MIRA INFORM REPORT
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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
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Name : |
OPTIMISTIC ORGANIC SDN. BHD. |
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Registered Office : |
Level 8, Symphony House Dana 1, Jalan PJU 1A/46, Petaling Jaya, Selangor Darul Ehsan, Zip/postal code 47301 |
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Country : |
Malaysia |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
24.09.2009 |
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Com. Reg. No.: |
873094-V |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Manufacturing of specialty chemicals |
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No. of Employees : |
113 employees |
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 |
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.
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Source : CIA |
Verified Address
Subject name : OPTIMISTIC ORGANIC SDN. BHD.
Business address Lot 3351, Telok Kalong Industrial Estate
Town : Kemaman
Province : Terengganu Darul Iman
Zip/postal code : 24007
Country : Malaysia
Tel : +60 9 8633029 / 8633031
Fax : +60 9 8633085
Email : oosb@oosb.com.my
Website : www.thirumalaichemicals.com
Registered address : Level 8, Symphony House Dana 1
Jalan PJU 1A/46
Town : Petaling Jaya
Province : Selangor Darul Ehsan
Zip/postal code : 47301
Country : Malaysia
ARY DETAILS
Executive Summary
Date founded or registered : 24/09/2009
Legal form : Private Company
Limited By Shares
Chief executive : Parekh Nareshkumar
Khimchand
Issued & paid up capital
: MYR 10,000,000
Sales turnover : MYR
0 (Non-consolidated 12 months, 30/11/2010)
Net income : MYR -97,589 (Non-consolidated
12 months, 30/11/2010)
Total fixed assets : MYR 23,489,365
(Non-consolidated 12 months, 30/11/2010)
Line of business : Manufacturing of
specialty chemicals.
Staff employed : 113 employees (Subject)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is in
start-up phase
Management experience : Management is modestly experienced
Financial performance : Financial performance is poor
Organization structure : Organizational structure is
acceptable
Detrimental : No detrimental found
Payment history : No payment delays noted
Comments : Credit can be considered if guaranteed by Ultimate Holding Company
Registry Data
Registration date : 24/09/2009
Legal form : Private Company Limited By
Shares
Registration no 873094-V
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Parekh Nareshkumar Khimchand
Designation : Managing Director
Name : Narayanaswamy Ulaganathan
Designation : Chief Financial Officer
Appointments
Name : Parekh Nareshkumar
Khimchand
Designation : Director
Identification no : G1170183
Appointment date : 01/06/11
Address : No. 50, Jalan Delima
Lot 144
24000
Kemaman
Terengganu
Darul Iman
Malaysia
Name : Narayanaswamy
Ulaganathan
Designation : Director
Identification no : Z1714022
Appointment date : 01/06/11
Address : PT 10580, Jalan Delima 8
Lot 144
24000,
Kemaman
Terengganu
Darul Iman
Malaysia
Name : See Siew Cheng
Designation : Company Secretary
Identification no : 670505-10-5880
Appointment date : 14/10/11
Address : 17, Jalan Ara SD 7/4G
Bandar Sri
Damansara
52200
Kuala Lumpur
Wilayah
Persekutuan
Kuala
Lumpur
Malaysia
Name : Leong Shiak Wan
Designation : Company Secretary
Identification no : 691117-10-5486
Appointment date : 14/10/11
Address : 207, Blok E, Paradesa
Tropica
No. 7,
Persiaran Meranti PJU 9
Bandar Sri
Damansara
52200
Kuala Lumpur
Wilayah
Persekutuan
Kuala
Lumpur
Malaysia
Staff employed : 113 employees (Subject)
Key Advisors
Auditors : ERNST & YOUNG
Level 23A,
Menara Milenium
Jalan
Damanlela
Pusat
Bandar Damansara
Damansara
Heights
50490
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 10,000,000
Paid up capital : MYR
10,000,000
How listed : Full List
Composition
Shareholder name : CHEMINVEST PTE. LTD.
Address : Singapore
No. of shares : 10,000,000 Ordinary Shares
% of shares : 100%
RLATED COMPANIES & CORPORATE
Structure
Name : THIRUMALAI CHEMICALS LIMITED
Affiliation type : Ultimate Holding Company
Address : Thirumalai House, Plot No. 101-102
Road No.
29, Sion (East)
Mumbai -
400 022
India
Comments:
Thirumalai Chemicals Limited, together with its subsidiaries,
engages in manufacturing and sales of industrial and specialty chemicals. Its
industrial chemicals include phthalic anhydride, maleic anhydride, malic acid,
fumaric acid, L(+) tartaric acid, diethyl phthalate, and various fine chemicals
and derivatives; and specialty chemicals include succinic acid, succinic
anhydride, and maleic acid. The company also involves in power generation through
a wind mill. It serves customers in paper, powder coating, agrochemicals,
plasticizers, pharmaceutical intermediates, unsaturated polyester resins,
esters, paints, textile and leather, detergent, bulk drugs, personal care and
cosmetics, adhesives, polymer additives, rubber chemicals, leather chemicals,
food, beverage and confectioneries, bakery goods, feed, construction materials,
metal cleaning, electroplating, water treatment, intermediates, flavors and
fragrances, and pigments and dyes industries. The company markets its products
directly in India, as well as through a network of agents and distributors in
India, Europe, North America, South America, the Middle East, southeast Asia,
the Far East, and Australia. Thirumalai Chemicals Limited is based in Mumbai,
India.
Name : CHEMINVEST
PTE. LTD.
Affiliation type : Parent
Company
Address : Singapore
Name : TARDERIV INTERNATIONAL PTE. LTD.
Affiliation type : Sister
Company
Address : Singapore
Name : ULTRAMARINE & PIGMENTS LIMITED
Affiliation type : Associate
Address : 556, Vanagaram Road
Ambattur
Chennai -
600 053
India
Comments :
Manufacturing of various grades of Ultramarine Blue for Laundry as well as Industrial purposes, in partnership with Bayer AG.
Name : THIRUMALAI CHARITY TRUST
Affiliation type : Associate
Address : India
Name : VEDAVALLI VIDYALAYA
Affiliation type : Associate
Address : India
Name : CHEMIDYE MANUFACTURING COMPANY
Affiliation type : Associate
Address : India
Bank Details
Name of bank : RHB Bank Bhd
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 : None reported.
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 : 30/11/10
Type of accounts : Full audited
Currency : Malaysia,
Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.11 as of
17-05-2012
Summarized
Financial Information
Consolidation type : Non Consolidated Group Consolidated
Currency : Malaysia,
Ringgit (MYR) India, Rupee
(INR)
Denomination : (x1) One (x1) One
Date of financial year end : 30/11/10 31/03/11
Length of accounts 12 months 12 months
Sale turnover / Income : 0 7,784,318,695
Profit before tax : -97,589 248,275,986
Net income : -97,589 174,332,520
Non current assets : 0 2,509,916,851
Current assets : 23,489,365 3,551,869,001
Inventories : 1,114,175,817
Total assets : 23,489,365 6,061,785,852
Current liabilities : 23,586,952 2,135,020,926
Non current liabilities 0 2,723,815,139
Total liabilities : 23,586,952 4,858,836,065
Share equity : -97,587 1,202,949,787
Comments :
Comparative financial information is not available as the Subject
was newly established. The group’s consolidated financial information above
relates to the Subject’s Ultimate Holding Company Thirumalai Chemicals Limited
and all its subsidiaries which include the Subject.
Main activities :
The Subject engages in
manufacturing of specialty chemicals.
The Subject is ultimately
owned by Thirumalai Chemicals Limited, a public listed company on Bombay Stock
Exchange.
Thirumalai Chemicals Limited,
together with its subsidiaries, engages in manufacturing and sales of
industrial and specialty chemicals.
Product & services :
· Maleic Anhydride
· Fumaric Acid
· Maleic Acid
· Sucinic Acid
· Tartaric Acid
· Di Butyl Maleate
Purchases
International : India
Sales
Local : Yes
International : Worldwide
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 : Prepayment, Bank
transfer, Credit 30-90 days
Sales Term
Local : Prepayment,
Bank transfer, Credit 30-90 days
International : L/C, Bank transfer,
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.60.23 |
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UK Pound |
1 |
Rs.101.68 |
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Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
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Report Prepared
by : |
NNA |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.