MIRA INFORM REPORT
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Report Date : |
16.05.2012 |
IDENTIFICATION DETAILS
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Name : |
UPRISE ELASTIC WEBBING ( |
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Registered Office : |
No. 3, Lorong Sepakat 1, Taman Bandar Raya, Bukit Mertajam, Pulau Pinang, Zip/postal code 14000 |
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Country : |
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Date of Incorporation : |
16.01.1995 |
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Com. Reg. No.: |
330871-T |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Manufacturing, export, and
distribution of elastic webbing products |
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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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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 : UPRISE ELASTIC WEBBING (MALAYSIA)
SDN. BHD.
Business address : No. A21, Jalan Fairuz 9
Taman Perusahaan Ringan Bakar Arang
Town : Sungai Petani
Province : Kedah
Zip/postal code : 08000
Country : Malaysia
Tel : +60 4 4312300 / +60 4 4312302
Fax : +60 4 4312298
Email : uprise2@streamyx.com
Website : www.uprise-elastic.com
Registered address : No. 3, Lorong Sepakat 1
Taman Bandar Raya
Town : Bukit Mertajam
Province : Pulau Pinang
Zip/postal code : 14000
Country : Malaysia
Executive Summary
Date founded or registered : 16/01/1995
Legal form : Private Company
Limited By Shares
Chief executive : Chia Chin Soon
Issued & paid up capital
: MYR 400,000
Line of business : Manufacturing, export, and
distribution of elastic webbing products.
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
undetermined
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Registry Data
Registration date : 16/01/1995
Legal form : Private Company Limited By
Shares
Registration no 330871-T
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Comments :
Subject was awarded the E50
Enterprise Award 2011 by SME and Deloitte Malaysia.
Subject was awarded the
Export Excellence Award 2010 (Merchandise) by Minister of International Trade
and Industry (MITI) Malaysia.
Key Management
Name : Chia Chin Soon
Designation : Managing Director
Name : Teoh Chung Sian
Designation : Director
Appointments
Name : Chia Chin Soon
Designation : Director
Identification no : 580713-01-6349
Address : No. 5, Lorong Tenggiri
13700
Seberang Jaya
Pulau
Pinang
Malaysia
Name : Teoh Chung Sian
Designation : Director
Identification no : 720314-07-5415
Address : C/o UPRISE ELASTIC WEBBING
(MALAYSIA) SDN. BHD.
No. A21,
Jalan Fairuz 9
Taman Perusahaan
Ringan Bakar Arang
08000
Sungai Petani
Kedah
Malaysia
Name : Saw Cheng Seong
Designation : Company Secretary
Identification no : 550401-07-5211
Appointment date : 01/03/10
Address : No. 7 Persiaran Nakhoda
Taman Air
Tawar
13050
Butterworth
Pulau
Pinang
Malaysia
Staff employed : 150 employees
Composition
Authorized Capital : MYR 500,000
No of shares : 500,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 400,000
Paid up capital : MYR
400,000
How listed : Full List
Composition
Shareholder name : Kuan Sui Mui
Address : Malaysia
No. of shares : 100,000 Ordinary Shares
Shareholder name : Teoh Chung Sian
Address : C/o UPRISE ELASTIC WEBBING
(MALAYSIA) SDN. BHD.
No. A21,
Jalan Fairuz 9
Taman
Perusahaan Ringan Bakar Arang
08000
Sungai Petani
Kedah
Malaysia
No. of shares : 20,000 Ordinary Shares
Shareholder name : Chia Chin Soon
Address : No. 5, Lorong Tenggiri
13700
Seberang Jaya
Pulau
Pinang
Malaysia
No. of shares : 280,000 Ordinary Shares
Structure
Related
companies and corporate affiliations comments : None Reported
Bank Details
Name of bank : United Overseas Bank Malaysia 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: 1,000,000.00
Date of Creation: 20-01-2004
Name of Chargee: EXPORTIMPORT BANK OF MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: 300,000.00
Date of Creation: 18-08-2011
Name of Chargee: UNITED OVERSEAS BANK (MALAYSIA) BHD.
Charge Status: UNSATISFIED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
Description
Comments : The
Subject is an exempted Private Company in Malaysia and is not required to
reveal its
financial information to the public
hence the Subject’s latest financial information is not available. The Subject
filed for the certificate of exemption private company on 02-08-2011 and their
accountants states that all liabilities are in good manner.
Main activities : The Subject engages in
manufacturing, export, and distribution of elastic webbing
products.
The Subject provides elastic
webbings, tapes and laces to the manufacturers of brasseries, lingeries,
underwears, briefs, fashion wear, sports wear and etc.
Subject's products of elastic
webbings, tapes, lace in medium and high tenacity, combine flexibility and
strength are produced from high standard quality polyester yarn, nylon yarn,
spandex and rubber thread.
Product & services :
· Elastic Webbing
· Elastic Tapes
· Elastic Braids
· Bows
· Trimming Lace
· Underpants Webbing
· Undergarments Accessories
· Ring & Slider
· Bras Accessories
· Lingerie Accessories
· Laces
· Jacquard Tapes
· Boxers Tapes
· TPU Tapes
· Ribbon
· Bras Adjuster
Purchases
International : India, Italy, Germany,
Switzerland and Taiwan
Sales
Local : Yes
International : USA, South America, Middle East, Europe and Asia
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$135.9 billion as of 30 April 2012
Gross domestic product - GDP : US$ 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 : L/C, Bank transfer, Prepayment,
D/P, Credit 30-90 days
Sales Term
Local : Prepayment. Telegraphic
transfer, D/P, Credit 30-90 days
International : L/C, Bank transfer, Prepayment,
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.53.84 |
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UK Pound |
1 |
Rs.86.72 |
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Euro |
1 |
Rs.69.17 |
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.