MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
HEXTAR CHEMICALS SDN BHD |
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Registered Office : |
28, Lorong Tapah, Off Jalan Goh Hock Huat, 41400 Klang |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
09/01/1985 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and Marketing of Agrochemical |
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 : 133061-V
COMPANY NAME : HEXTAR CHEMICALS SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 09/01/1985
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 28, LORONG TAPAH, OFF JALAN GOH HOCK HUAT, 41400
BUSINESS ADDRESS : LOT 5, JALAN PERIGI NENAS 7/3, FASA 1A, PULAU INDAH
INDUSTRIAL PARK, 42920 PELABUHAN KLANG, SELANGOR,
TEL NO : 03 - 31013333/31014469
FAX NO : 03 - 31013233
EMAIL : hextar@hextar.com
WEB SITE : www.hextar.com
CONTACT PERSON : EDDIE ONG (EXECUTIVE DIRECTOR)
INDUSTRY CODE : 24210
PRINCIPAL ACTIVITY : MANUFACTURING AND MARKETING OF AGROCHEMICAL
AUTHORISED CAPITAL : MYR5,000,000.00 DIVIDED INTO ORDINARY SHARE
5,000,000 OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR5,000,000.00 DIVIDED INTO ORDINARY SHARE
2,572,000 CASH AND 2,428,000 OTHERWISE OF MYR1.00
EACH.
SALES : MYR95,554,812 [2005]
NET WORTH : MYR21,684,287 [2005]
STAFF STRENGTH : 160 [2007]
BANKER (S) : HONG LEONG BANK BHD
: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD
: EON BANK BHD
: UNITED OVERSEAS BANK (
: OCBC BANK (
LITIGATION : CLEAR
FINANCIAL CONDITION : FAIR
PAYMENT : AVERAGE
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : LOW
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : GOOD
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) manufacturing and marketing of agrochemical.
The SC is not listed on
The SC is not qualified to be one of the Top Corporate
Performers in the
The immediate holding company of the SC is BINAPURI LESTARI
SDN BHD, a company in incorporated in
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
BINAPURI LESTARI SDN BHD 28 LRG TAPAH, OFF JLN GOH HOCK HUAT, 618544 3,000,000
41400
KELANG,
MR. ONG CHOO MENG + 16,
LEBOH TAMARIND, KAWASAN 5, A3917930 1,004,000
SOUTHERN
PARK, 41200 KLANG, SELANGOR, 780202-14-5591
DATO ONG SOON HO + 16
LEBUH TAMARIND, KAW 5, TMN SELATAN, 7886306 996,000
41200
KLANG, SELANGOR. 470619-10-5073
--------------------
5,000,000
===========
+
Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown as follows:
Local No Name (%) As At
277552 HEXTAR
BIO-FERT SDN BHD 9.98 30/11/04
164122 HEXTAR
CORPORATION SDN BHD 11.25 11/04/98
277564 HEXTAR
LANDSCAPE SERVICES SDN BHD 39.99 04/04/96
692173 RAPIDKILL
PEST CONTROL SDN BHD 55.00 31/12/05
DIRECTORS
DIRECTOR 1
Name of Subject : MR. ONG CHOO MENG
Address : 16, LEBOH TAMARIND, KAWASAN 5, SOUTHERN PARK, 41200
KLANG,
IC / PP No. : A3917930
New IC No : 780202-14-5591
Date of Birth : 02/02/1978
Nationality :
Date of Appointment : 28/08/2002
DIRECTOR 2
Name of Subject : DATO ONG SOON HO
Address : 16 LEBUH TAMARIND, KAW 5, TMN SELATAN, 41200 KLANG,
SELANGOR.
IC / PP No. : 7886306
New IC No : 470619-10-5073
Date of Birth : 19/06/1947
Nationality :
Date of Appointment : 09/01/1985
MANAGEMENT
1) Name of Subject : EDDIE ONG
Position : EXECUTIVE DIRECTOR
2) Name of Subject : ONG SOON HO
Position : MANAGING DIRECTOR
3) Name of Subject : EDDY SIA
Position : ACCOUNTANT
AUDITOR
Auditor : HORWATH
Auditors' Address : 52A-1, LEBUH ENGGANG, 41150,
COMPANY SECRETARY
1) Company Secretary : MS. SHOON KUAN HO
IC / PP No. : A0815518
New IC No. : 671129-08-5082
Address : 11 JALAN DAYANG 5,
KLANG,
Date of Appointment : 02/12/2003
2) Company Secretary : MS. CHOW POH BENG
New IC No. : 730413-10-5746
Address : 5, LORONG RAJA NONG 12B, OFF JALAN RAJA NONG, 41000
KLANG,
Date of Appointment : 30/06/2005
BANKING
Banking relations are maintained principally with :
1) Banker Name : HONG LEONG BANK BHD
2) Banker Name : MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD
3) Banker Name : EON BANK BHD
4) Banker Name : UNITED
OVERSEAS BANK (
5) Banker Name : OCBC
BANK (
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
ENCUMBRANCE (S)
ENCUMBRANCE 1
Date of Creation : 22 Nov 1996
Description of Charge : N/A
Amount Secured : RM 3,390,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 9 In The Register of Charges
ENCUMBRANCE 2
Date of Creation : 22 Oct 1997
Description of Charge : N/A
Amount Secured : RM 1,500,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 11 In The Register of Charges
ENCUMBRANCE 3
Date of Creation : 21 Apr 1999
Description of Charge : N/A
Amount Secured : RM 3,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 12 In The Register of Charges
ENCUMBRANCE 4
Date of Creation : 13 Nov 2000
Description of Charge : N/A
Amount Secured : RM 4,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 14 In The Register of Charges
ENCUMBRANCE 5
Date of Creation : 13 Nov 2000
Description of Charge : N/A
Amount Secured : RM 4,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 15 In The Register of Charges
ENCUMBRANCE 6
Date of Creation : 23 Nov 2001
Description of Charge : N/A
Amount Secured : RM 4,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 16 In The Register of Charges
ENCUMBRANCE 7
Date of Creation : 11 Dec 2002
Description of Charge : N/A
Amount Secured : RM 200,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD
Form 40 Dated
Registered and Numbered 17 In The Register of Charges
ENCUMBRANCE 8
Date of Creation : 20 Mar 2003
Description of Charge : N/A
Amount Secured : RM 6,900,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 18 In The Register of Charges
ENCUMBRANCE 9
Date of Creation : 20 Mar 2003
Description of Charge : N/A
Amount Secured : RM 15,274,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 19 In The Register of Charges
ENCUMBRANCE 10
Date of Creation : 20 Mar 2003
Description of Charge : N/A
Amount Secured : RM 6,900,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 20 In The Register of Charges
ENCUMBRANCE 11
Date of Creation : 20 Mar 2003
Description of Charge : N/A
Amount Secured : RM 6,900,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 21 In The Register of Charges
ENCUMBRANCE 12
Date of Creation : 12 Apr 2004
Description of Charge : N/A
Amount Secured : RM 600,000.00
Description of Property Affected : N/A
Name & Address of Chargee : AMFINANCE BHD
Form 40 Dated
Registered and Numbered 22 In The Register of Charges
ENCUMBRANCE 13
Date of Creation : 22 Sep 2004
Description of Charge : N/A
Amount Secured : RM 5,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : EON BANK BHD
Form 40 Dated
Registered and Numbered 23 In The Register of Charges
ENCUMBRANCE 14
Date of Creation : 25 Jul 2005
Description of Charge : N/A
Amount Secured : o/d
Description of Property Affected : N/A
Name & Address of Chargee : UNITED
OVERSEAS BANK (
Form 40 Dated
Registered and Numbered 24 In The Register of Charges
ENCUMBRANCE 15
Date of Creation : 10 Oct 2005
Description of Charge : N/A
Amount Secured : o/d
Description of Property Affected : N/A
Name & Address of Chargee : HONG LEONG BANK BHD
Form 40 Dated
Registered and Numbered 25 In The Register of Charges
ENCUMBRANCE 16
Date of Creation : 07 Oct 2005
Description of Charge : N/A
Amount Secured : o/d
Description of Property Affected : N/A
Name & Address of Chargee : OCBC BANK (
Form 40 Dated
Registered and Numbered 26 In The Register of Charges
ENCUMBRANCE 17
Date of Creation : 25 Nov 2005
Description of Charge : N/A
Amount Secured : RM 5,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : EON BANK BHD
Form 40 Dated
Registered and Numbered 27 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
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 :
The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :
OVERALL PAYMENT HABIT
Prompt [ ] Good [ ] Average [ X ]
Fair [ ] Poor [ ]
CLIENTELE
Local : YES Percentage : 50%
Domestic Markets :
Overseas : YES Percentage : 50%
Export Market :
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES , TELEGRAPHIC TRANSFER (TT) , LETTER OF CREDIT (LC).
Type of Customer : DISTRIBUTORS , AGENTS .
OPERATIONS
Products Manufactured : FUNGICIDES, INSECTICIDES, HERBICIDES, RODENTICIDE, OTHER
PESTICIDES, FERTILIZERS, AGROCHEMICAL AND FERTILIZRS
Award : EXCELLENCE BRAND OF
EXCELLENCE AWARD Year : 2006
GOLDEN BULL AWARD Year : 2005
EXCELLENCE
LEADERSHIP OF
EXCELLENCE AWARD Year : 2005
HONESTY
SMALL MEDIUM BUSINESSES (SMB) BEST PRODUCTS/SERVICE
AWARD
BY SMI ASSOCIATION OF
DEVELOPMENT CORPORATION (SMIDEC) Year : 2003
DEVELOPMENT CORPORATION (SMIDEC) Year : 1999
Competitor(s) : PK RESOURCES BHD
BASF
(
BEHN MEYER & CO (M) SDN BHD
FUMAKILLA
ANCOM CROP CARE SDN BHD
Member(s) / Affiliate(s) : MALAYSIAN CROP CARE AND PUBLIC HEALTH ASSOCIATION
(MCPA)
Ownership of premises : OWNED
Factory Size : 5 ACRES
Total Number of Employees :
YEAR 2007 2006 2005
GROUP 160 160 157
COMPANY 100 100 104
Branch : YES
No of Branches : 1
Branch(es) : LOT 2592, JALAN SERULING 59, KAWASAN
3,
JAYA, 41200 KLANG, SELANGOR.
Tel No : 03 - 33239120
Fax No : 03 - 33239139
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 : 603-3103333
Current Telephone Number : 03-31013333/31014469
Match : YES
Address Provided By Client : LOT 5, JALAN PERIGI NENAS 7/3 FASA 1A, PULAU
KLANG SELANGOR DARUL EHSAN
Current Address : LOT 5, JALAN PERIGI NENAS 7/3, FASA 1A, PULAU
KLANG,
Match : YES
Latest Financial Accounts : YES
Other Investigations
On 25th May 2007, we conducted an interview one of the SC's staff from Admin Department, Ms. Joy. She revealed some information on the SC.
Besides that, we conducted an interview with one of the SC's staff from Production Department. He revealed some relevant information on 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.
ECONOMIC / INDUSTRY
OUTLOOK
Major Economic Indicators : 2003 2004 2005 2006* 2007**
Population ( Million ) 25.05 25.58 26.13 26.64 27.17
Gross Domestic Products ( % ) 5.4 7.1 5.3 5.8 6.0
Domestic Demand ( % ) 5.9 7.5 7.3 7.8 7.1
Private Expenditure ( % ) 5.5 13.1 9.5 7.6 7.2
Consumption ( % ) 6.6 10.5 9.2 7.1 6.4
Investment ( % ) 0.4 25.8 8.5 10.1 10.5
Public Expenditure ( % ) 6.6 <2.1> 3.6 8.0 6.7
Consumption ( % ) 10.0 6.0 5.4 5.5 5.4
Investment ( % ) 3.9 <8.7> 1.9 10.6 8.0
Balance of Trade ( MYR Million ) 81,136 80,663 99,760 111,728 117,010
Government Finance ( MYR Million ) <20,928> <19,419> <18,684> <19,289> <20,196>
Government Finance to GDP / Fiscal Deficit (
% ) <5.3> <4.3> <3.8> <3.5> <3.4>
Inflation ( % Change in Composite CPI ) 1.2 1.4 3.1 3.9 4.0
Unemployment Rate ( % ) 3.6 3.5 3.5 3.4 3.5
Net International Reserves ( MYR Billion ) 171 254 266 290 -
Average Risk-Weigthted Capital Adequacy
Ratio ( % ) 13.28 13.84 13.63 12.91 -
Average 3 Months of Non-performing Loans ( %
) 9.46 8.46 6.74 5.41 -
Average Base Lending Rate ( % ) 6.13 5.99 6.00 6.61 -
Business Loans Disbursed ( % ) 7.2 10.5 8.7 - -
Foreign Investment ( MYR Million ) 15,640.4 13,143.9 17,882.9 20,228.0 -
Registration of New Companies ( No.) 36,124 38,580 37,474 - -
Registration of New Companies ( % ) 3.8 6.8 <2.9> - -
Liquidation of Companies ( No. ) 3,958 3,334 7,633 - -
Liquidation of Companies ( % ) 12.8 <15.8> 128.9 - -
Registration of New Business ( No. ) 180,950 189,206 193,095 - -
Registration of New Business ( % ) 16.4 4.6 2.1 - -
Business Dissolved ( No.) 47,931 51,301 73,355 - -
Business Dissolved ( % ) <37.7> 7.0 43.0 - -
Sales of New Passenger Cars ( '000 Unit ) 320.5 380.6 400.8 188.8 -
Cellular Phone Subscribers ( Million ) 11.1 14.6 18.5 21.3 -
Tourist Arrival ( Million Persons ) 10.6 15.7 16.7 17.5 20.1
Hotel Occupancy Rate ( % ) 55.3 60.8 63.6 64.8 -
Credit Cards Spending ( % ) 14.3 19.3 16.7 - -
Bad Cheque Offenders ( No.) 74,194.0 70,465.0 57,316.0 36,555.0 -
Individual Bankruptcy ( No.) 12,351.0 16,251.0 15,868.0 13,596.0 -
Individual Bankruptcy ( % ) 0.7 31.6 <2.4> <14.3> -
INDUSTRIES ( % of Growth
) : 2003 2004 2005 2006*
2007**
Agriculture 5.6 5.0 2.5 5.3 4.7
Palm Oil 11.3 3.9 7.1 4.3 -
Rubber 11.3 16.5 <2.9> 6.4 -
Forestry & Logging 2.0 4.3 2.0 1.4 -
Fishing 3.7 5.5 <0.4> 8.6 -
Other Agriculture 0.3 2.4 3.2 7.0 -
Industry
Non-Performing Loans ( MYR Million ) 759.2 655.3 581.2 - -
% of Industry
Non-Performing Loans 7.7 6.3 5.5 - -
Mining 5.8 3.9 0.8 2.4 4.5
Oil & Gas 5.1 4.5 1.6 4.6 -
Other Mining 2.9 <8.0> <1.0> 5.1 -
Industry
Non-Performing Loans ( MYR Million ) 143.6 85.9 119.1 - -
% of Industry
Non-Performing Loans 13.7 9.1 15.6 - -
Manufacturing # 8.4 9.8 5.1 7.3 6.8
Export-oriented Industries 8.9 15.5 3.0 10.9 -
Electrical & Electronics 9.6 17.8 3.6 13.1 -
Rubber Products 17.6 14.8 2.4 0.3 -
Wood Products 0.9 12.7 0.9 0.7 -
Textiles & Apparel <2.2> <11.7> <4.4> 2.3 -
Domestic-oriented Industries 12.1 9.7 6.9 5.0 -
Food, Beverages & Tobacco 10.9 3.8 7.7 4.8 -
Chemical & Chemical Products 20.7 14.6 6.9 2.6 -
Plastic Products 28.0 13.5 18.6 21.3 -
Iron & Steel 12.9 2.7 <6.7> <10.9> -
Fabricated Metal Products 6.0 29.2 <7.5> 4.4 -
Non-metallic Mineral 10.8 <4.8> <6.0> <2.6> -
Transport Equipment <5.5> 8.6 10.4 5.6 -
Paper & Paper Products 5.1 2.3 4.6 3.9 -
Crude Oil Refineries 1.7 <2.4> 8.2 12.1 -
Industry
Non-Performing Loans ( MYR Million ) 9,463.3 8,151.1 6,238.1 - -
% of Industry
Non-Performing Loans 15.9 13.2 10.5 - -
Construction 1.5 <1.5> <1.6> 0.7 3.7
Industry
Non-Performing Loans ( MYR Million ) 7,647.2 6,789.7 5,679.2 - -
% of Industry
Non-Performing Loans 27.5 23.6 20.2 - -
Services 4.5 6.8 6.6 5.7 6.0
Electicity, Gas & Water 4.9 8.1 5.5 4.4 4.7
Transport, Storage & Communication 5.7 8.5 6.3 7.1 5.9
Wholesale, Retail, Hotel & Restaurant 1.5 7.1 8.0 6.5 7.3
Finance, Insurance & Real Estate 5.5 6.3 7.0 6.0 5.9
Government Services 8.3 6.5 7.6 5.8 5.5
Other Services 3.3 4.9 5.0 4.4 4.8
Industry
Non-Performing Loans ( MYR Million ) 27,167.4 27,068.3 27,502.0 - -
% of Industry
Non-Performing Loans 11.3 10.2 9.5 - -
* Estimate
/ Preliminary
** Forecast
# Based On Manufacturing Production Index
(
Source : Department of Statistics /
Economic Report / Bank Negara Report )
INDUSTRY COMMENTS
MSIC CODE
24210 : Manufacture of pesticides and other agrochemical products
INDUSTRY : CHEMICAL
The chemical products industry is essentially a supporting industry, supplying intermediates and inputs to the end-user industries such as agriculture, electronics, automotive, construction-related industry and personal care products. The growth of this industry is highly dependent on the performance of the other sectors of the economy.
In 2006, the chemicals and chemical products industry is a
greater contribution in terms of value to
The chemical products industry is expected to grow in tandem with the overall growth of other manufacturing of the economy. Besides that, the chemical and chemical products industry raises investment to improve efficiency and increase productivity to meet stronger demand. In addition, the Government's emphasis on high technology and higher-skilled projects is expected to increase investment in high value-added projects. Strong external demand for resource-based products and the improvement in the construction-related industries would further lend support to the expansion of chemical sector.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH
COMMENTS
Incorporated in 1985 as a private limited company, the SC is principally engaged in manufacturing and marketing of agrochemical products and fertilizers. Having strong support form BINAPURI LESTARI SDN BHD with issued and paid up capital of RM5,000,000, the SC has the ability to expand its business comfortably.
Having been in the business for more than 2 decades, the
SC's operation has been running relatively stable since it has a wide marketing
network and some potential customers. We noted that the SC's products are
widely used locally and also highly demanded in overseas market. Currently,
exports comprise approximately half of the SC's revenue. Its geographical reach
has extended from
During the financial year 2005, the Group's turnover and pre-tax profit stood at RM95,554,812 and RM11,479,911 respectively. Return on shareholders' funds of the Group was high indicating that the Group was efficient in utilising its shareholders' funds to generate favourable returns. However, the Group's liquid ratio was slightly low and its may face working capital deficiency in meeting its short term financial obligations. Being a lowly geared company, the Group is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Overall, the Group's financial standing is fair. Given a healthy net worth exceeding RM21 million, the SC should be able to maintain its business in the near terms.
We noted that the SC sources its supplies locally and from
overseas countries such as
Based on the historical financial data, we concluded that the SC's payment record is average. The SC is clear of litigation.
The chemical industry remains bright on the back of a stronger global demand. We believe that the encouraging demand for the SC's products would present more business opportunities for the SC.
We are quite confident with the SC as a going concern. In view of the above, we recommend credit be granted to the SC promptly.
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH
CONSOLIDATED
PROFIT AND LOSS ACCOUNT
For
The Year Ended 31-December-2005
HEXTAR
CHEMICALS SDN BHD
2005
MYR
TURNOVER 95,554,812
===========
PROFIT/(LOSS) FROM OPERATIONS 11,479,911
SHARE
OF PROFITS/(LOSSES) OF ASSOCIATED
-------------------
PROFIT/(LOSS)
BEFORE TAXATION 11,479,911
Taxation <1,393,769>
-------------------
PROFIT/(LOSS)
AFTER TAXATION 10,086,142
Minority
interests 29,304
-------------------
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS 10,115,446
-------------------
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS 10,115,446
RETAINED
PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As
previously reported 7,568,841
-------------------
As
restated 7,568,841
-------------------
PROFIT
AVAILABLE FOR APPROPRIATIONS 17,684,287
DIVIDENDS
- Ordinary (paid & proposed) <1,000,000>
-------------------
RETAINED
PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD 16,684,287
===========
RETAINED BY:
The Company 16,684,287
-------------------
16,684,287
===========
INTEREST
EXPENSE (as per notes to P&L)
Term
loan 122,890
Bank
overdraft 5,424
Hire
purchase 54,790
bill
payables 1,109,484
-------------------
1,292,588
===========
CONSOLIDATED BALANCE SHEET
As At 31-December-2005
HEXTAR CHEMICALS SDN BHD
2005
MYR
ASSETS
EMPLOYED:
FIXED ASSETS 19,069,228
LONG
TERM INVESTMENTS/OTHER ASSETS
investment in
club membership 11,834
-------------------
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS 11,834
INTANGIBLE
ASSETS
Goodwill on
consolidation 14,079
-------------------
TOTAL
INTANGIBLE ASSETS 14,079
-------------------
TOTAL LONG
TERM ASSETS 19,095,141
CURRENT
ASSETS
Stocks 20,276,199
Trade debtors 27,370,919
Other
debtors, deposits & prepayments 498,751
Short term
deposits 4,451,254
Items in
transit between head office & branches
Cash &
bank balances 1,613,218
tax
refundable 238,000
-------------------
TOTAL CURRENT
ASSETS 54,448,341
CURRENT
LIABILITIES
Trade
creditors 8,948,209
Other
creditors & accruals 1,309,853
Hire purchase
& lease creditors 595,835
Bank
overdraft 336,534
Short term
borrowings/Term loans 671,464
Bill &
acceptances payable 30,239,000
Amounts owing
to director 251,339
-------------------
TOTAL CURRENT
LIABILITIES 42,352,234
-------------------
NET CURRENT
ASSETS/(LIABILITIES) 12,096,107
-------------------
TOTAL NET
ASSETS 31,191,248
===========
FINANCED
BY:
SHARE CAPITAL
Ordinary
share capital 5,000,000
-------------------
TOTAL SHARE
CAPITAL 5,000,000
RESERVES
Retained
profit/(Accumulated loss) carried
forward 16,684,287
-------------------
TOTAL
RESERVES 16,684,287
-------------------
SHAREHOLDERS'
FUNDS/EQUITY 21,684,287
MINORITY
INTEREST 94,176
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
Long term
loans 7,944,968
Hire purchase
creditors 1,040,817
Deferred
taxation 427,000
-------------------
TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 9,412,785
-------------------
31,191,248
===========
CONSOLIDATED FINANCIAL RATIOS
As
At 31-December-2005
HEXTAR
CHEMICALS SDN BHD
2005
MYR
TYPES OF
FUNDS
Cash 6,064,472
Net Liquid
Funds 5,056,474
Net Liquid
Assets <8,180,092>
Net Current
Assets/(Liabilities) 12,096,107
Net Tangible Assets 31,177,169
Net Monetary
Assets <17,592,877>
BALANCE
SHEET ITEMS
Total
Borrowings 10,589,618
Total
Liabilities 51,765,019
Total Assets 73,543,482
Net Assets 31,191,248
Net Assets
Backing 21,778,463
Shareholders''
Funds 21,684,287
Total Share
Capital 5,000,000
Total
Reserves 16,684,287
LIQUIDITY
(Times)
Cash Ratio 0.14
Liquid Ratio 0.81
Current Ratio 1.29
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 77
Debtors Ratio 105
Creditors
Ratio 34
SOLVENCY
RATIOS (Times)
Gearing Ratio 0.49
Liabilities
Ratio 2.39
Times
Interest Earned Ratio 9.88
PERFORMANCE
RATIO (%)
Operating
Profit Margin 12.01
Net Profit
Margin 10.59
Return On Net
Assets 40.95
Return On
Capital Employed 38.96
Return On
Shareholders'' Funds/Equity 46.65
Dividend Pay
Out Ratio (Times) 0.10
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%)