|
Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
TIOXIDE (MALAYSIA) SDN. BHD. |
|
|
|
|
Formerly Known As : |
TAPL (MALAYSIA) SDN BHD (18/07/1989) |
|
|
|
|
Registered Office : |
The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, Level
18, 59200 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
04.08.1982 |
|
|
|
|
Com. Reg. No.: |
88183-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacture Chemical Petrochemical Products |
|
|
|
|
No. of Employees : |
300 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
|
REGISTRATION NO. |
: |
88183-K |
|
COMPANY NAME |
: |
TIOXIDE (MALAYSIA) SDN. BHD. |
|
FORMER NAME |
: |
TAPL (MALAYSIA) SDN BHD (18/07/1989) |
|
INCORPORATION DATE |
: |
04/08/1982 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
THE GARDENS NORTH TOWER, MID VALLEY CITY, LINGKARAN SYED PUTRA, LEVEL
18, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
KAWASAN PERINDUSTRIAN TELUK KALUNG, P O BOX 29, 24007 KEMAMAN,
TERENGGANU, MALAYSIA. |
|
TEL.NO. |
: |
09-8628688 |
|
FAX.NO. |
: |
09-8631988 |
|
CONTACT PERSON |
: |
MIZANUR RAHMAN GHANI ( CHAIRMAN ) |
|
INDUSTRY CODE |
: |
20291 |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE CHEMICAL PETROCHEMICAL PRODUCTS |
|
AUTHORISED CAPITAL |
: |
MYR 151,750,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 16,937,500.00 DIVIDED INTO |
|
SALES |
: |
MYR 1,009,837,000 [2011] |
|
NET WORTH |
: |
MYR 458,874,000 [2011] |
|
M1000 OVERALL RANKING |
: |
511[2011] |
|
M1000 INDUSTRY RANKING |
: |
27[2011] |
|
STAFF STRENGTH |
: |
300 [2013] |
|
BANKER (S) |
: |
MALAYAN BANKING BHD |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT CAPABILITY |
: |
GOOD |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
The SC is a private limited company and is allowed to have a minimum of
one and a maximum of forty-nine shareholders. As a private limited company, the
SC must have at least two directors. A private limited company is a separate
legal entity from its shareholders. As a separate legal entity, the SC is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the equity
they have taken up and the creditors cannot claim on shareholders' personal
assets even if the SC is insolvent. The SC is governed by the Companies Act,
1965 and the company must file its annual returns, together with its financial
statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) manufacture chemical
petrochemical products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the SC's ranking are as
follows: |
|
|||||
|
|
|
|
|
|
||
|
YEAR |
2011 |
2009 |
2008 |
2005 |
2004 |
|
|
OVERALL RANKING |
511 |
454 |
407 |
293 |
276 |
|
|
INDUSTRY RANKING |
27 |
26 |
24 |
12 |
5 |
|
The immediate holding company of the SC is HUNTSMAN ICI INVESTMENT
(NETHERLANDS) BV, a company incorporated in NETHERLANDS.
The ultimate holding company of the SC is HUNTSMAN INTERNATIONAL, LLC, a
company incorporated in UNITED STATES.
The major shareholder(s) of the SC are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
HUNTSMAN ICI INVESTMENT (NETHERLANDS) BV |
MERSEYWEG 10, 3179 KG, BOTLEK-ROTTERDAM, THE NETHERLANDS. |
|
8,875,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
8,875,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. MIZANUR RAHMAN BIN S M ABDUL GHANI |
|
Address |
: |
8,JALAN BEKA, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
New IC No |
: |
451201-10-5291 |
|
Date of Birth |
: |
01/12/1945 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
28/07/1989 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. V.VISAGARAN A/L E.VISVALINGAM |
|
Address |
: |
A-6250 LORONG TOK SIRA 46, 25050 KUANTAN, PAHANG, MALAYSIA. |
|
New IC No |
: |
640718-04-5001 |
|
Date of Birth |
: |
18/07/1964 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
30/03/2010 |
DIRECTOR 3
|
Name Of Subject |
: |
PETER RILEY HUNTSMAN |
|
Address |
: |
1399 DEVONSHIRE DR, SALT LAKE CITY, UTAH, 84108, UNITED STATES. |
|
IC / PP No |
: |
701739401 |
|
Date of Birth |
: |
13/03/1963 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
28/06/1999 |
DIRECTOR 4
|
Name Of Subject |
: |
MR. DARYL KENNETH WOOD |
|
Address |
: |
APT 43-3-2, VILLA MUTIARA, 43 JLN MEDANG TANDUK, BKT BANDARAYA, 59100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
E3083083 |
|
Date of Birth |
: |
25/07/1960 |
|
Nationality |
: |
AUSTRALIAN |
|
Date of Appointment |
: |
15/02/2006 |
|
1) |
Name of Subject |
: |
MIZANUR RAHMAN GHANI |
|
|
Position |
: |
CHAIRMAN |
|
|
|
|
|
|
2) |
Name of Subject |
: |
UBAIDILLAH HASSAN |
|
|
Position |
: |
FINANCIAL CONTROLLER |
|
|
|
|
|
|
3) |
Name of Subject |
: |
ALEX LEE |
|
|
Position |
: |
MARKETING MANAGER |
|
|
|
|
|
|
4) |
Name of Subject |
: |
ZUL AWANG |
|
|
Position |
: |
EXECUTIVE |
|
|
|
|
|
|
5) |
Name of Subject |
: |
AZHAR AZIZ |
|
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
|
|
|
|
|
6) |
Name of Subject |
: |
ZAMANI AHMAD |
|
|
Position |
: |
PRODUCTION MANAGER |
|
|
|
|
|
|
7) |
Name of Subject |
: |
VISAGARAN VISVALINGAM |
|
|
Position |
: |
SITE DIRECTOR |
|
Auditor |
: |
DELOITTE & TOUCHE |
|
Auditor' Address |
: |
UPTOWN 1, 1, JALAN SS 21/58, DAMANSARA UPTOWN, LEVEL 19, 47400
PETALING JAYA, SELANGOR, MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. KUMAR A/L RAMU |
|
|
|
|
|
|
|
New IC No |
: |
660413-08-5289 |
|
|
Address |
: |
8 LRG BKT PELINDUNG 77, TMN BKT PELINDUNG AMAN, 25050 KUANTAN, PAHANG,
MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
MS. THAM WAI YING |
|
|
|
|
|
|
|
New IC No |
: |
680810-10-6360 |
|
|
Address |
: |
46,JALAN MIDAH 19-A, TAMAN MIDAH, 56000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3) |
Company Secretary |
: |
MS. KUAN HUI FANG |
|
|
|
|
|
|
|
New IC No |
: |
710224-10-5204 |
|
|
Address |
: |
23 JALAN BU 3/2, BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR,
MALAYSIA. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s). No
adverse record was found during our investigation.
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the SC whether the subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* We have checked through the SC in our defaulters' database which comprised of
debtors that have been blacklisted by our customers and debtors that have been
placed or assigned to us for collection since 1990. Information was provided by
third party where the debt amount can be disputed. Please check with creditors
for confirmation as alleged debts may have been paid since recorded or are
being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Import Countries |
: |
CHINA,UNITED STATES,TAIWAN,INDIA |
The SC refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA PACIFIC |
|||
|
Credit Term |
: |
30 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES,TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC) |
|||
|
Products manufactured |
: |
|
|||||
|
|
|
|
|||||
|
Award |
: |
1 ) QUALITY MANAGEMENT EXCELLENCE AWARD BY MINISTRY OF INTERNATIONAL
TRADE AND INDUSTRY (MITI) Year :2003
|
|||||
|
|
|
|
|||||
|
Competitor(s) |
: |
BP CHEMICALS (MALAYSIA) SDN. BHD.
|
|||||
|
|
|
|
|||||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMI ASSOCIATION OF MALAYSIA SMALL & MEDIUM ENTERPRISE CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM) |
|||||
|
|
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|
|||||
|
Ownership of premises |
: |
OWNED
|
|
Total Number of
Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
2009 |
2008 |
|
||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
COMPANY |
300 |
300 |
330 |
325 |
265 |
253 |
|
|
|
|
Branch |
: |
YES
|
|
|
No of Branches |
: |
1
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacture chemical
petrochemical products.
The SC's product provides whiteness and opacity to a vast range of everyday
products from coatings and plastics, to inks and even cosmetics and food.
To produce the pigment the SC processes a raw material rich in titanium from
minerals found in beach sands and rock.
This feedstock is treated to extract the titanium and then reform it as
titanium dioxide to a very closely defined particle size.
Finally the product is coated and milled to produce a range of versatile
pigments for key end uses.
No projects found in our databank
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
09-8628688 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
5TH FLOOR, WISMA AVON, 13A JALAN 219, 46100, PETALING JAYA, SELANGOR |
|
Current Address |
: |
KAWASAN PERINDUSTRIAN TELUK KALUNG, P O BOX 29, 24007 KEMAMAN,
TERENGGANU, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 21st January 2013 we contacted one of the staff from the SC and she provided
some information on the SC.
The address provided belongs to the SC's Sales Office.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2007 - 2011 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2007 - 2011 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
23.61% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
32.46% |
] |
|
|
|
|
|
|
|
|
|
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years.The higher profit
could be attributed to the increase in turnover. The SC's management had
generated acceptable return for its shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
43 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
62 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
14 Days |
] |
|
|
|
|
|
|
|
|
|
|
The SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The SC's management was quite
efficient in handling its debtors. The SC's debtors days were at an
acceptable range, thus the risk of its debts turning bad was minimised. The
SC had a favourable creditors' ratio as evidenced by its favourable
collection days. The SC could be taking advantage of the cash discounts and
also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.75 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.67 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the SC in order to
assure its creditors of its ability to meet short term obligations and the SC
was in a good liquidity position. Thus, we believe the SC is able to meet all
its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was nil as it did not pay any interest during
the year. The SC had no gearing and hence it had virtually no financial risk.
The SC was financed by its shareholders' funds and internally generated fund.
During the economic downturn, the SC, having a zero gearing, will be able to
compete better than those which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Generally, the SC's performance has improved with higher turnover and
profit. The SC was in good liquidity position with its total current liabilities
well covered by its total current assets. With its current net assets, the SC
should be able to repay its short term obligations. The SC did not make any
interest payment during the year. The SC was dependent on its shareholders'
funds to finance its business needs. The SC was a zero gearing company, it
was solely dependant on its shareholders to provide funds to finance its
business. The SC has good chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : STRONG |
||||||
|
Major Economic Indicators: |
2008 |
2009 |
2010 |
2011* |
2012** |
|
|
|
|
|
|
|
|
Population ( Million) |
27.73 |
28.13 |
28.35 |
28.70 |
29.10 |
|
Gross Domestic Products ( % ) |
4.6 |
<0.5> |
7.2 |
5.5 |
5.3 |
|
Domestic Demand ( % ) |
6.9 |
2.9 |
6.3 |
4.8 |
7.6 |
|
Private Expenditure ( % ) |
7.1 |
<2.7> |
8.1 |
7.0 |
8.7 |
|
Consumption ( % ) |
8.4 |
0.7 |
6.7 |
6.3 |
7.1 |
|
Investment ( % ) |
1.5 |
<17.2> |
17.7 |
16.2 |
15.9 |
|
Public Expenditure ( % ) |
6.5 |
5.2 |
3.8 |
7.6 |
4.7 |
|
Consumption ( % ) |
11.6 |
3.1 |
0.2 |
8.9 |
3.0 |
|
Investment ( % ) |
0.7 |
8.0 |
2.8 |
0.6 |
7.0 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
129,563 |
89,650 |
118,356 |
116,058 |
- |
|
Government Finance ( MYR Million ) |
<34,462> |
<28,450> |
<40,482> |
<45,511> |
<43,021> |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
<4.8> |
<4.8> |
<5.6> |
<5.4> |
<4.7> |
|
Inflation ( % Change in Composite CPI) |
<3.3> |
<5.2> |
5.1 |
3.1 |
- |
|
Unemployment Rate |
3.7 |
4.5 |
3.9 |
3.3 |
- |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
388 |
331 |
329 |
415 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
1.91 |
2.87 |
2.20 |
3.50 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
13.24 |
11.08 |
15.30 |
14.80 |
- |
|
Average Base Lending Rate ( % ) |
6.72 |
5.53 |
6.30 |
6.60 |
- |
|
Business Loans Disbursed( % ) |
11.6 |
10.5 |
14.7 |
15.3 |
- |
|
Foreign Investment ( MYR Million ) |
23,261.4 |
22,156.8 |
22,517.9 |
23,546.1 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Companies ( No. ) |
41,599 |
41,578 |
44,148 |
- |
- |
|
Registration of New Companies ( % ) |
<4.0> |
<0.1> |
6.2 |
- |
- |
|
Liquidation of Companies ( No. ) |
27,992 |
39,075 |
25,585 |
- |
- |
|
Liquidation of Companies ( % ) |
23.7 |
39.6 |
<34.5> |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Business ( No. ) |
269,866 |
312,581 |
271,414 |
- |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business Dissolved ( No. ) |
18,885 |
19,345 |
19,738 |
- |
- |
|
Business Dissolved ( % ) |
<7.6> |
2.4 |
2.0 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
497.5 |
486.3 |
543.6 |
363.0 |
- |
|
Cellular Phone Subscribers ( Million ) |
25.1 |
30.1 |
32.8 |
35.3 |
- |
|
Tourist Arrival ( Million Persons ) |
21.5 |
23.6 |
24.6 |
25.3 |
- |
|
Hotel Occupancy Rate ( % ) |
68.0 |
58.0 |
63.0 |
51.3 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
17.1 |
12.8 |
14.1 |
15.6 |
- |
|
Bad Cheque Offenders (No.) |
34,834 |
36,667 |
33,568 |
27,208 |
- |
|
Individual Bankruptcy ( No.) |
13,907 |
16,228 |
18,119 |
16,155 |
- |
|
Individual Bankruptcy ( % ) |
5.1 |
16.7 |
11.7 |
<10.8> |
- |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ): |
2008 |
2009 |
2010 |
2011* |
2012** |
|
|
|
|
|
|
|
|
Agriculture |
3.6 |
0.4 |
2.1 |
4.7 |
4.1 |
|
Palm Oil |
7.0 |
<1.1> |
<3.4> |
7.3 |
- |
|
Rubber |
<1.1> |
<19.8> |
9.9 |
6.4 |
- |
|
Forestry & Logging |
<1.5> |
<5.9> |
<3.3> |
<4.7> |
- |
|
Fishing |
4.0 |
5.5 |
5.6 |
2.8 |
- |
|
Other Agriculture |
5.9 |
9.0 |
7.9 |
8.5 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
393.0 |
413.7 |
508.4 |
634.1 |
- |
|
% of Industry Non-Performing Loans |
<2.0> |
1.3 |
2.1 |
3.2 |
- |
|
|
|
|
|
|
|
|
Mining |
<0.8> |
<3.8> |
0.2 |
<2.4> |
2.5 |
|
Oil & Gas |
12.7 |
2.1 |
0.5 |
<1.7> |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
36.0 |
44.2 |
49.7 |
46.5 |
- |
|
% of Industry Non-performing Loans |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
1.3 |
<9.4> |
11.4 |
5.6 |
4.5 |
|
Exported-oriented Industries |
2.7 |
<19.0> |
12.1 |
2.8 |
- |
|
Electrical & Electronics |
2.4 |
<30.3> |
28.4 |
<4.9> |
- |
|
Rubber Products |
4.2 |
<10.1> |
25.3 |
15.4 |
- |
|
Wood Products |
<6.0> |
<24.1> |
20.1 |
<7.3> |
- |
|
Textiles & Apparel |
1.9 |
<19.5> |
<0.4> |
14.8 |
- |
|
Domestic-oriented Industries |
9.9 |
<9.8> |
16.3 |
6.3 |
- |
|
Food, Beverages & Tobacco |
9.5 |
0.2 |
3.0 |
4.2 |
- |
|
Chemical & Chemical Products |
1.4 |
<7.7> |
16.2 |
5.6 |
- |
|
Plastic Products |
6.5 |
<9.1> |
2.4 |
3.8 |
- |
|
Iron & Steel |
16.8 |
<32.7> |
29.3 |
2.4 |
- |
|
Fabricated Metal Products |
14.7 |
<2.5> |
14.9 |
25.2 |
- |
|
Non-metallic Mineral |
8.3 |
<15.5> |
20.2 |
16.3 |
- |
|
Transport Equipment |
27.1 |
<13.5> |
36.5 |
<9.4> |
- |
|
Paper & Paper Products |
8.6 |
<5.0> |
18.7 |
15.6 |
- |
|
Crude Oil Refineries |
7.8 |
0.2 |
<11.4> |
9.3 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
5,729.4 |
6,007.3 |
6,217.5 |
6,537.2 |
- |
|
% of Industry Non-Performing Loans |
16.8 |
18.3 |
23.8 |
25.7 |
- |
|
|
|
|
|
|
|
|
Construction |
2.1 |
5.8 |
5.1 |
4.4 |
7.0 |
|
Industry Non-Performing Loans ( MYR Million ) |
4,149.8 |
3,241.8 |
4,038.5 |
3,856.9 |
- |
|
% of Industry Non-Performing Loans |
12.2 |
9.9 |
10.7 |
10.2 |
- |
|
|
|
|
|
|
|
|
Services |
7.3 |
2.6 |
6.5 |
6.4 |
6.5 |
|
Electric, Gas & Water |
5.0 |
0.4 |
8.5 |
5.6 |
4.8 |
|
Transport, Storage & Communication |
7.8 |
1.6 |
7.7 |
6.5 |
7.3 |
|
Wholesale, Retail, Hotel & Restaurant |
10.0 |
2.8 |
4.7 |
5.2 |
6.9 |
|
Finance, Insurance & Real Estate |
9.2 |
3.8 |
6.1 |
6.3 |
6.5 |
|
Government Services |
8.6 |
2.0 |
6.7 |
7.6 |
5.6 |
|
Other Services |
5.9 |
4.4 |
4.2 |
5.4 |
5.7 |
|
Industry Non-Performing Loans ( MYR Million ) |
8,281.4 |
6,631.3 |
7,384.6 |
6,825.2 |
- |
|
% of Industry Non-Performing Loans |
24.3 |
20.2 |
25.7 |
23.4 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing Production Index |
|||||
|
MSIC CODE |
|
|
20291 : Manufacture of photographic plates, films, sensitized paper
and other sensitized unexposed materials |
|
|
|
|
|
INDUSTRY : |
MANUFACTURING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
Incorporated in 1982, the SC is a Private Limited company, focusing on manufacture
chemical petrochemical products. The SC has been in business for over two
decades. It has built up a strong clientele base and good reputation will
enable the SC to further enhance its business in the near term. The SC is
expected to enjoy a stable market shares. Having strong support from its
holding company has enabled the SC to remain competitive despite the
challenging business environment. Presently, the issued and paid up capital of
the SC stands at RM 8,875,000.
Over the years, the SC has penetrated into both the local and overseas market.
The SC has positioned itself in the global market and is competing in the
industry. Its stable clientele base will enable the SC to further enhance its
business in the near term. The SC is a fairly large and rapidly growing company
with over 300 staff in its operations The SC has a good management capability.
Its capable management team has enabled the SC to keep its business on going.
Hence, the future prospect of the SC is bright. To improve its quality products
and services, we noted that the SC has received a number of certifications
& awards. This will improve the customer's confidence level to the SC.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. Return on shareholders' funds of the
SC was at an acceptable range which indicated that the management was efficient
in utilising its funds to generate income. The SC is in good liquidity position
with its current liabilities well covered by it current assets. Hence, it has
sufficient working capital to meet its short term financial obligations. Being
a zero geared company, the SC virtually has no financial risk as it is mainly
dependent on its internal funds to finance its business. Given a positive net
worth standing at MYR 458,874,000, the SC should be able to maintain its
business in the near terms.
Having a strong assets backing, the SC possesses latent assets as collateral
for further financial extension. Hence, it has good chance of getting loans if
the needs arises. The SC's supplier are from both the local and overseas
countries. This will eliminates the risk of dependency on deliveries from a
number of key suppliers and insufficient quantities of its raw materials.
Overall the SC has a good control over its resources.
We regard that the SC's overall payment habit is prompt. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days.
The industry shows an upward trend and this trend is very likely to sustain in
the near terms. Hence, the SC is expected to benefit from the favourable
outlook of the industry.
In view of the above favourable condition, we recommend credit be proceeded to
the SC with favourable term.
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
TIOXIDE (MALAYSIA) SDN. BHD.
|
Financial Year
End |
31/12/2011 |
31/12/2010 |
31/12/2009 |
31/12/2008 |
31/12/2007 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
1,009,837,000 |
877,334,000 |
683,126,000 |
664,607,000 |
657,957,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
1,009,837,000 |
877,334,000 |
683,126,000 |
664,607,000 |
657,957,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
152,200,000 |
91,804,000 |
15,414,000 |
6,816,000 |
15,133,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
152,200,000 |
91,804,000 |
15,414,000 |
6,816,000 |
15,133,000 |
|
Taxation |
<43,878,000> |
<17,487,000> |
<9,259,000> |
<92,000> |
<317,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
108,322,000 |
74,317,000 |
6,155,000 |
6,724,000 |
14,816,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
314,865,000 |
246,910,000 |
243,008,000 |
237,610,000 |
229,422,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
314,865,000 |
246,910,000 |
243,008,000 |
237,610,000 |
229,422,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
423,187,000 |
321,227,000 |
249,163,000 |
244,334,000 |
244,238,000 |
|
TRANSFER TO RESERVES - Statutory |
<5,301,000> |
- |
- |
- |
- |
|
- General |
<24,170,000> |
<6,362,000> |
<2,253,000> |
<1,326,000> |
<6,628,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
393,716,000 |
314,865,000 |
246,910,000 |
243,008,000 |
237,610,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Term loan / Borrowing |
- |
- |
74,000 |
346,000 |
- |
|
|
|
---------------- |
---------------- |
---------------- |
|
|
|
|
- |
74,000 |
346,000 |
|
TIOXIDE (MALAYSIA) SDN. BHD.
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
252,258,000 |
273,306,000 |
295,899,000 |
333,158,000 |
373,198,000 |
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Associated companies |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
253,508,000 |
274,556,000 |
297,149,000 |
334,408,000 |
374,448,000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
117,921,000 |
64,992,000 |
71,400,000 |
146,499,000 |
67,130,000 |
|
Trade debtors |
172,493,000 |
182,585,000 |
121,128,000 |
74,644,000 |
129,295,000 |
|
Other debtors, deposits & prepayments |
1,967,000 |
1,775,000 |
1,554,000 |
663,000 |
846,000 |
|
Short term deposits |
47,213,000 |
- |
23,236,000 |
20,233,000 |
13,921,000 |
|
Deposits with financial institutions |
- |
30,625,000 |
- |
- |
- |
|
Amount due from related companies |
4,529,000 |
4,986,000 |
1,109,000 |
468,000 |
2,984,000 |
|
Amount due from associated companies |
661,000 |
1,899,000 |
1,378,000 |
690,000 |
518,000 |
|
Cash & bank balances |
- |
153,000 |
19,117,000 |
20,683,000 |
22,611,000 |
|
Others |
- |
- |
207,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
344,784,000 |
287,015,000 |
239,129,000 |
263,880,000 |
237,305,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
598,292,000 |
561,571,000 |
536,278,000 |
598,288,000 |
611,753,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
38,363,000 |
36,872,000 |
42,853,000 |
29,014,000 |
26,855,000 |
|
Other creditors & accruals |
34,646,000 |
43,857,000 |
34,130,000 |
33,694,000 |
32,281,000 |
|
Short term borrowings/Term loans |
- |
- |
- |
- |
1,175,000 |
|
Amounts owing to related companies |
24,437,000 |
34,107,000 |
27,631,000 |
91,079,000 |
97,982,000 |
|
Provision for taxation |
18,642,000 |
- |
- |
121,000 |
225,000 |
|
Other liabilities |
13,256,000 |
6,720,000 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
129,344,000 |
121,556,000 |
104,614,000 |
153,908,000 |
158,518,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
215,440,000 |
165,459,000 |
134,515,000 |
109,972,000 |
78,787,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
468,948,000 |
440,015,000 |
431,664,000 |
444,380,000 |
453,235,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Share premium |
- |
30,236,000 |
45,900,000 |
45,900,000 |
45,900,000 |
|
Capital reserve |
60,033,000 |
54,732,000 |
48,370,000 |
46,117,000 |
44,791,000 |
|
Retained profit/(loss) carried forward |
393,716,000 |
314,865,000 |
246,910,000 |
243,008,000 |
237,610,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
453,749,000 |
399,833,000 |
341,180,000 |
335,025,000 |
328,301,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
458,874,000 |
404,958,000 |
346,305,000 |
340,150,000 |
333,426,000 |
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
|
|
Deferred taxation |
10,074,000 |
16,500,000 |
9,500,000 |
- |
- |
|
Others |
- |
18,557,000 |
75,859,000 |
104,230,000 |
119,809,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
10,074,000 |
35,057,000 |
85,359,000 |
104,230,000 |
119,809,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
468,948,000 |
440,015,000 |
431,664,000 |
444,380,000 |
453,235,000 |
|
|
============= |
============= |
============= |
============= |
============= |
TIOXIDE (MALAYSIA) SDN. BHD.
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
47,213,000 |
153,000 |
42,353,000 |
40,916,000 |
36,532,000 |
|
Net Liquid Funds |
47,213,000 |
153,000 |
42,353,000 |
40,916,000 |
36,532,000 |
|
Net Liquid Assets |
97,519,000 |
100,467,000 |
63,115,000 |
<36,527,000> |
11,657,000 |
|
Net Current Assets/(Liabilities) |
215,440,000 |
165,459,000 |
134,515,000 |
109,972,000 |
78,787,000 |
|
Net Tangible Assets |
468,948,000 |
440,015,000 |
431,664,000 |
444,380,000 |
453,235,000 |
|
Net Monetary Assets |
87,445,000 |
65,410,000 |
<22,244,000> |
<140,757,000> |
<108,152,000> |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
0 |
1,175,000 |
|
Total Liabilities |
139,418,000 |
156,613,000 |
189,973,000 |
258,138,000 |
278,327,000 |
|
Total Assets |
598,292,000 |
561,571,000 |
536,278,000 |
598,288,000 |
611,753,000 |
|
Net Assets |
468,948,000 |
440,015,000 |
431,664,000 |
444,380,000 |
453,235,000 |
|
Net Assets Backing |
458,874,000 |
404,958,000 |
346,305,000 |
340,150,000 |
333,426,000 |
|
Shareholders' Funds |
458,874,000 |
404,958,000 |
346,305,000 |
340,150,000 |
333,426,000 |
|
Total Share Capital |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
|
Total Reserves |
453,749,000 |
399,833,000 |
341,180,000 |
335,025,000 |
328,301,000 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.37 |
0.00 |
0.40 |
0.27 |
0.23 |
|
Liquid Ratio |
1.75 |
1.83 |
1.60 |
0.76 |
1.07 |
|
Current Ratio |
2.67 |
2.36 |
2.29 |
1.71 |
1.50 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
43 |
27 |
38 |
80 |
37 |
|
Debtors Ratio |
62 |
76 |
65 |
41 |
72 |
|
Creditors Ratio |
14 |
15 |
23 |
16 |
15 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
0.30 |
0.39 |
0.55 |
0.76 |
0.83 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
209.30 |
20.70 |
0.00 |
|
Assets Backing Ratio |
91.50 |
85.86 |
84.23 |
86.71 |
88.44 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
15.07 |
10.46 |
2.26 |
1.03 |
2.30 |
|
Net Profit Margin |
10.73 |
8.47 |
0.90 |
1.01 |
2.25 |
|
Return On Net Assets |
32.46 |
20.86 |
3.59 |
1.61 |
3.34 |
|
Return On Capital Employed |
32.46 |
20.86 |
3.59 |
1.61 |
3.34 |
|
Return On Shareholders' Funds/Equity |
23.61 |
18.35 |
1.78 |
1.98 |
4.44 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.89 |
|
|
1 |
Rs.84.92 |
|
Euro |
1 |
Rs.72.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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.