MIRA
INFORM REPORT
|
Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOYOCHEM SPECIALTY CHEMICAL SDN. BHD. |
|
|
|
|
Formerly Known As : |
T.I.P.P. ( |
|
|
|
|
Registered Office : |
Symphony House, Blok D13, Pusat Dagangan Dana 1, Jalan Pju 1a/46, Level 8, 47301 Petaling Jaya, Selangor |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
12.01.1996 |
|
|
|
|
Com. Reg. No.: |
373634-A |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing and Distribution of Polymer, Industrial
Adhesives and its Related Products |
|
|
|
|
No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
EXECUTIVE SUMMARY
|
REGISTRATION NO. |
: |
373634-A |
||||
|
COMPANY NAME |
: |
TOYOCHEM SPECIALTY CHEMICAL SDN. BHD. |
||||
|
FORMER NAME |
: |
T.I.P.P. (MALAYSIA) SDN BHD (24/06/2009) |
||||
|
INCORPORATION DATE |
: |
12/01/1996 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
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. |
||||
|
TEL.NO. |
: |
06-6791800 |
||||
|
FAX.NO. |
: |
06-6791802 |
||||
|
WEB SITE |
: |
WWW.TOYOCHEM.COM.MY |
||||
|
CONTACT PERSON |
: |
HISAYUKI ABE ( MANAGING DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
202 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING AND DISTRIBUTION OF POLYMER, INDUSTRIAL
ADHESIVES AND ITS RELATED PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 200,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 153,923,230.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 220,334,622 [2013] |
||||
|
NET WORTH |
: |
MYR 180,686,294 [2013] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
100 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY / BACKGROUND
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)
manufacturing and distribution of polymer, industrial adhesives and its related
products.
The Subject is not listed on Bursa Malaysia (Malaysia Stock
Exchange).
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 200,000,000.00 |
MYR 153,923,230.00 |
The major shareholder(s) of the Subject are shown as follows
:
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
TIPPS PTE LTD |
31 TUAS AVENUE 2, 639462, SINGAPORE. |
XLZ000010696 |
153,923,230.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
153,923,230.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject |
: |
MAMI AOTANI |
|
Address |
: |
1902 B1- SUMMERVILLA CONDO, WANGSA BAIDURI, S. JAYA, 18TH
FLOOR, MALAYSIA. |
|
IC / PP No |
: |
TZ0278100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
24/05/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
TAICHIRO MATSUOKA |
|
Address |
: |
3-13-25, HAYAMINE, NERIMA, TOKYO, JAPAN. |
|
IC / PP No |
: |
TZ0278173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/07/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
HISAYUKI ABE |
|
Address |
: |
A-23A-07, MONT KIARA MERIDIN, 19, JALAN DUTA KIARA, MONT
KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
TH0032181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
04/07/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
MR. TAN CHUAN FOOK |
|
Address |
: |
5 JALAN KENYALANG 11/15D PJU 5, KOTA DAMANSARA, 47810
PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
5080013 |
|
New IC No |
: |
560409-02-5103 |
|
Date of Birth |
: |
09/04/1956 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
03/07/2008 |
|
|
|
|
|
Qualification |
: |
B.SC (CHEMISTRY & MATHEMATICS) UM IN 1979 |
|
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 |
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
KOJI UENO |
|
Address |
: |
20-18, AOTO 8-CHOME, KATASUSHIKA-KU, TOKYO 125-0062,
JAPAN. |
|
IC / PP No |
: |
TZ0591871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
24/05/2012 |
MANAGEMENT
|
1) |
Name of Subject |
: |
HISAYUKI ABE |
|
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
|
|
|
2) |
Name of Subject |
: |
ELINA GOMEZ |
|
|
Position |
: |
HUMAN RESOURCE MANAGER |
AUDITOR
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor' Address |
: |
1 SENTRAL, JALAN TRAVERS, K.L. CENTRAL, P.O.BOX 10192,
LEVEL 15, 50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
COMPANY SECRETARIES
|
1) |
Company Secretary |
: |
MS. CHEONG CHOON YIN |
|
|
IC / PP No |
: |
A1998972 |
|
|
New IC No |
: |
711103-03-5216 |
|
|
Address |
: |
8, JALAN PUTRA HARMONI 1/3H, SEKSYEN 1, PUTRA HEIGHTS, 47600
SUBANG JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
MS. WONG SIEW YEEN |
|
|
IC / PP No |
: |
A1529478 |
|
|
New IC No |
: |
700305-05-5166 |
|
|
Address |
: |
3, JALAN SS 15/5E, 47500 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SUBJECT
* 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.
DEFAULTER CHECK AGAINST SUBJECT
* 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 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.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
70% |
|
Overseas |
: |
YES |
Percentage |
: |
30% |
|
Import Countries |
: |
SINGAPORE,JAPAN,TAIWAN,INDONESIA |
|||
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 |
[ |
|
] |
|
|
|
|
|
|
CLIENTELE
|
Local |
: |
YES |
Percentage |
: |
30% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
70% |
|
Export Market |
: |
EUROPE |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
DISTRIBUTORS,MANUFACTURING INDUSTRIES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured |
: |
|
|
|
|
|
|
|
|
Member(s) / Affiliate(s) |
: |
SMI ASSOCIATION OF MALAYSIA MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM) |
|
|
|
|
|
|
|
Ownership of premises |
: |
OWNED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
100 |
100 |
100 |
100 |
100 |
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject 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.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the Subject
indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
06-6791800 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
10, JALAN PENGAPIT 15/19,SECTION 15, 40000 SHAH ALAM,
SELANGOR DARUL MALAYSIA |
|
Current Address |
: |
LOT 17942-44 & 17950-52, TUANKU JAAFAR INDUSTRIAL
PARK, SUNGAI GADUT, 71450 SEREMBAN, NEGERI SEMBILAN, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 10th September 2014, we contacted one of the staff from the Subject and she
provided some information on the Subject.
The address provided belongs to the Subject's Headquarters Office.
FINANCIAL ANALYSIS
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
9.09% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
11.85% |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily as the demand
for its products / services increased due to the goodwill built up over the years.The
Subject's profit fell sharply because of the high operating costs incurred.
The unfavourable return on shareholders' funds could indicate that the
Subject was inefficient in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Current Ratio |
: |
Favourable |
[ |
2.86 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject was in good liquidity position with its
current liabilities well covered by its current assets. With its net
current assets, the Subject should be able to repay its short term
obligations. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Liability Ratio |
: |
Favourable |
[ |
0.33 Times |
] |
|
|
|
|
|
|
|
|
|
|
A low liabilities ratio has minimised the Subject's
financial risk. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Although the Subject's turnover had increased, its profits
had declined over the same corresponding period. This could be due to the
stiffer market competition and / or higher operating costs which lowered the
Subject's profit margin. The Subject was in good liquidity position with its
total current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. The Subject has a low liabilities ratio. It's liabilities were
low and was not vulnerable to the financial risk. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : STRONG |
||||||
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
|
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 |
28,876 |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
21,984 |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
12.3 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.1 |
2.4 |
5.8 |
1.3 |
2.1 |
|
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 |
(6.5) |
(0.3) |
(5.4) |
1.0 |
0.7 |
|
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 # |
(9.0) |
11.9 |
4.7 |
4.8 |
3.5 |
|
Exported-oriented Industries |
(19.0) |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
(30.3) |
28.4 |
(4.0) |
12.7 |
18.6 |
|
Rubber Products |
(10.1) |
25.3 |
20.7 |
3.0 |
8.2 |
|
Wood Products |
(24.1) |
20.1 |
(5.1) |
8.7 |
(3.1) |
|
Textiles & Apparel |
(19.5) |
(0.4) |
13.2 |
(7.1) |
(2.6) |
|
Domestic-oriented Industries |
(9.8) |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.8 |
2.7 |
3.6 |
|
Chemical & Chemical Products |
(7.7) |
16.2 |
10.0 |
10.8 |
(0.7) |
|
Plastic Products |
(9.1) |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
(32.7) |
29.3 |
2.2 |
(6.6) |
3.4 |
|
Fabricated Metal Products |
(2.5) |
14.9 |
21.8 |
13.8 |
12.2 |
|
Non-metallic Mineral |
(15.5) |
20.2 |
12.1 |
2.9 |
(0.4) |
|
Transport Equipment |
(13.5) |
36.5 |
12.0 |
3.4 |
13.8 |
|
Paper & Paper Products |
(5.0) |
18.7 |
9.5 |
3.1 |
2.3 |
|
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 |
6.2 |
11.4 |
4.7 |
18.6 |
10.9 |
|
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 |
2.9 |
7.4 |
7.1 |
6.4 |
5.9 |
|
Electric, Gas & Water |
1.4 |
7.8 |
3.5 |
4.4 |
4.2 |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.1 |
7.3 |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
4.7 |
5.9 |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.9 |
9.7 |
3.7 |
|
Government Services |
3.4 |
5.9 |
12.4 |
9.4 |
8.3 |
|
Other Services |
3.8 |
4.4 |
5.1 |
3.9 |
5.1 |
|
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 |
|||||
INDUSTRY ANALYSIS
|
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 domesticoriented 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
sevenmonths of 2012 in line with the increase in sales value of manufactured
products by 6.5% to RM363.1 billion. Output from domesticoriented 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 goverment encourage
manufacturers to move up the value chain of manufacturing industry. The new
growth initiatives by goverment in the manufacturing sector such assolar 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 |
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
Incorporated in 1996, the
Subject 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 Subject 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 Subject to
remain competitive despite the challenging business environment. |
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
TOYOCHEM SPECIALTY CHEMICAL SDN. BHD. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
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 |
SUMMARY |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
220,334,622 |
210,445,400 |
193,391,168 |
163,821,437 |
77,330,145 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
220,334,622 |
210,445,400 |
193,391,168 |
163,821,437 |
77,330,145 |
|
Costs of Goods Sold |
- |
(176,937,007) |
(166,892,482) |
(148,301,817) |
(72,168,581) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
- |
33,508,393 |
26,498,686 |
15,519,620 |
5,161,564 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
22,379,760 |
50,222,519 |
10,972,546 |
1,323,233 |
(2,825,205) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
22,379,760 |
50,222,519 |
10,972,546 |
1,323,233 |
(2,825,205) |
|
Taxation |
(5,948,000) |
(5,842,334) |
(2,114,000) |
6,796,500 |
4,365,500 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
16,431,760 |
44,380,185 |
8,858,546 |
8,119,733 |
1,540,295 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
14,948,304 |
(29,431,881) |
(38,290,427) |
(46,410,160) |
(47,950,455) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
14,948,304 |
(29,431,881) |
(38,290,427) |
(46,410,160) |
(47,950,455) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
31,380,064 |
14,948,304 |
(29,431,881) |
(38,290,427) |
(46,410,160) |
|
DIVIDENDS - Ordinary (paid & proposed) |
(4,617,000) |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
26,763,064 |
14,948,304 |
(29,431,881) |
(38,290,427) |
(46,410,160) |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Bankers' acceptance |
- |
- |
- |
- |
24,738 |
|
Hire purchase |
- |
- |
- |
9,449 |
9,449 |
|
Lease interest |
- |
- |
4,727 |
- |
- |
|
Term loan / Borrowing |
- |
69,224 |
65,476 |
1,186,609 |
821,542 |
|
Others |
- |
820,835 |
1,242,557 |
175,858 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
890,059 |
1,312,760 |
1,371,916 |
855,729 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE SHEET
|
TOYOCHEM SPECIALTY CHEMICAL SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
67,007,642 |
72,177,898 |
79,201,871 |
81,954,665 |
81,917,989 |
|
|
|
|
|
|
|
|
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 |
26,615,420 |
30,645,177 |
78,668,352 |
80,412,119 |
71,855,011 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
93,623,062 |
102,823,075 |
157,870,223 |
162,366,784 |
153,773,000 |
|
|
|
|
|
|
|
|
Stocks |
- |
39,767,530 |
38,384,141 |
32,805,182 |
22,129,989 |
|
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 |
|
Amount due from holding company |
- |
995,140 |
595,334 |
212,585 |
789,581 |
|
Amount due from related companies |
- |
18,067,466 |
15,139,572 |
19,458,968 |
16,067,948 |
|
Cash & bank balances |
- |
16,551,587 |
5,443,165 |
7,101,504 |
7,322,489 |
|
Others |
- |
4,014,433 |
6,000 |
16,143,868 |
8,574,808 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
146,407,010 |
118,144,763 |
98,489,085 |
80,594,528 |
59,262,385 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
240,030,072 |
220,967,838 |
256,359,308 |
242,961,312 |
213,035,385 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
- |
23,625,196 |
20,572,223 |
20,162,522 |
17,004,856 |
|
Other creditors & accruals |
- |
7,766,574 |
6,348,889 |
7,721,055 |
1,784,532 |
|
Hire purchase & lease creditors |
- |
- |
- |
27,808 |
55,620 |
|
Short term borrowings/Term loans |
- |
- |
6,428,000 |
6,254,000 |
24,566,850 |
|
Amounts owing to holding company |
- |
7,163,234 |
6,751,475 |
8,310,306 |
9,203,937 |
|
Amounts owing to related companies |
- |
7,814,288 |
61,759,599 |
49,977,440 |
37,634,261 |
|
Other liabilities |
- |
- |
25,000,000 |
30,131,867 |
12,262,557 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
51,209,837 |
46,369,292 |
126,860,186 |
122,584,998 |
102,512,613 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
95,197,173 |
71,775,471 |
(28,371,101) |
(41,990,470) |
(43,250,228) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
188,820,235 |
174,598,546 |
129,499,122 |
120,376,314 |
110,522,772 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
153,923,230 |
153,923,230 |
153,923,230 |
153,923,230 |
153,923,230 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
153,923,230 |
153,923,230 |
153,923,230 |
153,923,230 |
153,923,230 |
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward |
26,763,064 |
14,948,304 |
(29,431,881) |
(38,290,427) |
(46,410,160) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
26,763,064 |
14,948,304 |
(29,431,881) |
(38,290,427) |
(46,410,160) |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
180,686,294 |
168,871,534 |
124,491,349 |
115,632,803 |
107,513,070 |
|
|
|
|
|
|
|
|
Hire purchase creditors |
- |
- |
- |
- |
27,816 |
|
Retirement benefits provision |
- |
5,727,012 |
5,007,773 |
4,743,511 |
2,981,886 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
8,133,941 |
5,727,012 |
5,007,773 |
4,743,511 |
3,009,702 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
188,820,235 |
174,598,546 |
129,499,122 |
120,376,314 |
110,522,772 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
FINANCIAL RATIO
|
TOYOCHEM SPECIALTY CHEMICAL SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
- |
16,551,587 |
5,443,165 |
7,101,504 |
7,322,489 |
|
Net Liquid Funds |
- |
16,551,587 |
5,443,165 |
7,101,504 |
7,322,489 |
|
Net Liquid Assets |
95,197,173 |
32,007,941 |
(66,755,242) |
(74,795,652) |
(65,380,217) |
|
Net Current Assets/(Liabilities) |
95,197,173 |
71,775,471 |
(28,371,101) |
(41,990,470) |
(43,250,228) |
|
Net Tangible Assets |
188,820,235 |
174,598,546 |
129,499,122 |
120,376,314 |
110,522,772 |
|
Net Monetary Assets |
87,063,232 |
26,280,929 |
(71,763,015) |
(79,539,163) |
(68,389,919) |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
- |
0 |
6,428,000 |
6,281,808 |
24,650,286 |
|
Total Liabilities |
59,343,778 |
52,096,304 |
131,867,959 |
127,328,509 |
105,522,315 |
|
Total Assets |
240,030,072 |
220,967,838 |
256,359,308 |
242,961,312 |
213,035,385 |
|
Net Assets |
188,820,235 |
174,598,546 |
129,499,122 |
120,376,314 |
110,522,772 |
|
Net Assets Backing |
180,686,294 |
168,871,534 |
124,491,349 |
115,632,803 |
107,513,070 |
|
Shareholders' Funds |
180,686,294 |
168,871,534 |
124,491,349 |
115,632,803 |
107,513,070 |
|
Total Share Capital |
153,923,230 |
153,923,230 |
153,923,230 |
153,923,230 |
153,923,230 |
|
Total Reserves |
26,763,064 |
14,948,304 |
(29,431,881) |
(38,290,427) |
(46,410,160) |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
- |
0.36 |
0.04 |
0.06 |
0.07 |
|
Liquid Ratio |
- |
1.69 |
0.47 |
0.39 |
0.36 |
|
Current Ratio |
2.86 |
2.55 |
0.78 |
0.66 |
0.58 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
- |
69 |
72 |
73 |
104 |
|
Debtors Ratio |
- |
65 |
71 |
9 |
19 |
|
Creditors Ratio |
- |
49 |
45 |
50 |
86 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
- |
0.00 |
0.05 |
0.05 |
0.23 |
|
Liabilities Ratio |
0.33 |
0.31 |
1.06 |
1.10 |
0.98 |
|
Times Interest Earned Ratio |
- |
57.43 |
9.36 |
1.96 |
(2.30) |
|
Assets Backing Ratio |
1.23 |
1.13 |
0.84 |
0.78 |
0.72 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
10.16 |
23.86 |
5.67 |
0.81 |
(3.65) |
|
Net Profit Margin |
7.46 |
21.09 |
4.58 |
4.96 |
1.99 |
|
Return On Net Assets |
11.85 |
29.27 |
9.49 |
2.24 |
(1.78) |
|
Return On Capital Employed |
11.85 |
29.27 |
9.49 |
2.24 |
(1.78) |
|
Return On Shareholders' Funds/Equity |
9.09 |
26.28 |
7.12 |
7.02 |
1.43 |
|
Dividend Pay Out Ratio (Times) |
0.28 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
- |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.99 |
|
|
1 |
Rs.99.09 |
|
Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.