|
Report Date : |
15.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SYNTHOMER SDN. BHD. |
|
|
|
|
Registered Office : |
C/o SYMPHONY CORPORATEHOUSE SDN. BHD. 8th Floor, Symphony House, Jln PJU 1A/46, Pusat Dagangan Dana 1, Petaling Jaya, Selangor Darul Ehsan, 47301 |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
17.04.2000 |
|
|
|
|
Com. Reg. No.: |
510369-K |
|
|
|
|
Legal Form : |
Private Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacturing and trading of
synthetic latex and related products |
|
|
|
|
No. of Employees : |
Not Available |
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 4,500,000 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Verified Address
Subject name : SYNTHOMER SDN. BHD.
Business address : Bangunan Revertex
1 1/2 Miles, Jalan Batu Pahat
Town : Kluang
Province : Johor Darul Takzim
Zip/postal code : 86000
Country : Malaysia
Tel : +60 7 7731000
Fax : +60 7 7717208
Email : info@synthomer.com
Website : www.synthomer.com
Registered address : C/o SYMPHONY CORPORATEHOUSE SDN. BHD.
8th Floor, Symphony House
Jln PJU 1A/46
Pusat Dagangan Dana 1
Town : Petaling Jaya
Province : Selangor Darul Ehsan
Zip/postal code : 47301
Country : Malaysia
Postal address : KB508
Town : Kluang
Province : Johor Darul Takzim
Zip/postal code : 86009
Country : Malaysia
Executive Summary
Date
founded or registered : 07/04/2000
Legal
form : Private Company Limited By Shares
Chief
executive : Brendan Catlow
Issued
& paid up capital : MYR 40,000,000
Sales
turnover : MYR 458,991,000 (Non-consolidated 12
months, 31/12/2010)
Net
income : MYR 47,635,000 (Non-consolidated 12
months, 31/12/2010)
Total
fixed assets :
MYR 315,549,000 (Non-consolidated 12
months, 31/12/2010)
Line
of business : Manufacturing and trading of synthetic
latex and related products.
Staff employed : 115 employees (Subject); 1,870
employees (Yule Catto Group)
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 4,500,000
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.
Registry Data
Registration date : 07/04/2000
Legal form : Private Company Limited By Shares
Registration no 510369-K
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Brendan Catlow
Designation : Managing
Director
Name : Jai Kumar A/l Rajagopal
Designation :
Financial Director
Name : Hartwig Droegemueller
Designation : Operations
Manager
Appointments
Name : Jai Kumar A/l Rajagopal
Designation : Director and Company Secretary
Identification
no : 530102-10-5953
Appointment
date : 14/05/04
Address : No. 6, Jalan Suka
86000 Kluang
Johor Darul Takzim
Malaysia
Name : Minhat Bin Wahid
Designation : Director
Identification
no : 590426-04-5015
Appointment
date : 17/03/09
Address : No. 72, Jalan TTS 5
Taman Tasik Semenyih
43500 Semenyih Selangor Darul Ehsan
Malaysia
Name : Derick Blair Whyte
Designation : Director
Identification
no : 761114849
Appointment
date : 21/08/08
Address : Hill House, Brent Hall Road Finchingfield, Braintree
Essex, CM7 4JZ
United Kingdom
Name : Brendan Catlow
Designation : Director
Identification
no : 761250486
Appointment
date : 01/03/07
Address : E1, Bungalow
Mengkibol Estate
P.O. Box 507
86000 Kluang Johor Darul Ehsan
Malaysia
Staff
employed : 115 employees (Subject); 1,870
employees (Yule Catto Group)
Key Advisors
Auditors : DELOITTE
& TOUCHE Level 19, Uptown 1
Damansara
Uptown
1,
Jalan SS21/58
Petaling
Jaya 47400
Selangor
Darul Ehsan
Malaysia
Composition
Authorized
Capital : MYR 150,000,000
No
of shares : 1,000 Non Cumulative Redeemable
Preference Shares / 50,000,000 Ordinary
Shares
Share
par value : MYR 100,000 for Non Cumulative
Redeemable Preference Share / MYR 1 for
Ordinary
Share
Issued
capital : MYR 40,000,000
Paid
up capital : MYR 40,000,000
Changed
in capital : The Subject increased its share capital
from MYR 100,000,000 to MYR
150,000,000 on 03-06-2002.
How
listed : Full List
Composition
Shareholder
name : YULE CATTO NEDERLAND B.V.
Address : Veemweg 29-31
3771MT Barneveld
Netherlands
No.
of shares : 40,000,000 Ordinary Shares
% of shares : 100%
Structure
Name : YULE CATTO & CO PLC
Affiliation
type :
Ultimate Holding Company
Address :
Temple Fields
Central Road
Harlow, Essex CM20 2BH
United Kingdom
Comments : Yule
Catto & Co PLC, together with its subsidiaries, produces specialty
chemicals. It offers vinyl dispersions, emulsions, synthetic latices,
adhesives, styrene butadiene latex, natural rubber latex, nitrile butadiene
latex, acrylic and styrene acrylic dispersions, liquid polybutadiene, polyvinyl
alcohol, polyvinyl acetate, and alkyd and polyester resins to the surface
coatings, construction, adhesives, glove dipping, carpets and non-woven,
textile, and paper industries. The company is based in Harlow, the United Kingdom.
Name : YULE CATTO NEDERLAND B.V.
Affiliation
type :
Parent Company
Address :
Veemweg 29-31
3771MT Barneveld
Netherlands
Comments :
Investment holding company.
Name : REVERTEX (MALAYSIA) SDN BHD
Affiliation
type :
Sister Company
Address :
Bangunan Revertex
1 1/2 Miles, Jalan Batu Pahat
Kluang 86000
Johor Darul Takzim
Malaysia
Comments : Production
of synthetic resin and emulsions, natural rubber latices, plasticers and allied
products.
Name : SYNTHOMER B.V.
Affiliation
type : Sister Company
Address :
IJsselstraat 41
5347KG Oss
Netherlands
Comments :
Production of compounds of synthetic
rubber latices.
Name : SYNTHOMER GMBH
Affiliation
type :
Sister Company
Address :
Innerstetal 2
D-38685 Langelsheim
Germany
Comments :
Production of synthetic rubber latices
and related compounds.
Name : SYNTHOMER LIMITED
Affiliation
type :
Sister Company
Address :
Temple Fields
Central Road
Harlow, Essex CM20 2BH United
Kingdom
Comments :
Production of synthetic rubber latices
and emulsions.
Name : UQUIFA MEXICO S.A. DE C.V.
Affiliation
type :
Sister Company
Address :
Calle 37 Este No. 126 - C.P.
Civac, Jiutepec-Morelos
CP 62578
Mexico
Comments :
Production of pharmaceutical actives
and intermediates.
Name : SYNTHOMER VIETNAM CO., LTD.
Affiliation
type :
Sister Company
Address :
No. 8, Road 6
Song Than 1 Industrial Zone Di An
Binh Duong Province
Vietnam
Comments :
Production of synthetic adhesives.
Name : SYNTHOMER SA
Affiliation
type :
Sister Company
Address :
Boulevard du Textile 1
B-7700 Mouscron
Belgium
Comments :
Production of compounds, dispersions
and adhesives.
Name : SYNTHOMER SAE
Affiliation
type :
Sister Company
Address :
Industrial Zone 1-B
10th of Ramadan City
Sharkiya
Egypt
Comments : Production of compounds of synthetic
and natural rubber latices.
Related
companies and corporate affiliations comments
: Other companies of the Yule Catto Group
should be considered affiliates of the
Subject.
Bank Details
Name
of bank : Malayan Banking 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: 30,000,000.00
Date of Creation: 20-01-2009
Name of Chargee: MALAYAN BANKING
BERHAD
Charge Status: UNSATISFIED
Total of Charge: 70,000,000.00
Date of Creation: 20-01-2009
Name of Chargee: MALAYAN BANKING
BERHAD
Charge Status: UNSATISFIED
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 3.03 as of 13-02-2012
Summarized Financial
Information
Consolidation type : Non
Consolidated Non Consolidated Group Consolidated
Currency : Malaysia,
Ringgit (MYR) Malaysia, Ringgit
(MYR) United Kingdom, Pound
(GBP)
Denomination : (x1) One (x1) One (x1) One
Date of financial year end:
31/12/10 31/12/09 31/12/10
Length
of accounts : 12 months 12
months 12
months
|
Sale turnover / Income : |
458,991,000 |
313,238,000 |
632,454,000 |
|
Gross profit : |
76,142,000 |
61,327,000 |
|
|
Operating profit : |
51,756,000 |
39,722,000 |
63,006,000 |
|
Profit before tax : |
47,540,000 |
36,741,000 |
57,811,000 |
|
Net income : |
47,635,000 |
36,656,000 |
55,274,000 |
|
Non current assets : |
139,677,000 |
152,758,000 |
230,835,000 |
|
Current assets : |
175,872,000 |
153,770,000 |
235,640,000 |
|
Inventories : |
28,773,000 |
28,714,000 |
65,379,000 |
|
Total assets : |
315,549,000 |
306,528,000 |
466,475,000 |
|
Current liabilities : |
90,628,000 |
74,090,000 |
178,718,000 |
|
Non current liabilities : |
70,892,000 |
87,044,000 |
175,192,000 |
|
Total liabilities : |
161,520,000 |
161,134,000 |
353,910,000 |
|
Share equity : |
154,029,000 |
145,394,000 |
112,565,000 |
Comments :
The non-consolidated financial
information above relates to the Subject only.
The
group’s consolidated financial information above relates to the Subject’s
Ultimate Holding Company Yule Catto & Co PLC and all its subsidiaries which
include the Subject.
Main
activities : The Subject engaged in manufacturing
and trading of synthetic latex and related products.
The
Subject operates from manufacturing facility located at Kluang, Johor which
covers about 25ha.
It
has 4 polymerisation plants producing nitrile latex; acrylic and vinyl acetate
dispersions; alkyd and unsaturated polyester resins. The facility can also produce
natural rubber latex concentrates and compounds.
Kluang
is also home to Synthomer applications and R&D centre supporting its Asian
dispersions, resins and natural rubber latex businesses and our worldwide glove
dipping latex business.
The
Subject is ultimately owned by YULE CATTO & CO PLC, incorporated in United
Kingdom and public listed in London Stock Exchange.
The
Company was founded by Andrew Yule in 1863 in Calcutta as a trading house known
as Andrew Yule & Co. Thomas Catto became managing partner early in his
career and Yule Catto was formed as its British purchasing arm. Thomas Catto's
son, Stephen turned it into an international chemical manufacturing business.
Yule
Catto & Co plc is a chemicals company. It operates in two segments: Polymer
Chemicals and Impact Chemicals. The products of Polymer Division are emulsion
polymers, formulated around vinyl acetate and acrylic dispersions, styrene and
nitrile butadiene rubber, as well as
polyvinyl
alcohol/acetate. Impact Chemicals include the business of William Blythe Ltd.
(William Blythe), which is a supplier of inorganic specialities based on
copper, iodine and tin from it’s the United Kingdom
manufacturing
facility. On June 2, 2010, its joint venture subsidiary, Revertex (Finewaters)
Sdn Bhd was sold to H B Fuller Company. In March
2011,
it acquired PolymerLatex Deutschland Beteiligungsgesellschaft mbH. In October
2011, the Company acquired Quality Polymer Sdn Bhd. In December 2011, the
Company announced the sale of its non-core Pharma Chemicals division, Uquifa,
to Vivimed Labs.
Product
& services : Synthetic nitrile latex
Natural Rubber Latex Compounds
Latex Compounds
Purchases
International : Singapore,
United States, Japan, Taiwan
Sales
Local : Yes
International : East
Asia
Key events : 12 December 2011
Synthomer
Announces Major Expansion of Nitrile Latex Plant in Pasir
Gudang,
Johor
Demand
for synthetic nitrile gloves in Malaysia drives 110 Million Ringgit
Expansion,
creating largest plant in the world
KUALA
LUMPUR, 9th December 2011 - SYNTHOMER, the world’s leading provider of
synthetic nitrile latex for the glove industry, has announced a further 110
million Ringgit investment to expand its Pasir Gudang nitrile latex facilities
in Malaysia, creating the largest plant in the world dedicated to the
production of nitrile latex for the glove dipping industry.
Synthomer’s
Pasir Gudang factory located in Johor (Malaysia), has recently been acquired as
a result of the takeover of PolymerLatex GmbH by Synthomer’s parent company
Yule Catto & Co plc, and was originally commissioned in October 2009. Ever
since the acquisition, Synthomer has positioned its PasirGudang plant as a hub
into and around Asia, enabling the entire region to tap into a single pool of
resources that has brought Synthomer closer to all their customers.
An
estimated of RM250 million was already invested in this state of the art plant.
Equipped with the latest global scale technology, Synthomer has confirmed an
initial output capacity of up to 100,000 wet tonnes per year that has been
achieved to meet both global and local demands.
Expanding
to ensure continuous quality and commitment in Malaysia
The
latest expansion to the Pasir Gudang plant is driven by Synthomer’s need to
satisfy the increasing demands of its customers in order to meet the worldwide
growth of nitrile latex used in the manufacture of medical examination and
industrial gloves.
Construction
has already started for the two phase expansion which will increase site
capacity in Pasir Gudang by over 60%, with the first phase starting production
in the third quarter of 2012 and followed rapidly by the second phase.
“This
expansion will continue to strengthen Synthomer’s presence in the rapidly growing
market for synthetic nitrile gloves. We want our customers to be confident that
Synthomer will be able to support their developments with high quality and
technically advanced products,” said Dr Brendan Catlow, Managing Director,
Synthomer Asia.
Earlier
this year, Synthomer successfully completed a 5th phase of expansion at its
Kluang facility in Johor. The combined capacity of the Kluang and Pasir Gudang
plants in 2013 will be 300,000 wet tonnes / year.
9
December 2011
Synthomer
to spend RM110m on Johor plant
KUALA LUMPUR: Synthomer, synthetic nitrile latex producer
for the glove
industry,
will invest RM110 million to expand its Pasir
Gudang
nitrile latex plant.
The
expansion would transform the plant to be the world's largest dedicated to nitrile
latex production for the glove-dipping industry, said Synthomer.
"The
latest expansion to the Pasir Gudang plant is driven by Synthomer’s need to
satisfy its customers increasing demand to meet nitrile latex worldwide growth
in medical examination and industrial gloves manufacture," it said in a
statement today.
An
estimated RM250 million has already been invested in this
state-of-the-art
plant. Equipped with the latest global scale technology, Synthomer has
confirmed an initial output capacity of up to 100,000WT (weight tonne) per
year, which has been achieved to meet both global and local demands.
It
said construction work has already started for the two-phase expansion, which
will increase the site capacity by over 60 per cent, with the first phase
starting production in the third quarter of next year and followed quickly by
the second phase.
Earlier
this year, Synthomer completed the fifth phase expansion of its plant in
Kluang. The combined capacity of the Pasir Gudang and Kluang plants will be 300,000WT
a year in 2013.
Synthomer’s
Pasir Gudang plant was recently acquired following the takeover of Polymer
Latex GmbH by Synthomer’s parent company, Yule Catto & Co plc.
It was commissioned in October 2009.- Bernama
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
another production facilities and sales office located at:
Production
facilities
C/o
Idemitsu Chemicals (M) Sdn. Bhd. Plo 408, Jalan Pekeliling
81700
Pasir Gudang Johor Darul Takzim Malaysia
Tel:
+60 7 2547133
Office
Unit
6-6, Level 6, Wisma UOA Damansara II No. 6 Changkat Semantan
Damansara
Heights
50490
Kuala Lumpur
Malaysia
Tel:
+60 3 20807200
Other
property : Total NBV of property, plant and
equipment as of 31-12-2010 was MYR
139,677,000.
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) : US$ 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%
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
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)
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%
Purchase Term
Local : Prepayment, Document against payment,
Credit 30-120 days
International : Credit 30-120 days
Sales Term
Local : Prepayment, Document against payment,
Credit 30-60 days
International : L/C, Credit 30-60 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.49.33 |
|
|
1 |
Rs.77.41 |
|
Euro |
1 |
Rs.64.83 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.