MIRA INFORM REPORT
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Report Date : |
07.02.2012 |
IDENTIFICATION DETAILS
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Name : |
KANEKA EPERAN SDN. BHD. |
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Registered Office : |
Lot 123-124, Jalan
Gebeng 2/3, Gebeng Industrial Estate, Kuantan, Pahang Darul Makmur,
Zip/postal code26080 |
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Country : |
Malaysia |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
12.07.1996 |
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Com. Reg. No.: |
393957-K |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Manufacturer of chemicals and chemical products. |
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No. of Employees : |
40 employees (Subject) 8,400 employees (Kaneka Group) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 1,400,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
|
Off-credit |
D |
Identification details
Verified Address
Subject name : KANEKA EPERAN SDN. BHD.
Business address : Lot 123-124, Jalan Gebeng 2/3
Gebeng Industrial Estate
Town : Kuantan
Province : Pahang Darul Makmur
Zip/postal code : 26080
Country : Malaysia
Tel : +60 9 5826000
Fax : +60 9 5837778
Website : www.kaneka.co.jp
Registered address : Lot 123-124, Jalan Gebeng 2/3
Gebeng Industrial Estate
Town : Kuantan
Province : Pahang Darul Makmur
Zip/postal code : 26080
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 12/07/1996
Legal form : Private Company Limited By Shares
Chief executive : Ryuichi Takagi
Issued & paid up capital : MYR 16,000,000
Sales turnover : MYR 44,200,328 (Non-Consolidated 12 months, 31/03/2011)
Net income : MYR 2,078,452 (Non-Consolidated 12 months, 31/03/2011)
Total fixed assets : MYR 44,307,038 (Non-Consolidated 12 months, 31/03/2011)
Line of business : Manufacturer of chemicals and chemical products.
Staff employed : 40 employees (Subject) 8,400 employees (Kaneka 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 good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 1,400,000
Credit amount asked : Not described.
Statutory details
Registry Data
Registration date : 12/07/1996
Legal form : Private Company Limited By Shares
Registration no : 393957-K
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 : Ryuichi
Takagi
Designation : Managing Director
Board of directors / other
appointments
Appointments
Name : Hiroki Ishizuka
Designation : Director
Identification no : TH8803057
Appointment date : 01/09/10
Address : 23A-1, Kiara 1
No. 1, Jalan Kiara
Mont Kiara
50480 Kuala Lumpur Wilayah Persekutuan Malaysia
Name : Yoshio Matsumura
Designation : Director
Identification no : TH9097713
Appointment date : 01/06/09
Address : 5-20-1, Takahana
Inzai-shi 270-1342
Chiba
Japan
Name : Ryuichi Takagi
Designation : Director
Identification no : TZ0494925
Appointment date : 01/06/09
Address : C/o KANEKA EPERAN SDN. BHD.
Lot 123-124, Jalan Gebeng 2/3
Gebeng Industrial Estate
Kuantan 26080
Pahang Darul Makmur
Malaysia
Name Seow Siew Chan
Designation Company Secretary
Identification no 690816-06-5300
Appointment date 16/11/98
Address A-5644 Lorong Alor Akar 25
Taman Mewah
25250 Kuantan Pahang Darul
Makmur Malaysia
Staff employed 40
employees (Subject) 8,400 employees (Kaneka Group)
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS
Level 10, 1 Sentral
Jalan Travers
Kuala Lumpur Sentral
50470 Kuala Lumpur
Malaysia
Share capital
Composition
Authorized Capital : MYR 20,000,000
No of shares : 20,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 16,000,000
Paid up capital : MYR 16,000,000
Changed in capital : The Subject increased its share capital
from MYR 12,000,000 to MYR 20,000,000 on 24-12-1998.
ownership / shareholders
How listed Full List
Composition
Shareholder
name KANEKA CORPORATION
Address 3-2-4, Nakanoshima
Kita-ku, Osaka 530-8288
Japan
No. of shares 16,000,000 Ordinary Shares
% of shares 100%
Comments Subject is a wholly owned subsidairy of
KANEKA CORPORATION.
In Malaysia, Kaneka Corporation now have 4 manufacturing
plants:
1. Kaneka (Malaysia)
Sdn. Bhd. - started operations in 1997 manufacturing Impact modifiers and
processing aids for PVC products applications. Product is called MBS, short for
the co-polymer of Methyl-methacrylate, Butadiene
and Styrene
2. Kaneka
Eperan Sdn. Bhd. - also started operations in 1997 manufacturing Expanded
Poly-ethylene and Poly-propylene (EPE / EPP) beads and planks. Application is
for electronic materials packaging and automative parts.
3. Kaneka Paste
Polymers Sdn. Bhd. - started operations in 2000 manufacturing Dispersion PVC or
PVC Paste. Applications are for floor
tiles, wall covering, artificial leather, PVC gloves etc.
4. Kaneka
Innovative Fibers Sdn. Bhd. - started operations in May 2011, manufacturing
synthetic fibers for hair products. Applications are for the manufacture of
wigs, braids etc for human hair.
Related companies & corporate Affiliations
Structure
Name : KANEKA CORPORATION
Affiliation type : Parent Company
Address : 3-2-4, Nakanoshima
Kita-ku, Osaka 530-8288
Japan
Comments : Kaneka Corporation manufactures and
sells chemicals, functional plastics, expandable plastics and products,
foodstuffs, life science products, electronic products, and synthetic fibers.
The company’s chemical products include polyvinyl chloride (PVC), caustic soda,
hydrochloric acid, flexible PVC compounds, rigid PVC compounds, paste PVC, and
chlorinated PVC; and functional plastic products comprise modifiers, modified
silicone polymers, weather-resistant acrylic films, Allyl (Silyl) terminated,
and polyisobuthylenes. Its expandable plastics and products consist of extruded
polystyrene foam boards, polyolefin foams, and expandable polystyrene; and
foodstuffs comprise margarine and shortening, confectionary fats, and bakery
yeast. The company’s life science products include Ubidecarenone (Coenzyme
Q10); Ubiquinol, an active form of Coenzyme Q10; anti-hypertensive drug
intermediates; intermediates for antibiotics; Liposorber systems, a
LDL-cholesterol adsorption systems; and Lixelle, an adsorption column for
dialysis-related amyloidosis. Its electronic products comprise ultra
heat-resistant polyimide films, bonded magnets, PVC pipes for underground
cables, solar cells, and optical films; and synthetic fibers consist of
modacrylic fibers. The company operates in Japan, Belgium, the United States,
Singapore, Malaysia, Australia, Vietnam, and the People’s Republic of China.
Kaneka Corporation was founded in 1949 and is headquartered in Osaka, Japan.
Name KANEKA (MALAYSIA) SDN. BHD.
Affiliation type Sister Company
Address Lot 123-124, Jalan Gebeng 2/3
Gebeng Industrial Estate
Kuantan 26080
Pahang Darul Makmur
Malaysia
Comments Sales and manufacture of functional
plastics.
Name KANEKA PASTE POLYMERS SDN. BHD.
Affiliation type Sister Company
Address Lot 123-124, Jalan Gebeng 2/3
Gebeng Industrial Estate
Kuantan 26080
Pahang Darul Makmur
Malaysia
Comments Sales and manufacture of specialty PVC resins.
Name KANEKA INNOVATIVE FIBERS SDN. BHD.
Affiliation type Sister Company
Address Lot 123-124, Jalan Gebeng 2/3
Gebeng Industrial Estate
Kuantan 26080
Pahang Darul Makmur
Malaysia
Comments Sales and manufacture of synthetic fibers.
Name KANEKA INDIA PVT. LTD.
Affiliation type Sister Company
Address New Delhi
India
Comments Market survey and sales support activities.
Name : KANEKA SINGAPORE CO. (PTE) LTD.
Affiliation type : Sister Company
Address : Jurong Industrial Estate
Singapore
Comments : Sales and manufacture of pharmaceutical intermediates.
Name : KANEKA EPERAN (SUZHOU) CO., LTD.
Affiliation type : Sister Company
Address : Jiangsu, China
Comments : Manufacture of expandable plastics and products.
Name : KANEKA NEW YORK HOLDING COMPANY,INC.
Affiliation type : Sister Company
Address : New York, United States
Comments : Holding Company for Kaneka Nutrients L.P., Kaneka America LLC and Kaneka Pharma
America Corporation.
Name : KANEKA TEXAS CORPORATION
Affiliation type : Sister Company
Address : Pasadena, Texas, United States
Comments : Sales and manufacture of functional plastics, expandable plastics and electronic products.
Name : KANEKA PHARMA EUROPE N.V.
Affiliation type : Sister Company
Address : Brussels, Belgium
Comments : Sale of functional foodstuffs and medical devices.
Related companies
and corporate affiliations comments
Other companies of the Kaneka Group should be considered affiliates of the subject
Bank & mortgages
Bank Details
Name of
bank :
Bank of Tokyo-Mitsubishi UFJ Malaysia
Berhad
Address :
Malaysia
Account
details :
Current Account
Name of bank : Sumitomo Mitsui Banking Coorporation Malaysia 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 : 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 : 31/03/11
Type of accounts : Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.01 as of 06-02-2012
Summarized Financial Information
Consolidation
type : Non Consolidated Non
Consolidated Group Consolidated
Currency : Malaysia, Ringgit (MYR) Malaysia, Ringgit (MYR) Japan, Yen (JPY) Denomination : (x1) One (x1) One (x1)
One
Date of financial year end : 31/03/11 31/03/10 31/03/11
Length of accounts : 12 months 12
months 12 months
Sale turnover / Income : 44,200,328 40,323,770 453,827,000,000
Gross profit : --- --- 114,445,000,000
Operating profit : --- --- 21,235,000,000
|
Profit before
tax : |
2,654,573 |
2,921,309 |
19,437,000,000 |
|
Net income : |
2,078,452 |
1,588,294 |
11,625,000,000 |
|
Non current
assets : |
6,519,429 |
8,044,510 |
232,716,000,000 |
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Current assets : |
37,787,609 |
35,757,313 |
222,425,000,000 |
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Inventories : |
|
|
68,154,000,000 |
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Total assets : |
44,307,038 |
43,801,823 |
455,141,000,000 |
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Current
liabilities : |
3,718,651 |
4,491,888 |
126,566,000,000 |
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Non current
liabilities : |
0 |
0 |
66,746,000,000 |
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Total
liabilities : |
3,718,651 |
4,491,888 |
193,312,000,000 |
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Share equity : |
40,588,387 |
39,309,935 |
255,587,000,000 |
|
Retained earning : |
24,588,387 |
23,309,935 |
197,463,000,000 |
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 Kaneka Corporation and all its subsidiaries which include the Subject.
Operation details
Main activities : The Subject is engaged in manufacturing
and sales of expandable
plastics
products such as expanded
polyethylene & expandable
polypropylene
bead foams mainly used for automobile bumpers and
electronic
packaging materials.
The Subject's manufacturing plant is located at Kuantan,
Malaysia.
The Subject is a wholly owned subsidiary of KANEKA CORPORATION. Kaneka Corporation manufactures and sells chemicals, functional plastics, expandable plastics and products, foodstuffs, life science products, electronic products, and synthetic fibers.
The company
operates in Japan, Belgium, the United States, Singapore, Malaysia, Australia,
Vietnam, and the People’s Republic of China. Kaneka Corporation was founded in
1949 and is headquartered in Osaka, Japan.
Kaneka Corporation is a public listed company on Tokyo & Osaka
Stock Exchange.
Product & services : Expanded Poly-ethylene and
Poly-propylene beads and planks (used for electronic materials packaging and
automative parts)
Purchases
International : Asian countries
Sales
Local : Yes
International : Asian countries
Key events : 15 August 2011
Japan’s Kaneka continues to reinvest in Malaysia
Kaneka Corp of
Japan, a leading global supplier of main material for hair products, is set to
invest an additional RM35.2 million by the year-end to expand its Malaysian facility
for the production of synthetic fibres for hair products.
Kaneka through
its subsidiary, Kaneka Innovative Fibers Sdn Bhd, has already invested some
RM41.5 million for the expansion at its synthetic fibres plant from November
last year to April this year.
Speaking at the
opening of the extended plant by the Deputy Minister of International Trade and
Industry, Datuk Jacob Dungau Sagan last week, Kaneka Innovative Managing
Director, Ryuichi Takagi said the company’s decision to pump in additional investment
into Malaysia was due to among others, Malaysia’s economic strength and
supportive policies, attractive fiscal incentives, political stability and
skilled manpower.
Upon full
operation of the expanded project by year-end, the company will recruit another
30 employees, he said, adding that to-date it has already invested some RM183
million on a number of reinvestment programmes in Malaysia from 1998 to 2009.
Takagi said the
company’s synthetic fibres made from flame-retardant polyester are used in the
manufacture of hair products including wigs, weavings, braids and other hair
accessories, which are well-received in the US as an alternative to products
made from real hair.
Going forward, Kaneka is also exploring starting other
businesses in
Malaysia in particular at the existing manufacturing site in Gebeng
Besides, Kaneka Innovative Fibers, Kaneka also operates Kaneka
(Malaysia) Sdn Bhd, Kaneka Electec Sdn Bhd, Kaneka Eperan Sdn Bhd and Kaneka
Paste Polymere Sdn Bhd in Gebeng.
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$133.7 billion as of 13 January 2012
Gross domestic product - GDP : US$ 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 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, 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%,
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 : Kuala Lumpur
Currency : Malaysia Ringgits (MYR)
Internet
users as % of total population : 57.61%
Payment history
Purchase Term
International : L/C, Prepayment, Telegraphic transfer, Credit
up to 120 days
Sales Term
Local : Prepayment, Bank transfer, Credit up to
120 days
International : L/C, Prepayment, Telegraphic transfer,
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.48.68 |
|
UK Pound |
1 |
Rs.76.75 |
|
Euro |
1 |
Rs.63.57 |
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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.