MIRA
INFORM REPORT
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Report Date : |
27.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
TT PACKAGING SDN BHD |
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Registered Office : |
11-2 Jln 1/57a, Bt 3, Jln Ipoh, 51200 Kuala Lumpur |
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Country : |
Malaysia |
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Financials (as on) : |
31.08.2004 |
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Date of Incorporation : |
26/07/1980 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of Tear Tapes. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
* Adopted abbreviations : SC - Subject Company ( the company enquired
by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 60749-T
COMPANY NAME : TT
PACKAGING SDN BHD
FORMER NAME : TEAR TAPE (MALAYSIA) SDN BHD
(07-10-1991)
INCORPORATION DATE : 26/07/1980
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 11-2 JLN 1/57A, BT 3, JLN IPOH, 51200
KUALA LUMPUR,
MALAYSIA.
BUSINESS ADDRESS : 36 JALAN JASMIN 3, BANDAR BUKIT
BERUNTUNG, 48300
RAWANG,
SELANGOR, MALAYSIA.
TEL NO : 03 - 6028298/2988/2909
FAX NO : 03 - 60282933
CONTACT PERSON : SHUM AH LEK (MANAGING DIRECTOR)
INDUSTRY CODE : 21096
PRINCIPAL ACTIVITY : MANUFACTURING OF TEAR TAPES
AUTHORISED CAPITAL : MYR5,000,000.00 DIVIDED INTO ORDINARY
SHARE
5,000,000
OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR1,350,000.00 DIVIDED INTO ORDINARY
SHARE
1,350,000
CASH OF MYR1.00 EACH.
SALES : MYR4,988,540 [2004]
NET WORTH : MYR1,528,904 [2004]
STAFF STRENGTH : 20
[2007]
BANKER (S) : HSBC BANK MALAYSIA BHD
: UNITED OVERSEAS BANK (MALAYSIA) BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : N/A
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : HIGH
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : MARGINAL 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) manufacturing of
tear tapes.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is not qualified to be one of the Top Corporate Performers in the
Malaysia 1000 (M1000) publication, a directory jointly published by Companies
Commission of Malaysia (The Registrar Office), Minister of Domestic Trade and
Consumer Affairs and our publication arm, BASIS Publications House Sdn Bhd.
The major shareholder(s) of the SC are shown as follows :
The major shareholder(s) of the SC are shown
as follows :
Name Address IC/PP/Loc
No: Shareholding
SHUM AH
LEK + 5 JLN
16/15, 46350 PETALING JAYA, 0404288 906,999.00
SELANGOR. 450928-08-5207
SHUM
PAK WENG + 64
MEDAN ATHINAHAPAN 2, TMN TUN DR 4128094 270,301.00
ISMAIL,
60000 KUALA LUMPUR. 511219-08-5331
SHUM
YUIT HO 87
JLN SS 2/55, 47300 PETALING JAYA, 0577651 53,500.00
SELANGOR.
SAM AH
LOOI 23A
JLN BUNGA RAYA, TMN BUNGA RAYA, 0403462 119,200.00
31650
IPOH, PERAK.
--------------------
1,350,000
===========
+
Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : SHUM AH LEK
Address : 5 JLN 16/15, 46350 PETALING JAYA,
SELANGOR.
IC / PP No : 0404288
New IC No : 450928-08-5207
Date of Birth : 28/09/1945
Nationality : MALAYSIA CHINESE
DIRECTOR 2
Name of Subject : SHUM PAK WENG
Address : 64 MEDAN ATHINAHAPAN 2, TMN TUN DR
ISMAIL, 60000 KUALA
LUMPUR.
IC / PP No : 4128094
New IC No : 511219-08-5331
Date of Birth : 19/12/1951
MANAGEMENT
1) Name of Subject : SHUM
AH LEK
Position : MANAGING DIRECTOR
2) Name of Subject : TAY
KEH FIN
Position : ACCOUNTANT
AUDITOR
Auditor : LOW & CO
Auditors' Address : 11-1 JALAN 1/57A, 3RD MILE, JALAN
IPOH, 51200 KUALA LUMPUR,
WILAYAH
PERSEKUTUAN, MALAYSIA.
COMPANY SECRETARY
1) Company Secretary : TAN
SIEW CHUAN
IC / PP No. : 0492587
New IC No. : 480801-10-5394
Address : 502-C6 SEC 4, WANGSA MAJU, 53300 KUALA LUMPUR.
Date of Appointment : 07/12/1988
2) Company Secretary : TOH
CHOM MEE
IC / PP No. : 6016815
New IC No. : 600825-08-6240
Address : 142 JLN TEMPUA 3, BDR PUCHONG JAYA, BT 8, JLN
PUCHONG,
47100 PUCHONG, SELANGOR.
Date of Appointment : 01/06/1994
BANKING
Banking relations are maintained principally with :
1) Banker Name : HSBC
BANK MALAYSIA BHD
2) Banker Name : UNITED
OVERSEAS BANK (MALAYSIA) BHD
The SC enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s).
ENCUMBRANCE (S)
ENCUMBRANCE 1
Date of Creation : 13 Sep 1990
Description of Charge : DEBENTURE
Amount Secured : O/D
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : LEE WAH BANK LTD
LEE
WAH BANK BLDG, 10-12 MEDAN PASAR, 50050 KUALA
LUMPUR.
Form 40 Dated 28 Sep 1990
Registered and Numbered 3 In The
Register of Charges
ENCUMBRANCE 2
Date of Creation : 19 Oct 1994
Description of Charge : CHARGE
Amount Secured : RM 900,000.00
Description of Property Affected : HS(D) 16034-16036 & LOT
13273-13275, MK KELANG
Name & Address of Chargee : UNITED OVERSEAS BANK (M) BHD
10-12
MEDAN PASAR, 50050 KUALA LUMPUR.
Form 40 Dated 27 Nov 1994
Registered and Numbered 4 In The
Register of Charges
ENCUMBRANCE 3
Date of Creation : 19 Oct 1994
Description of Charge : CHARGE
Amount Secured : RM 200,000.00
Description of Property Affected : HS(D) 16034-16036 & LOT
13273-13275, MK KELANG
Name & Address of Chargee : UNITED OVERSEAS BANK (M) BHD
10-12
MEDAN PASAR, 50050 KUALA LUMPUR.
Form 40 Dated 17 Nov 1994
Registered and Numbered 5 In The
Register of Charges
ENCUMBRANCE 4
Date of Creation : 22 Oct 1999
Description of Charge : AGREEMENT & ASSIGNMENT
Amount Secured : RM 2,295,000.00
Description of Property Affected : CT 8650, LOT 1938, MK OF SERENDAH,
DIST OF ULU
SELANGOR
Name & Address of Chargee : HSBC BANK MALAYSIA BHD
2
LEBOH AMPANG, 50100 KUALA LUMPUR.
Form 40 Dated 09 Nov 1999
Registered and Numbered 6 In The
Register of Charges
ENCUMBRANCE 5
Date of Creation : 02 Feb 2005
Description of Charge : N/A
Amount Secured : RM 500,000.00
Description of Property Affected : N/A
Name & Address of Chargee : UNITED OVERSEAS BANK (MALAYSIA) BHD
Form 40 Dated
Registered and Numbered 7 In The
Register of Charges
ENCUMBRANCE 6
Date of Creation : 02 Feb 2005
Description of Charge : N/A
Amount Secured : O/D
Description of Property Affected : N/A
Name & Address of Chargee : UNITED OVERSEAS BANK (MALAYSIA) BHD
Form 40 Dated
Registered and Numbered 8 In The
Register of Charges
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 Malaysia 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 Percentage : 70%
Overseas : YES Percentage : 30%
Import Countries : ASIA.
The SC refused to furnish us with the suppliers' names. Without the
financial accounts, we are not able to comment on the SC's payment habit.
CLIENTELE
Local : YES Percentage : 40%
Domestic Markets : MALAYSIA.
Overseas : YES Percentage : 60%
Export Market : ASIA.
Credit Term : 30 - 60 DAYS.
Payment Mode : LETTER OF CREDIT (LC).
Type of Customer : END USERS .
OPERATIONS
Products Manufactured : TEAR TAPES
Competitor(s) : CENTRAL INDUSTRIAL CORPORATION BHD
VASATECH
SDN BHD
MALAYAN
ADHESIVES & CHEMICALS SDN BHD
AVERY
DENNISON MATERIALS SDN BHD
MAPEI
(MALAYSIA) SDN BHD
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 20
Branch : NO
Other Information :
The SC is principally engaged in the (as a / as an) manufacturing of
tear tapes.
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 : 60282909
Current Telephone Number : 03-6028298/2988/2909
Match : YES
Address Provided By Client : 36 JALAN JASMIN 3, BANDAR BUKIT
BERUNTUNG,
48300
RAWANG,SELANGOR
Current Address : 36 JALAN JASMIN 3, BANDAR BUKIT
BERUNTUNG,
48300 RAWANG, SELANGOR, MALAYSIA.
Match : YES
Latest Financial Accounts : NO
Investigation :
On 27th 2007, we have contacted the SC's Accountant and its Company
Secretary for the latest financial accounts (2006). However they have rejected
our request in view of the confidentiality of the documents.
Other Investigations
On 22nd March 2007, we conducted an interview with the SC's Finance
Manager, Mr Tay. He furnished us some information on the SC.
FINANCIAL COMMENTS
The SC's latest financial accounts are up to 2004, which is out dated
in our opinion. Therefore, our
comment on the SC financial performance
is restricted thereto.
Overall financial condition of the SC: N/A
COMMENTS
The SC was incorporated in 1980. The SC is principally engaged
in manufacturing of tear tapes and it has been in the business for more than
two decades. Currently its paid up capital stands at RM13.5 million. Its vast
experience and long presence in the market have enabled the SC to gain a good
market shares
and established rapport with its clients.
At present, the SC has a workforce of 20 staff in its operation. The
SC's management is overseen by Managing Director Shum Ah Lek and its management
capability is considered average. The SC has penetrated into both local and
overseas market. We noted that the SC exports 60% of its products to overseas
countries. This global approach has diversified its business risk should there
be any uncertainties in the local market. However, as the SC is an export
oriented company, it is exposed to high foreign currency fluctuation risk.
We are unable to comment on the SC's overall financial standing as its
latest accounts are for the year 2004 only, which is outdated in our opinion.
We have tried to obtain the latest financial accounts from the SC but it
refused to disclose due to the confidential nature of the information.
We are aware that the SC's raw materials are sourced from local market
and overseas market. About 30% of its raw materials are imported from overseas
market.
Investigation revealed that currently the SC is clear of litigation
case.
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 SC business potential should be favourable. The SC however
faces moderate business risk as it has to compete with many well established
players in the same field.
In view of the above, we recommend credit be granted to the SC with
guarantee.
9
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
PROFIT AND LOSS
ACCOUNT
31-August-2004
Consolidated
Accounts : No
UnQualified Reports : Yes
RM
Turnover 4,988,540.34
Operating
Revenue 0.00
----------------------------
Profit
/ (Loss) Before Tax 196,762.55
----------------------------
Profit
/ (Loss) After Tax 109,544.12
Extraordinary
Item 0.00
Minority
Interest 0.00
----------------------------
Profit/(Loss)
Attributable to Shareholders 109,544.12
----------------------------
Prior
Period Adjustment 0.00
Net
Dividend 0.00
Transferred
To/From Reserved 0.00
Others 0.00
----------------------------
Unappropriated
Profit/(Loss) Brought Forward 69,359.80
----------------------------
Unappropriated
Profit/(Loss) Carried Forward 178,903.92
================
BALANCE SHEET
31-August-2004
Consolidated
Accounts : No
UnQualified Reports : Yes
RM
Fixed
Assets 3,298,790.92
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 1,978,266.37
Intangible
Assets 0.00
Other
Assets 0.00
----------------------------
Total
Assets 5,277,057.29
================
Working
Capital <
1,106,089.19 >
Issued Capital 1,350,000.00
Paid
Up Capital 1,350,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) 178,903.92
----------------------------
Shareholder's
Fund/Equity 1,528,903.92
----------------------------
Current
Liabilities 3,084,355.56
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 663,797.81
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 5,277,057.29
================
Contingent
Liabilities 0.00
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 |
|
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 |
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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%)