MIRA INFORM REPORT

 

 

Report Date :           

05.03.2012

 

IDENTIFICATION DETAILS

 

Name :

ERAPOLY SDN. BHD.

 

 

Formerly Known As :

RAPID ASPECTS SDN. BHD

 

 

Registered Office :

C/O Kajang Secretarial & Management Services No. 36a, Jalan, Bukit Mewah 9, Taman Bukit Mewah, Kajang, Selangor Darul Ehsan, Zip/Postal Code        43000

 

 

Country :

Malaysia

 

 

Financials (as on) :

30.04.2011

 

 

Date of Incorporation :

03.03.1997

 

 

Com. Reg. No.:

421460-M

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Import and distributor of plastics & chemicals, dairy & beverage, margarine mayonnaise, sauces & pulses, toiletries.

 

 

No. of Employees :

08

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 380,000

 

 

Status :

Moderate

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Malaysia

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 Bottom of Form

Identification details  Bottom of Form

 

 

Verified Address

Subject name                :           ERAPOLY SDN. BHD.

Business address          :           Lot 4089, Jalan P4/8

Bandar Teknologi Kajang

Town                             :           Semenyih

Province                        :           Selangor Darul Ehsan

Zip/postal code              :           43500

Country                         :           Malaysia

Tel                                :           +60 3 87237988

Fax                               :           +60 3 87236988

Email                            :           erapoly@erapoly.com 

Website                                    :           www.erapoly.com

 

Registered address        :           C/o KAJANG SECRETARIAL & MANAGEMENT SERVICES No. 36A, Jalan

Bukit Mewah 9

Taman Bukit Mewah

Town                             :           Kajang

Province                        :           Selangor Darul Ehsan

Zip/postal code              :           43000

Country                                                           :                       Malaysia

 

 

Summary details

 

Executive Summary

Date founded or registered          :   03/03/1997

Legal form                                 :   Private Company Limited By Shares

Chief executive                          :   Chin Kok Tian

Issued & paid up capital             :   MYR 1,000,000

Sales turnover                            :   MYR 39,753,972 (Non-Consolidated 12 months, 30/04/2011)

Net income                                :   MYR 43,814 (Non-Consolidated 12 months, 30/04/2011)

Total fixed assets                       :   MYR 20,934,188 (Non-Consolidated 12 months, 30/04/2011)

Line of business             :   Import and distributor of plastics & chemicals, dairy & beverage, margarine,

mayonnaise, sauces & pulses, toiletries.

Staff employed                                                                        :   8 employees

 

 

Credit risk opinion

 

Company Analysis

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is progressing

Management experience :   Management is reasonably experienced

Financial performance                :   Financial performance is good

Organization structure                :   Organizational structure is stable

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

Credit amount suggestion     :   USD 380,000

Credit amount asked                  :   Not described.

 

 

Statutory details

 

Registry Data

 

Registration date                                   :   03/03/1997

 

Legal form                                            :   Private Company Limited By Shares

 

Registration no                                         421460-M

 

Registered authority                              :   Companies Commission of Malaysia

 

Registry status                                     :   Live/Active

 

Previous name                                      :   The Subject was established under the name RAPID ASPECTS SDN. BHD. and changed to the current style on 15-04-1997.

 

 

 

Management / directors

 

Key Management

Name                :           Chin Kok Tian

Designation       :           Managing Director

 

Name                :           Yan Hua Lan

Designation       :           Director

 

 

 

Board of directors / other appointments

 

Appointments

Name                            :           Chin Kok Tian

Designation                   :           Director

Identification no              :           660630-04-5355

Appointment date           :           12/03/97

Address                        :           13, Jalan SL 7/19

Bandar Baru Sungai Long

43200 Kajang Selangor Darul Ehsan Malaysia

 

Name                            :           Yan Hua Lan

Designation                   :           Director

Identification no              :           681126-04-5092

Appointment date           :           01/12/98

Address                        :           13, Jalan SL 7/19

Bandar Baru Sungai Long

43200 Kajang Selangor Darul Ehsan Malaysia

 

Name                            :           Lau Shah Lian

Designation                   :           Company Secretary

Identification no              :           690901-10-5290

Appointment date           :           01/08/97

Address                        :           No. 23 Jalan Zamrud 10

Taman Zamrud

43000 Kajang Selangor Darul Ehsan Malaysia

Staff employed                                                :                       8 employees

 

Key Advisors

 

Auditors            :           SJ GRANT THORNTON

Level 11, Sheraton Imperial Court

Jalan Sultan Ismail

50250 Kuala Lumpur Wilayah Persekutuan Malaysia

 

Share capital

 

Composition

Authorized Capital          :   MYR 1,000,000

No of shares                  :   1,000,000 Ordinary Shares

Share par value              :   MYR 1

Issued capital                :   MYR 1,000,000

Paid up capital               :   MYR 1,000,000

Changed in capital         :   The Subject increased its share capital from MYR 500,000 to MYR 1,000,000 on

02-05-2001.

 

 

 

 

 

ownership / shareholders

 

How listed                                          :   Full List

                       

Composition

Shareholder name          :   Chin Kok Tian

Address                        :   13, Jalan SL 7/19

Bandar Baru Sungai Long

43200 Kajang Selangor Darul Ehsan Malaysia

No. of shares                 :   525,000 Ordinary Shares

 

Shareholder name          :   Yan Hua Lan

Address                        :   13, Jalan SL 7/19

Bandar Baru Sungai Long

43200 Kajang Selangor Darul Ehsan Malaysia

No. of shares                          :   475,000 Ordinary Shares

 

 

Related companies & corporate Affiliations

 

Structure

 

Name                ERAPOLY MARKETING SDN. BHD.

Affiliation type    Associate

Address            Lot 4089, Jalan P4/8

Bandar Teknologi Kajang

Semenyih 43500

Selangor Darul Ehsan

Malaysia

 

Name                ERAPOLY GLOBAL SDN. BHD.

Affiliation type    Associate

Address            Lot 4089, Jalan P4/8

Bandar Teknologi Kajang

Semenyih 43500

Selangor Darul Ehsan

Malaysia

 

Name                ERAFEED SDN. BHD.

Affiliation type    Associate

Address            Lot 4089, Jalan P4/8

Bandar Teknologi Kajang

Semenyih 43500

Selangor Darul Ehsan

Malaysia

 

 

Name                ERAPOLY (PG) SDN. BHD.

Affiliation type    Associate

Address            Lot 4089, Jalan P4/8

Bandar Teknologi Kajang

Semenyih 43500

Selangor Darul Ehsan

Malaysia

 

Name                ERAPOLY (JB) SDN. BHD.

Affiliation type    Associate

Address            Lot 4089, Jalan P4/8

Bandar Teknologi Kajang

Semenyih 43500

Selangor Darul Ehsan

Malaysia

 

 

Bank & mortgages

 

Bank Details

 

Name of bank                                       :   HSBC Bank Malaysia Berhad

Address                                               :   Malaysia

Account details                                     :   Current Account

 

Name of bank                                       :   Bank Islam (M) Berhad

Address                                               :   Malaysia

Account details                                     :   Current Account

 

Name of bank                                       :   Malayan Banking Berhad

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: 300,000.00

Date of Creation: 10-09-1999

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: FULLY SATISFIED

 

Total of Charge: 3,300,000.00

Date of Creation: 07-01-2002

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: FULLY SATISFIED

 

Total of Charge: 7,000,000.00

Date of Creation: 22-03-2007

Name of Chargee: MALAYAN BANKING BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: OPEN CHARGE Date of Creation: 04-09-2008

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: OPEN CHARGE Date of Creation: 03-12-2009

Name of Chargee: PUBLIC BANK BERHAD

Charge Status: UNSATISFIED

 

 

Total of Charge: OPEN CHARGE Date of Creation: 07-06-2011

Name of Chargee: CITIBANK BERHAD

Charge Status: UNSATISFIED

 

Total of Charge: OPEN CHARGE Date of Creation: 07-06-2011

Name of Chargee: CITIBANK BERHAD

Charge Status: UNSATISFIED

 

Legal Fillings

Bankruptcy fillings          :   None reported.

Court judgements           :   None reported.

Tax liens                       :   None reported.

Others                          :   None reported.

 

 

financial data

 

Description

Source of financial statement                   :   Commercial Registry Filings

Financial statement date                         :   30/04/11

Type of accounts                                    :   Full audited

Currency                                                :   Malaysia, Ringgit (MYR)

Exchange rate                                        :   1 USD = MYR 3.00 as of 03-03-2012

 

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                :

30/04/11

30/04/10

Length of accounts                           :

12 months

12 months

Sale turnover / Income                         :

39,753,972

26,902,028

Gross profit                                        :

2,754,004

3,267,071

Operating profit                                   :

1,431,040

840,139

Profit before tax                                  :

1,283,900

604,548

Net income                                        :

743,814

447,148

Non current assets                             :

8,078,004

3,950,302

Current assets                                    :

12,856,184

11,929,686

Inventories                                          :

402,701

113,264

Total assets                                       :

20,934,188

15,879,988

Current liabilities                                 :

6,993,056

2,978,478

Non current liabilities                           :

1,053,132

757,324

Total liabilities                                    :

8,046,188

3,735,802

Share equity                                       :

12,888,000

12,144,186

Retained earning                                 :

11,888,000

11,144,186

 

 

Operation details

 

 

Main activities                                    :   The Subject is engaged in import and distribution of plastics & chemicals, dairy & beverage, margarine, mayonnaise, sauces & pulses, toiletries.

Product & services                                 :   Engineering Plastic & TPE

Food Chemical & Additives

Industrial Chemical

Sweetened Condensed Milk

Evaporated Filled Milk

Energy Drink

Margarine

Mayonnaise

Sauces

Pulses

Perfumery

Color Cosmetic Skin

Care Toiletries/Personal

Care ERA Laundry soap

Detergent powder

 

Brand                                        ERA

FAVORITO

MONOKO

BRAVO

E.R.A. CAFE

ERA-OILS

MR. COOK

SUPERIOR

COOK CHOICE

BAKE MASTER

 

Purchases

International                                          :   Mainly from India, China, Indonesia, Thailand, Vietnam, South Korea, Taiwan

 

Sales

Local                                                    :   Yes

International                                          :   Worldwide

 

 

Property & Assets

Premises                                              :   The Subject operates from headquarters located at the verified heading address consisting of warehouse and administrative office.

Branches                                              :   None reported.

 

Other property                                       :   Total NBV of property, plant and equipment as of 30-04-2011 was

MYR 8,078,004.

 

 

Summarized country risk

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          :   Central Bank of Malaysia

 

Reserve of foreign exchange & gold         :   US$133.7 billion as of 13 January 2012

Gross domestic product - GDP               :   US$ 247.781 billion

 

GPP (Purchasing power parity)               :   442.01 billion of International dollars

 

GDP per capita - current prices               :   US$ 8,624

 

GDP - composition by sector                  :   agriculture: 9.4% industry: 40.9% services: 49.7%

 

Inflation                                                 2008: 5.4%

2009: 0.6%

2010: 1.7%

 

Unemployment                                      2008 : 3.3 %

2009 : 3.6 %

2010: 3.3 %

Public debt

(General Government gross

debt as a % GDP)                                  2008: 42.8  %

2009: 55.4 %

2010:   54.2%

 

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$ 420 billion

 

Largest companies in the country           :   CIMB Group Holdings (Banking), Sime Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga Nasional(Utilities), Petronas Chemicals, Maxis Berhad

 

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                                            2007: US$8,538 million

2008: US$7,318 million

2009: US$1,381 million

 

FDI Outflows                                          2007: US$11,280 million

2008: US$14,988 million

2009: US$8,038 million

 

Best countries for doing business            21 out of 183 countries

 

Global competitiveness ranking               26 (ranking by country on a basis of 133, 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  : 57.61%

 

 

Payment history

 

Purchase Term

Local                                                    :   Prepayment, Document against payment, Bank transfer, Credit 30-90

                                                            days

 

International                                          :   L/C, Prepayment, Document against payment, Credit 30-90 days

 

Sales Term

Local                                                    :   Prepayment, Document against payment, Bank transfer, Credit 30-90

                                                            days

 

International                                          :   L/C, Prepayment, Document against payment, 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.49.35

UK Pound

1

Rs.78.68

Euro

1

Rs.65.63

 

 

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.