MIRA INFORM REPORT
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Report Date : |
29.06.2012 |
IDENTIFICATION DETAILS
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Name : |
CHERNYEN INDUSTRIES SDN. BHD. |
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Registered Office : |
15-A, Jalan Bakri Jaya 1, Taman Bakri Jaya, Muar, Johor Darul Takzim, Zip/postal code 84200 |
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Country : |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
18.04.1990 |
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Com. Reg. No.: |
196841-V |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Manufacturing and distribution of furniture |
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No. of Employees : |
150 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Malaysia |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Verified Address
Subject name : CHERNYEN INDUSTRIES SDN. BHD.
Business address : Batu 5 1/2 , ST 103, Jalan Jeram
Bukit Pasir
Town : Muar
Province : Johor Darul Takzim
Zip/postal code : 84300
Country : Malaysia
Tel : +60 6 9858998
Fax : +60 6 9857302
Email : info@chernyen.com
Website : www.chernyen.com
Registered address : 15-A, Jalan Bakri Jaya 1
Taman Bakri Jaya
Town : Muar
Province : Johor Darul Takzim
Zip/postal code : 84200
Country : Malaysia
Executive Summary
Date founded or registered : 18/04/1990
Legal form : Private Company
Limited By Shares
Chief executive : Toh Seng Kah
Issued & paid up capital
: MYR 500,000
Sales turnover : MYR 12,885,563 (Non-Consolidated 12
months, 30/06/2011)
Net income : MYR 155,115
(Non-Consolidated 12 months, 30/06/2011)
Total fixed assets : MYR 4,880,952 (Non-Consolidated
12 months, 30/06/2011)
Line of business : Manufacturing and
distribution of furniture.
Staff employed : 150 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management experience : Management is adequately experienced
Financial performance : Financial performance is fair
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Registry Data
Registration date : 18/04/1990
Legal form : Private Company Limited By
Shares
Registration no 196841-V
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Toh Seng Kah
Designation : Managing Director
Name : Sam Goh Kock Guan
Designation : Marketing
Manager
Appointments
Name : Toh Seng Kah
Designation : Director
Identification no : 550928-01-5717
Appointment date : 18/04/90
Address : No. 12-20, Lorong Perkasa
Jalan Haji
Jaib
84000 Muar
Johor
Darul Takzim
Malaysia
Name : Goh Kock Guan
Designation : Director
Identification no : 570330-01-6529
Appointment date : 18/04/90
Address : No. 183, Jalan Merah 8
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 : 150 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 500,000
No of shares : 500,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 500,000
Paid up capital : MYR
500,000
How listed : Full List
Composition
Shareholder name : Toh Seng Kah
Address : No. 12-20, Lorong Perkasa
Jalan Haji
Jaib
84000 Muar
Johor
Darul Takzim
Malaysia
No. of shares : 250,000 Ordinary Shares
% of shares : 50%
Shareholder name : Goh Kock Guan
Address : No. 183, Jalan Merah 8
Taman Mas
Merah, Sungai Abong
84000 Muar
Johor
Darul Takzim
Malaysia
No. of shares : 250,000 Ordinary Shares
% of shares : 50%
RELATED COMPAN
IES & CORPORATE AFFILIATIONS
Structure
Related companies and corporate affiliations comments : None Reported
Bank Details
Name of bank : CIMB 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: 100,000.00
Date of Creation: 18-10-1991
Name of Chargee: BANK
BUMIPUTRA MALAYSIA BHD
Charge Status: FULLY
SATISFIED
Total of Charge: 100,000.00
Date of Creation: 13-03-1993
Name of Chargee: BANK
BUMIPUTRA MALAYSIA BHD
Charge Status: FULLY
SATISFIED
Total of Charge: 750,000.00
Date of Creation: 17-07-1995
Name of Chargee: BANK
BUMIPUTRA MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: 800,000.00
Date of Creation: 30-10-2002
Name of Chargee:
BUMIPUTRACOMMERCE BANK BERHAD
Charge Status: FULLY SATISFIED
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 : 30/06/11
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 : 30/06/11 30/06/10
Length of accounts : 12 months 12 months
Sale turnover / Income : 12,885,563 12,089,706
Profit before tax : 189,879 188,374
Net income : 155,115 153,312
Non current assets : 2,919,622 3,005,140
Current assets : 1,961,330 1,838,694
Total assets : 4,880,952 4,843,834
Current liabilities : 2,450,800 2,565,113
Non current liabilities : 95,168 98,852
Total liabilities : 2,545,968 2,663,965
Share equity : 2,334,984 2,179,869
Retained earning : 1,834,984 1,679,869
Main activities : The Subject engages in
manufacturing and distribution of furniture.
The Subject produce about 3,000 sets of sofa per month.
Product &
services :
Wooden sofas
Wooden furniture
Purchases
International : Asian countries
Sales
Local : Yes
International : 50 countries worldwide including
Italy, Germany, Russia, Poland, France,
Central America, Africa, Middle East
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting
of production facilities, warehouse and administrative
office.
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 : Prepayment, Telegraphic
transfer, D/P, Credit 30-90 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-90 days
International : L/C, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.56.92 |
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UK Pound |
1 |
Rs.88.91 |
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Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.