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Report Date : |
22.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAMLING PLYWOOD (BINTULU) SDN. BHD. |
|
|
|
|
Registered Office : |
C/o SAMLING GLOBAL LIMITED Wisma Samling
Lot 296, Jalan Temenggong
Datuk Oyong Lawai Jau Miri
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
19.03.1986 |
|
|
|
|
Com. Reg. No.: |
151952-A |
|
|
|
|
Legal Form : |
Private Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacturing and sales of plywood and veneer as well as the extraction and sale of timber logs. |
|
|
|
|
No. of Employees : |
1,400 employees (Subject); 13,000 employees (Samling Group) |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 9,000,000 |
|
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 : SAMLING PLYWOOD (BINTULU) SDN.
BHD.
Business address : Lot 367, Block 38
Kemena Industrial Estate
Town : Bintulu
Province : Sarawak
Zip/postal code : 97088
Country : Malaysia
Tel : +60 86 336686
Fax : +60 86 317185
Email : enquiry@samling.com
Website : www.samling.com
Registered address
: C/o SAMLING GLOBAL LIMITED
Wisma Samling
Lot 296, Jalan Temenggong
Datuk Oyong Lawai Jau
Town : Miri
Province : Sarawak
Zip/postal code : 98000
Country : Malaysia
Postal address : P.O. Box 91
Town : Bintulu
Province : Sarawak
Zip/postal code : 97007
Country : Malaysia
Executive Summary
Date founded or
registered : 19/03/1986
Legal form : Private Company
Limited By Shares
Chief executive : Vincent Chieng Ai Ung
Issued & paid
up capital : MYR 25,000,000
Sales turnover : MYR 441,186,501 (Non-Consolidated
12 months, 30/06/2010)
Net income : MYR -510,366
(Non-Consolidated 12 months, 30/06/2010)
Total fixed assets
: MYR 574,430,324 (Non-Consolidated
12 months, 30/06/2010)
Line of business : Manufacturing
and sales of plywood and veneer as well as the extraction and sale of timber
logs.
Staff employed : 1,400 employees
(Subject); 13,000 employees (Samling 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 9,000,000
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
: 19/03/1986
Legal form : Private Company
Limited By Shares
Registration no 151952-A
Registered
authority : Companies
Commission of Malaysia
Registry status : Live/Active
Previous name : The
Subject was established under the name REMIRANG SDN. BHD. And changed to the
current style on 27-09-1990.
Change of legal
form : None reported.
Key Management
Name : Yaw Chee
Chik
Designation : Managing Director
Name : Vincent Chieng Ai
Ung
Designation : Assistant General Manager
Name : Lin Lan Hui
Biography : Assistant General Manager for
Marketing
Appointments
Name : Chan Hua Eng
Designation : Director
Identification no
: 281019-07-5269
Appointment date :
15/05/96
Address : No. 2, Jalan
Changkat Kia Peng
50450 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Biography : Mr. Chan Hua
Eng, OBE, is Non-Executive Chairman of the Board of
Samling Global Limited. He was classified by a
direction of the Listing
Committee of the Hong Kong Stock Exchange as a Non-Independent
Director on 26 January 2007. He was appointed an Independent
Non-Executive Director of Lingui on 28 March
1990 and Chairman of
the Board of Directors of Lingui on 8 November
1990. He was also
appointed the Chairman of the Board of Directors and an
Independent Non-Executive Director of Glenealy
on 28 September
1995. Mr. Chan is also currently a Director of other companies whose
shares are listed on Bursa Malaysia Securities Berhad,
namely
Lafarge Malayan Cement Berhad and Pacifi c & Orient Berhad. He
graduated from the University of Bristol with a Bachelor of Law
(Honours) degree. He is an associate member of
the Chartered
Institute of Taxation in the United Kingdom. Mr. Chan is also a
barrister of the Middle Temple and has been called to the Bar in
England & Wales. He was admitted as an Advocate & Solicitor of
the
High Court in Malaya, became a partner of Shearn
Delamore & Co,
Advocates & Solicitors in Malaysia in 1960 and retired as its Senior
Partner in 1987.
Name : Yaw Chee
Chik
Designation : Director
Identification no
: 600629-13-5631
Appointment date :
31/10/89
Address : Lot 1895, Piasau 6
Jalan Pujut-Lutong
98000 Miri
Sarawak
Malaysia
Name : Yong Nyan Siong
Designation : Company Secretary
Identification no
: 540304-13-5551
Appointment date :
31/10/89
Address : Lot 373, Jalan Tai Foo 5A
98000 Miri
Sarawak
Malaysia
Staff employed : 1,400 employees (Subject); 13,000
employees (Samling Group)
Key Advisors
Auditors : KPMG
KPMG Tower
8 First Avenue
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Composition
Authorized Capital
: MYR 50,000,000
No of shares : 50,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 25,000,000
Paid up capital : MYR 25,000,000
Changed in capital
: The Subject increased its share capital
from MYR 25,000 to 50,000,000 on
25-10-1990.
How listed : Full
List
Composition
Shareholder name :
LINGUI DEVELOPMENTS BERHAD
Address : Level 42, Menara Maxis
Kuala Lumpur City Centre
50088 Kuala Lumpur
Wilayah Persekutuan
Malaysia
No. of shares : 25,000,000 Ordinary Shares
% of shares : 100%
Structure
Name : YAW HOLDING SDN. BHD.
Affiliation type :
Ultimate Holding Company
Address : Wisma
Samling
Lot 296, Jalan Temenggong
Datuk Oyong Lawai Jau
Miri 98000
Sarawak
Malaysia
Comments : Yaw Holding Sdn
Bhd operates through its subsidiary Samling Strategic
Corporation that manufactures, markets, and distributes wood products.
The
company provides timber management and harvesting services including
natural
forest concessions and tree plantations management. Yaw Holding is based
in
Malaysia.
Name : SAMLING STRATEGIC
CORPORATION SDN. BHD.
Affiliation type :
Superior Holding Company
Address : Wisma
Samling
Lot 296, Jalan Temenggong
Datuk Oyong Lawai Jau
Miri 98000
Sarawak
Malaysia
Comments : Samling
Strategic Corporation Sdn. Bhd.
operates as a holding company. The
company, through its subsidiaries, engages in forest resource
management,
wood products, plantations, and properties. The company owns forest area
in the
state of Sarawak, Malaysia. The company was incorporated in 1979 and is
based
in Miri, Malaysia. Samling
Strategic Corporation Sdn. Bhd.
operates as a
subsidiary of Yaw Holding Sdn Bhd.
Name : SAMLING GLOBAL LIMITED
Affiliation type :
Holding Company
Address : Wisma
Samling
Lot 296, Jalan Temenggong
Datuk Oyong Lawai Jau
Miri 98000
Sarawak
Malaysia
Comments : Registered in Bermuda.
Samling Global Limited, an investment holding
company, operates as an
integrated forest resource and wood products company. The company
engages in the extraction and sale of timber logs; sale and distribution of
building materials; and manufacture and sale of flooring products, veneer,
plywood, sawn timber, rubber retread compounds, door and door facings,
furniture, and particle boards, as well as kitchen and wardrobe solutions. It
is also involved in the rental, repair, and re-conditioning of equipment;
provision of management and logistic services; operation of power generating
facilities; licensing and operation of quarry; and the investment and letting
of industrial properties. In addition, the company trades in spare parts,
petrol, oil, and lubricants, as well as operates as an insurance agent.
Further, it is involved in the forest plantation and market research
activities; and the ownership of trademarks. Samling
Global Limited operates primarily in Malaysia, Guyana, New Zealand, Australia,
the Peoples Republic of China, Japan, and North America. The company was
founded in 1963 and is headquartered in Miri,
Malaysia. Samling Global Limited is a subsidiary of Samling Strategic Corporation Sdn.
Bhd.
Name : SAMLING MALAYSIA INC.
Affiliation type : Intermediate Holding Company
Address : Wisma Samling
Lot 296, Jalan Temenggong
Datuk Oyong Lawai Jau
Miri 98000
Sarawak
Malaysia
Comments : Investment holding company
registered in British Virgin Islands.
Name : LINGUI DEVELOPMENTS
BERHAD
Affiliation type :
Parent Company
Address : Level 42, Menara Maxis
Kuala Lumpur City Centre
50088 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Comments : Lingui
Developments Berhad, an investment holding company,
operates in the
timber industry. It manufactures and sells timber logs from concession and
forest
plantation area; plywood and veneer; timber related products, including doorskin
and housing products; granite aggregates, rubber compounds, and glue
products; and rubber rethread compounds. The company also provides supporting
services, such as tree-falling and barging; and timber extraction, logistics, riverine transportation, repair, and insurance agency
services. In addition, it involves in the operation of power generation
facilities; provision of management services; trade of spare parts, petrol oil,
and lubricants; retail of kitchen products,cookware,
and dining ware; tendering of kitchen products in housing development projects;
and forest plantation activities. Further, the company operates and licenses
quarries; and engages in the letting of industrial properties, and property
investment activities. It operates primarily in Malaysia, New Zealand, China,
Japan, and India. The company is based in Kuala Lumpur, Malaysia. Lingui Developments Berhad is a
subsidiary of Samling Malaysia Inc.
Name : SAMLING PLYWOOD (LAWAS)
SDN. BHD.
Affiliation type :
Sister Company
Address : Wisma
Samling
Lot 296, Jalan Temenggong
Datuk Oyong Lawai Jau
Miri 98000
Sarawak
Malaysia
Comments : Extraction and sale of logs.
Name : SAMLING PLYWOOD (MIRI)
SDN. BHD.
Affiliation type :
Sister Company
Address : Wisma
Samling
Lot 296, Jalan Temenggong
Datuk Oyong Lawai Jau
Miri 98000
Sarawak
Malaysia
Comments : Manufacture and sale of
plywood,
extraction and sale of logs.
Name : LINGUI CORPORATION SDN.
BHD.
Affiliation type :
Sister Company
Address : Wisma
Samling
Lot 296, Jalan Temenggong
Datuk Oyong Lawai Jau
Miri 98000
Sarawak
Malaysia
Comments : Provision of management
services.
Name : STIGANG RESOURCES SDN.
BHD.
Affiliation type :
Sister Company
Address : Wisma
Samling
Lot 296, Jalan Temenggong
Datuk Oyong Lawai Jau
Miri 98000
Sarawak
Malaysia
Comments : Quarry licensee and operator.
Name : HOCK LEE ENTERPRISES
(M) SDN. BHD.
Affiliation type :
Sister Company
Address : Wisma
Samling
Lot 296, Jalan Temenggong
Datuk Oyong Lawai Jau
Miri 98000
Sarawak
Malaysia
Comments : Property investment and letting
of industrial properties.
Related companies
and corporate
affiliations
comments : Other companies of the Samling 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: 33,000,000.00
Date of Creation: 17-08-1991
Name of Chargee: MALAYAN BANKING BHD
Charge Status: FULLY SATISFIED
Total of Charge: 15,000,000.00
Date of Creation: 20-06-1992
Name of Chargee: MALAYAN BANKING BHD
Charge Status: FULLY SATISFIED
Total of Charge: 125,000,000.00
Date of Creation: 15-11-1995
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 40,000,000.00
Date of Creation: 28-07-2000
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 40,000,000.00
Date of Creation: 28-07-2000
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: FULLY SATISFIED
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 : 30/06/10
Type of accounts :
Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.07 as of
21-03-2012
Summarized Financial Information
Consolidation type
: Non Consolidated Non Consolidated Group Consolidated
Currency : Malaysia, Ringgit (MYR) Malaysia, Ringgit
(MYR) US Dollar (USD)
Denomination : (x1) One (x1) One (x1) One
Date of financial
year end : 30/06/10 30/06/09 30/06/11
Length of accounts
: 12 months 12 months 12 months
Sale turnover /
Income : 441,186,501 396,818,916 729,047,000
Gross profit : 9,467,717 4,127,329 83,210,000
Operating profit :
21,729,000
Profit before tax
: -1,096,878 -2,582,690 57,777,000
Net income : -510,366 1,334,392 45,617,000
Non current assets
: 427,974,753 442,642,931 936,109,000
Current assets : 146,455,571 137,299,095 452,520,000
Inventories : 54,261,655 64,406,958 161,802,000
Total assets : 574,430,324 579,942,026 1,388,629,000
Current
liabilities : 73,996,347
68,259,741 316,448,000
Non current
liabilities : 6,985,913 13,973,855 237,438,000
Total liabilities : 80,982,260
82,233,596 553,886,000
Share equity : 493,448,064 497,708,430 834,743,000
Retained earning :
468,448,064 472,708,430
Comments : The
non-consolidated financial information above relates to the Subject only. The
groups consolidated financial information above relates to the Subjects
Holding Company Samling Global Limited and all its
subsidiaries which include the Subject.
Main activities : The Subject is engaged in
manufacturing and sales of plywood and veneer
as well as the extraction and sale of timber logs.
The Subject is part of Samling Global Limited,
which is an integrated forest
resource and wood products company. It operates within six segments:
Logs - Hardwood and Logs Softwood, both engaged in the sale of timber
logs; Plywood and veneer; Flooring products; Upstream support, providing
supporting services, such as tree-falling, barging, repairs and
re-conditioning of equipment and machineries primarily to group
companies, and Other operations segment, engaged in the sale of timber
related products, such as chipboard, door facings, doors, housing
products
and sawn timber, and the provision of logistics and electrical services.
Samling Global Limited has forest resources,
processing facilities and
distribution networks situated in Malaysia, Guyana, Peoples Republic of
China, New Zealand and Australia
Purchases
Local : Yes
International : None reported.
Sales
Local : Yes
International : Worldwide
Key events : 20 January 2012
Samling Global proposes to take Lingui
and Glenealy private
KUALA LUMPUR: Hong Kong-listed Samling Global
Ltd (SGL) is proposing
to take Lingui Developments Bhd and and its associate
company, Glenealy
Plantations (Malaya) Bhd, private.
Both companies are controlled by the diversified Miri-based
Samling
Group, which is headed by Tan Sri Yaw Teck Seng.
Announcing SGL's privatisation
proposa ls to
both Lingui and Glenealy,
in separate statements, said they received the
proposals from Samling Strategic Corp Sdn Bhd (SSC) on January 20.
SSC has proposed to privatise SGL, which will
then privatise Lingui and
Glenealy. SSC is proposing an offer price of RM1.63
per share for Lingui
and RM7.50 per share for Glenealy.
The companies said if proposed and implemented, the SGL privatisation
would be conditional upon the approval of SGL's
independent
shareholders.
Lingui and Glenealy said
a formal proposal in respect of the SGL
privatisation would only be made upon the finalisation of SSC's funding
arrangements.
They said both boards would decide on the matters and make further
announcement when required.
The companies advised their shareholders and potential investors to
exercise caution when dealing in the companies' shares, as there was no
certainty that the proposals might proceed or result in a binding
agreement.
The stocks of Lingui and Glenealy,
upon their requests, have been
suspended from trading on Bursa Malaysia since January 20. Their last
trading prices were RM1.36 for Lingui and RM6.55
for Glenealy.
Property & Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of production facilities, administrative office and
warehouse.
Branches : In addition, the Subject
operates from group headquarters located at:
Lot 296, Jalan Temenggong
Datuk Oyong Lawai Jau
98000 Miri
Sarawak
Malaysia
Tel: +60 85 413099
Other property : Total NBV of property, plant and
equipment as of 30-06-2010 was MYR
184,454,154.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central
Bank of Malaysia
Reserve of foreign
exchange & gold : US$ 134.08
billion as of 31 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:
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%
2011: 55.1%
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
Local :
Prepayment, Document against payment, Credit up to 120 days
Sales Term
Local :
Prepayment, Document against payment, Credit up to 120 days
International :
L/C, Telegraphic transfer, Document against payment, 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.50.59 |
|
|
1 |
Rs.80.34 |
|
Euro |
1 |
Rs.67.14 |
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.