MIRA
INFORM REPORT
|
Report Date : |
21st
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
TAMCO
CORPORATE HOLDINGS BHD |
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Formerly Known As : |
TAMCO
CORPORATE HOLDINGS SDN BHD |
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Registered Office : |
Unit
C508, Blk C, Kelana Square, Jln Ss 7/26, Kelana Jaya
47301, Petaling Jaya, Selangor. |
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Country : |
Malaysia
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Financials (as on) : |
31/05/2005 |
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Date of Incorporation : |
14/04/1966 |
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Legal Form : |
Public
Company |
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Line of Business : |
Engaged
in the business of manufacturing & designing of electrical switchgears. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
* All figures quoted in this report
are in local currency RM (Ringgit Malaysia) unless otherwise specified.
* Adopted abbreviations : SC
- Subject Company ( the company enquired by you) N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL
NO : 6614-W
COMPANY
NAME : TAMCO CORPORATE HOLDINGS BHD
FORMER
NAME : TAMCO CORPORATE HOLDINGS SDN BHD
(15-01-2003)
INCORPORATION
DATE : 14/04/1966
LEGAL
STATUS : PUBLIC COMPANY
LISTED
STATUS : YES
LISTED
DATE : 06/07/2004
REGISTERED
ADDRESS : UNIT C508, BLK C, KELANA SQUARE, JLN SS
7/26, KELANA
JAYA
47301, PETALING JAYA, SELANGOR.
BUSINESS
ADDRESS : LOT 2A, JLN 13/2, SEC 13 46200, PETALING
JAYA,
SELANGOR.
TEL
NO : 03 - 79562799
FAX
NO : 03 - 79556009/8009
WEB
SITE : www.tamco.com.my
CONTACT
PERSON : ABDUL LATIF BIN MAHAMUD (MD)
INDUSTRY
CODE : 31900
PRINCIPAL
ACTIVITY : MANUFACTURING & DESIGNING OF ELECTRICAL
SWITCHGEARS
AUTHORISED CAPITAL : RM 500,000,000.00 DIVIDED INTO
1,000,000,000.00
SHARES OF RM 0.50 EACH
ISSUED
AND PAID UP : 251,137,720 - CASH ) SHARES OF
CAPITAL 8,350,000.00
- OTHERWISE ) RM 0.50 EACH
SALES
: RM 305,638,000 [2005]
NET
WORTH : RM 131,379,000 [2005]
M1000
OVERALL RANKING : 776 [2005]
M1000
INDUSTRY RANKING : 6 [2005]
STAFF
STRENGTH : 800
[2006]
BANKER
(S) : MALAYAN BANKING BHD
LITIGATION : TRACED
FINANCIAL
CONDITION : LIMITED
PAYMENT : AVERAGE
MANAGEMENT CAPABILITY : WEAK
COMMERCIAL
RISK : LOW
CURRENCY
EXPOSURE : HIGH
GENERAL
REPUTATION : GOOD
INDUSTRY
OUTLOOK : STRONG GROWTH
CREDIT RATING : Ba (please refer to appendix)
HISTORY / BACKGROUND
As a public limited
company, the SC must have at least one shareholder but there is no limit on the
maximum number of shareholders.
The SC must have at least two directors. A public limited company is
a separate legal entity from its
shareholders. As a separate legal entity, the SC is capable of owning
assets, entering into contracts,
suing or be sued by other companies. The liabilities of the shareholders
are only up to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the SC is
insolvent. The SC is governed by the Companies Act, 1965 and must
file in its annual return,
together with its financial statements with the Registrar of Companies. In
Malaysia, all the companies
seeking listing on the Kuala Lumpur Stock Exchange (KLSE) must be public
limited companies.
The SC is principally
engaged in the (as a / as an) manufacturing & designing of electrical
switchgears.
The SC was listed on
Bursa Malaysia (Malaysia Stock Exchange) on 2004 Jul 2004.
The SC is one of the
Top Corporate Perfomers in the Malaysia 1000 publication, a directory jointly
published by Companies Commission
of Malaysia (The Registrar Office), Minister of Domestic Trade and
Consumer Affairs and our
publication arm, BASIS Publications House Sdn Bhd.
According to the
Malaysia 1000 publication, the SC's ranking are as follows :
YEAR 2005 2004
OVERALL
RANKING 776 651
INDUSTRY
RANKING 6 5
The Directors regard
Ancom Berhad, a public limited company incorporated in Malaysia and listed on
the
Main Board of the Bursa Malaysia
Securities Berhad, as the holding company.
The major
shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
ALLIANCEGROUP MENARA MULTI-PURPOSE, CAPITAL SQUARE, 42234 118,303,518
NOMINEES (TEMPATAN) 8 JLN MUNSHI ADBULLAH, 2ND FLR 50100,
SDN BHD KUALA LUMPUR.
EMPLOYEES PROVIDENT BGN KWSP, JLN RAJA
LAUT, 23RD FLR 50350, 17,582,000
FUND BOARD KUALA LUMPUR.
ECM LIBRA SECURITIES WISMA
GENTING, JLN SULTAN ISMAIL, 1ST, 13,896,600
NOMINEES (TEMPATAN) 2ND & 3RD FLR 50250, KUALA LUMPUR.
SDN BHD
LEMBAGA TABUNG HAJI 201
JLN TUN RAZAK, LEVEL 36 50400, KUALA 12,396,800
LUMPUR.
TA NOMINEES MENARA TA ONE, 22 JLN P RAMLEE, 13TH FLR 268290 6,287,500
(TEMPATAN) SDN BHD 50250, KUALA LUMPUR.
TAMCO CORPORATE HOLDINGS BHD
CIMSEC NOMINEES COMMERCE
SQUARE, JLN SEMANTAN, 265449 5,725,192
(TEMPATAN) SDN BHD D''SARA HEIGHTS, 9TH FLR 50490, KUALA
LUMPUR.
CITICORP NOMINEES 28
MEDAN PASAR 50050, KUALA LUMPUR. 263875 3,338,506
(ASING) SDN BHD
ECM LIBRA SECURITIES WISMA
GENTING, JLN SULTAN ISMAIL, 1ST, 3,125,800
NOMINEES (ASING) SDN 2ND & 3RD FLR 50250, KUALA LUMPUR.
BHD
LEMBAGA TABUNG PEJABAT
KEWANGAN NEGERI, WISMA DARUL 2,017,000
AMANAH WARISAN IMAN, 14TH FLR 20592, KUALA TRENGGANU,
NEGERI TERENGGANU TRENGGANU.
HDM NOMINEES 7 JLN KELAWEI 10250, PENANG. 41117 1,989,000
(TEMPATAN) SDN BHD
LEMBAGA TABUNG BGN
LTAT, JLN BKT BINTANG, 10-12TH FLR 1,950,000
ANGKATAN TENTERA 55100, KUALA LUMPUR.
CARTABAN NOMINEES PO
BOX 13150 50732, KUALA LUMPUR. 263367 1,393,500
(ASING) SDN BHD
MAYBAN NOMINEES MENARA
MAYBANK, 100 JLN TUN PERAK, 258939 1,359,000
(TEMPATAN) SDN BHD 14TH FLR 50050, KUALA LUMPUR.
MALAYSIA NOMINEES WISMA
LEE RUBBER, JLN MELAKA, 14TH FLR 6193 1,204,500
(TEMPATAN) SDN BHD 50100, KUALA LUMPUR.
TAN KAH HOCK 22 JLN USJ 5/3 47610, SUBANG JAYA, 4188071 1,200,000
SELANGOR.
OH KIM SUN 18 JLN TUN ISMAIL, BKT TUNKU 50480, KUALA 2278556 1,149,800
LUMPUR.
CHEAH SEE HAN 33B-0-3 BLK B, VILLA PUTRA CONDO, JLN TUN 3210166 1,133,000
ISMAIL, GRD FLR 50480, KUALA LUMPUR.
PERMODALAN NASIONAL BALAI PNB, 201A JLN
TUN RAZAK, 4TH FLR 38218 1,084,000
BHD 50400, KUALA LUMPUR.
JOHN HANCOCK LIFE MENARA
JOHN HANCOCK, 6 JLN 24851 1,035,000
INSURANCE (MALAYSIA) GELENGGANG, D''SARA HEIGHTS, 12TH FLR
BHD 50490, KUALA LUMPUR.
RHB CAPITAL NOMINEES TOWER 3, RHB CENTRE,
JLN TUN RAZAK, 24915 809,500
(TEMPATAN) SDN BHD LEVEL 1 50400, KUALA LUMPUR.
MORE THAN 500 62,507,504
MEMBERS
------------------
259,487,720
===========
+ Also Director
The SC interest in
other companies (Subsidiaries/Associates) are shown as follows:
Local No Name Shareholding (%) As At
7227 TAMCO (MALAYSIA) SDN BHD 0 100.00 31/05/04
6691 TAMCO
COMPONENTS SDN BHD 67.00 31/05/05
84527 TAMCO ELECTRICAL (MALAYSIA) SDN BHD 900,000 100.00 17/03/06
TAMCO SYSTEMS (MALAYSIA) SDN BHD 100.00 31/05/05
DIRECTORS
We have conducted the following 2 essential checks on all the directors of the SC in our database:
* INTEREST CHECK: This refers to a check in our databank whether the said
person has any interest
companies and
businesses.
* CREDIT HISTORY CHECK : This refers to a check in our databank
whether the said person has been involved in any legal suites, bankruptcy,
liquidated/wound up companies in Malaysia and as well as any other default
information related to him/her which
were contributed by our valued subscribers. Our information on
bankruptcy and wound up companies date back to 1900.
DIRECTOR 1
Name
of Subject : LIM HOCK CHYE
Address : 58 JLN SS 22/22, D''SARA JAYA 47400,
PETALING JAYA,
SELANGOR.
IC
/ PP No : 4779223
New
IC No : 550526-07-5303
Date
of Birth : 26/05/1955
Nationality : MALAYSIA CHINESE
Date
of Appointment : 05/12/2003
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST IN COMPANY
Company.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. Designation Shareholding Court As
At . . . .
. .
HYUNDAI-BERJAYA CORPORATION BHD Director 0 28/02/2005
JUAN KUANG (M) INDUSTRIAL BHD Director 0 03/12/2004
NYLEX
(MALAYSIA) BHD Director 0 24/04/2006
SILVER
BIRD GROUP BHD Director 0 19/05/2006
TAMCO
CORPORATE HOLDINGS BHD Director 0 03/03/2006
CREDIT HISTORY CHECK
Legal
action : none in our databank
Bankruptcy
action : none in our databank
Secretary/director/
shareholder of would up company : none in our databank
Contributing
subscriber default information : none in our databank
DIRECTOR 2
Name
of Subject : DATO SIEW KA WEI
Address : 38 JLN JELUTONG, D''SARA HEIGHTS 50490,
KUALA LUMPUR.
IC
/ PP No : 4957672
New
IC No : 551219-71-5125
Date
of Birth : 19/12/1955
Nationality : MALAYSIA CHINESE
Date
of Appointment : 17/10/2001
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST IN COMPANY
Company.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. Designation Shareholding Court As
At . . . . . .
. .
ANCOM BHD Director 0 22/02/2006
ANCOM CROP CARE SDN BHD Director 0 15/04/2006
ANCOM
ENERGY & SERVICES SDN BHD Director 0 24/11/2003
ELDERBERRY
SDN BHD Director 0 03/09/1999
FERMPRO
SDN BHD Director 0 04/05/2006
HIKMAT
IKHLAS SDN BHD Director 0 14/03/2005
HO
HO HO SEAFOOD SHOPPES SDN BHD Secretary 0 HC 27/05/1999
JOHNSON
CONTROLS AUTOMATIVE SEATING (M) SDN Director 0 24/08/2005
BHD
KUMPULAN
KESUMA SDN BHD Director 0 29/03/2006
NYLEX
(MALAYSIA) BHD Director 0 24/04/2006
ORGANIGRO
SDN BHD Director 0 14/12/2002
PERUSAHAAN
KIMIA GEMILANG SDN BHD Director 0 17/03/2006
RHODEMARK
DEVELOPMENT SDN BHD Director 0 17/03/2004
SIEW
NIM CHEE & SONS SDN BHD Director 350,000 17/03/2004
SILVER
DOLLARS SDN BHD Director 849,999 10/05/1996
SUMUR
CAHAYA SDN BHD Director 10,000 02/06/2005
SYARIKAT
KUKUH INDAH SDN BHD Shareholder 1,000 05/08/1992
SYARIKAT
WANDEERFULL SDN BHD Director 0 29/06/2002
SYARIKAT
ZAINIM SDN BHD Secretary 0 05/02/1997
SYARIKAT
ZAINIM SDN BHD Director 570,000 05/02/1997
TAMCO
CORPORATE HOLDINGS BHD Director 0 03/03/2006
WORLDSOL.COM
SDN BHD Director 0 18/10/2000
CREDIT HISTORY CHECK
Legal
action : none in our databank
Bankruptcy
action : none in our databank
Secretary/director/
shareholder of would up company : see below
Contributing
subscriber default information : none in our databank
SECRETARY/DIRECTOR/SHAREHOLDER
OF WOUND UP COMPANY
Local
No : 92422
Company
Name : HO HO HO SEAFOOD SHOPPES SDN BHD
Registered
Address : 3 PERSIARAN STONOR, KUALA LUMPUR.
Incorporation Date : 04 Nov 1982 Status : PTE
LTD CO
Authorised Capital : 5000000 Paid Up Capital : 2000000
Designation : Secreatary
Last
Updated : 27 May 1999
F49
Date : 12:00:00 AM
Court : HIGH COURT Place : KUALA
LUMPUR
Case No : 135 Year : 1986
Petitioner :
Petitioner's
Sol :
Wound-up
Date : 26 Jan 1987
No of
companies as Secretary : 2 *
No of companies as Director : 19 *
No of companies as Shareholder : 1 *
* Further information
can be obtained through the CROSS REFERENCING report
DIRECTOR 3
Name
of Subject : TOH YIU JOE
Address : 92A TMN NAKHODA 257789, SINGAPORE.
IC
/ PP No : E7076758
Nationality : MALAYSIA CHINESE
Date
of Appointment : 17/10/2001
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST IN COMPANY
Company.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. Designation Shareholding Court As
At . . . . . .
. .
PFA CORPORATE HOLDINGS SDN BHD Director 0 09/02/2006
CREDIT HISTORY CHECK
Legal
action : none in our databank
Bankruptcy
action : none in our databank
Secretary/director/
shareholder of would up company : none in our databank
Contributing
subscriber default information : none in our databank
DIRECTOR 4
Name
of Subject : SAFRIZAL BIN MOHD SAID
Address : 31 JLN KUBAH U8/51, SEC U8, BKT JELUTONG
40150, SHAH
ALAM, SELANGOR.
IC
/ PP No : A0400589
New
IC No : 660331-10-7237
Nationality : MALAYSIA MALAY
Date
of Appointment : 24/12/2002
INTEREST CHECK
Interest
in other companies : none in our databank
Interest
in business : none in our databank
CREDIT HISTORY CHECK
Legal
action : none in our databank
Bankruptcy
action : none in our databank
Secretary/director/
shareholder of would up company : none in our databank
Contributing
subscriber default information : none in our databank
DIRECTOR 5
Name
of Subject : DATO HJ ABDUL LATIF BIN ABDULLAH
Address : 25 JLN SS 19/4 47500, SUBANG JAYA,
SELANGOR.
IC
/ PP No : 4095904
New
IC No : 500830-07-5177
Nationality : MALAYSIA MALAY
Date
of Appointment : 20/08/2004
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST IN COMPANY
Company.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. Designation Shareholding Court As
At . . . . . .
. .
BDP (MALAYSIA) SDN BHD Director 0 24/01/2005
COUGAR LOGISTICS (MALAYSIA) SDN BHD Director 0 11/03/2004
EKOWOOD
INTERNATIONAL BHD Director 0 08/11/2005
HRA
TEGUH SDN BHD Director 1,920,000 11/03/2005
MANU
SERVICES MALAYSIA SDN BHD Director 7 13/02/2003
MITSUI
O.S.K. LINES (MALAYSIA) SDN BHD Director 15,001 28/08/2003
NORTH
KLANG LOGISTICS (M) SDN BHD Director 0 11/03/2004
PENANG
PORT SDN BHD Director 0 17/03/2005
TNB
FUEL SERVICES SDN BHD Director 0 06/05/2004
CREDIT HISTORY CHECK
Legal
action : none in our databank
Bankruptcy
action : none in our databank
Secretary/director/
shareholder of would up company : none in our databank
Contributing
subscriber default information : none in our databank
DIRECTOR 6
Name
of Subject : ABDUL LATIF BIN MAHAMUD
Address : 1 JLN WANGSA MURNI 8, WANGSA MELAWATI
53300, KUALA
LUMPUR.
IC
/ PP No : 5130829
New
IC No : 561223-08-6121
Date
of Appointment : 01/01/2005
INTEREST CHECK
Interest
in other companies : see below
Interest
in business : none in our databank
INTEREST IN COMPANY
Company.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. Designation Shareholding Court As
At . . . . . .
. .
EPE DISTRIBUTION SDN BHD Director 0 30/10/2001
PENJANAAN EPE-TIME SDN BHD Director 0 03/09/2004
POWERTRON
RESOURCES SDN BHD Director 0 03/04/2004
RANHILL
POWER BHD Director 0 13/12/2005
RANHILL
POWER O & M SDN BHD Director 0 19/10/2004
TUNAS
ADIL SDN BHD Shareholder 1 05/03/2002
CREDIT HISTORY CHECK
Legal
action : none in our databank
Bankruptcy
action : none in our databank
Secretary/director/
shareholder of would up company : none in our databank
Contributing
subscriber default information : none in our databank
MANAGEMENT
1) Name of Subject : ABDUL LATIF BIN MAHAMUD
Position : MANAGING DIRECTOR
2) Name of
Subject : LEE VIN WAH
Position : GENERAL MANAGER, MARKETING
3) Name of
Subject : LEE HUN AIK
Position : GENERAL MANAGER
4) Name of
Subject : RAZALI BUDIN
Position : GENERAL MANAGER
5) Name of
Subject : KRISHNA KUMAR
Position : COUNTRY MANAGER
6) Name of
Subject : YAP KET LOONG
Position : GROUP FINANCIAL CONTROLLER
7) Name of
Subject : MAZLAN MANSOR
Position : MANAGER - HUMAN RESOURCE
AUDITOR
Auditor : ERNST & YOUNG
Auditors'
Address : MENARA MILENIUM, JLN DAMANLELA, PUSAT BDR
D''SARA, LEVEL
23A 50490, KUALA LUMPUR.
COMPANY SECRETARY
1) Company Secretary : CHOO SE ENG
IC
/ PP No. : 6116958
New
IC No. : 610215-01-5401
Address : 11 LRG PJU 1/46E, AMAN SURIA D''SARA 47301,
PETALING
JAYA, SELANGOR.
BANKING
Banking relations are maintained principally with :
1) Banker
Name : MALAYAN BANKING BHD
The SC enjoys normal
banking routine with above mentioned banker(s).
No adverse record was found
during our investigation.
ENCUMBRANCE (S)
ENCUMBRANCE 1
Date
of Creation : 20 Jan 1979
Description
of Charge : N/A
Amount
Secured : RM 2,500,000.00
Description
of Property Affected : N/A
Name
& Address of Chargee : THE CHARTERED BANK
Form 40 Dated
Registered and Numbered 2 In The Register of Charges
LEGAL CHECK AGAINST THE SC
* A check has been conducted in our
databank against the SC whether the subject has been involved in any litigation. Our databank
consists of 99% of the wound up companies in Malaysia
LEGAL ACTION
Code No : 22 Case
No : 1042
Year : 2000 Place : KUALA LUMPUR
Court
No : HIGH COURT
Solicitor : SHEARN DELAMORE & CO
Plaintiff : HOWKER SIDDELEY SWITCHGEAR LTD
Defendants : TAMCO CORPORATE HOLDINGS SDN BHD (6614)
LOT
2A, JLN 13/2 46200, PETALING JAYA, SELANGOR.
Amount
Claimed : 628,143.18
Remarks : LIST
No
winding up petition was found in our data bank
PAYMENT RECORD
A trade enquiry with SC's suppliers revealed the following:
Supplier 1
Type
of Supplies : CONTROL PANEL
Time
Known : 4 YEARS
Credit
Term : 30 DAYS
Mode
of Payment : CHEQUES
Credit
Limit : N/A
Mthly
Avg Trx. : MORE THAN RM100,000
Outstanding
amount : N/A
Payment
Record : AVERAGE
According to trade survey and
historical financial data, we concluded that:-
OVERALL PAYMENT HABIT
Prompt [ ] Good [ ] Average [ X ]
Fair [ ] Poor [ ]
CLIENTELE
Local : 60%
Domestic
Markets : PENINSULAR & EAST MALAYSIA
Overseas : 40%
Export
Market : EUROPEAN COUNTRIES, USA, , ASEAN COUNTRIES &
OTHERS
Credit Term : 30-60
DAYS
Payment
Mode : CHEQUES, TELEGRAPHIC TRANSFER (TT) &
LETTER OF
CREDIT
(LC)
OPERATIONS
Products Manufactured : ELECTRICAL SWITCHGEARS
Brand
Name : TAMCO,CP4,FALCON
BETA,F10,VHIH,V36,F660,UNI503
Award : ISO 9001
Ownership
of premises : OWNED
Total
Number of Employees : :
YEAR 2006 2005 2004 2003 2002
GROUP 800 833 788 N/A N/A
COMPANY 500 433 444 N/A N/A
Branch : YES
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
On 20th June 2006 we
conducted an interview with the SC's staff, Ms Maznah. She furnished us some
information on the SC.
FINANCIAL COMMENTS
Profitability :
Turnover : Increased [ 2003-2005 ]
Profit / ( Loss ) before tax : Decreased [ 2003-2005 ]
Return on Shareholder Funds : Unfavourable [ < 13.15% > ]
Return on Net Assets : Unfavourable [ <
1.53% > ]
The SC's turnover
increased steadily as the demand for its products / services increased due to
the
goodwill built up over the years.
The SC incurred losses during the year due to the inefficient control of
its operating costs. The SC's
unfavourable returns on shareholders' funds indicate the management's
inefficiency in utilising its
assets to generate returns.
Working Capital
Control :
Stocks Ratio : Unfavourable [ 125 Days ]
Debtors Ratio : Unfavourable [ 160 Days ]
Creditors Ratio : Unfavourable [ 75 Days ]
The SC could be
incurring higher holding cost. As its capital was tied up in stocks, it could
face liquidity
problems. The SC's debtors ratio
was high. The SC should tighten its credit control and improve its
collection period. The
unfavourable creditors' ratio could be due to the SC taking advantage of the
credit
granted by its suppliers. However
this may affect the goodwill between the SC and its suppliers and the
SC may inadvertently have to pay
more for its future supplies.
Liquidity :
Liquid Ratio : Favourable [ 1.08 Times ]
Current Ratio : Unfavourable [ 1.75 Times ]
A minimum liquid
ratio of 1 should be maintained by the SC in order to assure its creditors of
its ability to
meet short term obligations and
the SC was in a good liquidity position. Thus, we believe the SC is able
to meet all its short term
obligations as and when they fall due.
Solvency :
Interest Cover : Unfavourable [ < 0.43 Times > ]
Gearing Ratio : Favourable [ 0.31 Times ]
The SC incurred
losses in the year. It did not generate sufficient income to service its
interest. If the
situation does not improve, the
SC may be vulnerable to default in servicing the interest. The SC was
lowly geared thus it had a low
financial risk. The SC was mainly financed by its shareholders' funds and
internally generated funds. In
times of economic slowdown / downturn, the SC being a lowly geared
company, will be able to compete
better than those companies which are highly geared in the same
industry.
Overall Assessment
:
Although the SC's
turnover increased its profits however showed a reverse trend. The losses could
be due to the management's failure to maintain its competitiveness in the
market.The SC was in good liquidity position with its total current liabilities
well covered by its total current assets. With its current net assets, the SC
should be able to repay its short term obligations.The SC'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 SC, 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 SC: LIMITED
IMPORTANT NOTES EXTRACTED FROM
THE
FINANCIAL STATEMENTS
AMOUNT DUE FROM/TO ASSOCIATES, SUBSIDIARIES, HOLDING AND RELATED COMPANIES
The account balances with the
holding, subsidiaries, associates and related companies arose mainly
from inter-company advances which
bore interest at rates ranging from 5.3% to 5.7% (2004: 5.3% to
5.7%) per annum, interest-free
advances by/to other related companies,
expenses paid on behalf and trade
and other intercompany charges which are negotiated on a basis
determined within the Group.
BORROWINGS
(i) The unsecured borrowings bear
interest at rates ranging from 2.09% to 7.75% per annum (2004:
2.09% to 7.00% per annum) and
2.90% to 7.00% per annum (2004: 2.85% to 7.00%) for the Group and
the Company respectively.
(ii) Bai' Bithaman Ajil Serial
Bonds ("BBA Serial Bonds")
On 28 August 2003, the Company
issued RM80,000,000 of BBA Serial Bonds which are constituted by
a Trust Deed dated 15 August
2003. The BBA Serial Bonds are negotiable non-interest bearing primary
bonds together with secondary
bonds, the face value of
which represents the semi-annual
profit payment on the BBA Serial Bonds. The BBA Serial Bonds are
issued in 2 series with tenure of
3 years and 5 years from the date of issue and are redeemable at 100%
of their face value upon
maturity.
The secondary bonds are
redeemable semi-annually, the first redemption commencing 6 months after
the issue date of the BBA Serial
Bonds.
The Company sold all its rights,
benefits and title under an Asset Purchase Agreement at the purchase
price of RM80,000,000 and
immediately entered into an Asset Sale Agreement to repurchase these
assets for RM100,580,000 being
the aggregate of the purchase price and the profit for the BBA Serial
Bonds. The profit rate ranges
from 5.3% to 5.80% per annum.
The BBA Serial Bonds are secured
by way of a negative pledge over all the present and future fixed and
floating assets of the Company.
HIRE PURCHASE AND FINANCE LEASE
PAYABLES
The hire purchase and lease liabilities
bear interest during the financial year of between 6.87% to 9.76%
(2004 : 6.87% to 9.76%) per
annum.
SIGNIFICANT EVENTS DURING THE
FINANCIAL YEAR AND SUBSEQUENT TO BALANCE SHEET
DATE
(a) Bumiputera Placement and
Listing
On 29 June 2004, the Company
placed out 35,000,000 new ordinary shares of RM0.50 each, at par for
cash representing
approximately 13.5%of the enlarged issued and paid-up share capital of the
Company to Bumiputera investors
identified by the Company to
increase the Company's Bumiputera
equity content.
On 6 July 2004, the entire
enlarged issued and paid-up share capital of RM129,743,860 comprising
259,487,720 ordinary shares of
RM0.50 each was officially listed and quoted on the MESDAQ Market of
Bursa Malaysia Securities Berhad.
(b) Proposed Additional Placement
On 21 May 2004, the shareholders
of Nylex (Malaysia) Berhad, the then holding company of the
Company has approved an
additional issuance and placement of up to 40,000,000 new ordinary shares
of RM0.50 each in the Company
("Proposed Additional Placement") at an issue price which shall not
be
at more than 5% discount from the
weighted average market price of the Company's shares for the five
(5) market days prior to
placement to strategic investor(s) (which may be individuals or corporations)
that are able to contribute to
the growth of the Group, to be identified closer to the time of placement, but
which shall not be at any time
prior to the placement to related parties by the Company. The Board of
Directors has decided not to
proceed with the Proposed Additional Placement.
(c) Proposed Acquisition of Decom
Limited ("Decom")
On 6 September 2004, the Company
entered into a conditional sale and purchase agreement ("SPA")
with Klaus Bodenstein, Heinz
Dieter Max Franz Juette and Guenter Leonhardt to acquire 600,000
ordinary shares of HKD1.00 each
in Decom representing 60%equity interest of the issued and fully
paid-up share capital of Decom
for a total cash consideration of up to EUR 4.6 million, subject to the
terms and conditions of the SPA.
The first trenched of the transaction was completed on 18 November
2004.
(d) New Subsidiary
Tamco Systems (Singapore) Pte
Ltd, a wholly-owned subsidiary of the Company has paid USD100,000
as registered capital of Tamco
Systems Technology (Shanghai) Co. Ltd., a private limited company
incorporated on 7 July 2004 under
the law of the People's Republic of China.
(e) Tamco Electrical Industries
Australia Pty Limited ("TEIA")
On 31 December 2004, the business
of TEIA, a wholly-owned subsidiary of the Company, was
transferred to Universal Motor
Kontrol Pty Limited ("UMK"), a wholly owned subsidiary of the
Company.
UMK changed its name to TEIA on
17 March 2005. The previous TEIA is now known as A.C.N
103777359 Pty Ltd.
(f) Divestment of Tamco Components
Sdn Bhd (formerly known as Tamco Industries Sdn Bhd)
On 12 January 2005, the Company
divested 66,667 ordinary shares of RM1.00 each, representing
33.3% of its shareholdings in
Tamco Components Sdn Bhd for a cash consideration of RM66,667.
(g) Strike off of Tamco Gulf
Enterprises Sdn Berhad
On 17 January 2005, Tamco Gulf
Enterprises Sdn Berhad, a wholly-owned subsidiary of the Company,
has been struck off from the
register of the Companies Commissions of Malaysia pursuant to Section
308(4) of the Companies Act,
1965.
BASIS COMMENTS
With over three decades of manufacturing experience, the SC
is today the leading producer of
low and medium
voltage switchgears in South East Asia.
The SC continues to maintain its traditional ties
with other switchgear
companies overseas to keep abreast with
global switchgear developments and this has further enhanced
its competitive advantage. The SC has managed to obtain a good reputation in the market through its ability to respond
quickly to the vast
uncertainties and changes in the marketplace to stay ahead of the competition and also through product quality
which was attributed
to the SC's long
term success.
After a commendable performance
in the previous financial year ended 31 May, 2004, the current financial year
under review proved to be very challenging for the Group.Strong demand for
world
commodities fuelled by a booming
Chinese economy had resulted in prices of copper and steel reaching record high
during the financial year. However, the Group suffered pre-tax losses of RM11.1
million as at
31 May, 2005. Due to its pre-tax
losses, the Group generated an unfavourable return on shareholders' funds. An
acceptable liquidity position in which its total current liabilities well
covered by its current assets, the Group is able to meet its short term
obligations as and when they fall due. Being a lowly geared company has
minimised its financial risk. Overall financial standing of the Group can be
considered as LIMITED.
Its diversified clientele base
established over the years has cushioned its business risk. Strong management
team and good reputation has enabled the SC to remain competitive. In view of
the above
and based on our assessment, we
recommend that credit be extended to the SC normally.
THE FINANCIAL STATEMENTS WERE
PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For The Year Ended
31-May-2005
TAMCO CORPORATE HOLDINGS BHD
2005 2004 2003
RM RM RM
TURNOVER 305,638,000 261,755,000 255,230,000
=========== =========== ===========
PROFIT/(LOSS) FROM OPERATIONS <11,120,000> 18,249,000 14,877,000
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED
COMPANIES 24,000 542,000 -
------------------- ------------------- -------------------
PROFIT/(LOSS) BEFORE TAXATION <11,096,000> 18,791,000 14,877,000
Taxation <6,233,000> <5,927,000> <5,201,000>
------------------- ------------------- -------------------
PROFIT/(LOSS) AFTER TAXATION <17,329,000> 12,864,000 9,676,000
Minority interests 50,000 - -
------------------- ------------------- -------------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS <17,279,000> 12,864,000 9,676,000
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As previously reported 22,337,000 9,473,000 1,453,000
------------------- ------------------- -------------------
PROFIT AVAILABLE FOR APPROPRIATIONS 5,058,000 22,337,000 11,129,000
DIVIDENDS - Ordinary (paid & proposed) - - <1,656,000>
------------------- ------------------- -------------------
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD 5,058,000 22,337,000 9,473,000
=========== =========== ===========
RETAINED BY:
The Company 5,058,000 22,337,000 9,473,000
Subsidiary
companies - - -
Associated
companies - - -
------------------- ------------------- -------------------
5,058,000 22,337,000 9,473,000
=========== =========== ===========
INTEREST EXPENSE (as per notes to P&L)
Term loan - - -
Bank overdraft 1,188,000 1,254,000 -
Hire purchase 108,000 85,000 37,000
Other interest expenses - - 962,000
Holding company - - -
Short term borrowings 1,948,000 1,042,000 2,538,000
Bonds 4,540,000 3,446,000 1,631,000
------------------- ------------------- ------------------ 7,784,000 5,827,000 5,168,000
=========== =========== ===========
CONSOLIDATED BALANCE SHEET
As At 31-May-2005
TAMCO CORPORATE HOLDINGS BHD
2005 2004 2003
RM RM RM
ASSETS EMPLOYED:
FIXED ASSETS 58,526,000 58,814,000 62,729,000
LONG TERM INVESTMENTS/OTHER ASSETS
Associated companies 11,129,000 5,001,000 4,491,000
Development
properties/expenditure - - -
Deferred assets 1,040,000 5,069,000 6,307,000
Others (please specify) - - -
------------------- ------------------- -------------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS 12,169,000 10,070,000 10,798,000
INTANGIBLE ASSETS
Deferred/Expenditure
carried forward 10,023,000 8,509,000 7,533,000
Goodwill on consolidation 18,486,000 14,505,000 15,819,000
future income tax benefit - - -
------------------- ------------------- -------------------
TOTAL INTANGIBLE ASSETS 28,509,000 23,014,000 23,352,000
------------------- ------------------- -------------------
TOTAL LONG TERM ASSETS 99,204,000 91,898,000 96,879,000
CURRENT ASSETS
Stocks 104,997,000 86,745,000 63,035,000
Trade debtors 134,031,000 148,991,000 104,664,000
Other debtors, deposits
& prepayments 10,259,000 10,585,000 8,004,000
Short term deposits 13,355,000 22,227,000 7,203,000
Amount due from holding
company - - 70,000
Amount due from related
companies 196,000 1,029,000 -
Amount due from associated
companies 183,000 180,000 538,000
Cash & bank balances 9,598,000 13,597,000 10,052,000
Tax recoverable 1,437,000 493,000 1,916,000
------------------- ------------------- -------------------
TOTAL CURRENT ASSETS 274,056,000 283,847,000 195,482,000
CURRENT LIABILITIES
Trade creditors 62,409,000 68,912,000 47,033,000
Other creditors &
accruals 21,863,000 15,840,000 14,544,000
Hire purchase & lease
creditors 715,000 843,000 744,000
Bank overdraft 10,831,000 5,987,000 8,548,000
Short term borrowings/Term
loans 28,761,000 31,285,000 13,596,000
Bill & acceptances
payable 30,986,000 35,684,000 27,132,000
Amounts owing to holding
company 9,000 122,000 132,773,000
Amounts owing to related
companies 484,000 249,000 -
Amounts owing to
associated companies 774,000 771,000 781,000
Provision for taxation 48,000 93,000 210,000
Dividends payable/proposed - - 1,656,000
Others (please specify) - - -
------------------- ------------------- -------------------
TOTAL CURRENT LIABILITIES 156,880,000 159,786,000 247,017,000
------------------- ------------------- -------------------
NET CURRENT ASSETS/(LIABILITIES) 117,176,000 124,061,000 <51,535,000>
------------------- ------------------- -------------------
TOTAL NET ASSETS 216,380,000 215,959,000 45,344,000
=========== =========== ===========
FINANCED BY:
SHARE CAPITAL
Ordinary share capital 129,744,000 112,244,000 28,400,000
Preference share capital - - -
------------------- ------------------- -------------------
TOTAL SHARE CAPITAL 129,744,000 112,244,000 28,400,000
RESERVES
Exchange
equalisation/fluctuation reserve - - -
General reserve - - -
Retained
profit/(Accumulated loss) carried
forward 5,058,000 22,337,000 9,473,000
Translation adjustment <3,423,000> <3,996,000> 1,632,000
------------------- ------------------- -------------------
TOTAL RESERVES 1,635,000 18,341,000 11,105,000
------------------- ------------------- -------------------
SHAREHOLDERS' FUNDS/EQUITY 131,379,000 130,585,000 39,505,000
MINORITY INTEREST 47,000 - -
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
Hire purchase creditors 733,000 746,000 1,308,000
Deferred taxation 3,121,000 3,856,000 3,813,000
Retirement benefits
provision 1,100,000 772,000 718,000
Bonds 80,000,000 80,000,000 -
------------------- ------------------- -------------------
TOTAL LONG TERM & DEFERRED LIABILITIES &
PROVISIONS 84,954,000 85,374,000 5,839,000
------------------- ------------------- -------------------
216,380,000 215,959,000 45,344,000
=========== =========== ===========
CONSOLIDATED FINANCIAL RATIOS
As At 31-May-2005
TAMCO CORPORATE HOLDINGS BHD
2005 2004 2003
RM RM RM
TYPES OF FUNDS
Cash 22,953,000 35,824,000 17,255,000
Net Liquid Funds <16,639,000> <1,448,000> <4,889,000>
Net Liquid Assets 12,179,000 37,316,000 <114,570,000>
Net Current
Assets/(Liabilities) 117,176,000 124,061,000 <51,535,000>
Net Tangible Assets 187,871,000 192,945,000 21,992,000
Net Monetary Assets <72,775,000> <48,058,000> <120,409,000>
BALANCE SHEET ITEMS
Total Borrowings 41,040,000 38,861,000 24,196,000
Total Liabilities 241,834,000 245,160,000 252,856,000
Total Assets 373,260,000 375,745,000 292,361,000
Net Assets 216,380,000 215,959,000 45,344,000
Net Assets Backing 131,426,000 130,585,000 39,505,000
Shareholders' Funds 131,379,000 130,585,000 39,505,000
Total Share Capital 129,744,000 112,244,000 28,400,000
Total Reserves 1,635,000 18,341,000 11,105,000
LIQUIDITY (Times)
Cash Ratio 0.15 0.22 0.07
Liquid Ratio 1.08 1.23 0.54
Current Ratio 1.75 1.78 0.79
WORKING CAPITAL CONTROL (Days)
Stock Ratio 125 121 90
Debtors Ratio 160 208 150
Creditors Ratio 75 96 67
SOLVENCY RATIOS (Times)
Gearing Ratio 0.31 0.30 0.61
Liabilities Ratio 1.84 1.88 6.40
Times Interest Earned
Ratio <0.43> 4.22 3.88
PERFORMANCE RATIO (%)
Operating Profit Margin <3.63> 7.18 5.83
Net Profit Margin <5.65> 4.91 3.79
Return On Net Assets <1.53> 11.40 44.21
Return On Capital Employed <1.45> 10.65 44.66
Return On Shareholders'
Funds/Equity <13.15> 9.85 24.49
Dividend Pay Out Ratio
(Times) 0 0 0.17
NOTES TO ACCOUNTS
Contingent Liabilities 0 0 0
THE FINANCIAL STATEMENTS WERE
PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
PROFIT AND LOSS ACCOUNT
For The Year Ended
31-May-2005
TAMCO CORPORATE HOLDINGS BHD
2005 2004 2003
RM RM RM
TURNOVER 189,420,000 161,348,000 149,360,000
=========== =========== ===========
PROFIT/(LOSS) FROM OPERATIONS 4,204,000 20,372,000 16,764,000
Taxation <2,044,000> <4,228,000> <4,779,000>
------------------- ------------------- -------------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS 2,160,000 16,144,000 11,985,000
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As previously reported 60,421,000 44,277,000 33,948,000
------------------- ------------------- -------------------
PROFIT AVAILABLE FOR APPROPRIATIONS 62,581,000 60,421,000 45,933,000
DIVIDENDS - Ordinary (paid & proposed) - - <1,656,000>
- Preference - - -
------------------- ------------------- -------------------
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD 62,581,000 60,421,000 44,277,000
=========== =========== ===========
RETAINED BY:
The Company 62,581,000 60,421,000 44,277,000
------------------- ------------------- -------------------
62,581,000 60,421,000 44,277,000
=========== =========== ===========
INTEREST EXPENSE (as per notes to P&L)
Term loan - - -
Bank overdraft 153,000 17,000 -
Hire purchase 94,000 75,000 37,000
Other interest expenses - - 553,000
Subsidiary companies - 19,000 198,000
Holding company - - -
Short term borrowings 1,390,000 646,000 2,538,000
Bonds 4,540,000 3,446,000 1,000
------------------- ------------------- -------------------
6,177,000 4,203,000 3,327,000
=========== =========== ===========
BALANCE SHEET
As At 31-May-2005
TAMCO CORPORATE HOLDINGS BHD
2005 2004 2003
RM RM RM
ASSETS EMPLOYED:
FIXED ASSETS 40,795,000 41,400,000 40,286,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies 96,357,000 90,903,000 36,312,000
Associated companies 4,076,000 4,076,000 4,059,000
Development
properties/expenditure - - -
Others (please specify) - - -
------------------- ------------------- -------------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS 100,433,000 94,979,000 40,371,000
INTANGIBLE ASSETS
Deferred/Expenditure
carried forward 3,265,000 4,980,000 3,788,000
------------------- ------------------- -------------------
TOTAL INTANGIBLE ASSETS 3,265,000 4,980,000 3,788,000
------------------- ------------------- -------------------
TOTAL LONG TERM ASSETS 144,493,000 141,359,000 84,445,000
CURRENT ASSETS
Stocks 72,928,000 60,045,000 32,399,000
Trade debtors 55,153,000 79,431,000 48,000,000
Other debtors, deposits
& prepayments 6,303,000 5,575,000 2,752,000
Short term deposits 13,355,000 22,036,000 6,035,000
Amount due from holding
company - - -
Amount due from subsidiary
companies 67,098,000 38,501,000 90,206,000
Amount due from related
companies - 2,000 -
Amount due from associated
companies 183,000 180,000 176,000
Cash & bank balances 1,727,000 4,897,000 587,000
Tax recoverable 1,154,000 416,000 1,178,000
------------------- ------------------- -------------------
TOTAL CURRENT ASSETS 217,901,000 211,083,000 181,333,000
CURRENT LIABILITIES
Trade creditors 40,982,000 46,421,000 29,991,000
Other creditors &
accruals 8,120,000 8,300,000 7,386,000
Hire purchase & lease
creditors 656,000 806,000 744,000
Bank overdraft 4,032,000 1,861,000 -
Short term borrowings/Term
loans - - 13,596,000
Bill & acceptances
payable 30,986,000 35,684,000 -
Amounts owing to holding
company 9,000 122,000 132,773,000
Amounts owing to
subsidiary companies 253,000 967,000 967,000
Amounts owing to related
companies 482,000 249,000 -
Amounts owing to
associated companies 774,000 771,000 781,000
Provision for taxation - - -
Dividends payable/proposed - - 1,656,000
Others (please specify) - - -
------------------- ------------------- -------------------
TOTAL CURRENT LIABILITIES 86,294,000 95,181,000 187,894,000
------------------- ------------------- -------------------
NET CURRENT ASSETS/(LIABILITIES) 131,607,000 115,902,000 <6,561,000>
------------------- ------------------- -------------------
TOTAL NET ASSETS 276,100,000 257,261,000 77,884,000
=========== =========== ===========
FINANCED BY:
SHARE CAPITAL
Ordinary share capital 129,744,000 112,244,000 28,400,000
------------------- ------------------- -------------------
TOTAL SHARE CAPITAL 129,744,000 112,244,000 28,400,000
RESERVES
Retained profit/(Accumulated loss) carried
forward 62,581,000 60,421,000 44,277,000
------------------- ------------------- -------------------
TOTAL RESERVES 62,581,000 60,421,000 44,277,000
------------------- ------------------- -------------------
SHAREHOLDERS' FUNDS/EQUITY 192,325,000 172,665,000 72,677,000
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
Hire purchase creditors 270,000 447,000 1,308,000
Deferred taxation 3,019,000 3,758,000 3,690,000
Deferred commissions &
rebates - - -
Retirement benefits
provision 486,000 391,000 209,000
Bonds 80,000,000 80,000,000 -
------------------- ------------------- -------------------
TOTAL LONG TERM & DEFERRED LIABILITIES &
PROVISIONS 83,775,000 84,596,000 5,207,000
------------------- ------------------- -------------------
276,100,000 257,261,000 77,884,000
=========== =========== ===========
FINANCIAL RATIOS
As At 31-May-2005
TAMCO CORPORATE HOLDINGS BHD
2005 2004 2003
RM RM RM
TYPES OF FUNDS
Cash 15,082,000 26,933,000 6,622,000
Net Liquid Funds 11,050,000 25,072,000 <6,974,000>
Net Liquid Assets 58,679,000 55,857,000 <38,960,000>
Net Current
Assets/(Liabilities) 131,607,000 115,902,000 <6,561,000>
Net Tangible Assets 272,835,000 252,281,000 74,096,000
Net Monetary Assets <25,096,000> <28,739,000> <44,167,000>
BALANCE SHEET ITEMS
Total Borrowings 4,958,000 3,114,000 15,648,000
Total Liabilities 170,069,000 179,777,000 193,101,000
Total Assets 362,394,000 352,442,000 265,778,000
Net Assets 276,100,000 257,261,000 77,884,000
Net Assets Backing 192,325,000 172,665,000 72,677,000
Shareholders' Funds 192,325,000 172,665,000 72,677,000
Total Share Capital 129,744,000 112,244,000 28,400,000
Total Reserves 62,581,000 60,421,000 44,277,000
LIQUIDITY (Times)
Cash Ratio 0.17 0.28 0.04
Liquid Ratio 1.68 1.59 0.79
Current Ratio 2.53 2.22 0.97
WORKING CAPITAL CONTROL (Days)
Stock Ratio 141 136 79
Debtors Ratio 106 180 117
Creditors Ratio 79 105 73
SOLVENCY RATIOS (Times)
Gearing Ratio 0.03 0.02 0.22
Liabilities Ratio 0.88 1.04 2.66
Times Interest Earned
Ratio 1.68 5.85 6.04
PERFORMANCE RATIO (%)
Operating Profit Margin 2.22 12.63 11.22
Net Profit Margin 1.14 10.01 8.02
Return On Net Assets 3.76 9.55 25.80
Return On Capital Employed 3.74 9.64 22.72
Return On Shareholders'
Funds/Equity 1.12 9.35 16.49
Dividend Pay Out Ratio
(Times) 0 0 0.14
NOTES TO ACCOUNTS
Contingent Liabilities 52,908,000 49,441,000 38,896,000
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution
needed for credit transaction. It has above average (strong) capability for
payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |