MIRA INFORM REPORT
|
Report Date : |
27.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
AIK CHEE FURNITURE SDN. BHD. |
|
|
|
|
Registered Office : |
15A, Jalan Bakri Jaya 1, Taman Bari Jaya, Muar, Johor Darul Takzim, Zip/postal code 84200 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
27.04.2001 |
|
|
|
|
Com. Reg. No.: |
546315-H |
|
|
|
|
Legal Form : |
Private Company Limited By
Shares |
|
|
|
|
Line of Business : |
Manufacturing, export and
distribution of furniture |
|
|
|
|
No. of Employees : |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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 |
Verified Address
Subject name : AIK CHEE FURNITURE SDN. BHD.
Business address : Lot PTD 11666 & 11667
Kawasan
Perindustrian Grisek
Mukim
Grisek
Town : Muar
Province : Johor Darul Takzim
Zip/postal code : 84700
Country : Malaysia
Tel : +60 6 9728000
Fax : +60 6 9727855
Email : aikchee@aikchee.com.my
Website : www.aikchee.com.my
Registered address : 15A, Jalan Bakri Jaya 1
Taman Bari Jaya
Town : Muar
Province : Johor Darul Takzim
Zip/postal code : 84200
Country : Malaysia
Executive Summary
Date
founded or registered : 27/04/2001
Legal form : Private Company
Limited By Shares
Chief executive : Tee Seng Chee
Issued & paid up capital
: MYR 2,000,000
Sales turnover : MYR 32,047,056 (Non-consolidated 12
months, 31/12/2010)
Net income : MYR 1,126,272
(Non-consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 21,884,885
(Non-consolidated 12 months, 31/12/2010)
Line of business : Manufacturing, export and
distribution of furniture.
Staff employed : 300 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
progressing
Management experience : Management is adequately experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Registry Data
Registration date : 27/04/2001
Legal form : Private Company Limited By
Shares
Registration no 546315-H
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Comments : Subject, a private limited
company was incorporated on 2001, to assume the
continuation
of business of furniture manufacturing previously carried on by the
partnership
Aik Chee Furniture since 1994.
Key Management
Name : Tee Seng Chee
Designation : Managing Director
Name : Kelvin Tey
Designation : Manager
Appointments
Name : Ng Koon Aik
Designation : Director
Identification no : 700913-01-5467
Appointment date : 27/04/01
Address : No. 98, Jalan Bintang Emas
Lorong 8,
Blok A, Bukit Pasir
84300 Muar
Johor Darul
Takzim
Malaysia
Name : Tee Seng Chee
Designation : Director
Identification no : 721030-01-5933
Appointment date : 27/04/01
Address : No. 154, Jalan 7 Taman Mas
Merah
Sungai
Abong
84000 Muar
Johor
Darul Takzim
Malaysia
Name : Tan Say Kang
Designation : Company Secretary
Identification no : 790530-01-5701
Appointment date : 01/04/08
Address : Lot 3826-1, Jalan Utara
Bukit
Bakri
84200 Muar
Johor
Darul Takzim
Malaysia
Staff employed : 300 employees
Key Advisors
Auditors : LEE & TAN ASSOCIATES
3A, Jalan Setia Jaya
Taman Setia Jaya
Off Jalan Tan Swee Hoe
83000 Batu Pahat
Johor Darul Takzim
Malaysia
Composition
Authorized Capital : MYR 5,000,000
No of shares : 5,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 2,000,000
Paid up capital : MYR
2,000,000
How listed : Full List
Composition
Shareholder name : Tee Seng Chee
Address : No. 154, Jalan 7 Taman Mas
Merah
Sungai
Abong
84000 Muar
Johor
Darul Takzim
Malaysia
No. of shares : 1,000,000 Ordinary Shares
% of shares : 50%
Shareholder name : Ng Koon Aik
Address : No. 98, Jalan Bintang Emas
Lorong 8,
Blok A, Bukit Pasir
84300 Muar
Johor
Darul Takzim
Malaysia
No. of shares : 1,000,000 Ordinary Shares
% of shares : 50%
Structure
Related
companies and corporate affiliations comments : None Reported
Bank Details
Name of bank : Malayan Banking Berhad (Maybank)
Address : Malaysia
Account details : Current Account
Name of bank : Public Bank 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: 610,000.00
Date of Creation: 08-11-2002
Name of Chargee: PUBLIC BANK
BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge: 4,590,000.00
Date of Creation: 08-09-2003
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 4,590,000.00
Date of Creation: 12-12-2003
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 690,000.00
Date of Creation: 01-06-2004
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 6,200,000.00
Date of Creation: 29-06-2005
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 2,200,000.00
Date of Creation: 27-06-2005
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 300,000.00
Date of Creation: 29-09-2005
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 5,440,000.00
Date of Creation: 21-04-2006
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge:
34,120,000.00
Date of Creation: 20-04-2006
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 6,400,000.00
Date of Creation:12-04-2007
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 1,500,000.00
Date of Creation: 04-04-2011
Name of Chargee: MAYBANK
ISLAMIC BERHAD
Charge Status: UNSATISFIED
Total of Charge: 1,000,000.00
Date of Creation: 22-06-2011
Name of Chargee: MALAYAN
BANKING 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 : 31/12/10
Type of accounts : Full audited
Currency : Malaysia,
Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.19 as of 27-06-2012
Summarized
Financial Information
Consolidation type : Non Consolidated Non Consolidated
Currency : Malaysia,
Ringgit (MYR) Malaysia,
Ringgit (MYR)
Denomination : (x1) One (x1) One
Date of financial year end : 31/12/10 31/12/09
Length of accounts : 12 months 12 months
Sale turnover / Income : 32,047,056 25,353,720
Profit before tax : 1,209,913 462,674
Net income : 1,126,272 375,862
Non current assets : 14,132,043 12,666,773
Current assets 7,752,842 9,645,897
Total assets : 21,884,885 22,312,670
Current liabilities : 11,120,972 13,061,415
Non current liabilities : 3,932,073 3,465,687
Total liabilities : 15,053,045 16,527,102
Share equity : 6,831,840 5,785,568
Retained earning : 4,831,840 3,785,568
Main activities : The Subject engages in manufacturing,
export and distribution of furniture.
Product & services : Wooden furniture
Purchases
International : Asian countries
Sales
Local : Yes
International : Middle East, India, South
America, Jamaica, Canada, Russia and United States
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of production facilities, warehouse and
administrative
office covering 240,000 square feet.
Branches : None reported.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$136.0 billion as of 15 June 2012
Gross domestic product - GDP : US$ 305.826 billion
GPP (Purchasing power parity) : 472.942 billion of International dollars
GDP per capita - current prices : US$ 10,467
GDP - composition by sector : agriculture: 10.2% industry: 42.1% services: 47.8%
Inflation 2009: 0.6%
2010: 1.7%
2011: 3.2%
Unemployment 2009 : 55.4 %
2010 : 52.9%
2011: 52.6%
Public debt
(General Government gross
debt as a % GDP) 2009:
3.7 %
2010: 3.4 %
2011:
3.2%
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$ 255.952 billion
Largest companies in the country : Maybank (Major Banks), CIMB Group Holdings (Regional
Banks), Tenaga Nasional (Electric
Utilities), Public Bank (Regional Banks), Genting (Casinos & Gaming)
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%,
HongKong 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 : 2008: US$7,172 million
2009: US$1,430 million
2010: US$9,103 million
FDI Outflows : 2008: US$14,965 million
2009: US$7,930 million
2010: US$13,329 million
Best countries for
doing business 21 out of 183
countries
Global
competitiveness ranking 21
(ranking by country on a basis of 142, 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 : 55.3%
Purchase Term
International : L/C, Prepayment, Telegraphic
transfer, D/P, Credit 30-90 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-90 days
International : L/C, Prepayment, Telegraphic transfer,
D/P, Credit 30-90 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.56.92 |
|
UK Pound |
1 |
Rs.88.91 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.