|
Report Date : |
18.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
LIMITLESS SOLUTIONS |
|
|
|
|
Registered Office : |
No. 7, Jalan 1/2, Taman Kembangsari, Phse 2a, 43300 Balakong, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Date of Incorporation : |
14.05.2013 |
|
|
|
|
Com. Reg. No.: |
002226286-V |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Subject is engaged in the Cleaning of Cars and Building |
|
|
|
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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.
NAJIB's Economic Transformation Program (ETP) is a series of projects and
policy measures intended to accelerate the country's economic growth. The
government has also taken steps to liberalize some services sub-sectors. 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 about 35% of government revenue in 2011. Bank Negera
Malaysia (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 |
|
REGISTRATION NO. |
: |
002226286-V |
|
COMPANY NAME |
: |
LIMITLESS SOLUTIONS |
|
COMMENCEMENT DATE |
: |
14/05/2013 |
|
REGISTRATION DATE |
: |
14/05/2013 |
|
EXPIRY DATE |
: |
13/05/2014 |
|
BUSINESS CONSTITUTION |
: |
PARTNERSHIP |
|
BUSINESS ADDRESS |
: |
NO. 7, JALAN 1/2, TAMAN KEMBANGSARI, PHSE 2A, 43300 BALAKONG,
SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
N/A |
|
FAX.NO. |
: |
N/A |
|
CONTACT PERSON |
: |
N/A |
|
INDUSTRY CODE |
: |
812 |
|
PRINCIPAL ACTIVITY |
: |
CLEANING OF CARS AND BUILDING |
|
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 |
: |
MARGINAL GROWTH |
The Subject commenced its business on 14/05/2013 as a PARTNERSHIP.
The Subject is a partnership firm registered under the Business Registration
Act. The partners liabilities are unlimited, that is, if the partnership is not
able to meet its obligations, the partners have to be personally liable for the
debts incurred. The Subject's ownership is transferable with consent of the
other partners. The Subject as a partnership firm is governed by the
Partnership Act. The Subject is not required to file in its financial
statements with the Registry of Business.
The Subject is principally engaged in the (as a / as an) cleaning of
cars and building.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The owner of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
LEE KEE HOCK |
- |
870721-04-5217 |
50.00 |
50.00 |
|
ABRAM DOSS |
- |
891227-14-5127 |
50.00 |
50.00 |
|
--------------- |
------ |
|||
|
100.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
OWNER(S) 1
|
Name Of Subject |
: |
LEE KEE HOCK |
|
Address |
: |
, MALAYSIA. |
|
New IC No |
: |
870721-04-5217 |
|
Date of Birth |
: |
21/07/1987 |
|
Nationality |
: |
MALAYSIAN CHINESE |
|
Date of Appointment |
: |
14/05/2013 |
|
Shareholding |
: |
50% |
OWNER(S) 2
|
Name Of Subject |
: |
ABRAM DOSS |
|
Address |
: |
, MALAYSIA. |
|
New IC No |
: |
891227-14-5127 |
|
Date of Birth |
: |
27/12/1989 |
|
Nationality |
: |
MALAYSIAN INDIAN |
|
Date of Appointment |
: |
14/05/2013 |
|
Shareholding |
: |
50% |
No data found in our databank.
No Auditor found in our databank
No Banker found in our databank.
* A check has been conducted in our databank againt the Subject 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.
* We have checked through the Subject 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.
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
No data found in our databank.
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) cleaning of cars and
building.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
0452-2342608, 2342378 |
|
Current Telephone Number |
: |
N/A |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
NO.38 LORONG BATU NILAM 21B BANDAR BUKIT TINGGI SED 41200 |
|
Current Address |
: |
NO. 7, JALAN 1/2, TAMAN KEMBANGSARI, PHSE 2A, 43300 BALAKONG,
SELANGOR, MALAYSIA. |
|
Match |
: |
N/A |
Other Investigations
We were unable to contact the Subject and its Partners.
We found contact number based on the address provided at 016-353-0782 and 017
397 4917 but they never answered.
We were unable to verify the Subject's business address.
|
We are unable to comment on the Subject financial position as the
Subject is not required by the law to file its financial statement in the
Registrar of Business. |
||||||
|
Overall financial condition of the Subject : N/A |
||||||
|
Major Economic
Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic Products ( % ) |
(0.5) |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private Expenditure ( % ) |
(2.7) |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
(17.2) |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public Expenditure ( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
(1.2) |
|
Investment ( % ) |
8.0 |
2.8 |
(0.3) |
15.9 |
4.2 |
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
(28,450) |
(40,482) |
(45,511) |
(42,297) |
(39,993) |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(4.8) |
(5.6) |
(5.4) |
(4.5) |
(4.0) |
|
Inflation ( % Change in Composite CPI) |
(5.2) |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
(0.1) |
6.2 |
3.0 |
(0.0) |
- |
|
Liquidation of Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
(34.5) |
417.8 |
- |
- |
|
Registration of New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
- |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
- |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
- |
|
INDUSTRIES ( % of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
Agriculture |
0.4 |
2.1 |
5.9 |
0.6 |
2.4 |
|
Palm Oil |
(1.1) |
(3.4) |
10.8 |
(2.8) |
- |
|
Rubber |
(19.8) |
9.9 |
6.1 |
(0.6) |
- |
|
Forestry & Logging |
(5.9) |
(3.3) |
(7.6) |
(2.2) |
- |
|
Fishing |
5.5 |
5.6 |
2.1 |
(0.7) |
- |
|
Other Agriculture |
9.0 |
7.9 |
7.1 |
6.4 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
413.7 |
508.4 |
634.1 |
- |
- |
|
% of Industry Non-Performing Loans |
1.3 |
2.1 |
3.2 |
- |
- |
|
Mining |
(3.8) |
0.2 |
(5.7) |
1.5 |
2.7 |
|
Oil & Gas |
2.1 |
0.5 |
(1.7) |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
44.2 |
49.7 |
46.5 |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
Manufacturing # |
(9.4) |
11.4 |
4.7 |
4.2 |
4.9 |
|
Exported-oriented Industries |
(19.0) |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
(30.3) |
28.4 |
(4.9) |
1.6 |
- |
|
Rubber Products |
(10.1) |
25.3 |
15.4 |
3.6 |
- |
|
Wood Products |
(24.1) |
20.1 |
(4.9) |
4.6 |
- |
|
Textiles & Apparel |
(19.5) |
(0.4) |
14.8 |
(7.1) |
- |
|
Domestic-oriented Industries |
(9.8) |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.2 |
- |
- |
|
Chemical & Chemical Products |
(7.7) |
16.2 |
5.5 |
9.9 |
- |
|
Plastic Products |
(9.1) |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
(32.7) |
29.3 |
2.4 |
- |
- |
|
Fabricated Metal Products |
(2.5) |
14.9 |
25.2 |
- |
- |
|
Non-metallic Mineral |
(15.5) |
20.2 |
27.1 |
6.6 |
- |
|
Transport Equipment |
(13.5) |
36.5 |
(10.4) |
13.7 |
- |
|
Paper & Paper Products |
(5.0) |
18.7 |
14.8 |
(7.8) |
- |
|
Crude Oil Refineries |
0.2 |
(11.4) |
9.3 |
- |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,007.3 |
6,217.5 |
6,537.2 |
- |
- |
|
% of Industry Non-Performing Loans |
18.3 |
23.8 |
25.7 |
- |
- |
|
Construction |
5.8 |
5.1 |
4.4 |
15.5 |
11.2 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,241.8 |
4,038.5 |
3,856.9 |
- |
- |
|
% of Industry Non-Performing Loans |
9.9 |
10.7 |
10.2 |
- |
- |
|
Services |
2.6 |
6.5 |
6.4 |
5.5 |
5.6 |
|
Electric, Gas & Water |
0.4 |
8.5 |
5.6 |
4.8 |
- |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.3 |
- |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
6.9 |
- |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.3 |
6.5 |
- |
|
Government Services |
2.0 |
6.7 |
7.6 |
5.6 |
- |
|
Other Services |
4.4 |
4.2 |
5.4 |
5.7 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production Index |
|||||
|
MSIC CODE |
|
|
812 : Cleaning activities |
|
|
INDUSTRY : |
ECONOMY |
|
The country's gross domestic product (GDP) expanded by 6.4% in the 4th
quarter ended Dec 31 2012 on a year-on-year basis driven by sustained
domestic demand and high investment growth. For the full year 2012, the GDP
growth hit 5.6%, well above the government’s revised forecast of 4.5%-5.0%
made in year 2011. Despite the weak and uncertain global economic conditions,
there is remarkable optimism that Malaysia's economy could still continue to
grow at a relatively healthy pace. The government has, in fact, targeted a
gross domestic product (GDP) growth rate of between 4.5% and 5.5% for 2013.
This is quite an encouraging growth rate, and an achievable one at that,
according to most economists. |
|
|
Additionally, tepid economic growth in advanced economies and the
slowdown of emerging economies especially in China and India, point to
weakening global economic prospects. The deterioration in the external
environment and correction in commodity prices are expected to weigh on
Malaysia’s export performance during the second half of 2012. Nevertheless,
the vibrant domestic demand is expected to be sustained during the second
half of 2012, supported by both public and private sectors amid conducive
financial market conditions, stable prices and a favourable labour market.
The external sector provided little support with exports showing a slower
pace of decrease in 4th quarter of year 2012 to -1.5%, while imports also
decreased by -0.9% resulting in an actual increase in the level of net
exports compared to 3rd quarter of year 2012, although growth remained
negative relative to 4th quarter of year 2012. |
|
|
Domestic demand will be the main driver of the Malaysian economy
supported by private and public sector expenditure. Growth in private
consumption is expected to be buoyed by stable employment and income coupled
with lower inflation. The salary revision and bonus for civil servants, cash
assistance under Bantuan Rakyat 1Malaysia (BR1M), reward to the Federal Land
Development Authority (FELDA) settlers and other cash payments to assist
various groups supported private consumption. Private investment is envisaged
to drive economic growth over the medium term, underpinned by the ongoing
implementation of the Economic Transformation Programme (ETP) and vibrant
construction activity. Growth in private investment will be broad-based in line
with positive investors’ confidence and strong domestic demand. Public
investment will be largely led by the Non-Financial Public Enterprises’
(NFPEs) capital spending on oil and gas (O&G), telecommunications and
transportrelated industries. The Investment expenditure was about evenly
divided between structures and machinery & equipment, but the former
category showed continued strong growth at 25.0% over the 4th quarter ended
Dec 31 2011, while growth in the latter category slowed to 7.6% from 22.3% in
3rd quarter ended Sept 30 2012. |
|
|
Growth was broad based with all major sectors registering increases.
The only subsectors that posted declines were the textile manufacturing and forestry
and logging activities. The construction sector posted the strongest growth,
hitting 15% on the year 2012, not surprising given the spate of major
projects and related private sector property investment over the year.
Besides, the agriculture sectors had a slightly grew at 0.6% while the
manufacturing and mining industries continued growth at 4.2% and 1.5%
respectively. The service sector had drop to 5.5%. However, according to the
Minister of Finance, the agriculture and construction sectors are projected
to expand 2.4% and 11.2% respectively while the manufacturing and the mining
industries are forecast to grow 4.9% and 2.7& respectively. Meanwhile,
the service sector is expected to grow 5.6%. |
|
|
With domestic demand remaining robust and signs of improvement in the
external sector, there are far less grounds for an interest rate cut, unlike
in the rest of the region where growth has, with the exception of Thailand,
been less than impressive. High capacity utilisation, strong credit growth and
the need to rein in household debt are all mitigating factors against an
easing of policy. Meanwhile, in maintaining the balance between economic
growth and inflationary pressures in Malaysia, it is expected that interest
rates in the country will remain stable through 2013. The benchmark overnight
policy rate (OPR) currently stands at 3%, which has been supportive of the
country's economic growth amid a low inflation environment with consumer
price index (CPI) growing at less than 2% in 2012. But with price pressures
expected to pick up in year 2014, with CPI expected to increase around 2% to
3%, some economists expect the OPR to likely be raised by 25 basis points to
3.25% in the second half of year 2014. |
|
|
In conclusion, the outlook for the Malaysian economy is going to be
challenging, with the ongoing global economic slowdown in view of the debt
crisis in Europe and the weakening of the US economy. Besdies, the loss of
growth momentum in Malaysia will continue and become serious enough to
sidetrack the country from its long-term development goals. Thus, nominal
Gross National Income (GNI) per capita is expected to increase 6.4% to
RM32,947 in year 2013. In terms of Public-Private Partnership (PPP)
Facilitation Fund, per capita income is expected to grow 4.4% to reach
USD16,368. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
|
|
No latest financial accounts are available at the Registry Office.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.