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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

503974

Report Date :

19.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SUBUR TIASA PLYWOOD SDN. BHD

 

 

Registered Office :

66-78, Pusat Suria Permata, Jalan Upper Lanang, 96000 Sibu, Sarawak

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.07.2017

 

 

Date of Incorporation :

12.01.1988

 

 

Com. Reg. No.:

167681-D

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the manufacturing and trading of plywood and veneer.

 

 

No. of Employees :

1,446 (2013)

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

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.

:

167681-D

GST NO.

:

001681670144

COMPANY NAME

:

SUBUR TIASA PLYWOOD SDN. BHD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

12/01/1988

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

66-78, PUSAT SURIA PERMATA, JALAN UPPER LANANG, 96000 SIBU, SARAWAK, MALAYSIA.

BUSINESS ADDRESS

:

66-78, PUSAT SURIA PERMATA, JALAN UPPER LANANG, C.D.T. 123, 96000 SIBU, SARAWAK, MALAYSIA.

TEL.NO.

:

084-211555

FAX.NO.

:

084-211886

WEB SITE

:

WWW.SUBURTIASA.COM.MY

CONTACT PERSON

:

TIONG ING ( DIRECTOR )

INDUSTRY CODE

:

16211

PRINCIPAL ACTIVITY

:

MANUFACTURING AND TRADING OF PLYWOOD AND VENEER

AUTHORISED CAPITAL

:

MYR 130,000,000.00 DIVIDED INTO
ORDINARY SHARE 130,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 125,719,000.00 DIVIDED INTO
ORDINARY SHARES 125,719,000 CASH OF MYR 1.00 EACH.

SALES

:

MYR 127,758,591 [2017]

NET WORTH

:

MYR 82,028,174 [2017]

STAFF STRENGTH

:

1,446 (2013)

BANKER (S)

:

AFFIN BANK BERHAD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

SLOW BUT CORRECT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

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 plywood and veneer.

 

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

 

The immediate holding company of the Subject is SUBUR TIASA HOLDINGS BERHAD, a company incorporated in MALAYSIA.

 

Share Capital History

Date

Authorised Shared Capital

Issue & Paid Up Capital

14/05/1996

MYR 130,000,000.00

MYR 125,719,000.00

15/08/1995

MYR 25,000,000.00

MYR 11,429,000.00

24/08/1989

MYR 10,000,000.00

MYR 8,000,000.00

03/02/1988

MYR 25,000.00

MYR 2.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

SUBUR TIASA HOLDINGS BERHAD

66-78, PUSAT SURIA PERMATA, JALAN UPPER LANANG, C.D.T. 123, 96000 SIBU, SARAWAK, MALAYSIA.

341792W

125,719,000.00

100.00

---------------

------

125,719,000.00

100.00

============

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MS. NGU YING PING

Address

:

689, LORONG TAMAN HUI SING 6A3, 93350 KUCHING, SARAWAK, MALAYSIA.

IC / PP No

:

K738546

New IC No

:

600530-13-5500

Date of Birth

:

30/05/1960

Nationality

:

MALAYSIAN

Date of Appointment

:

01/07/2009


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

752393M

AA PLYWOOD SDN. BHD.

Director

01/07/2009

0.00

-

MYR(3,695.00)

2017

-

26/03/2018

2

734184M

ALLIED ASIATIC SDN. BHD.

Director

01/07/2009

0.00

-

MYR1,432,610.00

2017

-

26/03/2018

3

776528A

BLESSINGS PALM SDN. BHD.

Director

01/07/2009

0.00

-

MYR(41,061.00)

2017

-

26/03/2018

4

775270M

BLESSINGS REALTY SDN. BHD.

Director

01/07/2009

0.00

-

MYR364,358.00

2017

-

26/03/2018

5

34515V

BORNEO LUMBER INDUSTRIES SDN. BHD.

Director

01/07/2009

0.00

-

MYR(337,637.00)

2017

-

26/03/2018

6

750284A

DIAMOND BIOWOOD SDN. BHD.

Director

01/07/2009

0.00

-

MYR2,449,600.00

2017

-

26/03/2018

7

1054049P

DYNAMIC GOLDYEAR SDN. BHD.

Shareholder

-

800.00

10.67

MYR(2,166.00)

2016

-

26/03/2018

8

761744T

EXCELLE TIMBER SDN. BHD.

Director

01/07/2009

0.00

-

MYR1,575,562.00

2017

-

26/03/2018

9

1057611U

FRUITFUL PALM SDN. BHD.

Director

20/09/2013

0.00

-

MYR(3,695.00)

2017

-

26/03/2018

10

872573K

GOOD WORLDCLASS SDN. BHD.

Shareholder

-

5,000.00

5.73

MYR(8,112.00)

2016

-

26/03/2018

11

189955D

HOMET RAYA SDN. BHD.

Director

01/07/2009

0.00

-

MYR(7,834,394.00)

2017

-

26/03/2018

12

1019826W

HONEYBRIX SDN. BHD.

Director

05/12/2012

0.00

-

MYR(93,285.00)

2017

-

26/03/2018

13

769262T

INFRAPALM SDN. BHD.

Director

01/07/2009

0.00

-

MYR2,798,682.00

2017

-

26/03/2018

14

770831M

JOYFUL REALTY SDN. BHD.

Director

01/07/2009

0.00

-

MYR397,177.00

2017

-

26/03/2018

15

771097V

JPH ENTERPRISE SDN. BHD.

Director

01/07/2009

0.00

-

MYR346,405.00

2017

-

26/03/2018

16

809224M

JPH LOGGING SDN. BHD.

Director

01/07/2009

0.00

-

MYR7,402,098.00

2017

-

26/03/2018

17

1167330X

LX PHOTONICS SDN. BHD.

Director

03/02/2016

0.00

-

MYR(33,896.00)

2017

-

26/03/2018

18

1012769P

MAMO SDN. BHD.

Director

08/10/2012

0.00

-

MYR(3,717.00)

2017

-

26/03/2018

19

1067349P

MERRI MARKETING SDN. BHD.

Director

06/01/2014

0.00

-

MYR(3,670.00)

2017

-

26/03/2018

20

1067347D

MERRI MEE SDN. BHD.

Director

06/01/2014

0.00

-

MYR(3,670.00)

2017

-

26/03/2018

21

310065P

MIGHTY STRONG SDN. BHD.

Director Secretary

11/08/1994 11/08/1994

99,999.00

100.00

MYR58,473.00

2016

-

26/03/2018

22

1033245V

MOMAWATER SDN. BHD.

Director

05/03/2013

0.00

-

MYR(5,633,115.00)

2017

-

26/03/2018

23

1032328H

MOMAWORLD SDN. BHD.

Director

26/02/2013

0.00

-

MYR(65,413.00)

2017

-

26/03/2018

24

614569U

PALMLYN SDN. BHD.

Director

01/07/2008

0.00

-

MYR24,123,651.00

2017

-

26/03/2018

25

1040829P

PING NAM REALTY SDN. BHD.

Shareholder

-

2,000.00

2.56

MYR(2,322.00)

2017

-

26/03/2018

26

1151205M

PRESTIGE SUPERLAND SDN. BHD.

Director

05/08/2015

0.00

-

MYR(3,702.00)

2017

-

26/03/2018

27

48217K

R H TIMBER PROCESSING INDUSTRIES SDN. BHD.

Director

01/07/2009

0.00

-

MYR(706,731.00)

2017

-

26/03/2018

28

406548D

RECORD HARVEST SDN. BHD.

Secretary Director

29/12/2000 29/12/2000

262,501.00

100.00

MYR9,710.00

2017

-

26/03/2018

29

179762K

SARAJU HOLDING SDN. BHD.

Director

02/02/2010

0.00

-

MYR1,950,840.00

2017

-

26/03/2018

30

1151173H

SUBUR PROPERTIES SDN. BHD.

Director

05/08/2015

0.00

-

MYR(2,833.00)

2017

-

26/03/2018

31

323421T

SUBUR TIASA FORESTRY SDN. BHD.

Director

01/07/2009

0.00

-

MYR1,081,509.00

2017

-

26/03/2018

32

341792W

SUBUR TIASA HOLDINGS BERHAD

Director

29/06/2009

0.00

-

MYR(16,460,000.00)

2017

-

26/03/2018

33

198523K

SUBUR TIASA PARTICLEBOARD SDN. BHD.

Director

01/07/2009

0.00

-

MYR2,890,450.00

2017

-

26/03/2018

34

167681D

SUBUR TIASA PLYWOOD SDN. BHD.

Director

01/07/2009

0.00

-

MYR(25,127,237.00)

2017

-

26/03/2018

35

1157521A

SUBUR TIASA R&D SDN. BHD.

Director

07/09/2015

0.00

-

MYR(99,692.00)

2017

-

26/03/2018

36

717556V

SUPREME STANDARD DEVELOPMENT SDN. BHD.

Director

01/07/2009

0.00

-

MYR2,876,026.00

2017

-

26/03/2018

37

257848D

T.Q. ORIENTAL SDN. BHD.

Director

01/07/2009

0.00

-

MYR(29,423.00)

2017

-

26/03/2018

38

1151223H

TIASA HEIGHTS SDN. BHD.

Director

05/08/2015

0.00

-

MYR(274,759.00)

2017

-

26/03/2018

39

938319P

TIASA MESRA SDN. BHD.

Director

25/04/2011

0.00

-

MYR177.00

2017

-

26/03/2018

40

809230X

TIASA PALM SDN. BHD.

Director

01/07/2009

0.00

-

MYR(152,724.00)

2017

-

26/03/2018

41

190362D

TRIMOGREEN SDN. BHD.

Director

01/07/2009

0.00

-

MYR(556,895.00)

2017

-

26/03/2018

42

1090607K

UNITED SUPERLAND SDN. BHD.

Director

31/12/2014

0.00

-

MYR(6,223.00)

2017

-

26/03/2018

43

1015888K

VICTORY PELITA KABAH SDN. BHD.

Director

05/09/2012

0.00

-

MYR(77,192.00)

2017

-

26/03/2018

44

751569X

VICTORY ROUND SDN. BHD.

Director

01/07/2009

0.00

-

MYR(3,401.00)

2017

-

26/03/2018


FORMER INTEREST

No

Local No

Company

Designation

App Date

Withdrawn Date

Shareholding

Status

1

26913W

HII & LEE ASSOCIATES SDN. BHD.

Director

20/02/2001

01/07/2005

-

-

2

935519H

TIASA CERGAS SDN. BHD.

Director

25/04/2011

10/08/2011

-

-

 

DIRECTOR 2

 

Name Of Subject

:

MS. TIONG ING

Address

:

8, LORONG 15, BROOKE DRIVE, 96000 SIBU, SARAWAK, MALAYSIA.

Other Address(es)

:

3RD FLR, L235-236, KEMENA COMM. CTR;JLN TJG BATU;97000 BTL, MALAYSIA.

IC / PP No

:

K677360

New IC No

:

570823-13-5358

Nationality

:

MALAYSIAN

Date of Appointment

:

16/06/2003



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

752393M

AA PLYWOOD SDN. BHD.

Director

04/12/2006

0.00

-

MYR(3,695.00)

2017

-

26/03/2018

2

734184M

ALLIED ASIATIC SDN. BHD.

Director

26/05/2006

0.00

-

MYR1,432,610.00

2017

-

26/03/2018

3

776528A

BLESSINGS PALM SDN. BHD.

Director

08/09/2008

0.00

-

MYR(41,061.00)

2017

-

26/03/2018

4

775270M

BLESSINGS REALTY SDN. BHD.

Director

12/06/2007

0.00

-

MYR364,358.00

2017

-

26/03/2018

5

34515V

BORNEO LUMBER INDUSTRIES SDN. BHD.

Director

01/08/2007

0.00

-

MYR(337,637.00)

2017

-

26/03/2018

6

137055X

COMSERV (SARAWAK) SDN. BHD.

Director

09/06/2000

0.00

-

MYR(482,842.00)

2017

-

26/03/2018

7

750284A

DIAMOND BIOWOOD SDN. BHD.

Director

31/10/2006

0.00

-

MYR2,449,600.00

2017

-

26/03/2018

8

971602T

DREAM STARDOM SDN. BHD.

Shareholder

-

1,380,000.00

46.00

MYR(1,034,849.00)

2013

-

26/03/2018

9

387475X

ETI BLESSED HOLDINGS SDN. BHD.

Director

16/05/1996

99,999.00

100.00

MYR(1,791.00)

2017

-

26/03/2018

10

1267334K

EXCEL LOGGING SDN. BHD.

Director

07/02/2018

0.00

-

-

2017

-

26/03/2018

11

761744T

EXCELLE TIMBER SDN. BHD.

Director

02/03/2007

0.00

-

MYR1,575,562.00

2017

-

26/03/2018

12

1057611U

FRUITFUL PALM SDN. BHD.

Director

20/09/2013

0.00

-

MYR(3,695.00)

2017

-

26/03/2018

13

1160997D

GOOD TV MEDIA SDN. BHD.

Director

05/10/2015

0.00

-

MYR(48,580.00)

2016

-

26/03/2018

14

624862D

GRACE MILLION SDN. BHD.

Director

24/04/2008

0.00

-

MYR(1,483,907.00)

2017

-

26/03/2018

15

1185250K

HAHN FERT SDN. BHD.

Director

08/06/2016

0.00

-

MYR1,273,123.00

2017

-

26/03/2018

16

189955D

HOMET RAYA SDN. BHD.

Director

24/08/2001

0.00

-

MYR(7,834,394.00)

2017

-

26/03/2018

17

1019826W

HONEYBRIX SDN. BHD.

Director

05/12/2012

0.00

-

MYR(93,285.00)

2017

-

26/03/2018

18

769262T

INFRAPALM SDN. BHD.

Director

25/04/2007

0.00

-

MYR2,798,682.00

2017

-

26/03/2018

19

180021X

JET HOLDINGS SDN. BHD.

Secretary Director

21/03/1989 21/03/1989

50,000.00

50.00

MYR407,853.00

2015

-

26/03/2018

20

770831M

JOYFUL REALTY SDN. BHD.

Director

08/05/2007

0.00

-

MYR397,177.00

2017

-

26/03/2018

21

771097V

JPH ENTERPRISE SDN. BHD.

Director

08/05/2007

0.00

-

MYR346,405.00

2017

-

26/03/2018

22

809224M

JPH LOGGING SDN. BHD.

Director

26/03/2008

0.00

-

MYR7,402,098.00

2017

-

26/03/2018

23

1167330X

LX PHOTONICS SDN. BHD.

Director

03/02/2016

0.00

-

MYR(33,896.00)

2017

-

26/03/2018

24

8240V

MALAYSIA DAILY NEWS SDN BHD

Director

29/03/2000

0.00

-

MYR(2,217.00)

2017

-

26/03/2018

25

1012769P

MAMO SDN. BHD.

Director

08/10/2012

0.00

-

MYR(3,717.00)

2017

-

26/03/2018

26

1067349P

MERRI MARKETING SDN. BHD.

Director

06/01/2014

0.00

-

MYR(3,670.00)

2017

-

26/03/2018

27

1067347D

MERRI MEE SDN. BHD.

Director

06/01/2014

0.00

-

MYR(3,670.00)

2017

-

26/03/2018

28

1033245V

MOMAWATER SDN. BHD.

Director

05/03/2013

0.00

-

MYR(5,633,115.00)

2017

-

26/03/2018

29

1032328H

MOMAWORLD SDN. BHD.

Director

26/02/2013

0.00

-

MYR(65,413.00)

2017

-

26/03/2018

30

105483K

PACIFIC HIJAU SDN. BHD.

Director

17/05/2017

0.00

-

MYR31,474.00

2017

-

26/03/2018

31

614569U

PALMLYN SDN. BHD.

Director

30/09/2004

0.00

-

MYR24,123,651.00

2017

-

26/03/2018

32

67069X

PERTUMBUHAN ABADI ASIA SDN. BHD.

Director

17/05/2017

0.00

-

MYR41,917,160.00

2017

-

26/03/2018

33

85466A

PETANAK ENTERPRISES SDN. BHD.

Director

03/04/2000

0.00

-

MYR6,655,603.00

2017

-

26/03/2018

34

1151205M

PRESTIGE SUPERLAND SDN. BHD.

Director

05/08/2015

0.00

-

MYR(3,702.00)

2017

-

26/03/2018

35

48217K

R H TIMBER PROCESSING INDUSTRIES SDN. BHD.

Director

24/08/2001

0.00

-

MYR(706,731.00)

2017

-

26/03/2018

36

179762K

SARAJU HOLDING SDN. BHD.

Director

02/02/2010

0.00

-

MYR1,950,840.00

2017

-

26/03/2018

37

12934U

SARAWAK PLYWOOD (M) SDN. BHD.

Director

16/06/2003

0.00

-

MYR(3,239.00)

2017

-

26/03/2018

38

230578K

SEMARAK VENEER & PLYWOOD SDN. BHD.

Director

26/06/2008

0.00

-

MYR(3,704.00)

2017

-

26/03/2018

39

558134V

SIGMA PARADIGM SDN. BHD.

Director

06/09/2001

0.00

-

MYR(1,914.00)

2017

-

26/03/2018

40

558120V

SOFTWARE OPTIMA SDN. BHD.

Director

06/09/2001

0.00

-

MYR(97,000.00)

2017

-

26/03/2018

41

1151173H

SUBUR PROPERTIES SDN. BHD.

Director

05/08/2015

0.00

-

MYR(2,833.00)

2017

-

26/03/2018

42

323421T

SUBUR TIASA FORESTRY SDN. BHD.

Director

24/08/2001

0.00

-

MYR1,081,509.00

2017

-

26/03/2018

43

341792W

SUBUR TIASA HOLDINGS BERHAD

Director

25/07/2001

0.00

-

MYR(16,460,000.00)

2017

-

26/03/2018

44

198523K

SUBUR TIASA PARTICLEBOARD SDN. BHD.

Director

24/08/2001

0.00

-

MYR2,890,450.00

2017

-

26/03/2018

45

167681D

SUBUR TIASA PLYWOOD SDN. BHD.

Director

16/06/2003

0.00

-

MYR(25,127,237.00)

2017

-

26/03/2018

46

1157521A

SUBUR TIASA R&D SDN. BHD.

Director

07/09/2015

0.00

-

MYR(99,692.00)

2017

-

26/03/2018

47

717556V

SUPREME STANDARD DEVELOPMENT SDN. BHD.

Director

10/03/2006

0.00

-

MYR2,876,026.00

2017

-

26/03/2018

48

257848D

T.Q. ORIENTAL SDN. BHD.

Director

24/08/2001

0.00

-

MYR(29,423.00)

2017

-

26/03/2018

49

57850M

TECK SING LIK ENTERPRISE SDN. BHD.

Shareholder

-

125,000.00

2.50

MYR(8,069,521.00)

2017

-

26/03/2018

50

246257T

TENAGA BANGSAWAN SDN. BHD.

Secretary

31/12/1997

0.00

-

MYR(4,976.00)

2016

-

26/03/2018

51

1151223H

TIASA HEIGHTS SDN. BHD.

Director

05/08/2015

0.00

-

MYR(274,759.00)

2017

-

26/03/2018

52

938319P

TIASA MESRA SDN. BHD.

Director

25/04/2011

0.00

-

MYR177.00

2017

-

26/03/2018

53

809230X

TIASA PALM SDN. BHD.

Director

07/05/2009

0.00

-

MYR(152,724.00)

2017

-

26/03/2018

54

190362D

TRIMOGREEN SDN. BHD.

Director

24/08/2001

0.00

-

MYR(556,895.00)

2017

-

26/03/2018

55

686431H

TUMBUH TIASA ENTERPRISES SDN. BHD.

Director

17/05/2017

0.00

-

MYR(2,006.00)

2017

-

26/03/2018

56

372974T

UNIQUE WOOD HOLDINGS SDN. BHD.

Shareholder

-

560,000.00

28.00

MYR2,332,481.00

2016

-

26/03/2018

57

1090607K

UNITED SUPERLAND SDN. BHD.

Director

31/12/2014

0.00

-

MYR(6,223.00)

2017

-

26/03/2018

58

1015888K

VICTORY PELITA KABAH SDN. BHD.

Director

05/09/2012

0.00

-

MYR(77,192.00)

2017

-

26/03/2018

59

751569X

VICTORY ROUND SDN. BHD.

Director

13/04/2007

0.00

-

MYR(3,401.00)

2017

-

26/03/2018


FORMER INTEREST

No

Local No

Company

Designation

App Date

Withdrawn Date

Shareholding

Status

1

460521H

BASIN PLANTATION SDN. BHD.

Secretary

26/09/2000

10/11/2004

-

-

2

124188T

COMSERV HOLDINGS SDN. BHD.

Director

09/06/2000

31/01/2007

-

-

3

462475P

COMSERV MULTECH SDN. BHD.

Director

30/06/2000

22/08/2001

-

-

4

233748H

COMSERV SALES & SERVICES SDN. BHD.

Director

09/06/2000

22/08/2001

-

-

5

971602T

DREAM STARDOM SDN. BHD.

Director

30/04/2012

15/10/2012

-

-

6

364341H

EAGA EMPLOYMENT AGENCY SDN. BHD.

Director

20/10/1995

24/07/2001

-

-

7

351794A

ECO-TIMBER INDUSTRIES SDN. BHD.

Director

19/07/1995

24/07/2001

-

-

8

347095D

EMPIRE SHIPPING SDN. BHD.

Director

-

13/04/1999

-

-

9

347095D

EMPIRE SHIPPING SDN. BHD.

Secretary

13/12/1997

13/04/1999

-

-

10

387475X

ETI BLESSED HOLDINGS SDN. BHD.

Secretary

26/07/2011

28/02/2018

-

-

11

130935U

GLOBAL MANAGEMENT HOLDINGS SDN. BHD.

Director

09/06/2000

22/08/2001

-

-

12

419502H

INTER-LINK TRANSPORT SDN. BHD.

Director

09/06/2000

22/08/2001

-

-

13

460519T

LAGUN PLANTATION SDN. BHD.

Secretary

26/09/2000

10/11/2004

-

-

14

463618K

LUCKYHILL QUARRY SDN. BHD.

Secretary

26/09/2000

10/11/2004

-

-

15

416476U

NOBLE ELEMENTS SDN. BHD.

Secretary

15/02/2001

28/09/2017

-

-

16

92351V

PROMINO SDN. BHD.

Director

09/11/2009

20/06/2011

-

-

17

279735V

R.H. FORESTRY SDN. BHD.

Director

25/04/2003

18/06/2009

-

-

18

415473U

R.H. LIME SDN. BHD.

Secretary

26/09/2000

14/08/2003

-

-

19

429832A

RIMBUNAN HIJAU EDUCATION SDN. BHD.

Director

09/06/2000

22/08/2001

-

-

20

246257T

TENAGA BANGSAWAN SDN. BHD.

Director

08/07/1995

12/01/2002

-

-

21

935519H

TIASA CERGAS SDN. BHD.

Director

25/04/2011

10/08/2011

-

-

22

372974T

UNIQUE WOOD HOLDINGS SDN. BHD.

Director

10/01/1996

07/04/1999

-

-

23

449261H

WAYTEAM-EAGA VSB (SARAWAK) SDN. BHD.

Director

08/10/1997

11/10/2000

-

In the process of striking off

24

460900K

ZAMAN PEMIMPIN SDN. BHD.

Secretary

26/09/2000

10/11/2004

-

-



FORMER DIRECTOR(S)

 

Name

Address

IC/PP No

Appointed Date

Withdrawn Date

TIONG KIONG KING

NO.7,, PIASAU PARK,, MIRI, SARAWAK, MALAYSIA

471017-13-5093

01/07/1998

01/09/1999

TOMOYUKI TATSUNO

1-3 YAGUCHIDAI, NAKA-KU,YOKOHAMA CITY, KANAGAWA PREF,231 JAPAN

MG8912878

26/09/1989

28/01/1998

TIONG CHIONG HOO

2ND FLOOR, NO.63-65, LORONG UPPER LANANG 10A, PUSAT SURIA PERMATA, MALAYSIA, SIBU, SARAWAK, MALAYSIA

601122-13-5151

12/01/1988

01/07/1998

NGU WOO HIENG

596 LUCKY GARDEN, TANJONG BATU ROAD, BINTULU,SARAWAK., BINTULU, SARAWAK, MALAYSIA

530817-13-5275

30/03/2009

01/07/2009

LEONG SOON MAY

70,, BROOKE DRIVE, SIBU, SARAWAK, MALAYSIA

620319-10-6024

01/09/1999

24/08/2001

TIONG CHIONG ONG

70 BROOKE DRIVE, SIBU,SARAWAK, SIBU, SARAWAK, MALAYSIA

581028-13-5037

12/01/1988

22/12/2016

KENNETH KANYAN ANAK TEMENGGONG KOHYBHG.TEMENGGONG

45E LOT 357 JALAN ANG CHENG HO, KUCHING, SARAWAK, MALAYSIA

420815-13-5055

15/08/1995

01/03/2016

 

Note : The above information was generated from our database.

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

TIONG ING

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

CROWE HORWATH

Auditor' Address

:

LEVEL 16, TOWER C, MEGAN AVENUE II, 12, JALAN YAP KWAN SENG, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. LING CHIEH MIN

New IC No

:

720111-13-5094

Address

:

3, JALAN LIM HAN SWEE, 96000 SIBU, SARAWAK, MALAYSIA.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

AFFIN BANK BERHAD

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

1

18/08/1990

N/A

MALAYAN BANKING BERHAD

MYR 10,000,000.00

Satisfied

2

18/08/1990

N/A

MALAYAN BANKING BERHAD

MYR 11,000,000.00

Satisfied

3

11/06/1996

N/A

MALAYAN BANKING BERHAD

MYR 21,000,000.00

Satisfied

4

05/05/2010

CHARGE OVER CASH DEPOSIT

AFFIN BANK BERHAD

-

Unsatisfied

 

 

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 legal action was found in our databank.

No winding up petition was found in our databank.

 

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

Percentage

:

100%

Overseas

:

NO

Percentage

:

0%


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

Domestic Markets

:

MALAYSIA

Overseas

:

YES

Export Market

:

ASIA

UNITED STATES

UNITED KINGDOM

Credit Term

:

30 DAYS

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

Type of Customer

:

MANUFACTURING INDUSTRIES,AGENTS,WHOLESALERS,RETAIL

 

 

OPERATIONS

 

Products manufactured

:

PLYWOOD AND VENEER

Ownership of premises

:

OWNED

Factory / Premises

:

UPPER LANANG INDUSTRIAL ESTATE, JALAN TENG KUNG SUK, 96000 SIBU, SARAWAK, MALAYSIA.

Production Line

:

7

Production Capacity

:

14000 TO 16000 CUBIC METRES PER MONTH

Shifts

:

2

 

Total Number of Employees:

YEAR

2013

GROUP

N/A

COMPANY

1,446

 

Branch

:

NO

Other Information:


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

The Subject is wholly-owned subsidiary company of Subur Tiasa Holdings Berhad.

The Subject is a main manufacturing group in Sarawak, Malaysia that produce 100% tropical species wood products only.

The Subject's products includes
(a) Plywoods
(b) Logs
(c) Particleboard
(d) Swam Timber
It has Mouldings Specification services which are Finger Joint Stick, Tongue & Groove and Edge-Joint Laminated Board.

The Subject's operation site is equipped with automated, semi-automated and manual machines to produce its 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

:

084-211555

Current Telephone Number

:

084-211555

Match

:

YES

Address Provided by Client

:

NO 66-78 PUSAT SURIA PERMATA, JALAN UPPER LANANG, CDT NO 123, 96000 SIBU, SARAWAK, MALAYSIA

Current Address

:

66-78, PUSAT SURIA PERMATA, JALAN UPPER LANANG, C.D.T. 123, 96000 SIBU, SARAWAK, MALAYSIA.

Match

:

YES

Latest Financial Accounts

:

YES

 

Other Investigations


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

The Subject refused to disclose its number of employees.

 

FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Decreased

[

2013 - 2017

]

Profit/(Loss) Before Tax

:

Decreased

[

2013 - 2017

]

Return on Shareholder Funds

:

Unfavourable

[

(30.63%)

]

Return on Net Assets

:

Unfavourable

[

(20.19%)

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Unfavourable

[

199 Days

]

Debtor Ratio

:

Favourable

[

7 Days

]

Creditors Ratio

:

Favourable

[

30 Days

]

The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. 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

[

0.64 Times

]

Current Ratio

:

Unfavourable

[

1.18 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

[

(4.95 Times)

]

Gearing Ratio

:

Acceptable

[

0.99 Times

]

The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. 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 :

Although the Subject's turnover decreased, its losses also decreased during the year. This could be the result of more efficient control in its operating costs. 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. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. 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

 

 

 

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

16211 : Manufacture of veneer sheets and plywood

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 1988, the Subject is a Private Limited company, focusing on manufacturing and trading of plywood and veneer. Having been in the industry for over two decades, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. Presently, the issued and paid up capital of the Subject stands at MYR 125,719,000. The Subject has a strong support from its holding company.

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. 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.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. 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 82,028,174, the Subject should be able to maintain its business in the near terms.

We noted that the Subject's supplies are solely sourced from local market. Being highly dependent on a limited number of suppliers could lead to delays, lost of revenue and increased costs if such resources become unavailable or shortage.

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.

In view of the above, we recommend credit be granted to the Subject with close monitoring.



FINANCIALs

 

PROFIT AND LOSS ACCOUNT

 

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

SUBUR TIASA PLYWOOD SDN. BHD.

 

Financial Year End

2017-07-31

2016-07-31

2015-07-31

2014-07-31

2013-07-31

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

127,758,591

196,539,834

271,863,535

293,355,239

294,104,530

Other Income

8,800,727

2,206,985

6,696,188

7,969,228

7,916,841

----------------

----------------

----------------

----------------

----------------

Total Turnover

136,559,318

198,746,819

278,559,723

301,324,467

302,021,371

Costs of Goods Sold

(144,578,877)

(211,959,249)

(277,087,657)

(277,683,573)

(287,132,333)

----------------

----------------

----------------

----------------

----------------

Gross Profit

(8,019,559)

(13,212,430)

1,472,066

23,640,894

14,889,038

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

(19,905,237)

(29,046,140)

(12,654,925)

7,593,764

824,977

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

(19,905,237)

(29,046,140)

(12,654,925)

7,593,764

824,977

Taxation

(5,222,000)

0

4,524,036

41,022

1,217,604

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

(25,127,237)

(29,046,140)

(8,130,889)

7,634,786

2,042,581

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(18,563,589)

10,482,551

31,185,340

73,838,154

71,795,573

----------------

----------------

----------------

----------------

----------------

As restated

(18,563,589)

10,482,551

31,185,340

73,838,154

71,795,573

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

(43,690,826)

(18,563,589)

23,054,451

81,472,940

73,838,154

DIVIDENDS - Ordinary (paid & proposed)

-

-

(12,571,900)

(50,287,600)

-

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(43,690,826)

(18,563,589)

10,482,551

31,185,340

73,838,154

=============

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Bankers' acceptance

753,773

1,294,308

1,045,054

599,480

272,457

Hire purchase

485,164

595,374

58,694

551

-

Revolving loans

2,106,684

1,234,627

154,448

-

-

----------------

----------------

----------------

----------------

----------------

3,345,621

3,124,309

1,258,196

600,031

272,457

=============

=============

=============

=============

=============

DEPRECIATION (as per notes to P&L)

6,109,986

10,080,693

10,468,533

10,640,062

12,429,969

AMORTIZATION

-

-

751,628

736,164

663,450

----------------

----------------

----------------

----------------

----------------

Total Amortization And Depreciation

6,109,986

10,080,693

11,220,161

11,376,226

13,093,419

=============

=============

=============

=============

=============

 

BALANCE SHEET

 

SUBUR TIASA PLYWOOD SDN. BHD.

 

ASSETS EMPLOYED:

FIXED ASSETS

70,139,948

76,490,103

83,668,574

55,961,884

60,785,845

LONG TERM INVESTMENTS/OTHER ASSETS

Deferred assets

-

5,222,000

5,222,000

659,000

-

Others

-

-

-

15,983,235

15,211,617

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

-

5,222,000

5,222,000

16,642,235

15,211,617

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

70,139,948

81,712,103

88,890,574

72,604,119

75,997,462

CURRENT ASSETS

Stocks

52,381,904

55,419,113

65,583,241

49,776,801

57,440,753

Contract work-in-progress

17,123,065

36,586,870

22,129,558

9,274,206

12,949,853

Trade debtors

2,310,608

10,616,958

10,144,068

10,945,303

14,363,672

Other debtors, deposits & prepayments

1,075,562

1,297,620

4,905,505

1,841,200

470,847

Short term deposits

1,386,392

4,634,382

1,429,587

686,487

11,064,865

Amount due from holding company

-

-

4,872,068

10,587,165

970,678

Amount due from subsidiary companies

-

-

-

37,450,990

35,116,378

Amount due from related companies

39,062,009

27,945,302

17,382,551

-

-

Cash & bank balances

1,072,026

1,922,994

6,398,964

28,339,749

7,310,158

Others

918,000

918,000

918,000

277,250

15,676,229

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

115,329,566

139,341,239

133,763,542

149,179,151

155,363,433

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

185,469,514

221,053,342

222,654,116

221,783,270

231,360,895

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

11,820,676

7,448,718

22,743,387

8,190,167

10,818,201

Other creditors & accruals

1,882,356

2,497,289

1,531,136

11,132,432

3,584,807

Hire purchase & lease creditors

2,779,627

2,642,468

2,082,406

30,508

-

Other borrowings

35,000,000

50,000,000

20,000,000

-

-

Deposits from customers

-

-

51,300

54,700

49,500

Bill & acceptances payable

35,460,000

11,849,000

20,000,000

35,500,000

5,000,000

Amounts owing to holding company

7,731,896

23,200,234

-

-

-

Amounts owing to subsidiary companies

-

-

1,862,837

307,965

1,503,640

Amounts owing to related companies

3,253,373

7,967,183

9,269,165

9,564,733

8,754,813

Provision for taxation

-

-

-

-

312,668

Other liabilities

-

-

-

-

1,120,112

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

97,927,928

105,604,892

77,540,231

64,780,505

31,143,741

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

17,401,638

33,736,347

56,223,311

84,398,646

124,219,692

----------------

----------------

----------------

----------------

----------------

LONG TERM LIABILITIES

Hire purchase creditors

5,513,412

8,293,039

8,912,334

98,425

-

Deferred taxation

-

-

-

-

660,000

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

5,513,412

8,293,039

8,912,334

98,425

660,000

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

82,028,174

107,155,411

136,201,551

156,904,340

199,557,154

=============

=============

=============

=============

=============

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

125,719,000

125,719,000

125,719,000

125,719,000

125,719,000

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

125,719,000

125,719,000

125,719,000

125,719,000

125,719,000

RESERVES

Retained profit/(loss) carried forward

(43,690,826)

(18,563,589)

10,482,551

31,185,340

73,838,154

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

(43,690,826)

(18,563,589)

10,482,551

31,185,340

73,838,154

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

82,028,174

107,155,411

136,201,551

156,904,340

199,557,154

=============

=============

=============

=============

=============

 

FINANCIAL RATIO

 

SUBUR TIASA PLYWOOD SDN. BHD.

 

TYPES OF FUNDS

Cash

2,458,418

6,557,376

7,828,551

29,026,236

18,375,023

Net Liquid Funds

(33,001,582)

(5,291,624)

(12,171,449)

(6,473,764)

13,375,023

Net Liquid Assets

(34,980,266)

(21,682,766)

(9,359,930)

34,621,845

66,778,939

Net Current Assets/(Liabilities)

17,401,638

33,736,347

56,223,311

84,398,646

124,219,692

Net Tangible Assets

82,028,174

107,155,411

136,201,551

156,904,340

199,557,154

Net Monetary Assets

(40,493,678)

(29,975,805)

(18,272,264)

34,523,420

66,118,939

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

(16,559,616)

(25,921,831)

(11,396,729)

8,193,795

1,097,434

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

(10,449,630)

(15,841,138)

(176,568)

19,570,021

14,190,853

BALANCE SHEET ITEMS

Total Borrowings

80,859,723

74,019,134

51,149,188

35,628,933

5,000,000

Total Liabilities

103,441,340

113,897,931

86,452,565

64,878,930

31,803,741

Total Assets

185,469,514

221,053,342

222,654,116

221,783,270

231,360,895

Net Assets

82,028,174

107,155,411

136,201,551

156,904,340

199,557,154

Net Assets Backing

82,028,174

107,155,411

136,201,551

156,904,340

199,557,154

Shareholders' Funds

82,028,174

107,155,411

136,201,551

156,904,340

199,557,154

Total Share Capital

125,719,000

125,719,000

125,719,000

125,719,000

125,719,000

Total Reserves

(43,690,826)

(18,563,589)

10,482,551

31,185,340

73,838,154

GROWTH RATIOS (Year on Year) (%)

Revenue

(35.00)

(27.71)

(7.33)

(0.25)

12.04

Proft/(Loss) Before Tax

31.47

(129.52)

(266.65)

820.48

(87.36)

Proft/(Loss) After Tax

13.49

(257.23)

(206.50)

273.78

(67.94)

Total Assets

(16.10)

(0.72)

0.39

(4.14)

(6.26)

Total Liabilities

(9.18)

31.75

33.25

104.00

(35.49)

LIQUIDITY (Times)

Cash Ratio

0.03

0.06

0.10

0.45

0.59

Liquid Ratio

0.64

0.79

0.88

1.53

3.14

Current Ratio

1.18

1.32

1.73

2.30

4.99

WORKING CAPITAL CONTROL (Days)

Stock Ratio

199

171

118

73

87

Debtors Ratio

7

20

14

14

18

Creditors Ratio

30

13

30

11

14

SOLVENCY RATIOS (Times)

Gearing Ratio

0.99

0.69

0.38

0.23

0.03

Liabilities Ratio

1.26

1.06

0.63

0.41

0.16

Times Interest Earned Ratio

(4.95)

(8.30)

(9.06)

13.66

4.03

Assets Backing Ratio

0.65

0.85

1.08

1.25

1.59

PERFORMANCE RATIO (%)

Operating Profit Margin

(15.58)

(14.78)

(4.65)

2.59

0.28

Net Profit Margin

(19.67)

(14.78)

(2.99)

2.60

0.69

Return On Net Assets

(20.19)

(24.19)

(8.37)

5.22

0.55

Return On Capital Employed

(17.92)

(21.72)

(7.73)

5.22

0.55

Return On Shareholders' Funds/Equity

(30.63)

(27.11)

(5.97)

4.87

1.02

Dividend Pay Out Ratio (Times)

0

0

1.55

6.59

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.68

UK Pound

1

INR 93.98

Euro

1

INR 81.30

MYR

1

INR 16.91

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KET

                                                


 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.