|
Report No. : |
336645 |
|
Report Date : |
27.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
CORRFLEX SERVICES & TRADING |
|
|
|
|
Registered Office : |
4, Jalan Bp 6/4, Taman Industri, Bandar |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
27.01.2003 |
|
|
|
|
Com. Reg. No.: |
001391281-T |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Subject is engaged in trading of packaging machines |
|
|
|
|
No. of Employee : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
-- |
|
Status : |
Moderate |
|
|
|
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.
The NAJIB administration 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. Gross exports of goods and services constitute more than 80% of GDP. The oil and gas sector supplied about 29% of government revenue in 2014. As an oil and gas exporter, Malaysia has previously profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is trying to lessen its dependence on state oil producer Petronas.
Bank Negara Malaysia (the central bank) maintains healthy foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. In order to attract increased investment, NAJIB raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays.
Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
EXECUTIVE SUMMARY |
|
|
|
REGISTRATION NO. |
: |
001391281-T |
|
COMPANY NAME |
: |
CORRFLEX SERVICES & TRADING |
|
COMMENCEMENT DATE |
: |
02/01/2003 |
|
REGISTRATION DATE |
: |
27/01/2003 |
|
EXPIRY DATE |
: |
06/06/2017 |
|
BUSINESS CONSTITUTION |
: |
SOLE PROPRIETORSHIP |
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS ADDRESS |
: |
4, JALAN BP 6/4, TAMAN INDUSTRI,
BANDAR BUKIT PUCHONG, 47100 PUCHONG, SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
03-80682725 |
|
FAX.NO. |
: |
03-80612000 |
|
CONTACT PERSON |
: |
TEH KOK JOO ( OWNER ) |
|
|
|
|
|
INDUSTRY CODE |
: |
46594 |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF PACKAGING MACHINES |
|
|
|
|
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
|
|
|
|
PAYMENT |
: |
N/A |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
HIGH |
|
CURRENCY EXPOSURE |
: |
N/A |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
HISTORY / BACKGROUND |
The Subject commenced its business
on 02/01/2003 as a SOLE PROPRIETORSHIP.
The Subject is a sole
proprietorship, that is, it has a single owner whose liabilities are unlimited.
In case the Subject 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 Subject has to file in its information
with Registrar of Business but it is not required to file in its financial
statements.
The Subject is principally engaged
in the (as a / as an) trading of packaging machines.
The Subject is not listed on Bursa
Malaysia (Malaysia Stock Exchange).
The owner of the Subject are shown
as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. TEH KOK JOO |
393, JALAN SENG MENG LEE , 70200
SEREMBAN, NEGERI SEMBILAN, MALAYSIA. |
720409-05-5249 A2030108 |
100.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
100.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
OWNERS |
OWNER(S) 1
|
Name Of Subject |
: |
MR. TEH KOK JOO |
|
Address |
: |
393, JALAN SENG MENG LEE, 70200
SEREMBAN, NEGERI SEMBILAN, MALAYSIA. |
|
IC / PP No |
: |
A2030108 |
|
New IC No |
: |
720409-05-5249 |
|
Date of Birth |
: |
09/04/1972 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/01/2003 |
|
Shareholding |
: |
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT |
||
|
|
|
1) |
Name of Subject |
: |
TEH KOK JOO |
|
|
Position |
: |
OWNER |
|
|
|
|
|
AUDITOR |
No Auditor found in our databank
BANKING |
No Banker found in our databank.
LITIGATION CHECK AGAINST SUBJECT |
* 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.
DEFAULTER CHECK AGAINST SUBJECT |
* 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.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD |
|
|
|
|
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The Subject refused to disclose its suppliers.
CLIENTELE |
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|
|
|
|
|
|
|
|
|
|
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
Goods Traded |
: |
PACKAGING MACHINES
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of packaging
machines.
The Subject refused to disclose its operation.
CURRENT INVESTIGATION |
Latest fresh investigations carried
out on the Subject indicated that :
|
Telephone Number Provided By
Client |
: |
N/A |
|
Current Telephone Number |
: |
03-80682725 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
NO 4 JALAN BP 6/4, TAMAN INDUSTRI
BANDAR, BUKIT PUCHONG JAYA 47100 PUCHONG SELANGOR DE |
|
Current Address |
: |
4, JALAN BP 6/4, TAMAN INDUSTRI,
BANDAR BUKIT PUCHONG, 47100 PUCHONG, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
We contacted one of the staff from the Subject and he provided limited
information.
He refused to disclose the banker and number of employees.
FINANCIAL ANALYSIS |
|
|
|
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 |
||||||
|
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK |
|
Major Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption ( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment ( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption ( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment ( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government Finance to GDP / Fiscal
Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation ( % Change in Composite
CPI) |
3.1 |
1.6 |
2.5 |
3.2 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
2.9 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR
Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital
Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
4.00 |
- |
|
Average 3 Months of Non-performing
Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
6.85 |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
56.0 |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
43,486.6 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Companies (
No. ) |
45,455 |
45,441 |
46,321 |
49,144 |
- |
|
Registration of New Companies ( %
) |
3.0 |
(0.0) |
1.9 |
6.1 |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
21,753 |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
(17.7) |
- |
|
|
|
|
|
|
|
|
Registration of New Business ( No.
) |
284,598 |
324,761 |
329,895 |
332,723 |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
1.0 |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
21,436 |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
18.0 |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000
Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular Phone Subscribers (
Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist Arrival ( Million Persons
) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
63.2 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
13.5 |
- |
|
Bad Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
|
|
|
|
|
|
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry & Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry Non-Performing Loans (
MYR Million ) |
634.1 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil & Gas |
(1.7) |
- |
- |
3.0 |
- |
|
Other Mining |
- |
- |
- |
46.6 |
- |
|
Industry Non-performing Loans (
MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.4 |
5.5 |
|
Exported-oriented Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical & Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles & Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food, Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical & Chemical Products |
10.0 |
10.8 |
5.6 |
1.4 |
- |
|
Plastic Products |
3.8 |
- |
- |
2.7 |
- |
|
Iron & Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper & Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude Oil Refineries |
9.3 |
- |
- |
13.0 |
- |
|
Industry Non-Performing Loans (
MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry Non-Performing Loans (
MYR Million ) |
3,856.9 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric, Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport, Storage &
Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale, Retail, Hotel &
Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance, Insurance & Real
Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry Non-Performing Loans (
MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing
Production Index |
|||||
INDUSTRY ANALYSIS |
|
MSIC CODE |
|
|
46594 : Wholesale of industrial
machinery, equipment and supplies |
|
|
|
|
|
INDUSTRY : |
MACHINERY |
|
|
|
|
|
|
|
Malaysia is presently the leading
manufacturer of automation machinery and equipment (M&E) in the ASEAN region
with a total of 22 companies in production. The machinery and equipment
industry has expanded and produce a diverse range of machinery which give
importance to the overall industrial development of the country, due to its
cross cutting linkages with all industrial sectors. |
|
|
|
|
|
Growth of the domestic-oriented
industries such as machinery and transportation equipment is expected to
remain favourable in 2014, in line with resilient domestic consumption and
robust private investment. However, the output of general-purpose machinery
decreased 8.8% in the first seven moths of 2014 (January - July 2013: -1.8%)
due to the decline in manufacture of air-conditioning machine (-17.9%) as
well as lifting and handling equipment (-8.2%). |
|
|
|
|
|
Besides, shipments of machinery,
appliances and parts continued to expand rapidly by 12.5% in the first seven
months of 2014 (January - July 2013: 1.4%) with stronger demand from
Singapore, the US, China and Australia. Growth was mainly contributed by
specialized machinery for specific industries (16.3%), particularly for civil
engineering and manufacture of semiconductors as well as general industrial
machinery and equipment (9.2%) such as heating and cooling equipment and
parts as well as mechanical handling equipment and parts. |
|
|
|
|
|
According to the World Bank's
Doing Business 2014 Report, Malaysia improved to 15th from 25th position in
the 2014 Foreign Direct Investment Confidence Index, with highlighted Malaysia's
efforts in building its competitive position in electronics, automotive, and
machinery manufacturing to move up the value chain into high technology and
skill-intensive segments. |
|
|
|
|
|
The Government has identified the
M&E industry to be one of the key areas for growth and development. The
growth will focus on the manufacture of high value-added and high technology
M&E. For the further development of the M&E industry, six strategic
thrusts have been set during the Third Industrial Master Plan (IMP3), 2006 -
2020 period:- |
|
|
- Promoting Malaysia as a regional
production, trading and distribution centre for M&E |
|
|
- Rising the development and
promotion of selected specialized and high technology M&E |
|
|
- Strengthening the engineering support
industries and support services |
|
|
- Developing Malaysian Standards
for machinery and equipment |
|
|
- Developing sufficient highly
skilled workforce |
|
|
- Strengthening the institutional
support for the further development of the industry |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average
Growth |
|
CREDIT RISK EVALUATION & RECOMMENDATION |
|
|
|
|
FINANCIAL ACCOUNT |
No latest financial accounts are available at the Registry Office.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.16 |
|
|
1 |
Rs.103.88 |
|
Euro |
1 |
Rs.75.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ASH |
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.