MIRA
INFORM REPORT
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Report Date : |
04.09.2007 |
IDENTIFICATION DETAILS
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Name : |
CARGILL TEXTURIZING SOLUTIONS (M) SDN BHD |
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Registered Office : |
East Wing, Igb Plaza, Jalan Kampar, Off Jalan Tun Razak, 20th
Floor, 50400 Kuala Lumpur, Wilayah Persekutuan |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
07/08/1995 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading of Food Ingredient |
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 : |
No Complaints |
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Litigation : |
Clear |
* Adopted abbreviations : SC - Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 354413-X
COMPANY NAME : CARGILL TEXTURIZING SOLUTIONS (M) SDN BHD
FORMER NAME : DEGUSSA TEXTURANT SYSTEM (M) SDN BHD (30-05-2006)
: SKW NATURE PRODUCTS (M) SDN BHD (27-04-2001)
: SKW BIOSYSTEMS (M) SDN BHD
: SBI SYSTEMS BIO-INDUSTRIES SDN BHD
INCORPORATION DATE : 07/08/1995
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : EAST WING,
RAZAK,
20TH FLOOR, 50400
BUSINESS ADDRESS : KOMPLEKS PEJABAT DAMANSARA, BLOCK D, LEVEL 3, 3A,
JALAN DUNGUN, DAMANSARA HEIGHT, 50490 KUALA
LUMPUR,
WILAYAH
TEL NO : 03 - 20933388
FAX NO : 03 - 20939312
CONTACT PERSON : WONG YEE THIAM (MANAGING DIRECTOR)
INDUSTRY CODE : 5222
PRINCIPAL ACTIVITY : TRADING OF FOOD INGREDIENT
AUTHORISED CAPITAL : MYR100,000.00 DIVIDED INTO ORDINARY SHARE 100,000
OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR100,000.00 DIVIDED INTO ORDINARY SHARE 100,000
CASH OF MYR1.00 EACH.
SALES : MYR21,771,718 [2006]
NET WORTH : MYR6,257,135 [2006]
STAFF STRENGTH : 12 [2007]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : STABLE
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) trading of food ingredient.
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
CARGILL GMBH 100,000
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100,000
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+
Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MS. YONG KWA JIUN
Address : B9-5, SUASANA SENTRAL CONDOMINIUM, JALAN STESEN SENTRAL 5,
50470
IC / PP No. : A0860526
New IC No : 671218-10-5786
Date of Birth : 18/12/1967
Nationality : MALAYSIAN CHINESE
Date of Appointment : 28/11/2006
DIRECTOR 2
Name of Subject : MR. LOW PENG KONG
Address : 15, JALAN SS 2/39, 47301 PETALING
JAYA,
IC / PP No. : N/A
New IC No : 661214-06-5191
Date of Birth : 14/12/1966
Nationality : MALAYSIAN CHINESE
Date of Appointment : 24/06/2002
Remark : APPOINTED AS MD ON 1/1/2003
MANAGEMENT
1) Name of Subject : WONG YEE THIAM
Position : MANAGING DIRECTOR
2) Name of Subject :
Position : FINANCE & ADMIN MANAGER
3) Name of Subject :
Position : MARKETING DIRECTOR
AUDITOR
Auditor : KPMG
Auditors' Address : WISMA KPMG, JALAN DUNGUN,
LUMPUR,
WILAYAH
COMPANY SECRETARY
1) Company Secretary : MR. YEAP KOK LEONG
IC / PP No. : 6081387
New IC No. : 601107-10-5771
Address : 11, JALAN 2/149G, TAMAN SRI ENDAH, 57000
WILAYAH
Date of Appointment : 07/08/1995
2) Company Secretary : MS. WONG WAI FOONG
IC / PP No. : A0379022
New IC No. : 660510-10-6838
Address : 1164, JALAN 17/46, HAPPY GARDEN, 46400 PETALING JAYA,
Date of Appointment : 22/02/2005
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 :
CLIENTELE
Local : YES Percentage : 70%
Domestic Markets : PENINSULAR
Overseas : YES Percentage : 30%
Export Market :
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES , CASH.
Type of Customer : MANUFACTURING INDUSTRIES , DEALERS .
CUSTOMER (S) : 1) NESTLE MANUFACTURING (
OPERATIONS
Goods Traded : FOOD INGREDIENTS
Competitor(s) : GULF CHEMICALS SDN BHD
BEHN MEYER FOODTECH SDN BHD
MARKAIDS
(
ASTRAMINA SDN BHD
FENXENN TRADING SDN BHD
Total Number of Employees :
YEAR 2007 2006 2005
GROUP N/A N/A N/A
COMPANY 12 10 10
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 : 03-20933388
Match : N/A
Address Provided By Client : 3A LEVEL 3, BLOCK D, KOMPLEKS PEJABAT DAMANSARA
JALAN DUNGUN DAMANSARA HEIGHTD 50490 KUALA
LUMPUR
Current Address : KOMPLEKS PEJABAT DAMANSARA, BLOCK D, LEVEL 3, 3A,
JALAN DUNGUN, DAMANSARA HEIGHT, 50490 KUALA
LUMPUR,
WILAYAH
Match : YES
Latest Financial Accounts : YES
Other Investigations
We conducted an interview with one of the SC's staff from Admin & Accounts Department. She revealed some information on the SC.
FINANCIAL COMMENTS
The financial summary of the SC in Year 2006 showed that it was financially STABLE. The SC generated an acceptable return on shareholders' funds indicating that the SC was efficient in utilising its shareholders' funds to generate favourable returns. The SC was in good 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. A low liabilities ratio has minimised the SC's financial risk.
Overall financial condition of the SC: STABLE
COMMENTS
Established in 1995, the SC is principally engaged in the trading of food ingredient. The SC offers a wide range of food ingredients for all kinds of food flavours which are used for processing ice-cream, sweet, junk food and etc. With its long presence in the industry coupled with its vast experiences in the business, the SC should have built up a certain goodwill with its client over times.
In order to further grow the business, the SC has broaden its reach and penetrated into the global market. The wider range of its market segments has benefited the SC in terms of higher earnings and minimised its business risk. The management of the SC is overseen by Managing Director Wong Yee Thiam and assisted by 12 staffs. Overall the management capability of the SC is average.
Based on the latest financial year, the SC posted pre-tax profit of RM1.71 million and its turnover stood at RM21.77 million. The SC generated an acceptable return on shareholders' funds indicating that the SC was efficient in utilising its shareholders' funds to generate favourable returns. Good cash flow management has enabled the SC to meet its short term obligations as and when they fall due. The SC posted a low liability ratio indicating that the SC faces low financial risk. Moreover given a healthy net worth standing at RM6.25 million the SC should be able to maintain its business in the near terms.
Investigation revealed that the SC sources its raw materials from both local and overseas countries. As a result, the SC is exposed to foreign currency fluctuation risk.
The rising population, improvement in quality of life and higher propensity to consume will further increase the demand for food products. We believe that the encouraging demand for the SC's products would present more business opportunities for the SC. However, the SC is facing increasing competition from other companies. Hence, the SC should improve its management capability and explore more new market segments in order to have a stable standing in the industry.
In view of the above we recommend credit be granted to the SC normally.
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH
PROFIT
AND LOSS ACCOUNT
CARGILL
TEXTURIZING SOLUTIONS (M) SDN BHD
31-December-2006
Consolidated
Accounts : No
UnQualified
Reports : Yes
RM
Turnover 21,771,718.00
Operating
Revenue 0.00
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Profit
/ (Loss) Before Tax 1,711,278.00
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Profit
/ (Loss) After Tax 1,334,077.00
Extraordinary
Item 0.00
Minority
Interest 0.00
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Profit/(Loss)
Attributable to Shareholders 1,334,077.00
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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 4,823,058.00
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Unappropriated
Profit/(Loss) Carried Forward 6,157,135.00
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BALANCE SHEET
CARGILL
TEXTURIZING SOLUTIONS (M) SDN BHD
31-December-2006
Consolidated
Accounts : No
UnQualified
Reports : Yes
RM
Fixed
Assets 167,174.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 9,401,236.00
Intangible
Assets 0.00
Other
Assets 63,000.00
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Total
Assets 9,631,410.00
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Working
Capital 6,026,961.00
Issued
Capital 100,000.00
Paid
Up Capital 100,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) 6,157,135.00
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Shareholder's
Fund/Equity 6,257,135.00
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Current
Liabilities 3,374,275.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 0.00
Share
Application Account 0.00
Minority
Interest 0.00
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Total
Equity Liability 9,631,410.00
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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 |
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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%)