MIRA
INFORM REPORT
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Report Date : |
16.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BP CHEMICALS (MALAYSIA) SDN BHD |
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Registered Office : |
Wisma Havela Thakardas, 1 Jalan Tiong Nam, Off Jalan Raja Laut, 10th Floor,
50350 Kuala Lumpur, Wilayah Persekutuan |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
23/12/1991 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and Sale of Purified Terehthalic Acid (Pta) and related
Chemicals Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Exists |
* Adopted
abbreviations : SC - Subject Company ( the company enquired
by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 281845-P
COMPANY NAME : BP CHEMICALS (MALAYSIA) SDN BHD
FORMER NAME : AMOCO CHEMICAL (MALAYSIA) SDN BHD
(19-11-2002)
INCORPORATION DATE : 23/12/1991
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : WISMA HAVELA THAKARDAS, 1 JALAN TIONG
NAM, OFF
JALAN
RAJA LAUT, 10TH FLOOR, 50350 KUALA LUMPUR,
WILAYAH
PERSEKUTUAN, MALAYSIA.
BUSINESS ADDRESS : LOT 116, KAWASAN PERINDUSTRIAN
GEBENG, 26080
KUANTAN,
PAHANG, MALAYSIA.
TEL NO : 09 - 5833100
FAX NO : 09 - 5836331
EMAIL : khoc@bp.com
WEB SITE : www.bp.com
CONTACT PERSON : CHUNG RAE JOON (WORKS GENERAL
MANAGER)
INDUSTRY CODE : 24290
PRINCIPAL ACTIVITY : MANUFACTURING AND SALE OF PURIFIED
TEREHTHALIC
ACID
(PTA) AND RELATED CHEMICALS PRODUCTS
AUTHORISED CAPITAL : MYR360,000,000.00 DIVIDED INTO
ORDINARY SHARE
359,000,000
OF MYR1.00 EACH.
PREFERENCE
SHARE 1,000,000 OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR358,732,541.00 DIVIDED INTO
ORDINARY SHARE
343,862,345
CASH AND 14,781,200 OTHERWISE OF MYR1.00
EACH.
PREFERENCE
SHARE 88,996 CASH OF MYR1.00 EACH.
SALES : MYR2,673,995,000 [2006]
NET WORTH : < MYR543,323,000 > [2006]
STAFF STRENGTH : 245
[2007]
BANKER (S) : HSBC BANK MALAYSIA BHD
: MALAYAN BANKING BHD
LITIGATION : TRACED
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) manufacturing and
sale of purified terehthalic acid (pta) and related chemicals 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 immediate holding company of the SC is AMOCO CHEMICAL HOLDING BV., a
company in incorporated in NETHERLANDS.
The ultimate holding company of the SC is BP P.L.C., a company in
incorporated in UNITED KINGDOM. The major shareholder(s) of the SC are shown as
follows :
Name Address IC/PP/Loc
No: Shareholding
AMOCO CHEMICAL HOLDING BEZUIDENHOUTSEWEG 74, P.O.BOX 11550, 358,652,741
BV AN
THE HAGUE, 2502, THE NETHERLANDS.
[ORD 358,643,545 & PREF
9,196]
BP AMACO CHEMICAL 200 EAST RANDOLPH DRIVE, ILLINOIS, 60601 79,800
MALAYSIA HOLDING CO CHICAGO, USA MINOR OUTLYING ISLANDS.
[PREF]
--------------------
358,732,541
===========
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown
as follows:
Local No Name (%) As At
346779 AC CONSTRUCTION
MANAGEMENT SDN BHD 100.00 31/12/97
385764 AMOCO CHEMICAL
PTA (MALAYSIA) SDN BHD 100.00 31/12/97
DIRECTORS
DIRECTOR 1
Name of Subject : WOO HON WAI
Address : C3-1, LA PALMYRA, JALAN MEDANG
TANDUK, BUKIT BANDARAYA, 59100
KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No. : S1530691B
Date of Birth : 09/11/1962
Nationality : SINGAPOREAN
DIRECTOR 2
Name of Subject : MS. WONG WAI YEE
Address : TOWER 1, 22D STAR CREST, 9 STAR
STREET WANCHAI, HONG KONG.
IC / PP No. : H90028178
Date of Birth : 30/09/1959
Nationality : CHINESE
DIRECTOR 3
Name of Subject : DATUK PETER MICHAEL WENTWORTH
Address : 138, JALAN BUKIT PANTAI, 59100 KUALA
LUMPUR, WILAYAH
PERSEKUTUAN,
MALAYSIA.
IC / PP No. : P761052495
Date of Birth : 21/11/1947
Nationality : BRITISH
Remark : OLD P/P:740134620
DIRECTOR 4
Name of Subject : YIM CHUNG CHING
Address : 2C, TOWER 6, PARC OASIS KOWLOON, HONG
KONG.
IC / PP No. : H90137354
Date of Birth : 10/08/1961
Nationality : CHINESE
DIRECTOR 5
Name of Subject : CHUNG RAE JOON
Address : BLOCK B, LG-1, 1 KUANTAN TEMBELING
RESORT, 25250
KUANTAN,
PAHANG, MALAYSIA.
IC / PP No. : MP0177724
Date of Birth : 07/02/1948
Nationality : KOREAN
DIRECTOR 6
Name of Subject : MARTIN JOHN ROBINSON
Address : 5, LORONG CENDERAI, BANGSAR BARU,
50490 KUALA LUMPUR,
WILAYAH
PERSEKUTUAN, MALAYSIA.
IC / PP No. : P500281607
Date of Birth : 03/07/1965
Nationality : BRITISH
MANAGEMENT
1) Name of Subject : CHUNG
RAE JOON
Position : WORKS GENERAL MANAGER
2) Name of Subject : WONG
YEE CHING
Position : FINANCIAL CONTROLLER
3) Name of Subject : SALEHUDDIN
AHMAD
Position : HUMAN RESOURCE MANAGER
4) Name of Subject : SARIMAH
BURHAN
Position : PROCUREMENT MANAGER
AUDITOR
Auditor : ERNST & YOUNG
Auditors' Address : COMPLEX TERUNTUM, JALAN MAHKOTA, 11TH
FLOOR, 25000
KUANTAN,
PAHANG, MALAYSIA.
COMPANY SECRETARY
1) Company Secretary : MS.
WOO YING PUN
IC / PP No. : 7245916
New IC No. : 631106-10-6550
Address : 24, JALAN SARJANA 3, TAMAN CONNAUGHT, JALAN CHERAS,
56000
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
Date of Appointment : 31/07/2007
BANKING
Banking relations are maintained principally with :
1) Banker Name : HSBC
BANK MALAYSIA BHD
2) 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 : 14 Feb 1995
Description of Charge : DEBENTURE
Amount Secured : RM 37,333,333.00
Description of Property Affected : FIXED & FLOATING
Name & Address of Chargee : ACP (MALAYSIA) INC
200 EAST RANDOLPH
DRIVE, CHICAGO, 60601 LLLINOIS.
Form 40 Dated 14 Feb 1995
Registered and Numbered 2 In The
Register of Charges
ENCUMBRANCE 2
Date of Creation : 14 Feb 1995
Description of Charge : FIXED CHARGE
Amount Secured : RM 37,333,333.00
Description of Property Affected : HS (D) 11076, PT 4932, MK SG KARANG
Name & Address of Chargee : ACP (MALAYSIA) INC
200 EAST RANDOLPH
DRIVE, CHICAGO, 60601 LLLINOIS.
Form 40 Dated 14 Feb 1995
Registered and Numbered 3 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.
LEGAL ACTION
Code No : 22 Case
No : 373
Year : 2000 Place : KUALA LUMPUR
Court : HIGH COURT
Solicitor : THAKURTA LOW & RAJENDRA
Plaintiff : ALDWICH ENVIRO-MANAGEMENT SDN BHD
Defendants : AMOCO CHEMICAL MALAYSIA
SDN BHD (281845)
LOT 116, GEBENG INDUSTRIAL AREA,
PO BOX 11, BALOK,
26080
KUANTAN, PAHANG.
Amount Claimed : 13,740,000.00
Nature of Claim : GDS SOLD & DELIVERED
Remarks : LIST
NOTE: Please check with creditors
for confirmation as alleged debts may have been paid since recorded or are
being disputed. The person who has been sued has the same name as the subject.
However, we are unable to determine whether the person sued is the one and the
same person.
No winding up petition was found in our data bank
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : NO Percentage : 0
%
Overseas : YES Percentage : 100%
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 : YES Percentage : 70%
Domestic Markets : MALAYSIA.
Overseas : YES Percentage : 30%
Export Market : CHINA , PAKISTAN , THAILAND , INDIA ,
AUSTRALIA , SINGAPORE ,
HONG
KONG, INDONESIA, NEW ZEALAND, PHILIPPINES, SWITZERLAND.
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES , TELEGRAPHIC TRANSFER (TT) ,
LETTER OF CREDIT (LC).
Type of Customer : MEDICAL INDUSTRIES , LABORATORIES ,
CHEMICAL INDUSTRY ,
PETROCHEMICAL
INDUSTRIES , PHARMACEUTICAL INDUSTRIES.
We were informed that
the SC's main customers is from China.
CUSTOMER (S) : 1) TORAY BASF PBT RESIN SDN BHD
OPERATIONS
Products Manufactured : PURIFIED
TEREHTHALIC ACID (PTA) AND RELATED CHEMICALS PRODUCTS
Award : MS ISO 14001 Year : 2000
MS ISO 9001 : 2000 Year : 1998
Competitor(s) : COGNIS OLEOCHEMICALS (M) SDN BHD
TORAY
PLASTICS (MALAYSIA) SDN BHD
SOUTHERN
ACIDS (M) BHD
TITAN
PETCHEM (M) SDN BHD
NATURAL
OLEOCHEMICALS SDN BHD
Member(s) / Affiliate(s) : FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM)
Ownership of premises : OWNED
Total Number of Employees :
YEAR 2007 2006
GROUP N/A N/A
COMPANY 245 240
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 : 09-5833100
Match : N/A
Address Provided By Client : LEVEL 35 MENARA MAXIS KUALA LUMPUR
CITY, MALAYSIA
Current Address : LOT 116, KAWASAN PERINDUSTRIAN
GEBENG,
26080
KUANTAN, PAHANG, MALAYSIA.
Match : NO
Latest Financial Accounts : YES
Other Investigations
We conducted an interview with one of the SC's staff from Finance
Department. She revealed some information on the SC.
We have verified and confirmed that the address provided belongs to the
SC's Sales office as stated in your enquiry.
FINANCIAL COMMENTS
Profitability :
Turnover : Decreased [ 2004-2006 ]
Profit / ( Loss ) before tax : Increased [ 2004-2006 ]
Return on Shareholder Funds : Unfavourable [ 51.86% ]
Return on Net Assets : Unfavourable [ < 29.09%
> ]
The continuous fall in turnover could be due to the lower demand for the
SC's products / services. Higher losses before tax during the year could be due
to the higher operating costs incurred. Although the SC's returns showed
positive figures it is not reflective of the true situation. The SC incurred
losses during the year and its shareholders' funds have turned red. The
positive returns on shareholders' funds is the result of losses divided by
negative shareholders' funds. The SC's management was inefficient in utilising
the assets to generate returns.
Working Capital Control :
Stocks Ratio : Favourable [ 23 Days ]
Debtors Ratio : Favourable [ 33 Days ]
Creditors Ratio : Favourable [ 52 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 [ 0.59 Times ]
Current Ratio : Unfavourable [ 0.93 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 [ < 1.87
Times > ]
Gearing Ratio : Unfavourable [ < 0.12
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's gearing was negative during the year as its
shareholders' funds was in the red. This means the SC is running its business
using borrowed money. We consider the SC as facing high financial risks.
Overall Assessment :
The SC's losses could be attributed to the lower turnover which in turn
could be the result of unfavourable market conditions. 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. 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 was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The SC has good chance
of getting loans, if the needs arises.
Overall financial condition of the SC: POOR
COMMENTS
Established in 1991, as a private limited company, the SC is principally
engaged in the manufacturing and sale of purified terehthalic acid (pta) and
related chemicals products. Over its years of establishment, the SC should have
built up its reputation and image in the market to support its growth. Backed
by its strong established holding company with a paid up capital of RM358.73
million, the SC is expected to enjoy timely assistance when the needs arise.
Apart from the local market, the SC also generates 30% of its income
from the overseas market. This global approach enables the SC to gain higher
market share. We noted that the SC's products are widely used in various
industries such as medical, chemical, pharmaceutical and others. Such a wide
range of customer base has well diversified its business risk. However, the SC
is still vulnerable to the changes in the local economy as 70% of its income is
generated from the local market. Presently, the SC has a work force of 245
employees in the operations. Its management capability is regarded as average.
For the financial year 2006, the SC's turnover stood at RM2.67 million.
However, we noticed that the SC suffered pre-tax losses over this three years.
This may be due to high operating cost and the stiff competition in the market.
The SC has generated an unfavourable return based on its shareholders' funds.
Moreover, with its current liabilities exceed its current assets, the SC faces
working capital deficiency in meeting its short term obligations. An unfavourable
gearing ratio has placed the SC at high financial risk. The overall financial
performance of the SC is poor.
Our check revealed that the SC's supplies are 100% sourced from overseas
countries. As an imported-oriented company, its forex exposure is high. A small
movement in currency exchange rates would result in a change in operating
profit or costs.
Based on its financial historical data, the SC's payment record is
considered fair.
The chemical products industry is expected to grow in tandem with the
overall growth of other manufacturing of the economy. This favourable condition
created ample opportunities for the SC. However, being a loss making capital
indicates that the SC faces stiff competition in the market.
With a negative shareholders' funds, the SC may not be able to maintain
its business in the near term. In view of its red shareholders' funds, we are
against grating credit to the SC.
THE FINANCIAL STATEMENTS WERE
PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
PROFIT
AND LOSS ACCOUNT
For
The Year Ended 31-December-2006
BP
CHEMICALS (MALAYSIA) SDN BHD
2006 2005 2004
MYR MYR MYR
TURNOVER 2,673,995,000 2,739,814,000 3,001,966,000
=========== =========== ===========
PROFIT/(LOSS) FROM OPERATIONS <307,071,000> <40,330,000> 131,601,000
SHARE OF
PROFITS/(LOSSES) OF ASSOCIATED
------------------- ------------------- -------------------
PROFIT/(LOSS)
BEFORE TAXATION <307,071,000> <40,330,000> 131,601,000
Taxation 25,302,000 <25,376,000> <60,135,000>
------------------- ------------------- -------------------
PROFIT/(LOSS)
AFTER TAXATION <281,769,000> <65,706,000> 71,466,000
------------------- ------------------- -------------------
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS <281,769,000> <65,706,000> 71,466,000
------------------- ------------------- -------------------
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS <281,769,000> <65,706,000> 71,466,000
RETAINED
PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As previously
reported <595,982,000> <556,668,000> <636,517,000>
Prior year
adjustment <27,910,000> <1,518,000> -
------------------- ------------------- -------------------
As restated <623,892,000> <558,186,000> <636,517,000>
------------------- ------------------- -------------------
PROFIT
AVAILABLE FOR APPROPRIATIONS <905,661,000> <623,892,000> <565,051,000>
------------------- ------------------- -------------------
RETAINED
PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD <905,661,000> <623,892,000> <565,051,000>
=========== =========== ===========
RETAINED BY:
The Company <905,661,000> <623,892,000> <565,051,000>
------------------- ------------------- -------------------
<905,661,000> <623,892,000> <565,051,000>
=========== =========== ===========
INTEREST
EXPENSE (as per notes to P&L)
Other
interest expenses 106,848,000 101,807,000 -
------------------- ------------------- -------------------
106,848,000 101,807,000 -
=========== =========== ===========
BALANCE SHEET
As
At 31-December-2006
2006 2005 2004
MYR MYR MYR
ASSETS
EMPLOYED:
FIXED ASSETS 721,035,000 749,493,000 787,110,000
LONG
TERM INVESTMENTS/OTHER ASSETS
------------------- ------------------- -------------------
INTANGIBLE
ASSETS
------------------- ------------------- -------------------
------------------- ------------------- -------------------
TOTAL LONG
TERM ASSETS 721,035,000 749,493,000 787,110,000
CURRENT
ASSETS
Stocks 166,955,000 169,374,000 241,374,000
Trade debtors 239,452,000 502,341,000 488,440,000
Other
debtors, deposits & prepayments 4,420,000 6,676,000 5,146,000
Short term
deposits 20,974,000 35,400,000 -
Items in
transit between head office & branches
Amount due
from related companies - - 322,615,000
Cash &
bank balances 22,509,000 93,012,000 83,283,000
------------------- ------------------- -------------------
TOTAL CURRENT
ASSETS 454,310,000 806,803,000 1,140,858,000
CURRENT
LIABILITIES
Trade
creditors 379,295,000 419,505,000 78,424,000
Other creditors
& accruals 38,523,000 45,920,000 56,310,000
Short term
borrowings/Term loans 65,964,000 70,560,000 141,867,000
Amounts owing
to related companies 3,365,000 56,940,000 648,664,000
------------------- ------------------- -------------------
TOTAL CURRENT
LIABILITIES 487,147,000 592,925,000 925,265,000
------------------- ------------------- -------------------
NET CURRENT
ASSETS/(LIABILITIES) <32,837,000> 213,878,000 215,593,000
------------------- ------------------- -------------------
TOTAL NET
ASSETS 688,198,000 963,371,000 1,002,703,000
=========== =========== ===========
FINANCED
BY:
SHARE CAPITAL
Ordinary
share capital 358,644,000 358,644,000 358,644,000
------------------- ------------------- -------------------
TOTAL SHARE
CAPITAL 358,644,000 358,644,000 358,644,000
RESERVES
Capital
reserve 3,694,000 2,574,000 -
Retained
profit/(Accumulated loss) carried
forward <905,661,000> <623,892,000> <565,051,000>
Others
(please specify) - - 1,043,860,000
------------------- ------------------- -------------------
TOTAL
RESERVES <901,967,000> <621,318,000> 478,809,000
------------------- ------------------- -------------------
SHAREHOLDERS'
FUNDS/EQUITY <543,323,000> <262,674,000> 837,453,000
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
Long term
loans - 70,560,000 156,867,000
Deferred
taxation - 25,336,000 8,383,000
redeemable
preference shares 1,231,521,000 1,130,149,000 -
------------------- ------------------- -------------------
TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 1,231,521,000 1,226,045,000 165,250,000
------------------- ------------------- -------------------
688,198,000 963,371,000 1,002,703,000
=========== =========== ===========
FINANCIAL RATIOS
As
At 31-December-2006
BP
CHEMICALS (MALAYSIA) SDN BHD
2006 2005 2004
MYR MYR MYR
TYPES OF
FUNDS
Cash 43,483,000 128,412,000 83,283,000
Net Liquid
Funds <22,481,000> 57,852,000 <58,584,000>
Net Liquid
Assets <199,792,000> 44,504,000 <25,781,000>
Net Current
Assets/(Liabilities) <32,837,000> 213,878,000 215,593,000
Net Tangible
Assets 688,198,000 963,371,000 1,002,703,000
Net Monetary
Assets <1,431,313,000> <1,181,541,000> <191,031,000>
BALANCE
SHEET ITEMS
Total
Borrowings 65,964,000 141,120,000 298,734,000
Total
Liabilities 1,718,668,000 1,818,970,000 1,090,515,000
Total Assets 1,175,345,000 1,556,296,000 1,927,968,000
Net Assets 688,198,000 963,371,000 1,002,703,000
Net Assets
Backing <543,323,000> <262,674,000> 837,453,000
Shareholders''
Funds <543,323,000> <262,674,000> 837,453,000
Total Share
Capital 358,644,000 358,644,000 358,644,000
Total
Reserves <901,967,000> <621,318,000> 478,809,000
LIQUIDITY
(Times)
Cash Ratio 0.09 0.22 0.09
Liquid Ratio 0.59 1.08 0.97
Current Ratio 0.93 1.36 1.23
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 23 23 29
Debtors Ratio 33 67 59
Creditors
Ratio 52 56 10
SOLVENCY
RATIOS (Times)
Gearing Ratio <0.12> <0.54> 0.36
Liabilities
Ratio <3.16> <6.92> 1.30
Times
Interest Earned Ratio <1.87> 0.60 0
PERFORMANCE
RATIO (%)
Operating
Profit Margin <11.48> <1.47> 4.38
Net Profit
Margin <10.54> <2.40> 2.38
Return On Net
Assets <29.09> 6.38 13.12
Return On
Capital Employed <26.55> 5.95 11.50
Return On
Shareholders'' Funds/Equity 51.86 25.01 8.53
Dividend Pay
Out Ratio (Times) 0 0 0
NOTES
TO ACCOUNTS
Contingent
Liabilities 9,165,500 5,929,500 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%)