|
Report Date : |
20.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
TIOXIDE ( |
|
|
|
|
Registered Office : |
C/o TRICOR CORPORATE SERVICES SDN BHD, Level 18, The |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
04.08.1982 |
|
|
|
|
Com. Reg. No.: |
88183-K |
|
|
|
|
Legal Form : |
Private Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacturing and Trading of Titanium Dioxide. |
|
|
|
|
No. of Employees : |
250 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the
1970s from a producer of raw materials into an emerging multi-sector economy. Under
current Prime Minister NAJIB, Malaysia is attempting to achieve high-income
status by 2020 and to move farther up the value-added production chain by
attracting investments in Islamic finance, high technology industries,
biotechnology, and services. The NAJIB administration also is continuing
efforts to boost domestic demand and reduce the economy's dependence on
exports. Nevertheless, exports - particularly of electronics, oil and gas, palm
oil and rubber - remain a significant driver of the economy. As an oil and gas
exporter, Malaysia has profited from higher world energy prices, although the
rising cost of domestic gasoline and diesel fuel, combined with strained
government finances, has forced Kuala Lumpur to begin to reduce government
subsidies. The government is also trying to lessen its dependence on state oil
producer Petronas. The oil and gas sector supplies more than 40% of government
revenue. The central bank maintains healthy foreign exchange reserves, and a
well-developed regulatory regime has limited Malaysia''s exposure to riskier
financial instruments and the global financial crisis. Nevertheless, Malaysia
could be vulnerable to a fall in commodity prices or a general slowdown in
global economic activity because exports are a major component of GDP. In order
to attract increased investment, NAJIB has raised possible revisions to the
special economic and social preferences accorded to ethnic Malays under the New
Economic Policy of 1970, but he has encountered significant opposition, especially
from Malay nationalists and other vested interests.
|
Source
: CIA |
Verified Address
Subject
name : TIOXIDE
(MALAYSIA) SDN. BHD.
Business
address : Kawasan
Industri Teluk Kalung
Town :
Kemaman
Province
: Terengganu
Darul Iman
Zip/postal
code : 24007
Country
: Malaysia
Tel : +60 9
8628688
Fax : +60 9
8631988
Website
: www.huntsman.com
Registered
address : C/o TRICOR
CORPORATE SERVICES SDN BHD
Level 18, The Gardens North Tower
Mid Valley City
Lingkaran Syed Putra
Town :
Kuala
Lumpur
Province
: Wilayah
Persekutuan
Zip/postal
code : 59200
Country
: Malaysia
Postal
address : P.O. Box
29
Town :
Kemaman
Province
: Terengganu
Darul Iman
Zip/postal
code : 24007
Country
: Malaysia
Comments : The
provided address 5th Floor, Wisma Avon, 13A Jalan 219, 46100 Petaling
Jaya, Selangor Darul Ehsan, Malaysia belongs to the
Subject's sales office.
Executive Summary
Date
founded or registered : 04/08/1982
Legal
form : Private
Company Limited By Shares
Chief
executive : V.
Visagaran A/L E.Visvalingam
Issued
& paid up capital : USD
5,000,000 / MYR 5,125,000
Sales
turnover : R
74,317,000 (Non-Consolidated 12 months, 31/12/2010)
Total
fixed assets : MYR
561,571,000 (Non-Consolidated 12 months, 31/12/2010)
Line
of business : Manufacturing
and trading of titanium dioxide.
Staff
employed : 250
employees (Subject); 12,000 employees (Huntsman Group)
Country
risk : Country
risk is minimal
Operation
trend : Operational
trend is progressing
Management
experience : Management
is adequately experienced
Financial
performance : Financial
performance is very good
Organization
structure : Organizational
structure is consistent
Detrimental
records : 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 : 04/08/1982
Legal
form : Private
Company Limited By Shares
Registration
no 88183-K
Registered
authority : Companies
Commission of Malaysia
Registry
status : Live/Active
Previous name : The
Subject was established under the name TAPL (MALAYSIA) SDN. BHD. And changed to
the current style on 18-07-1989.
Change
of legal form : None
reported.
Key Management
Name :
V.
Visagaran A/L E.Visvalingam
Designation
: Site
Director
Name :
Daryl
Kenneth Wood
Designation
: Commercial
Director
Name :
Steve
Jones
Designation
: Business
Development Director
Name :
Ubeidillah
Abu Hassan
Designation
: Financial
Manager
Appointments
Name :
Lawrence
Russell Healy
Designation
: Director
Identification
no : 055145582
Appointment
date : 28/06/99
Address
: 167,
West 1475 North
Centerville, Utah 84014
United States
Name :
Dato'
Haji Mizanur Rahman Bin S. M. Abdul Ghani
Designation
: Director
Identification
no : 451201-10-5291
Appointment
date : 28/07/89
Address
: 8,
Jalan Beka
Bukit Damansara
50490 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name :
V.
Visagaran A/L E.Visvalingam
Designation
: Director
Identification
no : 640718-04-5001
Appointment
date : 30/03/10
Address
: A-6250,
Lorong Tok Sira 46
25050 Kuantan
Pahang Darul Makmur
Malaysia
Name :
Peter
Riley Huntsman
Designation
: Director
Identification
no : 701739401
Appointment
date : 28/06/99
Address
: 1399
Devonshire Drive
Salt Lake City, Utah 84108
United States
Biography : Mr.
Peter R. Huntsman is President, Chief Executive Officer, Director of Huntsman
Corporation. Mr. Huntsman also serves on Litigation Committee. Prior to his
appointment in July 2000 as Chief Executive Officer, Mr. Huntsman had served as
President and Chief Operating Officer since 1994. In 1987, Mr. Huntsman joined
Huntsman Polypropylene Corporation as Vice President before serving as Senior
Vice President and General Manager. Mr. Huntsman has also served as President
of Olympus Oil, as Senior Vice President of Huntsman Chemical Corporation and
as a Senior Vice President of Huntsman Packaging Corporation, a former
subsidiary of the Company. Mr. Huntsman is a director or manager, as
applicable, of Huntsman International and certain of the other subsidiaries.
Name :
Daryl
Kenneth Wood
Designation
: Director
Identification
no : E3083083
Appointment
date : 15/02/06
Address
: 43-3-2,
Villa Mutiara
43 Jalan Medang Tanduk
Bukit Bandaraya
59100 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name :
Kumar
A/L Ramu
Designation
: Company
Secretary
Identification
no : 660413-08-5289
Appointment
date : 29/10/03
Address
: 8
Lorong Bukit Pelindung 77
Taman Bukit Pelindung Aman
25050 Kuantan
Pahang Darul Makmur
Malaysia
Name :
Tham
Wai Ying
Designation
: Company
Secretary
Identification
no : 680810-10-6360
Appointment
date : 17/02/04
Address
: 46,
Jalan Midah 19-A
Taman Midah
56000 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name :
Kuan
Hui Fang
Designation
: Company
Secretary
Identification
no : 710224-10-5204
Appointment
date : 01/03/07
Address
: 23,
Jalan BU 3/2
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Staff
employed : 250
employees (Subject); 12,000 employees (Huntsman Group)
Auditors
: DELOITTE
& TOUCHE
Level 19, Uptown 1, Damansara Uptown
1, Jalan SS 21/58
Damansara Utama
47400 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Composition
Authorized
Capital : USD
45,000,000 / MYR 10,000,000
No of shares : 45,000,000
Cumulative Redeemable Preference Shares / 10,000,000 Ordinary Shares
Share par value : USD
1 for Cumulative Redeemable Preference Share / MYR 1 for Ordinary Share
Issued
capital : USD
5,000,000 / MYR 5,125,000
Paid
up capital : USD
5,000,000 / MYR 5,125,000
How
listed : Full
List
Composition
Shareholder
name : HUNTSMAN
INVESTMENTS (NETHERLANDS) B.V.
Address
: Merseyweg
10
3197KG Botlek Rotterdam
Netherlands
No. of shares : 5,125,000
Ordinary Shares / 5,000,000 Cumulative Redeemable Preference Shares
% of
shares : 100%
Structure
Name :
HUNTSMAN
CORPORATION
Affiliation
type : Ultimate
Holding Company
Address
: 500
Huntsman Way
Salt Lake City, Utah 84108
United States
Comments : Huntsman
Corporation engages in the manufacture and sale of differentiated organic and
inorganic chemical products worldwide. The company offers polyurethane
chemicals, including methyl diphenyl diisocyanate, propylene oxide, polyols,
propylene glycol, thermoplastic polyurethane, aniline, and methyl
tertiary-butyl ether products, which are used to produce rigid and flexible
foams, as well as coatings, adhesives, sealants, and elastomers; and
performance products, such as amines, carbonates, surfactants, linear alkyl
benzene, maleic anhydride, performance chemicals, ethylene glycol, olefins, and
technology licenses. It also provides advanced materials comprising epoxy resin
compounds and formulations; cross-linking, matting agents, and curing agents;
and epoxy, acrylic and polyurethane-based adhesives, and tooling resin
formulations. In addition, Huntsman Corporation offers textile chemicals, dyes,
and titanium dioxide. The company’s products are used in various applications,
including adhesives, aerospace, automotive, construction products, durable and
non-durable consumer products, electronics, medical, packaging, paints and
coatings, power generation, refining, synthetic fiber, textile chemicals, and
dye industries. Huntsman Corporation was founded in 1970 and is based in Salt
Lake City, Utah.
Name :
HUNTSMAN
INTERNATIONAL LLC
Affiliation
type : Intermediate
Holding Company
Address
: 500
Huntsman Way
Salt Lake City, Utah 84108
United States
Comments : Huntsman
International LLC manufactures and sells differentiated organic and inorganic
chemical products worldwide. The company operates in five segments:
Polyurethanes, Performance Products, Advanced Materials, Textile Effects, and
Pigments. The Polyurethanes segment offers methyl diphenyl diisocyanate
products, propylene oxide, polyols, propylene glycol, thermoplastic
polyurethane, aniline, and methyl tertiary-butyl ether for use in refrigeration
and appliance insulation, construction products, adhesives, automotive,
footwear, furniture, cushioning, specialized engineering, and fuel additives
applications. The Performance Products segment provides amines, surfactants,
linear alkyl benzene, maleic anhydride, other performance chemicals, ethylene
glycol, and olefins for use in detergents, personal care products,
agrochemicals, lubricant and fuel additives, adhesives, paints and coatings,
construction, marine and automotive products, composites, and pet fibers and
resins. The Advanced Materials segment offers basic liquid and solid epoxy
resins; specialty resin compounds; cross-linking, matting, and curing agents;
and epoxy, acrylic, and polyurethane-based formulations for use in adhesives;
composites for aerospace, automotive, and wind power generation; construction
and civil engineering; industrial coatings; electrical power transmission; and
consumer electronics. The Textile Effects segment provides textile chemicals
and dyes for use in apparel, home, and technical textiles. The Pigments segment
offers titanium dioxide for use in paints and coatings, plastics, paper,
printing inks, fibers, and ceramics. The company sells its products to consumer
and industrial customers through direct sales force, distributors, and agents.
The company was founded in 1970 and is based in Salt Lake City, Utah. Huntsman
International LLC is a subsidiary of Huntsman Corporation.
Name :
HUNTSMAN
INVESTMENTS (NETHERLANDS) B.V.
Affiliation
type : Parent
Company
Address
: Merseyweg
10
3197KG Botlek Rotterdam
Netherlands
Comments
: Investment
holding company.
Name :
TIOXIDE
AMERICAS INC.
Affiliation
type : Sister
Company
Address
: 415,
Des Plateaux Mont Street
Mont-Saint-Hilaire, Quebec J3H 6E6
Canada
Name :
TIOXIDE
EUROPE SAS
Affiliation
type : Sister
Company
Address
: 1,
Rue des Garennes
62102 Calais Cedex
France
Name :
TIOXIDE
EUROPE SRL
Affiliation
type : Sister
Company
Address
: Stablimento
dl Scarlino Localita Casone
58020 Scarlino (GR)
Italy
Name :
TIOXIDE
SOUTHERN AFRICA (PTY) LTD
Affiliation
type : Sister
Company
Address
: Private
Bag X504 Umbogintwini
4120 Kwazulu Natal
South Africa
Name :
TIOXIDE
EUROPE SL
Affiliation
type : Sister
Company
Address
: Poligono
Industrial Nuevo Puerto, Apartado 159
21080 Huelva
Spain
Name :
TIOXIDE
GROUP SERVICES LIMITED
Affiliation
type : Sister
Company
Address
: Haverton
Hill Road
Billingham TS23 1PS
United Kingdom
Name :
TIOXIDE
EUROPE LIMITED
Affiliation
type : Sister
Company
Address
: Haverton
Hill Road
Billingham TS23 1PS
United Kingdom
Related
companies and corporate
affiliations
comments
: Other companies of the Huntsman 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 20-03-2012
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 : 31/12/10 31/12/09 31/12/11
Length
of accounts : 12 months 12 months 12 months
Gross
profit : 1,840,000,000
Operating
profit : 90,586,000
14,349,000 606,000,000
Profit
before tax : 91,804,000
15,414,000 360,000,000
Net
income : 74,317,000
6, 155,000 247,000,000
Non
current assets : 274,556,000
297,149,000 4,711,000,000
Current
assets : 287,015,000
239,129,000 3,946,000,000
Inventories
: 64,992,000
71,400,000 1,539,000,000
Total
assets : 561,571,000
536,278,000 8,657,000,000
Current
liabilities : 121,556,000
104,614,000 1,826,000,000
Non
current liabilities : 35,057,000
85,359,000 5,055,000,000
Total
liabilities : 156,613,000
189,973,000 6,881,000,000
Share
equity : 404,958,000
346,305,000 1,776,000,000
Retained
earning : 399,833,000
341,180,000 -947,000,000
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 Huntsman Corporation and all its
subsidiaries which include the Subject.
Main activities : The
Subject is engaged in manufacturing and trading of titanium dioxide pigments.
The Subject processes raw material rich in titanium from
minerals found in beach sands and rock in order to produce titanium dioxide
pigments.
The Subject is ultimately owned by Huntsman Corporation, a
public listed company in United States of America.
Huntsman Corporation is engaged in the manufacture and sale
of differentiated organic and inorganic chemical products worldwide.
The company offers polyurethane chemicals, including methyl
diphenyl
diisocyanate, propylene oxide, polyols, propylene glycol,
thermoplastic polyurethane, aniline, and methyl tertiary-butyl ether products.
It also provides advanced materials comprising epoxy resin
compounds
and formulations; cross-linking, matting agents, and curing
agents; and epoxy, acrylic and polyurethane-based adhesives, and tooling resin
formulations.
In addition, Huntsman Corporation offers textile chemicals,
dyes, and
titanium dioxide. The company’s products are used in various
applications, including adhesives, aerospace, automotive, construction
products, durable and non-durable consumer products, electronics, medical,
packaging, paints and coatings, power generation, refining, synthetic fiber, textile
chemicals, and dye industries.
Huntsman Corporation was founded in 1970 and is based in
Salt Lake City, Utah.
Product
& services : Titanium
dioxide pigments Brand : Tioxide Deltio
Purchases
Local
: Yes
International
: Mainly from Australia,
Germany, United Kingdom
Sales
Local
: Yes
International
: Australia,
Bangladesh, China, Hong Kong, India, Indonesia, Japan,
Myanmar, Nepal, New Zealand, Pakistan, Philippines,
Singapore, South
Korea, Sri Lanka, Taiwan, Thailand, Vietnam
Key
events : Howard
Hughes Corp Partners With Huntsman Corporation On New
Building At Woodlands
Wednesday, 7 Mar 2012
Howard Hughes Corp announced a partnership with Huntsman
Corporation to complete a feasibility study for expanding the Huntsman facility
in the Research Forest area of The Woodlands. Initial plans reflect Huntsman’s
growing need for an increase in research and development capacity as well as a
five-story Class A building containing 236,000 square feet and an attached
garage to accommodate up to 900 cars. The Howard Hughes Corporation took full
control of The Woodlands in July 2011 after acquiring its partner’s interest.
Recently, the Howard Hughes Corporation announced that it would begin
construction in March 2012 of 3 Waterway Square as a Class A, 240,000-square
foot, eleven-story building located at The Waterway Square District. The
company is also exploring opportunities to construct up to three new Class A
office buildings and an adjacent parking garage.
CORRECTION OFFICIAL - Huntsman Corporation Announces First
Quarter 2012 Common Dividend
Wednesday, 8 Feb 2012
BODY CORRECTED TO READ ''The dividend is payable on March
30,
2012, to stockholders of record as of March 15,
2012''...INSTEAD OF...''The dividend is payable on March 15, 2012, to
stockholders of record as of March 30, 2012'' Huntsman Corporation announced
that the
Company's Board of Directors has declared a $0.10 per share
cash dividend on its common stock. The dividend is payable on March 30, 2012,
to stockholders of record as of March 15, 2012.
Huntsman Corporation Announces Acquisition Of Turkish
Polyurethanes
Systems House
Friday, 30 Dec 2011
Huntsman Corporation announced that it has acquired EMA
Kimya
Sistemleri Sanayi ve Ticaret A.S., a polyurethanes systems
house in
Istanbul, Turkey. The EMA systems house has the capacity to
manufacture polyester polyols and blend MDI polyurethane systems used primarily
in the insulation, automotive, adhesives, coatings, elastomers and furniture
industries. 2010 revenues were approximately $17 million.
Huntsman Corporation Announces Fourth Quarter 2011 Common
Dividend
Monday, 7 Nov 2011
Huntsman Corporation announced that the Company's Board of
Directors have declared a $0.10 per share cash dividend on its common stock.
The dividend is payable on December 30, 2011, to stockholders of record as of
December 15, 2011.
3D Systems Corp. Acquires Huntsman Corporation's Advanced
Materials
Division Stereolithography Product Line
Tuesday, 1 Nov 2011
3D Systems Corp. announced that it acquired from the
Advanced Materials
Division of Huntsman Corporation its RenShape
stereolithography print
materials and Digitalis rapid manufacturing 3D printer
product line for $41 million in cash.
Huntsman Corporation To Build New Asia Pacific Technology
Center
Monday, 26 Sep 2011
Huntsman Corporation announced that it will invest
approximately $40 million to build a new Asia Pacific Regional Technology
Center (ATC) in
Shanghai's Minhang Economic & Technological Development
Zone, to
support the rapidly growing demand for world-class
technology and innovation from customers across the Asia Pacific region. The
facility will
comprise machine halls, laboratories and offices,
accommodating up to
400 technical experts, and will replace the existing
Technology Center,
located nearby, which was first opened in September 2008.
This facility will complement existing Technology Centers in The Woodlands,
Texas and Brussels, Belgium as well as smaller regional centers. Construction
for the new ATC is expected to commence in January 2012, with completion
planned for mid-2013. In parallel, part of the existing Technology Center will
be converted into an auditorium and display area, which together with the new
facility will form an integrated technology and innovation campus.
Huntsman Corporation Announces Share Repurchase Program And
Quarterly Dividend
Friday, 5 Aug 2011
Huntsman Corporation announced that the Company's board of
directors
has authorized the Company to repurchase up to $100 million
in shares of its common stock. This program is effective immediately.
Repurchases
under this program will be made through the open market or
in privately
negotiated transactions. These repurchases may be commenced
or
suspended from time to time without prior notice. The board
also declared a $0.10 per share cash dividend on its common stock. The dividend
is payable on September 30, 2011 to stockholders of record as of September 15,
2011.
Huntsman Corporation Announces Second Quarter 2011 Common
Dividend
Monday, 9 May 2011
Huntsman Corporation announced that its Board of Directors
has declared a $0.10 per share cash dividend on its common stock. The dividend
is payable on June 30, 2011, to stockholders of record as of June 15, 2011.
Huntsman Corporation And Wilmar International Limited
Announces
Memorandum Of Understanding
Monday, 9 May 2011
Huntsman Corporation and Wilmar International Limited
announced a
Memorandum of Understanding between their respective
subsidiaries for
Wilmar to build a natural alcohol plant at Huntsman's
chemical site in
Rozenburg (Rotterdam, The Netherlands), and to supply
natural alcohols to Huntsman. The facility is scheduled to come on stream by
2013. The plant will be owned and operated by Wilmar. The project is subject to
receipt of the relevant permits and regulatory approvals.
Huntsman Corporation Acquires Chemicals Business Of Laffans
Petrochemicals Ltd.
Saturday, 2 Apr 2011
Huntsman Corporation announced that it has completed its
acquisition of
Indian chemical producer Laffans Petrochemicals Ltd., and
has taken
ownership of the manufacturer's 60kt ethylene oxide
derivatives facility in
Ankleshwar, Gujarat. The purpose-built plant produces
specialty
intermediates for use in agrochemicals, household and
personal care
products, oil and gas applications and automotive lubricants
and brake
fluids. Financial details were not disclosed.
Huntsman Corporation Announces Capacity Expansion At
Singapore
Polyetheramines Plant
Wednesday, 16 Feb 2011
Huntsman Corporation announced that it is going ahead with
the
engineering design for a 40,000-ton capacity expansion
program at its
world-scale polyetheramine facility in Singapore. Huntsman
plans to invest more than $70 million at its Jurong Island plant in a move that
will more than double the site's manufacturing capabilities, help satisfy
increasing global demand for polyetheramines and strengthen the company's
leadership position in this technology. In the last five years, Huntsman – the
world's leading polyetheramine producer – has seen interest in its JEFFAMINE®
amines accelerate dramatically.
Huntsman Corporation Announces First Quarter 2011 Common
Dividend
Monday, 7 Feb 2011
Huntsman Corporation announced that its Board of Directors has
declared a $0.10 per share cash dividend on its common stock. The dividend is
payable on March 31, 2011, to stockholders of record as of March 15, 2011.
Huntsman Corporation Approves Investment For New Fertilizer
Plant At
Calais, France Site
Friday, 28 Jan 2011
Huntsman Corporation announced that it has agreed in
principle to an investment of circa EUR30 million to build a new magnesium
sulfate fertilizer manufacturing operation at the division's titanium dioxide
(TiO2) pigments manufacturing plant in Calais, France. The investment is
approved in principle and is subject to the finalization of a number of
elements including the granting of permits and securing additional finance,
which are all on track. The new fertilizer plant will use spent acid from pigment
manufacturing operations at Calais and will enable the closure of half the
Calais Effluent Treatment Plant (ETP). The operation of the fertilizer plant
will deliver major environmental benefits in the form of lower energy
consumption and it will also reduce the carbon dioxide emissions at the site.
These environmental benefits are coupled with cost reductions that add to the
transformation in the efficiency, sustainability and cost effectiveness of the
entire Calais site.
Premises : The
Subject operates from premises located at the verified heading address
consisting of production facilities, warehouse and administrative office.
Branches
: In
addition, the Subject operates from a sales office located at:
5th Floor, Wisma Avon
13A Jalan 219
46100 Petaling Jaya
Selangor Darul Ehsan
Malaysia
+60 3 79620888
Other
property : Total
NBV of property, plant and equipment as of 31-12-2010 was MYR
273,306,000.
Gross
Domestic Products (GDP) & Economic Overview
Central
bank : Central
Bank of Malaysia
Reserve
of foreign exchange & gold : US$
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 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%
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, Bank transfer, Credit up to 120 days
International
: L/C, Document against
payment, D/A, Credit up to 120 days
Sales Term
Local
: Prepayment,
Document against payment, Bank transfer, Credit up to 120 days
International
: L/C, Document against
payment, D/A, 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.54.25 |
|
|
1 |
Rs.88.14 |
|
Euro |
1 |
Rs.71.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.