MIRA
INFORM REPORT
|
Report Date : |
05.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
CHUNGHWA PICTURE TUBES ( |
|
|
|
|
Registered Office : |
Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Level 17,
50490 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
17/04/1989 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Investment Holding and Manufacture and |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
* Adopted abbreviations : SC - Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 181070-H
COMPANY NAME : CHUNGHWA PICTURE TUBES (
FORMER NAME : CHUNGHWA PICTURE TUBE COMPONENTS SDN
BHD
(18-09-1990)
INCORPORATION DATE : 17/04/1989
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : MENARA MILENIUM, JALAN DAMANLELA,
PUSAT BANDAR
DAMANSARA,
LEVEL 17, 50490
BUSINESS ADDRESS : LOT 1 SUBANG HI-TECH INDUSTRIAL PARK,
BT 3, 40000
SHAH
ALAM,
TEL NO : 03 - 56355055
FAX NO : 03 - 58917989/58917522
EMAIL : jovyna@cptm.com.my
WEB SITE : www.cptm.com.my
CONTACT PERSON : HENRY CHEN HWANG YUN (MANAGING
DIRECTOR)
INDUSTRY CODE : 32300
PRINCIPAL ACTIVITY : INVESTMENT HOLDING AND MANUFACTURE
AND
COLOUR
CATHODE RAY TUBE
AUTHORISED CAPITAL : MYR602,650,000.00 DIVIDED INTO
ORDINARY SHARE
600,000,000
OF MYR1.00 EACH.
PREFERENCE
SHARE 450,000 OF MYR1.00 EACH.
OTHER
SHARE 220,000,000 OF MYR0.01 EACH.
ISSUED AND PAID UP CAPITAL : MYR602,123,957.00 DIVIDED INTO
ORDINARY SHARE
205,142,426
CASH AND 394,857,574 OTHERWISE OF
MYR1.00
EACH.
OTHER
SHARE 212,395,725 OTHERWISE OF MYR0.01
EACH.
SALES : MYR1,298,373,000 [2005]
NET WORTH : MYR873,407,000 [2005]
M1000 OVERALL RANKING : 177 [2005]
M1000 INDUSTRY RANKING : 16 [2005]
STAFF STRENGTH : 3,110
[2007]
BANKER (S) : CITIBANK BHD
: HSBC BANK
LITIGATION : CLEAR
FINANCIAL CONDITION : N/A
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : LOW
CURRENCY EXPOSURE : HIGH
GENERAL REPUTATION : GOOD
INDUSTRY OUTLOOK : STRONG 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) investment holding
and manufacture and sale of colour cathode ray tube.
The SC is not listed on
The SC is one of the Top Corporate Performers in the
According to the
YEAR 2005 2004
OVERALL RANKING 177 91
INDUSTRY RANKING 16 10
The immediate holding company of the SC is CHUNGHWA PICTURE TUBES
(BERMUDA) LTD, a company in incorporated in
The ultimate holding company of the SC is TATUNG CO LTD, a company in
incorporated in
The penultimate holding company of the SC is CHUNGHWA PICTURE TUBES LTD,
a company in incorporated in
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
CHUNGHWA PICTURE TUBES CLARENDON HOUSE,
(
[ORD SHARES 600,000,000 &
PREF SHARES 212,395,725]
--------------------
812,395,725
===========
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown
as follows:
Local No Name (%) As At
359450 CHUNGHWA
PICTURE TUBES (KAMPAR) SDN BHD 100.00 31/12/05
204843 MAKOLIN
ELECTRONICS (M) SDN BHD 42.00 25/02/06
DIRECTORS
DIRECTOR 1
Name of Subject : LIOU DE CHI
IC / PP No. : P131555617
Date of Appointment : 25/10/2005
DIRECTOR 2
Name of Subject : CHEN HWANG YUN
IC / PP No. : P133101327
Date of Appointment : 03/06/2004
DIRECTOR 3
Name of Subject : LIN CHIENG HON
IC / PP No. : P131672704
Date of Appointment : 21/05/2003
MANAGEMENT
1) Name of Subject : HENRY
CHEN HWANG YUN
Position : MANAGING DIRECTOR
2) Name of Subject : KHAN
SOOK HUAT
Position : ACCOUNTANT
3) Name of Subject : JIMMY
CHEN
Position : MARKETING DIRECTOR
4) Name of Subject : NG
LEE CHIAT
Position : SALES MANAGER
5) Name of Subject : JOVYNA
CHING
Position : HUMAN RESOURCE MANAGER
6) Name of Subject : LEE
CHAI
Position : PRODUCTION MANAGER
AUDITOR
Auditor : ERNST & YOUNG
Auditors' Address : MENARA MILENIUM, JALAN DAMANLELA,
PUSAT BANDAR
DAMANSARA,
LEVEL 23A, 50490, WILAYAH PERSEKUTUAN,
COMPANY SECRETARY
1) Company Secretary : MS.
NURULUYUN BTE ABDUL JABAR
IC / PP No. : A0160499
New IC No. : 650606-02-5662
Address : 2A-3-2, DESA BISTARI CONDOMINIUM, JALAN SETIA BISTARI,
50490
Date of Appointment : 29/09/2005
2) Company Secretary : MS.
WOO YING PUN
IC / PP No. : 7245916
New IC No. : 631106-10-6550
Address : 24, JALAN SARJANA 3, TAMAN
56000
Date of Appointment : 29/10/2004
BANKING
Banking relations are maintained principally with :
1) Banker Name : CITIBANK
BHD
2) Banker Name : HSBC
BANK
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 : UNITED
CLIENTELE
Local : YES Percentage : 10%
Domestic Markets :
Overseas : YES Percentage : 90%
Export Market :
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES , LETTER OF CREDIT (LC).
Type of Customer : MANUFACTURING INDUSTRIES .
CUSTOMER (S) : 1) FUNAI ELECTRIC (
OPERATIONS
Products Manufactured : COLOUR PICTURE TUBES, ELECTRON GUNS
Award : MS ISO 9001 : 2000 Year : 1998
MS
ISO 14001 Year : 1999
MS
ISO 9001 : 2000 Year : 1994
Competitor(s) : SAMSUNG SDI (
SHARP
MANUFACTURING CORPORATION (M) SDN BHD
DAXON
TECHNOLOGY SDN BHD
PANASONIC
AVC NETWORKS
JVC
ELECTRONICS
Member(s) / Affiliate(s) : FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM)
Ownership of premises : OWNED
Total Number of Employees :
YEAR 2007 2006 2005
GROUP N/A N/A N/A
COMPANY 3,110 3,006 2,997
Branch : NO
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA) database, but no latest development
was noted in our investigation.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
Telephone Number Provided By Client : N/A
Current Telephone Number : 03-56355055
Match : N/A
Address Provided By Client :
BATUTIGA,
40000 SHAH ALAM SELANGOR
Current Address : LOT 1 SUBANG HI-TECH INDUSTRIAL PARK,
BT 3,
40000
SHAH ALAM,
Match : YES
Latest Financial Accounts : YES
Other Investigations
On 4th July 2007, we conducted an interview with one of the staff from
the SC's Admin Department. She revealed some information pertaining to the SC.
FINANCIAL COMMENTS
Only one year account is available for the SC. Without any comparison
with previous year account, our comments on the SC's financial performance is
restricted.
COMMENTS
Incorporated in 1989, the SC is a private limited company, focusing on
investment holding and the manufacture and sale of colour cathode ray tubes.
Having been around for 18 years in the industry, the SC should have built up
its reputation and image in the market. Over the years, the SC has been growing
steadily with a paid up capital of RM602,123,957. Such a huge paid up capital
enables the SC to expand its business comfortably. Being backed by its strong
established holding company, the SC is expected to enjoy timely financial
assistance when the needs arise.
Our investigation revealed that 90% of the SC's products are sold to
overseas countries such as
For the financial year 2005, the Group recorded a turnover of
RM1,298,373,000 however it suffered pre-tax losses of RM8,373,000. Due to its
losses, the Group has generated an unfavourable return on its shareholders'
funds. However, the Group is in an acceptable liquidity position as it has
sufficient working capital to meet its short term liquidity need. As a lowly
geared company, the Group faces low financial risk. The Group can borrow
additional loan easily. The overall financial performance of the Group can be
regarded as fair.
We noted that the SC sources its products locally and from
There are no legal suit against the SC.
The industry is rapidly growing with the continuous investment in
advance technology. Therefore, we are quite confident with the SC's performance
in the near term. With the SC's favourable background, it should be able to
compete with other players in the same fields.
In view of the above, we recommend credit be granted to the SC normally.
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH
CONSOLIDATED
PROFIT AND LOSS ACCOUNT
For
The Year Ended 31-December-2005
2005
MYR
TURNOVER 1,298,373,000
===========
PROFIT/(LOSS) FROM OPERATIONS <8,373,000>
SHARE OF
PROFITS/(LOSSES) OF ASSOCIATED
-------------------
PROFIT/(LOSS)
BEFORE TAXATION <8,373,000>
Taxation <1,178,000>
-------------------
PROFIT/(LOSS)
AFTER TAXATION <9,551,000>
-------------------
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS <9,551,000>
-------------------
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS <9,551,000>
RETAINED
PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As previously
reported 100,809,000
-------------------
As restated 100,809,000
-------------------
PROFIT AVAILABLE
FOR APPROPRIATIONS 91,258,000
DIVIDENDS -
Ordinary (paid & proposed) <91,200,000>
-------------------
RETAINED
PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD 58,000
===========
RETAINED BY: The Company 58,000
-------------------
58,000
===========
INTEREST
EXPENSE (as per notes to P&L)
Term loan 495,000
Lease
interest 765,000
bankers
acceptance 189,000
-------------------
1,449,000
===========
CONSOLIDATED BALANCE SHEET
As At 31-December-2005
CHUNGHWA PICTURE TUBES (
2005
MYR
ASSETS
EMPLOYED:
FIXED ASSETS 611,418,000
LONG
TERM INVESTMENTS/OTHER ASSETS
Investments 134,752,000
-------------------
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS 134,752,000
INTANGIBLE
ASSETS
Deferred/Expenditure carried forward 3,231,000
-------------------
TOTAL
INTANGIBLE ASSETS 3,231,000
-------------------
TOTAL LONG
TERM ASSETS 749,401,000
CURRENT
ASSETS
Stocks 83,814,000
Trade debtors 144,871,000
Other debtors, deposits & prepayments 3,872,000
Short term deposits 150,053,000
Items in transit between head office &
branches
Amount due from related companies 914,000
Cash & bank balances 4,261,000
amount due from penultimate holding companies 16,685,000
-------------------
TOTAL CURRENT
ASSETS 404,470,000
CURRENT
LIABILITIES
Trade creditors 194,153,000
Other creditors & accruals 38,764,000
Hire purchase & lease creditors 4,170,000
Amounts owing to related companies 25,129,000
Provision for taxation 153,000
amount due to penultimate holding companies 4,129,000
amount due to ultimate holding companies 12,000
-------------------
TOTAL CURRENT
LIABILITIES 266,510,000
-------------------
NET CURRENT
ASSETS/(LIABILITIES) 137,960,000
-------------------
TOTAL NET
ASSETS 887,361,000
===========
FINANCED BY:
SHARE CAPITAL
Ordinary share capital 602,124,000
-------------------
TOTAL SHARE
CAPITAL 602,124,000
RESERVES
Share premium 210,272,000
Capital reserve 450,000
Revaluation reserve 60,503,000
Retained profit/(Accumulated loss) carried
forward 58,000
-------------------
TOTAL
RESERVES 271,283,000
-------------------
SHAREHOLDERS'
FUNDS/EQUITY 873,407,000
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
Lease obligations 10,770,000
Deferred taxation 3,184,000
-------------------
TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 13,954,000
-------------------
887,361,000
===========
CONSOLIDATED FINANCIAL RATIOS
As At
31-December-2005
CHUNGHWA PICTURE
TUBES (
2005
MYR
TYPES OF
FUNDS
Cash 154,314,000
Net Liquid
Funds 154,314,000
Net Liquid
Assets 54,146,000
Net Current
Assets/(Liabilities) 137,960,000
Net Tangible
Assets 884,130,000
Net Monetary
Assets 40,192,000
BALANCE
SHEET ITEMS
Total
Borrowings 14,940,000
Total
Liabilities 280,464,000
Total Assets 1,153,871,000
Net Assets 887,361,000
Net Assets
Backing 873,407,000
Shareholders''
Funds 873,407,000
Total Share
Capital 602,124,000
Total
Reserves 271,283,000
LIQUIDITY
(Times)
Cash Ratio 0.58
Liquid Ratio 1.20
Current Ratio 1.52
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 24
Debtors Ratio 41
Creditors
Ratio 55
SOLVENCY
RATIOS (Times)
Gearing Ratio 0.02
Liabilities
Ratio 0.32
Times Interest
Earned Ratio <4.78>
PERFORMANCE
RATIO (%)
Operating
Profit Margin <0.64>
Net Profit
Margin <0.74>
Return On Net
Assets <0.78>
Return On
Capital Employed <0.78>
Return On
Shareholders'' Funds/Equity <1.09>
Dividend Pay
Out Ratio (Times) <9.55>
NOTES
TO ACCOUNTS
Contingent
Liabilities 0
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)