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Report Date : |
16.04.2012 |
IDENTIFICATION DETAILS
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Name : |
TENCATE GEOSYNTHETICS ASIA SDN. BHD. |
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Formerly Known As : |
POLYFELT ASIA SDN. BHD. |
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Registered Office : |
C/o SECURITIES SERVICES (HOLDINGS) SDN. BHD. Level 7, Menara Milenium Jalan Damanlela Pusat Bandar Damansara Kuala Lumpur Wilayah Persekutuan 50490 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.05.1993 |
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Com. Reg. No.: |
264232-U |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Manufacturing and distribution of geotextiles for civil and engineering construction. |
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No. of Employees : |
120 employees (Subject); 4,353 (Ten Cate Group) |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2,200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Malaysia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Verified Address
Subject name : TENCATE GEOSYNTHETICS ASIA SDN.
BHD.
Business address :
14, Jalan Sementa 27/91
Seksyen 27
Town : Shah Alam
Province : Selangor Darul Ehsan
Zip/postal code : 40400
Country : Malaysia
Tel : +60 3 51928568
Fax : +60 3 51928575
Email : info.asia@tencate.com
Website : www.tencate.com
Registered address
: C/o SECURITIES SERVICES (HOLDINGS)
SDN. BHD.
Level 7, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal code : 50490
Country : Malaysia
Executive Summary
Date founded or
registered : 15/05/1993
Legal form : Private Company
Limited By Shares
Chief executive : John James Smith
Issued & paid
up capital : MYR 18,000,000
Sales turnover : MYR 122,815,142 (Consolidated 12
months, 31/12/2010)
Net income : MYR 16,182,212
(Consolidated 12 months, 31/12/2010)
Total fixed assets
: MYR 85,074,251
(Consolidated 12 months, 31/12/2010)
Line of business :
Manufacturing and
distribution of geotextiles for civil and engineering
construction.
Staff employed : 120 employees (Subject);
4,353 (Ten Cate Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management
experience : Management is
adequately experienced
Financial
performance : Financial
performance is good
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount
suggestion : USD 2,200,000
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.
Registry Data
Registration date
: 15/05/1993
Legal form : Private Company
Limited By Shares
Registration no 264232-U
Registered
authority : Companies
Commission of Malaysia
Registry status : Live/Active
Previous name : The
Subject was established under the name POLYFELT ASIA SDN. BHD. And changed to
the current style on 04-08-2006.
Change of legal
form : None reported.
Key Management
Name : John James Smith
Designation : Managing Director
Name : Loke Kean Hooi
Designation : General Manager
Name : Low Siew Chong
Designation : Financial Controller
Appointments
Name : Wallace Lamar Moore Jr.
Designation : Director
Identification no
: 213894985
Appointment date :
02/09/10
Address : Fischergasse 18
4040 Linz
Austria
Name : Joseph Wallace Averette
III
Designation : Director
Identification no
: 425501525
Appointment date :
24/06/10
Address : 67 Emerald Allie
Hoschton, GA 30548
United States
Name : Mohamed Bashir Bin
Mohamed Shariff
Designation : Director
Identification no
: 460614-06-5165
Appointment date :
08/05/96
Address : 4-C,Jalan Maktab Enam
Off Jalan Gurney
54100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name : Pattis Naidu A/L M
Danapal
Designation : Director
Identification no
: 500822-10-5401
Appointment date :
05/01/01
Address : No. 9, Jalan SS 3/94
Kelana Jaya
47300 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Name : John James Smith
Designation : Director
Identification no
: 761321700
Appointment date :
15/05/93
Address : No. 155G, Sri Wangsaria
Condominium
Jalan Ara, Bangsar Baru
59100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name : Chua Siew Chuan
Designation : Company Secretary
Identification no
: 580826-05-5408
Appointment date :
31/03/08
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 :
01/03/09
Address : No. 11 Jalan Setia Impian
U13/4N
Setia Alam, Seksyen U13
40170 Shah Alam
Selangor Darul Ehsan
Malaysia
Staff employed : 120 employees (Subject); 4,353 (Ten
Cate Group)
Key Advisors
Auditors : KPMG
KPMG TOWER
8 First Avenue
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Composition
Authorized Capital
: MYR 100,000,000
No of shares : 70,000,000 Convertible Redeemable
Shares / 30,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 18,000,000
Paid up capital : MYR 18,000,000
How listed : Full List
Composition
Shareholder name :
KONINKLIJKE TEN CATE N.V.
Address : Stationsstraat 11
7607 GX Almelo
Netherlands
No. of shares : 17,999,999 Ordinary Shares
Shareholder name :
TENCATE GEOSYNTHETICS FRANCE SAS
Address : 9 Rue Marcel Paul
95870 Bezon
France
No. of shares : 1 Ordinary Share
Structure
Name : KONINKLIJKE TEN CATE
N.V.
Affiliation type :
Parent Company
Address : Stationsstraat 11
7607 GX Almelo
Netherlands
Comments : Royal (Koninklijke in Dutch)
Ten Cate N.V., together with its subsidiaries,
engages in the development, production, and sale of functional materials
for
safety and protection, aerospace, industrial, sport and recreation, and
infrastructure and environment applications worldwide. The companys
Advanced
Textiles and Composites segment manufactures and sells protective and
safety
fabrics for the professional wear and outdoor fabrics markets. This
segment also
offers composites for the aerospace industry and special industrial
applications,
and for personal protection and vehicle armour, including composite
materials
with bullet, fragment, knife, and needle-proof characteristics. Its
Geosynthetics
and Grass segment engages in the manufacture and sale of fabrics, grids,
and
nonwovens for use in civil engineering, the construction industry, and
the
environmental market, as well as industrial fabrics for various
applications, such
as agribusiness, sport, and recreation. This segment also manufactures
synthetic
turf components and systems, including synthetic grass fibres and
backing for a
range of applications, such as football, hockey, and other sports
pitches, as well
as landscaping. The companys Other Activities segment manufactures and
sells
rubber and foam rollers and components for the office equipment industry
and
related products, such as printers, copiers, fax machines, postal
sorting
machines, and automated teller machines, as well as develops, produces,
and
sells inkjet technology and related components for industrial
applications. It
operates primarily in Europe, North America, South America, Australia,
and Asia.
The company was formerly known as Royal NijverdalTen Cate nv and
changed
its name to Royal Ten Cate nv in 1995. Royal Ten Cate nv is
headquartered in
Almelo, the Netherlands.
Name : TENCATE GEOSYNTHETICS
(THAILAND) LTD.
Affiliation type :
Wholly-owned Subsidiary
Address : 3 Fl. Sermsap Building
169/98 Ratchadaphisek Road
Din Daeng, Din Daeng, Bangkok 10320
Thailand
Name : TENCATE GEOSYNTHETICS
MALAYSIA SDN. BHD.
Affiliation type :
Wholly-owned Subsidiary
Address : 14, Jalan Sementa 27/91
Seksyen 27
Shah Alam 40400
Selangor Darul Ehsan
Malaysia
Name : TENCATE GEOSYNTHETICS
SINGAPORE PTE. LTD.
Affiliation type :
Wholly-owned Subsidiary
Address : 67B Tuas South Avenue 1
Singapore 637581
Singapore
Name : TENCATE GEOSYNTHETICS
(U.K.) LIMITED
Affiliation type :
Sister Company
Address : PO Box 773
Telford
Shropshire TF7 9 FE
United Kingdom
Name : TENCATE GEOSYNTHETICS
ITALY S.R.L.
Affiliation type :
Sister Company
Address : Via Montale 2
20036 Meda
Italy
Name : TEN CATE INDUSTRIAL
ZHUHAI CO., LTD
Affiliation type :
Sister Company
Address : South of Nangang West Road
Gaolan Port Economic Zone
Zhuhai 519050, Guangdong
China
Name : TENCATE ADVANCED
COMPOSITES USA INC.
Affiliation type :
Sister Company
Address : 18410 Butterfield Blvd.
Morgan Hill, California 95037
United States
Name : TENCATE GEOSYNTHETICS
DEUTSCHLAND GMBH
Affiliation type :
Sister Company
Address : Max-Planck-Straίe 6
63128 Dietzenbach
Germany
Name : TENCATE PROTECT BV
Affiliation type :
Sister Company
Address : P.O. Box 186
7440 AD Nijverdal
The Netherlands
Related companies and corporate affiliations
comments
: Other companies
of the Ten Cate Group should be considered affiliates of the Subject.
Bank Details
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.
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 3.08 as of
16-04-2012
Summarized Financial Information
Consolidation type
: Consolidated
Consolidated Group Consolidated
Currency : Malaysia,
Ringgit (MYR) Malaysia, Ringgit (MYR) Euro (EUR)
Denomination : (x1) One (x1) One (x1) One
Date of financial
year end : 31/12/10 31/12/09 31/12/11
Length of accounts
: 12 months 12 months 12 months
Sale turnover /
Income : 122,815,142 127,320,554 1,138,800,000
Operating profit :
19,095,662 26,553,703 89,600,000
Profit before tax
: 18,464,679 25,026,486 78,300,000
Net income : 16,182,212 22,934,452 59,600,000
Non current assets
: 34,219,258 36,205,269 531,700,000
Current assets : 50,854,993 41,273,178 471,700,000
Inventories : 17,209,185 16,367,378 267,900,000
Total assets : 85,074,251 77,478,447 1,003,400,000
Current
liabilities : 15,910,574
18,169,545 213,200,000
Non current
liabilities : 23,126,662 7,030,405 320,700,000
Total liabilities
: 39,037,236 25,199,950 533,900,000
Share equity : 46,037,015 52,278,497 469,500,000
Reserve : 28,037,015 34,014,308
Comments : The consolidated financial
information above relates to the Subject and its subsidiaries. The groups
consolidated financial information above relates to the Subjects Ultimate
Holding Company Koninklijke Ten Cate N.V. and all its subsidiaries which
include the Subject.
Main activities : The
Subject is engaged in manufacturing and distribution of geotextiles for civil
and engineering construction.
The Subject operates as a subsidiary of Royal (Koninklijke in Dutch) Ten
Cate N.V..
Royal Ten Cate is a 300 year old company specializing in high technology
textiles and composites for protective fabrics, aerospace, antiballistic,
construction and artificial grass industries. The Ten Cate Group is recognized
as a global market leader in these fields and has manufacturing, sales and
distribution facilities in North America, Europe and Asia.
Product &
services : - Non woven and woven
geotextiles
- Geogrids and soil reinforcement composites, geotubes and geocontainers
Brand : TENCATE
Purchases
International : Europe, Asia
Sales
Local : Yes
International : Asia & Ocenia: Australia,
Austria, Bangladesh, Brunei, Cambodia, China,
Hong Kong, India, Indonesia, Japan, Laos, Myanmar, Nepal, Philippines,
Singapore, Sri Lanka, Taiwan, Thailand, Vietnam
Key events : Koninklijke Ten Cate NV Acquires Performance Materials
Corporation
Baycomp
Monday, 26 Mar 2012
Koninklijke Ten Cate NV announced that it has reached an agreement for
the strategic acquisition of Performance Materials Corporation Baycomp
from Camarillo (California), United States, the American and Canadian
specialist company in composite materials molding and thermoplastic
uni-directional tape materials. No financial details of the transaction
were
disclosed. The Company expects the purchase of Performance Materials
Corporation Baycomp to be completed on or before April 2, 2012.
Koninklijke Ten Cate NV's TenCate Geosynthetics Project Partner In
Yellow River Dike Monitoring
Monday, 19 Mar 2012
Koninklijke Ten Cate NV announced that TenCate Geosynthetics and AGT
International have signed a letter of intent for collaboration on the
installation of TenCate GeoDetect technology in a dike body at the
Yellow
River in Dayulan (Zhengzhou) in the Henan province in China. TenCate
GeoDetect is a monitoring system based on geotextiles with interwoven
fiber optics, which registers changes in embankments and dikes. The
system will be used in the AGT Flood Early Warning System.
Koninklijke Ten Cate NV Acquires Danish ARDS ApS-DJ
Friday, 23 Dec 2011
Dow Jones reported Koninklijke Ten Cate NV has issued a press release
announcing its cooperation with the Danish company ABDS ApS for the
development and market preparation of the TenCate ABDS(TM) active
blast countermeasure system, a system for the protection of army
vehicles
against improvised explosive devices and roadside bombs. The Company
announces an agreement with the shareholders to acquire all the shares
of
ABDS ApS, which will be integrated into the Company as Ten Cate Active
Protection ApS. Full ownership by the Company effectively supports a
timely international market introduction through producers of army
vehicles
in order to substantially increase the survivability protection levels
of
vehicles used in crisis areas. The acquisition shall be completed once
Danish authorities have approved the transaction, which approval is
expected shortly. The implementation of the TenCate ABDS(TM) active
blast countermeasure system is planned to take place in the course of
2012-2013.
Koninklijke Ten Cate NV Supplies Flame Resistant Fabrics For Canadian
Air Force
Monday, 14 Nov 2011
Koninklijke Ten Cate NV announced that its TenCate Protective Fabrics is
providing flame resistant (FR) fabric for two tenders in the Canadian
military market. The first tender concerns the Advance Combat Ensemble
(ACE) used by the Canadian Air Force. This military ensemble will be
made
with Nomex FR fabric in the TenCate Brigade portfolio. The second tender
involves TenCate Campshield FR liner fabric for use in tents by all
Canadian Defence Forces. This FR fabric is also Nomex based. Financial
terms of the agreement were not disclosed.
Property & Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of production facilities, warehouse and administrative
office.
Branches : In addition, the Subject
operates from production facilities located at:
Lot 6, Jalan Bunga Tanjong 1
Senawang Industrial Park
70400 Seremban
Negeri Sembilan
Malaysia
Other property : Total Group NBV of property, plant and
equipment as of 31-12-2010 was
MYR 32,640,353.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central
Bank of Malaysia
Reserve of foreign
exchange & gold : US$ 135.7
billion as of 31 March 2012
Gross domestic
product - GDP : US$ 247.781
billion
GPP (Purchasing
power parity) : US$ 442.01
billion of International dollar
GDP per capita -
current prices : US$ 8,624
GDP - composition
by sector : agriculture:
10.2%
industry: 42.1%
services: 47.8%
Inflation : 2008:
5.4%
2009: 0.6%
2010: 1.7%
2011: 2.8%
Unemployment rate
: 2008: 3.3%
2009: 3.6%
2010: 3.3%
2011: 3.2%
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 Berhad
(Banking), Maybank (Banking), Tenaga Nasional Berhad (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 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 : 21
(ranking by country on a basis of 142, 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: 55.3%
Purchase Term
International : L/C, Document against payment, Prepayment,
Credit up to 120 days
Sales Term
Local : Prepayment, Bank transfer, Document
against payment, Credit up to 120 days
International : L/C, Document against payment, Prepayment,
Credit up to 120 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.51.42 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
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 SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.