MIRA INFORM REPORT

 

 

Report Date :           

02.02.2012

 

IDENTIFICATION DETAILS

 

Name :

ZENITH IMPEX (M) SDN. BHD.

 

 

Registered Office :

C/O Ramanathan & Associates Level 5, Menara City One, Letter Box Cp5-01, No.3, Jalan Munshi Abdullah,      Kuala Lumpur, Wilayah Persekutuan, Zip/Postal Code     50100

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.07.2006

 

 

Com. Reg. No.:

740369-P

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Manufacturer of instant wet mix flour and instant food and import and distribute of agro-commodities

 

 

No. of Employees :

10

 

RATING & COMMENTS

           

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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                :           ZENITH IMPEX (M) SDN. BHD.

 

Business address          :           No. 2, Jalan Solaris

Block K-05-13A

Solaris Mont Kiara, Mont Kiara

Town                             :           Kuala Lumpur

Province                        :           Wilayah Persekutuan

Zip/postal code              :           50480

Country                         :           Malaysia

Tel                                :           +60 3 62039125

Fax                               :           +60 3 62039225

Email                            :           info@zenithimpexbiz.com

Website                        :           www.zenithimpexbiz.com

 

Registered address        :           C/o RAMANATHAN & ASSOCIATES Level 5, Menara City One

Letter Box CP5-01

No.3, Jalan Munshi Abdullah

Town                             :           Kuala Lumpur

Province                        :           Wilayah Persekutuan

Zip/postal code              :           50100

Country                                                           :                       Malaysia

 

 

Summary details

 

Executive Summary

Date founded or registered          :   10/07/2006

Legal form                                 :   Private Company Limited By Shares

Chief executive                          :   Mohamed Ariff Habib

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

Sales turnover                            :   MYR 5,035,100 (Non-consolidated 12 months, 31/12/2010)

Net income                                :   MYR 99,184 (Non-consolidated 12 months, 31/12/2010)

Total fixed assets                       :   MYR 1,641,707 (Non-consolidated 12 months, 31/12/2010)

Line of business             :   Manufacturer of instant wet mix flour and instant food and import and distribute

of agro-commodities.

Staff employed                                                                        :   10 employees

 

 

Credit risk opinion

 

Company Analysis

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is steady

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 asked                                      :   Not described.

 

 

Statutory details

 

Registry Data

Registration date            :   10/07/2006

Legal form                     :   Private Company Limited By Shares

Registration no              :   740369-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                :           Seyed Aboosalih Habeeb Mohamed

Designation       :           Chief Executive Officer

 

Name                :           Mohamed Ariff Habib

Designation       :           Managing Director

 

 

Board of directors / other appointments

 

Appointments

 

Name                            :           Md Said Bin Ibrahim

Designation                   :           Director

Identification no              :           491005-04-5291

Appointment date           :           10/07/06

Address                        :           No. 2, Lorong 2/92B Taman Kobena, Cheras

56100 Kuala Lumpur Wilayah Persekutuan Malaysia

Name                            :           Siti Mariam Binti Md Said

Designation                   :           Director

Identification no              :           771013-14-5846

Appointment date           :           02/06/08

Address                        :           No. 2, Lorong 2/92B Taman Kobena, Cheras

56100 Kuala Lumpur Wilayah Persekutuan Malaysia

 

Name                            :           Seyed Aboosalih Habeeb Mohamed

Designation                   :           Director

Identification no              :           E0959728H

Appointment date           :           10/07/06

Address                        :           20 Oxford Road

#01-19

Singapore 218815

Singapore

 

Name                            :           Mohamed Ariff Habib

Designation                   :           Director

Identification no              :           N2013488

Appointment date           :           07/04/09

Address                        :           No. 32, Melford Crescent

Dehiwela

Sri Lanka

 

Name                            :           M Ramanathan A/L S M Meyyappan

Designation                   :           Company Secretary

Identification no              :           600923-10-6815

Appointment date           :           17/06/10

Address                        :           15, Jalan Dato Abdul Aziz 14/29

Seksyen 14

46100 Petaling Jaya Selangor Darul Ehsan Malaysia

Staff employed               :           10 employees

 

 

Key Advisors

Auditors            :           WSJ & CO

136A, Jalan Cerdas Taman Connaught Cheras 56000

Kuala Lumpur 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 18-06-2010.

 

ownership / shareholders

 

How listed                     :   Full List

 

 

Composition

 

Shareholder name          :   Md Said Bin Ibrahim

Address                        :   No. 2, Lorong 2/92B Taman Kobena, Cheras

56100 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares                 :   525,000 Ordinary Shares

 

Shareholder name          :   Siti Mariam Binti Md Said

Address                        :   No. 2, Lorong 2/92B

Taman Kobena, Cheras

56100 Kuala Lumpur Wilayah Persekutuan Malaysia

No. of shares                 :   525,000 Ordinary Shares

 

 

Shareholder name          Seyed Aboosalih Habeeb Mohamed

Address                        20 Oxford Road

#01-19

Singapore 218815

Singapore

No. of shares                 225,000 Ordinary Shares

 

Shareholder name          :   Mohamed Ariff Habib

Address                        :   No. 32, Melford Crescent

Dehiwela

Sri Lanka

 

No. of shares                          :   225,000 Ordinary Shares

 

 

Related companies & corporate Affiliations

 

Structure

Name                :   ZENITH ENTERPRISES (S) PTE LTD

Affiliation type    :   Associate

Address            :   No. 1 North Bridge Road

#10-07 High Street Centre

Singapore 179094

Singapore

 

Name                JUMBO TRADING (S) PTE. LTD.

Affiliation type    Associate

Address            No. 1 North Bridge Road

#10-07 High Street Centre

Singapore 179094

Singapore

 

Name                JUMBO ENTERPRISES (PVT) LTD

Affiliation type    Associate

Address            11 Floor 21B T.T.K.Road, Alwarpet

Chennai - 600018

Tamil Nadu

India

 

 

Bank & mortgages

 

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                    

Total of Charge              : 965,136.00

Date of Creation : 22-03-2011

Name of Chargee           : HONG LEONG ISLAMIC 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 3.04 as of 31-01-2012

 

 

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                         :

5,035,100

1,810,379

Gross profit                                        :

325,770

243,384

Operating profit                                   :

105,418

62,640

Profit before tax                                  :

99,184

59,289

 

Net income                                        :

99,184

59,289

Non current assets                             :

67,841

73,248

Current assets                                    :

1,573,866

960,651

Inventories                                          :

62,516

154,305

Total assets                                       :

1,641,707

1,033,899

Current liabilities                                 :

181,488

172,864

Total liabilities                                    :

181,488

172,864

Share equity                                       :

1,460,219

861,035

Retained earning                                 :

-39,781

-138,965

 

 

Operation details

 

Main activities                                    :   The Subject is engaged in manufacturing of MILMA brand of instant wet mix flour and instant food & import and distribution of food products mainly agro-commodities.

 

In addition, the Subject also trades in gold jewelllery, finished diamonds and diamond jewelery.

Product & services                              :   -Lentils and pulses, onions & potatoes, groundnuts & sesame seeds, all types of spices & chillies, mango pulp & tumeric

 

-Gold jewelllery, finished diamonds and diamond jewelery

 

- Instant wet mix flour and other instant foods

 

Brand                                                :   MILMA

 

 

Purchases

International                                          :   Sri Lanka, India, Pakistan

 

Sales

Local                                                    :   Yes

International                                          :   Singapore

 

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 a production facilities located at:

 

7, Jalan Cengkeh

Taman Cheras

Kuala Lumpur 56100

Wilayah Persekutuan

Malaysia

Tel: +60 3 91311443

 

 

Other property   :   Total NBV of property, plant and equipment as of 31-12-2010 was MYR 67,841.

 

 

Summarized country risk

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          :   Central Bank of Malaysia

 

Reserve of foreign exchange & gold         :   US$133.7 billion as of 13 January 2012

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                                      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%,

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 30-60 days

 

Sales Term

Local                                                    :   Prepayment, Credit 30-60 days

International                                          :   Prepayment, 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.49.53

UK Pound

1

Rs.77.95

Euro

1

Rs.64.66

 

 

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.