MIRA INFORM REPORT

 

 

Report Date :

04.03.2012

 

IDENTIFICATION DETAILS

 

Name :

BRIDGE TRADING SDN. BHD.

 

 

Formerly Known As :

STARLINKED RESULTS SDN.BHD

 

 

Registered Office :

No. 2 & 4, Jalan Nafiri 1, Kawasan Industri Valdor, Sungai Bakap Pulau Pinang, 14200

 

 

Country :

Malaysia

 

 

Date of Incorporation :

14.04.1997

 

 

Com. Reg. No.:

427702-X

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Processing of fried onions and cooking oil, trading of chillies, onions, potatoes etc.

 

 

No. of Employees :

67

 

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 140,000

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 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

 

 

 

 

 

 

DENTIFICATION DETAILS

 

Verified Address

Subject name                :           BRIDGE TRADING SDN. BHD.

Business address          :           No. 2 & 4, Jalan Nafiri 1

Kawasan Industri Valdor

Town                             :           Sungai Bakap

Province                        :           Pulau Pinang

Zip/postal code              :           14200

Country                         :           Malaysia

 

Tel                                :           +60 4 5829228

Fax                               :           +60 4 5824254

 

 

Registered address        :           C/o YS CORPORATE ADVISORY SDN. BHD.

Suite 1.02, 74A Jalan Tembikai

 

 

Town                             :           Bukit Mertajam

Province                        :           Pulau Pinang

Zip/postal code              :           14000

Country                                                           :                       Malaysia

 

 

Executive Summary

 

Date founded or registered          :   14/04/1997

 

Legal form                                 :   Private Company Limited By Shares

 

Chief executive                          :   Low Cheng Weng

 

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

 

Sales turnover                            :   MYR 24,304,090 (Non-consolidated 12 months, 31/12/2010)

Net income                                :   MYR 544,255 (Non-consolidated 12 months, 31/12/2010)

Total fixed assets                       :   MYR 8,327,181 (Non-consolidated 12 months, 31/12/2010)

Line of business                         :   Processing of fried onions and cooking oil, trading of chillies, onions, potatoes etc.

Staff employed                                                                        :   67 employees

Company Analysis

 

Country risk                               :   Country risk is minimal

 

Operation trend                          :   Operational trend is steady

 

Management experience :   Management is adequately 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 140,000

Credit amount asked                                      :   Not described.

 

 

Registry Data

 

 

Registration date                                   :   14/04/1997

Legal form                                            :   Private Company Limited By Shares

Registration no                                         427702-X

Registered authority                              :   Companies Commission of Malaysia

Registry status                                     :   Live/Active

Previous name                                      :   The Subject was established under the name STARLINKED RESULTS SDN.BHD. and changed to the current style on 07-04-2000.

Change of legal form                                                                                   :   None reported.

 

 

MANAGEMENT / DIRECTORS

 

Key Management

Name                :           Low Cheng Weng

Designation       :           Managing Director

Name                :           Tee Gaik Sim

Designation       :           Director

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

 

Name                            :           Low Cheng Weng

Designation                   :           Director

Identification no              :           670514-07-5193

Appointment date           :           12/03/99

Address                        :           No. 2, Lorong Idaman 1

Taman Idaman

14100 Simpang Ampat

Pulau Pinang

                                                Malaysia

Name                            :           Tee Gaik Sim

Designation                   :           Director Identification no :           681030-07-5270

Appointment date           :           12/03/99

Address                        :           No. 2, Lorong Idaman 1

Taman Idaman

14100 Simpang Ampat

Pulau Pinang

Malaysia

 

Name                            :           Ooi Wan Kuan

Designation                   :           Company Secretary

Identification no              :           620115-07-5182

Appointment date           :           17/06/97

 

Address                        :           1 Jalan Raja Gopal

10350 Georgetown Pulau Pinang Malaysia

Staff employed               :           67 employees

 

Key Advisors

 

Auditors          :                       OOI & ASSOCIATES

63, Ground Floor

Jalan Selat, Taman Selat

12000 Butterworth Pulau Pinang

Malaysia

 

 

SHARE CAPITAL

 

Composition

 

Authorized Capital          :   MYR 1,000,000

 

No of shares                  :   1,000,000 Ordinary Shares

 

Share par value              :   MYR 1

 

Issued capital                :   MYR 1,000,000

 

Paid up capital                                                :   MYR 1,000,000

 

 

 

 

 

 

OWNERSHIP / SHAREHO

 

How listed                     :   Full List

 

Composition

 

Shareholder name          :   Low Cheng Weng

Address                        :   No. 2, Lorong Idaman 1

Taman Idaman

14100 Simpang Ampat

Pulau Pinang

Malaysia

 

No. of shares                 :   500,000 Ordinary Shares

 

% of shares                   :   50%

 

 

Shareholder name          :   Tee Gaik Sim

 

Address                        :   No. 2, Lorong Idaman 1

Taman Idaman

14100 Simpang Ampat

Pulau Pinang

Malaysia

 

No. of shares                 :   500,000 Ordinary Shares

 

% of shares                            :   50%

 

Structure

 

Related companies and corporate affiliations comments                :   None reported

 

 

Bank Details

 

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: 90,000.00

Date of Creation: 12-04-2003

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: 200,000.00

Date of Creation: 12-04-2003

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: 200,000.00

Date of Creation: 12-04-2003

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: OPEN CHARGE

Date of Creation: 28-12-2006

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: 900,000.00

Date of Creation: 31-01-2007

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: OPEN CHARGE

Date of Creation: 12-06-2008

Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD.

Charge Status: UNSATISFIED

 

Total of Charge: 500,000.00

Date of Creation: 09-07-2009

Name of Chargee: MALAYAN BANKING BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: OPEN CHARGE

Date of Creation: 23-08-2010

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            :   31/12/10

 

Type of accounts                       :   Full audited

 

Currency                                   :   Malaysia, Ringgit (MYR)

 

Exchange rate                           :   1 USD = MYR 3.02 as of 02-02-2012

 

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                         :

24,304,090

23,814,215

Profit before tax                                  :

785,717

601,505

Net income                                        :

544,255

460,631

Non current assets                             :

5,004,486

4,228,331

Current assets                                    :

3,322,695

3,797,341

Total assets                                       :

8,327,181

8,025,672

Current liabilities                                 :

3,122,207

3,480,429

Non current liabilities                           :

2,052,584

1,937,108

Total liabilities                                    :

5,174,791

5,417,537

Share equity                                       :

3,152,390

2,608,135

Retained earning                                 :

2,152,390

1,608,135

 

 

Main activities                                    :   The Subject is engaged in processing of fried onions and cooking oil, trading of chillies, onions, potatoes etc.

Purchases

 

International                                       :   India, China

 

 

Sales

 

Local                                                 :   Yes

 

International                                          :   No exports.

 

Property & Assets

 

 

Premises                                              :   The Subject operates from the verified heading address consisting of production facilities, warehouse and administrative office.

Branches                                                                                                       :   None reported.

 

 

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)               :   US$ 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                                                        2008: 42.8%

(General Government gross debt as a % GDP)     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

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%

 

 

Purchase Term

 

International                                          :   Prepayment, Telegraphic transfer, Credit 30-60 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.48.96

UK Pound

1

Rs.77.46

Euro

1

Rs.64.39

 

 

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.