MIRA INFORM REPORT

 

 

Report Date :

13.07.2012

 

 

 

Tel. No.:

0060-321711377

Fax No.:

0060321712377

 

IDENTIFICATION DETAILS

 

Name :

VANIK CORPORATION SDN BHD

 

 

Registered Office :

Suite 21.02 & 03, Menara Haw Par, 21st Floor, Jalan Sultan Ismail, 50250 Kuala Lumpur, Wilayah Persekutuan

 

 

Country :

Malaysia

 

 

Date of Incorporation :

29.01.2005

 

 

Com. Reg. No.:

680023-U

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Palm Oil.

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

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 – September 30, 2011

 

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

 

 

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

N/A - Not Applicable

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

680023-U

COMPANY NAME

:

VANIK CORPORATION SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

29/01/2005

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

SUITE 21.02 & 03, MENARA HAW PAR, 21ST FLOOR, JALAN SULTAN ISMAIL, 50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

D 7-3, MEGAN AVENUE 1, NO. 189 JALAN TUN RAZAK, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

TEL.NO.

:

03-21711377

FAX.NO.

:

03-21712377

CONTACT PERSON

:

NARAYANA MUDIYANSELAGE MANJULA NARAYANAN ( DIRECTOR )

 

 

 

INDUSTRY CODE

:

51212

PRINCIPAL ACTIVITY

:

TRADING OF PALM OIL

AUTHORISED CAPITAL

:

MYR 500,000.00 DIVIDED INTO 
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 2.00 DIVIDED INTO 
ORDINARY SHARES 2 CASH OF MYR 1.00 EACH.

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

PROPOSED CREDIT LIMIT

:

NIL

 

 

 

 

 

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) trading of palm oil.

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

(%)

MR. MOHD YUSOFF BIN SHAARI

18, JALAN 1/10, KEMBANG SARI, 43300 BALAKONG, SELANGOR, MALAYSIA.

730605-03-5957

1.00

50.00

MS. AMNAH BTE SHAARI

15, JALAN TR 9/6, TROPICANA GOLF & COUNTRY RESORT, 47410 PETALING JAYA, SELANGOR, MALAYSIA.

650101-05-6076 A0126875

1.00

50.00

 

 

 

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

------

 

 

 

2.00

100.00

 

 

 

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

=====

 

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

JASWANT SINGH

Address

:

B-8-2, BELLA VISTA, JALAN CAHAYA 13, TAMAN CAHAYA, 68000 AMPANG, SELANGOR, MALAYSIA.

IC / PP No

:

E0804833K

 

 

 

 

 

 

 

 

 

 

 

 

Date of Appointment

:

09/01/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

NARAYANA MUDIYANSELAGE MANJULA NARAYANAN

Address

:

45-7-15, THE FORUM CONDOMINIUM, JALAN INAI, 7TH FLOOR, 43500 SEMENYIH, SELANGOR, MALAYSIA.

IC / PP No

:

M2213208

 

 

 

 

 

 

 

 

 

 

 

 

Date of Appointment

:

03/03/2005

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

NARAYANA MUDIYANSELAGE MANJULA NARAYANAN

 

Position

:

DIRECTOR

 

 

AUDITOR


No Auditor found in our databank 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MR. LEONG YEEN KEOON

 

IC / PP No

:

A1693422

 

New IC No

:

701121-10-5397

 

Address

:

331, KAMPUNG BARU, 43500 SEMENYIH, SELANGOR, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank. 

 

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 disclose any information on its suppliers. 

 

 

CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


The SC refused to disclose any information on its clientele.

 

 

 

OPERATIONS

 

Goods Traded

:

PALM OIL

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) trading of palm oil.


The SC 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

:

60-321711377

Current Telephone Number

:

03-21711377

Match

:

YES

 

 

 

Address Provided by Client

:

KUALA LUMPAR D 7-3, MEGAN AVENUE 1 NO. 189 JALAN TUN RAZAK

Current Address

:

D 7-3, MEGAN AVENUE 1, NO. 189 JALAN TUN RAZAK, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

Match

:

NO

 

 

 

Latest Financial Accounts

:

NO


We have contacted the SC's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

 

 

Other Investigations


On 10th July 2012 we contacted one of the staff from the SC and she provided some information on the SC.

The SC refused to disclose its number of employees.


The address provided is incomplete.

 

 

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

51212 : Wholesale of palm oil

 

 

INDUSTRY :

PALM OIL

 

 

 


Palm oil output in Malaysia will increase only modestly in 2012 after a year of record crop yields, while rising crude-oil prices, and greater demand will lift benchmark prices. Palm oil production in Malaysia could rise by 1 million metric tons to 19.3 million tons in 2012


The launches of the Oil Palm Replanting and New Planting Smallholders Schemes under the palm oil National Key Economic Areas (NKEAs) is expected to increase total oil palm cultivated areas to 5.1 million hectares in 2011.


Malaysia's palm oil exports for the year 2011 is set to hit an all-time record of RM80 billion due to higher average palm oil prices and sustained demand for the edible oil from emerging economies.


Value-added of the oil palm sector rose 7.6% during the first half of 2011 following higher production of crude palm oil (CPO). Production of CPO surged 8.2% to 12 million tonnes during the first eight months of 2011 on account of increased fresh fruit bunches yield per hectare and matured areas in Sabah and Sarawak. 


However, the oil extraction rate contracted marginally to 20.26% during the first half of the year 2011 due to lower yields from new matured areas and heavy rainfall in the early part of the year.


Meanwhile, palm oil inventory stood at 1.88 million tonnes as at end-August 2011, following stronger-than-expected production and higher imports. On a year-on-year basis, the inventory level increased by 10.2%. Despite the higher stock level, CPO prices strengthened to average RM3,356 per tonne during the first eight month of 2011 due to sustained demand and strong soyabean prices. The CPO prices are expected to have an average of RM3,200 per tonne in 2011.


Oil palm is one of the main drivers of Malaysia's agriculture sector, accounting for 71% of its agricultural land bank. The palm oil industry is forecast to grow 7.1% over the next 10 years, driven by new plantation expansion as well as venture of large plantation companies into high potential downstream activities such as processed food, biodiesel, second generation biofuel and oleochemicals.

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2005, the SC is a Private Limited company, focusing on trading of palm oil. Having been in business for 7 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. However, 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. We noted that the SC's issued and paid up capital stands at only MYR 2. This means that its creditors are only able to recover a limited amount. Hence, caution is advised.


No financial accounts are available for analysis. As such, we are not able to comment on the SC's current financial standing.


The industry shows an upward trend and this trend is very likely to sustain in the near terms. However, we are of the opinion that there are a large number of other companies in the same industry. In another word, we believe that the SC faces stiff competitions from other local players.


Based on the above unfavourable condition, we regard granting credit to the SC to be quite risky. Hence, credit is not recommended.




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.86.28

Euro

1

Rs.68.15

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.