MIRA INFORM REPORT

 

 

Report Date :

15.09.2012

 

IDENTIFICATION DETAILS

 

Name :

VEL GLOBAL ENTERPRISE

 

 

Registered Office :

76a, Jalan Tengku Badar, 42000 Pelabuhan Klang, Selangor

 

 

Country :

Malaysia

 

 

Date of Incorporation :

18.01.2012

 

 

Com. Reg. No.:

Sa0210860-A

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Transportation & shipping

 

 

No. of Employees :

Not Available 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New company

Payment Behaviour :

Unknown

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

 

malaysia - ECONOMIC OVERVIEW

 

Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies more than 40% of government revenue. The central bank maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia''s exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests.

 

Source : CIA

 

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

 

N/A - Not Applicable

 

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

SA0210860-A

COMPANY NAME

:

VEL GLOBAL ENTERPRISE

COMMENCEMENT DATE

:

18/01/2012

REGISTRATION DATE

:

18/01/2012

EXPIRY DATE

:

17/01/2013

BUSINESS CONSTITUTION

:

SOLE PROPRIETORSHIP

 

 

 

BUSINESS ADDRESS

:

76A, JALAN TENGKU BADAR, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.

TEL.NO.

:

N/A

FAX.NO.

:

N/A

CONTACT PERSON

:

N/A

 

 

 

INDUSTRY CODE

:

63091

PRINCIPAL ACTIVITY

:

TRANSPORTATION & SHIPPING

 

 

 

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

 

 

 

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

N/A

 

 

 

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

N/A

INDUSTRY OUTLOOK

:

STRONG GROWTH

 

HISTORY / BACKGROUND

 

The SC commenced its business on 18/01/2012 as a SOLE PROPRIETORSHIP.

 

The SC is a sole proprietorship, that is, it has a single owner whose liabilities are unlimited. In case the SC is unable to meet all its obligations, the creditors can claim on the owner's personal assets. The sole proprietorship ceases upon the death of the owner or any time at the discretion of the owner. The ownership is non-transferable.

 

Under the law, the SC has to file in its information with Registrar of Business but it is not required to file in its financial statements.

 

The SC is principally engaged in the (as a / as an) transportation & shipping.

The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

The owner of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

MR. THILAK A/L MUNIYANDY

76A, JALAN TENGKU BADAR, , 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.

810518-10-5259

100.00

100.00

 

 

 

---------------

------

 

 

 

100.00

100.00

 

 

 

============

=====

 

+ Also Director

 

 

OWNERS

 

OWNER(S) 1

 

Name Of Subject

:

MR. THILAK A/L MUNIYANDY

Address

:

76A, JALAN TENGKU BADAR, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

810518-10-5259

Date of Birth

:

18/05/1981

Nationality

:

MALAYSIAN INDIAN

Date of Appointment

:

18/01/2012

Shareholding

:

100%



MANAGEMENT

 

No data found in our databank. 

 

AUDITOR


No Auditor found in our databank 

 

BANKING


No Banker found in our databank. 


LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.


No legal action was found in our databank. 

 

 

DEFAULTER CHECK AGAINST SC


* We have checked through the SC in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection since 1990. Information was provided by third party where the debt amount can be disputed. Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. 

No blacklisted record & debt collection case was found in our defaulters' databank. 

PAYMENT RECORD

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

CLIENTELE


No data found in our databank. 

 

OPERATIONS

 

Branch

:

NO

 

 

Other Information:

 

The SC is principally engaged in the (as a / as an) transportation & shipping.

PROJECTS


No projects found in our databank 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

N/A

Match

:

N/A

 

 

 

Address Provided by Client

:

NO. 76A JLN TENGKU BADAR 42000 PORT KLANG SELANGOR

Current Address

:

76A, JALAN TENGKU BADAR, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.

Match

:

N/A

 

Other Investigations

We were unable to contact the SC and its Owner.


The address provided belongs to Sprint Logistics (M) Sdn. Bhd and OAL Freight Forwarding Sdn. Bhd. However they are not aware of the SC or its Owner.



FINANCIAL ANALYSIS

 

We are unable to comment on the SC financial position as the SC is not required by the law to file its financial statement in the Registrar of Business.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators:

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Population ( Million)

27.73

28.13

28.35

28.70

29.10

Gross Domestic Products ( % )

4.6

<0.5>

7.2

5.5

5.3

Domestic Demand ( % )

6.9

2.9

6.3

4.8

7.6

Private Expenditure ( % )

7.1

<2.7>

8.1

7.0

8.7

Consumption ( % )

8.4

0.7

6.7

6.3

7.1

Investment ( % )

1.5

<17.2>

17.7

16.2

15.9

Public Expenditure ( % )

6.5

5.2

3.8

7.6

4.7

Consumption ( % )

11.6

3.1

0.2

8.9

3.0

Investment ( % )

0.7

8.0

2.8

0.6

7.0

 

 

 

 

 

 

Balance of Trade ( MYR Million )

129,563

89,650

118,356

116,058

-

Government Finance ( MYR Million )

<34,462>

<28,450>

<40,482>

<45,511>

<43,021>

Government Finance to GDP / Fiscal Deficit ( % )

<4.8>

<4.8>

<5.6>

<5.4>

<4.7>

Inflation ( % Change in Composite CPI)

<3.3>

<5.2>

5.1

3.1

-

Unemployment Rate

3.7

4.5

3.9

3.3

-

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

388

331

329

415

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

1.91

2.87

2.20

3.50

-

Average 3 Months of Non-performing Loans ( % )

13.24

11.08

15.30

14.80

-

Average Base Lending Rate ( % )

6.72

5.53

6.30

6.60

-

Business Loans Disbursed( % )

11.6

10.5

14.7

15.3

-

Foreign Investment ( MYR Million )

23,261.4

22,156.8

22,517.9

23,546.1

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

Registration of New Companies ( No. )

41,599

41,578

44,148

-

-

Registration of New Companies ( % )

<4.0>

<0.1>

6.2

-

-

Liquidation of Companies ( No. )

27,992

39,075

25,585

-

-

Liquidation of Companies ( % )

23.7

39.6

<34.5>

-

-

 

 

 

 

 

 

Registration of New Business ( No. )

269,866

312,581

271,414

-

-

Registration of New Business ( % )

-

-

-

-

-

Business Dissolved ( No. )

18,885

19,345

19,738

-

-

Business Dissolved ( % )

<7.6>

2.4

2.0

-

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

497.5

486.3

543.6

363.0

-

Cellular Phone Subscribers ( Million )

25.1

30.1

32.8

35.3

-

Tourist Arrival ( Million Persons )

21.5

23.6

24.6

25.3

-

Hotel Occupancy Rate ( % )

68.0

58.0

63.0

51.3

-

 

 

 

 

 

 

Credit Cards Spending ( % )

17.1

12.8

14.1

15.6

-

Bad Cheque Offenders (No.)

34,834

36,667

33,568

27,208

-

Individual Bankruptcy ( No.)

13,907

16,228

18,119

16,155

-

Individual Bankruptcy ( % )

5.1

16.7

11.7

<10.8>

-



INDUSTRIES ( % of Growth ):

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Agriculture

3.6

0.4

2.1

4.7

4.1

Palm Oil

7.0

<1.1>

<3.4>

7.3

-

Rubber

<1.1>

<19.8>

9.9

6.4

-

Forestry & Logging

<1.5>

<5.9>

<3.3>

<4.7>

-

Fishing

4.0

5.5

5.6

2.8

-

Other Agriculture

5.9

9.0

7.9

8.5

-

Industry Non-Performing Loans ( MYR Million )

393.0

413.7

508.4

634.1

-

% of Industry Non-Performing Loans

<2.0>

1.3

2.1

3.2

-

 

 

 

 

 

 

Mining

<0.8>

<3.8>

0.2

<2.4>

2.5

Oil & Gas

12.7

2.1

0.5

<1.7>

-

Other Mining

-

-

-

-

-

Industry Non-performing Loans ( MYR Million )

36.0

44.2

49.7

46.5

-

% of Industry Non-performing Loans

0.1

0.1

0.1

0.1

-

 

 

 

 

 

 

Manufacturing #

1.3

<9.4>

11.4

5.6

4.5

Exported-oriented Industries

2.7

<19.0>

12.1

2.8

-

Electrical & Electronics

2.4

<30.3>

28.4

<4.9>

-

Rubber Products

4.2

<10.1>

25.3

15.4

-

Wood Products

<6.0>

<24.1>

20.1

<7.3>

-

Textiles & Apparel

1.9

<19.5>

<0.4>

14.8

-

Domestic-oriented Industries

9.9

<9.8>

16.3

6.3

-

Food, Beverages & Tobacco

9.5

0.2

3.0

4.2

-

Chemical & Chemical Products

1.4

<7.7>

16.2

5.6

-

Plastic Products

6.5

<9.1>

2.4

3.8

-

Iron & Steel

16.8

<32.7>

29.3

2.4

-

Fabricated Metal Products

14.7

<2.5>

14.9

25.2

-

Non-metallic Mineral

8.3

<15.5>

20.2

16.3

-

Transport Equipment

27.1

<13.5>

36.5

<9.4>

-

Paper & Paper Products

8.6

<5.0>

18.7

15.6

-

Crude Oil Refineries

7.8

0.2

<11.4>

9.3

-

Industry Non-Performing Loans ( MYR Million )

5,729.4

6,007.3

6,217.5

6,537.2

-

% of Industry Non-Performing Loans

16.8

18.3

23.8

25.7

-

 

 

 

 

 

 

Construction

2.1

5.8

5.1

4.4

7.0

Industry Non-Performing Loans ( MYR Million )

4,149.8

3,241.8

4,038.5

3,856.9

-

% of Industry Non-Performing Loans

12.2

9.9

10.7

10.2

-

 

 

 

 

 

 

Services

7.3

2.6

6.5

6.4

6.5

Electric, Gas & Water

5.0

0.4

8.5

5.6

4.8

Transport, Storage & Communication

7.8

1.6

7.7

6.5

7.3

Wholesale, Retail, Hotel & Restaurant

10.0

2.8

4.7

5.2

6.9

Finance, Insurance & Real Estate

9.2

3.8

6.1

6.3

6.5

Government Services

8.6

2.0

6.7

7.6

5.6

Other Services

5.9

4.4

4.2

5.4

5.7

Industry Non-Performing Loans ( MYR Million )

8,281.4

6,631.3

7,384.6

6,825.2

-

% of Industry Non-Performing Loans

24.3

20.2

25.7

23.4

-

 

 

 

 

 

 

 

 

 

 

 

 

* Estimate / Preliminary

 

 

 

 

 

** Forecast

 

 

 

 

 

# Based On Manufacturing Production Index 
(Source : Department of Statistics / Economic Report / Bank Negara Report)

 

 

INDUSTRY ANALYSIS

 

MSIC CODE

 

63091 : Activities of freight forwarding / forwarding agencies

 

 

INDUSTRY :

TRANSPORTATION

 

 


The Malaysian transportation industry is forecast to grow at a compound annual growth rate of 11.6% to reach RM203.71 billion in 2016.


The Malaysian logistics industry is expected to grow 10.3% to RM129.93 billion in 2012, a marked increase from an estimated RM117.8 billion at the year 2011 for the year 2012 while the freight forwarding expected to grow 10.1 % in 2012. Furthermore, rail tranportation also facing growth whereby it expected to increase in 2012. Air tranportation expected grow 3.9% to 925,000 tonnes at the 2012 due to steady growth in the economy and external trade will contribute to the growth of air transportation.


The air transport market plays an active role in Malaysia's economic development by supporting the country's trade and tourism. The Malaysia's car rental market developing into one of the most mature kind in the Asia-Pacific region. Malaysia's rail network only covers 1,849km and transports 4-4.5 million passengers per year. As such, the rail transportmarket accounts for a small share on the total passanger transportation industry. Malaysia also emerging as an important cruise destination in the Asia-Pacific regoin.


For the year 2012, the Air transportation, freight frowarding and water transport sectors influenced by the domestic economy, intra-Asian trade, and the expansion of energy demand across the Malaysian economy where would be a impact on the forcasted rose for the Transportation industry 2012.


The introduction of several initiatives, such as the Government Transformation Programme and the Economic Transformation Programme (ETP), provided a conducive business environment for the transportation market to grow. The National Rail Industry Development Roadmap map out details like reducing foreign dependency, improving greener transportation, capability and capacity, creating new business opportunities for the locals are capturing a bigger share of the US$218 billion (RM690 billion) global rail market. Malaysia new regulation, the income of a shipping company derived from the operation of Malaysian ships is 70% exempted from tax from year of assessment 2012 will increase the industry growth for the year 2012.

 

 

OVERALL INDUSTRY OUTLOOK : Strong Growth

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

During our investigation, we were unable to contact the SC as well as its Directors. In view of this, the SC's existence in the market is in doubt. Based on the above condition, the SC is not qualified for credit assessment.




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.73

UK Pound

1

Rs.88.61

Euro

1

Rs.71.34

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.