|
|
|
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%20SDN%20%20BHD%20%20-%20490830%2010-Feb-2018_files/image010.gif)
MIRA INFORM REPORT
|
Report No. : |
490830 |
|
Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
LOTTE CHEMICAL TITAN (M) SDN. BHD. |
|
|
|
|
Formerly Known As : |
·
TITAN
PETCHEM (M) SDN. BHD. ·
TITAN
PP POLYMERS (M) SDN BHD ·
TITAN
HIMONT POLYMERS (M) SDN BHD ·
TITAN
POLYPROPYLENE (M) SDN BHD ·
ASIA
PACIFIC POLYMER (M) SDN BHD ·
ASIA
POLYMER (M) SDN BHD |
|
|
|
|
Registered Office : |
6th Floor, Bangunan Malaysian,
17, Lorong Dungun, Damansara Heights, 50490 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
01.08.1986 |
|
|
|
|
Com. Reg. No.: |
154990-W |
|
|
|
|
Legal Form : |
Private Limited
(Limited By Share) |
|
|
|
|
Line of Business : |
The
Subject is principally engaged in the (as a / as an) manufacturing and
trading of petrochemical products and polyolefin resins. |
|
|
|
|
No. of Employees : |
1000 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
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. |
: |
154990-W |
||||
|
GST NO. |
: |
N/A |
||||
|
COMPANY
NAME |
: |
LOTTE CHEMICAL
TITAN (M) SDN. BHD. |
||||
|
FORMER
NAME |
: |
LOTTE
CHEMICAL TITAN (M) SDN BHD (03/06/2013) |
||||
|
INCORPORATION
DATE |
: |
01/08/1986 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
6TH
FLOOR, BANGUNAN MALAYSIAN, 17, LORONG DUNGUN, DAMANSARA HEIGHTS, 50490 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
PLO 312,
JALAN TEMBAGA 4, PASIR GUDANG INDUSTRIAL ESTATE, 81700 PASIR GUDANG, JOHOR,
MALAYSIA. |
||||
|
TEL.NO. |
: |
07-2538888 |
||||
|
FAX.NO. |
: |
07-20935688 |
||||
|
EMAIL |
: |
CSS@LOTTECHEM.MY |
||||
|
WEB
SITE |
: |
WWW.LOTTECHEM.MY |
||||
|
CONTACT
PERSON |
: |
CHEONG PENG
KHUAN ( DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
20119 |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
AND TRADING OF PETROCHEMICAL PRODUCTS AND POLYOLEFIN RESINS |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
658,410,000.00
ORDINARY SHARE, OF A VALUE OF MYR 658,410,000.00 |
||||
|
SALES |
: |
MYR
6,427,467,000 [2016] |
||||
|
NET
WORTH |
: |
MYR
5,352,244,000 [2016] |
||||
|
M1000
OVERALL RANKING |
: |
78[2011] |
||||
|
M1000
INDUSTRY RANKING |
: |
2[2011] |
||||
|
STAFF
STRENGTH |
: |
1000
[2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
REGULAR
|
||||
|
MANAGEMENT
CAPABILITY |
: |
GOOD |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
GOOD |
||||
|
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 petrochemical products and polyolefin
resins.
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 |
78 |
53 |
50 |
216 |
252 |
|
|
INDUSTRY
RANKING |
2 |
2 |
2 |
3 |
4 |
|
The
immediate holding company of the Subject is LOTTE CHEMICAL TITAN HOLDING BERHAD,
a company incorporated in MALAYSIA.
The
ultimate holding company of the Subject is LOTTE CHEMICAL CORPORATION, a
company incorporated in KOREA.
Former Address(es)
|
Address |
As At
Date |
|
23RD FLOOR,
MENARA PNB, 201-A, JALAN TUN RAZAK, 50400, WILAYAH PERSEKUTUAN, MALAYSIA |
01/02/1993 |
|
WISMA
DAMANSARA, JALAN SEMANTAN, 10TH FLOOR, 50490, WILAYAH PERSEKUTUAN, MALAYSIA |
06/07/2015 |
|
SUITE
503, 5TH FLOOR, MERLIN TOWER, JALAN MELDRUM, 80000, JOHOR, MALAYSIA |
08/06/1989 |
Share Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
25/01/2018 |
N/A |
MYR
3,104,300,000.00 |
|
29/08/2017 |
N/A |
MYR
2,884,300,000.00 |
|
28/08/2017 |
N/A |
MYR
438,575,871.00 |
|
25/08/2017 |
N/A |
MYR
353,575,871.00 |
|
22/08/2017 |
N/A |
MYR
183,575,871.00 |
|
23/11/2011 |
MYR
150,000,000.00 |
MYR
133,575,871.00 |
|
10/09/1992 |
MYR
150,000,000.00 |
MYR
123,410,000.00 |
|
14/05/1991 |
MYR
120,000,000.00 |
MYR
103,410,000.00 |
|
02/01/1990 |
MYR
100,000,000.00 |
MYR
70,000,000.00 |
|
08/11/1989 |
MYR
100,000,000.00 |
MYR
35,000,000.00 |
|
12/08/1986 |
MYR
100,000.00 |
MYR
2.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
LOTTE
CHEMICAL TITAN HOLDING BERHAD |
6TH
FLOOR, BANGUNAN MALAYSIAN RE, NO 17 LORONG DUNGUN, DAMANSARA HEIGHTS, 50490
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
222357
-P |
658,511,934.00 |
99.98 |
|
LOTTE CHEMICAL
TITAN TRADING SDN. BHD. |
6TH
FLOOR, BANGUNAN MALAYSIAN RE, 17,LORONG DUNGUN, DAMANSARA HEIGHTS,K.LUMPUR,
50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
170232-H |
78,718.00 |
0.01 |
|
TITAN
PETROCHEMICALS (M) SDN. BHD. |
MALAYSIA |
171052D |
63,937.00 |
0.01 |
|
--------------- |
------ |
|||
|
658,654,589.00 |
100.00 |
|||
|
============ |
===== |
+ Also
Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
Local
No |
Country |
Company |
Status |
(%) |
As At |
|
157019V |
MALAYSIA |
TANJONG
PUTERI GOLF RESORT BHD. |
- |
1.60 |
25/01/2018 |
DIRECTORS
|
DIRECTOR 1
|
Name Of
Subject |
: |
MR.
CHEONG PENG KHUAN |
|
Address |
: |
22, JALAN
SETIA 7/23, TAMAN SETIA INDAH, 81100 JOHOR BAHRU, JOHOR, MALAYSIA. |
|
Other
Address(es) |
: |
NO. 3,
LORONG HIJAU TIGA, GREEN LANE, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA. |
|
IC / PP
No |
: |
5281877 |
|
New IC
No |
: |
580222-07-5125 |
|
Date of
Birth |
: |
22/02/1958 |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
23/02/2010 |
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 |
154990W |
LOTTE CHEMICAL
TITAN (M) SDN. BHD. |
Director |
23/02/2010 |
0.00 |
- |
MYR1,105,783,000.00 |
2016 |
- |
25/01/2018 |
|
2 |
170232H |
LOTTE
CHEMICAL TITAN TRADING SDN. BHD. |
Director |
23/02/2010 |
0.00 |
- |
MYR156,686,000.00 |
2015 |
- |
25/01/2018 |
|
3 |
1165770H |
LOYAL
FAIRVIEW SDN. BHD. |
Director |
05/01/2016 |
30.00 |
30.00 |
MYR(119,283.00) |
2016 |
- |
25/01/2018 |
|
4 |
171052D |
TITAN
PETROCHEMICALS (M) SDN. BHD. |
Director |
23/02/2010 |
0.00 |
- |
MYR(6,000.00) |
2015 |
- |
25/01/2018 |
FORMER INTEREST
|
No |
Local
No |
Company |
Designation |
App
Date |
Withdrawn
Date |
Shareholding |
Status |
|
1 |
974674M |
LOTTE
UBE SYNTHETIC RUBBER SDN. BHD. |
Director |
11/01/2012 |
14/03/2013 |
- |
- |
DIRECTOR 2
|
Name Of
Subject |
: |
PARK
BEONJIN |
|
Address |
: |
E20-E2
BLOK E, STRAITS VIEW CONDO, NO.8, JALAN SELATAN BARU, BANDAR BARU PERMAS
JAYA, 81750 MASAI, JOHOR, MALAYSIA. |
|
Other
Address(es) |
: |
T2-19-05,
MOLEKPINE CONDOMINIUM,, JALAN MOLEK 1/27,, TAMAN MOLEK, 81100 JOHOR BAHRU,
JOHOR, MALAYSIA. |
|
IC / PP
No |
: |
M49979034/M48955072 |
|
Nationality |
: |
KOREAN |
|
Date of
Appointment |
: |
01/02/2015 |
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 |
154990W |
LOTTE
CHEMICAL TITAN (M) SDN. BHD. |
Director |
01/02/2015 |
0.00 |
- |
MYR1,105,783,000.00 |
2016 |
- |
25/01/2018 |
|
2 |
363632W |
LOTTE
CHEMICAL TITAN CORPORATION SDN. BHD. |
Director |
01/02/2015 |
0.00 |
- |
MYR(18,491.00) |
2016 |
- |
25/01/2018 |
|
3 |
792180A |
LOTTE
CHEMICAL TITAN INTERNATIONAL SDN. BHD. |
Director |
01/02/2015 |
0.00 |
- |
MYR(6,374,601.00) |
2016 |
- |
25/01/2018 |
|
4 |
170232H |
LOTTE
CHEMICAL TITAN TRADING SDN. BHD. |
Director |
01/02/2015 |
0.00 |
- |
MYR156,686,000.00 |
2015 |
- |
25/01/2018 |
|
5 |
363377A |
TITAN
ETHYLENE GLYCOL (M) SDN. BHD. |
Director |
01/02/2015 |
0.00 |
- |
MYR(6,770.00) |
2016 |
- |
25/01/2018 |
|
6 |
171052D |
TITAN
PETROCHEMICALS (M) SDN. BHD. |
Director |
01/02/2015 |
0.00 |
- |
MYR(6,000.00) |
2015 |
- |
25/01/2018 |
|
7 |
169646H |
TITAN
VINYL (M) SDN. BHD. |
Director |
01/02/2015 |
0.00 |
- |
MYR(6,688.00) |
2016 |
- |
25/01/2018 |
DIRECTOR 3
|
Name Of
Subject |
: |
LEE
DONG WOO |
|
Address |
: |
BA-31-2,
10 MONT KIARA, JALAN KIARA 1, MONT KIARA, 50480 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
Other
Address(es) |
: |
102-1501,
DAERIM DURAE APT, 65 GAJEONG-RO, YUSEONG-GU, DAEJEON, REPUBLIC OF KOREA,
34120 |
|
IC / PP
No |
: |
M33073805 |
|
Nationality |
: |
KOREAN |
|
Date of
Appointment |
: |
03/03/2017 |
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 |
154990W |
LOTTE
CHEMICAL TITAN (M) SDN. BHD. |
Director |
03/03/2017 |
0.00 |
- |
MYR1,105,783,000.00 |
2016 |
- |
25/01/2018 |
|
2 |
363632W |
LOTTE
CHEMICAL TITAN CORPORATION SDN. BHD. |
Director |
03/03/2017 |
0.00 |
- |
MYR(18,491.00) |
2016 |
- |
25/01/2018 |
|
3 |
792180A |
LOTTE CHEMICAL
TITAN INTERNATIONAL SDN. BHD. |
Director |
03/03/2017 |
0.00 |
- |
MYR(6,374,601.00) |
2016 |
- |
25/01/2018 |
|
4 |
170232H |
LOTTE
CHEMICAL TITAN TRADING SDN. BHD. |
Director |
03/03/2017 |
0.00 |
- |
MYR156,686,000.00 |
2015 |
- |
25/01/2018 |
|
5 |
363377A |
TITAN
ETHYLENE GLYCOL (M) SDN. BHD. |
Director |
03/03/2017 |
0.00 |
- |
MYR(6,770.00) |
2016 |
- |
25/01/2018 |
|
6 |
171052D |
TITAN
PETROCHEMICALS (M) SDN. BHD. |
Director |
03/03/2017 |
0.00 |
- |
MYR(6,000.00) |
2015 |
- |
25/01/2018 |
|
7 |
169646H |
TITAN
VINYL (M) SDN. BHD. |
Director |
03/03/2017 |
0.00 |
- |
MYR(6,688.00) |
2016 |
- |
25/01/2018 |
FORMER DIRECTOR(S)
|
|
Name |
Address |
IC/PP
No |
Appointed
Date |
Withdrawn
Date |
|
YEH
HSIANG |
VISTA HEIGHTS
APT,11 K #06-02,JALAN MARIAMAH, 80100J.BAHRU, JO |
S2197344J |
01/07/2003 |
09/01/2004 |
|
CHEN
KUNG |
#05-15
HOLLAND HILL MANSION, SINGAPORE 1027. |
2178358G |
01/01/1970 |
14/11/1997 |
|
WOON
CHIAU MENG |
NO:35,JALAN
HARMONIUM 22/8,, TAMAN DESA TEBRAU,, JOHOR BAHRU, JOHOR, MALAYSIA |
520512-01-5695 |
30/08/2007 |
01/04/2010 |
|
WESLEY
RAY VAUGHAN |
NO.10,
JALAN AUSTIN PERDANA 2/16, TAMAN AUSTIN PERDANA, JOHOR BAHRU, JOHOR, MALAYSIA |
422023935 |
26/08/2008 |
02/06/2011 |
|
WARREN
WILLIAM WILDER |
K-31-5
K RESIDENCE, 156 JALAN AMPANG, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
134540601 |
10/07/2008 |
09/11/2010 |
|
THOMAS
PATRICK GREHL |
16,
JALAN LANGGAK DUTA, TAMAN DUTA, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
713183672 |
01/07/2006 |
08/07/2008 |
|
TAN
YONG YEEN |
17,
JALAN PUTRA MAHKOTA 7/2H, PUTRA HEIGHTS, SUBANG JAYA, SELANGOR, MALAYSIA |
510328-05-5225 |
03/09/1999 |
21/08/2001 |
|
TAN TAT
WAI. |
31, JESSELTON
CRESCENT, MALAYSIA, GEORGETOWN, PULAU PINANG, MALAYSIA |
461116-07-5293 |
04/05/1991 |
01/03/1999 |
|
TAN SOO
KOONG |
NO.41,,
JALAN WASPADA, JOHOR BAHRU, JOHOR, MALAYSIA |
610406-01-5981 |
30/08/2007 |
26/08/2008 |
|
RANDY
GLEN WOELFEL |
RUE DU MAIL
96, 1050 BRUXELLES, BELGIUM |
1106031046 |
25/08/1995 |
30/05/1996 |
|
PAO
BANTI |
4TH
FL,CONTINENTAL BUILD, 300 CHUNG HSIAO EAST ROAD, SEC.4.TAIWA |
249233A |
01/08/1993 |
30/05/1996 |
|
NIK
MOHAMED BIN NIK YAACOB |
36,JALAN
SS 7/4, KELANA JAYA, SUBANG JAYA, SELANGOR, MALAYSIA |
490612-03-5111 |
04/05/1991 |
24/02/1999 |
|
MUHAMMAD
FAUZI BIN ABD GHANI |
79,JALAN
SELASEH 16, TAMAN SELASEH, SELANGOR |
620203025329 |
08/09/2004 |
31/03/2008 |
|
MOHD
HILMEY BIN MOHD TAIB |
13 JALAN
SS14/8, SUBANG JAYA, SELANGOR |
530531-06-5291 |
23/06/1995 |
31/05/1999 |
|
LIM HO
HUP |
11,BINJAI
HILL, SINGAPORE 2158. |
2001286B |
08/07/1989 |
03/09/1999 |
|
KHALID
BIN IBRAHIM |
NO.26,JALAN
SETIABAKTI 5, BUKIT DAMANSARA, KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
461214-10-5273 |
04/05/1991 |
03/09/1999 |
|
LEE
HUNKI |
UNIT
A-22-3A, KIARAVILLE CONDO, JALAN CHANGKAT DUTA KIARA, MONT\' KIARA, KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA |
M43550007 |
09/11/2010 |
02/05/2014 |
|
JAMES
CHAO YUAN HSIU |
NO.16,JALAN
LANGGAK DUTA, TAMAN DUTA, KUALA LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA |
470915-75-5059 |
08/07/1999 |
09/09/2003 |
|
GRAHAM
DEWICK |
AVE DES
ASTRONOMES 28, 1180 UKKEL, BELGIUM |
B261353 |
25/08/1995 |
30/05/1996 |
|
FEDERICO
BRUNO CIACCI |
20,WHITETAIL
DRIVE, CHADDS FORD, PENNSYLVANIA |
178240A |
18/03/1994 |
25/08/1995 |
|
FRANCESCO
PAOLO GALLO |
THREE LITTLE
FALLS CENTER, 2801 CENTERVILLE ROAD, WILMINGTON . |
242287E |
01/12/1989 |
25/08/1995 |
|
DAVE
ROBERTS |
BOND
CENTRE, 2001 EAST TOWER, HONG KONG. |
B379879 |
01/06/1993 |
30/05/1996 |
|
DIAU,JIA-YIH |
NO.2,MARINE
VISTA, #06-73,NEPTUNE COURT, SINGAPORE 449026 |
131830147 |
01/07/2003 |
31/05/2007 |
|
DUARD
ALEXANDER LITTLE |
BAAN
SUAN MAAK.RM.2C, 2/3 SOI PATANASIN, BANGKOK, MALAYSIA |
092417941 |
27/07/1994 |
30/05/1996 |
|
DONALD
MARION CONDON,JR |
16,JALAN
LANGGAK DUTA, TAMAN DUTA, KUALA LUMPUR, KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA |
211733419 |
01/07/2003 |
30/06/2006 |
|
YAO
SHIN YI |
7TH
FLOOR,3 TUN HWA SOUTH ROAD, TAIPEI, TAIWAN R.O.C. |
MFA0618859 |
08/07/1989 |
14/11/1997 |
|
ALBERT
YUAN CHAO |
WESTLAKE
CENTER, 2801 POST OAK BLVD, HOUSTAN, TEXAS, USA, MALAYSIA |
206114246 |
04/08/1989 |
03/09/1999 |
|
ANIM
BINTI HASSAN |
39,JALAN
TEMPINIS 1, BANGSAR, KUALA LUMPUR., KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA |
550513-01-5352 |
05/11/1999 |
03/11/2010 |
|
CHEN
CHING |
10,HOLLAND
HILL, #01-15,HOLLAND HILL MANSION, SINGAPORE 1027 |
X0196335 |
01/01/1970 |
14/11/1997 |
|
CHAO
TING TSUNG |
151017-74-5059 |
08/07/1989 |
03/09/1999 |
|
|
KIM GYO
HYUN |
UNIT A-15-6
SENI MONT KIARA, NO.2A JALAN CHANGKAT DUTA KIARA, MONT KIARA, KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA |
M69904116 |
02/05/2014 |
03/03/2017 |
|
CHUN
MYUNG JIN |
NO. 25,
JALAN REDANG 1/1, TAMAN REDANG, JOHOR BAHRU, JOHOR, MALAYSIA |
M89809195 |
02/06/2011 |
01/02/2015 |
Note :
The above information was generated from our database.
MANAGEMENT
|
|
1) |
Name of
Subject |
: |
CHEONG
PENG KHUAN |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
ERNST
& YOUNG |
|
Auditor'
Address |
: |
LEVEL
23A, MENARA MILENIUM,, JALAN DAMANLELA,, PUSAT BANDAR DAMANSARA,, 50491,
KUALA LUMPUR, MALAYSIA. |
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
MR.
KONG CHOCK HOON |
|
New IC
No |
: |
600101-01-6001 |
|
|
Address |
: |
92,JALAN
DATUK SULAIMAN 6, TAMAN TUN DR ISMAIL, 60000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
CIMB
BANK BHD |
|
2) |
Name |
: |
MALAYAN
BANKING BHD |
ENCUMBRANCE (S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
30/05/1990 |
N/A |
CITICROP
INTERNATIONAL LIMITED |
MYR 40,000,000.00 |
Satisfied |
|
2 |
30/05/1990 |
N/A |
CITICROP
INTERNATIONAL LIMITED |
MYR
40,000,000.00 |
Satisfied |
|
3 |
30/05/1990 |
N/A |
CITICROP
INTERNATIONAL LIMITED |
MYR
40,000,000.00 |
Satisfied |
|
4 |
30/05/1990 |
N/A |
CITICROP
INTERNATIONAL LIMITED |
MYR
40,000,000.00 |
Satisfied |
|
5 |
30/05/1990 |
N/A |
CITICROP
INTERNATIONAL LIMITED |
MYR
40,000,000.00 |
Satisfied |
|
6 |
03/09/1990 |
N/A |
CITICROP
INTERNATIONAL LIMITED |
MYR
40,000,000.00 |
Satisfied |
|
7 |
17/12/2004 |
N/A |
MAYBANK
INTERNATIONAL L LTD AS SECURITY AGENT FOR |
MYR
2.00 |
Satisfied |
|
8 |
17/12/2004 |
N/A |
MAYBANK
INTERNATIONAL L LTD AS SECURITY AGENT FOR |
MYR
2.00 |
Satisfied |
|
9 |
17/12/2004 |
N/A |
MAYBANK
INTERNATIONAL L LTDAS SECURITY AGENT FOR I |
MYR 1.00 |
Satisfied |
|
10 |
25/07/2007 |
N/A |
MAYBANK
INTERNATIONAL (L) LTD |
- |
Satisfied |
|
11 |
25/07/2007 |
N/A |
MAYBANK
INTERNATIONAL (L) LTD |
- |
Satisfied |
|
12 |
25/07/2007 |
N/A |
MAYBANK
INTERNATIONAL (L) LTD |
- |
Satisfied |
|
13 |
25/07/2007 |
N/A |
MAYBANK
INTERNATIONAL (L) LTD |
- |
Satisfied |
|
14 |
27/03/2009 |
N/A |
RHB
BANK (L) LTD |
- |
Satisfied |
|
15 |
27/03/2009 |
N/A |
RHB
BANK (L) LTD |
- |
Satisfied |
|
16 |
27/03/2009 |
N/A |
RHB
BANK (L) LTD |
- |
Satisfied |
|
17 |
15/11/2011 |
N/A |
STANDARD
CHARTERED BANK, OFFSHORE LABUAN |
USD
116,592,800.00 |
Satisfied |
|
18 |
15/11/2011 |
N/A |
STANDARD
CHARTERED BANK, OFFSHORE LABUAN |
USD
116,592,800.00 |
Satisfied |
|
19 |
15/11/2011 |
N/A |
STANDARD
CHARTERED BANK, OFFSHORE LABUAN |
USD
116,592,800.00 |
Satisfied |
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.
DEFAULTER CHECK AGAINST
SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
X |
] |
Average
61-90 Days |
[ |
] |
|||||
|
Fair 91-120
Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
AUSTRALIA |
|||
|
Credit
Term |
: |
30 - 60
DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
||
|
Member(s)
/ Affiliate(s) |
: |
MALAYSIAN
PLASTICS MANUFACTURERS ASSOCIATION (MPMA) MALAYSIA
EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) |
||
|
Ownership
of premises |
: |
OWNED |
||
|
Production
Capacity |
: |
|
|
Total Number
of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
1000 |
1000 |
1000 |
1,000 |
1000 |
||||
|
Branch |
: |
YES |
|
|
No of
Branches |
: |
3 |
|
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing and
trading of petrochemical products and polyolefin resins.
The Subject produces a range olefins, aromatics and polyolefins.
The Subject's products and primary uses as follows:
* Ethylene - Polyethylene, ethylene dichloride, ethylbenzene, ethylene
oxide/ethylene glycol. Downstream uses: VCM, styrene, antifreeze, polyester for
fibers and PET.
* Propylene - Polypropylene, propylene oxide, acrylonitrile. Downstream uses:
Detergent and ABS.
* Olefin co-products - Downstream uses: Synthetic rubber, polyester, acrylics
and fuels.
* Low Density Polyethylene - Film for bread bags, dry cleaning bags, food
wraps; paper and foil coatings for milk cartons and snack packages.
* Linear Low Density / High Density Polyethylene - Film for shrink wrap, trash
and carry bags; containers such as tubs, pails and bottles.
* High Density Polyethylene - Ultra strong pipes and ultra-thin films.
* Polypropylene - Fibers and filaments for fabrics and carpets; components for
autos and appliances, electronic equipment housing, film for packaging and
bottles.
The Subject utilizes advanced automated and semi-automated machineries to
ensure production of high quality products.
The Subject also has its own R & D team that carrying out catalyst
development, process research, and quality control, geared specifically toward
the actual production process.
CURRENT INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
6072538888
|
|
Current
Telephone Number |
: |
07-2538888 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
PLO
312, JALAN TEMBAGA 4, PSIR GUDANG INDUSTRIAL ESTATE, 81700 PASIR GUDANG |
|
Current
Address |
: |
PLO
312, JALAN TEMBAGA 4, PASIR GUDANG INDUSTRIAL ESTATE, 81700 PASIR GUDANG,
JOHOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We have contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2012 -
2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2012 -
2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
20.66% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
28.00% |
] |
|
|
The continuous
fall in turnover could be due to the lower demand for the Subject's products
/ services.The Subject's management have been efficient in controlling its
operating costs. The Subject's management had generated acceptable return for
its shareholders using its assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
53 Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
19 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
21 Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. 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 |
: |
Favourable |
[ |
2.19
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
4.04
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 |
: |
Favourable |
[ |
132.89
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.01
Times |
] |
|
|
The
interest cover showed that the Subject was able to service the interest. The
favourable interest cover could indicate that the Subject was making enough profit
to pay for the interest accrued. The Subject was lowly geared thus it had a
low financial risk. The Subject was mainly financed by its shareholders'
funds and internally generated funds. In times of economic slowdown /
downturn, the Subject being a lowly geared company, will be able to compete
better than those companies which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Due to the
efficient control of its operating costs, the Subject was able to remain
profitable despite lower turnover achieved during the year. 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. With the favourable interest cover,
the Subject could be able to service all the accrued interest without facing
any difficulties. The Subject as a lowly geared company, will be more secured
compared to those highly geared companies. It has the ability to meet all its
long term obligations. |
||||||
|
Overall
financial condition of the Subject : STRONG |
||||||
|
|
||||||
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 |
|
|
20119 :
Manufacture of other basic chemicals n.e.c. |
|
|
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
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
LOTTE
CHEMICAL TITAN (M) 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 |
6,427,467,000 |
6,496,724,000 |
6,916,886,000 |
6,698,055,000 |
6,398,895,000 |
|
Other
Income |
18,054,000 |
28,501,000 |
18,718,000 |
8,839,000 |
4,918,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
6,445,521,000 |
6,525,225,000 |
6,935,604,000 |
6,706,894,000 |
6,403,813,000 |
|
Costs
of Goods Sold |
(4,788,581,000) |
(5,554,081,000) |
(7,004,915,000) |
(6,793,896,000) |
(6,682,448,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
1,656,940,000 |
971,144,000 |
(69,311,000) |
(87,002,000) |
(278,635,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
1,487,346,000 |
780,833,000 |
(200,790,000) |
(216,272,000) |
(388,690,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
1,487,346,000 |
780,833,000 |
(200,790,000) |
(216,272,000) |
(388,690,000) |
|
Taxation |
(381,563,000) |
(415,549,000) |
(28,648,000) |
(50,351,000) |
108,894,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
1,105,783,000 |
365,284,000 |
(229,438,000) |
(266,623,000) |
(279,796,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
2,074,699,000 |
1,738,045,000 |
1,967,521,000 |
2,234,187,000 |
2,514,037,000 |
|
Prior year
adjustment |
- |
(28,579,000) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
2,074,699,000 |
1,709,466,000 |
1,967,521,000 |
2,234,187,000 |
2,514,037,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
3,180,482,000 |
2,074,750,000 |
1,738,083,000 |
1,967,564,000 |
2,234,241,000 |
|
TRANSFER
TO RESERVES - General |
(41,000) |
(51,000) |
(38,000) |
- |
- |
|
CAPITALISATION
FOR BONUS ISSUES |
- |
- |
- |
(43,000) |
(54,000) |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(844,729,000) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
2,335,712,000 |
2,074,699,000 |
1,738,045,000 |
1,967,521,000 |
2,234,187,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Loan
from associated companies |
- |
- |
8,678,000 |
- |
- |
|
Term
loan / Borrowing |
2,026,000 |
3,481,000 |
4,680,000 |
16,057,000 |
18,505,000 |
|
Others |
9,251,000 |
12,756,000 |
6,233,000 |
10,204,000 |
12,508,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
11,277,000 |
16,237,000 |
19,591,000 |
26,261,000 |
31,013,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
431,132,000 |
451,632,000 |
360,722,000 |
332,372,000 |
318,351,000 |
|
AMORTIZATION |
2,147,000 |
1,984,000 |
1,231,000 |
804,000 |
834,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
433,279,000 |
453,616,000 |
361,953,000 |
333,176,000 |
319,185,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
LOTTE
CHEMICAL TITAN (M) SDN. BHD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
4,438,021,000 |
3,694,007,000 |
3,128,309,000 |
3,166,699,000 |
3,212,928,000 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
- |
- |
- |
- |
2,144,000 |
|
Deferred
assets |
- |
118,857,000 |
459,674,000 |
460,541,000 |
476,672,000 |
|
Others |
36,278,000 |
36,990,000 |
30,997,000 |
9,292,000 |
9,434,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
36,278,000 |
155,847,000 |
490,671,000 |
469,833,000 |
488,250,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
4,474,299,000 |
3,849,854,000 |
3,618,980,000 |
3,636,532,000 |
3,701,178,000 |
|
CURRENT
ASSETS |
|||||
|
Stocks |
912,127,000 |
922,351,000 |
995,166,000 |
1,126,276,000 |
957,013,000 |
|
Contract
work-in-progress |
26,473,000 |
35,097,000 |
- |
- |
- |
|
Trade
debtors |
336,606,000 |
287,741,000 |
293,308,000 |
334,106,000 |
283,915,000 |
|
Other
debtors, deposits & prepayments |
130,916,000 |
74,972,000 |
32,394,000 |
24,096,000 |
14,816,000 |
|
Amount
due from holding company |
6,052,000 |
5,212,000 |
5,158,000 |
5,453,000 |
1,786,000 |
|
Amount
due from related companies |
509,720,000 |
277,040,000 |
30,243,000 |
104,690,000 |
264,413,000 |
|
Cash
& bank balances |
57,010,000 |
264,181,000 |
42,708,000 |
81,640,000 |
11,990,000 |
|
Others |
9,974,000 |
- |
- |
1,216,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
1,988,878,000 |
1,866,594,000 |
1,398,977,000 |
1,677,477,000 |
1,533,933,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
6,463,177,000 |
5,716,448,000 |
5,017,957,000 |
5,314,009,000 |
5,235,111,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
275,746,000 |
316,381,000 |
332,651,000 |
663,257,000 |
448,371,000 |
|
Other
creditors & accruals |
117,385,000 |
91,984,000 |
111,214,000 |
80,334,000 |
80,483,000 |
|
Bank
overdraft |
- |
- |
- |
- |
136,000 |
|
Short
term borrowings/Term loans |
75,365,000 |
71,347,000 |
58,009,000 |
49,328,000 |
61,250,000 |
|
Bill
& acceptances payable |
- |
- |
77,000,000 |
- |
43,000,000 |
|
Amounts
owing to holding company |
8,000 |
6,000 |
3,000 |
6,000 |
- |
|
Amounts
owing to related companies |
23,863,000 |
24,834,000 |
552,863,000 |
610,082,000 |
682,687,000 |
|
Provision
for taxation |
- |
- |
587,000 |
505,000 |
496,000 |
|
Other
liabilities |
- |
657,000 |
116,084,000 |
244,021,000 |
242,162,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
492,367,000 |
505,209,000 |
1,248,411,000 |
1,647,533,000 |
1,558,585,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
1,496,511,000 |
1,361,385,000 |
150,566,000 |
29,944,000 |
(24,652,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||||
|
Long
term loans |
- |
72,206,000 |
116,716,000 |
- |
- |
|
Deferred
taxation |
292,647,000 |
- |
- |
- |
- |
|
Others |
325,919,000 |
274,998,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
618,566,000 |
347,204,000 |
116,716,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
5,352,244,000 |
4,864,035,000 |
3,652,830,000 |
3,666,476,000 |
3,676,526,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||||
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
133,576,000 |
133,576,000 |
133,576,000 |
133,576,000 |
133,576,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
133,576,000 |
133,576,000 |
133,576,000 |
133,576,000 |
133,576,000 |
|
RESERVES |
|||||
|
Share
premium |
1,665,431,000 |
1,665,431,000 |
1,665,431,000 |
1,665,431,000 |
1,665,431,000 |
|
Exchange
equalisation/fluctuation reserve |
1,217,525,000 |
990,329,000 |
115,778,000 |
(100,052,000) |
(356,668,000) |
|
Retained
profit/(loss) carried forward |
2,335,712,000 |
2,074,699,000 |
1,738,045,000 |
1,967,521,000 |
2,234,187,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
5,218,668,000 |
4,730,459,000 |
3,519,254,000 |
3,532,900,000 |
3,542,950,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
5,352,244,000 |
4,864,035,000 |
3,652,830,000 |
3,666,476,000 |
3,676,526,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
LOTTE
CHEMICAL TITAN (M) SDN. BHD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
57,010,000 |
264,181,000 |
42,708,000 |
81,640,000 |
11,990,000 |
|
Net
Liquid Funds |
57,010,000 |
264,181,000 |
(34,292,000) |
81,640,000 |
(31,146,000) |
|
Net
Liquid Assets |
584,384,000 |
439,034,000 |
(844,600,000) |
(1,096,332,000) |
(981,665,000) |
|
Net
Current Assets/(Liabilities) |
1,496,511,000 |
1,361,385,000 |
150,566,000 |
29,944,000 |
(24,652,000) |
|
Net Tangible
Assets |
5,352,244,000 |
4,864,035,000 |
3,652,830,000 |
3,666,476,000 |
3,676,526,000 |
|
Net
Monetary Assets |
(34,182,000) |
91,830,000 |
(961,316,000) |
(1,096,332,000) |
(981,665,000) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
1,498,623,000 |
797,070,000 |
(181,199,000) |
(190,011,000) |
(357,677,000) |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
1,931,902,000 |
1,250,686,000 |
180,754,000 |
143,165,000 |
(38,492,000) |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
75,365,000 |
143,553,000 |
251,725,000 |
49,328,000 |
104,386,000 |
|
Total
Liabilities |
1,110,933,000 |
852,413,000 |
1,365,127,000 |
1,647,533,000 |
1,558,585,000 |
|
Total
Assets |
6,463,177,000 |
5,716,448,000 |
5,017,957,000 |
5,314,009,000 |
5,235,111,000 |
|
Net
Assets |
5,970,810,000 |
5,211,239,000 |
3,769,546,000 |
3,666,476,000 |
3,676,526,000 |
|
Net
Assets Backing |
5,352,244,000 |
4,864,035,000 |
3,652,830,000 |
3,666,476,000 |
3,676,526,000 |
|
Shareholders'
Funds |
5,352,244,000 |
4,864,035,000 |
3,652,830,000 |
3,666,476,000 |
3,676,526,000 |
|
Total
Share Capital |
133,576,000 |
133,576,000 |
133,576,000 |
133,576,000 |
133,576,000 |
|
Total
Reserves |
5,218,668,000 |
4,730,459,000 |
3,519,254,000 |
3,532,900,000 |
3,542,950,000 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(1.07) |
(6.07) |
3.27 |
4.68 |
2.15 |
|
Proft/(Loss)
Before Tax |
90.48 |
488.88 |
7.16 |
44.36 |
(1,143.63) |
|
Proft/(Loss)
After Tax |
202.72 |
259.21 |
13.95 |
4.71 |
(2,737.98) |
|
Total
Assets |
13.06 |
13.92 |
(5.57) |
1.51 |
(6.60) |
|
Total
Liabilities |
30.33 |
(37.56) |
(17.14) |
5.71 |
3.68 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.12 |
0.52 |
0.03 |
0.05 |
0.01 |
|
Liquid
Ratio |
2.19 |
1.87 |
0.32 |
0.33 |
0.37 |
|
Current
Ratio |
4.04 |
3.69 |
1.12 |
1.02 |
0.98 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
53 |
54 |
53 |
61 |
55 |
|
Debtors
Ratio |
19 |
16 |
15 |
18 |
16 |
|
Creditors
Ratio |
21 |
21 |
17 |
36 |
24 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.01 |
0.03 |
0.07 |
0.01 |
0.03 |
|
Liabilities
Ratio |
0.21 |
0.18 |
0.37 |
0.45 |
0.42 |
|
Times
Interest Earned Ratio |
132.89 |
49.09 |
(9.25) |
(7.24) |
(11.53) |
|
Assets
Backing Ratio |
40.07 |
36.41 |
27.35 |
27.45 |
27.52 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
23.14 |
12.02 |
(2.90) |
(3.23) |
(6.07) |
|
Net
Profit Margin |
17.20 |
5.62 |
(3.32) |
(3.98) |
(4.37) |
|
Return
On Net Assets |
28.00 |
16.39 |
(4.96) |
(5.18) |
(9.73) |
|
Return
On Capital Employed |
25.10 |
15.30 |
(4.81) |
(5.18) |
(9.73) |
|
Return
On Shareholders' Funds/Equity |
20.66 |
7.51 |
(6.28) |
(7.27) |
(7.61) |
|
Dividend
Pay Out Ratio (Times) |
0.76 |
0 |
0 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.37 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.89 |
|
MYR |
1 |
INR 16.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
SYL |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.