MIRA INFORM REPORT

 

 

Report Date :

04.07.2012

 

 

 

Tel. No.:

606 9528 122

Fax No.:

606 9528 122

 

IDENTIFICATION DETAILS

 

Name :

COSMINES SDN BHD

 

 

Registered Office :

10, Jalan Arab, 1st Floor, 84000 Muar, Johor

 

 

Country :

Malaysia

 

 

Financials (as on) :

2011

 

 

Date of Incorporation :

06.07.2011

 

 

Com. Reg. No.:

951530-T

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturing Of Dining Sets, Furnitures And Other Rubber Wood Furnitures

 

 

No. of Employees :

3

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Company

Payment Behaviour :

Unknown

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)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

EXECUTIVE SUMMARY

 

 

 

REGISTRATION NO.

:

951530-T

COMPANY NAME

:

COSMINES SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

06/07/2011

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

10, JALAN ARAB, 1ST FLOOR, 84000 MUAR, JOHOR, MALAYSIA.

BUSINESS ADDRESS

:

NO. 25, JALAN MASRIA 1/1, TAMAN MASRIA, JALAN JUNIO, 84000 MUAR, JOHOR, MALAYSIA.

TEL.NO.

:

06-9528122

FAX.NO.

:

06-9528122

CONTACT PERSON

:

LEE YU HAN ( DIRECTOR )

 

 

 

INDUSTRY CODE

:

36101

PRINCIPAL ACTIVITY

:

MANUFACTURING OF DINING SETS, FURNITURES AND OTHER RUBBER WOOD FURNITURES

AUTHORISED CAPITAL

:

MYR 100,000.00 DIVIDED INTO 
ORDINARY SHARE 100,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 100,000.00 DIVIDED INTO 
ORDINARY SHARES 100,000 CASH OF MYR 1.00 EACH.

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

3 [2012]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

POOR

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

PROPOSED CREDIT LIMIT

:

MYR 28,000 (USD 9,000)

 

 

 

 

 

 

 

HISTORY / BACKGROUND

 

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

 

The SC is principally engaged in the (as a / as an) manufacturing of dining sets, furnitures and other rubber wood furnitures.

The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

The major shareholder(s) of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

LIM KANG TIAN +

PB 74-10-1, LORONG SURAU, JALAN SALLEH, 84000 MUAR, JOHOR, MALAYSIA.

640227-04-5779

40,000.00

40.00

LEE YU HAN +

25, JALAN MASRIA, JALAN JUNID, 84000 MUAR, JOHOR, MALAYSIA.

770426-04-5267

30,000.00

30.00

LEE CHENG PENG +

45 JALAN USJ 18/3A, UEP SUBANG JAYA, 47630 SUBANG JAYA, SELANGOR, MALAYSIA.

660411-01-5463

30,000.00

30.00

 

 

 

---------------

------

 

 

 

100,000.00

100.00

 

 

 

============

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

LEE YU HAN

Address

:

25, JALAN MASRIA, JALAN JUNID, 84000 MUAR, JOHOR, MALAYSIA.

 

 

 

New IC No

:

770426-04-5267

Date of Birth

:

26/04/1977

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

06/07/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

LEE CHENG PENG

Address

:

45 JALAN USJ 18/3A, UEP SUBANG JAYA, 47630 SUBANG JAYA, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

660411-01-5463

Date of Birth

:

11/04/1966

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

06/07/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

LIM KANG TIAN

Address

:

PB 74-10-1, LORONG SURAU, JALAN SALLEH, 84000 MUAR, JOHOR, MALAYSIA.

 

 

 

New IC No

:

640227-04-5779

Date of Birth

:

27/02/1964

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

06/07/2011

 

 

 

 

 

 

 

 

 

 

 

 


MANAGEMENT

 

 

 

1)

Name of Subject

:

LEE YU HAN

 

Position

:

DIRECTOR

 

 

 

 

 

 

AUDITOR

 


No Auditor found in our databank 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MR. KANG AH BA

 

IC / PP No

:

4197217

 

New IC No

:

511121-01-5837

 

Address

:

235-3, JALAN DAUD, 84000 MUAR, JOHOR, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). No adverse record was found during our investigation.

 

 

ENCUMBRANCE (S)

 

No encumbrance was found in our databank at the time of investigation.

 

 

LEGAL CHECK AGAINST SC

 

* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.

No legal action was found in our databank. 

No winding up petition was found in our databank. 

 

DEFAULTER CHECK AGAINST SC

 

* We have checked through the SC in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection since 1990. Information was provided by third party where the debt amount can be disputed. Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. 

No blacklisted record & debt collection case was found in our defaulters' databank. 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclosed its supplier information. 

 

CLIENTELE

 

Local

:

NO

Percentage

:

0%

 

 

 

 

 

 

Overseas

:

YES

Percentage

:

100%

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Products manufactured

:

DINING SETS, FURNITURES AND OTHER RUBBER WOOD FURNITURES

 

 

 

Competitor(s)

:

CLASSIC SCENIC BHD
EURO HOLDINGS BHD
MALAYSIA AICA BHD
POH HUAT RESOURCES HOLDINGS BHD
SIGNATURE INTERNATIONAL BHD

 

 

 

 

 

 

 

 

 

Total Number of Employees:

YEAR

2012

 

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

3

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) manufacturing of dining sets, furnitures and other rubber wood furnitures.

The SC deals with furnitures.

The SC however refused to disclose any information on its operation.

 

 

PROJECTS


No projects found in our databank 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

606 9528122

Current Telephone Number

:

06-9528122

Match

:

YES

 

 

 

Address Provided by Client

:

NO. 25, JALAN MASRIA 1/1, TAMAN MASRIA, JALAN JUNIO 84000 MUAR JOHOR

Current Address

:

NO. 25, JALAN MASRIA 1/1, TAMAN MASRIA, JALAN JUNIO, 84000 MUAR, JOHOR, MALAYSIA.

Match

:

YES

 

 

 

Latest Financial Accounts

:

NO


The SC being newly incorporated and has yet to file its financial statement with the Registrar Office.

 

 

Other Investigations


We contacted one of the staff from the SC and she provided some information on the SC.


FINANCIAL ANALYSIS

 

 

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the SC's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

 

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators:

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Population ( Million)

27.73

28.13

28.35

28.70

29.10

Gross Domestic Products ( % )

4.6

<0.5>

7.2

5.5

5.3

Domestic Demand ( % )

6.9

2.9

6.3

4.8

7.6

Private Expenditure ( % )

7.1

<2.7>

8.1

7.0

8.7

Consumption ( % )

8.4

0.7

6.7

6.3

7.1

Investment ( % )

1.5

<17.2>

17.7

16.2

15.9

Public Expenditure ( % )

6.5

5.2

3.8

7.6

4.7

Consumption ( % )

11.6

3.1

0.2

8.9

3.0

Investment ( % )

0.7

8.0

2.8

0.6

7.0

 

 

 

 

 

 

Balance of Trade ( MYR Million )

129,563

89,650

118,356

116,058

-

Government Finance ( MYR Million )

<34,462>

<28,450>

<40,482>

<45,511>

<43,021>

Government Finance to GDP / Fiscal Deficit ( % )

<4.8>

<4.8>

<5.6>

<5.4>

<4.7>

Inflation ( % Change in Composite CPI)

<3.3>

<5.2>

5.1

3.1

-

Unemployment Rate

3.7

4.5

3.9

3.3

-

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

388

331

329

415

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

1.91

2.87

2.20

3.50

-

Average 3 Months of Non-performing Loans ( % )

13.24

11.08

15.30

14.80

-

Average Base Lending Rate ( % )

6.72

5.53

6.30

6.60

-

Business Loans Disbursed( % )

11.6

10.5

14.7

15.3

-

Foreign Investment ( MYR Million )

23,261.4

22,156.8

22,517.9

23,546.1

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

Registration of New Companies ( No. )

41,599

41,578

44,148

-

-

Registration of New Companies ( % )

<4.0>

<0.1>

6.2

-

-

Liquidation of Companies ( No. )

27,992

39,075

25,585

-

-

Liquidation of Companies ( % )

23.7

39.6

<34.5>

-

-

 

 

 

 

 

 

Registration of New Business ( No. )

269,866

312,581

271,414

-

-

Registration of New Business ( % )

-

-

-

-

-

Business Dissolved ( No. )

18,885

19,345

19,738

-

-

Business Dissolved ( % )

<7.6>

2.4

2.0

-

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

497.5

486.3

543.6

363.0

-

Cellular Phone Subscribers ( Million )

25.1

30.1

32.8

35.3

-

Tourist Arrival ( Million Persons )

21.5

23.6

24.6

25.3

-

Hotel Occupancy Rate ( % )

68.0

58.0

63.0

51.3

-

 

 

 

 

 

 

Credit Cards Spending ( % )

17.1

12.8

14.1

15.6

-

Bad Cheque Offenders (No.)

34,834

36,667

33,568

27,208

-

Individual Bankruptcy ( No.)

13,907

16,228

18,119

16,155

-

Individual Bankruptcy ( % )

5.1

16.7

11.7

<10.8>

-

 

 

 

 

 

 



INDUSTRIES ( % of Growth ):

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Agriculture

3.6

0.4

2.1

4.7

4.1

Palm Oil

7.0

<1.1>

<3.4>

7.3

-

Rubber

<1.1>

<19.8>

9.9

6.4

-

Forestry & Logging

<1.5>

<5.9>

<3.3>

<4.7>

-

Fishing

4.0

5.5

5.6

2.8

-

Other Agriculture

5.9

9.0

7.9

8.5

-

Industry Non-Performing Loans ( MYR Million )

393.0

413.7

508.4

634.1

-

% of Industry Non-Performing Loans

<2.0>

1.3

2.1

3.2

-

 

 

 

 

 

 

Mining

<0.8>

<3.8>

0.2

<2.4>

2.5

Oil & Gas

12.7

2.1

0.5

<1.7>

-

Other Mining

-

-

-

-

-

Industry Non-performing Loans ( MYR Million )

36.0

44.2

49.7

46.5

-

% of Industry Non-performing Loans

0.1

0.1

0.1

0.1

-

 

 

 

 

 

 

Manufacturing #

1.3

<9.4>

11.4

5.6

4.5

Exported-oriented Industries

2.7

<19.0>

12.1

2.8

-

Electrical & Electronics

2.4

<30.3>

28.4

<4.9>

-

Rubber Products

4.2

<10.1>

25.3

15.4

-

Wood Products

<6.0>

<24.1>

20.1

<7.3>

-

Textiles & Apparel

1.9

<19.5>

<0.4>

14.8

-

Domestic-oriented Industries

9.9

<9.8>

16.3

6.3

-

Food, Beverages & Tobacco

9.5

0.2

3.0

4.2

-

Chemical & Chemical Products

1.4

<7.7>

16.2

5.6

-

Plastic Products

6.5

<9.1>

2.4

3.8

-

Iron & Steel

16.8

<32.7>

29.3

2.4

-

Fabricated Metal Products

14.7

<2.5>

14.9

25.2

-

Non-metallic Mineral

8.3

<15.5>

20.2

16.3

-

Transport Equipment

27.1

<13.5>

36.5

<9.4>

-

Paper & Paper Products

8.6

<5.0>

18.7

15.6

-

Crude Oil Refineries

7.8

0.2

<11.4>

9.3

-

Industry Non-Performing Loans ( MYR Million )

5,729.4

6,007.3

6,217.5

6,537.2

-

% of Industry Non-Performing Loans

16.8

18.3

23.8

25.7

-

 

 

 

 

 

 

Construction

2.1

5.8

5.1

4.4

7.0

Industry Non-Performing Loans ( MYR Million )

4,149.8

3,241.8

4,038.5

3,856.9

-

% of Industry Non-Performing Loans

12.2

9.9

10.7

10.2

-

 

 

 

 

 

 

Services

7.3

2.6

6.5

6.4

6.5

Electric, Gas & Water

5.0

0.4

8.5

5.6

4.8

Transport, Storage & Communication

7.8

1.6

7.7

6.5

7.3

Wholesale, Retail, Hotel & Restaurant

10.0

2.8

4.7

5.2

6.9

Finance, Insurance & Real Estate

9.2

3.8

6.1

6.3

6.5

Government Services

8.6

2.0

6.7

7.6

5.6

Other Services

5.9

4.4

4.2

5.4

5.7

Industry Non-Performing Loans ( MYR Million )

8,281.4

6,631.3

7,384.6

6,825.2

-

% of Industry Non-Performing Loans

24.3

20.2

25.7

23.4

-

 

 

 

 

 

 

 

 

 

 

 

 

* Estimate / Preliminary

 

 

 

 

 

** Forecast

 

 

 

 

 

# Based On Manufacturing Production Index 
(Source : Department of Statistics / Economic Report / Bank Negara Report)

 

 

 

 

 

 


INDUSTRY ANALYSIS

 

MSIC CODE

36101 : Manufacture of wooden and cane furniture

 

 

INDUSTRY :

FURNITURE & FIXTURES

 

 

 


MALAYSIA's 2011 furniture exports are likely to improve by 9% to RM8.7 billion, provided the US dollar stabilises at the current level and manufacturers are able to secure enough foreign workers at their factories.


According to the Malaysian Furniture Industry Council (MFIC), the government's policy to reduce the country's dependency on foreign workers is having an adverse impact on furniture production and exports. Furniture export earnings will decline if there have not enough foreign workers to work on the orders. Many small and medium enterprises will face shutdown prospects.


Under the the National Timber Industry Policy (MTIP), the government has targeted RM16 billion furniture exports by 2020.


There was growing demand for Malaysian-made furniture from the US and Australia, especially now as American consumer spending is showing signs of recovery and Australians need to refurbish their homes after the big flood. Traditional markets like the US and Europe tend to favour Malaysia over low-cost producers like China and Vietnam due to better quality control and reliable after-sales services.


Singapore and Thailand are enjoying zero tariff on upholstery and wooden furniture when it is shipped into Australia and New Zealand. Malaysia, however, is not. These may affect the furniture industry. Malaysian furniture exporters sell in US dollar. When the ringgit strengthens, their exports become more expensive. This leads to a fall in demand. In the last 12 months, the ringgit has been strengthening against the dollar. The profit margins in the furniture export industry are between 3 and 15 per cent and the order process takes an average of two months.


Malaysia stands as the world's 10th largest exporter of furniture by sales volume. The industry's main export markets are the United States, Japan, Europe, Australia and the Middle East. The local furniture industry will continue to be a major revenue earner for the country.


The Malaysian producers and exporters must rebrand themselves to move up the value chain, to achieve higher levels of performance and competitiveness and progress from being OEM production towards own design manufacturing and original brand manufacturing. The Plantation Industries and Commodities Ministry and the Malaysian Timber Industry Board has drawn up strategies through the National Timber Industry Policy towards this direction. The small- and medium-sized enterprises to penetrate countries in the Middle East, East Asia, Southeast Asia and Africa as an avenue to improve international trade performance.

 

 

OVERALL INDUSTRY OUTLOOK : Marginal Growth


CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2011, the SC is a Private Limited company, focusing on manufacturing of dining sets, furnitures and other rubber wood furniture. Having been in the business for only 1 year, the SC's position in the market is not stable. The SC has yet to build up its own image and market shares. With a weak shareholders' backing, the SC's capital position is weak. Inadequate capital may be a constraint to the SC as it limits its ability to expand its business in future. The capital standing of the SC is weak. The SC may face difficulties to expand its business compared to other large corporation.


The SC focuses only on overseas market. This global approach has enabled the SC to generate a better growth sales. Being an export-oriented company, the SC however is subjected to certain inherent risk of global economy slowdown, foreign currencies fluctuations and stiff competition in the international market. Being a small company, the SC's business operation is supported by 3 employees. We regard that the SC's management capability is average.


The SC was only in the operation for a year and is a new presence in the industry. Thus, it has yet to file its financial statement with the Registrar Office. Therefore, we are unable to comment on the SC's financial position.


The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the SC's future performance is very much depend on its marketing strategies in order to retain its position in the market.


In view of the above, we only recommend credit be proceeded to the SC with guarantee.


 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.81

UK Pound

1

Rs.86.03

Euro

1

Rs.69.06

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.