MIRA INFORM REPORT

 

 

Report Date :

04.02.2012

 

IDENTIFICATION DETAILS

 

Name :

HEIWADO SDN. BHD.

 

 

Registered Office :

Lot 218 & 219, 1 1/2 Miles, Jalan Pandamaran, Port Klang Selangor Darul Ehsan 42000

 

 

Country :

Malaysia

 

 

Financials (as on) :

30.11.2010

 

 

Date of Incorporation :

03.12.2004

 

 

Com. Reg. No.:

673979-A

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Importation of food products for the Econsave Group

 

 

No. of Employees :

1

 

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

 

Maximum Credit Limit :

USD 300,000

Status :

Satisfactory

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

 

IDENTIFICATION DETAILS

 

Verified Address

 

Subject name                :           HEIWADO SDN. BHD.

Business address          :           Lot 218 & 219, 1 1/2 Miles

Jalan Pandamaran

Town                             :           Port Klang

Province                        :           Selangor Darul Ehsan

Zip/postal code              :           42000

Country                         :           Malaysia

 

Tel                                :           +60 3 31658301 / 31658302

Fax                               :           +60 3 31658304 / 31688733

 

 

Registered address        :           C/o CS MANAGEMENT CONSULTANT

51-2, Jalan Batu Nilam 4

Bandar Bukit Tinggi

 

Town                             :           Klang

Province                        :           Selangor Darul Ehsan

Zip/postal code              :           41200

Country                                                           :                       Malaysia

 

 

Executive Summary

 

Date founded or registered          :   03/12/2004

Legal form                                 :   Private Company Limited By Shares

Chief executive                          :   Lai Sak Coon

Issued & paid up capital             :   MYR 250,000

Sales turnover                            :   MYR 51,211,987 (Non-consolidated 12 months, 30/11/2010)

Net income                                :   MYR 869,844 (Non-consolidated 12 months, 30/11/2010)

Total fixed assets                       :   MYR 61,212,420 (Non-consolidated 12 months, 30/11/2010)

Line of business             :   Importation of food products for the Econsave Group.

Staff employed                                                                        :   1 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 good

Organization structure                :   Organizational structure is stable

Detrimental records                    :   No detrimental records found

Payment history                                    :   No payment delays noted

 

Credit amount suggestion     :   USD 300,000

Credit amount asked                                      :   Not described

 

 

STATUTORY DETAILS

 

Registry Data

 

Registration date            :   03/12/2004

Legal form                     :   Private Company Limited By Shares

Registration no              673979-A

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                :           Lai Sak Coon

Designation       :           Director

 

Name                :           Lai Sia Ling

Designation       :           Director

 

Name                :           Lai Siek Chuan

Designation       :           Director

 

Name                :           Lai Siah Yang

Designation    :                       Director

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

 

Name                            :           Lai Sak Coon

Designation                   :           Director

Identification no              :           600728-10-5569

Appointment date           :           03/12/04

Address                        :           No. 2, Jalan Sungai Beranang 32/57B

Seksyen 32, Bukit Rimau

40460 Shah Alam

Selangor Darul Ehsan

Malaysia

 

Name                            :           Lai Sia Ling

Designation                   :           Director

Identification no              :           620405-10-6469

Appointment date           :           03/12/04

Address                        :           33-10 Casa Elita

Jalan Sungai Dua, Taman Seputeh

58000 Kuala Lumpur Wilayah Persekutuan Malaysia

 

Name                            :           Lai Siek Chuan

Designation                   :           Director

Identification no              :           630618-10-7229

Appointment date           :           03/12/04

Address                        :           22 Lorong Hilir 8

Teluk Pulai

41100 Klang

Selangor Darul Ehsan

Malaysia

 

Name                                                              :                       Lai Siah Yang

Designation                   :           Director

Identification no              :           650505-10-5997

Appointment date           :           03/12/04

Address                        :           No. 17, Jalan Sungai Beranang 32/57B

Seksyen 32, Bukit Rimau

40460 Shah Alam Selangor Darul Ehsan

Malaysia

 

Name                            :           Teo Chong Hean

Designation                   :           Company Secretary

Identification no              :           720225-07-5261

Appointment date           :           25/06/11

Address                        :           25A, Jalan Setia Impian U13/2M Setia Alam

40170 Shah Alam Selangor Darul Ehsan Malaysia

Staff employed               :           1 employees

 

Key Advisors

 

Auditors            :           FOO & ASSOCIATES

L2-2-8A, Pelangi Promenade

Jalan Pekan Baru 36

41050 Klang

Selangor Darul Ehsan

Malaysia

 

 

SHARE CAPITAL

 

Composition

 

Authorized Capital          :   MYR 500,000

 

No of shares                  :   500,000 Ordinary Shares

 

Share par value              :   MYR 1

 

Issued capital                :   MYR 250,000

 

Paid up capital               :   MYR 250,000

 

Changed in capital         :   The Subject increased its share capital from MYR 100,000 to MYR 500,000 on

20-11-2006.

 

 

OWNERSHIP / SHAREHOLDERS

 

How listed                     :   Full List

 

Composition

 

Shareholder name          :   Lai Sak Coon

 

Address                        :   No. 2, Jalan Sungai Beranang 32/57B Seksyen 32, Bukit Rimau

40460 Shah Alam Selangor Darul Ehsan Malaysia

 

No. of shares                 :   62,500 Ordinary Shares

 

Shareholder name          :   Lai Sia Ling

 

Address                        :   33-10 Casa Elita

Jalan Sungai Dua, Taman Seputeh

58000 Kuala Lumpur Wilayah Persekutuan Malaysia

 

No. of shares                 :   62,500 Ordinary Shares

 

Shareholder name          :   Lai Siek Chuan

 

Address            :   22 Lorong Hilir 8

Teluk Pulai

41100 Klang

Selangor Darul Ehsan

Malaysia

 

No. of shares     :   62,500 Ordinary Shares

 

Ownership / Shareholding comment   :   The Subject is individually owned by the same owners of Econsave Group.

 

Econsave Group currently operates approximately 43 outlets including hypermarkets and supermarkets in Malaysia. It is one of the top 5 retailers in Malaysia.

 

Econsave Group's yearly revenue is approximately RM 1.5 billion and services more than 30 million customer per year.

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

Structure

 

Name                :   ECONSAVE CASH & CARRY SDN. BHD.

Affiliation type    :   Associate

Address            :   Lot 218 & 219, 1 1/2 Miles

Jalan Pandamaran

Port Klang 42000

Selangor Darul Ehsan

Malaysia

 

Name                :   ECONSAVE CASH & CARRY (PD) SDN. BHD.

Affiliation type    :   Associate

Address            :   Lot 218 & 219, 1 1/2 Miles

Jalan Pandamaran

Port Klang 42000

Selangor Darul Ehsan

Malaysia

 

Name                :   ECONSAVE CASH & CARRY (KP) SDN. BHD.

Affiliation type    :   Associate

Address            :   Lot 218 & 219, 1 1/2 Miles

Jalan Pandamaran

Port Klang 42000

Selangor Darul Ehsan

Malaysia

 

Name                :   ECONSAVE CASH & CARRY (SM) SDN. BHD.

Affiliation type                :   Associate

Address                        :   Lot 218 & 219, 1 1/2 Miles

Jalan Pandamaran

Port Klang 42000

Selangor Darul Ehsan

Malaysia

 

Name                            :   ECONSAVE CASH & CARRY (BT) SDN. BHD.

Affiliation type                :   Associate

Address                        :   Lot 218 & 219, 1 1/2 Miles

Jalan Pandamaran

Port Klang 42000

Selangor Darul Ehsan

Malaysia

 

Name                            :   ECONSAVE CASH & CARRY (KJ) SDN. BHD.

Affiliation type                :   Associate

Address                        :   Lot 218 & 219, 1 1/2 Miles

Jalan Pandamaran

Port Klang 42000

Selangor Darul Ehsan

Malaysia

 

Name                            :   ECONSAVE CASH & CARRY (SK) SDN. BHD.

Affiliation type                :   Associate

Address                        :   Lot 218 & 219, 1 1/2 Miles

Jalan Pandamaran

Port Klang 42000

Selangor Darul Ehsan

Malaysia

 

Name                            :   ECONSAVE CASH & CARRY (YP) SDN. BHD.

Affiliation type                :   Associate

Address                        :   Lot 218 & 219, 1 1/2 Miles

Jalan Pandamaran

Port Klang 42000

Selangor Darul Ehsan

Malaysia

 

Name                            :   ECONSAVE CASH & CARRY (ML) SDN. BHD.

Affiliation type                :   Associate

Address                        :   Lot 218 & 219, 1 1/2 Miles

Jalan Pandamaran

Port Klang 42000

Selangor Darul Ehsan

Malaysia

 

Name                            :   ECONSAVE CASH & CARRY (KBS) SDN. BHD.

Affiliation type                :   Associate

Address                        Lot 218 & 219, 1 1/2 Miles

Jalan Pandamaran

Port Klang 42000

Selangor Darul Ehsan

Malaysia

 

Related companies and corporate affiliations comments  Other companies of the Econsave Group should be considered affiliates of the

Subject.

 

 

BANK & MORTGAGES

 

Bank Details

 

Name of bank    :   CIMB Bank Berhad

 

Address            :   Malaysia

 

Account details  :   Current Account

 

 

Name of bank    :   Malayan Banking Berhad

 

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.

 

 

FINANCIAL DATA

 

Description

 

Source of financial statement      :   Commercial Registry Filings

 

Financial statement date            :   30/11/10

 

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                                                                             :   30/11/10                             30/11/09

 

Length of accounts                                                                                       :   12 months                           12 months

 

Sale turnover / Income                                                                                  :   51,211,987                          32,599,035

 

Gross profit                                                                                                   :   1,884,875                            886,024

 

Profit before tax                                                                                             :   1,099,888                            718,460

 

Net income                                           :   869,844                                                                   513,506

 

 

Non current assets         :

124,516

234,827

Current assets   :

61,087,904

30,927,081

Inventories         :

108,929

88,987

Total assets      :

61,212,420

31,161,908

Current liabilities            :

56,527,019

25,346,351

Non current liabilities      :

27,166

27,166

Total liabilities    :

56,554,185

25,373,517

Share equity      :

4,658,235

5,788,391

Retained earning            :

4,408,235

5,538,391

 

OPERATION DETAILS

 

Main activities    :   The Subject is engaged in importation of food products for the Econsave Group.

 

Purchases

 

International       :   Worldwide

 

Sales

 

Local                :   Yes

 

International       :   No exports.

 

 

Property & Assets

 

Premises          :   The Subject operates from Econsave group headquarters located at the verified heading address consisting of administrative

office. Branches :   None reported.

Other property   :   Total NBV of property, plant and equipment as of 30-11-2010 was MYR

124,516.

 

 

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)               :   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%

 

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 export                   :   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%

 

Purchase Term

 

International                   :   L/C, Prepayment, Credit 30-60 days

 

Sales Term

 

Local                            :   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.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.