MIRA
INFORM REPORT
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Report Date : |
10.08.2007 |
IDENTIFICATION DETAILS
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Name : |
DANSOON CHEMICALS
SDN BHD |
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Registered Office : |
917, Block A, Kelana Centre Point, 3 Jalan Ss 7/19, |
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Country : |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
27/01/1994 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Dealing in Manufacturing of Adhesive Liquid, Chemicals for Furniture, Shoes, Leathers & related products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
* Adopted abbreviations : SC - Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 288272-U
COMPANY NAME : DANSOON CHEMICALS SDN BHD
FORMER NAME : PHINOPINE INDUSTRIES SDN BHD (17-02-1996)
INCORPORATION DATE : 27/01/1994
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 917, BLOCK A, KELANA CENTRE POINT, 3 JALAN SS 7/19,
KELANA JAYA, 47301 PETALING JAYA, SELANGOR,
BUSINESS ADDRESS : NO 77B & C, JALAN KENARI 20, BANDAR PUCHONG JAYA,
47100
PUCHONG,
TEL NO : 03 - 80759533/9461
FAX NO : 03 - 80759515
WEB SITE : www.donson.com.my
CONTACT PERSON : TEOH CHOON KEAT (DIRECTOR)
INDUSTRY CODE : 24290
PRINCIPAL ACTIVITY : DEALING IN MANUFACTURING OF ADHESIVE LIQUID,
CHEMICALS FOR FURNITURE, SHOES, LEATHERS &
RELATED PRODUCTS
AUTHORISED CAPITAL : MYR500,000.00 DIVIDED INTO ORDINARY SHARE 500,000
OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR200,000.00 DIVIDED INTO ORDINARY SHARE 100,000
CASH AND 100,000 OTHERWISE OF MYR1.00 EACH.
SALES : MYR7,668,351 [2006]
NET WORTH : MYR759,037 [2006]
STAFF STRENGTH : 35 [2007]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : LIMITED
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : AVERAGE GROWTH
HISTORY / BACKGROUND
The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) dealing in manufacturing of adhesive liquid, chemicals for furniture, shoes, leathers & related products
The SC is not listed on
The SC is not qualified to be one of the Top Corporate
Performers in the
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
MS. TEOH SUN SUN + 22A,
JALAN 6/155B, BUKIT JALIL GOLF & 771012-14-5756 100,000
COUNTRY
RESORT, 57000
WILAYAH
MR. TEOH CHOON KEAT + 22A, JALAN 6/155B, BUKIT JALIL GOLF & 760511-14-5837 100,000
COUNTRY
RESORT, 57000
WILAYAH
--------------------
200,000
===========
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MS. TEOH SUN SUN
Address : 22A, JALAN 6/155B, BUKIT JALIL GOLF & COUNTRY RESORT,
57000
IC / PP No. : N/A
New IC No : 771012-14-5756
Date of Birth : 12/10/1977
Nationality : MALAYSIAN CHINESE
Date of Appointment : 31/12/1999
DIRECTOR 2
Name of Subject : MR. TEOH CHOON KEAT
Address : 22A, JALAN 6/155B, BUKIT JALIL GOLF & COUNTRY RESORT,
57000
IC / PP No. : N/A
New IC No : 760511-14-5837
Date of Birth : 11/05/1976
Nationality : MALAYSIAN CHINESE
Date of Appointment : 31/12/1999
MANAGEMENT
1) Name of Subject : TEOH CHOON KEAT
Position : DIRECTOR
2) Name of Subject : TEOH SUN SUN
Position : DIRECTOR
AUDITOR
Auditor : CHING & ASSOCIATES
Auditors' Address : 915, BLOCK A, KELANA CENTRE POINT, 3, JALAN SS 7/19, KELANA
JAYA,
47400 PETALING JAYA,
COMPANY SECRETARY
1) Company Secretary : MS. KOH MUI CHEE
IC / PP No. : A1791890
New IC No. : 710512-05-5248
Address : 682, JALAN J, LORONG 21, KAMPUNG TASIK AMPANG, 68000
AMPANG,
Date of Appointment : 15/03/2005
BANKING
Banking relations are maintained principally with :
1) Banker Name : MALAYAN BANKING BHD
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST
THE SC
* A check has been conducted in our databank against the SC whether the subject has been
involved in
any litigation. Our databank consists of 99% of the wound up companies in
back dated since 1900.
No legal action was found in our databank.
No winding up petition was found in our data bank
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : YES
Overseas : YES
Import Countries : ASIA,
CLIENTELE
Local : YES Percentage : 60%
Domestic Markets :
Overseas : YES Percentage : 40%
Export Market : ASIA,
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES , TELEGRAPHIC TRANSFER (TT).
Type of Customer : DISTRIBUTORS , MANUFACTURING INDUSTRIES .
OPERATIONS
Products Manufactured : INDUSTRIAL ADHESIVES
Brand Name : DONSOON
Competitor(s) : COGNIS OLEOCHEMICALS (M) SDN BHD
TORAY
PLASTICS (
NATURAL OLEOCHEMICALS SDN BHD
COGNIS RIKA (M) SDN BHD
T.I.P.P.
(
Factory/Premises : NO 214, JALAN 4D, SUBANG NEW VILLAGE, 41050 KLANG,
SELANGOR.
Tel No : 03 - 78464826
Fax No : 03 - 78465053
Total Number of Employees :
YEAR 2007 2006
GROUP N/A N/A
COMPANY 35 30
Branch : NO
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA) database, but no latest development as noted in our investigation.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
Telephone Number Provided By Client : 80759533
Current Telephone Number : 03-80759533/9461
Match : YES
Address Provided By Client : NO 214 JLN 4D, SUBANG NEW VILLAGE SELANGOR
Current Address : NO 77B & C, JALAN KENARI 20, BANDAR PUCHONG
JAYA,
47100 PUCHONG,
Match : NO
Latest Financial Accounts : YES
Other Investigations
We contacted one of the Senior staff from the Accounts Department. She provided some information on the SC.
We have verified and confirmed that the address provided belongs to the SC's factory.
FINANCIAL COMMENTS
The financial summary of the SC in Year 2006 showed that it was financially LIMITED. The SC has generated an acceptable return on its shareholders' funds. Besides this, it also has an adequate liquidity position with its current liabilities well covered by its current assets. With its net current assets, the SC should be able to repay its short term obligations. However, the SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected.
Overall financial condition of the SC: LIMITED
COMMENTS
Starting the business operation in 1994, the SC is principally engaged in the dealing in manufacturing of adhesive liquid, chemicals for furniture, shoes, leathers and related products. The products are under brand DONSOON. Presently, the SC paid up capital stands at RM200,000. Its long presence in the industry coupled with its vast experiences has enabled the SC to keep its business as going despite the very challenging business environment.
During our investigation, we noted that besides dominant in
the local market, the SC has also exported to Asia and
During the financial year ended 30 June 2006, the SC's turnover and pre tax profit stood at RM7.66 million and RM82,510 respectively. The management has generated acceptable returns for its shareholders. Besides this, it also has an adequate liquidity position with its current liabilities well covered by its current assets. With its net current assets, the SC should be able to repay its short term obligations. However, the SC has high liabilities ratio therefore it may face financial difficulties if no additional capital is injected. Overall financial condition of the SC is limited.
We were informed that the SC's raw materials are sourced from the local market and also imported from overseas market. Thus, the SC is exposed to foreign currency risk.
The SC is clear of litigation.
The industry shows an upward trend and this trend is very likely to sustain in the near future. With the promising outlook of the industry performance, the business potential of the SC should be favourable.
In view of the above, we recommend credit be granted to the SC with monitoring.
THE FINANCIAL
STATEMENTS WERE PREPARED
IN ACCORDANCE WITH
STANDARD
PROFIT AND LOSS ACCOUNT
DANSOON
CHEMICALS SDN BHD
30-June-2006
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Turnover 7,668,351.00
Operating
Revenue 0.00
----------------------------
Profit
/ (Loss) Before Tax 82,510.00
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Profit
/ (Loss) After Tax 51,102.00
Extraordinary
Item 0.00
Minority
Interest 0.00
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Profit/(Loss)
Attributable to Shareholders 51,102.00
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Prior
Period Adjustment 0.00
Net
Dividend 0.00
Transferred
To/From Reserved 0.00
Others 0.00
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Unappropriated
Profit/(Loss) Brought Forward 507,935.00
----------------------------
Unappropriated
Profit/(Loss) Carried Forward 559,037.00
================
BALANCE SHEET
DANSOON
CHEMICALS SDN BHD
30-June-2006
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Fixed
Assets 476,912.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 3,768,376.00
Intangible
Assets 0.00
Other
Assets 0.00
----------------------------
Total
Assets 4,245,288.00
================
Working
Capital 359,040.00
Issued Capital 200,000.00
Paid
Up Capital 200,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) 559,037.00
----------------------------
Shareholder's
Fund/Equity 759,037.00
----------------------------
Current
Liabilities 3,409,336.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 76,915.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 4,245,288.00
================
Contingent
Liabilities 0.00
THE FINANCIAL
STATEMENTS WERE PREPARED
IN ACCORDANCE WITH
STANDARD.
PROFIT
AND LOSS ACCOUNT
For
The Year Ended 30-June-2004
DANSOON
CHEMICALS SDN BHD
2004 2003
MYR MYR
TURNOVER 4,743,424 4,388,533
=========== ===========
PROFIT/(LOSS) FROM OPERATIONS 98,181 89,026
Taxation <19,502> <51,618>
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PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS 78,679 37,408
RETAINED
PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As previously reported 402,753 465,345
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PROFIT
AVAILABLE FOR APPROPRIATIONS 481,432 502,753
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RETAINED
PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD 481,432 502,753
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RETAINED BY: The Company 481,432 502,753
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481,432 502,753
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BALANCE SHEET
As At 30-June-2004
DANSOON
CHEMICALS SDN BHD
2004 2003
MYR MYR
ASSETS
EMPLOYED:
FIXED ASSETS 261,645 302,400
CURRENT
ASSETS
Stocks 422,296 398,828
Trade debtors 1,805,513 1,422,124
Other debtors, deposits & prepayments 2,637 41,626
Cash & bank balances 252,915 1,661
tax recoverable 46,903 89,522
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TOTAL CURRENT
ASSETS 2,530,264 1,953,761
CURRENT
LIABILITIES
Trade creditors 2,000,254 1,535,470
Other creditors & accruals 69,491 43,963
Amounts owing to director - 34,000
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TOTAL CURRENT
LIABILITIES 2,069,745 1,613,433
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NET CURRENT
ASSETS/(LIABILITIES) 460,519 340,328
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TOTAL NET
ASSETS 722,164 642,728
=========== ===========
FINANCED
BY:
SHARE CAPITAL
Ordinary share capital 200,000 100,000
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TOTAL SHARE
CAPITAL 200,000 100,000
RESERVES
Retained profit/(Accumulated loss) carried
forward 481,432 502,753
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TOTAL
RESERVES 481,432 502,753
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SHAREHOLDERS'
FUNDS/EQUITY 681,432 602,753
LONG
TERM & DEFERRED LIABILITIES & PROVISIONS
Deferred taxation 40,732 39,975
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TOTAL LONG
TERM & DEFERRED LIABILITIES &
PROVISIONS 40,732 39,975
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722,164 642,728
=========== ===========
FINANCIAL RATIOS
As
At 30-June-2004
DANSOON
CHEMICALS SDN BHD
2004 2003
MYR MYR
TYPES OF
FUNDS
Cash 252,915 1,661
Net Liquid Funds 252,915 1,661
Net Liquid Assets 38,223 <58,500>
Net Current Assets/(Liabilities) 460,519 340,328
Net Tangible Assets 722,164 642,728
Net Monetary Assets <2,509> <98,475>
BALANCE
SHEET ITEMS
Total Borrowings 0 0
Total Liabilities 2,110,477 1,653,408
Total Assets 2,791,909 2,256,161
Net Assets 722,164 642,728
Net Assets Backing 681,432 602,753
Shareholders' Funds 681,432 602,753
Total Share Capital 200,000 100,000
Total Reserves 481,432 502,753
LIQUIDITY
(Times)
Cash Ratio 0.12 0.00
Liquid Ratio 1.02 0.96
Current Ratio 1.22 1.21
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 32 33
Debtors Ratio 139 118
Creditors Ratio 154 128
SOLVENCY
RATIOS (Times)
Gearing Ratio 0 0
Liabilities Ratio 3.10 2.74
Times Interest Earned Ratio 0 0
PERFORMANCE
RATIO (%)
Operating Profit Margin 2.07 2.03
Net Profit Margin 1.66 0.85
Return On Net Assets 13.60 13.85
Return On Capital Employed 13.60 13.85
Return On Shareholders' Funds/Equity 11.55 6.21
Dividend Pay Out Ratio (Times) 0 0
NOTES
TO ACCOUNTS
Contingent Liabilities 0 0
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)