|
Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOYOCHEM SPECIALTY CHEMICAL SDN. BHD. |
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Formerly Known
as: |
T.I.P.P. (MALAYSIA) SDN BHD |
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Registered Office : |
Symphony House, Blok D13, Pusat Dagangan Dana 1, Jalan Pju 1a/46,
Level 8, 47301 Petaling Jaya, Selangor |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.01.1996 |
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Com. Reg. No.: |
373634-A |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· Manufacturer and Distributor of polymer, industrial adhesives and its related products manufacturers of Pressure Sensitive Adhesives (PSA) |
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No. of Employees : |
100 [2013] |
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 : |
Regular |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
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.
NAJIB's Economic Transformation Program (ETP) is a series of projects and
policy measures intended to accelerate the country's economic growth. The
government has also taken steps to liberalize some services sub-sectors. 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 about 35% of government revenue in 2011. Bank Negera
Malaysia (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
*
Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
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N/A - Not Applicable |
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REGISTRATION NO. |
: |
373634-A |
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COMPANY NAME |
: |
TOYOCHEM SPECIALTY
CHEMICAL SDN. BHD. |
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FORMER NAME |
: |
T.I.P.P. (MALAYSIA) SDN BHD (24/06/2009) |
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INCORPORATION DATE |
: |
12/01/1996 |
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COMPANY STATUS |
: |
EXIST |
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LEGAL FORM |
: |
PRIVATE LIMITED |
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LISTED STATUS |
: |
NO |
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REGISTERED ADDRESS |
: |
SYMPHONY HOUSE, BLOK D13, PUSAT DAGANGAN
DANA 1, JALAN PJU 1A/46, LEVEL 8, 47301 PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT 17942-44 & 17950-52, TUANKU JAAFAR
INDUSTRIAL PARK, SUNGAI GADUT, 71450 SEREMBAN, NEGERI SEMBILAN, MALAYSIA. |
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TEL.NO. |
: |
06-6791800 |
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FAX.NO. |
: |
06-6791802 |
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CONTACT PERSON |
: |
HISAYUKI ABE ( MANAGING DIRECTOR ) |
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INDUSTRY CODE |
: |
202 |
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PRINCIPAL ACTIVITY |
: |
MANUFACTURING AND DISTRIBUTION OF POLYMER,
INDUSTRIAL ADHESIVES AND ITS RELATED PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 200,000,000.00 DIVIDED INTO |
||||
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ISSUED AND PAID UP CAPITAL |
: |
MYR 153,923,230.00 DIVIDED INTO |
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SALES |
: |
MYR 210,445,400 [2012] |
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NET WORTH |
: |
MYR 168,871,534 [2012] |
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STAFF STRENGTH |
: |
100 [2013] |
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LITIGATION |
: |
CLEAR |
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DEFAULTER CHECK |
: |
CLEAR |
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FINANCIAL CONDITION |
: |
STRONG |
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PAYMENT |
: |
GOOD |
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MANAGEMENT CAPABILITY |
: |
GOOD |
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COMMERCIAL RISK |
: |
LOW |
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CURRENCY EXPOSURE |
: |
HIGH |
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GENERAL REPUTATION |
: |
GOOD |
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INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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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) manufacturing and distribution of polymer, industrial adhesives and its related products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is TOYO INK PAN PACIFIC PTE LTD, a company incorporated in SINGAPORE.
The ultimate holding company of the SC is TOYO INK SC HOLDINGS CO LTD, a company incorporated in JAPAN.
The major
shareholder(s) of the SC are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
TOYO INK PAN PACIFIC PTE LTD |
C/O TOYOCHEM INK PTE LTD, 31, TUAS AVENUE 2, 2263, SINGAPORE. |
AFXLZ000010696 |
153,923,230.00 |
100.00 |
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|
--------------- |
------ |
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153,923,230.00 |
100.00 |
|
|
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|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MAMI AOTANI |
|
Address |
: |
LIONS-MANSION, 303, 31-2, AOTO 5-CHOME, KATSUSHIKA-KU, TOKYO, 125-0062, JAPAN. |
|
IC / PP No |
: |
TZ0278100 |
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Nationality |
: |
JAPANESE |
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Date of Appointment |
: |
24/05/2012 |
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DIRECTOR 2
|
Name Of Subject |
: |
TAICHIRO MATSUOKA |
|
Address |
: |
3-13-25, HAYAMINE, NERIMA, TOKYO, JAPAN. |
|
IC / PP No |
: |
TZ0278173 |
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Nationality |
: |
JAPANESE |
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Date of Appointment |
: |
01/07/2013 |
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DIRECTOR 3
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Name Of Subject |
: |
HISAYUKI ABE |
|
Address |
: |
A-23A-07, MONT KIARA MERIDIN, 19, JALAN DUTA KIARA, MONT KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
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IC / PP No |
: |
TH0032181 |
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Nationality |
: |
JAPANESE |
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Date of Appointment |
: |
04/07/2011 |
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DIRECTOR 4
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Name Of Subject |
: |
MR. TAN CHUAN FOOK |
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Address |
: |
5, JALAN KENYALANG 11/15D, PJU 5, KOTA DAMANSARA, 47810 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
5080013 |
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New IC No |
: |
560409-02-5103 |
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Date of Birth |
: |
09/04/1956 |
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Nationality |
: |
MALAYSIAN |
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Date of Appointment |
: |
03/07/2008 |
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Qualification |
: |
B.SC (CHEMISTRY & MATHEMATICS) UM IN 1979 |
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Profile |
: |
JOINED BEHN MEYER & CO (M) SDN BHD IN 1980 IN 1988 JOINED TOYOCHEM GRAPHICS SDN BHD (TG) AS THE SALES GM IN 1989. IN 1994, PROMOTED TO GM OF TG APPOINTED AS GM OF TOYOCHEM SDN BHD IN JANUARY 1997 |
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DIRECTOR 5
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Name Of Subject |
: |
KOJI UENO |
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Address |
: |
20-18, AOTO 8-CHOME, KATASUSHIKA-KU, TOKYO, 125-0062, JAPAN. |
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IC / PP No |
: |
TZ0591871 |
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Nationality |
: |
JAPANESE |
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Date of Appointment |
: |
24/05/2012 |
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1) |
Name of Subject |
: |
ELLYNA GOMEZ |
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Position |
: |
ADMIN MANAGER |
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2) |
Name of Subject |
: |
HISAYUKI ABE |
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Position |
: |
MANAGING DIRECTOR |
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3) |
Name of Subject |
: |
LIANG YAT HONG |
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Position |
: |
FACTORY MANAGER |
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Auditor |
: |
PRICEWATERHOUSECOOPERS |
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Auditor' Address |
: |
1, SENTRAL, JALAN TRAVERS, KUALA LUMPUR
SENTRAL, P.O.BOX, LEVEL 10, 50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
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|
1) |
Company Secretary |
: |
MS. CHEONG CHOON YIN |
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IC / PP No |
: |
1998972 |
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New IC No |
: |
711103-03-5216 |
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Address |
: |
8, JALAN PUTRA HARMONI 1/3H, SEKSYEN 1,
PUTRA HEIGHTS, 47650 SUBANG JAYA, SELANGOR, MALAYSIA. |
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2) |
Company Secretary |
: |
MS. WONG SIEW YEEN |
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IC / PP No |
: |
A1529478 |
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New IC No |
: |
700305-05-5166 |
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Address |
: |
3, JALAN SS 15/5E, 47500 SUBANG JAYA,
SELANGOR, MALAYSIA. |
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Banking relations are maintained
principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
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No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank against 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: |
|
||||
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Local |
: |
YES |
Percentage |
: |
70% |
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Overseas |
: |
YES |
Percentage |
: |
30% |
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Import Countries |
: |
SINGAPORE,JAPAN,TAIWAN,INDONESIA |
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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 |
[ |
|
] |
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Good 31-60 Days |
[ |
X |
] |
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Average 61-90 Days |
[ |
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] |
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Fair 91-120 Days |
[ |
|
] |
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Poor >120 Days |
[ |
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] |
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Local |
: |
YES |
Percentage |
: |
30% |
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Domestic Markets |
: |
MALAYSIA |
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Overseas |
: |
YES |
Percentage |
: |
70% |
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Export Market |
: |
EUROPE |
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Credit Term |
: |
N/A |
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Payment Mode |
: |
CHEQUES |
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Type of Customer |
: |
DISTRIBUTORS,MANUFACTURING INDUSTRIES |
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Products manufactured |
: |
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Member(s) / Affiliate(s) |
: |
SMI ASSOCIATION OF MALAYSIA MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE) CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA
(CICM) |
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Ownership of premises |
: |
OWNED
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Total Number of Employees: |
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YEAR |
2013 |
2012 |
2011 |
2010 |
2009 |
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GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
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COMPANY |
100 |
100 |
100 |
100 |
71 |
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Branch |
: |
NO
|
Other
Information:
The SC is principally engaged in the (as a / as an) manufacturing and
distribution of polymer, industrial adhesives and its related products.
The SC is the one of the leading manufacturers of Pressure Sensitive Adhesives
(PSA).
The SC's products are distributed in tanks and for export market the products
are distributed in 180kg drums.
Besides that the SC utilizes advanced automated and semi-automated machineries
to ensure production of high quality products.
RECENT DEVELOPMENT
We have checked
with the Malaysian National News Agency's (BERNAMA) database, but no latest
development was noted in our investigation.
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
06-6791800 |
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Match |
: |
N/A |
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Address Provided by Client |
: |
10, JALAN PENGAPIT (15/19), SECTION 15,
40000, SHAH ALAM, SELANGOR DARUL EHSAN |
|
Current Address |
: |
LOT 17942-44 & 17950-52, TUANKU JAAFAR
INDUSTRIAL PARK, SUNGAI GADUT, 71450 SEREMBAN, NEGERI SEMBILAN, MALAYSIA. |
|
Match |
: |
NO |
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|
Latest Financial Accounts |
: |
YES |
Other
Investigations
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 headquarters.
|
Profitability |
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Turnover |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
26.28% |
] |
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Return on Net Assets |
: |
Acceptable |
[ |
29.27% |
] |
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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. |
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Working Capital
Control |
|
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Stock Ratio |
: |
Unfavourable |
[ |
69 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
65 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
49 Days |
] |
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|
The SC could be incurring higher holding
cost. As its capital was tied up in stocks, it could face liquidity problems.
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 where the SC
could be taking advantage of the cash discounts and also wanting to maintain
goodwill with its creditors. |
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Liquidity |
|
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|
Liquid Ratio |
: |
Favourable |
[ |
1.69 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.55 Times |
] |
|
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|
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. |
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Solvency |
|
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|
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|
|
Interest Cover |
: |
Favourable |
[ |
57.43 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
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|
|
|
|
|
|
|
|
The interest cover showed that the SC was
able to service the interest. The favourable interest cover could indicate
that the SC was making enough profit to pay for the interest accrued. 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. |
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|
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. With the favourable interest cover, the SC could be able to
service all the accrued interest without facing any difficulties. 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. |
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|
|
|
|
|
|
|
|
|
Overall
financial condition of the SC : STRONG |
||||||
|
Major Economic
Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic
Products ( % ) |
<0.5> |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private
Expenditure ( % ) |
<2.7> |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
<17.2> |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public
Expenditure ( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
<1.2> |
|
Investment ( % ) |
8.0 |
2.8 |
<0.3> |
15.9 |
4.2 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
<28,450> |
<40,482> |
<45,511> |
<42,297> |
<39,993> |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
<4.8> |
<5.6> |
<5.4> |
<4.5> |
<4.0> |
|
Inflation ( % Change in Composite CPI) |
<5.2> |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months
of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of
New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
<0.1> |
6.2 |
3.0 |
<0.0> |
- |
|
Liquidation of
Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
<34.5> |
417.8 |
- |
- |
|
|
|
|
|
|
|
|
Registration of
New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business
Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
- |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
- |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
- |
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.4 |
2.1 |
5.9 |
0.6 |
2.4 |
|
Palm Oil |
<1.1> |
<3.4> |
10.8 |
<2.8> |
- |
|
Rubber |
<19.8> |
9.9 |
6.1 |
<0.6> |
- |
|
Forestry & Logging |
<5.9> |
<3.3> |
<7.6> |
<2.2> |
- |
|
Fishing |
5.5 |
5.6 |
2.1 |
<0.7> |
- |
|
Other Agriculture |
9.0 |
7.9 |
7.1 |
6.4 |
- |
|
Industry Non-Performing
Loans ( MYR Million ) |
413.7 |
508.4 |
634.1 |
- |
- |
|
% of Industry
Non-Performing Loans |
1.3 |
2.1 |
3.2 |
- |
- |
|
|
|
|
|
|
|
|
Mining |
<3.8> |
0.2 |
<5.7> |
1.5 |
2.7 |
|
Oil & Gas |
2.1 |
0.5 |
<1.7> |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
44.2 |
49.7 |
46.5 |
- |
- |
|
% of Industry
Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
<9.4> |
11.4 |
4.7 |
4.2 |
4.9 |
|
Exported-oriented
Industries |
<19.0> |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
<30.3> |
28.4 |
<4.9> |
1.6 |
- |
|
Rubber Products |
<10.1> |
25.3 |
15.4 |
3.6 |
- |
|
Wood Products |
<24.1> |
20.1 |
<4.9> |
4.6 |
- |
|
Textiles & Apparel |
<19.5> |
<0.4> |
14.8 |
<7.1> |
- |
|
Domestic-oriented
Industries |
<9.8> |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.2 |
- |
- |
|
Chemical & Chemical Products |
<7.7> |
16.2 |
5.5 |
9.9 |
- |
|
Plastic Products |
<9.1> |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
<32.7> |
29.3 |
2.4 |
- |
- |
|
Fabricated Metal Products |
<2.5> |
14.9 |
25.2 |
- |
- |
|
Non-metallic Mineral |
<15.5> |
20.2 |
27.1 |
6.6 |
- |
|
Transport Equipment |
<13.5> |
36.5 |
<10.4> |
13.7 |
- |
|
Paper & Paper Products |
<5.0> |
18.7 |
14.8 |
<7.8> |
- |
|
Crude Oil Refineries |
0.2 |
<11.4> |
9.3 |
- |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,007.3 |
6,217.5 |
6,537.2 |
- |
- |
|
% of Industry
Non-Performing Loans |
18.3 |
23.8 |
25.7 |
- |
- |
|
|
|
|
|
|
|
|
Construction |
5.8 |
5.1 |
4.4 |
15.5 |
11.2 |
|
Industry Non-Performing Loans ( MYR
Million ) |
3,241.8 |
4,038.5 |
3,856.9 |
- |
- |
|
% of Industry
Non-Performing Loans |
9.9 |
10.7 |
10.2 |
- |
- |
|
|
|
|
|
|
|
|
Services |
2.6 |
6.5 |
6.4 |
5.5 |
5.6 |
|
Electric, Gas & Water |
0.4 |
8.5 |
5.6 |
4.8 |
- |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.3 |
- |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
6.9 |
- |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.3 |
6.5 |
- |
|
Government Services |
2.0 |
6.7 |
7.6 |
5.6 |
- |
|
Other Services |
4.4 |
4.2 |
5.4 |
5.7 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry
Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing Production
Index |
|||||
|
MSIC CODE |
|
|
202 : Manufacture of other chemical products |
|
|
|
|
|
INDUSTRY : |
MANUFACTURING |
|
|
|
|
|
|
|
The Manufacturing sector is one of the important sectors to the growth
of the Malaysian economy. According to Ministry of Finance, the manufacturing
sector is expected to grow 4.9% in year 2013. Export oriented-industries are
expected to benefit from the higher growth of global trade, while domestic
oriented industries expand in line with the better consumer sentiment and
business confidence. The resource-based industries are envisaged to grow
steadily attributed to improved demand for petroleum, chemical, rubber and
plastic products. With better job prospects and higher disposable income, the
transportation equipment subsector, in particular, the passenger car segment
is expected to expand. |
|
|
|
|
|
Value-added of the manufacturing sector expanded 5% during the first
half of 2012. Output of the sector rose 5.2% during the first seven months of
2012 in line with the increase in sales value of manufactured products by
6.5% to RM363.1 billion. Output from domestic oriented industries continued
to expand 8.6% while export-oriented industries grew 4.1%. |
|
|
|
|
|
According to the Department of Statistics, the sales value of the
Manufacturing sector in January 2013 posted a growth of 7.4% (RM3.6 billion) to
record RM52.4 billion as compared to RM48.8 billion reported in year 2012.
Meanwhile, month-on-month basis, the sales value has decreased by 0.4% (RM0.2
billion) as compared with the preceding month. The sales value in December
2012 has been revised positive 7.5% year-on-year to record RM52.6
billion. |
|
|
|
|
|
Output of rubber products increased 3.6% in the first seven month of
2012 mainly supported by continuous demand for rubber gloves. Output of
rubber gloves grew 5.9% on account of the expansion in the global healthcare
industry and wider usage of gloves in other sectors. Similarly, output of
catheters, especially for use in medical appliances, also registered a strong
growth of 12.6%. Nevertheless, production of rubber tyres and tubes reduced
10.9% in tandem with slowing external demand from the automotive industry,
especially China. |
|
|
|
|
|
Meanwhile, production of wood and wood products rebounded 4.6% largely
supported by higher demand for wooden and cane furniture (33.5%). The positive
performance was attributed to vibrant higher demand from major export
destinations such as China and the United States (US) for Malaysian-made
furniture. Demand from China accelerated further following the country’s
rising income level and the implementation of zero import duty on Malaysian
made-furniture. Malaysia government has growth target of 6.5% for wood based
furniture where estimated to reach up to RM53 billion by year 2020.The
government providing pioneer status for tax exemption and investment tax
allowance for this industry as a boost up step towards produce good quality
product and to meet the world demand. |
|
|
|
|
|
The output of chemicals and chemical products rose 9.9% in the first
seven month of year 2012 on account of increasing demand for plastic products
(11.8%) and basic chemicals (11.1%). External demand for plastic packaging
materials surged during the early part of the year 2012, particularly from
Japan and Thailand, as manufacturers resumed operations, which were
interrupted by natural calamities and power outages. Chemical production are
expected to show 7.5 % in year 2013 inline with Malaysia as one of the
largest contributor in world Chemicals & Chemical industries. |
|
|
|
|
|
Tax and non-tax incentives provided by government encourage
manufacturers to move up the value chain of manufacturing industry. The new
growth initiatives by government in the manufacturing sector such as solar
and medial services can be important drivers of growth apart from helping to
diversify the manufacturing base and contributing to the resilience of the
sector. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
Incorporated in
1996, the SC is a Private Limited company, focusing on manufacturing and
distribution of polymer, industrial adhesives and its related products. With
its long establishment in the market, the SC has received strong support from
its stable customers base. Its business position in the market is quite
stable and it is expected to enjoy better market shares over its rivals.
Having strong support from its holding company has enabled the SC to remain
competitive despite the challenging business environment. The SC is a large
entity with strong capital position. We are confident with the SC's business
and its future growth prospect. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
TOYOCHEM
SPECIALTY CHEMICAL SDN. BHD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
|
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 |
210,445,400 |
193,391,168 |
163,821,437 |
77,330,145 |
73,300,052 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
210,445,400 |
193,391,168 |
163,821,437 |
77,330,145 |
73,300,052 |
|
Costs of Goods Sold |
<176,937,007> |
<166,892,482> |
<148,301,817> |
<72,168,581> |
<67,850,753> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
33,508,393 |
26,498,686 |
15,519,620 |
5,161,564 |
5,449,299 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
50,222,519 |
10,972,546 |
1,323,233 |
<2,825,205> |
<158,645> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
50,222,519 |
10,972,546 |
1,323,233 |
<2,825,205> |
<158,645> |
|
Taxation |
<5,842,334> |
<2,114,000> |
6,796,500 |
4,365,500 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
44,380,185 |
8,858,546 |
8,119,733 |
1,540,295 |
<158,645> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
<29,431,881> |
<38,290,427> |
<46,410,160> |
<47,950,455> |
<47,791,810> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
<29,431,881> |
<38,290,427> |
<46,410,160> |
<47,950,455> |
<47,791,810> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
14,948,304 |
<29,431,881> |
<38,290,427> |
<46,410,160> |
<47,950,455> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
14,948,304 |
<29,431,881> |
<38,290,427> |
<46,410,160> |
<47,950,455> |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
- |
- |
- |
- |
56,236 |
|
Bankers' acceptance |
- |
- |
- |
24,738 |
- |
|
Hire purchase |
- |
- |
9,449 |
9,449 |
4,724 |
|
Lease interest |
- |
4,727 |
- |
- |
- |
|
Term loan / Borrowing |
69,224 |
65,476 |
1,186,609 |
821,542 |
1,549,519 |
|
Others |
820,835 |
1,242,557 |
175,858 |
- |
33,506 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
890,059 |
1,312,760 |
1,371,916 |
855,729 |
1,643,985 |
|
TOYOCHEM
SPECIALTY CHEMICAL SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
72,177,898 |
79,201,871 |
81,954,665 |
81,917,989 |
62,768,995 |
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Associated companies |
20,017,000 |
64,462,005 |
64,462,005 |
64,462,005 |
- |
|
Investments |
5,789,177 |
5,158,347 |
4,788,114 |
3,027,506 |
- |
|
Deferred assets |
4,839,000 |
9,048,000 |
11,162,000 |
4,365,500 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
30,645,177 |
78,668,352 |
80,412,119 |
71,855,011 |
- |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
102,823,075 |
157,870,223 |
162,366,784 |
153,773,000 |
62,768,995 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
39,767,530 |
38,384,141 |
32,805,182 |
22,129,989 |
13,644,621 |
|
Trade debtors |
37,450,445 |
37,754,971 |
4,079,465 |
4,029,736 |
- |
|
Other debtors, deposits & prepayments |
1,298,162 |
1,165,902 |
792,956 |
347,834 |
240,881 |
|
Short term deposits |
- |
- |
- |
- |
2,530,000 |
|
Amount due from holding company |
995,140 |
595,334 |
212,585 |
789,581 |
6,635,327 |
|
Amount due from related companies |
18,067,466 |
15,139,572 |
19,458,968 |
16,067,948 |
3,474,771 |
|
Cash & bank balances |
16,551,587 |
5,443,165 |
7,101,504 |
7,322,489 |
1,442,525 |
|
Others |
4,014,433 |
6,000 |
16,143,868 |
8,574,808 |
1,474,308 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
118,144,763 |
98,489,085 |
80,594,528 |
59,262,385 |
29,442,433 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
220,967,838 |
256,359,308 |
242,961,312 |
213,035,385 |
92,211,428 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
23,625,196 |
20,572,223 |
20,162,522 |
17,004,856 |
8,086,539 |
|
Other creditors & accruals |
7,766,574 |
6,348,889 |
7,721,055 |
1,784,532 |
1,451,485 |
|
Hire purchase & lease creditors |
- |
- |
27,808 |
55,620 |
55,624 |
|
Short term borrowings/Term loans |
- |
6,428,000 |
6,254,000 |
24,566,850 |
34,466,800 |
|
Bill & acceptances payable |
- |
- |
- |
- |
1,046,128 |
|
Amounts owing to holding company |
7,163,234 |
6,751,475 |
8,310,306 |
9,203,937 |
4,481,048 |
|
Amounts owing to related companies |
7,814,288 |
61,759,599 |
49,977,440 |
37,634,261 |
1,582,608 |
|
Other liabilities |
- |
25,000,000 |
30,131,867 |
12,262,557 |
617,806 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
46,369,292 |
126,860,186 |
122,584,998 |
102,512,613 |
51,788,038 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
71,775,471 |
<28,371,101> |
<41,990,470> |
<43,250,228> |
<22,345,605> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
174,598,546 |
129,499,122 |
120,376,314 |
110,522,772 |
40,423,390 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
153,923,230 |
153,923,230 |
153,923,230 |
153,923,230 |
87,923,230 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
153,923,230 |
153,923,230 |
153,923,230 |
153,923,230 |
87,923,230 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
14,948,304 |
<29,431,881> |
<38,290,427> |
<46,410,160> |
<47,950,455> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
14,948,304 |
<29,431,881> |
<38,290,427> |
<46,410,160> |
<47,950,455> |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
168,871,534 |
124,491,349 |
115,632,803 |
107,513,070 |
39,972,775 |
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
|
Hire purchase creditors |
- |
- |
- |
27,816 |
83,435 |
|
Retirement benefits provision |
5,727,012 |
5,007,773 |
4,743,511 |
2,981,886 |
367,180 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
5,727,012 |
5,007,773 |
4,743,511 |
3,009,702 |
450,615 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
174,598,546 |
129,499,122 |
120,376,314 |
110,522,772 |
40,423,390 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TOYOCHEM
SPECIALTY CHEMICAL SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
16,551,587 |
5,443,165 |
7,101,504 |
7,322,489 |
3,972,525 |
|
Net Liquid Funds |
16,551,587 |
5,443,165 |
7,101,504 |
7,322,489 |
2,926,397 |
|
Net Liquid Assets |
32,007,941 |
<66,755,242> |
<74,795,652> |
<65,380,217> |
<35,990,226> |
|
Net Current Assets/(Liabilities) |
71,775,471 |
<28,371,101> |
<41,990,470> |
<43,250,228> |
<22,345,605> |
|
Net Tangible Assets |
174,598,546 |
129,499,122 |
120,376,314 |
110,522,772 |
40,423,390 |
|
Net Monetary Assets |
26,280,929 |
<71,763,015> |
<79,539,163> |
<68,389,919> |
<36,440,841> |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
6,428,000 |
6,281,808 |
24,650,286 |
35,651,987 |
|
Total Liabilities |
52,096,304 |
131,867,959 |
127,328,509 |
105,522,315 |
52,238,653 |
|
Total Assets |
220,967,838 |
256,359,308 |
242,961,312 |
213,035,385 |
92,211,428 |
|
Net Assets |
174,598,546 |
129,499,122 |
120,376,314 |
110,522,772 |
40,423,390 |
|
Net Assets Backing |
168,871,534 |
124,491,349 |
115,632,803 |
107,513,070 |
39,972,775 |
|
Shareholders' Funds |
168,871,534 |
124,491,349 |
115,632,803 |
107,513,070 |
39,972,775 |
|
Total Share Capital |
153,923,230 |
153,923,230 |
153,923,230 |
153,923,230 |
87,923,230 |
|
Total Reserves |
14,948,304 |
<29,431,881> |
<38,290,427> |
<46,410,160> |
<47,950,455> |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.36 |
0.04 |
0.06 |
0.07 |
0.08 |
|
Liquid Ratio |
1.69 |
0.47 |
0.39 |
0.36 |
0.31 |
|
Current Ratio |
2.55 |
0.78 |
0.66 |
0.58 |
0.57 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
69 |
72 |
73 |
104 |
68 |
|
Debtors Ratio |
65 |
71 |
9 |
19 |
0 |
|
Creditors Ratio |
49 |
45 |
50 |
86 |
44 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.05 |
0.05 |
0.23 |
0.89 |
|
Liabilities Ratio |
0.31 |
1.06 |
1.10 |
0.98 |
1.31 |
|
Times Interest Earned Ratio |
57.43 |
9.36 |
1.96 |
<2.30> |
0.90 |
|
Assets Backing Ratio |
1.13 |
0.84 |
0.78 |
0.72 |
0.46 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
23.86 |
5.67 |
0.81 |
<3.65> |
<0.22> |
|
Net Profit Margin |
21.09 |
4.58 |
4.96 |
1.99 |
<0.22> |
|
Return On Net Assets |
29.27 |
9.49 |
2.24 |
<1.78> |
3.67 |
|
Return On Capital Employed |
29.27 |
9.49 |
2.24 |
<1.78> |
3.67 |
|
Return On Shareholders' Funds/Equity |
26.28 |
7.12 |
7.02 |
1.43 |
<0.40> |
|
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.61.93 |
|
UK Pound |
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.