MIRA INFORM REPORT

 

 

Report Date :           

15.09.2011

 

IDENTIFICATION DETAILS

 

Name :          

TMC METAL (MALAYSIA) SDN. BHD.

 

 

Registered Office :

Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, Kuala Lumpur, Wilayah Persekutuan, Zip/postal code 50490

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.04.1999

 

 

Com. Reg. No.:

480793-V

 

 

Legal Form :

Private Limited Company Limited By Shares

 

 

Line of Business :

Processing of metal waste and scrap and of metal articles into secondary raw  material

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 260,000

 

 

Status :

Moderate

 

 

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

 

 Bottom of Form

Identification details  Bottom of Form

 

 

Verified Address

 

Subject name                :TMC METAL (MALAYSIA) SDN. BHD.

Business address          No. 2 & 4, Jalan Perusahaan 3/3

Batu 20

Town                             Rawang

Province                        Selangor Darul Ehsan

Zip/postal code              48000

Country                         Malaysia

Tel                                +60 3 60935196

Fax                               +60 3 60935469

Website                        www.tmc-metal.com 

 

Registered address        Level 7, Menara Milenium

Jalan Damanlela

Pusat Bandar Damansara

Damansara Heights

Town                             Kuala Lumpur

Province                        Wilayah Persekutuan

Zip/postal code              50490

Country :                       Malaysia

Comments                    The provided address Bukit Belimbing, Jalan Balakong, 43300 Seri Kembangan,

Selangor Darul Ehsan, Malaysia was not recognized by the representative contacted. In addition the representative contacted advised that the Subject has never moved premises from the verified address above.

 

The provided contact name Mr. Chan Lee is not an employee or ex-employee of the Subject as confirm by the representative.

           

Furthermore, the provided mobile numbers +60 10 2829946 and +60 10

6607734 is both invalid.

 

 

 

Summary details

 

Executive Summary

 

Date founded or registered          :   10/04/1999

Legal form                                 :   Private Limited Company Limited By Shares

Chief executive                          :   Tsao Shih-Liang

Issued & paid up capital             :   MYR 3,780,000

Sales turnover                            :   MYR 17,762,547 (Non-consolidated 12 months, 31/12/2010)

Net income                                :   MYR 1,659,505 (Non-consolidated 12 months, 31/12/2010)

Total fixed assets                       :   MYR 13,685,180 (Non-consolidated 12 months, 31/12/2010)

Line of business             :   Processing of metal waste and scrap and of metal articles into secondary raw

     material.

Staff employed                           :   60 employees

 

 

Credit risk opinion

 

Company Analysis

 

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is steady

Management experience :   Management is reasonably experienced

Financial performance                :   Financial performance is recovering

Organization structure                :   Organizational structure is stable

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

Credit amount suggestion     :   USD 260,000

Credit amount asked                                      :   Not described.

 

 

Statutory details

 

Registry Data

 

Registration date            10/04/1999

Legal form                     Private Limited Company Limited By Shares

Registration no              480793-V

Registered authority       Companies Commission of Malaysia

Registry status              Live/Active

Previous name               None reported.

Change of legal form       None reported.

 

 

Management / directors

 

Key Management

Name                :           Tsao Shih-Liang

Designation       :           Managing Director

 

Name                :           Woon Man Foh

Designation       :           Plant Director

 

Name                :           Chong Khai Yen

Designation       :           Director

 

 

 

 

Board of directors / other appointments

 

Appointments

 

Name                            :           Tsao Shih-Liang

Designation                   :           Director

Identification no              :           213450371

Appointment date           :           10/04/99

Address                        :           9th Floor, 33 Yuan-Shan Road

Niao-Song Xiang Kaohsiung Hsien Taiwan

 

Name                            :           Tsao Yi-Chung

Designation                   :           Director

Identification no              :           214393235

Appointment date           :           13/08/07

Address                        :           9th Floor, 33 Yuan-Shan Road

Niao-Song Xiang Kaohsiung Hsien Taiwan

 

Name                            :           Woon Man Foh

Designation                   :           Director

Identification no              :           650805-06-5069

Appointment date           :           07/09/05

Address                        :           32, Jalan Cassia 1/KS6

Bandar Botanic

41200 Klang

Selangor Darul Ehsan

Malaysia

 

 

Name                            :           Chong Khai Yen

Designation                   :           Director

 Identification no :           730825-05-5167

Appointment date           :           15/07/09

Address                                  :                       No. 22, Jalan Pahlawan 4A/3

Bandar Mahkota Cheras, Batu 9

43200 Cheras Selangor Darul Ehsan Malaysia

 

Name                            :           Tsao Sheh-Ming

Designation                   :           Director

Identification no  :                       M15280567

Appointment date           :           10/04/99

Address                        :           9A, 153-26

Tun Hwa Road North

Taipei

Taiwan

 

Name                            :           Chua Siew Chuan

Designation                   :           Company Secretary

Identification no              :           580826-05-5408

Appointment date           :           13/08/07

Address                        :           No 6 Jalan SS 14/8E Subang Jaya

47500 Petaling Jaya Selangor Darul Ehsan Malaysia

 

Name                            :           Pan Seng Wee

Designation                   :           Company Secretary

 Identification no :           750810-10-5510

Appointment date           :           28/03/08

Address                        :           11 Jalan Setia Impian U13/4N Setia Alam Seksyen U13

40170 Shah Alam Selangor Darul Ehsan Malaysia

Staff employed               :           60 employees

 

Key Advisors

 

 

Auditors            :           CB LIM & ASSOCIATES

568-8-40A, 8th Floor

Komplek Mutiara, Jln Ipoh, Batu 3 1/2

51200 Kuala Lumpur Wilayah Persekutuan Malaysia

 

 

Share capital

 

Composition

Authorized Capital                                 :   MYR 5,000,000

No of shares                                         :   5,000,000 Ordinary Shares

Share par value                                     :   MYR 1

Issued capital                                       :   MYR 3,780,000

Paid up capital                                                                                              :   MYR 3,780,000

 

 

ownership / shareholders

 

How listed                     :   Full List

 

Composition

Shareholder name          :   TMC (CAYMAN) HOLDING CORPORATION

Address                        :   Marquee Place, Suite 300

430 West Bay Road

Seven Mile Beach, Grand Cayman KY1-1204

Cayman Islands

 

No. of shares                 :   3,780,000 Ordinary Shares

 

% of shares                            :   100%

 

Related companies & corporate Affiliations

 

Structure

 

Name                            :   TMC (CAYMAN) HOLDING CORPORATION

Affiliation type                :   Parent Company

Address                        :   Marquee Place, Suite 300

430 West Bay Road

Seven Mile Beach, Grand Cayman KY1-1204

Cayman Islands

 

Name                            :   TAIWAN MAY CHIA METAL CO., LTD.

Affiliation type                :   Sister Company

Address                        :   16 Chain-Min Street

Ta-Fa Industrial District

83162 Kaohsiung

Taiwan

 

Name                            :   TMC METAL (SUZHOU) CO., LTD.

Affiliation type                :   Sister Company

Address                        :   No. 8 Jin-tian Road

Loufeng East Area

Suzhou Industrial Park

Suzhou Jiang Su 215123

People Republic China

 

Name                            :   TMC METAL (SHANGHAI) CO., LTD.

Affiliation type                :   Sister Company

Address                        :   No.45 Xinhao Road Xinchang Industrial Zone Nanhui District

Shanghai 201314

People Republic China

 

 

Name                            :   TMC METAL (HONG KONG) LIMITED

Affiliation type                :   Sister Company

Address                        :   Room 201 Shiu Fung Hong Building

239-241 Wing Lok Street

Sheung Wan

Hong Kong

 

Name                            :   TMC METAL (SINGAPORE) PTE. LTD.

Affiliation type                :   Sister Company

Address                        :   180 Paya Lebar Road

#01-04 Yi Guang Factory Building

Singapore 409032

Singapore

 

Name                            :   TMC METAL PHILIPPINES INC.

Affiliation type                :   Sister Company

Address                        :   Lot No.C2-3 Unit 1

Carmelray Industrial Park

Calamba City Laguna 4027

Philippines

 

 

Name                            :   TMC RECYCLING TECHNOLOGY CLARK, INC.

Affiliation type                :   Sister Company

Address                        :   Berthaphil Compound V Warehouse Building No. 3

Gil Puyat Avenue Clark Freeport Zone Clark Pampanga 2023

Philippines

 

Name                            :   TMC METAL (THAILAND) CO., LTD.

Affiliation type                :   Sister Company

Address                        :   No.730 Bangpoo Industrial Estate Export Zone

Moo.4 Praksa Mung

Samutprakarn 10280

Thailand

 

 

Bank & mortgages

 

Bank Details

 

Name of bank    :   Citibank Berhad

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

Total Of Charge: Foreign Currency

Date Of Creation: 07-08-2008

Name Of Chargee: Citibank Berhad

Charge Status: Unsatisfied

 

Legal Fillings

Bankruptcy fillings          :   None reported.

Court judgements           :   None reported.

Tax liens                       :   None reported.

Others                          :   None reported.

 

financials

 

Description

Source of financial statement                   :   Commercial Registry Filings

Financial statement date                         :   31/12/10

Type of accounts                                    :   Full audited

Currency                                                :   Malaysia, Ringgit (MYR)

Exchange rate                                        :   1 USD = MYR 3.15 as of 22-09-2011

 

Summarized Financial Information

 

Consolidation type                              :

Non Consolidated

Non Consolidated

Currency                                            :

Malaysia, Ringgit (MYR)

Malaysia, Ringgit (MYR)

Denomination                                     :

(x1) One

(x1) One

Date of financial year end                    :

31/12/10

31/12/09

Length of accounts                             :

12 months

12 months

Sale turnover / Income                         :

17,762,547

6,135,490

Profit before tax                                  :

2,095,699

13,479

Net income                                        :

1,659,505

-8,706

Non current assets                             :

4,836,348

2,372,081

Current assets                                    :

8,848,832

7,613,346

Total assets                                       :

13,685,180

9,985,427

Current liabilities                                 :

5,043,279

3,021,985

Non current liabilities                           :

46,320

27,366

Total liabilities                                    :

5,089,599

3,049,351

Share equity                                       :

8,595,581

6,936,076

Retained earning                                 :

4,815,581

3,156,076

Operation details

 

Main activities                                    :   The Subject's main activities is processing of metal waste and scrap and of metal articles into secondary raw material.

 

The Subject operations involve the recycling of materials from many industries, e.g. semi-conductor devices, photoelectric devices, and other scrap/bi-products resulting from electronic equipment manufacturers, petroleum refiners, and petrochemical producers. Although the primary emphasis is the recovery of precious metals, i.e. gold, silver, palladium, platinum and rhenium, other materials are also recycled, such as

non-ferrous and ferrous metals as well as plastics. The types of materials handled include, reject integrated circuits, printed circuit boards, manufactured products as well as spent catalyst.

 

 

Product & services                              :   Services

 

 

Recycling of materials resulting from the manufacture of semi-conductors or other electronic devices or systems and some end-of-life equipment such as wafer scrap, PCB scrap and IC scrap which contain precious metals.

 

1  Segregation of raw materials ( wastes )

2) Pre Treatment

3) Intermediate Treatment

4) Sampling

5) Final treatment

 

 

products

1) Metal Sweeps

2) Ingots

3) Metal Fragments

4) Sludge Concetrate

5) Single metals

 

 

Purchases

Local                :   Yes 

International       :   China, South Africa, United States, Taiwan

 

Sales

 

Local                :   Yes

International       :   Taiwan, China, United States

 

Property & Assets

Premises          :   The Subject operates from premises 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$136.3 billion as of 29 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:    55.2%

 

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, Maxis Berhad

 

Trade & Competitiveness Overview

 

Total exports                             :   US$210.3 billion

 

Exports commodities                 :   electronic equipment, petroleum and liquefied natural gas, wood and

woodproducts, palm oil, rubber, textiles, chemicals

Total imports                             :   US$156.2 billion

 

Imports commodities                  :   electronics, machinery, petroleum products, plastics, vehicles, iron andsteel

products, chemicals

 

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

Currency                                                                                                      :   

Internet users as % of total population     :

 

 

Payment history

 

Purchase Term

Local                :   Cash against document, Prepayment, Credit up to 60 days

International       :   L/C, Prepayment, Credit up to 60 days

 

Sales Term

 

Local                :   Cash against document, Prepayment, Credit up to 60 days

International       :   L/C, Prepayment, Credit up to 60 days

 

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.47.81

UK Pound

1

Rs.75.16

Euro

1

Rs.65.11

 

 

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.