MIRA
INFORM REPORT
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Report Date : |
07.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
THYE HUAT CHAN SENDIRIAN BERHAD |
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Registered Office : |
368-3-12A & 368-4-12A, Bellisa Rowalan Burmahwn Pulau Pinang 10350 |
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Country : |
Malaysia |
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Date of Incorporation : |
06.01.1978 |
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Com. Reg. No.: |
37056-U |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Import, wholesale and retail of agricultutal food ingredients and consumer food products. |
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No. of Employees : |
260 employees |
RATING & COMMENTS
|
MIRAs 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 340,000 |
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Status : |
Satisfactory |
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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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Malaysia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
IDENTIFICATION DETAILS
Verified Address
Subject name : THYE HUAT CHAN SENDIRIAN BERHAD
Business address : 368-3-12A & 368-4-12A, Bellisa Row
Jalan Burmah
Town : Georgetown
Province : Pulau Pinang
Zip/postal code : 10350
Country : Malaysia
Tel : +60 4 2288123
Fax : +60 4 2288180
Email : info@thc.com.my
Website : www.thc.com.my
Registered address : Suite 2-1, 2nd Floor
Menara Penang Garden
42A Jalan Sultan Ahmad Shah
Town : Georgetown
Province : Pulau Pinang
Zip/postal code : 10050
Country : Malaysia
SUMMARY DETAILS
Executive Summary
Date founded or registered : 06/01/1978
Legal form : Private Company Limited By Shares
Chief executive : Dato' Ng Tee Soo
Issued & paid up capital : MYR 10,000,000
Sales turnover : MYR 250,000,000 (Estimated non-consolidated 12 months, 31/10/2010)
Line of business : Import, wholesale and retail of agricultutal food ingredients and consumer food products.
Staff employed : 260 employees
CREDIT RISK OPINION
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 : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion: USD 340,000
Credit amount asked : Not described.
STATUTORY DETAILS
Registry Data
Registration date : 06/01/1978
Legal form : Private Company Limited By Shares
Registration no 37056-U
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 : Dato' Ng Tee Soo
Designation : Managing Director
Name : Ng Cheng Cheng
Designation : Director
Name : Ng Eng Wah
Designation : Director
BOARD OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name : Dato' Ng Tee Soo
Designation : Director
Identification no : 480906-07-5443
Appointment date : 06/01/78
Address : No. 2-J, Jalan D.S. Ramanathan (Scott
Road)
10350 Pulau Tikus
Pulau Pinang Malaysia
Name : Datin Tan Guat Ngoh
Designation : Director
Identification no : 500615-07-5422
Appointment date : 15/12/77
Address : No. 2-J, Jalan D.S. Ramanathan (Scott
Road)
10350 Pulau Tikus
Pulau Pinang Malaysia
Name : Ng Cheng Cheng
Designation : Director
Identification no : 720623-07-5224
Appointment date : 27/09/95
Address : No. 2-J, Jalan D.S. Ramanathan (Scott
Road)
10350 Pulau Tikus
Pulau Pinang Malaysia
Name : Ng Eng Wah
Designation : Director
Identification no : 780923-07-5415
Appointment date : 27/01/04
Address : No. 2-J, Jalan D.S. Ramanathan (Scott
Road)
10350 Pulau Tikus
Pulau Pinang
Malaysia
Name : Lam Voon Kean
Designation : Company Secretary
Identification no : 520920-07-5670
Appointment date : 16/04/10
Address : No. 9 Reservoir, 5th Avenue
11500 Georgetown
Pulau Pinang Malaysia
Staff employed : 260 employees
SHARE CAPITAL
Composition
Authorized Capital : MYR 10,000,000
No of shares : 10,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 10,000,000
Paid up capital : MYR 10,000,000
OWNERSHIP / SHAREHOLDERS
How listed : Full List
Composition
Shareholder name : Dato' Ng Tee Soo
Address : No. 2-J, Jalan D.S. Ramanathan (Scott Road)
10350 Pulau Tikus Pulau Pinang Malaysia
No. of shares : 4,500,000 Ordinary Shares
Shareholder name : Datin Tan Guat Ngoh
Address : No. 2-J, Jalan D.S. Ramanathan (Scott Road)
10350 Pulau Tikus Pulau Pinang Malaysia
No. of shares : 3,000,000 Ordinary Shares
Shareholder name : Ng Eng Wah
Address : No. 2-J, Jalan D.S. Ramanathan (Scott Road)
10350 Pulau Tikus Pulau Pinang Malaysia
No. of shares : 1,500,000 Ordinary Shares
Shareholder name : Ng Cheng Cheng
Address : No. 2-J, Jalan D.S. Ramanathan (Scott Road)
10350 Pulau Tikus Pulau Pinang Malaysia
No. of shares : 500,000 Ordinary Shares
Shareholder name : Ng Sheng Sheng
Address : No. 2-J, Jalan D.S. Ramanathan (Scott Road)
10350 Pulau Tikus Pulau Pinang Malaysia
No. of shares : 500,000 Ordinary Shares
RELATED COMPANIES &
CORPORATE AFFILIATIONS
Structure
Related companies and corporate affiliations comments: None reported.
BANK & MORTGAGES
Bank Details
Name of bank : HSBC Bank Malaysia Berhad
Address : Malaysia
Account details : Current Account
Name of bank : United Overseas Bank (Malaysia) Bhd.
Address : Malaysia
Account details : Current Account
Name of bank : CIMB 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: 60,000.00
Date of Creation: 05-02-1982
Name of Chargee: OVERSEA UNION BANK LIMITED Charge Status: FULLY SATISFIED
Total of Charge: 120,000.00
Date of Creation: 12-10-1982
Name of Chargee: OVERSEAS UNION BANK LIMITED Charge Status: FULLY SATISFIED
Total of Charge: 900,000.00
Date of Creation: 12-06-1986
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 1,040,000.00
Date of Creation: 17-09-1986
Name of Chargee: OVERSEAS UNION BANK LTD Charge Status: FULLY SATISFIED
Total of Charge: 850,000.00
Date of Creation: 20-11-1987
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 1,000,000.00
Date of Creation: 29-01-1988
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 1,300,000.00
Date of Creation: 28-01-1988
Name of Chargee: HSBC BANK MALAYSIA BERHAD AS SECURITY AGENT FOR HSBC AMANAH MALAYSIA BERHAD AND ITSELF
Charge Status: FULLY SATISFIED
Total of Charge: 1,600,000.00
Date of Creation: 03-02-1990
Name of Chargee: HSBC BANK MALAYSIA BERHAD AS SECURITY AGENT FOR HSBC AMANAH MALAYSIA BERHAD AND ITSELF
Charge Status: FULLY SATISFIED
Total of Charge: 3,250,000.00
Date of Creation: 09-04-1991
Name of Chargee: HSBC BANK MALAYSIA BERHAD AS SECURITY AGENT FOR HSBC AMANAH MALAYSIA BERHAD AND ITSELF
Charge Status: FULLY SATISFIED
Total of Charge: 750,000.00
Date of Creation: 09-04-1991
Name of Chargee: HSBC BANK MALAYSIA BERHAD AS SECURITY AGENT FOR HSBC AMANAH MALAYSIA BERHAD AND ITSELF
Charge Status: FULLY SATISFIED
Total of Charge: 300,000.00
Date of Creation: 14-07-1992
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 2,850,000.00
Date of Creation: 14-07-1992
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 1,500,000.00
Date of Creation: 24-04-1993
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 1,500,000.00
Date of Creation: 24-04-1993
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 1,300,000.00
Date of Creation: 14-04-1994
Name of Chargee: OCBC BANK MALAYSIA BHD Charge Status: FULLY SATISFIED
Total of Charge: 1,300,000.00
Date of Creation: 14-04-1994
Name of Chargee: OCBC BANK MALAYSIA BHD Charge Status: FULLY SATISFIED
Total of Charge: 5,650,000.00
Date of Creation: 14-04-1994
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 550,000.00
Date of Creation: 24-04-1995
Name of Chargee: OCBC BANK MALAYSIA BHD Charge Status: UNSATISFIED
Total of Charge: 550,000.00
Date of Creation: 24-04-1995
Name of Chargee: OCBC BANK MALAYSIA BHD Charge Status: FULLY SATISFIED
Total of Charge: 2,200,000.00
Date of Creation: 12-10-1996
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 2,000,000.00
Date of Creation: 05-06-1997
Name of Chargee: OCBC BANK MALAYSIA BHD Charge Status: FULLY SATISFIED
Total of Charge: 10,000,000.00
Date of Creation: 10-05-2001
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 600,000.00
Date of Creation: 10-05-2001
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 14,800,000.00
Date of Creation: 10-05-2001
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 5,000,000.00
Date of Creation: 10-05-2001
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 5,800,000.00
Date of Creation: 24-09-2001
Name of Chargee: HSBC BANK MALAYSIA BERHAD AS SECURITY AGENT FOR HSBC AMANAH MALAYSIA BERHAD AND ITSELF
Charge Status: FULLY SATISFIED
Total of Charge: 2,200,000.00
Date of Creation: 29-11-2001
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 2,000,000.00
Date of Creation: 29-11-2001
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 5,050,000.00
Date of Creation: 29-11-2001
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 550,000.00
Date of Creation: 29-11-2001
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 600,000.00
Date of Creation: 29-11-2001
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 5,000,000.00
Date of Creation: 29-11-2001
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 5,000,000.00
Date of Creation: 29-11-2001
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 740,000.00
Date of Creation: 21-02-2003
Name of Chargee: HSBC BANK MALAYSIA BERHAD AS SECURITY AGENT FOR HSBC AMANAH MALAYSIA BERHAD AND ITSELF
Charge Status: FULLY SATISFIED
Total of Charge: 250,000.00
Date of Creation: 11-02-2004
Name of Chargee: HSBC BANK MALAYSIA BERHAD AS SECURITY AGENT FOR HSBC AMANAH MALAYSIA BERHAD AND ITSELF
Charge Status: FULLY SATISFIED
Total of Charge: 10,000,000.00
Date of Creation: 03-08-2004
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 10,000,000.00
Date of Creation: 03-08-2004
Name of Chargee: OCBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE Date of Creation: 03-07-2006
Name of Chargee: OCBC BANK (MALAYSIA) BERHAD Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE Date of Creation: 12-06-2007
Name of Chargee: OCBC BANK (MALAYSIA) BERHAD Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE Date of Creation: 12-06-2007
Name of Chargee: OCBC BANK (MALAYSIA) BERHAD Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE Date of Creation: 11-07-2007
Name of Chargee: OCBC BANK (MALAYSIA) BERHAD Charge Status: UNSATISFIED
Total of Charge: 15,000,000.00
Date of Creation: 12-09-2007
Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD. Charge Status: UNSATISFIED
Total of Charge: 15,000,000.00
Date of Creation: 12-09-2007
Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD. Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE Date of Creation: 15-03-2010
Name of Chargee: HSBC BANK MALAYSIA BERHAD Charge Status: UNSATISFIED
Total of Charge: 19,200.00
Date of Creation: 21-07-2011
Name of Chargee: CIMB 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 : External Sources
Financial statement date : 31/12/10
Type of accounts : Estimated key figures
Currency : Malaysia, Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.01 as of 06-02-2012
Summarized Financial Information
Consolidation type : Non Consolidated
Currency : Malaysia, Ringgit (MYR)
Denomination : (x1) One
Date of financial year end : 31/10/10
Length of accounts : 12 months
Sale turnover / Income : 250,000,000
Comments : The Subject has been exempted from revealing their financials. The Subject filed for the certificate of exemption private company and their accountants states that all liabilities are in good manner.
OPERATION DETAILS
Main activities : The Subject is engaged in import, wholesale and retail of food ingredients and consumer food products.
The Subject's products are distributed to food and industrial manufacturers, supermarkets and hypermarkets, wholesalers and grocery stores.
Product & services : Products:
Flour and starches, beans and pulses, oilseeds, grains, nuts, perishables, sweeteners, spices, consumer foods, food enhancers and dry fruits
Services:
Repacking and house brand packing
Food processing
Warehousing and coldroom storage
Brand : Kawi
Kapal ABC Five Stars Star
Purchases
International : Mainly from Asia, Australia, New Zealand, United States
Sales
Local : Yes
International : Asia countries
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 branch offices and warehouses located at:
Northern Regional Sales Office & Warehouse
2519, Jalan Megat Harun
14000 Bukit Mertajam
Penang
Malaysia
Tel: +60 4 5371111
Central Regional Sales Office & Warehouse
Lot 39 Jalan BRP 9/2A Putra Industrial Park
47000 Sg. Buloh Selangor Darul Ehsan Malaysia
Tel: +60 3 61412111
Southern Regional Sales Office & Warehouse
No.4 Jalan Firma 2/1
Kawasan Perindustrian Tebrau 1
81100 Johor Bahru Johor Darul Takzim Malaysia
Tel: +60 7 3538777
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
(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 : 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 : L/C, Prepayment, Credit 30-90 days
Sales Term
Local : Prepayment, Bank transfer, Credit 30-90
days
International : Prepayment, Bank transfer, Credit 30-90
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.48.68 |
|
|
1 |
Rs.76.75 |
|
Euro |
1 |
Rs.63.57 |
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.