MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
TIONG HUAT RUBBER FACTORY SDN BHD |
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Registered Office : |
23, Seberang Jalan Putera, 1st Floor, 05150 Alor Setar,
Kedah |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
06/08/1969 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Processing, Sales of Rubber and Latex, Cultivation |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Excellent |
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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 : 8700-M
COMPANY NAME : TIONG HUAT RUBBER FACTORY SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 06/08/1969
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 23, SEBERANG JALAN PUTERA, 1ST FLOOR, 05150 ALOR
SETAR,
BUSINESS ADDRESS : SUNGAI DIVISION,
TEL NO : 04 - 4212732/2733/4226081
FAX NO : 04 - 4225558/4227046
EMAIL : info@tionghuatrubber.com
WEB SITE : www.tionghuatrubber.com
CONTACT PERSON : LOW KOK HORNG (MANAGING DIRECTOR)
INDUSTRY CODE : 25191
PRINCIPAL ACTIVITY : PROCESSING, SALES OF RUBBER AND LATEX,
CULTIVATION
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
5,000,000 CASH OF MYR1.00 EACH.
SALES : MYR620,584,328 [2006]
NET WORTH : MYR70,665,423 [2006]
M1000 OVERALL RANKING : 934 [2005]
M1000 INDUSTRY RANKING : 20 [2005]
STAFF STRENGTH : 200 [2007]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : STABLE
PAYMENT : GOOD
MANAGEMENT CAPABILITY : GOOD
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) processing, sales of rubber and latex, cultivation.
The SC is not listed on
The SC is one of the Top Corporate Performers in the
According to the
YEAR 2005
OVERALL RANKING 934
INDUSTRY RANKING 20
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
RIPRO SDN BHD 23, SEBERANG JALAN PUTERA, LEVEL 1, 153076 5,000,000
05150
ALOR SETAR,
--------------------
5,000,000
===========
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown as follows:
Local No Name (%) As At
426383 COMMERCE
TRADE INTERNATIONAL SDN BHD 100.00 31/12/06
DIRECTORS
DIRECTOR 1
Name of Subject : MR. LOW PING KUN
Address : 28-29, PEKAN JITRA 2, 06000 JITRA,
IC / PP No. : 4808984
New IC No : 550601-02-5665
Date of Birth : 01/06/1955
Nationality : MALAYSIAN CHINESE
Date of Appointment : 23/01/1998
DIRECTOR 2
Name of Subject : MR. LOW KOK KEAN
Address : 298
IC / PP No. : A0157615
New IC No : 650615-02-5963
Date of Birth : 15/06/1965
Nationality : MALAYSIAN CHINESE
Date of Appointment : 23/01/1998
DIRECTOR 3
Name of Subject : MR. LOW KOK HORNG
Address : 99 TAMAN BERJAYA, 05050 ALOR SETAR,
IC / PP No. : A1566863
New IC No : 700528-02-5167
Date of Birth : 28/05/1970
Nationality : MALAYSIAN CHINESE
Date of Appointment : 23/01/1998
DIRECTOR 4
Name of Subject : MR. LOW KEONG KOON
Address : 28, PEKAN JITRA, 06000 JITRA,
IC / PP No. : 4472223
New IC No : 530430-02-5573
Date of Birth : 30/04/1953
Nationality : MALAYSIAN CHINESE
Date of Appointment : 23/01/1998
DIRECTOR 5
Name of Subject : MR. TEH AH CHAN @ TEE CHOO
Address : 74, JALAN TIONG, 08000 SUNGAI PETANI,
IC / PP No. : 0086088
New IC No : 360905-02-5317
Date of Birth : 05/09/1936
Nationality : MALAYSIAN CHINESE
Date of Appointment : 06/08/1969
DIRECTOR 6
Name of Subject : MR. TAN SWEE HUAT
Address : 6 LORONG 1
IC / PP No. : 0806609
New IC No : 320419-02-5155
Date of Birth : 01/01/1932
Nationality : MALAYSIAN CHINESE
Date of Appointment : 06/08/1969
DIRECTOR 7
Name of Subject : MR. TAN AH BAH
Address : 3, JALAN DESA INDAH,
PETANI,
IC / PP No. : 4359496
New IC No : 521213-02-5409
Date of Birth : 13/12/1952
Nationality : MALAYSIAN CHINESE
Date of Appointment : 23/01/1998
MANAGEMENT
1) Name of Subject : LOW KOK HORNG
Position : MANAGING DIRECTOR
2) Name of Subject : TAN CHAI SIN
Position : ACCOUNTANT
3) Name of Subject : LOKE CHONG HOOI
Position : ADMIN MANAGER
4) Name of Subject : TAN YOU CHAI
Position : PRODUCTION MANAGER
AUDITOR
Auditor : KIAT & ASSOCIATES
Auditors' Address : 3A, JALAN
COMPANY SECRETARY
1) Company Secretary : MS. MAK POH IM
IC / PP No. : 4962764
New IC No. : 560609-07-5164
Address : 7, TAMAN PUMPONG, 05250 ALOR SETAR,
BANKING
Banking relations are maintained principally with :
1) Banker Name : MALAYAN BANKING 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 : 10 Jan 1981
Description of Charge : CHARGE
Amount Secured : RM 700,000.00
Description of Property Affected : GM 47-49 G SP23516 LOTS 1037, 1039, 1940 & 1053
G2336 & 2337 LOTS 973 & 999 MK SG PETANI DIST K MUDA
Name & Address of Chargee : UNITED MALAYAN BANKING CORPORATION BHD
Form 40 Dated 18 Feb 1981
Registered and Numbered 3 (BK 24/35) In The Register of Charges
ENCUMBRANCE 2
Date of Creation : 12 Dec 1983
Description of Charge : CHARGE
Amount Secured : RM 300,000.00
Description of Property Affected : GM 47-49 G SP23516 LOTS 1037, 1039, 140 & 1053
G 2336 & 227 LOTS 973 & 999 MK SG PETANI DIST K MUDA
Name & Address of Chargee : UNITED MALAYAN BANKING CORPORATION BHD
Form 40 Dated 09 Mar 1984
Registered and Numbered 6 (BK 144/45) In The Register of Charges
ENCUMBRANCE 3
Date of Creation : 04 Nov 1995
Description of Charge : 1ST CHARGE
Amount Secured : RM 1,200,000.00
Description of Property Affected : HS(D) 37/91-41/91 & 52/91-58/91 FOR PT 2051-2505 &
2516-2522, MK KUPANG, DIST BALING, KEDAH
Name & Address of Chargee : BANK OF COMMERCE (M) BHD
6 LRG 1, TMN RIA, 08000 SG PETANI, KEDAH.
Form 40 Dated 07 Jan 1996
Registered and Numbered 13 In The Register of Charges
ENCUMBRANCE 4
Date of Creation : 25 Mar 1996
Description of Charge : N/A
Amount Secured : RM 700,000.00
Description of Property Affected : N/A
Name & Address of Chargee : UNITED MALAYAN BANKING CORPORATION BHD
Form 40 Dated
Registered and Numbered 14 In The Register of Charges
ENCUMBRANCE 5
Date of Creation : 25 Mar 1996
Description of Charge : N/A
Amount Secured : RM 700,000.00
Description of Property Affected : N/A
Name & Address of Chargee : UNITED MALAYAN BANKING CORPORATION BHD
Form 40 Dated
Registered and Numbered 15 In The Register of Charges
ENCUMBRANCE 6
Date of Creation : 07 Jan 2000
Description of Charge : N/A
Amount Secured : RM 16,700,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 16 In The Register of Charges
ENCUMBRANCE 7
Date of Creation : 07 Jan 2000
Description of Charge : N/A
Amount Secured : RM 16,700,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 17 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 [ X ] Average [ ]
Fair [ ] Poor [ ]
CLIENTELE
Local : YES Percentage : 20%
Domestic Markets :
Overseas : YES Percentage : 80%
Export Market :
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES , TELEGRAPHIC TRANSFER (TT) , LETTER OF CREDIT (LC).
Type of Customer : DISTRIBUTORS , MANUFACTURING INDUSTRIES .
The SC exports its products internationally to more than 30 countries worldwide.
We were informed that the SC sells the products to the dealers and manufacturing companies of tyres and gloves.
OPERATIONS
Products Manufactured : RUBBER AND LATEX PRODUCTS
Brand Name : THR
Competitor(s) : SYNTHOMER SDN BHD
REVERTEX
(
Ownership of premises : OWNED
Total Number of Employees :
YEAR 2007 2006 2005 2004
GROUP N/A N/A N/A N/A
COMPANY 200 200 190 184
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 : 04-4212732/2733/4226081
Match : N/A
Address Provided By Client : SUNGAI DIVISION, 08000 SUNGAI PETANI, KEDAH.
Current Address : SUNGAI DIVISION,
PETANI,
Match : YES
Latest Financial Accounts : YES
Other Investigations
We contacted one of the Senior staff from the Finance Department. She provided some information on the SC. Later we contacted the Senior Supervisor from the Production Division for more information on the SC.
FINANCIAL COMMENTS
Profitability :
Turnover : Increased [ 59.07% ]
Profit / ( Loss ) before tax : Increased [ 198.39% ]
Return on Shareholder Funds : Favourable [ 39.02% ]
Return on Net Assets : Favourable [ 53.17% ]
The increase in turnover could be due to the SC adopting an aggressive marketing strategy. The higher profit could be attributed to the increase in turnover. Generally the SC was profitable. The favourable return on shareholders' funds and return on net assets indicate that the SC's management was efficient in utilising the assets to generate returns.
Working Capital Control :
Stocks Ratio : Favourable [ 30 Days ]
Debtors Ratio : Favourable [ 22 Days ]
Creditors Ratio : Favourable [ 1 Days ]
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The SC had a favourable creditors' ratio as evidenced by its favourable collection days. The SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity :
Liquid Ratio : Acceptable [ 0.94 Times ]
Current Ratio : Unfavourable [ 1.46 Times ]
The SC's liquid ratio was slightly low. This could indicate that the SC's working capital was slightly deficient. The SC will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency :
Interest Cover : Favourable [ 12.64 Times ]
Gearing Ratio : Favourable [ 0.09 Times ]
The interest cover showed that the SC was able to service the interest. The favourable interest cover could indicate that the SC was making enough profit to pay for the interest accrued. The SC was lowly geared thus it had a low financial risk. The SC was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the SC being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
Generally, the SC's performance has improved with higher turnover and profit. The SC's liquidity was at an acceptable range. If the SC is able to obtain further short term financing, it should be able to meet all its short term obligations. With the favourable interest cover, the SC could be able to service all the accrued interest without facing any difficulties.The SC as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the SC: STABLE
COMMENTS
Formed in 1969, the SC is primarily involved in the processing, trading of rubber and latex under the brand name of "THR". The SC is a private limited company with total paid up capital of RM5million. With its long track record in the industry coupled with its vast experience, the SC should have established its own image and reputation over times.
Throughout its years of establishment, the SC's business has been growing steadily due to sheer determination and prudent management. The SC has built up a diversified clientele base in both local and overseas countries. Currently, foreign market remains its biggest market, contributing 80% to its revenue with the balance coming from the local market. In view of its wider market segment, the SC is unlikely to be affected by the uncertainty in the local economy. Hence, better growth prospect can be expected. At present, the SC is overseen by managing director, Low Kok Horng and the SC's overall management capability is regarded good.
Compared to the previous years, the group's turnover has increased 59.07% to RM620.58million, which led to greater pre-tax profit of RM34.97million. Return on shareholders' funds was high, indicating that the management was efficient in utilising its funds to generate returns. However, the group's liquidity ratio was slightly low at 0.94 times, which demonstrates that the group was not be able to repay all its short term obligations. Being a lowly geared company, the group faces low financial risk. Given a huge net worth of RM70.66million, the group should be able to maintain its business in the near term.
The SC's resources are from both local and overseas suppliers. Due to its long establishment, we believe that the SC has built up a stable supplier base. Thus, it does not face significant problem in getting its resources.
Based on our historical financial data, we concluded that the SC's overall payment pattern is good. This implies good credit control and the SC could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. The SC is clear of litigation.
The industry remains robust and its upward trend is likely to sustain in the near term. We believe that the encouraging global and domestic demand for the SC's products would present more business opportunities for the SC.
In view of the above positive circumstances, we recommend credit be proceeded to the SC with favourable terms.
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH
CONSOLIDATED
PROFIT AND LOSS ACCOUNT
For
The Year Ended 31-December-2006
2006 2005
MYR MYR
TURNOVER 620,584,328 390,127,374
=========== ===========
PROFIT/(LOSS) FROM OPERATIONS 34,972,759 11,720,400
SHARE OF
PROFITS/(LOSSES) OF ASSOCIATED
------------------- -------------------
PROFIT/(LOSS)
BEFORE TAXATION 34,972,759 11,720,400
Taxation <7,400,506> <2,901,185>
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PROFIT/(LOSS)
AFTER TAXATION 27,572,253 8,819,215
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PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS 27,572,253 8,819,215
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PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS 27,572,253 8,819,215
RETAINED
PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As previously
reported 38,542,156 29,902,941
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As restated 38,542,156 29,902,941
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PROFIT
AVAILABLE FOR APPROPRIATIONS 66,114,409 38,722,156
DIVIDENDS -
Ordinary (paid & proposed) <540,000> <180,000>
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RETAINED
PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD 65,574,409 38,542,156
=========== ===========
RETAINED BY: The Company 65,574,409 38,542,156
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65,574,409 38,542,156
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INTEREST
EXPENSE (as per notes to P&L)
Other
interest expenses - 343,669
Bank interest 3,004,744 846,975
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3,004,744 1,190,644
=========== ===========
CONSOLIDATED
BALANCE SHEET
As
At 31-December-2006
2006 2005
MYR MYR
ASSETS
EMPLOYED:
FIXED ASSETS 26,228,832 18,562,855
LONG
TERM INVESTMENTS/OTHER ASSETS
Investments 9,300 12,000
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TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS 9,300 12,000
INTANGIBLE
ASSETS
------------------- -------------------
------------------- -------------------
TOTAL LONG
TERM ASSETS 26,238,132 18,574,855
CURRENT
ASSETS
Stocks 50,970,664 32,436,781
Trade debtors 38,136,161 30,598,729
Other
debtors, deposits & prepayments 12,898,673 8,708,774
Short term
deposits 14,000,000 -
Items in
transit between head office & branches
Amount due
from related companies 3,136,602 -
Cash &
bank balances 999,375 3,645,508
Tax
recoverable 996,069 1,388,517
Amount due
from ultimate holding company 22,079,317 -
------------------- -------------------
TOTAL CURRENT
ASSETS 143,216,861 76,778,309
CURRENT
LIABILITIES
Trade
creditors 2,518,232 2,239,386
Other
creditors & accruals 3,989,265 1,497,621
Bank
overdraft 6,220,274 5,660,366
Bill &
acceptances payable 36,714,980 11,993,881
Amounts owing
to holding company 360,000 -
Amounts owing
to related companies 228,739 49,277
Export credit
refinancing 48,000,000 29,794,163
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TOTAL CURRENT
LIABILITIES 98,031,490 51,234,694
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NET CURRENT
ASSETS/(LIABILITIES) 45,185,371 25,543,615
------------------- -------------------
TOTAL NET
ASSETS 71,423,503 44,118,470
=========== ===========
FINANCED
BY:
SHARE CAPITAL
Ordinary
share capital 5,000,000 5,000,000
------------------- -------------------
TOTAL SHARE
CAPITAL 5,000,000 5,000,000
RESERVES
Retained
profit/(Accumulated loss) carried
forward 65,574,409 38,542,156
Reserve on consolidation 91,014 91,014
------------------- -------------------
TOTAL
RESERVES 65,665,423 38,633,170
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SHAREHOLDERS'
FUNDS/EQUITY 70,665,423 43,633,170
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
Deferred taxation 758,080 485,300
------------------- -------------------
TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 758,080 485,300
------------------- -------------------
71,423,503 44,118,470
=========== ===========
CONSOLIDATED
FINANCIAL RATIOS
As
At 31-December-2006
TIONG
HUAT RUBBER FACTORY SDN BHD
2006 2005
MYR MYR
TYPES OF
FUNDS
Cash 14,999,375 3,645,508
Net Liquid
Funds 8,779,101 <2,014,858>
Net Liquid
Assets <5,785,293> <6,893,166>
Net Current
Assets/(Liabilities) 45,185,371 25,543,615
Net Tangible
Assets 71,423,503 44,118,470
Net Monetary
Assets <6,543,373> <7,378,466>
BALANCE
SHEET ITEMS
Total
Borrowings 6,220,274 5,660,366
Total
Liabilities 98,789,570 51,719,994
Total Assets 169,454,993 95,353,164
Net Assets 71,423,503 44,118,470
Net Assets
Backing 70,665,423 43,633,170
Shareholders''
Funds 70,665,423 43,633,170
Total Share
Capital 5,000,000 5,000,000
Total
Reserves 65,665,423 38,633,170
LIQUIDITY
(Times)
Cash Ratio 0.15 0.07
Liquid Ratio 0.94 0.87
Current Ratio 1.46 1.50
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 30 30
Debtors Ratio 22 29
Creditors
Ratio 1 2
SOLVENCY
RATIOS (Times)
Gearing Ratio 0.09 0.13
Liabilities
Ratio 1.40 1.19
Times
Interest Earned Ratio 12.64 10.84
PERFORMANCE
RATIO (%)
Operating
Profit Margin 5.64 3.00
Net Profit
Margin 4.44 2.26
Return On Net
Assets 53.17 29.26
Return On
Capital Employed 48.91 25.94
Return On
Shareholders'' Funds/Equity 39.02 20.21
Dividend Pay
Out Ratio (Times) 0.02 0.02
NOTES
TO ACCOUNTS
Contingent
Liabilities 0 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. |
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%)