MIRA INFORM REPORT
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Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
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Name : |
BLUSH FASHION SDN. BHD. |
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Registered Office : |
No. 25-6-1, 6th Floor, Jalan
3/50, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
01.12.2003 |
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Com. Reg. No.: |
635562-T |
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Legal Form : |
Private Company Limited By
Shares |
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Line of Business : |
Import & wholesale of textiles and garments |
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No. of Employees : |
15 |
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 : BLUSH FASHION SDN. BHD.
Business address : 7 Jalan Apollo
U5/194
Bandar Pinggiran Subang
Town : Shah Alam
Province : Selangor
Darul Ehsan
Zip/postal code : 40150
Country : Malaysia
Tel : +60 3 78425250
Fax : +60 3 78425260
Email : maneeta@blush-fashion.com
Registered address : No. 25-6-1, 6th Floor
Jalan 3/50, Diamond
Square
Off Jalan Gombak
Town : Kuala Lumpur
Province : Wilayah
Persekutuan
Zip/postal code : 53000
Country : Malaysia
Executive Summary
Date founded or registered : 01/12/2003
Legal form : Private Company
Limited By Shares
Chief executive : Maneeta
Kaur Katari A/P Jaspal Singh
Issued & paid up capital
: MYR 700,000
Sales turnover
: MYR 13,218,909 (Non-consolidated 12
months, 31/03/2011)
Net income : MYR 792,604
(Non-consolidated 12 months, 31/03/2011)
Total fixed assets : MYR 12,760,475
(Non-consolidated 12 months, 31/03/2011)
Line of business : Import & wholesale of
textiles and garments.
Staff employed : 15 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
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 : 01/12/2003
Legal form : Private Company Limited By
Shares
Registration no 635562-T
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Maneeta Kaur Katari A/P Jaspal Singh
Designation : Managing Director
Name : Jasdeep
Singh Katari A/L Jaspal
Singh
Designation : Director
Appointments
Name : Maneeta
Kaur Katari A/P Jaspal Singh
Designation : Director
Identification no : 731110-07-5660
Appointment date : 01/12/03
Address : No. 26 Jalan
Merah Pelangi U9/19
Monterez Golf &
Country Resort
40000 Shah
Alam
Selangor Darul Ehsan
Malaysia
Name : Jasdeep
Singh Katari A/L Jaspal
Singh
Designation : Director
Identification no : 760422-14-558
Appointment date : 01/12/03
Address : A-12-3, La Grande Kiara
No.11, Jala Duta Kiara
Bukit Kiara
50480
Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name : Palaniappan
A/L Kasivisvanathan
Designation : Company Secretary
Identification no : 470531-71-5125
Appointment date : 01/12/03
Address : 196 Jalan
A4
Tmn Melawati
53100
Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name : Thavy
@ Devi A/P Gopal
Designation : Company Secretary
Identification no : 650301-10-5692
Appointment date : 01/12/03
Address : Block C-5-4
Pertiwi Indah Condo
Jln Pertiwi, Taman Maluri
Cheras
55100
Kuala Lumpur
Wilayah Persekutuan
Malaysia
Staff employed : 15 employees
Key Advisors
Auditors : TCMK ASSOCIATED.
No. 102C,
3rd Floor
Bangunan Persatuan Yap Selangor
Jalan Tun H.S. Lee
50000
Kuala Lumpur
Malaysia
Composition
Authorized Capital : MYR 1,000,000
No of shares : 1,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 700,000
Paid up capital : MYR
700,000
How listed : Full
List
Composition
Shareholder name : Maneeta Kaur Katari A/P Jaspal Singh
Address : No.26 Jalan
Merah Pelangi U9/19
Monterez Golf &
Country Resort
40000 Shah
Alam
Selangor Darul Ehsan
Malaysia
No. of shares : 350,000 Ordinary Shares
% of shares : 50%
Shareholder name : Jasdeep Singh Katari A/L Jaspal Singh
Address : A-12-3,La Grande Kiara
No.11, Jala Duta Kiara
Bukit Kiara
50480
Kuala Lumpur
Wilayah Persekutuan
Malaysia
No. of shares : 350,000 Ordinary Shares
% of shares : 50%
Structure
Related
companies and corporate affiliations comments : None Reported
Bank Details
Name of bank : Alliance Bank Malaysia Berhad
Address : Malaysia
Account details : Current Account
Name of bank : United Overseas Bank Malaysia 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: 140,000.00
Date of Creation 19-05-2006
Name of Chargee:
UNITED OVERSEAS BANK (MALAYSIA) BHD.
Charge Status: FULLY
SATISFIED
Total of Charge: 140,000.00
Date of Creation: 19-05-2006
Name of Chargee:
UNITED OVERSEAS BANK (MALAYSIA) BHD.
Charge Status: FULLY
SATISFIED
Total of Charge: 140,000.00
Date of Creation: 19-05-2006
Name of Chargee:
UNITED OVERSEAS BANK (MALAYSIA) BHD.
Charge Status: FULLY
SATISFIED
Total of Charge: 745,000.00
Date of Creation: 19-05-2006
Name of Chargee:
UNITED OVERSEAS BANK (MALAYSIA) BHD.
Charge Status: FULLY SATISFIED
Total of Charge: OPEN CHARGE
Date of Creation: 05-07-2007
Name of Chargee:
OCBC BANK (MALAYSIA) BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge: OPEN CHARGE
Date of Creation: 05-07-2007
Name of Chargee:
OCBC BANK (MALAYSIA) BERHAD
Charge Status: FULLY SATISFIE
Total of Charge: OPEN CHARGE
Date of Creation: 03-01-2008
Name of Chargee:
PUBLIC BANK BERHAD
Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE
Date of Creation: 08-10-2008
Name of Chargee:
PUBLIC BANK BERHAD
Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE
Date of Creation: 10-11-2009
Name of Chargee:
ALLIANCE BANK MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE
Date of Creation: 10-11-2009
Name of Chargee:
ALLIANCE BANK MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE
Date of Creation: 10-11-2009
Name of Chargee:
ALLIANCE BANK MALAYSIA 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 : 31/03/11
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 : 31/03/11 31/03/10
Length of accounts : 12 months 12 months
Profit before tax : 245,181 397,532
Net income : 792,604 258,344
Non current assets : 4,368,379 6,342,678
Current assets : 8,392,096 7,513,576
Total assets : 12,760,475 13,856,254
Current liabilities : 8,364,592 9,017,831
Non current liabilities : 1,792,712 3,027,856
Total liabilities : 10,157,304 12,045,687
Share equity : 2,603,171 1,810,567
Retained earning : 1,903,171 1,110,567
Main activities : The Subject engages in import &
wholesale of textiles and garments.
Purchases
International : India, Turkey, South Korea,
Pakistan, Bangladesh, Thailand, Indonesia, China
Sales
Local : Yes
International : Asian countries
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) : 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%
Purchase Term
International : Prepayment, D/P, Bank transfer, Credit
30-60 days
Sales Term
Local : Prepayment, D/P, Bank
transfer, Credit 30-60 days
International : Prepayment, D/P, Telegraphic
transfer, Credit 30-60 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.52.24 |
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UK Pound |
1 |
Rs.86.14 |
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Euro |
1 |
Rs.69.98 |
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.