|
Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
THEEN SENG PAPER MANUFACTURING SDN. BHD. |
|
|
|
|
Registered Office : |
17, Jalan Ipoh Kecil, 3rd Floor, 50350 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.10.1970 |
|
|
|
|
Com. Reg. No.: |
10023-D |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturer of Papers |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 sustained budget deficits,
has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial
reductions in energy and sugar subsidies and the announcement of the 2015
implementation of a 6% goods and services tax. The government is also trying to
lessen its dependence on state oil producer Petronas. The oil and gas sector
supplies about 32% of government revenue in 2013. Bank Negara 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 earlier raised possible revisions to the
special economic and social preferences accorded to ethnic Malays under the New
Economic Policy of 1970, but retreated in 2013 after he encountered significant
opposition from Malay nationalists and other vested interests. In September
2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP),
policies that favor and advance the economic condition of ethnic Malays.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
10023-D |
||||
|
COMPANY NAME |
: |
THEEN SENG PAPER MANUFACTURING SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
03/10/1970 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
17, JALAN IPOH KECIL, 3RD FLOOR, 50350 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
BATU 32, JALAN IPOH, RASA, ULU SELANGOR, 44200 RASA, SELANGOR,
MALAYSIA. |
||||
|
TEL.NO. |
: |
03-60573101 |
||||
|
FAX.NO. |
: |
03-60573250 |
||||
|
EMAIL |
: |
TSPMSB@TM.NET.MY |
||||
|
WEB SITE |
: |
WWW.THEENSENG.COM |
||||
|
CONTACT PERSON |
: |
KEVIN LAI ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
17 |
||||
|
PRINCIPAL ACTIVITY |
: |
PAPER MANUFACTURERS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 25,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 17,642,799.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 44,378,734 [2012] |
||||
|
NET WORTH |
: |
MYR 35,374,346 [2012] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The Subject 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 Subject must have at least two directors. A private limited company is a
separate legal entity from its shareholders. As a separate legal entity, the
Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) paper
manufacturers.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC's computer systems are Y2K compliant.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
20/06/2014 |
MYR 25,000,000.00 |
MYR 17,642,799.00 |
|
21/05/2014 |
MYR 25,000,000.00 |
MYR 16,158,607.00 |
|
15/02/2013 |
MYR 25,000,000.00 |
MYR 14,894,207.00 |
|
15/09/2011 |
MYR 25,000,000.00 |
MYR 12,201,828.00 |
|
16/10/2003 |
MYR 25,000,000.00 |
MYR 9,808,991.00 |
|
22/05/2002 |
MYR 25,000,000.00 |
MYR 7,995,001.00 |
|
30/09/1996 |
MYR 10,000,000.00 |
MYR 6,761,480.00 |
|
04/10/1993 |
MYR 10,000,000.00 |
MYR 6,600,001.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
TAN LAI KIM (HOLDINGS) SDN. BHD. |
BANGUNAN TAN LAI KIM, 160, BATU 3 1/4, JALAN KELANG LAMA, 58000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
29164W |
5,690,053.00 |
32.25 |
|
KWANG TEOW SANG SDN BHD |
48, JALAN TUN TAN SIEW SIN, 50050 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
5611W |
2,753,302.00 |
15.61 |
|
DATO' LAI TAK KUAN + |
31, JALAN 2/28, 46000 PETALING JAYA, SELANGOR, MALAYSIA. |
551020-10-6031 4840438 |
1,935,000.00 |
10.97 |
|
MR. NG BOO KEAN @ NG BEH KIAN |
12, JALAN U THANT, 55000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
321114-10-5095 3664477 |
740,500.00 |
4.20 |
|
MR. TAN CHEONG HEE @ TAN PECK HEE + |
11, JALAN 19/32, 46300 PETALING JAYA, SELANGOR, MALAYSIA. |
330416-10-5335 0556880 |
692,677.00 |
3.93 |
|
DEVENTURE SDN. BHD. |
68, JALAN SS2/53, 47300 PETALING JAYA, SELANGOR, MALAYSIA. |
151884D |
605,400.00 |
3.43 |
|
TAN SRI DATO' TAN LAI KIM |
19, JALAN NUSA, BUKIT MAS, TAMAN DUTA, 50480 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
300822-08-5117 3301908 |
539,935.00 |
3.06 |
|
MR. CHAN CHOY TUCK |
23, JALAN SS2/22, 47300 PETALING JAYA, SELANGOR, MALAYSIA. |
631027-10-6675 7219661 |
500,000.00 |
2.83 |
|
MR. CHAN CHOY SANG |
29, JALAN 20/11, 46300 PETALING JAYA, SELANGOR, MALAYSIA. |
530824-10-5285 4575781 |
500,000.00 |
2.83 |
|
MR. CHAN CHOY TOONG |
29, JALAN 20/11, 46300 PETALING JAYA, SELANGOR, MALAYSIA. |
550215-10-5747 4806441 |
500,000.00 |
2.83 |
|
MHC PLANTATION BHD |
KOMPLEKS PEJABAT BEHRANG, 2020, JALAN PERSEKUTUAN 1, P.O. BOX 9, 35900
TANJONG MALIM, PERAK, MALAYSIA. |
4060V |
492,911.00 |
2.79 |
|
QUAH KWEE TECK @ QUAH QUEE TECK |
12, JALAN U THANT, 55000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
360525-01-5694 3664474 |
429,000.00 |
2.43 |
|
THE ESTATE OF TAN KIM HONG (DECEASED) |
48, JALAN TUN TAN SIEW SIN, 50050 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
210617-10-5183 000005171 |
386,973.00 |
2.19 |
|
W.K. TEH HOLDINGS SDN. BHD. |
14-3, FABERIA, JALAN DESA SENTOSA, TAMAN DESA, 58100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
48778X |
280,993.00 |
1.59 |
|
MR. TAN POH THYE + |
19, JALAN NUSA, TAMAN DUTA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
590412-10-6489 5583068 |
271,976.00 |
1.54 |
|
SOUTHERN EDIBLE OIL INDUSTRIES (M) SDN. BHD. |
WISMA SOUTHERN, 26-34, JALAN DATO HAMZAH, 6TH FLOOR, 41000 KLANG,
SELANGOR, MALAYSIA. |
13087H |
171,150.00 |
0.97 |
|
TAN TIAM FOH & TAN TIAM LAI |
940, KAWASAN TAMBAHAN, KAMPUNG SUNGAI CHIK, 44300 BATANG KALI,
SELANGOR, MALAYSIA. |
000009853 |
122,767.00 |
0.70 |
|
MR. TAN THAI HONG @ TANG KHAI HONG |
48, JALAN TUN TAN SIEW SIN, 50050 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
230612-10-5019 1142684 |
118,490.00 |
0.67 |
|
PETALING JAYA NOMINEES SDN BHD |
11, JALAN NUSA, BUKIT TUNKU, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
8332W |
111,929.00 |
0.63 |
|
MRS. YVONNE TAN @ PUN YUEN YEU |
48, JALAN TUN TAN SIEW SIN, 50050 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
251105-10-5068 1142685 |
108,830.00 |
0.62 |
|
MR. TAN MENG CHIN |
7, JALAN TAMAN SEPUTEH 7, TAMAN SEPUTEH, BATU 2 1/2, JALAN KLANG,
58000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
470509-10-5523 3301442 |
89,955.00 |
0.51 |
|
MR. WEE KEOW YEN |
26, JALAN MANDA'RINA DAMAI, BUKIT MANDA'RINA, 2ND ENCLAVE, 56000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
531120-10-5863 8375398 |
68,250.00 |
0.39 |
|
DR THIAGARAJAH A/L RETNASAMY |
37, JALAN NGP 2/6, NEW GREEN PARK, 44200 RASA, SELANGOR, MALAYSIA. |
460727-10-5063 8059059 |
68,250.00 |
0.39 |
|
MS. TEE YAP |
177-A, LORONG 7, JALAN PANJANG, 75000 MELAKA, MELAKA, MALAYSIA. |
260614-04-5168 3333409 |
63,000.00 |
0.36 |
|
MR. TANG BAN CHUAN |
17, LINTASAN PERAJURIT 13, IPOH GARDEN EAST, 31400 IPOH, PERAK,
MALAYSIA. |
560614-08-5789 4985425 |
62,894.00 |
0.36 |
|
NG CHEE YEW SDN BHD |
1-A, TEMPLER ROAD, 70200 SEREMBAN, NEGERI SEMBILAN, MALAYSIA. |
4908T |
48,558.00 |
0.28 |
|
MS. LIM MOI @ SENING |
460, JALAN JAMBU AIR MAWAR, JINJANG SELATAN, 52000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
251029-10-5014 1732815 |
48,511.00 |
0.27 |
|
THE ESTATE OF TAN SRI OSMAN BIN TALIB (DECEASED) |
UNIT A-11-13, MENARA UOB BANGSAR, 5, JALAN BANGSAR UTAMA 1, 59000
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
4174696 |
46,199.00 |
0.26 |
|
HUSSEIN NOORDIN SDN. BHD. |
SUITE 54B, JALAN DATUK SULAIMAN, TAMAN TUN DR ISMAIL, 2ND FLOOR, 60000
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
8925H |
41,580.00 |
0.24 |
|
SHEE CHOON YING |
18-5-6, DESA VILLA CONDO, JALAN 3/109B, TAMAN BUKIT DESA, 58100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
330126-08-5014 1166887 |
33,075.00 |
0.19 |
|
MS. CHIA AI KOONG |
94, JALAN SS20/11, DAMANSARA UTAMA, 47400 PETALING JAYA, SELANGOR,
MALAYSIA. |
550621-10-6358 |
23,100.00 |
0.13 |
|
THE ESTATE OF DATO' SERI HUSSEIN BIN MOHD NOORDIN |
SUITE 54B, JALAN DATUK SULAIMAN, TAMAN TUN DR. ISMAIL, 2ND FLOOR, 60000
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
4014444 |
20,999.00 |
0.12 |
|
LAI POH TENG |
10, JALAN 19, DESA JAYA KEPONG, 52100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
0862555 |
17,640.00 |
0.10 |
|
MS. GOH GEIK KEE |
20, PESIARAN PENGKALAN BARAT 7, TAMAN RASA SAYANG, 31650 IPOH, PERAK,
MALAYSIA. |
330812-08-5006 0580535 |
14,000.00 |
0.08 |
|
LIM CHANG & LIM WEE KANG |
26, JALAN TENGGIRI, 1542, SINGAPORE. |
000010041 |
13,651.00 |
0.08 |
|
MR. YAP YEN KAI |
194, RAMAH MURAH, JALAN PADANG TEMBAK, 44000 KUALA KUBU BARU,
SELANGOR, MALAYSIA. |
411226-10-5099 3668043 |
12,600.00 |
0.07 |
|
ONG KIM GEOK |
23, JALAN HABIB ABDULLAH, TAMAN MERDEKA, 30100 IPOH, PERAK, MALAYSIA. |
330119-08-5454 0580548 |
10,501.00 |
0.06 |
|
MR. CHAN CHUN POOI |
29, JALAN 20/11, 46300 PETALING JAYA, SELANGOR, MALAYSIA. |
270913-10-5019 0519900 |
5,000.00 |
0.03 |
|
CHONG YOONG YIN |
51, HOOVER PARK, OFF HOSE PARK, 36000 TELUK INTAN, PERAK, MALAYSIA. |
1081986 |
2,625.00 |
0.01 |
|
LIM HENG LIP (DECEASED) |
5, JALAN KELABU 1, KEPONG BAHRU, 52100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
251025-10-5121 4477916 |
525.00 |
0.00 |
|
--------------- |
------ |
|||
|
17,642,799.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
885418W |
MALAYSIA |
TSP DISTRIBUTION SDN. BHD. |
100.00 |
31/12/2013 |
|
531895T |
MALAYSIA |
WORLDCLASS SETUP SDN. BHD. |
100.00 |
31/12/2013 |
|
152640T |
MALAYSIA |
THEEN SENG PAPER TRADING SDN. BHD. |
100.00 |
31/12/2013 |
|
56632A |
MALAYSIA |
HOCK LONG PAPER SDN. BHD. |
100.00 |
31/12/2013 |
|
165733K |
MALAYSIA |
NAJAMAS SDN. BHD. |
100.00 |
31/12/2013 |
|
164601K |
MALAYSIA |
NAGAKAYA CORPORATION SDN. BHD. |
100.00 |
31/12/2013 |
|
187910X |
MALAYSIA |
SOFT-CARE SDN. BHD. |
100.00 |
31/12/2013 |
|
728747K |
MALAYSIA |
BIOFUEL ENERGY RESOURCES SDN. BHD. |
100.00 |
31/12/2013 |
DIRECTOR 1
|
Name Of Subject |
: |
MR. JIMMY TAN @ TAN MENG KOW |
|
Address |
: |
48, JALAN SILANG, 50050 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
3958225 |
|
New IC No |
: |
430721-10-5399 |
|
Date of Birth |
: |
21/07/1943 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
07/05/2004 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. TAN POH THYE |
|
Address |
: |
19, JALAN NUSA, TAMAN DUTA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
IC / PP No |
: |
5583068 |
|
New IC No |
: |
590412-10-6489 |
|
Date of Birth |
: |
12/04/1959 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
19/05/2004 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. TAN CHEONG HEE @ TAN PECK HEE |
|
Address |
: |
11, JALAN 19/32, 46300 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
0556880 |
|
New IC No |
: |
330416-10-5335 |
|
Date of Birth |
: |
16/04/1933 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
09/09/1995 |
DIRECTOR 4
|
Name Of Subject |
: |
DATO' LAI TAK KUAN |
|
Address |
: |
31, JALAN 2/28, 46000 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
4840438 |
|
New IC No |
: |
551020-10-6031 |
|
Date of Birth |
: |
20/10/1955 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
12/01/1993 |
|
1) |
Name of Subject |
: |
KEVIN LAI |
|
Position |
: |
MANAGING DIRECTOR |
|
|
Auditor |
: |
PAUL CHUAH & CO. |
|
Auditor' Address |
: |
17, JALAN IPOH KECIL, 2ND FLOOR, 50350 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. TAM FONG YING |
|
IC / PP No |
: |
A0768477 |
|
|
New IC No |
: |
671015-06-5016 |
|
|
Address |
: |
B-7-17, ARENA GREEN APARTMENTS, 3, JALAN 1/155A, BUKIT JALIL, 57000
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. HO MUN YEE |
|
IC / PP No |
: |
7358732 |
|
|
New IC No |
: |
640510-10-7824 |
|
|
Address |
: |
6, JALAN 6/39, TAMAN PETALING, KEPONG BARU, 52100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
OCBC BANK (MALAYSIA) BHD |
|
2) |
Name |
: |
PUBLIC BANK BHD |
|
3) |
Name |
: |
AMBANK (M) BHD |
|
4) |
Name |
: |
BANGKOK BANK BHD |
|
5) |
Name |
: |
RHB BANK BHD |
|
6) |
Name |
: |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
3 |
14/03/1979 |
N/A |
BANGKOK BANK LTD |
MYR 500,000.00 |
Satisfied |
|
4 |
14/03/1979 |
N/A |
BANGKOK BANK LTD |
MYR 500,000.00 |
Satisfied |
|
5 |
04/04/1984 |
N/A |
BANGKOK BANK LTD |
MYR 500,000.00 |
Satisfied |
|
6 |
04/07/1987 |
DEBENTURE & CHARGE |
OCBC BANK MALAYSIA BERHAD |
MYR 700,000.00 |
Satisfied |
|
7 |
04/07/1987 |
N/A |
OCBC BANK MALAYSIA BERHAD |
MYR 1,600,000.00 |
Satisfied |
|
8 |
12/07/1989 |
FIXED LEGAL LAND CHARGE & DEBENTURE |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
MYR 1,430,000.00 |
Satisfied |
|
9 |
26/06/1991 |
FIXED FIRST LEGAL CHARGE |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
MYR 1,250,000.00 |
Satisfied |
|
10 |
19/07/1995 |
FIRST LEGAL LAND CHARGE |
OCBC BANK (MALAYSIA) BERHAD |
MYR 5,100,000.00 |
Satisfied |
|
11 |
19/07/1995 |
FIFTH LEGAL LAND CHARGE |
OCBC BANK MALAYSIA BERHAD |
MYR 2,500,000.00 |
Satisfied |
|
12 |
20/06/1996 |
SECOND LEGAL LAND CHARGE |
OCBC FINANCE BERHAD |
MYR 2,000,000.00 |
Satisfied |
|
13 |
20/06/1996 |
SIXTH LEGAL LAND CHARGE |
OCBC FINANCE BERHAD |
MYR 2,000,000.00 |
Satisfied |
|
14 |
17/11/1999 |
N/A |
OCBC BANK MALAYSIA BERHAD |
MYR 1,000,000.00 |
Satisfied |
|
15 |
17/11/1999 |
N/A |
OCBC BANK MALAYSIA BERHAD |
MYR 1,000,000.00 |
Satisfied |
|
16 |
26/03/2003 |
DEBENTURE |
OCBC BANK (MALAYSIA) BERHAD |
MYR 316,000.00 |
Satisfied |
|
17 |
15/09/2003 |
N/A |
OCBC BANK MALAYSIA BERHAD |
MYR 2,000,000.00 |
Unsatisfied |
|
18 |
02/01/2004 |
SEVENTH AND EIGHTH CHARGES |
OCBC BANK MALAYSIA BERHAD |
MYR 3,000,000.00 |
Satisfied |
|
19 |
15/07/2004 |
NINTH & SIXTH CHARGE |
OCBC BANK (MALAYSIA) BERHAD |
MYR 2,000,000.00 |
Satisfied |
|
20 |
09/09/2005 |
FACILITIES AGREEMENT |
PUBLIC BANK BHD |
- |
Unsatisfied |
|
21 |
09/09/2005 |
FACILITIES AGREEMENT |
PUBLIC BANK BHD |
- |
Unsatisfied |
|
22 |
09/09/2005 |
FACILITIES AGREEMENT |
PUBLIC BANK BHD |
- |
Unsatisfied |
|
23 |
21/09/2005 |
FACILITIES AGREEMENT, CHARGE ANNEXURE & LETTER OF GUARANTEE |
PUBLIC BANK BHD |
MYR 1,500,000.00 |
Unsatisfied |
|
24 |
24/09/2008 |
SUPPLEMENTAL AGREEMENT |
PUBLIC BANK BHD |
- |
Unsatisfied |
|
25 |
11/05/2010 |
FACILITIES AGREEMENT |
PUBLIC BANK BHD |
- |
Unsatisfied |
|
26 |
10/05/2011 |
THIRD PARTY FIRST LEGAL CHARGE |
AMBANK (M) BHD |
MYR 5,000,000.00 |
Unsatisfied |
|
27 |
24/05/2011 |
FACILITIES AGREEMENT |
PUBLIC BANK BHD |
- |
Unsatisfied |
|
28 |
16/12/2011 |
FACILITIES AGREEMENT |
PUBLIC BANK BHD |
- |
Unsatisfied |
|
29 |
27/11/2013 |
LETTER OF SET-OFF |
PUBLIC BANK BERHAD |
- |
Unsatisfied |
|
30 |
18/03/2014 |
FACILITIES AGREEMENT AND LETTER OF SET-OFF |
RHB BANK BHD |
MYR 1,000,000.00 |
Unsatisfied |
|
31 |
16/05/2014 |
FACILITIES AGREEMENT, CHARGE & ANNEXURE AND LETTER OF PLEDGE |
PUBLIC BANK BERHAD |
- |
Unsatisfied |
|
32 |
19/06/2014 |
FACILITIES AGREEMENT, CHARGE & ANNEXURE AND LETTER OF PLEDGE |
PUBLIC BANK BERHAD |
- |
Unsatisfied |
* A check has been conducted in our databank againt the Subject 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 Subject 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.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject 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 |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Products manufactured |
: |
|
|
|
Member(s) / Affiliate(s) |
: |
SMI ASSOCIATION OF MALAYSIA |
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) paper manufacturers.
The Subject is a renowned manufacturer and exporter of a wide range of recycled
specialty paper using the latest technologies.
The Subject's products include Joss Paper, Kraft Paper, Toilet Roll,
Servi¬ettes, Paper Bag, Laminated Kraft Paper, Food Packaging Paper &
Industrial use Kraft Paper.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-60573101 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
TRADE FINANCE CENTRE 24TH FLOOR MENARA PUBLIC BANK 146 JALAN AMPANG
50460 KUALA LUMPUR |
|
Current Address |
: |
BATU 32, JALAN IPOH, RASA, ULU SELANGOR, 44200 RASA, SELANGOR,
MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 2nd December 2014 we contacted one of the staff from the Subject and she
provided some information.
The Subject refused to disclose its number of employees.
The Subject is not aware of the address provided.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
2.04% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
5.76% |
] |
|
|
The Subject'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 unfavourable
return on shareholders' funds could indicate that the Subject was inefficient
in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
330 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
65 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
17 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. The high debtors' ratio
could indicate that the Subject was weak in its credit control. However, the
Subject could also giving longer credit periods to its customers in order to
boost its sales or to capture / retain its market share. The Subject had a
favourable creditors' ratio where the Subject could be taking advantage of
the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.40 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.65 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working capital
deficiency. If the Subject cannot obtain additional financing or injection of
fresh capital, it may face difficulties in meeting its short term
obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
1.62 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.97 Times |
] |
|
|
The Subject's interest cover was low. If its profits fall or when
interest rate rises, it may not be able to meet all its interest payment.
The Subject's gearing was slightly high. The Subject is utilising the
leverage concept to fund its expansion. However, the high gearing has added
financial risks to the Subject. It will be more vulnerable in times of
economy downturn. |
||||||
|
Overall Assessment : |
||||||
|
Generally, the Subject's performance has improved with higher turnover
and profit. Due to its weak liquidity position, the Subject will be faced
with problems in meeting all its short term obligations if no short term loan
is obtained or additional capital injected into the Subject. If there is a
fall in the Subject's profit or any increase in interest rate, the Subject
may not be able to generate sufficient cash-flow to service its interest. The
Subject's gearing was slightly high and its financial risk was also high. If
no plans are made to reduce its gearing, the Subject's performance may
deteriorate in the coming year. |
||||||
|
Overall financial condition of the Subject : POOR |
||||||
|
Major Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population ( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption ( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment ( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption ( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment ( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
Balance of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation ( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.3 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
3.0 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
- |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
- |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
- |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
- |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
- |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
- |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
- |
- |
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
- |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
- |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
- |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
- |
- |
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
- |
- |
|
Bad Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry & Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
634.1 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil & Gas |
(1.7) |
- |
- |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million
) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.6 |
5.5 |
|
Exported-oriented Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical & Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles & Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food, Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical & Chemical Products |
10.0 |
10.8 |
5.6 |
- |
- |
|
Plastic Products |
3.8 |
- |
- |
- |
- |
|
Iron & Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper & Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude Oil Refineries |
9.3 |
- |
- |
- |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
6,537.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,856.9 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric, Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport, Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale, Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance, Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry Non-Performing Loans ( MYR Million
) |
6,825.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On
Manufacturing Production Index |
|||||
|
MSIC CODE |
|
|
17 : MANUFACTURE OF PAPER AND PAPER PRODUCTS |
|
|
INDUSTRY : |
MANUFACTURING |
|
The manufacturing sector is expected to grow by 5.5% in 2015. It will
be bolstered by strong domestic and export-oriented industries in line with
growing investment activities and favorable external demand. Moreover, in
2014, the manufacturing sectors have spearheading growth. The manufacturing
sector is estimated to grow at a faster pace in 2014 on higher exports of
electronics and electrical (E&E) products as external demand improves. |
|
|
The manufacturing sector expanded strongly during the first half of
2014, the highest growth in three years, spurred by higher global
semiconductor sales. Value-added of the manufacturing sector expanded 7.1%
during the first half of 2014. Production of the sector rose 6.6% in the
first seven months of 2014 supported by resilient domestic demand and
recovery in the external sector during the first seven months of the years.
The sales value of manufactured products rebounded by 7.7% in the first seven
months of 2014. The strong performance of the sector was on account of higher
output at 9.4% from the domestic-oriented industries, particularly transport
equipment, food and beverage. |
|
|
The manufacturing sector continued to attract domestic and foreign investment
with investment approved by Malaysian Investment Development Authority (MIDA)
totaling RM47.4 billion during the first six months of 2014, mainly from
Japan, China and Germany. Meanwhile, the capacity utilization rate remained
steady at 80.4% during the second quarter of 2014 while average wage per
employee and productivity improved to RM2,772 per month and 5.9%,
respectively during the first seven months of 2014. Boosted by favorable
domestic economic activity and recovery in the external sector, the
manufacturing sector is expected to record a better performance with growth
of 6.4% in 2014. |
|
|
In the meantime, production of wood products rebounded by 5.1% largely
supported by higher output in the saw-milling and planning of wood segment at
25.9% during the first seven months of 2014. The positive performance was
attributed to vibrant residential and commercial construction activities
which contributed to increased use of timber frame and glued laminated timber
for cost savings compared to the use of concrete and steel. Increased demand
from major export destination such as the US, Japan and Australia for
Malaysian made furniture contributed to the higher output, particularly
wooden and cane furniture which rebounded by 2.2%. |
|
|
Production of rubber products contracted 0.3% in the first seven
months of 2014 on account of slower demand for rubber gloves and rubber
tyres. The decline in rubber tyres for vehicles was due to the weaker
external demand from the automotive industry, particularly from China. Output
of other rubber products contracted 3.8% following the product shift from
rubber-based to plastics, silicones and metal alloys in the manufacture of
medical devices. |
|
|
Besides, exports of manufactured products are expected to grow 6.1% in
2014 boosted by the growing demand from advanced economies. However, during
the first seven months of 2014, manufactured exports surged 11.4%. The robust
growth was buoyed by strengthening demand in the US and EU, reflecting
significant exposure of Malaysian exports to the economic performance in the
advance economies. The strength in export was broad-based with robust growth
in both E&E and non- E&E subsectors. |
|
|
Under budget 2015, the Government will provide incentive in the form of
capital allowance on automation expenditure to encourage automation in the
manufacturing sector, which may help in the manufacturing sector. |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
Incorporated in 1970, the Subject is a Private Limited company, focusing on
paper manufacturers. The Subject has been in business for over two decades. It
has built up a strong clientele base and good reputation will enable the
Subject to further enhance its business in the near term. The Subject is
expected to enjoy a stable market shares. The Subject is a large entity with
strong capital position of MYR 17,642,799. We are confident with the Subject's
business and its future growth prospect. Having strong support from its
shareholders has enabled the Subject to remain competitive despite the
challenging business environment.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the Subject to further
enhance its business in the near term. Overall, we regard that the Subject's
management capability is average. This indicates that the Subject has greater
potential to improve its business performance and raising income for the
Subject.
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. The Subject has generated an
unfavourable return on shareholders' funds indicating that the management was
inefficient in utilising its funds to generate return. Due to its weak
liquidity position, the Subject may face working capital deficiency in meeting
its short term financial obligations if no fresh capital are injected into the
Subject. The gearing level of the Subject is slightly high, therefore it faces
moderate financial risk. Given a positive net worth standing at MYR 35,374,346,
the Subject should be able to maintain its business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The Subject'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 Subject has a good control over its resources.
Overall, the Subject's payment habit is good as the Subject has a good credit
control and it could be taking advantage of the cash discounts while
maintaining a good reputation with its creditors.
The industry shows an upward trend and this trend is very likely to sustain in
the near terms. Hence, the Subject is expected to benefit from the favourable
outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
THEEN SENG PAPER MANUFACTURING 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 |
GROUP |
GROUP |
GROUP |
GROUP |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
44,378,734 |
38,542,777 |
38,185,693 |
34,990,413 |
40,825,732 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
44,378,734 |
38,542,777 |
38,185,693 |
34,990,413 |
40,825,732 |
|
Costs of Goods Sold |
(37,503,802) |
(32,092,817) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
6,874,932 |
6,449,960 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
984,952 |
136,284 |
883,992 |
1,681,329 |
1,372,277 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
984,952 |
136,284 |
883,992 |
1,681,329 |
1,372,277 |
|
Taxation |
(264,123) |
68,227 |
(267,991) |
(546,518) |
(764,840) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
720,829 |
204,511 |
616,001 |
1,134,811 |
607,437 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
18,610,420 |
18,986,948 |
18,719,571 |
17,933,384 |
19,636,916 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
18,610,420 |
18,986,948 |
18,719,571 |
17,933,384 |
19,636,916 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
19,331,249 |
19,191,459 |
19,335,572 |
19,068,195 |
20,244,353 |
|
TRANSFER TO RESERVES - General |
- |
(581,039) |
- |
- |
- |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
(348,624) |
(348,624) |
(1,162,079) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
19,331,249 |
18,610,420 |
18,986,948 |
18,719,571 |
19,082,274 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
910,217 |
1,262,721 |
- |
- |
- |
|
Bankers' acceptance |
207,427 |
179,693 |
- |
- |
- |
|
Hire purchase |
10,678 |
13,304 |
- |
- |
- |
|
Revolving loans |
- |
15,979 |
- |
- |
- |
|
Term loan / Borrowing |
433,077 |
286,095 |
- |
- |
- |
|
Trust receipts |
18,902 |
22,428 |
- |
- |
- |
|
Others |
- |
25,225 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,580,301 |
1,805,445 |
- |
- |
- |
|
|
============= |
============= |
|
THEEN SENG PAPER MANUFACTURING SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
23,299,100 |
18,478,549 |
19,610,958 |
21,336,636 |
22,757,924 |
|
Investments |
8,286 |
8,286 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
8,286 |
8,286 |
8,286 |
8,286 |
0 |
|
Goodwill on consolidation |
230,382 |
82,612 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
230,382 |
82,612 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
23,537,768 |
18,569,447 |
19,619,244 |
21,344,922 |
22,757,924 |
|
Stocks |
40,182,542 |
40,596,333 |
- |
- |
- |
|
Trade debtors |
7,933,532 |
7,593,311 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
707,442 |
712,171 |
- |
- |
- |
|
Short term deposits |
2,300,398 |
2,231,438 |
- |
- |
- |
|
Cash & bank balances |
1,933,863 |
625,269 |
- |
- |
- |
|
Others |
107,370 |
84,212 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
53,165,147 |
51,842,734 |
45,399,280 |
41,052,679 |
39,514,348 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
76,702,915 |
70,412,181 |
65,018,524 |
62,397,601 |
62,272,272 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
1,778,935 |
2,321,869 |
- |
- |
- |
|
Other creditors & accruals |
4,011,720 |
3,637,792 |
- |
- |
- |
|
Hire purchase & lease creditors |
121,800 |
100,911 |
- |
- |
- |
|
Bank overdraft |
20,711,839 |
19,199,859 |
- |
- |
- |
|
Short term borrowings/Term loans |
846,791 |
820,552 |
- |
- |
- |
|
Other borrowings |
506,564 |
151,583 |
- |
- |
- |
|
Bill & acceptances payable |
4,083,000 |
4,125,000 |
- |
- |
- |
|
Provision for taxation |
140,206 |
82,096 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
32,200,855 |
30,439,662 |
27,998,716 |
26,057,379 |
26,725,428 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
20,964,292 |
21,403,072 |
17,400,564 |
14,995,300 |
12,788,920 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
44,502,060 |
39,972,519 |
37,019,808 |
36,340,222 |
35,546,844 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
12,201,828 |
12,201,828 |
11,620,789 |
11,620,789 |
11,620,789 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
12,201,828 |
12,201,828 |
11,620,789 |
11,620,789 |
11,620,789 |
|
RESERVES |
|||||
|
Share premium |
1,148,890 |
1,148,890 |
20,135,838 |
19,868,461 |
- |
|
Retained profit/(loss) carried forward |
19,331,249 |
18,610,420 |
18,986,948 |
18,719,571 |
19,082,274 |
|
Others |
2,692,379 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
23,172,518 |
19,759,310 |
20,135,838 |
19,868,461 |
19,082,274 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
35,374,346 |
31,961,138 |
31,756,627 |
31,489,250 |
30,703,063 |
|
Long term loans |
7,613,814 |
6,600,901 |
- |
- |
- |
|
Hire purchase creditors |
359,620 |
46,600 |
- |
- |
- |
|
Deferred taxation |
1,154,280 |
1,363,880 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
9,127,714 |
8,011,381 |
5,263,181 |
4,850,972 |
4,843,781 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
44,502,060 |
39,972,519 |
37,019,808 |
36,340,222 |
35,546,844 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
THEEN SENG PAPER MANUFACTURING SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
4,234,261 |
2,856,707 |
- |
- |
- |
|
Net Liquid Funds |
(20,560,578) |
(20,468,152) |
- |
- |
- |
|
Net Liquid Assets |
(19,218,250) |
(19,193,261) |
17,400,564 |
14,995,300 |
12,788,920 |
|
Net Current Assets/(Liabilities) |
20,964,292 |
21,403,072 |
17,400,564 |
14,995,300 |
12,788,920 |
|
Net Tangible Assets |
44,271,678 |
39,889,907 |
37,019,808 |
36,340,222 |
35,546,844 |
|
Net Monetary Assets |
(28,345,964) |
(27,204,642) |
12,137,383 |
10,144,328 |
7,945,139 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
34,243,428 |
31,061,385 |
- |
- |
- |
|
Total Liabilities |
41,328,569 |
38,451,043 |
33,261,897 |
30,908,351 |
31,569,209 |
|
Total Assets |
76,702,915 |
70,412,181 |
65,018,524 |
62,397,601 |
62,272,272 |
|
Net Assets |
44,502,060 |
39,972,519 |
37,019,808 |
36,340,222 |
35,546,844 |
|
Net Assets Backing |
35,374,346 |
31,961,138 |
31,756,627 |
31,489,250 |
30,703,063 |
|
Shareholders' Funds |
35,374,346 |
31,961,138 |
31,756,627 |
31,489,250 |
30,703,063 |
|
Total Share Capital |
12,201,828 |
12,201,828 |
11,620,789 |
11,620,789 |
11,620,789 |
|
Total Reserves |
23,172,518 |
19,759,310 |
20,135,838 |
19,868,461 |
19,082,274 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.13 |
0.09 |
- |
- |
- |
|
Liquid Ratio |
0.40 |
0.37 |
- |
- |
- |
|
Current Ratio |
1.65 |
1.70 |
1.62 |
1.58 |
1.48 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
330 |
384 |
- |
- |
- |
|
Debtors Ratio |
65 |
72 |
- |
- |
- |
|
Creditors Ratio |
17 |
26 |
- |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.97 |
0.97 |
- |
- |
- |
|
Liabilities Ratio |
1.17 |
1.20 |
1.05 |
0.98 |
1.03 |
|
Times Interest Earned Ratio |
1.62 |
1.08 |
- |
- |
- |
|
Assets Backing Ratio |
3.63 |
3.27 |
3.19 |
3.13 |
3.06 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
2.22 |
0.35 |
2.31 |
4.81 |
3.36 |
|
Net Profit Margin |
1.62 |
0.53 |
1.61 |
3.24 |
1.49 |
|
Return On Net Assets |
5.76 |
4.86 |
2.39 |
4.63 |
3.86 |
|
Return On Capital Employed |
3.91 |
3.27 |
2.39 |
4.63 |
3.86 |
|
Return On Shareholders' Funds/Equity |
2.04 |
0.64 |
1.94 |
3.60 |
1.98 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.57 |
0.31 |
1.91 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
|
UK Pound |
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SHG |
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.