MIRA INFORM REPORT
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Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
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Name : |
UMICORE MALAYSIA SDN. BHD. |
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Formerly Known As : |
LARVIK PIGMENT (ASIA PACIFIC) SDN. BHD. |
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Registered Office : |
C/O Systems Associates
Sdn. Bhd., Plaza 138, Suite 18.03, 18th Floor, 138, Jalan Ampang, Kuala
Lumpur, Wilayah Persekutuan , Zip/Postal Code 50450 |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2010 (Non Consolidated) 31.12.2011 (Group) |
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Date of Incorporation : |
02.01.1993 |
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Com. Reg. No.: |
254753-U |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Manufacturing and sale of zinc dust paint grade and trading of ferrous and non ferrous metals |
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No. of Employees : |
60 employees (Subject); 14,743 (Umicore Group) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1,200,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Malaysia |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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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 : UMICORE MALAYSIA SDN. BHD.
Business address : PLO
376, Jalan Perak 4
Pasir Gudang Industrial Estate
Town : Pasir Gudang
Province : Johor Darul Takzim
Zip/postal code : 81700
Country : Malaysia
Tel : +60 7 2524431
Fax : +60 7 2524436
Email : umicore.malaysia@umicore.com
Website : www.umicore.com
Registered address : C/o
SYSTEMS ASSOCIATES SDN. BHD.
Plaza 138, Suite 18.03, 18th Floor
138, Jalan Ampang
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal code : 50450
Country : Malaysia
Executive Summary
Date founded or registered : 02/01/1993
Legal form : Private Company Limited By Shares
Chief executive : Andre Hulsbosch
Issued & paid up capital : MYR 21,285,776
Sales turnover : MYR 133,218,121 (Non-Consolidated 12 months, 31/12/2010)
Net income : MYR 8,387,601 (Non-Consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 58,701,318 (Non-Consolidated 12 months, 31/12/2010)
Line of business : Manufacturing and sale of zinc dust paint grade and trading of ferrous and non
ferrous metals.
Staff employed : 60 employees (Subject); 14,743 (Umicore Group)
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 1,200,000
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 : 02/01/1993
Legal form : Private Company Limited By Shares
Registration no 254753-U
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : The Subject was established under the
LARVIK PIGMENT (ASIA
PACIFIC)
SDN. BHD. and changed to the current style on 29-10-2001.
Change of legal form : None reported.
Key Management
Name : Andre Hulsbosch
Designation : Managing Director
Name : Fadzilah Rahmat
Designation : Financial Manager
Appointments
Name : Luc Georges Boutet
Designation : Director
Identification
no : 08CL70810
Appointment
date : 20/03/03
Address : 7/208,
Moo Ban Phonphet Chaeng Wattana Road Klongkluer, Parkkred
Nonthaburi 11120, Thailand
Name : Chan Toye Ying
Designation : Director and Company Secretary
Identification
no : 541214-06-5136
Appointment
date : 18/04/94
Address : 18, Jalan Upic
Taman Prima Ukay
53100 Saujana Melawati
Kuala Lumpur Wilayah Persekutuan Malaysia
Name : Andre Hulsbosch
Designation : Director
Identification
no : E1655883
Appointment
date : 23/04/08
Address : Block B, 20-E2, Straits View Condominium
No. 8, Jalan Permas Selatan
Bandar Baru Permas Jaya
81750 Johor Bahru Johor Darul Ehsan Malaysia
Name : Guy W.J.C.Beke
Designation : Director
Identification
no : EG616724
Appointment
date : 11/01/06
Address : Vuurgatstraat 12
3090 Overijse
Belgium
Name : Lee Wai Ngan
Designation : Company Secretary
Identification
no : 580814-10-6300
Appointment
date : 20/05/94
Address : 5-10, Block A, Shang Villa
Jalan SS 7/15
Kelana Jaya
47301 Petaling Jaya Selangor Darul Ehsan Malaysia
Staff
employed : 60 employees (Subject); 14,743 (Umicore Group)
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS
Level 10, 1 Sentral
Jalan Travers
Kuala Lumpur Sentral
50470 Kuala Lumpur
Malaysia
Composition
Authorized Capital : MYR 25,000,000
No of shares : 25,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 21,285,776
Paid up capital : MYR 21,285,776
How listed : Full List
Composition
Shareholder name : UMICORE FINANCE LUXEMBOURG S.A.
Address : 65, boulevard Grande-Duchesse Charlotte
L-1331, Luxembourg
Luxembourg
No. of shares : 21,285,776 Ordinary Shares
% of shares : 100%
Structure
Name : N.V. UMICORE S.A.
Affiliation type : Ultimate Holding Company
Address : Broekstraat 31 rue du Marais
B-1000 Brussels
Belgium
Comments : Umicore SA, together with its
subsidiaries, operates as a materials technology company worldwide. It operates
in four segments: Catalysis, Energy Materials, Performance Materials, and
Recycling.
The Catalysis
segment engages in the production of catalysts used in automotive emission abatement
systems for light-duty and heavy-duty vehicles. It also produces organic and
inorganic precious-metals-based catalysts for the fine chemicals, life science,
and pharmaceutical industries.
The Energy
Materials segment produces cobalt and nickel chemical compounds used in
rechargeable batteries; fine powders used in hard-metal and diamond tools;
metallic compounds for ceramics and catalytic applications; germanium
materials, including substrates for photovoltaics and LEDs; materials for
photonics and lenses; optical assemblies for night vision applications; and
metallic targets for producing ultra-thin coatings on a range of applications,
including photovoltaics and displays.
The Performance
Materials segment offers zinc roofing, and rainwater and facade systems for the
construction industry; electrolytes for electronic, wear protection, and
decorative applications; platinum equipment for the production of glass and
platinum gauzes for fertilizer production, as well as systems for the abatement
of nitrous oxide; contact, brazing, and other specialty materials for use in
applications areas, such as electrical, automotive, and construction; and fine
powders and oxides used in providing corrosion or UV protection properties to
paints and other materials.
The Recycling
segment treats complex waste streams containing precious and other non-ferrous
metals; and produces semi-finished precious metals-based products for jewelry
and industrial applications, as well as recycles scrap and residues from the
jewelry industry. The company was founded in 1837 and is headquartered in
Name : UMICORE FINANCE LUXEMBOURG S.A.
Affiliation type : Parent Company
Address : 65, boulevard Grande-Duchesse Charlotte
L-1331, Luxembourg
Luxembourg
Comments : Investment holding company.
Name : UMICORE MARKETING SERVICES AUSTRALIA PTY. LTD.
Affiliation type : Sister Company
Address : Level 5, 606 St. Kilda Road
Melbourne, VIC 3004
Australia
Name : UMICORE HUNAN FUHONG ZINC CHEMICALS CO., LTD.
Affiliation type : Sister Company
Address : Changsha, Hunan Province, China
Name : UMICORE JUBO THIN FILM PRODUCTS (BEIJING) CO., LTD.
Affiliation type : Sister Company
Address : No.5, Xingguang the 4th Street
Tongzhou Park, Zhong Guan Cun Science Park
Tongzhou District
Beijing 101111
China
Name : UMICORE MARKETING SERVICES UK LIMITED
Affiliation type : Sister Company
Address : Four Rivers House Fentiman Walk Hertford SG14 1DB Hertfordshire, United Kingdom
Name : UMICORE USA INC. Affiliation type : Sister Company
Address : 3600 Glenwood Avenue, Suite 250
Raleigh NC 27612
United States
Name : UMICORE BUILDING PRODUCTS USA INC.
Affiliation type : Sister Company
Address : 3600 Glenwood Avenue, Suite 250
Raleigh NC 27612
United States
Name : UMICORE THIN FILM PRODUCTS TAIWAN CO., LTD.
Affiliation type : Sister Company
Address : No. 22, Aly. 4, Ln. 711, Bo'ai St.
Zhubei City
Hsinchu County 302
Taiwan
Name : UMICORE SPECIALTY CHEMICALS SUBIC INC.
Affiliation type : Sister Company
Address : Subic Shipyard Special Export Processing Zone
Sitio Malinta, Asinan Proper
2209 Subic Zambales
Philippines
Related companies
and corporate affiliations comments
Other companies of the Umicore Group should be considered
affiliates of the Subject.
Bank Details
Name of bank : Malayan Banking Berhad
Address : Malaysia
Account details : Current Account
Name of bank : HSBC Bank
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
Total of Charge: 10,000,000.00
Date of Creation: 15-06-1995
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 2,000,000.00
Date of Creation: 28-04-1997
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 2,800,000.00
Date of Creation: 19-04-2004
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 10,000,000.00
Date of Creation: 03-04-2007
Name of Chargee: HSBC BANK MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge:18,200,000.00
Date of Creation: 29-05-2007
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 3.00 as of 01-03-2012
Summarized Financial Information
Consolidation type : Non
Consolidated Non
Consolidated Group
Consolidated Currency :
Date of financial year end : 31/12/10 31/12/09 31/12/11
Length of accounts : 12 months 12 months 12
months
Profit before tax : 10,193,451 20,751,280 410,200,000
Net income : 8,387,601 14,744,468 334,200,000
Non current assets : 14,133,279 13,483,738 1,418,500,000
Current assets : 44,568,039 52,943,995 2,294,600,000
Inventories : 18,752,470 30,316,390 1,305,000,000
Total assets : 58,701,318 66,427,733 3,713,200,000
Current liabilities : 18,451,107 20,239,655 1,599,900,000
Non current liabilities : 809,000 390,000 391,500,000
Total liabilities : 19,260,107 20,629,655 1,991,400,000
Share equity : 39,441,211 45,798,078 1,721,700,000
Retained earning : 18,155,435 24,512,302 1,461,000,000
Comments : The non-consolidated financial
information above relates to the Subject
only.
The group’s consolidated
financial information above relates to the Subject’s Ultimate Holding Company
N.V. Umicore S.A. and all its subsidiaries which include the Subject.
Main activities :
The Subject is engaged in manufacturing
and sales of zinc dust paint grade and trading of ferrous and non ferrous
metals.
The Subject's
fine zinc powder production plant is located at Pasir Gudang,
The plant was commissioned in 1994. It processes secondary zinc utilizing Larvik
distillation technology to produce fine zinc powder primarily for
anti-corrosion paint markets in Asia and the Middle East. Annual capacity of
the plant is 11,000 tonnes.
The Subject is ultimately owned by NV UMICORE SA,
headquartered in Brussels, Belgium.
UMICORE SA is a
global materials technology group. It focuses on application areas, such as
materials science, chemistry and metallurgy. The Company’s activities are
centred on four business areas:
1) Catalysis
The segment
comprises the Automotive Catalysts and Precious Metals Chemistry business
units. Their activities centre on the development and production of catalyst
formulations and systems that are used to abate emissions from combustion
engines, as well as in chemical and life science applications.
2) Energy Materials
The segment
comprises the Cobalt & Specialty Materials, Electro-Optic Materials and
Thin Film Products business units. These units develop and produce materials
that are used in energy storage (rechargeable batteries) and the production of
clean energy. The refining of metals used in these applications and coming from
secondary sources belongs to the scope of activity of these units.
3) Performance Materials
The segment
comprises the Building Products, Electroplating, Platinum Engineered Materials,
Technical Materials and Zinc Chemicals business units. These units develop and
produce functional materials that are used in decorative, electronic,
electrical, high purity glass and construction applications, mainly. The Zinc
Chemicals business unit also recycles secondary zinc products to secure part of
its supply requirements. The segment also includes Umicore’s shareholding in
Element Six Abrasives.
4) Recycling
The segment consists
of the business units Precious Metals Refining, Jewellery & Industrial
Metals, Precious Metals Management and Battery Recycling. Their activities
focus on the recycling of end-of-life products and the refining of industrial
residues which contain precious and special metals.
Product & services : Fine zinc powder
Ferrous
and non ferrous metals
Brand : STANDARD 5EP, STANDARD 7EP, SUPER EXTRA
EP, SUPER
FINE
EP
Purchases
International : Europe, Taiwan
Sales
Local : Yes
International : Bahrain, China, Egypt, India,
Indonesia, Iran, Japan, Jorden, Kuwait, Oman, Philippines, Qatar, Saudi Arabia,
Singapore, Thailand, United Arab Emirates, Vietnam
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.
Other property : Total NBV of property, plant and
equipment as of 31-12-2010 was MYR
14,133,279.
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%
Purchase Term
Local : Prepayment, Document against payment,
Credit 30-90 days
International : L/C, Document against payment, Credit
30-90 days
Sales Term
Local : Prepayment, Document against payment,
Credit 30-90 days
International : L/C, Document against payment, Credit
30-90 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.49.35 |
|
UK Pound |
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.