MIRA INFORM REPORT

Report No. :	501053
Report Date :	03.04.2018

IDENTIFICATION DETAILS

Name :	VENATOR ASIA SDN. BHD.
Formerly Known As :	HUNTSMAN P & A ASIA SDN. BHD. TIOXIDE (MALAYSIA) SDN BHD TAPL (MALAYSIA) SDN BHD
Registered Office :	Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Wilayah Persekutuan
Country :	Malaysia
Financials (as on) :	31.12.2016
Date of Incorporation :	04.08.1982
Com. Reg. No.:	88183-K
Legal Form :	Private Limited (Limited By Share)
Line of Business :	Subject is engaged in the manufacturing and trading of titanium dioxide.
No. of Employees :	330 [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Malaysia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

MALAYSIA - ECONOMIC OVERVIEW

Malaysia, an upper middle-income country, has transformed itself since the 1970s from a producer of raw materials into a multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move further up the value-added production chain by attracting investments in high technology, knowledge-based industries and services. NAJIB's Economic Transformation Program 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. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.

The NAJIB administration is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Domestic demand continues to anchor economic growth, supported mainly by private consumption, which accounts for 53% of GDP. Nevertheless, exports - particularly of electronics, oil and gas, and palm oil - remain a significant driver of the economy. In 2015, gross exports of goods and services were equivalent to 73% of GDP. The oil and gas sector supplied about 22% of government revenue in 2015, down significantly from prior years amid a decline in commodity prices and diversification of government revenues. Malaysia has embarked on a fiscal reform program aimed at achieving a balanced budget by 2020, including rationalization of subsidies and the 2015 introduction of a 6% value added tax. Sustained low commodity prices throughout the period not only strained government finances, but also shrunk Malaysia’s current account surplus and weighed heavily on the Malaysian ringgit, which was among the region’s worst performing currencies during 2013-17. The ringgit hit new lows following the US presidential election amid a broader selloff of emerging market assets.

Bank Negara Malaysia (the central bank) maintains adequate foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments, although it remains vulnerable to volatile global capital flows. In order to increase Malaysia’s competitiveness, Prime Minister NAJIB 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, policies that favor and advance the economic condition of ethnic Malays.

Malaysia signed the 12-nation Trans-Pacific Partnership (TPP) free trade agreement in February 2016, although the future of the TPP remains unclear following the US withdrawal from the agreement. Along with nine other ASEAN members, Malaysia established the ASEAN Economic Community in 2015, which aims to advance regional economic integration.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

88183-K

GST NO.

:

002033385472

COMPANY NAME

:

VENATOR ASIA SDN. BHD.

FORMER NAME

:

HUNTSMAN P & A ASIA SDN. BHD. (12/03/2018)
TIOXIDE (MALAYSIA) SDN BHD (29/10/2015)
TAPL (MALAYSIA) SDN BHD (18/07/1989)

INCORPORATION DATE

:

04/08/1982

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

UNIT 30-01, LEVEL 30, TOWER A, VERTICAL BUSINESS SUITE, AVENUE 3, BANGSAR SOUTH, NO. 8, JALAN KERINCHI, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

KAWASAN INDUSTRI TELUK KALONG, P.O. BOX 29, 24007 KEMAMAN, TERENGGANU, MALAYSIA.

TEL.NO.

:

09-8628688

FAX.NO.

:

09-8631988

CONTACT PERSON

:

MIZANUR RAHMAN BIN S M ABDUL GHANI ( DIRECTOR )

INDUSTRY CODE

:

20

PRINCIPAL ACTIVITY

:

MANUFACTURING AND TRADING OF TITANIUM DIOXIDE

AUTHORISED CAPITAL

:

MYR 55,000,000.00 DIVIDED INTO
ORDINARY SHARE 10,000,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 45,000,000.00 OF USD 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

ORDINARY SHARES 5,125,000 CASH OF MYR 1.00 EACH.
PREFERENCE SHARES 3,000,000 CASH OF USD 1.00 EACH.

SALES

:

MYR 1,517,883,000 [2016]

NET WORTH

:

MYR 560,225,000 [2016]

M1000 OVERALL RANKING

:

511[2011]

M1000 INDUSTRY RANKING

:

27[2011]

STAFF STRENGTH

:

330 [2018]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

TRACED

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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 shall have a minimum one director. 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 trading of titanium dioxide.

The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).

According to the Malaysia 1000 publication, the Subject's ranking are as follows:
YEAR	2011	2009	2008	2005	2004
OVERALL RANKING	511	454	407	293	276
INDUSTRY RANKING	27	26	24	12	5

Former Address(es)

Address	As At Date
9TH FLOOR, WISMA SIME DARBY, JALAN RAJA LAUT, P.O. BOX 10284, 50708, WILAYAH PERSEKUTUAN, MALAYSIA	01/08/1989
LEVEL 14, UPTOWN 1, 1, JALAN SS 21/58, DAMANSARA UPTOWN, 47400, SELANGOR, MALAYSIA	01/09/2008
19TH FLOOR, BANGUNAN ARAB-MALAYSIAN, 55, JALAN RAJA CHULAN, 50200, WILAYAH PERSEKUTUAN, MALAYSIA	14/12/1992
LEVEL 18, THE GARDENS NORTH TOWER, MID VALLEY CITY, LINGKARAN SYED PUTRA, 59200, WILAYAH PERSEKUTUAN, MALAYSIA	20/09/2015
6TH FLOOR, 3, CANGKAT RAJA CHULAN, 50200, WILAYAH PERSEKUTUAN, MALAYSIA	31/03/1999
LOT 4,HOTAL NOKKO SHOPPING ARCADE, 165 JLN AMPPANG, KUALA LUMPUR, 50450, WILAYAH PERSEKUTUAN, MALAYSIA	N/A

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
30/06/2015	MYR 55,000,000.00	MYR 5,125,000.00 & USD 3,000,000.00
26/10/1993	MYR 55,000,000.00	MYR 5,125,000.00 & USD 27,650,000.00
15/07/1993	MYR 55,000,000.00	MYR 5,125,000.00 & USD 26,650,000.00
19/02/1993	MYR 55,000,000.00	MYR 5,125,000.00 & USD 25,650,000.00
26/08/1992	MYR 35,000,000.00	MYR 5,125,000.00 & USD 24,650,000.00
22/06/1992	MYR 35,000,000.00	MYR 5,125,000.00 & USD 18,650,000.00
29/05/1992	MYR 35,000,000.00	MYR 5,125,000.00 & USD 17,650,000.00
27/05/1992	MYR 35,000,000.00	MYR 5,125,000.00 & USD 13,650,000.00
15/04/1992	MYR 31,237,700.00	MYR 5,125,000.00 & USD 17,650,000.00
14/10/1991	MYR 47,000,000.00	MYR 5,125,000.00 & USD 16,520,000.00
15/05/1991	MYR 47,000,000.00	MYR 5,125,000.00 & USD 7,650,000.00
18/03/1991	MYR 47,000,000.00	MYR 5,125,000.00 & USD 4,450,000.00
09/01/1991	MYR 47,000,000.00	MYR 5,125,000.00 & USD 2,950,000.00
27/11/1990	MYR 47,000,000.00	MYR 5,125,000.00 & USD 1,750,000.00
26/09/1990	USD 10,000,000.00	USD 5,125,000.00
07/08/1990	USD 5,000,000.00	USD 3,125,000.00
17/07/1990	USD 5,000,000.00	USD 3,125,000.00
08/03/1990	USD 5,000,000.00	USD 2,125,000.00

The major shareholder(s) of the Subject are shown as follows :

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
HUNTSMAN SPIN UK LIMITED	TITANIUM HOUSE, HANZARD DRIVE, WYNYARD PARK, STOCKTON ON TEES, TS22 5FD	XLZ00229219	8,125,000.00	100.00
			---------------	------
			8,125,000.00	100.00
			============	=====

+ Also Director

Former Shareholder(s) :

Name	Country	IC/PP/Loc No	Shareholding	Last Updated
HUNTSMAN ICI INVESTMENT (NETHERLANDS) BV	NETHERLANDS	XLZ000016239	8,125,000.00	N/A
HUNTSMAN SPIN (HOLDINGS) UK LIMITED	UNITED KINGDOM	XLZ00228130	8,125,000.00	23/10/2017

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	Status	(%)	As At
375458U	MALAYSIA	PACIFIC IRON PRODUCTS SDN. BHD.	-	50.00	23/02/2018

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. MIZANUR RAHMAN BIN S M ABDUL GHANI
Address	:	8,JALAN BEKA, BUKIT DAMANSARA, KUALA LUMPUR, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	0663753
New IC No	:	451201-10-5291
Nationality	:	MALAYSIAN
Date of Appointment	:	28/07/1989

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	see below

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	7907X	FEDERATION OF MALAYSIAN MANUFACTURERS	Director	09/11/2000	0.00	-	MYR5,027,322.00	2016	-	23/02/2018
2	303576K	LANJUT SETIA SDN. BHD.	Shareholder	-	15,000.00	5.00	MYR186,867.00	2016	-	23/02/2018
3	545143D	PEMBANGUNAN SUMBER MANUSIA BERHAD	Director	16/05/2013	0.00	-	N/A	2015	-	23/02/2018
4	88183K	VENATOR ASIA SDN. BHD.	Director	28/07/1989	0.00	-	MYR56,681,000.00	2016	-	23/02/2018

FORMER INTEREST

No	Local No	Company	Designation	App Date	Withdrawn Date	Shareholding	Status
1	400136A	AGROMEGAH CORPORATION SDN. BHD.	Director	28/04/2000	15/10/2004	-	-
2	400136A	AGROMEGAH CORPORATION SDN. BHD.	Shareholder	-	-	45000.00	-
3	268746W	CCM AGRI-MAX SDN. BHD.	Director	08/03/2006	11/01/2008	-	-
4	524271W	CCM DUOPHARMA BIOTECH BERHAD	Director	18/11/2005	01/01/2008	-	-
5	11831W	CCM FERTILIZERS SDN. BHD.	Director	01/04/1995	11/01/2008	-	-
6	453442T	CCM MARKETING SDN. BHD.	Director	20/02/2006	13/03/2006	-	-
7	177954P	CCM USAHA KIMIA (M) SDN. BHD.	Director	01/05/1994	04/03/2008	-	-
8	177954P	CCM USAHA KIMIA (M) SDN. BHD.	Shareholder	-	-	-	-
9	82699T	CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA	Director	19/07/2001	28/10/2008	-	-
10	42491M	DUOPHARMA (M) SENDIRIAN BERHAD	Director	28/11/2005	31/01/2008	-	-
11	452754A	HEXTAR AGRICULTURE SDN. BHD.	Director	08/03/2006	11/01/2008	-	-
12	564984V	INNOVAX SDN. BHD.	Director	08/03/2006	11/01/2008	-	-
13	25103U	MAX AGRICULTURE SDN. BHD.	Director	01/04/1995	11/01/2008	-	-
14	309394U	ORICA-CCM ENERGY SYSTEMS SDN. BHD.	Director	28/11/1996	13/06/2000	-	-

DIRECTOR 2

Name Of Subject	:	RICHARD JUSTIN JAMES PHILIPSON
Address	:	BENTLEY HOUSE, 60 NORTHALLERTON ROAD, BROMPTON,DL 6 2QH,UNITED KINGDOM
Other Address(es)	:	2 VANDA AVENUE, ORCHID VILLAGE, 287941, SINGAPORE.
IC / PP No	:	761278736
Nationality	:	BRITISH
Date of Appointment	:	03/11/2014

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	88183K	VENATOR ASIA SDN. BHD.	Director	03/11/2014	0.00	-	MYR56,681,000.00	2016	-	23/02/2018

DIRECTOR 3

Name Of Subject	:	MR. CHONG NGIT KONG
Address	:	33 JALAN SS 2/30, 47300 PETALING JAYA, SELANGOR, MALAYSIA.
New IC No	:	610703-02-5641
Date of Birth	:	03/07/1961
Nationality	:	MALAYSIAN
Date of Appointment	:	02/11/2015

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	375458U	PACIFIC IRON PRODUCTS SDN. BHD.	Director	16/11/2017	0.00	-	MYR2,186,756.00	2016	-	23/02/2018
2	88183K	VENATOR ASIA SDN. BHD.	Director	02/11/2015	0.00	-	MYR56,681,000.00	2016	-	23/02/2018

DIRECTOR 4

Name Of Subject	:	KURT DAVID OGDEN
Address	:	75 S. PLAYER MANOR CIRCLE, THE WOODLANDS, TEXAS 77382 UNITED STATES OF AMERICA
IC / PP No	:	483507011
Nationality	:	AMERICAN
Date of Appointment	:	26/07/2017

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	88183K	VENATOR ASIA SDN. BHD.	Director	26/07/2017	0.00	-	MYR56,681,000.00	2016	-	23/02/2018

FORMER DIRECTOR(S)

Name	Address	IC/PP No	Appointed Date	Withdrawn Date
YA\'ACOB BIN ELIAS	MY VILLA,5823,GELIGA BESAR, CHUKAI,, KEMAMAN, TERENGGANU, MALAYSIA	491013-01-5877	01/04/1997	30/12/2003
ROZANO BIN SAAD	NO. 8, JALAN P14 B1/2, PRESINT 14, PUTRAJAYA, WILAYAH PERSEKUTUAN, MALAYSIA	570518-01-6563	01/11/1996	10/03/2009
MICHAEL WILLIAM COTTINGHAM	LOT 3668 TAMAN BAIDURI, GELIGA BESAR, CHUKAI,KEMAMAN, CUKAI, TERENGGANU, MALAYSIA	500052914	24/02/1994	21/10/1996
LAWRENCE RUSSELL HEALY	167,WEST 1475 NORTH CENTERVILLE, UTAH, U.S.A., MALAYSIA	055145582	28/06/1999	19/04/2012
LAU CHONG KONG		481025085689	22/03/2000	01/03/2007
JAMALUDIN BIN MOIDEEN	LOT 2664,JALAN LIMAU CHEMBOR, GONG LIMAU,CHUKAI, KEMAMAN, CUKAI, TERENGGANU, MALAYSIA	531120-05-5587	01/09/1995	01/08/2003
CHRISTOPHER LAN JAMES HARTLEY	33 JALAN SETIA JAYA, BUKIT DAMANSARA, KUALA LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	014494569	01/04/1997	01/10/1999
CHEN YIH SHEN	B-14-1,MENARA BANGSAR, KUALA LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	M10157784	05/06/1996	15/02/2006
CHEN YENG KHAN	NO.28,JALAN SS19/4A, SUBANG JAYA, SELANGOR, SUBANG JAYA, SELANGOR, MALAYSIA	7938564	01/11/1996	27/09/1999
AZIZ ZABIDI BIN ABDUL KADIR	NO. 12, LORONG SELAMAT 27,, JALAN PANTAI SELAMAT,, KUANTAN, PAHANG, MALAYSIA	600102-11-5079	05/03/2009	12/01/2011
V.VISAGARAN A/L E.VISVALINGAM	31 JALAN PERMAS 3/6, PERMAS JAYA PLENTONG, MASAI,JOHOR, MASAI, JOHOR, MALAYSIA	640718-04-5001	30/03/2010	05/11/2015
PETER RILEY HUNTSMAN	1399 DEVONSHIRE DR, SALT LAKE CITY, UTAH, U.S.A., MALAYSIA	016266255	28/06/1999	26/12/2017
MICHAEL CHRISTOPHER DIXON	WHITLEY GRANCE SOUTH OTTERINGTON, NORTHALLERTON DL 7 9HU, UNITED KINGDOM	800580318	12/03/2014	26/07/2017
DARYL KENNETH WOOD	APT 43-3-2, VILLA MUTIARA, 43 JALAN MEDANG TANDUK, BKT BANDARAYA, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA	E3083083	15/02/2006	30/06/2014
DAVID JEREMY GILLILAND	23 DURHAM MOOR CRESENT, DURHAM DH1 5AW, UNITED KINGDOM	456383634	30/06/2014	01/10/2014

Note : The above information was generated from our database.

MANAGEMENT

1)	Name of Subject	:	MIZANUR RAHMAN BIN S M ABDUL GHANI
	Position	:	DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE PLT (LLP0010197-LCA)
Auditor' Address	:	LEVEL 16, MENARA LGB, 1 JALAN WAN KADIR, TAMAN TUN DR. ISMAIL, MALAYSIA.

COMPANY SECRETARIES

1)	Company Secretary	:	MS. THAM WAI YING
	IC / PP No	:	A1008639
	New IC No	:	680810-10-6360
	Address	:	46 JALAN MIDAH 19-A, TAMAN MIDAH, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

2)	Company Secretary	:	MR. KUMAR A/L RAMU
	IC / PP No	:	A0413045
	New IC No	:	660413-08-5289
	Address	:	NO.8 LORONG PELINDUNG 77, TAMAN BUKIT PELINDUNG AMAN, 25050 KUANTAN, PAHANG, MALAYSIA.

3)	Company Secretary	:	MS. KUAN HUI FANG
	IC / PP No	:	A1845678
	New IC No	:	710224-10-5204
	Address	:	23, JALAN BU 3/2, BANDAR UTAMA, 47800 PETALING 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.

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT

* A check has been conducted in our databank against the Subject whether the Subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.

No winding up petition was found in our databank.

There is/are SETTLED litigation case(s) on the Subject in our database as below:
- 1 case(s) filed in year 2015

There is/are CLOSED litigation case(s) on the Subject in our database as below:
- 1 case(s) filed in year 2016

CRIMINAL CHECK - SUBJECT COMPANY AS A DEFENDANT

* A check has been conducted in our databank against the Subject whether the Subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.

No criminal record was found in our databank.

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A PLAINTIFF

* A check has been conducted in our databank against the Subject whether the Subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.

No plaintiff record was found in our databank.

CRIMINAL RECORDS CHECK - SUBJECT COMPANY AS A PLAINTIFF

* A check has been conducted in our databank against the Subject whether the Subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.

No plaintiff record 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 listed by our customers and debtors that have been placed or assigned to us for collection.

No defaulter record & debt collection case was found in our defaulters' databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES
Import Countries	:	CHINA,UNITED STATES,TAIWAN,INDIA

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	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES	Percentage	:	60%
Domestic Markets	:	MALAYSIA
Overseas	:	YES	Percentage	:	40%
Export Market	:	ASIA
Credit Term	:	30 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT) LETTER OF CREDIT (LC)

OPERATIONS

Products manufactured

:

TITANIUM DIOXIDE

Member(s) / Affiliate(s)

:

FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)

SMI ASSOCIATION OF MALAYSIA

SMALL & MEDIUM ENTERPRISE

CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)

Ownership of premises

:

OWNED

Total Number of Employees:
YEAR	2018	2017	2016	2015	2014
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	330	330	330	330	300

Branch

:

YES

Other Information:

The Subject is principally engaged in the (as a / as an) manufacturing and trading of titanium dioxide.

The Subject manufactures and processes liquid, powder and granulated forms of iron oxide color pigments, natural and synthetic inorganic pigments, ultramarine pigments and automated pigment handling systems.

The color pigments are available in black, red, brown, orange, yellow, green, blue, ultramarine blue and magenese violet in addition to corrosion-inhibiting, catalyst type and heat-resistant pigments.

Huntsman is a global manufacturer and marketer of differentiated chemicals.

RECENT DEVELOPMENT

We have checked with the Malaysian National News Agency's (BERNAMA) database, but no recent development was noted during the time of inspection.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	91 9119121219
Current Telephone Number	:	09-8628688
Match	:	NO
Address Provided by Client	:	LEVEL 15, THE PINNACLE PERSIARAN LAGOON BANDAR SUNWAY, 46150 PETALING JAYA SELANGOR
Current Address	:	KAWASAN INDUSTRI TELUK KALONG, P.O. BOX 29, 24007 KEMAMAN, TERENGGANU, MALAYSIA.
Match	:	NO
Latest Financial Accounts	:	YES

Other Investigations

We have contacted one of the staff from the Subject and she provided some information.

The address provided belongs to the Subject's sales office.

The contact number provided is not answered.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2012 - 2016	]
Profit/(Loss) Before Tax	:	Increased	[	2012 - 2016	]
Return on Shareholder Funds	:	Acceptable	[	10.12%	]
Return on Net Assets	:	Acceptable	[	11.40%	]
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 Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	29 Days	]
Debtor Ratio	:	Unfavourable	[	74 Days	]
Creditors Ratio	:	Favourable	[	15 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. 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	:	Favourable	[	1.27 Times	]
Current Ratio	:	Unfavourable	[	1.56 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. 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 did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : FAIR

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators:	2014	2015	2016	2017*	2018**
Population ( Million)	30.0	31.0	31.6	32.1	32.9
Gross Domestic Products ( % )	6.0	4.6	4.2	5.3	5.4
Domestic Demand ( % )	6.4	6.2	4.3	6.3	6.4
Private Expenditure ( % )	7.9	6.9	7.8	7.4	7.3
Consumption ( % )	6.5	6.1	5.1	6.9	6.8
Investment ( % )	12.0	8.1	10.0	9.3	8.9
Public Expenditure ( % )	2.3	4.2	3.3	5.3	5.5
Consumption ( % )	2.1	4.3	2.0	2.7	1.3
Investment ( % )	2.6	(1.0)	1.1	3.4	3.8
Balance of Trade ( MYR Million )	82,480	91,577	88,145	94,593	96,993
Government Finance ( MYR Million )	(37,414)	(37,194)	(38,401)	(39,887)	(39,790)
Government Finance to GDP / Fiscal Deficit ( % )	(3.4)	(3.2)	(3.1)	(3.0)	(2.8)
Inflation ( % Change in Composite CPI)	3.2	4.0	2.1	3.5	3.0
Unemployment Rate	2.9	3.1	3.4	3.4	3.3
Net International Reserves ( MYR Billion )	417	390	391	-	-
Average Risk-Weighted Capital Adequacy Ratio ( % )	4.00	3.50	-	-	-
Average 3 Months of Non-performing Loans ( % )	2.10	2.00	1.90	-	-
Average Base Lending Rate ( % )	6.85	6.79	6.81	6.73	-
Business Loans Disbursed( % )	18.6	2.2	-	-	-
Foreign Investment ( MYR Million )	43,486.6	43,435.0	-	-	-
Consumer Loans ( % )	-	-	-	-	-
Registration of New Companies ( No. )	49,203	45,658	43,255	-	-
Registration of New Companies ( % )	6.1	(7.2)	(5.3)	-	-
Liquidation of Companies ( No. )	11,099	7,066	-	-	-
Liquidation of Companies ( % )	(19.5)	(36.3)	-	-	-
Registration of New Business ( No. )	332,723	364,230	376,720	-	-
Registration of New Business ( % )	1.0	9.0	3.0	-	-
Business Dissolved ( No. )	21,436	-	-	-	-
Business Dissolved ( % )	18.0	-	-	-	-
Sales of New Passenger Cars (' 000 Unit )	588.3	591.3	514.6	527.8	-
Cellular Phone Subscribers ( Million )	44.0	44.2	44.0	-	-
Tourist Arrival ( Million Persons )	27.4	25.7	30.2	30.1	-
Hotel Occupancy Rate ( % )	63.6	58.8	61.2	-	-
Credit Cards Spending ( % )	5.8	6.8	6.3	-	-
Bad Cheque Offenders (No.)	-	-	-	-	-
Individual Bankruptcy ( No.)	22,351	18,457	-	-	-
Individual Bankruptcy ( % )	1.7	(17.4)	-	-	-

INDUSTRIES ( % of Growth ):	2014	2015	2016	2017*	2018**
Agriculture	2.0	1.3	(5.1)	5.6	2.4
Palm Oil	6.7	7.0	(12.7)	11.8	-
Rubber	(10.4)	(11.0)	(6.3)	10.8	-
Forestry & Logging	(4.2)	(7.2)	(3.0)	(15.0)	-
Fishing	2.7	2.1	2.2	0.2	-
Other Agriculture	6.2	6.0	5.1	2.4	-
Industry Non-Performing Loans ( MYR Million )	303.8	343.7	420.3	-	-
% of Industry Non-Performing Loans	1.4	1.5	1.8	-	-
Mining	3.3	5.3	2.2	0.5	0.9
Oil & Gas	3.0	3.5	4.5	-	-
Other Mining	46.6	47.1	42.6	-	-
Industry Non-performing Loans ( MYR Million )	63.5	180.1	190.0	-	-
% of Industry Non-performing Loans	0.3	0.8	0.8	-	-
Manufacturing #	6.1	4.9	4.4	5.5	5.3
Exported-oriented Industries	7.1	6.5	4.3	6.5	-
Electrical & Electronics	11.8	9.2	6.8	9.3	-
Rubber Products	(1.3)	5.1	5.0	6.9	-
Wood Products	7.8	7.0	7.8	7.3	-
Textiles & Apparel	10.8	7.5	7.5	7.4	-
Domestic-oriented Industries	7.7	4.7	3.4	6.2	-
Food, Beverages & Tobacco	6.1	8.9	7.5	11.0	-
Chemical & Chemical Products	1.4	3.5	4.5	3.5	-
Plastic Products	2.7	3.9	5.1	-	-
Iron & Steel	2.8	1.6	2.2	-	-
Fabricated Metal Products	2.8	4.6	5.6	4.6	-
Non-metallic Mineral	6.9	6.8	6.3	5.4	-
Transport Equipment	14.4	5.2	(3.1)	4.7	-
Paper & Paper Products	4.7	3.2	5.4	5.8	-
Crude Oil Refineries	13.0	14.3	13.7	-	-
Industry Non-Performing Loans ( MYR Million )	5,730.8	4,243.7	4,214.1	-	-
% of Industry Non-Performing Loans	25.6	19.0	18.5	-	-
Construction	11.7	8.2	7.4	7.6	7.5
Industry Non-Performing Loans ( MYR Million )	1,666.4	1,638.0	1,793.9	-	-
% of Industry Non-Performing Loans	7.5	7.3	7.9	-	-
Services	6.6	5.1	5.6	5.9	5.8
Electric, Gas & Water	3.8	3.6	5.4	2.5	2.6
Transport, Storage & Communication	7.70	7.55	6.85	7.35	7.30
Wholesale, Retail, Hotel & Restaurant	7.70	6.65	6.65	7.05	6.65
Finance, Insurance & Real Estate	5.15	2.90	4.70	5.70	5.90
Government Services	6.3	4.0	4.9	4.4	4.5
Other Services	4.8	4.7	4.8	5.3	5.3
Industry Non-Performing Loans ( MYR Million )	5,373.5	6,806.6	7,190.6	-	-
% of Industry Non-Performing Loans	24.1	30.5	31.5	-	-
* Estimate / Preliminary
** Forecast
# Based On Manufacturing Production Index

INDUSTRY ANALYSIS

MSIC CODE
20 : MANUFACTURE OF CHEMICALS AND CHEMICAL PRODUCTS
INDUSTRY :	MANUFACTURING
The manufacturing sector is forecast to increase 5.3% in year 2018 (2017: 5.5%). Output of export-oriented industries is projected to expand on account of sustained demand for E&E, refined petroleum and woods products. Growth in the domestic-oriented industries is anticipated to remain resilient supported by ongoing construction of infrastructure projects as well as strong demand for consumer products, especially food and transport equipment.
Value added of the manufacturing sector expanded further by 5.8% during the first half of 2017 (January – June 2016: 4.4%) with expansion across a wide range of outputs in both the export- and domestic-oriented industries. During the first eight months, production increased 6.4%, while sales rebounded significantly by 15.6% to RM500.2 billion (January – August 2016: 4%; -0.7%; RM432.8 billion). Output of export-oriented industries rose 6.5% (January – August 2016: 4.3%) led by an upturn in global electronics cycle and further enhanced by strong demand for resource-based products. Meanwhile, domestic-oriented industries expanded 6.2% (January – August 2016: 3.4%) benefiting from vibrant consumption and construction activities.
Within the export-oriented industries, E&E output expanded 9.3% while sales surged 16.3% to RM169.5 billion (January – August 2016: 6.8%; 9%; RM145.8 billion). Growth emanated mainly from the expansion in output of printed circuit boards, semiconductor devices and electronic integrated circuits which strengthened further by 24.4%, 11.9% and 16.9% (January – August 2016: 11.9%; 5.9%; 15%), respectively. This is in line with the trend in global semiconductor sales which is expected to expand 11.5% in 2017, the highest level since 2010. On the contrary, the output of computers and peripheral equipment contracted 7.7% (January – August 2016: 3.1%) as a result of lower demand for notebooks and personal computers following rising preferences for smartphones and tablets. Meanwhile, consumer electronics grew at a moderate pace of 2.6% (January – August 2016: 5.3%) partly due to lower demand for in-car entertainment, portable media players and digital cameras.
Output of wood and wood products grew 7.3% (January – August 2016: 7.8%). The growth was primarily supported by output of sawmilling and planning of wood which expanded 14.7% (January – August 2016: 16.8%) in response to strong demand from Australia, Japan and the US. Meanwhile, production of wooden and cane furniture remained steady at 10.9% (January – August 2016: 10.9%), benefiting from greater adoption of technology and diversification of export markets.
Manufacture of food products rose 11.2%, largely attributed to a significant increase in refined palm oil at 26.1% (January – August 2016: 6.3%; -3.3%), following higher production of CPO. Meanwhile, output of other food products grew 7% supported by production of bread, cakes and other bakery (15.6%) as well as biscuits and cookies (12%) to meet the rising demand from households (January – August 2016: 11.1%; 19.2%; 19.1%).
For the year, the manufacturing sector is projected to expand further by 5.5% (2016: 4.4%) mainly attributed to an upturn in global semiconductor sales as well as higher demand for consumer products and construction materials.
OVERALL INDUSTRY OUTLOOK : Marginal Growth

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1982, the Subject is a Private Limited company, focusing on manufacturing and trading of titanium dioxide. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. A paid up capital of MYR 5,125,000.00 & USD 3,000,000 allows the Subject to expand its business more comfortably. With a strong backing from its shareholder, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. The Subject is a fairly large and rapidly growing company with over 330 staff in its operations 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. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at MYR 560,225,000, the Subject should be able to maintain its business in the near terms.

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.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

VENATOR ASIA SDN. BHD.

Financial Year End	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
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	1,517,883,000	774,989,000	712,270,000	724,637,000	756,802,000
	----------------	----------------	----------------	----------------	----------------
Total Turnover	1,517,883,000	774,989,000	712,270,000	724,637,000	756,802,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	63,875,000	13,048,000	25,144,000	2,553,000	63,068,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	63,875,000	13,048,000	25,144,000	2,553,000	63,068,000
Taxation	(7,194,000)	(4,022,000)	(1,433,000)	(2,204,000)	13,650,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	56,681,000	9,026,000	23,711,000	349,000	76,718,000
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	433,085,000	424,059,000	400,348,000	418,992,000	393,716,000
	----------------	----------------	----------------	----------------	----------------
As restated	433,085,000	424,059,000	400,348,000	418,992,000	393,716,000
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	489,766,000	433,085,000	424,059,000	419,341,000	470,434,000
TRANSFER TO RESERVES - General	-	-	-	(8,989,000)	(51,442,000)
DIVIDENDS - Ordinary (paid & proposed)	-	-	-	(10,004,000)	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	489,766,000	433,085,000	424,059,000	400,348,000	418,992,000
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	23,421,000	19,907,000	18,738,000	35,466,000	53,695,000
	----------------	----------------	----------------	----------------	----------------
Total Amortization And Depreciation	23,421,000	19,907,000	18,738,000	35,466,000	53,695,000
	=============	=============	=============	=============	=============

BALANCE SHEET

VENATOR ASIA SDN. BHD.

ASSETS EMPLOYED:
FIXED ASSETS	350,743,000	351,997,000	320,845,000	289,858,000	260,779,000
LONG TERM INVESTMENTS/OTHER ASSETS
Associated companies	1,250,000	1,250,000	1,250,000	1,250,000	1,250,000
Deferred assets	4,312,000	2,212,000	1,703,000	1,899,000	1,272,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	5,562,000	3,462,000	2,953,000	3,149,000	2,522,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	356,305,000	355,459,000	323,798,000	293,007,000	263,301,000
CURRENT ASSETS
Stocks	106,247,000	95,021,000	120,903,000	97,941,000	101,675,000
Contract work-in-progress	12,878,000	10,742,000	9,458,000	10,897,000	7,503,000
Trade debtors	309,734,000	244,455,000	132,598,000	152,337,000	133,000,000
Other debtors, deposits & prepayments	8,300,000	4,995,000	4,329,000	4,074,000	3,524,000
Short term deposits	-	-	-	-	150,000
Amount due from related companies	86,185,000	93,874,000	7,453,000	31,497,000	41,036,000
Amount due from associated companies	2,681,000	1,474,000	2,053,000	2,610,000	676,000
Cash & bank balances	45,126,000	9,799,000	7,638,000	8,633,000	39,111,000
Others	-	485,000	1,956,000	7,699,000	6,905,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	571,151,000	460,845,000	286,388,000	315,688,000	333,580,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	927,456,000	816,304,000	610,186,000	608,695,000	596,881,000
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	62,122,000	68,204,000	40,622,000	27,110,000	22,919,000
Other creditors & accruals	64,235,000	57,844,000	41,824,000	50,197,000	48,266,000
Amounts owing to related companies	232,614,000	178,757,000	25,267,000	52,626,000	28,290,000
Provision for taxation	305,000	-	-	-	-
Other liabilities	7,955,000	7,955,000	7,955,000	7,955,000	8,750,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	367,231,000	312,760,000	115,668,000	137,888,000	108,225,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	203,920,000	148,085,000	170,720,000	177,800,000	225,355,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	560,225,000	503,544,000	494,518,000	470,807,000	488,656,000
	=============	=============	=============	=============	=============
FINANCED BY:
SHARE CAPITAL
Ordinary share capital	5,125,000	5,125,000	5,125,000	5,125,000	5,125,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	5,125,000	5,125,000	5,125,000	5,125,000	5,125,000
RESERVES
Capital reserve	65,334,000	65,334,000	65,334,000	65,334,000	64,539,000
Retained profit/(loss) carried forward	489,766,000	433,085,000	424,059,000	400,348,000	418,992,000
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	555,100,000	498,419,000	489,393,000	465,682,000	483,531,000
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	560,225,000	503,544,000	494,518,000	470,807,000	488,656,000
	=============	=============	=============	=============	=============

FINANCIAL RATIO

VENATOR ASIA SDN. BHD.

TYPES OF FUNDS
Cash	45,126,000	9,799,000	7,638,000	8,633,000	39,261,000
Net Liquid Funds	45,126,000	9,799,000	7,638,000	8,633,000	39,261,000
Net Liquid Assets	97,673,000	53,064,000	49,817,000	79,859,000	123,680,000
Net Current Assets/(Liabilities)	203,920,000	148,085,000	170,720,000	177,800,000	225,355,000
Net Tangible Assets	560,225,000	503,544,000	494,518,000	470,807,000	488,656,000
Net Monetary Assets	97,673,000	53,064,000	49,817,000	79,859,000	123,680,000
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	63,875,000	13,048,000	25,144,000	2,553,000	63,068,000
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	87,296,000	32,955,000	43,882,000	38,019,000	116,763,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	0
Total Liabilities	367,231,000	312,760,000	115,668,000	137,888,000	108,225,000
Total Assets	927,456,000	816,304,000	610,186,000	608,695,000	596,881,000
Net Assets	560,225,000	503,544,000	494,518,000	470,807,000	488,656,000
Net Assets Backing	560,225,000	503,544,000	494,518,000	470,807,000	488,656,000
Shareholders' Funds	560,225,000	503,544,000	494,518,000	470,807,000	488,656,000
Total Share Capital	5,125,000	5,125,000	5,125,000	5,125,000	5,125,000
Total Reserves	555,100,000	498,419,000	489,393,000	465,682,000	483,531,000
GROWTH RATIOS (Year on Year) (%)
Revenue	95.86	8.81	(1.71)	(4.25)	(25.06)
Proft/(Loss) Before Tax	389.54	(48.11)	884.88	(95.95)	(58.56)
Proft/(Loss) After Tax	527.97	(61.93)	6,693.98	(99.55)	(29.18)
Total Assets	13.62	33.78	0.24	1.98	(0.24)
Total Liabilities	17.42	170.39	(16.11)	27.41	(22.37)
LIQUIDITY (Times)
Cash Ratio	0.12	0.03	0.07	0.06	0.36
Liquid Ratio	1.27	1.17	1.43	1.58	2.14
Current Ratio	1.56	1.47	2.48	2.29	3.08
WORKING CAPITAL CONTROL (Days)
Stock Ratio	29	50	67	55	53
Debtors Ratio	74	115	68	77	64
Creditors Ratio	15	32	21	14	11
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0	0
Liabilities Ratio	0.66	0.62	0.23	0.29	0.22
Times Interest Earned Ratio	0	0	0	0	0
Assets Backing Ratio	109.31	98.25	96.49	91.86	95.35
PERFORMANCE RATIO (%)
Operating Profit Margin	4.21	1.68	3.53	0.35	8.33
Net Profit Margin	3.73	1.16	3.33	0.05	10.14
Return On Net Assets	11.40	2.59	5.08	0.54	12.91
Return On Capital Employed	11.40	2.59	5.08	0.54	12.91
Return On Shareholders' Funds/Equity	10.12	1.79	4.79	0.07	15.70
Dividend Pay Out Ratio (Times)	0	0	0	28.66	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62
MYR	1	INR 16.81

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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