MIRA
INFORM REPORT
|
Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
WRP |
|
|
|
|
Registered Office : |
Menara Havela Thakardas, 1 Jalan Tiong Nam, Off Jalan Raja Laut, 10th Floor,
50350 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2005 |
|
|
|
|
Date of Incorporation : |
28/11/1985 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing, Marketing of Disposable Medical, Industrial, Specialty
Glove, Urological Catheter, Finger Cot, Related Product And Service |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Exists |
* Adopted
abbreviations : SC - Subject Company ( the company enquired
by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 147817-V
COMPANY NAME : WRP
FORMER NAME : WEMBLEY RUBBER PRODUCTS (M) SDN BHD
(01-12-1998)
INCORPORATION DATE : 28/11/1985
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : MENARA HAVELA THAKARDAS, 1 JALAN
TIONG
JALAN
RAJA LAUT, 10TH FLOOR, 50350
WILAYAH
BUSINESS ADDRESS :
SALAK
TINGGI, 43900 SEPANG,
TEL NO : 03 - 87061486
FAX NO : 03 - 87061488/1557
EMAIL : ika_cfowrp@wrpworld.com
WEB SITE : www.wrpworld.com
CONTACT PERSON : LEE SON HONG (CEO)
INDUSTRY CODE : 25193
3311
PRINCIPAL ACTIVITY : MANUFACTURING, MARKETING OF
DISPOSABLE MEDICAL,
INDUSTRIAL,
SPECIALTY GLOVE, UROLOGICAL CATHETER,
FINGER
COT, RELATED PRODUCT AND SERVICE
AUTHORISED CAPITAL : MYR500,000,000.00 DIVIDED INTO
ORDINARY SHARE
430,000,000
OF MYR1.00 EACH.
PREFERENCE
SHARE 70,000,000 OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR385,431,448.00 DIVIDED INTO
ORDINARY SHARE
278,000,000
CASH AND 107,431,448 OTHERWISE OF
MYR1.00
EACH.
SALES : MYR400,219,519 [2005]
NET WORTH : MYR67,456,763 [2005]
M1000 OVERALL RANKING : 520 [2005]
M1000 INDUSTRY RANKING : 6 [2005]
STAFF STRENGTH : 4,650
[2007]
BANKER (S) : UNITED OVERSEAS BANK (
LITIGATION : TRACED
FINANCIAL CONDITION : POOR
PAYMENT : AVERAGE
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : MODERATE
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,
marketing of disposable medical, industrial, specialty glove, urological
catheter, finger cot, related product and service.
The SC is not listed on
The SC is one of the Top Corporate Performers in the
According to the
YEAR 2005
OVERALL RANKING 520
INDUSTRY RANKING 6
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
BARFIELD NOMINEES LTD A/C
17386 BANQUES,
ST PETER
WISMA
FLOOR,
50450
GREAT ADVANCE ROOM
3713, THE CENTER 99,
INVESTMENT LTD CENTRAL,
TAN SRI DATUK IBRAHIM BIN 11, JALAN MENGKUANG, OFF JALAN AMPANG, 1723453 55,208,632
HJ MOHAMED + 55000
STANDARD CHARTERED PVT STANDARD CHARTERED BUILDING, 4-4A, DES 26,593,000
EQUITY LTD VOEUX,
ROAD CENTRAL, LEVEL 10, HONG
KONG.
BANK PERTANIAN
WILAYAH
DATO' SRI ABDULLAH BIN
MOHAMED AMPANG,
55000
FORVENT A.G.
BANDAR
BARU SALAK TINGGI, 43900 SEPANG,
FUND I PTE LTD 048624,
UNITED OVERSEAS BANK MENARA UOB, JALAN RAJA LAUT, LEVEL 2, 271809 8,250,000
(
REMAINING SHAREHOLDERS 20,586,000
--------------------
385,431,448
===========
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : TAN SRI DATUK IBRAHIM BIN HJ MOHAMED
Address : 11, JALAN MENGKUANG, OFF JALAN
AMPANG, 55000 KUALA
LUMPUR, WILAYAH
IC / PP No. : 1723453
New IC No : 421111-03-5229
Date of Birth : 11/11/1942
Nationality : MALAYSIAN MALAY
Date of Appointment : 11/01/2001
DIRECTOR 2
Name of Subject : MS. FARIDA ASWAN BTE TAN SRI DATUK
IBRAHIM
Address : 11, JALAN MENGKUANG, OFF JALAN
AMPANG, 55000 KUALA
LUMPUR,
WILAYAH
IC / PP No. : A1997927
New IC No : 710921-06-5412
Date of Birth : 21/09/1971
Nationality : MALAYSIAN MALAY
Date of Appointment : 23/11/1999
DIRECTOR 3
Name of Subject : CHRISTOPER MICHAEL NACSON
Address : 7D, BLOCK 26,
IC / PP No. : P740121227
Nationality : N/A
Date of Appointment : 18/09/2003
DIRECTOR 4
Name of Subject : MR. LEE SON HONG
Address : 9, LORONG RAJA DIHILIR, 30350
IC / PP No. : 8250975
New IC No : 570226-08-5145
Nationality : MALAYSIAN CHINESE
Date of Appointment : 04/07/2005
Remark : APPONITED AS MD ON 13/03/2006
MANAGEMENT
1) Name of Subject : LEE
SON HONG
Position : CEO
2) Name of Subject : EIRIK
BONDE ASLAKSRUD
Position : EXECUTIVE DIRECTOR
3) Name of Subject : PENG
TIANG WOOI
Position : ACCOUNTANT
4) Name of Subject : YEONG
ENG SENG
Position : MARKETING MANAGER
AUDITOR
Auditor : ERNST & YOUNG
Auditors' Address : MENARA MILENIUM, JALAN DAMANLELA,
PUSAT BANDAR
DAMANSARA,
LEVEL 23A, 50490
COMPANY SECRETARY
1) Company Secretary : MS.
CINDY CHIEW
IC / PP No. : A3213527
New IC No. : 751009-08-5440
Address : 6, LALUAN MERU INDAH B5, GERBANG MERU INDAH, 30020
Date of Appointment : 17/08/2007
2) Company Secretary : MS.
CHAN YOKE YIN
IC / PP No. : 6900762
New IC No. : 621102-08-5888
Address : 78, LINTASAN WAH KEONG 1,
Date of Appointment : 19/08/2005
3) Company Secretary : MS.
MOK YING
IC / PP No. : 4430824
New IC No. : 530314-04-5200
Address : 27, LORONG KEMARIS 3, BUKIT BANDARAYA, 59100 KUALA
LUMPUR,
WILAYAH
Date of Appointment : 04/07/2005
BANKING
Banking relations are maintained principally with :
1) Banker Name : UNITED
OVERSEAS BANK (
The SC enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s).
ENCUMBRANCE (S)
ENCUMBRANCE 1
Date of Creation : 27 Aug 1998
Description of Charge : N/A
Amount Secured : N/A
Description of Property Affected : N/A
Name & Address of Chargee : STANDARD CHARTERED BANK OFFSHORE
Form 40 Dated
Registered and Numbered 23 In The
Register of Charges
ENCUMBRANCE 2
Date of Creation : 27 Aug 1998
Description of Charge : N/A
Amount Secured : N/A
Description of Property Affected : N/A
Name & Address of Chargee : STANDARD CHARTERED BANK OFFSHORE
Form 40 Dated
Registered and Numbered 24 In The
Register of Charges
ENCUMBRANCE 3
Date of Creation : 12 Oct 1998
Description of Charge : N/A
Amount Secured : N/A
Description of Property Affected : N/A
Name & Address of Chargee : STANDARD CHARTERED BANK OFFSHORE
Form 40 Dated
Registered and Numbered 25 In The
Register of Charges
ENCUMBRANCE 4
Date of Creation : 27 Oct 2000
Description of Charge : N/A
Amount Secured : RM 85,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : UNITED OVERSEAS BANK (
Form 40 Dated
Registered and Numbered 28 In The
Register of Charges
ENCUMBRANCE 5
Date of Creation : 27 Oct 2000
Description of Charge : N/A
Amount Secured : RM 85,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : UNITED OVERSEAS BANK (
Form 40 Dated
Registered and Numbered 29 In The
Register of Charges
ENCUMBRANCE 6
Date of Creation : 30 Jun 2003
Description of Charge : OPEN CHARGE
Amount Secured : O/D
Description of Property Affected : N/A
Name & Address of Chargee : UNITED OVERSEAS BANK LTD
Form 40 Dated
Registered and Numbered 30 In The
Register of Charges
ENCUMBRANCE 7
Date of Creation : 07 Jul 2003
Description of Charge : OPEN CHARGE
Amount Secured : O/D
Description of Property Affected : N/A
Name & Address of Chargee : EXPORT-IMPORT BANK
Form 40 Dated
Registered and Numbered 31 In The
Register of Charges
ENCUMBRANCE 8
Date of Creation : 22 Apr 2004
Description of Charge : OPEN CHARGE
Amount Secured : O/D
Description of Property Affected : N/A
Name & Address of Chargee : UNITED OVERSEAS BANK LTD
Form 40 Dated
Registered and Numbered 32 In The
Register of Charges
ENCUMBRANCE 9
Date of Creation : 07 Jul 2004
Description of Charge : OPEN CHARGE
Amount Secured : O/D
Description of Property Affected : N/A
Name & Address of Chargee : EXPORT-IMPORT BANK
Form 40 Dated
Registered and Numbered 33 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
back dated since 1900.
LEGAL ACTION
Code No : 22 Case
No : 1053
Year : 2006 Place :
Court : HIGH COURT
Solicitor : HING & ALVIN
Plaintiff : TITI LATEX SDN BHD
Defendants : WRP
MENARA MILENIUM, JLN DAMANLELA,
PUSAT BDR D'SARA,
LEVEL
17, 50490
TAN
SRI DATUK IBRAHIM BIN HJ MOHAMED
(1723453/421111-03-5229)
11 JLN MENGKUANG, OFF JLN AMPANG, 55000
LEE
SON HONG (8250975/570226-08-5145)
37 JLN
Amount Claimed : 4,150,000.00
Nature of Claim : GDS SOLD & DELIVERED
Remarks : LIST
Code No : 22 Case
No : 784
Year : 2000 Place :
Court : HIGH COURT
Solicitor : SAW & CO
Plaintiff : ATLANTIC PAR
Defendants : WRP
43900
SEPANG, SELANGOR.
DATUK
MUHAMMAD FEISOL BIN HJ HASSAN
(3031796/370513-02-5261)
11
JLN BIRAH, D'SARA HEIGHTS, 50490
ONG
CHIN CHYE (2671224/370211-07-5271)
113
JLN BKT PANTAI, BANGSAR, 59100
Amount Claimed : 1,230,000.00
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 : YES Percentage : 60%
Overseas : YES Percentage : 40%
Import Countries :
A trade enquiry conducted with SC's suppliers revealed the following:
Supplier 1
Type of Supplies : CORRUGATED PAPER BOXES
Time Known : > 9 YEARS
Credit Term : 60 DAYS
Mode of Payment : CHEQUES
Credit Limit : N/A
Mthly Avg Trx. : AROUND RM10,000 TO 20,000
Outstanding amount : N/A
Payment Record : AS AGREED
According to our trade survey conducted, we are in the opinion that :
OVERALL PAYMENT HABIT
Prompt [ ] Good [ ] Average [ X ]
Fair [ ] Poor [ ]
CLIENTELE
Local : YES Percentage : 5%
Domestic Markets :
Overseas : YES Percentage : 95%
Export Market : UNITED STATES,
Credit Term : 30 - 60 DAYS , 60 - 90 DAYS..
Payment Mode : LETTER OF CREDIT (LC) , TELEGRAPHIC
TRANSFER (TT) , CHEQUES.
Type of Customer : DEALERS , END USERS , MANUFACTURING
INDUSTRIES .
No of Customer : MORE THAN 60
The SC sells the products to various types of industries including medical, dental, food and critical environment industries.
The SC's major export markets are to the
OPERATIONS
Products Manufactured : EXAMINATION GLOVES, SURGICAL GLOVES
& UROLOGICAL
CATHETERS
SURGICAL GLOVES, TECHNOLOGICAL GLOVES,
RADIATION
PROTECTIVE PRODUCTS, FOOD & CATERING
SERVICE
GLOVES
Brand Name : PROFEEL, COMFIT, MAXIKLEEN,
DERMAGRIP, RADIAXEN, NITRIKLEEN,
FOLEYCATH
& DERMASAFE
Competitor(s) : SEAL POLYMER INDUSTRIES BHD
REGENT
HOSPITAL PRODUCTS SDN BHD
ANSELL
SHAH ALAM SDN BHD
SHORUBBER
(
SUMIRUBBER
Member(s) / Affiliate(s) : FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM)
Ownership of premises : OWNED
Production capacity : 120 MILLION PIECES OF GLOVES PER
MONTH(INCLUSIVE OF ALL TYPES)
Total Number of Employees :
YEAR 2007 2006 2005 2004 2003
GROUP 4,650 4,600 4,600 4,595 2,662
COMPANY 4,550 4,450 4,455 4,352 2,641
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 : 87061486
Current Telephone Number : 03-87061486
Match : YES
Address Provided By Client :
SALAK
TINGGI 43900 SEPANG SELANGOR
Current Address :
SALAK
TINGGI, 43900 SEPANG,
Match : YES
Latest Financial Accounts : YES
Other Investigations
We contacted one of the Senior staff from the Finance Department. She
provided some information on the SC. Later we contacted the Production
Supervisor for further information on the SC.
FINANCIAL COMMENTS
The financial summary of the SC in Year 2005 showed that it was
financially POOR. Return on shareholders' funds of the SC is relatively low, indicating
that the SC did not generate an acceptable amount of profits based on its
existing shareholders' funds. Beside this the SC posted 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 has high liabilities ratio and it may face financial
difficulties if no additional capital is injected.
Overall financial condition of the SC: POOR
COMMENTS
Established in 1985, the SC is principally engaged in the manufacturing,
marketing of disposable medical, industrial, specialty glove, urological
catheter, finger cot, related product and service. Having been in the industry
for more than two decades should have enabled the to build up a certain
goodwill with its clients over times. With RM385.43 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.
Our investigation revealed that the SC serves both local and overseas
clients. However the SC's concentration is mainly on the overseas market as 95%
income are generated from the overseas market. With the 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.
Operating on a large scale, the group has approximately 4,650 employees in its
operation.
The SC's management team is headed by its CEO, Lee Son Hong. Overall the
management capability of the SC is average.
Referring to the financial statements as at 30 Jun 2005, the group
reported pre-tax losses of RM40.16 million on the back of RM400.21 million in
turnover. Due to the losses, the group has generated an unfavourable return on
shareholders' funds which indicated that the management was inefficient in
utilising its shareholders' funds to generate returns. Moreover, the group is
in weak liquidity position with its current liabilities well exceeding its
current assets. Thus, it may face difficulties in meeting its short term
obligations if no short term loan is obtained or additional capital injected.
The liability ratio of the group also is high indicating that the group faces
high financial risk. However given a healthy net worth standing at RM67.45
million, the SC should be able to maintain its business 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.
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 under
guarantee.
THE FINANCIAL
STATEMENTS WERE PREPARED
IN ACCORDANCE WITH
STANDARD.
PROFIT AND LOSS ACCOUNT
WRP
30-June-2005
Consolidated Accounts : Yes
UnQualified
Reports : Yes
RM
Turnover 400,219,519.00
Operating
Revenue 0.00
----------------------------
Profit
/ (Loss) Before Tax <
40,164,666.00 >
----------------------------
Profit
/ (Loss) After Tax <
39,904,744.00 >
Extraordinary
Item 0.00
Minority
Interest 898,293.00
----------------------------
Profit/(Loss)
Attributable to Shareholders <
39,006,451.00 >
----------------------------
Prior
Period Adjustment 0.00
Net
Dividend 0.00
Transferred
To/From Reserved <
8,671,314.00 >
Others 0.00
----------------------------
Unappropriated
Profit/(Loss) Brought Forward <
321,957,632.00 >
----------------------------
Unappropriated
Profit/(Loss) Carried Forward <
352,292,769.00 >
================
BALANCE SHEET
WRP
30-June-2005
Consolidated Accounts : Yes
UnQualified
Reports : Yes
RM
Fixed
Assets 273,546,282.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 98,105,128.00
Intangible
Assets 0.00
Other
Assets 0.00
----------------------------
Total
Assets 371,651,410.00
================
Working
Capital <
152,154,745.00 >
Issued Capital 385,431,448.00
Paid
Up Capital 385,431,448.00
Share
Premium & Reserved 34,318,084.00
Unappropriated
Profit/(Loss) <
352,292,769.00 >
----------------------------
Shareholder's
Fund/Equity 67,456,763.00
----------------------------
Current
Liabilities 250,259,873.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 49,648,806.00
Share
Application Account 0.00
Minority
Interest 4,285,968.00
----------------------------
Total
Equity Liability 371,651,410.00
================
Contingent
Liabilities 0.00
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
CONSOLIDATED
PROFIT AND LOSS ACCOUNT
For
The Year Ended 30-June-2004
2004 2003
MYR MYR
TURNOVER 455,248,113 381,795,747
=========== ===========
PROFIT/(LOSS) FROM OPERATIONS <46,059,059> <82,100,656>
SHARE OF
PROFITS/(LOSSES) OF ASSOCIATED
------------------- -------------------
PROFIT/(LOSS)
BEFORE TAXATION <46,059,059> <82,100,656>
Taxation <34,793> 3,401,609
------------------- -------------------
PROFIT/(LOSS)
AFTER TAXATION <46,093,852> <78,699,047>
Minority
interests 4,883,020 3,857,994
------------------- -------------------
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS <41,210,832> <74,841,053>
------------------- -------------------
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS <41,210,832> <74,841,053>
RETAINED
PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As previously
reported <276,200,945> <201,359,892>
------------------- -------------------
As restated <276,200,945> <201,359,892>
------------------- -------------------
PROFIT
AVAILABLE FOR APPROPRIATIONS <317,411,777> <276,200,945>
- General <4,545,855> -
------------------- -------------------
RETAINED
PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD <321,957,632> <276,200,945>
=========== ===========
RETAINED BY: The Company <321,957,632> <276,200,945>
------------------- -------------------
<321,957,632> <276,200,945>
=========== ===========
INTEREST
EXPENSE (as per notes to P&L)
Term loan 5,382,613 2,315,851
Revolving
loans - 3,594,720
Other
interest expenses 3,445,391 5,238,794
Bills payable 1,637,431 8,053,482
Bankers'
acceptance 741,125 2,699,177
------------------- -------------------
11,206,560 21,902,024
=========== ===========
CONSOLIDATED
BALANCE SHEET
As
At 30-June-2004
2004 2003
MYR MYR
ASSETS
EMPLOYED:
FIXED ASSETS 297,344,376 312,682,385
LONG
TERM INVESTMENTS/OTHER ASSETS
------------------- -------------------
INTANGIBLE
ASSETS
------------------- -------------------
------------------- -------------------
TOTAL LONG
TERM ASSETS 297,344,376 312,682,385
CURRENT
ASSETS
Stocks 35,666,407 70,700,942
Trade debtors 63,712,383 52,088,520
Other
debtors, deposits & prepayments 8,801,785 16,089,372
Items in
transit between head office & branches
Cash &
bank balances 1,279,504 3,246,541
------------------- -------------------
TOTAL CURRENT
ASSETS 109,460,079 142,125,375
CURRENT
LIABILITIES
Trade
creditors 47,048,094 51,432,239
Other
creditors & accruals 91,096,358 80,536,893
Hire purchase
& lease creditors 124,553 970,953
Bank overdraft 4,097,580 3,154,911
Short term
borrowings/Term loans 17,971,250 113,400
Other
borrowings - 4,693,569
Bill &
acceptances payable 68,358,900 59,003,756
Provision for
taxation 1,636,564 1,026,718
------------------- -------------------
TOTAL CURRENT
LIABILITIES 230,333,299 200,932,439
------------------- -------------------
NET CURRENT
ASSETS/(LIABILITIES) <120,873,220> <58,807,064>
------------------- -------------------
TOTAL NET
ASSETS 176,471,156 253,875,321
=========== ===========
FINANCED
BY:
SHARE CAPITAL
Ordinary
share capital 385,431,448 385,431,448
------------------- -------------------
TOTAL SHARE
CAPITAL 385,431,448 385,431,448
RESERVES
Share premium 11,969,590 11,969,590
Revaluation
reserve 30,509,760 30,509,760
Exchange
equalisation/fluctuation reserve 35,776 759,310
Retained profit/(Accumulated loss)
carried
forward <321,957,632> <276,200,945>
------------------- -------------------
TOTAL
RESERVES <279,442,506> <232,962,285>
------------------- -------------------
SHAREHOLDERS'
FUNDS/EQUITY 105,988,942 152,469,163
MINORITY
INTEREST 5,184,261 24,701,642
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
Long term
loans 53,914,106 61,959,838
Hire purchase
creditors 212,568 111,206
Deferred
taxation 9,713,781 13,327,416
Retirement
benefits provision 1,457,498 1,306,056
------------------- -------------------
TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 65,297,953 76,704,516
------------------- -------------------
176,471,156 253,875,321
=========== ===========
CONSOLIDATED
FINANCIAL RATIOS
As
At 30-June-2004
WRP
2004 2003 2002
MYR MYR MYR
TYPES OF
FUNDS
Cash 1,279,504 3,246,541 3,661,272
Net Liquid
Funds <20,789,326> <21,770> <48,534,380>
Net Liquid Assets <156,539,627> <129,508,006> <285,243,021>
Net Current
Assets/(Liabilities) <120,873,220> <58,807,064> <218,965,260>
Net Tangible
Assets 176,471,156 253,875,321 130,121,850
Net Monetary
Assets <221,837,580> <206,212,522> <325,222,525>
BALANCE
SHEET ITEMS
Total
Borrowings 76,320,057 71,003,877 170,238,101
Total
Liabilities 295,631,252 277,636,955 454,000,231
Total Assets 406,804,455 454,807,760 576,506,302
Net Assets 176,471,156 253,875,321 162,485,575
Net Assets
Backing 111,173,203 177,170,805 122,506,071
Shareholders''
Funds 105,988,942 152,469,163 122,506,071
Total Share
Capital 385,431,448 385,431,448 278,000,000
Total
Reserves <279,442,506> <232,962,285> <155,493,929>
LIQUIDITY
(Times)
Cash Ratio 0.01 0.02 0.01
Liquid Ratio 0.32 0.36 0.31
Current Ratio 0.48 0.71 0.47
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 29 68 54
Debtors Ratio 51 50 78
Creditors
Ratio 38 49 78
SOLVENCY
RATIOS (Times)
Gearing Ratio 0.72 0.47 1.39
Liabilities
Ratio 2.79 1.82 3.47
Times
Interest Earned Ratio <3.11> <2.75> 0.83
PERFORMANCE
RATIO (%)
Operating
Profit Margin <10.12> <21.50> <1.09>
Net Profit
Margin <9.05> <19.60> 0.72
Return On Net
Assets <19.75> <23.71> 14.81
Return On
Capital Employed <17.54> <23.32> 15.49
Return On Shareholders''
Funds/Equity <38.88> <49.09> 2.61
Dividend Pay
Out Ratio (Times) 0 0 0
NOTES
TO ACCOUNTS
Contingent
Liabilities 0 24,340,000 22,210,000
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. |
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%)