%20RUBBER%20CO%20SDN%20BHD%2013-Dec-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HOCK HIN (MUAR) RUBBER CO SDN BHD |
|
|
|
|
Registered Office : |
43, Jalan Maharani, 84000 Muar, Johor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
17.12.1969 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacture of Rubber Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
EXECUTIVE SUMMARY
LOCAL NO : 9152-M
COMPANY NAME : HOCK HIN (MUAR) RUBBER CO SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 17/12/1969
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 43, JALAN
MAHARANI, 84000 MUAR, JOHOR, MALAYSIA.
BUSINESS ADDRESS : 43 JALAN
MAHARANIS, 84000 MUAR, JOHOR, MALAYSIA.
TEL NO : 06 - 9521121
FAX NO : 06 - 9526196
CONTACT PERSON : FOO SAY
TUAN (GENERAL MANAGER)
INDUSTRY CODE :
25199
PRINCIPAL ACTIVITY :
MANUFACTURE OF RUBBER PRODUCTS
AUTHORISED CAPITAL : MYR10, 000,000.00 DIVIDED
INTO
ORDINARY SHARE 10,000,000 OF
MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR9,000,000.00
DIVIDED INTO
ORDINARY SHARE 750,000 CASH AND 8,250,000
OTHERWISE
OF MYR1.00 EACH.
SALES : MYR317, 322,983 [2006]
NET WORTH : MYR23, 198,493 [2006]
STAFF STRENGTH : 150
[2007]
BANKER (S) : HSBC BANK MALAYSIA BHD
: OCBC BANK (MALAYSIA) BHD
: UNITED OVERSEAS BANK (MALAYSIA)
BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : POOR
PAYMENT : FAIR
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK :
MODERATE
CURRENCY EXPOSURE : HIGH
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : STRONG
GROWTH
HISTORY / BACKGROUND
The SC 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
SC must have at least two directors. A private 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, 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a /
as an) manufacture of rubber products.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The SC is not qualified to be one of the Top
Corporate Performers in the Malaysia 1000 (M1000) 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.
The major shareholder(s) of the SC are shown
as follows :
Name Address IC/PP/Loc
No: Shareholding
MR. KHOO GUAN LENG + 43, JALAN MAHARANI, 84000 MUAR, JOHOR, 3605477
5,394,000
MALAYSIA. 500101-01-5481
CHIAT LEE (MUAR) 43, JALAN MAHARANI, 84000 MUAR, JOHOR, 10455
1,350,000
PLANTATION BHD MALAYSIA.
MR. KHOO KWEE KWANG + 17 LORONG JELAWAT 6, TAMAN SUNGAI A2382536 1,014,000
ABONG, 84000 MUAR, JOHOR, MALAYSIA. 721229-01-5949
HOE LEE (MUAR) 43, JALAN MAHARANI, 84000 MUAR, JOHOR, 21706 480,000
PLANTATIONS BHD MALAYSIA.
MR. KHOO KWEE KEONG 17, LORONG JELAWAT 6, TAMAN SUNGAI A3591716 291,000
ABONG, 84000 MUAR, JOHOR, MALAYSIA. 761217-01-6537
MR. KHOO KWEE SENG 17, LORONG JELAWAT 6, TAMAN SUNGAI 790520-01-5687
291,000
ABONG, 84000 MUAR, JOHOR, MALAYSIA.
MR. KHOO GUAN TIAM @ KU 43, JALAN MAHARANI, 84000 MUAR, JOHOR, 0740461 180,000
GUAN TIAM MALAYSIA. 451104-01-5577
--------------------
9,000,000
===========
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. KHOO GUAN LENG
Address :
43, JALAN MAHARANI, 84000 MUAR, JOHOR, MALAYSIA.
IC / PP No. :
3605477
New IC No :
500101-01-5481
Date of Birth : 01/01/1950
Nationality :
MALAYSIAN CHINESE
Date of Appointment : 01/03/1975
DIRECTOR 2
Name of Subject : MR. KHOO KWEE KWANG
Address :
17 LORONG JELAWAT 6, TAMAN SUNGAI ABONG, 84000 MUAR,
JOHOR, MALAYSIA.
IC / PP No. :
A2382536
New IC No :
721229-01-5949
Date of Birth : 29/12/1972
Nationality :
MALAYSIAN CHINESE
Date of Appointment : 24/05/2002
DIRECTOR 3
Name of Subject : MR. FOO SAY TUAN
Address :
567, TAMAN BAHAGIA, JALAN ABDUL RAHMAN, 84000 MUAR,
JOHOR, MALAYSIA.
IC / PP No. :
2935558
New IC No :
490312-01-5661
Date of Birth : 12/03/1949
Nationality :
MALAYSIAN CHINESE
Date of Appointment : 24/05/2002
DIRECTOR 4
Name of Subject : MS. KHOO SOI HONG
Address :
26 LORONG KURAU 6, TAMAN SUNGAI ABONG, 84000 MUAR,
JOHOR, MALAYSIA.
IC / PP No. :
8163717
New IC No :
550304-01-5196
Date of Birth : 04/03/1955
Nationality :
MALAYSIAN CHINESE
Date of Appointment : 24/05/2002
DIRECTOR 5
Name of Subject : MS. CHEW CHUAN
Address :
43, JALAN MAHARANI, 84000 MUAR, JOHOR, MALAYSIA.
IC / PP No. :
0740549
New IC No :
270425-01-5030
Date of Birth : 25/04/1927
Nationality :
MALAYSIAN CHINESE
Date of Appointment : 01/03/1975
MANAGEMENT
1)
Name of Subject : FOO SAY
TUAN
Position :
GENERAL MANAGER
2) Name of Subject : KHOO GUAN LENG
Position :
MANAGING DIRECTOR
AUDITOR
Auditor :
YEO & PIONG
Auditors' Address : 311B, TAMAN MELAKA RAYA, 75000 MELAKA, MELAKA, MALAYSIA.
COMPANY SECRETARY
1) Company Secretary : MR. YEO YAN
IC / PP No. :
3520977
New IC No. :
450927-01-5469
Address :
656D, JALAN UJONG PASIR, 75050 MELAKA, MELAKA, MALAYSIA.
Date of Appointment : 06/06/1975
BANKING
Banking relations are maintained principally
with :
1) Banker Name : HSBC BANK MALAYSIA
BHD
2) Banker Name : OCBC BANK
(MALAYSIA) BHD
3) Banker Name : UNITED OVERSEAS
BANK (MALAYSIA) 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 : 18 Jun 1981
Description of Charge : CHARGE
Amount Secured : RM 1,100,000.00
Description of Property Affected : HS(M) 23-25 LOT MLO 1674-1676 MK JLN
BAKRI\r\nFIXED
CHARGE
Name & Address of Chargee : CHUNG KHIAW BANK LTD
Form 40 Dated 22 Jul 1981
Registered and Numbered 3 (BK 32/97) In The Register of Charges
ENCUMBRANCE 2
Date of Creation : 18 Aug 1982
Description of Charge : DEBENTURE & CHARGE
Amount Secured : RM 750,000.00
Description of Property Affected : HS(M) 23-25 LOT MLO 1674-1676 MK JLN
BAKRI\r\nFIXED
CHARGE
Name & Address of Chargee : CHUNG KHIAW BANK MALAYSIA BHD
Form 40 Dated 06 Oct 1982
Registered and Numbered 4 (BK 32/97) In The Register of Charges
ENCUMBRANCE 3
Date of Creation : 09 Aug 1982
Description of Charge : DEBENTURE & CHARGE
Amount Secured : RM 1,600,000.00
Description of Property Affected : HS(MO 23-25 LOT MLO 1674-1676 MK JLN
BAKRI\r\nFIXED
CHARGE
Name & Address of Chargee : CHUNG KHIAW BANK MALAYSIA BHD
Form 40 Dated 09 Oct 1982
Registered and Numbered 5(BK 32/97) In The
Register of Charges
ENCUMBRANCE 4
Date of Creation : 14 Feb 1984
Description of Charge : CHARGE
Amount Secured : RM 200,000.00
Description of Property Affected : HS(M) 656-658 MLO 1674-1676 MK JLN BAKRI,
MUAR
Name & Address of Chargee : CHUNG KHIAW BANK MALAYSIA BHD
Form 40 Dated 26 Apr 1984
Registered and Numbered 6 (BK 248/72)
In The Register of Charges
ENCUMBRANCE 5
Date of Creation : 14 Feb 1984
Description of Charge : DEBENTURE
Amount Secured : RM 200,000.00
Description of Property Affected : HS(M) 656-658 MLO 1674-1676 MK JLN BAKRI,
MUAR
Name & Address of Chargee : CHUNG KHIAW BANK MALAYSIA BHD
Form 40 Dated 26 Apr 1984
Registered and Numbered 7 (BK 248/72) In The
Register of Charges
ENCUMBRANCE 6
Date of Creation : 23 Jan 1986
Description of Charge : CHARGE
Amount Secured : RM 450,000.00
Description of Property Affected : HS(M) 656-658 MLO 1674-1676 MK JLN BAKRI,
MUAR
Name & Address of Chargee : CHUNG KHIAW BANK MALAYSIA BHD
Form 40 Dated 11 Mar 1986
Registered and Numbered 8 (BK 248/72)
In The Register of Charges
ENCUMBRANCE 7
Date of Creation : 23 Jan 1986
Description of Charge : DEBENTURE
Amount Secured : RM 450,000.00
Description of Property Affected : FIXED CHARGE\r\nHS(M) 656-658 MLO 1674-1676
MK JLN
BAKRI, MUAR
Name & Address of Chargee : CHUNG KHIAW BANK MALAYSIA BHD
Form 40 Dated 11 Mar 1986
Registered and Numbered 9 (BK 248/72)
In The Register of Charges
ENCUMBRANCE 8
Date of Creation : 12 Dec 1987
Description of Charge : CHARGE
Amount Secured : RM 1,390,000.00
Description of Property Affected : HS(M) 656-658 MLO 1674-1676 MK JLN BAKRI,
MUAR
Name & Address of Chargee : CHUNG KHIAW BANK MALAYSIA BHD
Form 40 Dated 02 Mar 1988
Registered and Numbered 10 In The Register of Charges
ENCUMBRANCE 9
Date of Creation : 12 Dec 1987
Description of Charge : DEBENTURE
Amount Secured : RM 1,390,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : CHUNG KHIAW BANK MALAYSIA BHD
Form 40 Dated 02 Mar 1988
Registered and Numbered 11 In The Register
of Charges
ENCUMBRANCE 10
Date of Creation : 18 Oct 1990
Description of Charge : N/A
Amount Secured : RM 6,600,000.00
Description of Property Affected : N/A
Name & Address of Chargee : CHUNG KHIAW BANK MALAYSIA BHD
Form 40 Dated
Registered and Numbered 12 In The Register of Charges
ENCUMBRANCE 11
Date of Creation : 18 Oct 1990
Description of Charge : N/A
Amount Secured : RM 10,240,000.00
Description of Property Affected : N/A
Name & Address of Chargee : CHUNG KHIAW BANK MALAYSIA BHD
Form 40 Dated
Registered and Numbered 13 In The Register
of Charges
ENCUMBRANCE 12
Date of Creation : 18 Oct 1990
Description of Charge : N/A
Amount Secured : RM 10,240,000.00
Description of Property Affected : N/A
Name & Address of Chargee : CHUNG KHIAW BANK MALAYSIA BHD
Form 40 Dated
Registered and Numbered 14 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 back dated since
1900.
No legal action was found in our databank.
No winding up petition was found in our data
bank
PAYMENT RECORD
SOURCES OF RAW MATERIALS:
Local :
YES
Overseas
: YES
Import Countries : ASIA, EUROPE.
The SC 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 [ ] Good [ ] Average [ ]
Fair [ X ] Poor [ ]
CLIENTELE
Local :
NO Percentage : 0 %
Overseas :
YES Percentage : 100%
Export Market :
EUROPE, UNITED STATES, KOREA, SOUTH AFRICA, CHINA SINGAPORE.
Credit Term :
30 - 60 DAYS.
Payment Mode :
LETTER OF CREDIT (LC).
Type of Customer : MANUFACTURING INDUSTRIES, DISTRIBUTORS.
OPERATIONS
Products Manufactured : RUBBER PRODUCTS
Brand Name :
SMR GP 5, SMR GP 10, SMR GP 15, SMR GP 20 AND OTHERS
Competitor(s) : FILMAX SDN BHD
HEVEAFIL SDN BHD
LINATEX RUBBER PRODUCTS SDN BHD
RUBBERFLEX SDN BHD
SILITECH TECHNOLOGY CORPORATION SDN BHD
Factory/Premises : 8KM, 4 1/2 MILE JLN BAKRI, 84200 BAKRI, JOHOR.
Tel No :
06 - 9866253
Fax No : 06
- 9869751
Ownership of premises : OWNED
Production lines : 1
Total Number of Employees :
YEAR 2007 2006 2005
GROUP N/A N/A N/A
COMPANY 150 131 131
Branch :
NO
RECENT DEVELOPMENT
We have checked with the Malaysian National
News Agency's (BERNAMA) database, but no latest development was noted in our
investigation.
CURRENT INVESTIGATION
Latest fresh investigations carried out on
the SC indicated that :
Telephone Number Provided By Client : N/A
Current Telephone Number : 06-9521121
Match :
N/A
Address Provided By Client : 8KM,JLN BAKRI,84200 MUAR,
JOHOR
Current Address : 43 JALAN MAHARANI, 84000 MUAR, JOHOR,
MALAYSIA.
Match :
NO
Latest Financial Accounts : YES
Other Investigations
We contacted one of the Senior Supervisor
from the Production Department. He provided some information on the SC.
We have verified and confirmed that the
address provided belongs to the SC's factory.
FINANCIAL COMMENTS
Profitability :
Turnover : Increased [ 2003-2006 ]
Profit / ( Loss ) before tax : Increased [ 2003-2006 ]
Return on Shareholder Funds : Acceptable [ 10.98% ]
Return on Net Assets : Acceptable [ 22.33% ]
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's
management have been efficient in controlling its operating costs. The SC's
management had generated acceptable return for its shareholders using its
assets.
Working Capital Control :
Stocks Ratio : Favourable [ 43 Days ]
Debtors Ratio : Favourable [ 14
Days ]
Creditors Ratio : Favourable [ 0
Days ]
The SC'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 SC. The SC had a favourable creditors' ratio as evidenced by
its favourable collection days. The
SC could be taking advantage of the cash
discounts and also wanting to maintain goodwill with its creditors.
Liquidity :
Liquid Ratio : Unfavourable [ 0.33 Times ]
Current Ratio : Unfavourable [ 1.18
Times ]
A low liquid ratio means that the SC may be
facing working capital deficiency. If the SC cannot obtain additional financing
or injection of fresh capital, it may face difficulties in meeting its short
term obligations.
Solvency :
Interest Cover : Unfavourable [ 2.85
Times ]
Gearing Ratio : Favourable [ 0.02
Times ]
The SC's interest cover was low. If its profits fall or when interest
rate rises, it may not be able to meet all its interest payment. 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 :
Generally, the SC's performance has improved with higher turnover and
profit. Due to its weak liquidity position, the SC will be faced with problems
in meeting all its short term obligations if no short term loan is obtained or
additional capital injected into the SC .If there is a fall in the SC's profit
or any increase in interest rate, the SC may not be able to generate sufficient
cash-flow to service its interest. 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: POOR
COMMENTS
Established in 1969, the SC is principally engaged as a manufacture of
rubber products. Its long presence in the industry coupled with its vast
experiences has enabled the SC to remain competitive. With RM9 million in
issued and paid up capital, the SC has the potential of capturing a higher
market shares as it is competing aggressively in the market.
Currently, the SC mainly exports its products to Europe, United States,
Korea and etc. With the full concentration on the overseas market, the SC is
unlikely to be affected by the uncertainties in the local economy and this has
benefited the SC in terms of higher earnings. However, being an international
player, the SC is subjected to certain inherent risks of foreign currencies
fluctuation and stiff competition from the international market. As a whole,
the commercial risk of the SC is moderate. The management of the SC is overseen
by Managing Director Khoo Guan Leng and assisted by 150 staffs. Overall the
management capability of the SC is average.
During the financial under review, turnover of the SC surged by 39.85%
to RM317.32 million in 2006.
The SC recorded a pre-tax profit of RM3.48 million for the year, an increase of 0.24% over the previous year.
The SC generated an acceptable return on shareholders' funds indicting that the
SC was efficient in utilising its shareholders' funds to generate favourable
returns. The SC posted a low gearing ratio indicating that the SC faces low
financial risk. However due to its weak liquidity position, the SC will be
faced with problems in meeting all its short term obligations if no short term
loan is obtained or additional capital injected into the SC. With the
comfortable networth standing at RM23.19 million, the
SC is able to sustain its business
performance in the near terms.
Investigation revealed that the SC sources
its raw materials from both local and overseas countries. As
a result, the SC is exposed to foreign
currency fluctuation risk.
Based on the historical data we concluded
that the payment habit of the SC is fair.
The industry remains robust with continuing strong global demand for its
products. The steady growth in the country's economy will further enhance its business
and there will be more business opportunities available for the SC in the
future. In this competitive industry, the SC may face stiff competition from
other players.
In view of the above we recommend credit be
granted to the SC normally.
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING
STANDARD.
PROFIT
AND LOSS ACCOUNT
For
The Year Ended 31-December-2006
HOCK
HIN (MUAR) RUBBER CO SDN BHD
2006 2005
MYR MYR
TURNOVER 317,322,983 226,890,625
=========== ===========
PROFIT/(LOSS)
FROM OPERATIONS 3,484,403 3,476,031
SHARE OF PROFITS/(LOSSES) OF
ASSOCIATED
------------------- -------------------
PROFIT/(LOSS)
BEFORE TAXATION 3,484,403 3,476,031
Taxation <936,592> <1,389,070>
------------------- -------------------
PROFIT/(LOSS)
AFTER TAXATION 2,547,811 2,086,961
------------------- -------------------
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS 2,547,811 2,086,961
------------------- -------------------
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS 2,547,811 2,086,961
RETAINED PROFIT/(ACCUMULATED LOSS)
BROUGHT
FORWARD
As
previously reported 11,431,060 10,816,880
Prior
year adjustment - <1,397,781>
------------------- -------------------
As
restated 11,431,060 9,419,099
------------------- -------------------
PROFIT
AVAILABLE FOR APPROPRIATIONS 13,978,871 11,506,060
DIVIDENDS
- Ordinary (paid & proposed) <90,000> <75,000>
------------------- -------------------
RETAINED PROFIT/(ACCUMULATED LOSS)
CARRIED
FORWARD 13,888,871 11,431,060
=========== ===========
RETAINED
BY: The Company 13,888,871 11,431,060
------------------- -------------------
13,888,871 11,431,060
=========== ===========
INTEREST
EXPENSE (as per notes to P&L)
Hire
purchase 14,610 4,297
Other
interest expenses 1,869,725 941,357
------------------- -------------------
1,884,335 945,654
=========== ===========
BALANCE SHEET
As At 31-December-2006
HOCK HIN (MUAR) RUBBER CO
SDN BHD
2006 2005
MYR MYR
ASSETS EMPLOYED:
FIXED
ASSETS 14,863,790 15,489,634
LONG
TERM INVESTMENTS/OTHER ASSETS
Investments 1,186,881 1,186,881
------------------- -------------------
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS 1,186,881 1,186,881
INTANGIBLE
ASSETS
------------------- -------------------
------------------- -------------------
TOTAL
LONG TERM ASSETS 16,050,671 16,676,515
CURRENT
ASSETS
Stocks 37,288,803 27,088,469
Trade
debtors 12,253,882 18,110,870
Other
debtors, deposits & prepayments 199,419 144,197
Items in transit between head office
& branches
Cash
& bank balances 1,767,266 652,095
------------------- -------------------
TOTAL
CURRENT ASSETS 51,509,370 45,995,631
CURRENT
LIABILITIES
Trade
creditors - 196,737
Other
creditors & accruals 2,047,800 -
Hire
purchase & lease creditors 130,002 130,002
Bank
overdraft 30,270 77,143
Bill
& acceptances payable 41,100,000 40,000,000
Provision
for taxation 207,621 527,709
------------------- -------------------
TOTAL
CURRENT LIABILITIES 43,515,693 40,931,591
------------------- -------------------
NET
CURRENT ASSETS/(LIABILITIES) 7,993,677 5,064,040
------------------- -------------------
TOTAL
NET ASSETS 24,044,348 21,740,555
=========== ===========
FINANCED
BY:
SHARE
CAPITAL
Ordinary
share capital 9,000,000 9,000,000
------------------- -------------------
TOTAL
SHARE CAPITAL 9,000,000 9,000,000
RESERVES
Revaluation
reserve 309,622 309,622
Retained profit/(Accumulated loss)
carried
forward 13,888,871 11,431,060
------------------- -------------------
TOTAL
RESERVES 14,198,493 11,740,682
------------------- -------------------
SHAREHOLDERS'
FUNDS/EQUITY 23,198,493 20,740,682
LONG
TERM & DEFERRED LIABILITIES & PROVISIONS
Hire
purchase creditors 316,662 446,664
Deferred
taxation 529,193 553,209
------------------- -------------------
TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 845,855 999,873
------------------- -------------------
24,044,348 21,740,555
=========== ===========
FINANCIAL RATIOS
As At 31-December-2006
HOCK HIN (MUAR) RUBBER CO SDN BHD
2006 2005
MYR MYR
TYPES OF FUNDS
Cash 1,767,266 652,095
Net
Liquid Funds 1,736,996 574,952
Net
Liquid Assets <29,295,126> <22,024,429>
Net
Current Assets/(Liabilities) 7,993,677 5,064,040
Net
Tangible Assets 24,044,348 21,740,555
Net
Monetary Assets <30,140,981> <23,024,302>
BALANCE
SHEET ITEMS
Total
Borrowings 476,934 653,809
Total
Liabilities 44,361,548 41,931,464
Total
Assets 67,560,041 62,672,146
Net
Assets 24,044,348 21,740,555
Net
Assets Backing 23,198,493 20,740,682
Shareholders''
Funds 23,198,493 20,740,682
Total
Share Capital 9,000,000 9,000,000
Total
Reserves 14,198,493 11,740,682
LIQUIDITY
(Times)
Cash
Ratio 0.04 0.02
Liquid
Ratio 0.33 0.46
Current
Ratio 1.18 1.12
WORKING
CAPITAL CONTROL (Days)
Stock
Ratio 43 44
Debtors
Ratio 14 29
Creditors
Ratio 0 0
SOLVENCY
RATIOS (Times)
Gearing
Ratio 0.02 0.03
Liabilities
Ratio 1.91 2.02
Times
Interest Earned Ratio 2.85 4.68
PERFORMANCE
RATIO (%)
Operating
Profit Margin 1.10 1.53
Net
Profit Margin 0.80 0.92
Return
On Net Assets 22.33 20.34
Return
On Capital Employed 22.18 20.15
Return
On Shareholders'' Funds/Equity 10.98 10.06
Dividend
Pay Out Ratio (Times) 0.04 0.04
NOTES
TO ACCOUNTS
Contingent
Liabilities 0 0
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)