MIRA INFORM REPORT

 

 

Report Date :

02.09.2011

 

IDENTIFICATION DETAILS

 

Name :

SUPERMAX LATEX PRODUCTS SDN. BHD.

 

 

Registered Office :

Lot 42, Putra Industrial Park Bukit Rahman Putra Sungai Buloh Selangor Darul Ehsan 47000

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

28.07.1977

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

Trading and exporting latex gloves.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 6,500,000

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

IDENTIFICATION DETAILS

 

 

Verified Address

 

Subject name                :           SUPERMAX LATEX PRODUCTS SDN. BHD.

 

 

Business address          :           Lot 42, Putra Industrial Park

Bukit Rahman Putra

 

Town                             :           Sungai Buloh

 

Province                        :           Selangor Darul Ehsan

 

Zip/postal code              :           47000

 

Country                         :           Malaysia

 

Tel                                :           +60 3 61452328

 

Fax                               :           +60 3 61562191

 

Website                        :           www.supergloves.com

 

 

Registered address        :           C/o TRICOR SERVICES (MALAYSIA) SDN. BHD.

Level 18, The Gardens North Tower

Mid Valley City

Lingkaran Syed Putra

 

 

Town                             :           Kuala Lumpur

Province                        :           Wilayah Persekutuan

Zip/postal code              :           59200

Country                                                           :                       Malaysia

 

 

SUMMARY DETAILS

 

Executive Summary

 

Date founded or registered                   :   28/07/1977

 

Legal form                                          :   Private Company Limited By Shares

 

Chief executive                                   :   Bow Kok Tann

 

Issued & paid up capital                      :   MYR 500,000

 

Sales turnover                                    : MYR 583,353,900 (Non-consolidated 12 months, 31/12/2009)

Net income                                        :  MYR 11,125,668 (Non-consolidated 12 months, 31/12/2009)

Total fixed assets                               :   MYR 212,054,383 (Non-consolidated 12 months, 31/12/2009)

Line of business                                 :   Trading and exporting latex gloves.

Staff employed                                                                                          :   1,100 employees (Supermax Group)

 

 

CREDIT RISK OPINION

 

Company Analysis

 

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is progressing

Management experience :   Management is adequately experienced

Financial performance                :   Financial performance is very good

Organization structure                :   Organizational structure is consistent

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

 

Credit amount suggestion     :   USD 6,500,000

 

Credit amount asked                  :   Not described.

 

Comments                                :   Larger credit can still be considered. The Subject is well positioned in the market and the financial stability of the group is positive.

 

 

STATUTORY DETAILS

 

 

Registry Data

 

Registration date                                :   28/07/1977

 

Legal form                                          :   Private Company Limited By Shares

 

Registration no                                       34197-T

 

Registered authority                            :   Companies Commisions Of Malaysia

 

Registry status                                   :   Live/Active

 

Previous name                                    :  The Subject was established under the name IBRAHIM, OH & ASSOCIATES SDN. BHD. on 28-07-1977 and changed its name to OSL MANAGEMENT CONSULTANTS SDN. BHD. on 04-11-1977. OSL MANAGEMENT CONSULTANTS SDN. BHD. then changed its name to GLOVE TESTING CENTRE (M) SDN. BHD. on 09-12-1988. GLOVE TESTING CENTRE (M) SDN. BHD. then changed its name to SUPERMAX LATEX PRODUCTS (M) SDN. BHD. on 07-01-1992.

 

SUPERMAX LATEX PRODUCTS (M) SDN. BHD. then adopted to the current style on 11-08-1992.

 

Change of legal form                                                                              :   None reported.

 

 

MANAGEMENT / DIRECTORS

 

Key Management

 

Name                         :      Dato’ Seri Stanley Thai Kim Sim

 

Designation                :      Managing Director

 

Name                         :      Datin Seri Cheryl Tan Bee Geok

 

Designation                :      Director

 

Name                         :      Bow Kok Tann

 

Designation                                              :            General Manager

 

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

 

Name                         :      Dato’ Seri Stanley Thai Kim Sim

 

Designation                :      Director

 

Identification no           :      601019-01-5047

 

Appointment date        :      01/06/90

 

Address                     :      No. 3, Jalan USJ 2/1

Subang Jaya

47500 Petaling Jaya Selangor Darul Ehsan Malaysia

Biography                   :      Dato' Seri Stanley Thai graduated from the University of Windsor, Ontario, Canada with a Bachelor of Commerce degree (Hons) in

1982. Dato’ Seri Stanley Thai started his early business training with Mulpha International Berhad before being appointed as the Chief Executive Officer cum Group Managing Director of Supermax Corporation Berhad on 18 June 2000.

 

Dato’ Seri Stanley Thai is an experienced businessman and has successfully secured business partnerships with distributions in North America, Western Europe, Australia, New Zealand, Middle East and Latin American countries. Dato’ Seri Stanley Thai has also been actively involved in overseas trade promotions and programs organised by the Ministry of International Trade and Industry (“MITI”) and is a strong advocate of the “Made in Malaysia for the World” program of Malaysia External Trade Development Corporation (“MATRADE”) since 1983

 

Name                         :      Datin Seri Cheryl Tan Bee Geok

 

Designation                :      Director

 

Identification no           :      610628-01-5952

 

Appointment date        :      31/07/91

 

Address                     :      No. 3, Jalan USJ 2/1

Subang Jaya

47500 Petaling Jaya Selangor Darul Ehsan Malaysia

Biography                   :      Datin Seri Cheryl Tan graduated with a Bachelor of Commerce degree (Hons) from University of Windsor, Ontario, Canada. Datin Seri Cheryl Tan was appointed as an Executive Director in Supermax Corporation Berhad on 18 June 2000. Datin Seri Cheryl Tan received her early business training in credit administration with a local

financial institution. Datin Seri Cheryl Tan heads the finance, operations and administration of the Supermax Group.

 

 

Name                            :           Ng Yen Hoong

Designation                   :           Company Secretary

Identification no              :           670904-10-5060

Appointment date           :           13/11/03

 

Address                        :           42A, Jalan PJU 3/18H Tropicana Indah

47410 Petaling Jaya Selangor Darul Ehsan Malaysia

 

Name                            :           Lim Lee Kuan

Designation                   :           Company Secretary

Identification no              :           711203-10-5656

Appointment date           :           29/03/11

 

Address                        :           40, Jalan H-13 Taman Melawati

53100 Kuala Lumpur Wilayah Persekutuan Malaysia

Name                            :           Soo Shiow Fang

Designation                   :           Company Secretary

Identification no              :           751106-10-5538

Appointment date           :           29/03/11

 

Address                        :           No. 23, Jalan PU 8/5A Taman Puchong Utama

47100 Puchong Selangor Darul Ehsan Malaysia

Staff employed               :           1,100 employees (Supermax Group)

 

 

Key Advisors

 

 

Auditors                        :           BAKER TILLY MONTEIRO HENG

22-1, Jalan Tun Sambanthan 3

50470 Kuala Lumpur Wilayah Persekutuan Malaysia

 

 

SHARE CAPITAL

 

 

Composition

 

Authorized Capital                              :   MYR 500,000

 

No of shares                                       :   500,000 Ordinary Shares

 

Share par value                                   :   MYR 1

 

Issued capital                                     :   MYR 500,000

 

Paid up capital                                                                                         :   MYR 500,000

 

 

OWNERSHIP / SHAREHOLDERS

 

 

How listed                                 :   Full List

 

Composition

Shareholder name                      :   SUPERMAX CORPORATION BERHAD

Address                                    :   Lot 38, Putra Industrial Park

Bukit Rahman Putra

47000 Sungai Buloh Selangor Darul Ehsan Malaysia

No. of shares                             :   500,000 Ordinary Shares

 

% of shares                                                    :   100%

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

 

Structure

 

Name                            :   SUPERMAX CORPORATION BERHAD

Affiliation type                :   Parent Company

Address                        :   Lot 38, Putra Industrial Park

Bukit Rahman Putra

47000 Sungai Buloh Selangor Darul Ehsan Malaysia

Comments                    :   SUPERMAX Corporation Berhad a world class latex glove conglomerate listed on the Main Board of Bursa Malaysia Securities Berhad, is a leading international manufacturer, distributor and marketer of high quality medical gloves.

 

Supermax currently exports to over 146 countries worldwide in the regions of America, Europe, Middle East, Asia and the South Pacific. As an own-brand manufacturer, Supermax has developed a range of successful brands such as Supermax, Aurelia, Maxter, Medic-dent and Supergloves which are trusted and recognized by laboratories, hospitals, pharmacists, doctors and surgeons around

 

the world.

 

Supermax Group produces up to 17.6 billion pieces of gloves per year, meeting approximately 11% of the world demand for latex examination gloves. Supermax Group has nine (9) manufacturing plants based in Malaysia equipped with

state-of-the-art machinery, energy-saving biomass systems and a research and development centre.

 

Supermax has five (5) own distribution centres cum corporate offices based in the

United States of America, Brazil, Canada, Germany and Belgium, and collaborates with 750 independent distributors around the world.

 

 

Name                            :   SUPERMAX GLOVE MANUFACTURING SDN. BHD.

Affiliation type                :   Sister Company

Address                        :   Malaysia

 

Comments                    :   Manufacturing and sale of latex gloves.

 

 

Name                            :   MAXTER GLOVE MANUFACTURING SDN. BHD.

Affiliation type                :   Sister Company

Address                        :   Malaysia

Comments                    :   Manufacturing and sale of latex gloves.

 

 

Name                            :   SUPERMAX INCORPORATED

 Affiliation type               :   Sister Company

Address                        :   United States

Comments                    :   Marketing, importing and distributing latex gloves.

 

 

Name                            :   SPENSER GLOVE MANUFACTURING BERHAD

Affiliation type                :   Sister Company

Address                        :   Malaysia

Comments                    :   Manufacturing and sale of latex gloves.

 

 

Name                            :   SUPERMAX ENERGY SDN. BHD.

Affiliation type                :   Sister Company

Address                        :   Malaysia

Comments                    :   Generation of biomass energy.

 

 

Name                            :   SUPERMAX DEUTSCHLAND GMBH

Affiliation type                :   Sister Company

Address                        :   Germany

Comments                    :   Marketing, importing and distributing latex gloves.

 

 

Name                                                              :   SEAL POLYMER LATEX PRODUCTS SDN. BHD.

Affiliation type                :   Sister Company

Address                        :   Malaysia

Comments                    :   Trading and exporting latex gloves.

 

 

Name                            :   SUPERMAX CANADA INC.

Affiliation type                :   Associate

Address                        :   Canada

Comments                    :   Marketing, importing and distributing latex gloves.

 

 

Name                            :   SUPERMAX BRASIL IMPORTADORA S/A

Affiliation type                :   Associate

Address                        :   Brazil

Comments                              :   Marketing, importing and distributing latex gloves.

 

 

Related companies and corporate affiliations comments

:   Other companies of the Supermax Corporation Berhad Group should be considered affiliates of the Subject.

 

 

BANK & MORTGAGES

 

 

Bank Details

 

Name of bank    :   HSBC Bank Malaysia Berhad

 

Address            :   Malaysia

 

Account details  :   Current Account

 

 

Name of bank    :   Malayan Banking Berhad (Maybank)

Address            :   Malaysia

Account details  :   Current Account

 

 

Comments        :   It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

 

Mortgages                              :   None reported.

 

 

Legal Fillings

 

Bankruptcy fillings          :   None reported.

Court judgements           :   None reported.

Tax liens                       :   None reported.

Others                          :   None reported.

 

 

FINANCIAL DATA

 

 

Description

 

Source of financial statement               :   Commercial Registry Filings

 

Financial statement date                     :   31/12/09

 

Type of accounts                                :   Full audited

 

Currency                                            :   Malaysia, Ringgit (MYR)

 

Exchange rate                                    :   1 USD = MYR 2.98 as of 30-08-2011

 

Summarized Financial Information

Consolidation type                                                                                   :   Non Consolidated                Non Consolidated               Group Consolidated Currency                                                                                                                  :   Malaysia, Ringgit (MYR)       Malaysia, Ringgit (MYR)     Malaysia, Ringgit (MYR) Denomination                                                                                           :   (x1) One                             (x1) One                            (x1) One

Date of financial year end                                                                        :   31/12/09                             31/12/08                            31/12/10

 

Length of accounts                                                                                  :   12 months                           12 months                         12 months

 

Sale turnover / Income                                                                             :   583,353,900                        514,716,925                       977,281,252

 

Profit before tax                                                                                        :   14,291,070                          1,581,839                          183,835,255

 

Net income                                            :   11,125,668                                                                      435,839                                   158,955,068

 

Non current assets                             :

81,157

1,645,781

620,289,599

Current assets                                    :

211,973,226

204,569,282

445,083,151

Inventories                                          :

10,660

10,660

133,088,304

Total assets                                       :

212,054,383

206,215,063

1,065,372,750

Current liabilities                                 :

192,017,111

192,758,558

219,739,068

Non current liabilities                           :

 

 

154,110,016

Total liabilities                                    :

192,017,111

192,758,558

373,849,084

Share equity                                       :

20,037,272

13,456,505

691,523,666

Retained earning                                 :

19,537,272

12,956,505

 

 

Comments                                         :   The non-consolidated financial information above relates to the Subject only.

 

The group’s consolidated financial information above relates to the Subject’s Parent / Ultimate Holding Company Supermax Corporation Berhad and all its subsidiaries which include the Subject.

 

 

OPERATION DETAILS

 

Main activities                                    :   The Subject is principally involved in trading and export of latex gloves worldwide.

 

Latex Gloves are manufactured by other subsidiaries of Supermax

Corporation Berhad.

 

The Subject is part of Supermax Corporation Berhad which is the 2nd largest glovemaker in the world. Supermax Corporation Berhad is an investment holding company. The Company, through its subsidiaries, is engaged in the manufacturing and sales of latex gloves. It has operations in America, Europe, Asia/Australia and Africa. As of December 31, 2010, it had nine factories manufacturing various types of latex gloves, which were exported to over 146 countries worldwide, such as the United States, European Union, Middle East, Asia and South Pacific countries. Its

subsidiaries include Supermax Latex Products Sdn. Bhd., Supermax Glove Manufacturing Sdn. Bhd., Maxter Glove Manufacturing Sdn. Bhd., Supermax Incorporated and Spenser Glove Manufacturing Berhad. During the year ended December 31, 2010, the Company incorporated a

90%-owned subsidiary, Supermax Deutschland. On March 24, 2010, the Company disposed of its 33% interest in Medirite Supermax (Australia) Pty Ltd.

Product & services                              :   Latex Examination Gloves - Powder Free Latex Examination Gloves - Powdered Latex Surgical Gloves

Nitrile Examination Gloves - Powder Free

 

Brand                                                    :   Supermax Aurelia Maxter Medic-dent

Supergloves

 

Purchases

 

Local                                                 :   Yes

 

International                                       :   Asian countries

 

 

Sales

 

Local                                                 :   Yes

 

International                                       :   Worldwide

 

 

Property & Assets

 

 

Premises                                           :   The Subject operates from group headquarters located at the verified heading address consisting of production facilities, warehouse and administrative office.

Branches                                                                                                  :   None reported.

 

 

SUMMARIZED COUNTRY RISK

 

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                       :   Central Bank of Malaysia

 

Reserve of foreign exchange & gold      :   US$ 136.1 billion as of 15 August 2011

 

Gross domestic product - GDP            :   US$ 247.781 billion

 

GPP (Purchasing power parity)            :   442.01 billion of International dollars

 

GDP per capita - current prices            :   US$ 8,624

 

  GDP - composition by sector                :   agriculture: 9.4% industry: 40.9% services: 49.7%

 

 

Inflation                                                 :   2008: 5.4%

2009: 0.6%

2010: 1.7%

 

Unemployment rate                                :   2008: 3.3%

2009: 3.6%

2010: 3.3%

 

Public debt

(General Government gross debt as a % GDP) :   2008: 42.8%

2009: 55.4%

2010: 54.2%

 

Government bond ratings                        :   Standard & Poor's: A-/Stable/A-2

Moody's rating: A3

Moody's outlook: STA

 

Market value of publicly traded shares      :   US$420 billion

 

 

Largest companies in the country            :   CIMB Group Holdings (Banking), Sime Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga Nasional (Utilities), Petronas Chemicals (Chemicals), Maxis Berhad (Telecommunications)

 

 

Trade & Competitiveness Overview

 

 

Total exports                                         :   US$210.3 billion

 

Exports commodities                             :   electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals

 

Total imports                                         :   US$156.2 billion

 

Imports commodities                              :   electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals

 

Export - major partners                           :   US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%, Hong Kong 4.6

 

 

Import - major partners                           :   Japan 13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%, Thailand 5.3%, South Korea 4.9%, Germany 4.6%, Indonesia 4.2%

 

FDI Inflows                                            :   2007: US$8,538 million

2008: US$7,318 million

2009: US$1,381 million

 

 

FDI Outflows                                          :   2007: US$11,280 million

2008: US$14,988 million

2009: US$8,038 million

 

 

Best countries for doing business            :   21 out of 183 countries

 

Global competitiveness ranking               :   26 (ranking by country on a basis of 133, the first is the best)

 

 

Country and Population Overview

 

 

Total population             :   28.23 million

 

Total area                      :   329,847 km2

 

Capital                          :   Kuala Lumpur

 

Currency                                 :   Malaysia Ringgits (MYR)

 

 

Internet users as % of total population:   57.61%

 

 

PAYMENT HISTORY

 

 

Purchase Term

 

Local                                                 :   Credit 30-120 days, Prepayment

 

International                                       :   Credit 30-120 days, Prepayment, L/C

 

 

Sales Term

 

Local                                                 :   Credit 30-120 days, Prepayment

 

International                                       :   Credit 30-120 days, Prepayment, L/C

 

 

Trade Reference/ Payment

Behaviour

 

Comments                                         :   As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

 

 

Investigation Note

 

Sources                                             :   Interviews and material provided by the Subject

 

:   Other official and local business sources

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.01

UK Pound

1

Rs.75.42

Euro

1

Rs.66.69

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.