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Report Date : |
05.05.2012 |
IDENTIFICATION DETAILS
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Name : |
SONIATEX TRADING SDN. BHD. |
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Registered Office : |
No. 27, Persiaran Bayan Indah Bayan Bay, Sungai Nibong Bayan Lepas Pulau Pinang 11900 |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.08.2000 |
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Com. Reg. No.: |
525026-M |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Import, wholesale and retail of textile and related products. |
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No. of Employees : |
12 employees |
RATING & COMMENTS
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MIRAs 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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : SONIATEX TRADING SDN. BHD.
Business address :
No. 27, Persiaran Bayan
Indah
Bayan Bay, Sungai Nibong
Town : Bayan
Lepas
Province : Pulau Pinang
Zip/postal code : 11900
Country : Malaysia
Tel : +60 4
6441715
Fax : +60 4
6441714
Email : soniatex@ymail.com
Registered address
: No. 27, Persiaran Bayan
Indah
Bayan Bay, Sungai Nibong
Town : Bayan
Lepas
Province : Pulau Pinang
Zip/postal code : 11900
Country : Malaysia
Executive Summary
Date founded or
registered : 30/08/2000
Legal form : Private Company
Limited By Shares
Chief executive : Sunita Sethi
Issued & paid
up capital : MYR 1,005,831
Sales turnover : MYR 9,881,229 (Non-consolidated 12
months, 31/12/2010)
Net income : MYR 408,727
(Non-consolidated 12 months, 31/12/2010)
Total fixed assets
: MYR 8,080,569
(Non-consolidated 12 months, 31/12/2010)
Line of business :
Import, wholesale
and retail of textile and related products.
Staff employed : 12 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
declining
Management
experience : Management is
reasonably 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
: 30/08/2000
Legal form : Private Company Limited By
Shares
Registration no 525026-M
Registered
authority : Companies Commission of
Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Key Management
Name : Sunita Sethi
Designation : Managing Director
Name : Sonia A/P Dharam Veer
Designation : Financial Manager
Appointments
Name : Sunita Sethi
Designation : Director
Identification no
: 580215-71-5104
Appointment date :
30/08/00
Address : 29 Jalan Pantai Jerjak 5
Sungai Nibong
11900 Bayan Lepas
Pulau Pinang
Malaysia
Name : Navin Kumar A/L Dharam
Veer
Designation : Director
Identification no
: 820806-07-5487
Appointment date :
01/03/04
Address : 29 Jalan Pantai Jerjak 5
Sungai Nibong
11900 Bayan Lepas
Pulau Pinang
Malaysia
Name : Manoj Kumar A/L Dharam
Veer
Designation : Director
Identification no
: 850111-07-5461
Appointment date :
01/03/04
Address : 29 Jalan Pantai Jerjak 5
Sungai Nibong
11900 Bayan Lepas
Pulau Pinang
Malaysia
Name : Sonia A/P Dharam Veer
Designation : Director
Identification no
: 860706-35-5744
Appointment date :
25/01/10
Address : 29 Jalan Pantai Jerjak 5
Sungai Nibong
11900 Bayan Lepas
Pulau Pinang
Malaysia
Name : Rajan A/L Periathamby
Designation : Company Secretary
Identification no
: 551231-02-5709
Appointment date :
08/05/06
Address : No.1 Taman Pondok Labu
09000 Kulim
Kedah Darul Aman
Malaysia
Staff employed : 12 employees
Key Advisors
Auditors : STEPHEN & CO
4th Floor, Bangunan Lip Sin
2-4-1B, Lebuh Pekaka Satu
Sungai Dua
11700 Gelugor
Pulau Pinang
Malaysia
Composition
Authorized Capital
: MYR 5,000,000
No of shares : 5,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 1,005,831
Paid up capital : MYR 1,005,831
How listed : Full
List
Composition
Shareholder name :
Sunita Sethi
Address : 29 Jalan Pantai Jerjak 5
Sungai Nibong
11900 Bayan Lepas
Pulau Pinang
Malaysia
No. of shares : 402,333 Ordinary Shares
Shareholder name :
Navin Kumar A/L Dharam Veer
Address : 29 Jalan Pantai Jerjak 5
Sungai Nibong
11900 Bayan Lepas
Pulau Pinang
Malaysia
No. of shares : 201,166 Ordinary Shares
Shareholder name :
Manoj Kumar A/L Dharam Veer
Address : 29 Jalan Pantai Jerjak 5
Sungai Nibong
11900 Bayan Lepas
Pulau Pinang
Malaysia
No. of shares : 201,166 Ordinary Shares
Shareholder name :
Sonia A/P Dharam Veer
Address : 29 Jalan Pantai Jerjak 5
Sungai Nibong
11900 Bayan Lepas
Pulau Pinang
Malaysia
No. of shares : 201,166 Ordinary Shares
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 : 800,000.00
Date of Creation : 23-04-2002
Name of Chargee : BUMIPUTRA COMMERCE BANK BERHAD
Charge Status : UNSATISFIED
Total of Charge : 500,000.00
Date of Creation : 25-04-2003
Name of Chargee : BUMIPUTRA COMMERCE BANK BERHAD
Charge Status : UNSATISFIED
Total of Charge : 1,000,000.00
Date of Creation : 12-05-2004
Name of Chargee : BUMIPUTRA COMMERCE BANK BERHAD
Charge Status : UNSATISFIED
Total of Charge : 1,700,000.00
Date of Creation : 09-10-2006
Name of Chargee : SOUTHERN BANK BERHAD
Charge Status : UNSATISFIED
Total of Charge : OPEN CHARGE
Date of Creation : 18-04-2008
Name of Chargee : CIMB 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 : 31/12/10
Type of accounts :
Full audited
Currency : Malaysia,
Ringgit (MYR)
Exchange rate : 1
USD = MYR 3.04 as of 04-05-2012
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 : 9,881,229 11,126,739
Profit before tax
: 402,882
282,258
Net income : 408,727
178,250
Non current assets
: 3,464,700 4,577,493
Current assets : 4,615,869 5,473,071
Total assets :
8,080,569 10,050,564
Current
liabilities : 4,999,307
6,965,436
Non current
liabilities : 1,540,246 1,952,839
Total liabilities
: 6,539,553
8,918,275
Share equity : 1,541,016
1,132,289
Retained earning :
1,041,016
632,289
Main activities : The Subject is engaged in import,
wholesale and retail of textile and related products.
Product &
services : Textile: Polyster fabric,
cotton based fabric, pure korean and chinese silk
and plain dyed
siffon
Purchases
International :
India, China, South Korea
Sales
Local : Yes
International : No
exports.
Property &
Assets
Premises : The
Subject operates from premises located at the verified heading
address consisting
of administrative office and warehouse.
Branches : None
reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Central
Bank of Malaysia
Reserve of foreign
exchange & gold : US$ 135.8
billion as of 13 April 2012
Gross domestic
product - GDP : US$ 247.781
billion
GPP (Purchasing
power parity) : US$ 442.01
billion of International dollar
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 rate
: 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%, Hong
Kong 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%
Purchase Term
International :
Credit 60 days, Prepayment, D/P
Sales Term
Local : Credit 30-120
days, Prepayment, D/P
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs 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.