MIRA INFORM REPORT

 

 

Report Date :

25.07.2012

 

IDENTIFICATION DETAILS

 

Name :

BHATT ENTERPRISE SDN BHD

 

 

Registered Office :

Unit 5, 23 Lebuh Pantai, Georgetown, 1st Floor, 10300 Pulau Pinang, Pulau Pinang

 

 

Country :

Malaysia

 

 

Date of Incorporation :

01.09.2010

 

 

Com. Reg. No.:

913534-P

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Tin Ingots.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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.

:

913534-P

COMPANY NAME

:

BHATT ENTERPRISE SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

01/09/2010

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

UNIT 5, 23 LEBUH PANTAI, GEORGETOWN, 1ST FLOOR, 10300 PULAU PINANG, PULAU PINANG, MALAYSIA.

BUSINESS ADDRESS

:

17-1-14, BAYAN POINT, MEDAN KAMPUNG RELAU, 11900 BAYAN LEPAS, PULAU PINANG, MALAYSIA.

TEL.NO.

:

04-6464050

FAX.NO.

:

04-6456070

CONTACT PERSON

:

MAMATA ( DIRECTOR )

 

 

 

INDUSTRY CODE

:

51420

PRINCIPAL ACTIVITY

:

TRADING OF TIN INGOTS

AUTHORISED CAPITAL

:

MYR 5,000,000.00 DIVIDED INTO 
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 1,000,000.00 DIVIDED INTO 
ORDINARY SHARES 1,000,000 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

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

PROPOSED CREDIT LIMIT

:

MYR 390,000 (USD 124,000)

 

 

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) trading of tin ingots.

 

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

(%)

MAMATA KAPILDEV DAVE +

6, PEACH GARDEN, #19-06, 437606, SINGAPORE.

S6970609F

975,000.00

97.50

MS. NEETA BHATT A/P HARSUKRAI BHATT +

41, JALAN AMINUDDIN BAKI, TAMAN TUN DR ISMAIL, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

661018-07-5958 A0562181

25,000.00

2.50

 

 

 

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

------

 

 

 

1,000,000.00

100.00

 

 

 

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

=====

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MS. NEETA BHATT A/P HARSUKRAI BHATT

Address

:

41, JALAN AMINUDDIN BAKI, TAMAN TUN DR ISMAIL, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

A0562181

New IC No

:

661018-07-5958

Date of Birth

:

18/10/1966

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

01/09/2010

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MAMATA KAPILDEV DAVE

Address

:

6, PEACH GARDEN, #19-06, 437606, SINGAPORE.

IC / PP No

:

S6970609F

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/09/2010



MANAGEMENT

 

 

 

1)

Name of Subject

:

MAMATA

 

Position

:

DIRECTOR

 

 

AUDITOR


No Auditor found in our databank 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MR. RAVENDRAN A/L MAHALINGAM

 

IC / PP No

:

6826142

 

New IC No

:

620711-07-5621

 

Address

:

902, MK 18, MOUNT ERSKINE, GEORGETOWN, 10470 PULAU PINANG, PULAU PINANG, 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 its suppliers. 

 

CLIENTELE

 

Local

:

YES

 

Domestic Markets

:

MALAYSIA

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES,TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

TIN INGOTS

 

 

 

 

Competitor(s)

:

KEJORA TEGUH SDN BHD
METROD (OFHC) SDN BHD
ORIENTAL SHEET PILING SDN BHD
PMS MARKETING SDN BHD
STAR SHINE MARKETING SDN BHD

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


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

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

:

N/A

Current Telephone Number

:

04-6464050

Match

:

N/A

 

 

 

Address Provided by Client

:

17-1-14, BAYAN POINT, MEDAN KG. RELAU 11900 PENANAG

Current Address

:

17-1-14, BAYAN POINT, MEDAN KAMPUNG RELAU, 11900 BAYAN LEPAS, PULAU PINANG, MALAYSIA.

Match

:

YES

 

 

 

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


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 and its bankers.

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

51420 : Wholesale of metals, metal ores and fabricated metals

 

 

INDUSTRY :

MANUFACTURING

 

 

 


The manufacturing sector expanded by 5.1% in the third quarter ended September 30,2011 on a year-on-year basis as supply-chain disruptions were reduced and following higher output of domestic-related industries as well as a weaker external environment. Investments in Malaysia's manufacturing sector reached RM40.7 billion in the first 10 months of 2011 and the full-year figure is expected to surpass year 2010's numbers.


The E&E sub-sector is expected to moderate in the second half of 2011, due to the increasingly uncertain external environment. Output of E&E contracted 4.9% during the first seven months of 2011 largely due to the global supply chain disruptions and lower global chip sales. Lower orders for notebooks and personal computers arising from increased preference for smartphones and media tables coupled with uncertainties over the US and European economies, adversely affected the sub-sector.


The wood and wood products sub-sector, on the other hand, is expected to rebound when Japan's reconstruction efforts gain momentum and new housing projects start in the Middle East after the month of Ramadhan in the year 2011. Production of wood and wood products contracted 7% during the first half of the year 2011, largely due to slower output of wooden and cane furniture as well as veneer sheets and plywood. 


The rubber products sub-sector is expected to remain resilient supported by continuous improvements in medical and healthcare standards in emerging markets as well as demand from niche markets such as the oil and gas sector for rubber hoses. Output of rubber products increased 15.4% during the first seven months of 2011, supported by continuos demand for rubber gloves as well as rubber tyres and tubes. 


For the textiles, apparel and footwear sub-sector, the local industry players's ability to produce quality designs and diversification of product lines to cater to different market segments as well as market under their own labels are expected to sustain the growth of this sub-sector. Furthermore, the upcoming 2012 Olympic Games is anticipated to boost demand for sports attire and strengthen the sub-sector's growth further. Production of textiles, apparel and foorwear grew 14.8% during the first half of the year 2011 led by higher output of wearing apparel and footwear.


During the first seven months of 2011, production of chemicals and chemical products rose 5.6%. While output of basic chemicals contracted 8.2%, other chemical and plastic products recorded a positive growth of 30% and 20.7% respectively. On the domestic front, output of construction related materials as a group grew strongly by 20% following robust housing construction activities and aided by ongoing implementation of civil engineering projects. The manufacture of transport equipment shrank 9.4% as a result of supply chain disruptions caused by the earthquake and tsunami in Japan. In addition, production of food rose 2.4% driven by the manufacture of refined palm oil processed and preserved fish products and other food products. Specifically, production of beverages increased 12.6% while tobacco declined 2.3%


Going forward, the manufacturing sector is expected to be driven by higher value-added activities. In this regard, further tax and non-tax incentives will be provided to encourage manufacturers to move up the value chain. The new growth initiatives in the manufacturing sector such as solar and medial services would be important drivers of growth apart from helping to diversify the manufacturing base and contributing to the resilience of the sector.

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2010, the SC is a Private Limited company, focusing on trading of tin ingots. The SC has been in business for 2 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.


Although the SC has been in the business for less than a decade, it has established an extensive marketing network to support its business operation. Penetrating into the overseas countries has well diversified its business risk. However, the SC faces fierce competition from other well established company. We regard that the SC's management capability is average.


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.


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.56.02

UK Pound

1

Rs.86.89

Euro

1

Rs.67.84

 

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.