MIRA
INFORM REPORT
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Report Date : |
04.09.2007 |
IDENTIFICATION DETAILS
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Name : |
HUALON CORPORATION (M) SDN BHD |
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Registered Office : |
Setia 1, 15 Lorong Dungun, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
26/10/1989 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of Textile and Fibre Products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exists |
* Adopted abbreviations : SC - Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 188578-A
COMPANY NAME : HUALON CORPORATION (M) SDN BHD
FORMER NAME : HUALON CORPORATION (M) BHD (27-02-1999)
INCORPORATION DATE : 26/10/1989
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : SETIA 1, 15 LORONG DUNGUN,
LEVEL
7, 50490
BUSINESS ADDRESS : WISMA GOLDHILL, LEVEL 9, 67, JALAN RAJA CHULAN,
50200
TEL NO : 03 - 20316000
FAX NO : 03 - 20315000
EMAIL : info@hualon.com
WEB SITE : www.hualon.com
CONTACT PERSON : HSIANG LIEN HENG (MANAGING DIRECTOR)
INDUSTRY CODE : 17299
PRINCIPAL ACTIVITY : MANUFACTURING OF TEXTILE AND FIBRE PRODUCTS
AUTHORISED CAPITAL : MYR1,800,000,000.00 DIVIDED INTO ORDINARY SHARE
1,800,000,000 OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR858,135,323.00 DIVIDED INTO ORDINARY SHARE
828,355,614 CASH AND 29,779,709 OTHERWISE OF MYR1.00
EACH.
SALES : MYR3,387,960,000 [2005]
NET WORTH : MYR70,204,000 [2005]
M1000 OVERALL RANKING : 86 [2005]
M1000 INDUSTRY RANKING : 1 [2005]
STAFF STRENGTH : 11,450 [2007]
BANKER (S) : HONG LEONG BANK BHD
: MALAYAN BANKING BHD
: BANK ISLAM
: ASEAMBANKERS MALAYSIA BHD
: RHB BANK BHD
LITIGATION : TRACED
FINANCIAL CONDITION : POOR
PAYMENT : AVERAGE
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : HIGH
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : MARGINAL 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 of textile and fibre products.
The SC is not listed on
The SC is one of the Top Corporate Performers in the
According to the
YEAR 2005 2004
OVERALL RANKING 86 56
INDUSTRY RANKING 1 1
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
HUALON CORPORATION 69 CHUNG SHIAU, TOU FENG, MIAO LI 333,611,606
COUNTRY,
1ST
MR. ANDREW OUNG DA-MING UNIT 8.01,
+
[OLD P/P:M9696598 & WILAYAH
M20166317]
PB TRUSTEE SERVICES BHD MENARA PUBLIC BANK, 146 JALAN AMPANG, 7968 50,000,000
17TH
FLOOR, 50450
WILAYAH
MR. CHEN CHING-SEN + 4311, JALAN TS2-16,
NILAI,
NEGERI
DATO' OUNG YU-MING + UNIT 8.01,
WILAYAH
MR. LIU FU + 1,
JALAN SUNGAI RINCING, 32/63B, BUKIT P134215545 28,790,520
RIMAU,
SECTION 32, 40460 SHAH ALAM, 581020-71-5299
MR. HSIANG LIEN HENG + 20-27-3A, ANGKASA IMPIAN CONDOMINIUM, P133426517 28,790,520
JALAN
PERSIARAN RAJA CHULAN, 50200
MS. LEE PEI NI D-21-01, 202 DESA CAHAYA, 202 JALAN 202, P132045762 28,790,520
[OLD P/P: M14276069] JALAN AMPANG, 50450
WILAYAH
GOLDMINE CO INC C/O BVI LTD,
TORTOLA,
--------------------
858,135,323
===========
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown as follows:
Local No Name (%) As At
DOVLINE INVESTMENT PTE LTD 24.90 31/12/97
HUALON CORPORATION
MAHUALONG (CHAO YANG) TEXTILE CO LTD 49.54 31/12/97
DIRECTORS
DIRECTOR 1
Name of Subject : MR. ANDREW OUNG DA-MING
Address : UNIT 8.01,
50200
IC / PP No. : P132241417
Date of Birth : 06/12/1955
Nationality : TAIWANESE
Date of Appointment : 06/02/1990
Remark : OLD P/P:M9696598 & M20166317
DIRECTOR 2
Name of Subject : MR. CHEN CHING-SEN
Address : 4311, JALAN TS2-16,
IC / PP No. : P131518073
Nationality : TAIWANESE
Date of Appointment : 16/01/2002
DIRECTOR 3
Name of Subject : DATO' OUNG YU-MING
Address : UNIT 8.01,
50200
IC / PP No. : M4849395
New IC No : 531211-71-5181
Nationality : TAIWANESE
Date of Appointment : 01/08/2003
DIRECTOR 4
Name of Subject : MR. LIU FU
Address : 1, JALAN SUNGAI RINCING, 32/63B, BUKIT RIMAU, SECTION 32,
40460
SHAH ALAM,
IC / PP No. : P134215545
New IC No : 581020-71-5299
Nationality : MALAYSIAN CHINESE
Date of Appointment : 16/03/1990
DIRECTOR 5
Name of Subject : MR. HSIANG LIEN HENG
Address : 20-27-3A, ANGKASA IMPIAN CONDOMINIUM, JALAN PERSIARAN
RAJA
CHULAN, 50200
IC / PP No. : P133426517
Nationality : TAIWANESE
Date of Appointment : 21/08/2000
MANAGEMENT
1) Name of Subject : HSIANG LIEN HENG
Position : MANAGING DIRECTOR
2) Name of Subject : WONG SIEW MEI
Position : MARKETING MANAGER
3) Name of Subject : WONG YEN CHI
Position : HEAD OF HUMAN RESOURCE
4) Name of Subject : TONY YEN
Position : MIS MANAGER
AUDITOR
Auditor : KPMG
Auditors' Address : WISMA KPMG, JALAN DUNGUN,
50490
COMPANY SECRETARY
1) Company Secretary : MS. IRENE LIEW
IC / PP No. : A1475711
New IC No. : 700227-10-5112
Address : LOT 32, JALAN KUARI, KAMPUNG CHERAS BARU, 56100
Date of Appointment : 01/09/2004
2) Company Secretary : MS. SAW BEE LEAN
IC / PP No. : 5165841
New IC No. : 570711-07-5952
Address : 2, JALAN SS 22/34, DAMANSARA JAYA, 47400 PETALING JAYA,
Date of Appointment : 30/09/2000
BANKING
Banking relations are maintained principally with :
1) Banker Name : HONG LEONG BANK BHD
2) Banker Name : MALAYAN BANKING BHD
3) Banker Name : BANK
ISLAM
4) Banker Name : ASEAMBANKERS
5) Banker Name : RHB BANK BHD
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 : 18 Mar 1992
Description of Charge : AGREEMENT, CHARGE & DEBENTURE
Amount Secured : RM 60,000,000.00
Description of Property Affected : PM 60-61, 63-64
& 66,
SG UDANG
FIXED & FLOATING CHARGE
Name & Address of Chargee : BUMIPUTRA MERCHANT BANKERS BHD
MENARA
50200
Form 40 Dated 20 Apr 1992
Registered and Numbered 2 In The Register of Charges
ENCUMBRANCE 2
Date of Creation : 08 Oct 1993
Description of Charge : CHARGE & DEBENTURE
Amount Secured : RM 50,000,000.00
Description of Property Affected : HS(D) 70863
NEGERI SEMBILAN
FIXED & FLOATING CHARGE
Name & Address of Chargee : MALAYAN BANKING BHD
MENARA MAYBANK, 100 JALAN TUN PERAK, 14TH FLOOR,
50050
Form 40 Dated 23 Oct 1993
Registered and Numbered 4 In The Register of Charges
ENCUMBRANCE 3
Date of Creation : 08 Oct 1993
Description of Charge : CHARGE & DEBENTURE
Amount Secured : RM 30,000,000.00
Description of Property Affected : HS(D) 70863
NEGERI SEMBILAN
FIXED & FLOATING CHARGE
Name & Address of Chargee : MALAYAN BANKING BHD
MENARA MAYBANK, 100 JALAN TUN PERAK, 14TH FLOOR,
50050
Form 40 Dated 23 Oct 1993
Registered and Numbered 5 In The Register of Charges
ENCUMBRANCE 4
Date of Creation : 18 Nov 1993
Description of Charge : CHARGE & DEBENTURE
Amount Secured : RM 50,000,000.00
Description of Property Affected : HS(D) 70862 PT 1891, MK SETUL, DIST SEREMBAN, NEGERI
SEMBILAN
FIXED & FLOATING CHARGE
Name & Address of Chargee : BANK
BUMIPUTRA
MENARA BUMIPUTRA, JALAN MELAKA, 50100 KUALA
LUMPUR,
WILAYAH
Form 40 Dated 02 Dec 1993
Registered and Numbered 6 In The Register of Charges
ENCUMBRANCE 5
Date of Creation : 24 Mar 1994
Description of Charge : DEBENTURE & CHARGE
Amount Secured : RM 100,000,000.00
Description of Property Affected : HS(D) 70857
NEGERI SEMBILAN
FIXED & FLOATING CHARGE
Name & Address of Chargee : BUMIPUTRA MERCHANT BANKERS BHD
MENARA
15TH
FLOOR, 50200
Form 40 Dated 06 Jun 1994
Registered and Numbered 8 In The Register of Charges
ENCUMBRANCE 6
Date of Creation : 01 Sep 1994
Description of Charge : CHARGE & DEBENTURE
Amount Secured : RM 50,000,000.00
Description of Property Affected : HS(M) 60 PT 538, MK SG UDANG, MELAKA
FIXED & FLOATING CHARGE
Name & Address of Chargee : KWONG YIK BANK BHD
75,
JALAN TUN H S LEE, 50000
Form 40 Dated 08 Sep 1994
Registered and Numbered 10 In The Register of Charges
ENCUMBRANCE 7
Date of Creation : 24 Nov 1994
Description of Charge : DEBENTURE
Amount Secured : RM 91,000,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : HONG LEONG BANK BHD
WIMSA HONG LEONG, 18 JALAN PERAK, 3RD FLOOR, 50450
Form 40 Dated 02 Dec 1994
Registered and Numbered 11 In The Register of Charges
ENCUMBRANCE 8
Date of Creation : 24 Nov 1994
Description of Charge : CHARGE
Amount Secured : RM 80,000,000.00
Description of Property Affected : HS(D) 88193 PT 7928, MK SETUL, DIST SEREMBAN, NEGERI
SEMBILAN
Name & Address of Chargee : DEVELOPMENT & COMMERCIAL BANK BHD
MENARA TR, 161B JALAN AMPANG, 18TH FLOOR, 50450
Form 40 Dated 02 Dec 1994
Registered and Numbered 12 In The Register of Charges
ENCUMBRANCE 9
Date of Creation : 13 Dec 1994
Description of Charge : DEBENTURE
Amount Secured : O/D
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : MARUBENI CORPORATION
Form 40 Dated
Registered and Numbered 13 In The Register of Charges
ENCUMBRANCE 10
Date of Creation : 10 Jul 1995
Description of Charge : DEBENTURE
Amount Secured : RM 100,000,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : MALAYAN BANKING BHD
MENARA MAYBANK, 100 JALAN TUN PERAK, 14TH FLOOR,
50050
Form 40 Dated 12 Jul 1995
Registered and Numbered 14 In The Register of Charges
ENCUMBRANCE 11
Date of Creation : 25 Sep 1995
Description of Charge : DEBENTURE
Amount Secured : RM 150,000,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : AMANAH MERCHANT BANK BHD
BANGUNAN KOMPLEK KEWANGAN, 82 JALAN RAJA
CHULAN, 19TH FLOOR,
50200
Form 40 Dated 09 Oct 1995
Registered and Numbered 16 In The Register of Charges
ENCUMBRANCE 12
Date of Creation : 25 Sep 1995
Description of Charge : DEBENTURE
Amount Secured : RM 140,000,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : AMANAH MERCHANT BANK BHD
BANGUNAN KOMPLEK KEWANGAN, 82 JALAN RAJA
CHULAN,
19TH FLOOR, 50200
Form 40 Dated 09 Oct 1995
Registered and Numbered 17 In The Register of Charges
ENCUMBRANCE 13
Date of Creation : 15 Nov 1995
Description of Charge : DEBENTURE
Amount Secured : RM 180,000,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
HS(D) 92100 PT 01, PEKAN NILAI, DIST SEREMBAN, NEGERI
SEMBILAN
Name & Address of Chargee : BANK
BUMIPUTRA
MENARA BUMIPUTRA, JALAN MELAKA, 23RD FLOOR, 50100
Form 40 Dated 01 Dec 1995
Registered and Numbered 18 In The Register of Charges
ENCUMBRANCE 14
Date of Creation : 07 Dec 1995
Description of Charge : CHARGE
Amount Secured : RM 36,000,000.00
Description of Property Affected : LOT 39, SEC 12,
Name & Address of Chargee : BANK ISLAM
MENARA TUN RAZAK, JALAN RAJA LAUT, 9TH FLOOR,
50734
Form 40 Dated 22 Dec 1995
Registered and Numbered 19 In The Register of Charges
ENCUMBRANCE 15
Date of Creation : 17 Jan 1996
Description of Charge : DEBENTURE
Amount Secured : RM 260,000,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
HS(D) 92104 PT 05, PEKAN NILAI, DIST SEREMBAN, NEGERI
SEMBILAN
Name & Address of Chargee : ASEAMBANKERS
MENARA MAYBANK, 100 JALAN TUN PERAK, 32ND FLOOR,
50050
Form 40 Dated 27 Jan 1996
Registered and Numbered 20 In The Register of Charges
ENCUMBRANCE 16
Date of Creation : 13 Sep 1996
Description of Charge : N/A
Amount Secured : RM 90,500,000.00
Description of Property Affected : N/A
Name & Address of Chargee : DCB BANK BHD
Form 40 Dated
Registered and Numbered 26 In The Register of Charges
ENCUMBRANCE 17
Date of Creation : 13 Sep 1996
Description of Charge : N/A
Amount Secured : N/A
Description of Property Affected : N/A
Name & Address of Chargee : UMBC INTERNATIONAL BANK (L) LTD
Form 40 Dated
Registered and Numbered 27 In The Register of Charges
ENCUMBRANCE 18
Date of Creation : 13 Sep 1996
Description of Charge : N/A
Amount Secured : RM 90,500,000.00
Description of Property Affected : N/A
Name & Address of Chargee : BHL BANK BHD
Form 40 Dated
Registered and Numbered 28 In The Register of Charges
ENCUMBRANCE 19
Date of Creation : 13 Sep 1996
Description of Charge : N/A
Amount Secured : RM 90,500,000.00
Description of Property Affected : N/A
Name & Address of Chargee : DCB BANK BHD
Form 40 Dated
Registered and Numbered 29 In The Register of Charges
ENCUMBRANCE 20
Date of Creation : 14 Oct 1996
Description of Charge : N/A
Amount Secured : RM 140,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : KWONG YIK BANK BHD
Form 40 Dated
Registered and Numbered 30 In The Register of Charges
ENCUMBRANCE 21
Date of Creation : 14 Oct 1996
Description of Charge : N/A
Amount Secured : RM 100,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : KWONG YIK BANK BHD
Form 40 Dated
Registered and Numbered 31 In The Register of Charges
ENCUMBRANCE 22
Date of Creation : 03 Dec 1996
Description of Charge : N/A
Amount Secured : RM 260,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : DCB SAKURA MERCHANT BANKERS BHD
Form 40 Dated
Registered and Numbered 33 In The Register of Charges
ENCUMBRANCE 23
Date of Creation : 03 Dec 1996
Description of Charge : DEBENTURE & CHARGE
Amount Secured : RM 200,000,000.00
Description of Property Affected : PM 10, 1 & 2,
MELAKA TENGAH
PM
56, 1 & 2,
MELAKA TENGAH
FIXED & FLOATING CHARGE
Name & Address of Chargee : DCB SAKURA MERCHANT BANKERS BHD
Form 40 Dated
Registered and Numbered 34 In The Register of Charges
ENCUMBRANCE 24
Date of Creation : 22 Aug 1997
Description of Charge : DEBENTURE & CHARGE
Amount Secured : RM 150,000,000.00
Description of Property Affected : PM 10, 1 & 2,
MELAKA TENGAH
PM
56, 1 & 2,
MELAKA TENGAH
FIXED & FLOATING CHARGE
Name & Address of Chargee : MAYBAN TRUSTEES BHD
MENARA MAYBANK, 100 JALAN TUN PERAK, 34TH FLOOR,
50050
Form 40 Dated 29 Aug 1997
Registered and Numbered 35 In The Register of Charges
ENCUMBRANCE 25
Date of Creation : 07 Oct 1997
Description of Charge : DEBENTURE
Amount Secured : RM 140,000,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : MAYBAN TRUSTEES BHD
MENARA MAYBANK, 100 JALAN TUN PERAK, 34TH FLOOR,
50050
Form 40 Dated 15 Oct 1997
Registered and Numbered 36 In The Register of Charges
ENCUMBRANCE 26
Date of Creation : 24 Dec 1997
Description of Charge : DEBENTURE & CHARGE
Amount Secured : RM 150,000,000.00
Description of Property Affected : PM 10, 1 & 2,
DIST
MELAKA TENGAH, MELAKA & PM 56, 1 & 2,
2328, MK SG UDANG, DIST MELAKA TENGAH, MELAKA
FIXED & FLOATING CHARGE
Name & Address of Chargee : MAYBAN TRUSTEES BHD
MENARA MAYBANK, 100 JALAN TUN PERAK, 34TH FLOOR,
50050
Form 40 Dated 23 Mar 1998
Registered and Numbered 37 In The Register of Charges
ENCUMBRANCE 27
Date of Creation : 24 Dec 1997
Description of Charge : DEBENTURE & CHARGE
Amount Secured : RM 140,000,000.00
Description of Property Affected : HS(D) 110855 PT 10, PEKAN NILAI, DIST SEREMBAN,
NEGERI SEMBILAN
FIXED & FLOATING CHARGE
Name & Address of Chargee : MAYBAN TRUSTEES BHD
MENARA MAYBANK, 100 JALAN TUN PERAK, 34TH FLOOR,
50050
Form 40 Dated 23 Mar 1998
Registered and Numbered 38 In The Register of Charges
ENCUMBRANCE 28
Date of Creation : 23 Jan 1999
Description of Charge : DEBENTURE
Amount Secured : RM 15,000,000.00
Description of Property Affected : HS(D) 88192 PT 7929, MK SETUL, DIST SEREMBAN, NEGERI
SEMBILAN
Name & Address of Chargee : HONG LEONG BANK BHD
WISMA HONG LEONG, 18 JALAN PERAK, LEVEL 1, 50450
Form 40 Dated 29 Jan 1999
Registered and Numbered 39 In The Register of Charges
ENCUMBRANCE 29
Date of Creation : 12 Feb 1999
Description of Charge : CHARGE
Amount Secured : RM 56,000,000.00
Description of Property Affected : HS(D) 88193 PT 7928, MK SETUL, DIST SEREMBAN, NEGERI
SEMBILAN
Name & Address of Chargee : RHB BANK BHD
TOWER 3, RHB CENTRE, 426 JALAN TUN RAZAK, LEVEL 8,
50400
Form 40 Dated 25 Feb 1999
Registered and Numbered 41 In The Register of Charges
ENCUMBRANCE 30
Date of Creation : 12 Feb 1999
Description of Charge : CHARGE
Amount Secured : RM 56,000,000.00
Description of Property Affected : HS(M) 60 PT 538, MK SG UDANG, MELAKA
Name & Address of Chargee : RHB BANK BHD
TOWER 3, RHB CENTRE, 426 JALAN TUN RAZAK, LEVEL 8,
50400
Form 40 Dated 25 Feb 1999
Registered and Numbered 42 In The Register of Charges
ENCUMBRANCE 31
Date of Creation : 12 Feb 1999
Description of Charge : AGREEMENT
Amount Secured : RM 40,000,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : RHB BANK BHD
TOWER 3, RHB CENTRE, 426 JALAN TUN RAZAK, LEVEL 8,
50400
Form 40 Dated 25 Feb 1999
Registered and Numbered 43 In The Register of Charges
ENCUMBRANCE 32
Date of Creation : 12 Feb 1999
Description of Charge : CHARGE
Amount Secured : RM 40,000,000.00
Description of Property Affected : HS(D) 88193 PT 7928, MK SETUL, DIST SEREMBAN, NEGERI
SEMBILAN
Name & Address of Chargee : RHB BANK BHD
TOWER 3, RHB CENTRE, 426 JALAN TUN RAZAK, LEVEL 8,
50400
Form 40 Dated 25 Feb 1999
Registered and Numbered 44 In The Register of Charges
ENCUMBRANCE 33
Date of Creation : 12 Feb 1999
Description of Charge : CHARGE
Amount Secured : RM 40,000,000.00
Description of Property Affected : HS(M) 60 PT 538, MK SG UDANG, MELAKA
Name & Address of Chargee : RHB BANK BHD
TOWER 3, RHB CENTRE, 426 JALAN TUN RAZAK, LEVEL 8,
50400
Form 40 Dated 25 Feb 1999
Registered and Numbered 45 In The Register of Charges
ENCUMBRANCE 34
Date of Creation : 12 Feb 1999
Description of Charge : AGREEMENT
Amount Secured : RM 37,000,000.00
Description of Property Affected : FIXED & CHARGE
Name & Address of Chargee : RHB BANK BHD
TOWER 3, RHB CENTRE, 426 JALAN TUN RAZAK, LEVEL 8,
50400
Form 40 Dated 25 Feb 1999
Registered and Numbered 47 In The Register of Charges
ENCUMBRANCE 35
Date of Creation : 12 Feb 1999
Description of Charge : CHARGE
Amount Secured : RM 37,000,000.00
Description of Property Affected : HS(D) 88193 PT 7928, MK SETUL, DIST SEREMBAN, NEGERI
SEMBILAN
Name & Address of Chargee : RHB BANK BHD
TOWER 3, RHB CENTRE, 426 JALAN TUN RAZAK, LEVEL 8,
50400
Form 40 Dated 25 Feb 1999
Registered and Numbered 48 In The Register of Charges
ENCUMBRANCE 36
Date of Creation : 12 Feb 1999
Description of Charge : CHARGE
Amount Secured : RM 37,000,000.00
Description of Property Affected : HS(M) 60 PT 538, MK SG UDANG, MELAKA
Name & Address of Chargee : RHB BANK BHD
TOWER 3, RHB CENTRE, 426 JALAN TUN RAZAK, LEVEL 8,
50400
Form 40 Dated 25 Feb 1999
Registered and Numbered 49 In The Register of Charges
ENCUMBRANCE 37
Date of Creation : 30 Jun 1999
Description of Charge : DEBENTURE & CHARGE
Amount Secured : RM 83,000,000.00
Description of Property Affected : FIXED & FLOATING CHARGE
Name & Address of Chargee : MALAYAN BANKING BHD
MENARA MAYBANK, 100 JALAN TUN PERAK, 14TH FLOOR,
50050
Form 40 Dated 12 Jul 1999
Registered and Numbered 51 In The Register of Charges
ENCUMBRANCE 38
Date of Creation : 21 Jul 1999
Description of Charge : DEBENTURE
Amount Secured : RM 244,000,000.00
Description of Property Affected : HS(D) 92100 PT 1891, MK SETUL, DIST SEREMBAN, NEGERI
SEMBILAN
Name & Address of Chargee : BANK
BUMIPUTRA
MENARA BUMIPUTRA, JALAN MELAKA, 50100 KUALA
LUMPUR,
WILAYAH
Form 40 Dated 09 Aug 1999
Registered and Numbered 52 In The Register of Charges
ENCUMBRANCE 39
Date of Creation : 21 Jul 1999
Description of Charge : CHARGE
Amount Secured : RM 244,000,000.00
Description of Property Affected : HS(D) 92100 PT 02, PEKAN NILAI, DIST SEREMBAN, NEGERI
SEMBILAN
Name & Address of Chargee : BANK
BUMIPUTRA
MENARA BUMIPUTRA, JALAN MELAKA, 50100 KUALA
LUMPUR,
WILAYAH
Form 40 Dated 09 Aug 1999
Registered and Numbered 53 In The Register of Charges
ENCUMBRANCE 40
Date of Creation : 21 Jul 1999
Description of Charge : DEBENTURE
Amount Secured : RM 84,600,000.00
Description of Property Affected : HS(D) 70862 PT 1891, MK SETUL, DIST SEREMBAN, NEGERI
SEMBILAN
Name & Address of Chargee : BANK
BUMIPUTRA
MENARA BUMIPUTRA, JALAN MELAKA, 50100 KUALA
LUMPUR,
WILAYAH
Form 40 Dated 20 Aug 1999
Registered and Numbered 54 In The Register of Charges
ENCUMBRANCE 41
Date of Creation : 21 Jul 1999
Description of Charge : CHARGE
Amount Secured : RM 84,600,000.00
Description of Property Affected : HS(D) 70862 PT 1891, MK SETUL, DIST SEREMBAN, NEGERI
SEMBILAN
Name & Address of Chargee : BANK BUMIPUTRA
MENARA BUMIPUTRA, JALAN MELAKA, 50100 KUALA
LUMPUR,
WILAYAH
Form 40 Dated 20 Aug 1999
Registered and Numbered 55 In The Register of Charges
ENCUMBRANCE 42
Date of Creation : 21 Jun 2000
Description of Charge : AGREEMENT, CHARGE & DEBENTURE
Amount Secured : RM 20,000,000.00
Description of Property Affected : PM 60-61, 63-64
& 66,
SG UDANG
FIXED & FLOATING CHARGE
Name & Address of Chargee : DANAHARTA URUS SDN BHD
Form 40 Dated
Registered and Numbered 56 In The Register of Charges
ENCUMBRANCE 43
Date of Creation : 21 Jun 2000
Description of Charge : AGREEMENT, CHARGE & DEBENTURE
Amount Secured : RM 20,000,000.00
Description of Property Affected : PM 60-61, 63-64
& 66,
SG UDANG
FIXED & FLOATING CHARGE
Name & Address of Chargee : DANAHARTA URUS SDN BHD
Form 40 Dated
Registered and Numbered 57 In The Register of Charges
ENCUMBRANCE 44
Date of Creation : 21 Jun 2000
Description of Charge : AGREEMENT, CHARGE & DEBENTURE
Amount Secured : RM 20,000,000.00
Description of Property Affected : PM 60-61, 63-64
& 66,
SG UDANG
FIXED & FLOATING CHARGE
Name & Address of Chargee : DANAHARTA URUS SDN BHD
Form 40 Dated
Registered and Numbered 58 In The Register of Charges
ENCUMBRANCE 45
Date of Creation : 28 Jun 2000
Description of Charge : AGREEMENT, CHARGE & DEBENTURE
Amount Secured : N/A
Description of Property Affected : PM 60-61, 63-64
& 66,
SG UDANG
FIXED & FLOATING CHARGE
Name & Address of Chargee : MARUBENI CORPORATION
Form 40 Dated
Registered and Numbered 59 In The Register of Charges
ENCUMBRANCE 46
Date of Creation : 13 Jul 2000
Description of Charge : AGREEMENT, CHARGE & DEBENTURE
Amount Secured : RM 21,604,045.00
Description of Property Affected : PM 60-61, 63-64
& 66,
SG UDANG
FIXED & FLOATING CHARGE
Name & Address of Chargee : BANK ISLAM
Form 40 Dated
Registered and Numbered 60 In The Register of Charges
ENCUMBRANCE 47
Date of Creation : 22 Aug 2001
Description of Charge : AGREEMENT, CHARGE & DEBENTURE
Amount Secured : RM 110,000.00
Description of Property Affected : PM 60-61, 63-64
& 66,
SG UDANG
FIXED & FLOATING CHARGE
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 61 In The Register of Charges
ENCUMBRANCE 48
Date of Creation : 27 Aug 2004
Description of Charge : AGREEMENT, CHARGE & DEBENTURE
Amount Secured : RM 3,727,328,614.00
Description of Property Affected : PM 60-61, 63-64
& 66,
SG UDANG
FIXED & FLOATING CHARGE
Name & Address of Chargee : MALAYSIAN TRUSTEE BHD
Form 40 Dated
Registered and Numbered 62 In The Register of Charges
ENCUMBRANCE 49
Date of Creation : 27 Aug 2004
Description of Charge : AGREEMENT, CHARGE & DEBENTURE
Amount Secured : RM 3,310,550,744.00
Description of Property Affected : PM 60-61, 63-64
& 66,
SG UDANG
FIXED & FLOATING CHARGE
Name & Address of Chargee : MALAYSIAN TRUSTEE BHD
Form 40 Dated
Registered and Numbered 63 In The Register of Charges
ENCUMBRANCE 50
Date of Creation : 27 Aug 2004
Description of Charge : AGREEMENT, CHARGE & DEBENTURE
Amount Secured : RM 3,727,328,614.00
Description of Property Affected : PM 60-61, 63-64
& 66,
SG UDANG
FIXED & FLOATING CHARGE
Name & Address of Chargee : MALAYSIAN TRUSTEE BHD
Form 40 Dated
Registered and Numbered 64 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 : 1539
Year : 2002 Place :
Court : HIGH COURT
Solicitor : RAJES HISHAM PILLAI & GOPAL
Plaintiff : SABIC ASIA PACIFIC PTE LTD
Defendants : HUALON CORPORATION M SDN BHD (188578)
WISMA GOLDHILL, 67 JLN RAJA CHULAN, LEVEL 8, 50200
Amount Claimed : 1,250,000.00
Nature of Claim : USD DOLLAR
Remarks : LIST
Code No : 22 Case No : 1651
Year : 2001 Place :
Court : HIGH COURT
Solicitor : TOMMY THOMAS
Plaintiff : BUMIPUTRA-COMMERCE BANK BHD
Defendants : HUALON CORPORATION M SDN BHD (188578)
WISMA DAMANSARA, JLN SEMANTHAN, D'SARA HEIGHTS,
50490
Amount Claimed : 6,028,000.00
Nature of Claim : LOAN
Remarks : LIST
Code No : 22 Case No : 852
Year : 2004 Place :
Court : HIGH COURT
Solicitor : SKRINE
Plaintiff : DANAHARTA URUS SDN BHD
Defendants : HUALON CORPORATION M SDN BHD (188578)
BGN SETIA 1, 15 LRG DUNGUN, D'SARA HEIGHTS, 7TH FLR,
50490
Amount Claimed : 1,600,000.00
Nature of Claim : LOAN
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.
WINDING UP PETITION /
ORDER & LIQUIDATION
Name : HUALON CORPORATION (M) SDN BHD
Former Name : HUALON CORPORATION (M) BHD
Court : BANK Place :
Case No : Year : 2006
Receiver / Liquidator : DUAR TUAN KIAT
Receiver / Liquidator IC/PP No : 610323-10-5375
Appointment Date : 30/11/2006
Remarks : INSTRUMENT
AFFECTED: DEBENTURE
Name : HUALON CORPORATION (M) SDN BHD
Former Name : HUALON CORPORATION (M) BHD
Court : BANK Place :
Case No : Year : 2006
Receiver / Liquidator : ADAM PRIMUS VARGHESE BIN ABDULLAH
Receiver / Liquidator IC/PP No : 550131-08-5849
Appointment Date : 30/11/2006
Remarks : INSTRUMENT
AFFECTED: DEBENTURE
Name : HUALON CORPORATION (M) SDN BHD
Former Name : HUALON CORPORATION (M) BHD
Court : BANK Place :
Case No : Year : 2006
Receiver / Liquidator : LIM TIAN HUAT
Receiver / Liquidator IC/PP No : 541128-04-5235
Appointment Date : 30/11/2006
Remarks : INSTRUMENT
AFFECTED: DEBENTURE
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : YES
Overseas : YES
Import Countries :
A trade enquiry conducted with SC's suppliers revealed the following:
Supplier 1
Type of Supplies : ACCOUNTS MANAGER
Time Known : ABOUT 8 YEARS
Credit Term : 60 DAYS
Mode of Payment : CHEQUES
Credit Limit : NO LIMITS
Mthly Avg Trx. : > RM100,000
Outstanding amount : N/A
Payment Record : AVERAGE
According to our trade survey and the historical financial accounts, we are of the opinion that :
OVERALL PAYMENT HABIT
Prompt [ ] Good [ ] Average [ X ]
Fair [ ] Poor [ ]
CLIENTELE
Local : YES Percentage : 30%
Domestic Markets :
Overseas : YES Percentage : 70%
Export Market :
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES , TELEGRAPHIC TRANSFER (TT) , LETTER OF CREDIT (LC).
Type of Customer : TEXTILES AND GARMENT INDUSTRIES , RETAIL .
The SC concentrates more on the overseas market at this moment.
CUSTOMER (S) : 1) MAYFORD GARMENTS SDN BHD
: 2) KHONG LEONG TEXTILE TRADING SDN BHD
: 3) GENERAL RESOURCES CORPORATION PTD
LTD (
OPERATIONS
Products Manufactured : POLYESTER, COTTON AND NYLON
Brand Name : HUALON
Competitor(s) : PCCS GROUP BHD
DHJ
(
GIMMILL INDUSTRIAL (M) SDN BHD
HYTEX APPARELS SDN BHD
Factory/Premises :
PERINGKAT 2, 76400 TANJONG KLING, MELAKA.
Tel No : 06 - 3511190
Fax No : 06 - 3511176
LOT 1886,1891,1892,7927 & 7928 KAWASAN PERINDUSTRIAN,
71800 NILAI, NEGERI SEMBILAN.
Tel No : 06 - 7992855
Fax No : 06 - 7992872
INDUSTRIAL ESTATE, PERLABUHAN UTARA, 42000 PELABUHAN
KLANG, SELANGOR.
Tel No : 03 - 31011002/31011003
Fax No : 03 - 31764816/31765684
Ownership of premises : OWNED
Factory Size : 200 ACRES
Total Number of Employees :
YEAR 2007 2006 2005 2004
GROUP 11,450 11,500 11,497 11,190
COMPANY 8,000 8,000 9,111 9,128
Branch : NO
RECENT DEVELOPMENT
We have checked with the Malaysian 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 : 03 20316000
Current Telephone Number : 03-20316000
Match : YES
Address Provided By Client : LEVEL 9, WISMA GOLDHILL 50200, KYALA LUMPUR
Current Address : WISMA GOLDHILL,LEVEL 9,67, JALAN RAJA
CHULAN,
50200
Match : NO
Latest Financial Accounts : YES
Other Investigations
We conducted an interview with one of the SC's staff from Sales & Marketing Department. He revealed some relevant information on the SC.
Besides that, we conducted an interview with one of the SC's staff from Human Resource Department. She provided some information on the SC.
FINANCIAL COMMENTS
Profitability :
Turnover : Increased [ 2003-2005 ]
Profit / ( Loss ) before tax : Increased [ 2003-2005 ]
Return on Shareholder Funds : Unfavourable [ < 346.12% > ]
Return on Net Assets : Unfavourable [ < 5.33% > ]
The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years. Higher losses before tax during the year could be due to the higher operating costs incurred. 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 [ 74 Days ]
Debtors Ratio : Favourable [ 33 Days ]
Creditors Ratio : Unfavourable [ 96 Days ]
The SC could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the SC. 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 : Unfavourable [ 0.18 Times ]
Current Ratio : Unfavourable [ 0.56 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 [ < 2.29 Times > ]
Gearing Ratio : Favourable [ 0.19 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. 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 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
Incorporated in 1989, the SC is principally engaged in the manufacturing of textile and fibre products. The SC produces a world class textile products including polyester, cotton and nylon. Being a private limited company, the issued and paid up capital stands at RM858.13 million. Due to its years if establishment, the SC has developed a satisfactory reputation in the market.
Apart from catering to the local market, the SC exports 70%
of its products to overseas countries such as
For the financial year ended 31 December 2005, the group's turnover has increased to RM3.38 billion from RM2.92 billion in 2004. The group's pre tax losses stood at RM239.06 million in 2005. The group has generated an unfavourable return on its shareholders' funds, indicating that the group did not generate an acceptable amount of profits based on its existing shareholders' funds. Due to its weak liquidity position, the group 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 group. However, a low gearing ratio has minimized the group's financial risk. Overall the financial condition of the group is Poor.
Investigation revealed that the SC sources its raw materials locally and internationally. Thus, it might be exposed to the forex risk.
According to the SC's financial historical data, the SC's overall payment habit is considered average. Besides that, we noted that there is a few legal action and winding up petition against the SC.
The industry has reached its maturity stage and only marginal growth is expected. With the normal outlook of the industry performance, the SC should adopt more competitive strategies to strengthen its position in the market.
As the SC is under the winding up petition and uncertain of its going-concern, we not recommend any credit to the SC.
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH
CONSOLIDATED
PROFIT AND LOSS ACCOUNT
For
The Year Ended 31-December-2005
HUALON
CORPORATION (M) SDN BHD
2005 2004 2003
MYR MYR MYR
TURNOVER 3,387,960,000 2,921,664,000 2,373,501,000
=========== =========== ===========
PROFIT/(LOSS) FROM OPERATIONS <239,062,000> <153,885,000> <621,780,000>
SHARE OF
PROFITS/(LOSSES) OF ASSOCIATED
------------------- ------------------- -------------------
PROFIT/(LOSS)
BEFORE TAXATION <239,062,000> <153,885,000> <621,780,000>
Taxation <3,929,000> - 133,794,000
------------------- ------------------- -------------------
PROFIT/(LOSS)
AFTER TAXATION <242,991,000> <153,885,000> <487,986,000>
Minority
interests - - 8,671,000
------------------- ------------------- -------------------
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS <242,991,000> <153,885,000> <479,315,000>
------------------- ------------------- -------------------
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS <242,991,000> <153,885,000> <479,315,000>
RETAINED
PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As previously
reported <628,111,000> <474,226,000> 5,089,000
------------------- ------------------- -------------------
As restated <628,111,000> <474,226,000> 5,089,000
------------------- ------------------- -------------------
PROFIT
AVAILABLE FOR APPROPRIATIONS <871,102,000> <628,111,000> <474,226,000>
------------------- ------------------- -------------------
RETAINED
PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD <871,102,000> <628,111,000> <474,226,000>
=========== =========== ===========
RETAINED BY:
The Company <871,102,000> <628,111,000> <474,226,000>
------------------- ------------------- -------------------
<871,102,000> <628,111,000> <474,226,000>
=========== =========== ===========
INTEREST
EXPENSE (as per notes to P&L)
Other
interest expenses 72,671,000 75,086,000 204,043,000
------------------- ------------------- -------------------
72,671,000 75,086,000 204,043,000
=========== =========== ===========
CONSOLIDATED BALANCE
SHEET
As
At 31-December-2005
2005 2004 2003
MYR MYR MYR
ASSETS
EMPLOYED:
FIXED ASSETS 2,728,649,000 2,838,870,000 3,076,174,000
LONG
TERM INVESTMENTS/OTHER ASSETS
Associated
companies - 12,120,000 12,120,000
Deferred
assets 828,421,000 832,342,000 832,342,000
Prepayments - 682,000 1,816,000
Lomg term
receivable 341,601,000 341,601,000 341,601,000
------------------- ------------------- -------------------
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS 1,170,022,000 1,186,745,000 1,187,879,000
INTANGIBLE
ASSETS
------------------- ------------------- -------------------
------------------- ------------------- -------------------
TOTAL LONG
TERM ASSETS 3,898,671,000 4,025,615,000 4,264,053,000
CURRENT
ASSETS
Stocks 689,320,000 772,140,000 744,875,000
Trade debtors 302,982,000 263,062,000 254,407,000
Items in
transit between head office & branches
Cash &
bank balances 9,634,000 8,081,000 30,342,000
------------------- ------------------- -------------------
TOTAL CURRENT
ASSETS 1,001,936,000 1,043,283,000 1,029,624,000
CURRENT
LIABILITIES
Trade
creditors 888,421,000 770,490,000 1,507,330,000
Bank
overdraft 2,712,000 2,647,000 3,897,000
Short term
borrowings/Term loans 10,183,000 14,038,000 1,166,815,000
Other
borrowings - - 85,000,000
Bill &
acceptances payable 226,457,000 225,158,000 545,910,000
Revolving
underwriting facilities - - 822,000,000
Export bill
purchase 3,374,000 4,193,000 4,253,000
Ai-Bil
Bithaman Ajil Islamic - - 290,000,000
Scheme debts 649,616,000 309,846,000 -
------------------- ------------------- -------------------
TOTAL CURRENT
LIABILITIES 1,780,763,000 1,326,372,000 4,425,205,000
------------------- ------------------- -------------------
NET CURRENT
ASSETS/(LIABILITIES) <778,827,000> <283,089,000> <3,395,581,000>
------------------- ------------------- -------------------
TOTAL NET
ASSETS 3,119,844,000 3,742,526,000 868,472,000
=========== =========== ===========
FINANCED
BY:
SHARE CAPITAL
Ordinary
share capital 858,135,000 858,135,000 858,135,000
------------------- ------------------- -------------------
TOTAL SHARE
CAPITAL 858,135,000 858,135,000 858,135,000
RESERVES
Exchange
equalisation/fluctuation reserve 83,171,000 83,933,000 83,933,000
Retained profit/(Accumulated loss)
carried
forward <871,102,000> <628,111,000> <474,226,000>
------------------- ------------------- -------------------
TOTAL
RESERVES <787,931,000> <544,178,000> <390,293,000>
------------------- ------------------- -------------------
SHAREHOLDERS'
FUNDS/EQUITY 70,204,000 313,957,000 467,842,000
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
Long term
loans 324,000 2,750,000 5,301,000
Advance
capital 9,828,000 9,880,000 9,880,000
Long term
payable 383,420,000 385,449,000 385,449,000
Scheme debts 2,656,068,000 3,030,490,000 -
------------------- ------------------- -------------------
TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 3,049,640,000 3,428,569,000 400,630,000
------------------- ------------------- -------------------
3,119,844,000 3,742,526,000 868,472,000
=========== =========== ===========
CONSOLIDATED
FINANCIAL RATIOS
As
At 31-December-2005
HUALON
CORPORATION (M) SDN BHD
2005 2004 2003
MYR MYR MYR
TYPES OF
FUNDS
Cash 9,634,000 8,081,000 30,342,000
Net Liquid
Funds <3,261,000> <8,604,000> <1,140,370,000>
Net Liquid
Assets <1,468,147,000> <1,055,229,000> <4,140,456,000>
Net Current
Assets/(Liabilities) <778,827,000> <283,089,000> <3,395,581,000>
Net Tangible
Assets 3,119,844,000 3,742,526,000 868,472,000
Net Monetary
Assets <4,517,787,000> <4,483,798,000> <4,541,086,000>
BALANCE
SHEET ITEMS
Total
Borrowings 13,219,000 19,435,000 1,261,013,000
Total
Liabilities 4,830,403,000 4,754,941,000 4,825,835,000
Total Assets 4,900,607,000 5,068,898,000 5,293,677,000
Net Assets 3,119,844,000 3,742,526,000 868,472,000
Net Assets
Backing 70,204,000 313,957,000 467,842,000
Shareholders''
Funds 70,204,000 313,957,000 467,842,000
Total Share
Capital 858,135,000 858,135,000 858,135,000
Total
Reserves <787,931,000> <544,178,000> <390,293,000>
LIQUIDITY
(Times)
Cash Ratio 0.01 0.01 0.01
Liquid Ratio 0.18 0.20 0.06
Current Ratio 0.56 0.79 0.23
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 74 96 115
Debtors Ratio 33 33 39
Creditors
Ratio 96 96 232
SOLVENCY
RATIOS (Times)
Gearing Ratio 0.19 0.06 2.70
Liabilities
Ratio 68.81 15.15 10.32
Times
Interest Earned Ratio <2.29> <1.05> <2.05>
PERFORMANCE
RATIO (%)
Operating
Profit Margin <7.06> <5.27> <26.20>
Net Profit
Margin <7.17> <5.27> <20.19>
Return On Net
Assets <5.33> <2.11> <48.10>
Return On
Capital Employed <5.31> <2.10> <20.49>
Return On
Shareholders'' Funds/Equity <346.12> <49.01> <102.45>
Dividend Pay
Out Ratio (Times) 0 0 0
NOTES
TO ACCOUNTS
Contingent
Liabilities 27,561,000 30,365,000 24,961,000
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%)