type
: Non Consolidated
Currency : Malaysia,
Ringgit (MYR)
Denomination : (x1) One
Date of financial
year end : 31/12/10
Length of accounts
: 12 months
Sale turnover /
Income : 1,810,441
Gross profit : 465,120
Operating profit :
178,312
Profit before tax
: 177,978
Net income : 141,274
Non current assets
: 337,799
Current assets : 2,220,171
Inventories : 270,389
Total assets : 2,557,970
Current
liabilities : 2,356,977
Non current
liabilities : 59,717
Total liabilities
: 2,416,694
Share equity : 141,276
Retained earning :
141,274
Comments : Comparative
financial information is not available due to the Subject recent date
of establishment.
Main activities :
The Subject is engaged in import & distribution of automobile spare parts.
Purchases
Local : Yes
International :
Mainly from Taiwan, China, India, Thailand
Sales
Local : Yes
International : No
exports.
Property & Assets
Premises : The
Subject operates from premises located at the verified heading
address consisting
of retail shop, warehouse and administrative office.
Branches : None
reported.
Other property :
Total NBV of property, plant and equipment as of 31-12-2010 was MYR
337,799.
Gross Domestic
Products (GDP) & Economic Overview
Central bank :
Central Bank of Malaysia
Reserve of foreign
exchange & gold : US$ 134.8
billion as of 15 March 2012
Gross domestic
product - GDP : US$ 247.781
billion
GPP (Purchasing
power parity) : US$ 442.01
billion of International dollar
GDP per capita -
current prices : US$ 8,624
GDP - composition
by sector : agriculture:
10.2%
industry: 42.1%
services: 47.8%
Inflation : 2008:
5.4%
2009: 0.6%
2010: 1.7%
2011: 2.8%
Unemployment rate
: 2008: 3.3%
2009: 3.6%
2010: 3.3%
2011: 3.2%
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 Berhad (Banking), Maybank (Banking), Tenaga Nasional
Berhad(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 : 21
(ranking by country on a basis of 142, 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: 55.3%
Purchase Term
International :
Prepayment, Credit 30 days
Sales Term
Local :
Prepayment, Bank transfer, 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.51.20 |
|
|
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
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 SCs 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.