|
Report Date : |
30.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SYARIKAT
TENAGA (GEMAS) SDN. BHD. |
|
|
|
|
Registered Office : |
No. 12 (Tingkat Bawah), |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
16.03.1981 |
|
|
|
|
Com. Reg. No.: |
68443-P |
|
|
|
|
Legal Form : |
Private
Company Limited By Shares |
|
|
|
|
Line of Business : |
Processing,
export and sales of natural rubber of various grades. |
|
|
|
|
No. of Employees : |
250 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Verified Address
Subject
name : SYARIKAT TENAGA
(GEMAS) SDN. BHD.
Business
address : No. 12 (Tingkat Bawah)
Taman Sri Jeram
Jalan Bakri
Town :
Muar
Province
: Johor Darul Takzim
Zip/postal
code : 84000
Country
: Malaysia
Tel : +60 6 9864268
Fax : +60 6 9864272
Email
: enquiry@tenagagemas.com
Website
: www.tenagagemas.com
Registered
address : No. 7, 1st Floor
Jalan Pesta 1/1
Taman Tun Dr. Ismail 1
Jalan Bakri
Town :
Muar
Province
: Johor Darul Takzim
Zip/postal
code : 84000
Country
: Malaysia
Executive Summary
Date
founded or registered : 16/03/1981
Legal
form : Private
Company Limited By Shares
Chief
executive : Er Hock
Lai
Issued
& paid up capital : MYR
7,250,000
Sales
turnover : MYR 929,467,552
(Non-consolidated 12 months, 31/12/2010)
Net
income : MYR
16,583,639 (Non-consolidated 12 months, 31/12/2010)
Total
fixed assets : MYR
180,079,346 (Non-consolidated 12 months, 31/12/2010)
Line
of business : Processing,
export and sales of natural rubber of various grades.
Staff
employed : 250
employees
Country
risk : Country
risk is minimal
Operation
trend : Operational
trend is progressing
Management
experience : Management is
adequately experienced
Financial
performance : Financial
performance is good
Organization
structure : Organizational
structure is consistent
Detrimental
: No detrimental records found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 16/03/1981
Legal
form : Private
Company Limited By Shares
Registration
no 68443-P
Registered
authority : Companies
Commission of Malaysia
Registry
status : Live/Active
Previous
name : None reported.
Change
of legal form : None
reported.
Key Management
Name :
Er Hock Lai
Designation
: Managing
Director
Name :
E Tak
Bin
Designation
: Director
Name :
Er
Ley Tee
Designation
: Director
Appointments
Name :
E Tak
Bin
Designation
: Director
Identification
no : 491026-01-5673
Appointment
date : 08/05/96
Address
: 319
Jalan Indah 12
Taman Indah, Sungai Abong
84000 Muar
Johor Darul Takzim
Malaysia
Name :
Er
Hock Lai
Designation
: Director
Identification
no : 551023-01-6103
Appointment
date : 08/05/96
Address
: 50-19
Jalan Sakeh
Taman Sri Intan
84000 Muar
Johor Darul Takzim
Malaysia
Name :
Er
Ley Tee
Designation
: Director
Identification
no : 510912-01-5441
Appointment
date : 08/05/96
Address
: 92
Jalan Rahim Kajai
Taman Tun Dr Ismail
60000 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name :
Pang
Kah Man
Designation
: Company
Secretary
Identification
no : 750611-12-5228
Appointment
date : 23/06/03
Address
: No.
14-7, Jalan Dato' Haji Hassan
84000 Muar
Johor Darul Takzim
Malaysia
Staff
employed : 250
employees
Key Advisors
Auditors
: CROWE
HORWATH
Level 16, Tower C, Megan Avenue II
Jalan Yap Kwan Seng
50450 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Composition
Authorized
Capital : MYR
10,000,000
No of
shares : 10,000,000
Ordinary Shares
Share
par value : MYR 1
Issued
capital : MYR
7,250,000
Paid
up capital : MYR
7,250,000
How
listed : Full
List
Composition
Shareholder
name : SENG FONG
TRADING SDN. BHD.
Address
: 14,
(Tingkat Atas)
Taman Sri Jeram, Jalan Bakri
84000 Muar
Johor Darul Takzim
Malaysia
No. of
shares : 7,250,000
Ordinary shares
% of
shares : 100%
Structure
Name :
SENG
FONG TRADING SDN. BHD.
Affiliation
type : Parent Company
Address
: 14, Tingkat Atas
Taman Sri Jeram, Jalan Bakri
84000 Muar
Johor Darul Takzim
Malaysia
Comments
: Rubber processing and
related activities.
Bank Details
Name of
bank : OCBC Bank (Malaysia)
Berhad
Address
: Malaysia
Account
details : Current Account
Name
of bank : Hong Leong Bank
Berhad
Address
: Malaysia
Account
details : Current Account
Name
of bank : Malayan Banking
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:
5,500,000.00
Date
of Creation: 29-06-1996
Name
of Chargee: OCBC BANK MALAYSIA
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 5,500,000.00
Date
of Creation : 29-06-1996
Name
of Chargee : OCBC BANK MALAYSIA
BERHAD
Charge
Status : FULLY SATISFIED
Total
of Charge: 3,000,000.00
Date
of Creation: 22-04-1997
Name
of Chargee: OCBC BANK MALAYSIA
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 3,000,000.00
Date
of Creation: 22-04-1997
Name
of Chargee: OCBC BANK MALAYSIA
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 2,000,000.00
Date
of Creation: 03-11-1997
Name
of Chargee: OCBC BANK MALAYSIA
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 2,000,000.00
Date
of Creation: 03-11-1997
Name
of Chargee: OCBC BANK MALAYSIA
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 13,000,000.00
Date
of Creation: 12-03-1999
Name
of Chargee: OCBC BANK MALAYSIA
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 2,500,000.00
Date
of Creation: 12-03-1999
Name
of Chargee: OCBC BANK MALAYSIA
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 3,400,000.00
Date
of Creation: 31-12-1999
Name
of Chargee: OCBC BANK MALAYSIA
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 200,000.00
Date
of Creation: 16-05-2000
Name
of Chargee: MALAYAN BANKING
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 2,960,000.00
Date
of Creation: 11-07-2000
Name
of Chargee: OCBC BANK MALAYSIA
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 2,000,000.00
Date
of Creation: 11-07-2000
Name
of Chargee: OCBC BANK MALAYSIA
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 960,000.00
Date
of Creation: 11-07-2000
Name
of Chargee: OCBC BANK MALAYSIA
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 150,000.00
Date
of Creation: 03-05-2001
Name
of Chargee: MALAYAN BANKING
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 2,000,000.00
Date
of Creation: 27-07-2004
Name
of Chargee: MALAYAN BANKING
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 1,222,740.00
Date
of Creation: 26-01-2005
Name
of Chargee: HONG LEONG BANK
BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 2,503,008.00
Date
of Creation: 02-03-2006
Name
of Chargee: HONG LEONG ISLAMIC
BANK BERHAD
Charge
Status: FULLY SATISFIED
Total
of Charge: 2,818,440.00
Date
of Creation: 05-06-2007
Name
of Chargee: HONG LEONG ISLAMIC
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 3.16 as of 28-05-2012
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 : 929,467,552 523,436,084
Profit
before tax : 21,465,051
16,295,390
Net income
: 16,583,639 12,755,915
Non
current assets : 27,852,261
28,467,795
Current
assets : 152,227,085
93,672,595
Total
assets : 180,079,346
122,140,390
Current
liabilities : 109,899,432
63,100,757
Non
current liabilities : 5,781,015
5,997,485
Total
liabilities : 115,680,447
69,098,242
Share
equity : 64,398,899
53,042,148
Retained
earning : 57,148,899 45,792,148
Main
activities : The Subject engages in processing, export and sales of natural
rubber of various grades.
The
Subject was incorporated in Malaysia in 1981 as a rubber processing factory.
The Subject is wholly owned by Seng Fong Trading Sdn Berhad, which is a family
controlled company. Seng Fong Trading Sdn Berhad has more than 25 years of
experience in rubber processing and related activities.
The
Subject's factory is located in Gemas, Negeri Sembilan, Malaysia, where the
processing facilities are made available, whereas the administrative and
marketing operations are managed from the headquaters at Muar, Johor, Malaysia.
The Subject also operates SMR testing laboratory authorized by the Malaysian
Rubber Board.
Product & services :
Premium Grades of Rubber: ST 5CV, ST 10CV, ST 20CV, M20R, MCR
Standard
Malaysian Rubber Grades: SMR 5, SMR 10, SMR 20 and SMR
GP
Purchases
International
: Mainly Sri
Lanka, African countries
Sales
Local
: Yes
International
: China,
Taiwan, Australia, Singapore, Middle East, Europe
Property & Assets
Premises : The
Subject operates from premises located at the verified heading address
consisting of an administrative office.
Branches
: In
addition, the Subject operates from production facilities located at:
Lot PT 2402
Sungai Gemas Industrial Estate
Kuala Gemas
73400 Gemas
Negeri Sembilan
Malaysia
Tel: +60 7
9485014
Fax: +60 7
9485016
Gross Domestic Products (GDP) &
Economic Overview
Central
bank : Central
Bank of Malaysia
Reserve
of foreign exchange & gold : US$
136.1 billion as of 15 May 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
Local : Prepayment,
Bank transfer, D/P, D/A, Prepayment, Credit 30-120 days International : L/C,
Telegraphic transfer, D/P, D/A, Prepayment, Credit 30-120 days
Sales Term
Local : Prepayment,
Bank transfer, D/P, D/A, Prepayment, Credit 30-120 days International : L/C,
Telegraphic transfer, D/P, D/A, Prepayment, Credit 30-120 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.55.58 |
|
|
1 |
Rs.87.14 |
|
Euro |
1 |
Rs.69.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.