MIRA INFORM REPORT

 

 

Report Date :

18.07.2012

 

IDENTIFICATION DETAILS

 

Name :

WORLDWIDE TRADING LTD

 

 

Registered Office :

Unit 3(I), Main Office Tower, Financial Park Labuan Jalan Merdeka, 87000 Labuan, Wilayah Persekutuan

 

 

Country :

Malaysia

 

 

Date of Incorporation :

14.05.2001

 

 

Com. Reg. No.:

LL02839-L

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Administration Services And Offshore Trading

 

 

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 – 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.

:

LL02839-L

COMPANY NAME

:

WORLDWIDE TRADING LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

14/05/2001

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

OTHERS

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

UNIT 3(I), MAIN OFFICE TOWER, FINANCIAL PARK LABUAN JALAN MERDEKA, 87000 LABUAN, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

N/A

TEL.NO.

:

N/A

FAX.NO.

:

N/A

CONTACT PERSON

:

N/A

 

 

 

INDUSTRY CODE

:

7499

PRINCIPAL ACTIVITY

:

ADMINISTRATION SERVICES AND OFFSHORE TRADING

AUTHORISED CAPITAL

:

N/A

ISSUED AND PAID UP CAPITAL

:

N/A

 

 

 

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

:

N/A

 

 

 

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The SC is principally engaged in the (as a / as an) administration services and offshore trading.

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

CHARACTERISTICS OF OFFSHORE COMPANIES

To participate in the offshore activities and enjoy the special tax advantage provided under the Labuan Offshore Business Activity Tax Act 1990, an entity must be an offshore company.

An offshore company in Labuan shall have the following characteristics:

(a) It must be a company limited by shares (sec 14(3) of the Offshore Companies Act 1990);

(b) Any person may form an offshore company by subscribing to a memorandum;

(c) It is required to engage a trust company which is a company registered under the Labuan Trust Companies Act 1990 to discharge its statutory duties seince all documents required to be filed with the Labuan Financial Services Authority must be filed through a trust company;

(d) There is no minimum capital requirement;

(e) It can be alter its share capital by a special resolution (sec. 51(10 of the Offshore Companies Act 1990);

(f) It can reduce its share capita special resolution (sec.51(10 of the Offshore Companies Act 1990);

(g) It may purchase its own shares (sec. 48(2)(3) of the Offshore Companies Act 1990); and;

(h) There is no restriction in issuing share warrants.

PROHIBITED ACTIVITES

Offshore companies are prohibited from carrying on the following activities:

(a) the business of banking or insurance or any such similar business unless it is licensed so to do under the relevant laws currently in force in Malaysia;

(b) it must only carry on business in, from or through Labuan;

(c) it must not:

(1) except as permitted by the Offshore Banking Act 1990 or by the Labuan Financial Services Authority carry on business with a resident of Malaysia;

(2) except as permitted by the Offshore Banking Act 1990, carry on banking business;

(3) Except for defraying its administrative and statutory expenses and where Sec. 147 of the Offshore Companies Act 1990 applies, carry on business in Malaysian currency;

(4) Except as permitted by the Offshore Insurance Act 1990, carry on business as an insurance or a reinsurance company;

(5) Carry on shipping or petroleum operations in Malaysia; or

(6) Carry on any business of a trust company.

PERMITTED ACTIVIES

An offshore company may do the following:

(a) Make or maintain deposits with a person carrying on business within Malaysia;

(b) Make or maintain professional contacts with any counsel and attorney, accountant, book-keeper, trust company, domestic company wholly owned by a trust company made available by the trust company to act or be appointed as a resident director or a resident secretary of an offshore company;

(c) Prepare or maintain books and record with Malaysia;

(d) Hold, within Malaysia, meetings of its directors or members;

(e) Acquire or hold any lease of any property for the purpose of its operation or as accommodation for its offices or employees; or

(f) Hold shares, debt obligations or other securities for the purposes of a transaction entered into in the ordinary course of business in connection with the lending of money.

No shareholders was found in our databank at the time of investigation

 

DIRECTOR


No director found in our databank. 

MANAGEMENT


No data found in our databank. 

AUDITOR


No Auditor found in our databank 

COMPANY SECRETARIES


No company secretary was found in our databank. 

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 Registered Office for the SC refused to reveal information on the SC's payment. 

CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


The Registered Office for the SC refused to reveal information on the SC's clientele.

OPERATIONS

 

Services

:

ADMINISTRATION SERVICES AND OFFSHORE TRADING

 

 

 

 

Competitor(s)

:

BRIGHT STEEL SERVICE CENTRE SDN BHD
LEE SWEE KIAT HOLDINGS SDN BHD
MASS RAPID TRANSIT CORPORATION SDN BHD
SYARIKAT TAKAFUL MALAYSIA BHD
TRICOR SERVICES (MALAYSIA) SDN BHD

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) administration services and offshore trading.

We were informed that the SC is as an offshore company which has registered in Labuan. 

The staff from the Registered office however refused to reveal any information on the SC's 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

:

N/A

Current Telephone Number

:

N/A

Match

:

N/A

 

 

 

Address Provided by Client

:

UNIT 3(1) MAIN OFFICE TOWER FINANCIAL PARK LABUAN, JALAN MEDEKA 87000

Current Address

:

N/A

Match

:

N/A

 

 

 

Latest Financial Accounts

:

NO

 

Other Investigations


On 12th July 2012 we contacted Ms June from the SC's registered company, IFS Trust (L) Ltd. She however refused to reveal any information on the SC.

The address provided belongs to the SC's registered office.

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

 

7499 : Other business services n.e.c.

 

 

 

 

INDUSTRY :

BUSINESS SERVICES

 

 

 

 

 

 


The finance and insurance sector is expected to expand 6.3% in 2011 supported by higher demand for financing from households and businesses.

 


The banking sector is expected to see a slowing of its growth momentum, albeit moderately, in the second half of year 2011 as it could be impacted by the global economic uncertainties like the ongoing sovereign debt crisis in Europe and the raising of the US debt ceiling.

 


The performance of the Malaysian banking industry is likely to be moderate in year 2012 in line with the economy. Loan growth is expected to ease to nine per cent in the year 2012 after expanding at 12-13 per cent annually in 2010 and 2011 whereas deposit growth is projected to ease slightly to eight per cent in 2012 from an estimated 11.6 per cent rise in 2011.

 


Malaysian banks will offer more customer-tailored products in the future rather than just those in reaction to competition as they improve their risk management process. The strategies outlined for the banking industry in the Financial Sector Blueprint 2011-2020 will provide firmer indications of the sector in the long run and position the industry on a stronger footing. The banking industry is well-placed to weather any global credit crunch, liquidity shock and financial market turbulence that may intensify in 2012. Banks could face major challenges relating to uncertainties in the external environment, especially the increased risk of a double-dip in the eurozone economies and its knock-on effects on the domestic economy.

 


On the insurance industry, the move to require all foreign workers in Malaysia to have medical insurance coverage effective 1 January 2011 is expected to further boost the insurance industry.

 


In the first seven months of 2011, loan applications, approvals and disbursement grew 23.1% ,20.1% and 8.2% respectively.Loan disbursement were largely for working capital, accounting for RM235.8 billion or 79% of total disbursement.

 


Islamic financing rose 16.8% to RM246.8 billion and accounted for 23.3% of total outstanding loans of the banking system as at end-July 2011, supported by greater demand for investment-linked products coupled with growing bancassurance and takaful business.

 


During the first seven months of 2011, net premiums comprising new business and business in force of life insurance grew 4.6% to RM12.7 billion while gross direct premiums of general insurance rose 7.1% to RM8.4 billion

 


The industry is also expected to see further stimulus following the liberalisation of the financial sector. Under the liberalisation, foreign equity ownership is allowed to increase up to 70 per cent in Islamic banks, investment banks and insurance companies. On the new players in the industry, the entrance of new Islamic financial institutions is positive signs in the overall economic sector. The increase in number of players in the industry would further enhance the position of Malaysia as the international hub for Islamic finance under the Malaysia International Islamic Financial Centre.

 

 

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth

 



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2001, the SC is focusing on administration services and offshore trading. Having been in the industry for over a decade, the SC has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers.


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.55.14

UK Pound

1

Rs.86.29

Euro

1

Rs.67.72

 

 

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.