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Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
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Name : |
P.P. STEEL SDN. BHD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
28.02.2011 |
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Date of Incorporation : |
24.01.1989 |
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Com. Reg. No.: |
178180-D |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Industrial processing and sale of metal sheets, metal coils, aluminium ingots and related products. |
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No. of Employees : |
75 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Verified Address
Subject name : P.P. STEEL SDN. BHD.
Business address : Lot 33, Jalan Industri 2/1
Rawang Integrated Industrial Park
Town : Rawang
Province : Selangor Darul Ehsan
Zip/postal code : 48000
Country : Malaysia
Tel : +60 3 60929888
Fax : +60 3 60937849
Email : sales@ppssc.com.my
Website : www.ppssc.com.my
Registered address : C/o KHIDMAT PENGURUSAN KOK LING SDN. BHD.
10A, Jalan 54
Desa Jaya
Town : Kepong
Province : Selangor Darul Ehsan
Zip/postal code : 52100
Country : Malaysia
Executive Summary
Date founded or registered : 24/01/1989
Legal form : Private Company Limited By Shares
Chief executive : Datuk Lee Sin Pen
Issued & paid up capital : MYR 6,000,000
Sales turnover : MYR 53,553,918 (Non-consolidated 12 months, 28/02/2011)
Net income : MYR 276,629 (Non-consolidated 12 months, 28/02/2011)
Total fixed assets : MYR 52,908,370 (Non-consolidated 12 months, 28/02/2011)
Line of business : Industrial processing and sale of metal sheets, metal coils, aluminium ingots and related products.
Staff employed : 75 employees
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience :
Management is reasonably experienced
Financial performance : Financial performance is recovering
Organization structure : Organizational structure is stable
Detrimental :
No detrimental records found
Payment history : No payment delays noted
Registry Data
Registration date : 24/01/1989
Legal form : Private Company Limited By Shares
Registration no 178180-D
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Datuk Lee Sin Pen Designation : Managing Director Name : Lee Sin Pin Designation : Director
Appointments
Name : Lee Sin Pin
Designation : Director
Identification no : 451130-04-5147
Appointment date : 24/01/89
Address : 22, SD 11/3C
Jalan Kiara, PJU 9
Bandar Sri Damansara 52200
Kuala Lumpur Wilayah Persekutuan Malaysia
Name : Datuk Lee Sin Pen
Designation : Director
Identification no : 510125-04-5385
Appointment date : 24/01/89
Address : 107, Jalan Dedap Batik
Sierramas Resort Homes
47000 Sungai Buloh Selangor Darul Ehsan Malaysia
Name : Fong Lai Chee
Designation : Company Secretary
Identification no : 580404-10-5946
Appointment date : 10/11/96
Address : 40 Lorong CP 1/8
Taman Cheras Perdana
Batu 9 3/4
Cheras 43200
Selangor Darul Ehsan
Malaysia
Name : Gan Siew Hun
Designation : Company Secretary
Identification no : 680825-10-6048
Appointment date : 16/07/92
Address : 32, Jalan Cemara SD 3/2
Bandar Sri Damansara 52200
Kuala Lumpur Wilayah Persekutuan Malaysia
Staff employed : 75 employees
Key Advisors
Auditors : KHOO & CO.
Suite 12.1, 12th Floor
Wisma Mirama
Jalan Wisma Putra
50460 Kuala Lumpur Wilayah Persekutuan Malaysia
Composition
Authorized Capital : MYR 10,000,000
No of shares : 10,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 6,000,000
Paid up capital : MYR 6,000,000
Changed in capital : The Subject increased its share capital from MYR 5,000,000 to 10,000,000 on
09-10-1997.
How listed : Full List
Composition
Shareholder name : Datuk Lee Sin Pen
Address : 107, Jalan Dedap Batik
Sierramas Resort Homes
47000 Sungai Buloh Selangor Darul Ehsan Malaysia
No. of shares : 3,000,000 Ordinary Shares
Shareholder name : Lee Sin Pin
Address : 22, SD 11/3C
Jalan Kiara, PJU 9
Bandar Sri Damansara 52200
Kuala Lumpur Wilayah Persekutuan Malaysia
No. of shares : 900,000 Ordinary Shares
Shareholder name : Lee Sin Choon
Address : 174, Jalan Burung Sintar Taman Bukit Maluri Kepong 52100
Kuala Lumpur Wilayah Persekutuan Malaysia
No. of shares : 1,200,000 Ordinary Shares
Shareholder name : Lee Chow Hua
Address : 14, Jalan Desa Bahru
Taman Bahru
75350 Melaka
Malaysia
No. of shares : 900,000 Ordinary Shares
Structure
Name : SUMIMETAL INDUSTRIES (MALAYSIA) SDN. BHD.
Affiliation type : Associate
Address : Lot 33, Jalan Industri 2/1
Rawang Integrated Industrial Park
Rawang 48000
Selangor Darul Ehsan
Malaysia
Name : P. P. STEEL SERVICE CENTRE SDN. BHD.
Affiliation type : Associate
Address : Lot 33, Jalan Industri 2/1
Rawang Integrated Industrial Park
Rawang 48000
Selangor Darul Ehsan
Malaysia
Bank Details
Name of bank : Ambank (M) Berhad
Address : Malaysia
Account details : Current Account
Name of bank : Alliance Bank Malaysia Berhad
Address : Malaysia
Account details : Current Account
Name of bank : Hong Leong Bank Berhad
Address : Malaysia
Account details : Current Account
Name of bank : Public Bank Berhad
Address : Malaysia
Account details : Current Account
Name of bank : Malayan Banking 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: 600,000.00
Date of Creation: 30-12-1992
Name of Chargee: PUBLIC BANK BERHAD Charge Status: UNSATISFIED
Total of Charge: 1,000,000.00
Date of Creation: 24-06-1993
Name of Chargee: HONGKONG BANK MALAYSIA BERAHD Charge Status: FULLY SATISFIED
Total of Charge: 4,500,000.00
Date of Creation: 06-05-1996
Name of Chargee: ARAB MALAYSIAN BANK BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 3,500,000.00
Date of Creation: 29-11-1996
Name of Chargee: PUBLIC BANK BERHAD Charge Status: UNSATISFIED
Total of Charge: 85,000.00
Date of Creation: 20-12-1996
Name of Chargee: PUBLIC BANK BERHAD Charge Status: UNSATISFIED
Total of Charge: 85,000.00
Date of Creation: 20-12-1996
Name of Chargee: PUBLIC BANK BERHAD Charge Status: UNSATISFIED
Total of Charge: 28,380,000.00
Date of Creation: 02-04-1997
Name of Chargee: HONG LEONG BANK BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 208,000.00
Date of Creation: 13-10-1997
Name of Chargee: HONG LEONG BANK BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 264,000.00
Date of Creation: 18-12-1997
Name of Chargee: HONG LEONG BANK BERHAD Charge Status: FULLY SATISFIED
Total of Charge: 2,800,000.00
Date of Creation: 23-03-2004
Name of Chargee: AMBANK BERHAD Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE Date of Creation: 22-12-2004
Name of Chargee: HONG LEONG BANK BERHAD Charge Status: FULLY SATISFIED
Total of Charge: OPEN CHARGE Date of Creation: 22-12-2004
Name of Chargee: HONG LEONG BANK BERHAD Charge Status: FULLY SATISFIED
Total of Charge: OPEN CHARGE Date of Creation: 28-11-2006
Name of Chargee: ALLIANCE ISLAMIC BANK BERHAD Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE Date of Creation: 28-11-2006
Name of Chargee: ALLIANCE ISLAMIC BANK BERHAD Charge Status: UNSATISFIED
Total of Charge: 1,500,000.00
Date of Creation: 02-06-2011
Name of Chargee: AMBANK (M) BERHAD Charge Status: UNSATISFIED
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 : 28/02/11
Type of accounts :
Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate :
1 USD = MYR 3.19 as of 14-12-2011
Summarized Financial Information
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Consolidation
type : |
Non Consolidated |
Non Consolidated |
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Currency : |
Malaysia, Ringgit (MYR) |
Malaysia, Ringgit (MYR) |
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Denomination : |
(x1) One |
(x1) One |
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Date of
financial year end : |
28/02/11 |
28/02/10 |
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Length of
accounts : |
12 months |
12 months |
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Sale turnover /
Income : |
53,553,918 |
52,349,482 |
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Gross profit : |
11,369,936 |
8,616,205 |
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Operating profit : |
1,130,643 |
-2,516,738 |
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Profit before
tax : |
613,674 |
-3,041,121 |
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Net income : |
276,629 |
-2,650,206 |
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Non current
assets : |
14,223,220 |
13,040,094 |
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Current assets : |
38,685,150 |
25,077,928 |
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Inventories : |
15,788,820 |
9,748,318 |
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Total assets : |
52,908,370 |
38,118,022 |
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Current
liabilities : |
34,487,959 |
19,827,552 |
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Non current
liabilities : |
803,515 |
950,203 |
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Total
liabilities : |
35,291,474 |
20,777,755 |
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Share equity : |
17,616,896 |
17,340,267 |
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Retained earning : |
11,616,896 |
11,340,267 |
Main activities : The Subject is engaged in the industrial processing and sale of metal sheets, metal coils, aluminium ingots and related products.
Purchases
Local : Yes
International : Mainly from South East Asia
Sales
Local : Yes
International : Mainly to South East Asia
Property & Assets
Premises : The Subject operates from headquarters located at the verified heading address consisting of production facilities, warehouse and administrative office.
Branches : None reported.
Other property : Total NBV of property, plant and equipment as of 28-02-2011 was MYR
13,763,840.
Gross Domestic Products (GDP) & Economic Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$ 134.8 billion as of 30 November 2011
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 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 (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%, 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
Local : Prepayment, D/P, Credit up to 90 days
International : L/C, D/P, Credit up to 90 days
Sales Term
Local : Prepayment, D/P, Credit up to 90 days
International : L/C, D/P, Credit up to 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.55.83 |
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UK Pound |
1 |
Rs.87.41 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.