MIRA
INFORM REPORT
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Report Date : |
18.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SYARIKAT ABDUL
GHAFFAR TRADING SDN BHD |
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Registered Office : |
29-A, Lebuh Pasar, 10200 Pulau Pinang, Pulau Pinang |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
26.09.1992 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading of Spices |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
EXECUTIVE SUMMARY
LOCAL NO : 249491-D
COMPANY NAME :
SYARIKAT ABDUL GHAFFAR TRADING SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 26/09/1992
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 29-A, LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG,
MALAYSIA.
BUSINESS ADDRESS : 29 & 29A, MARKET STREET, 10200 PULAU PINANG, PULAU
PINANG, MALAYSIA.
TEL NO : 04 - 2616803
FAX NO : 04 - 2617210
CONTACT PERSON : ABDUL MALICK BIN M ABD GAFFAR (EXECUTIVE DIRECTOR)
INDUSTRY CODE : 51239
PRINCIPAL ACTIVITY : TRADING OF SPICES
AUTHORISED CAPITAL : MYR200,000.00 DIVIDED INTO
ORDINARY SHARE 200,000 OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR150,002.00 DIVIDED INTO
ORDINARY SHARE 150,002 CASH OF MYR1.00 EACH.
SALES : MYR12,829,421 [2006]
NET WORTH : MYR638,385 [2006]
STAFF STRENGTH : 15 [2007]
BANKER (S) : CIMB BANK BHD
: RHB BANK BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : FAIR
PAYMENT : N/A
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) trading of spices.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is not qualified to be one of the Top Corporate Performers in the Malaysia 1000 (M1000) publication, a directory jointly published by Companies Commission of Malaysia (The Registrar Office),
Minister of Domestic Trade and Consumer Affairs and our publication arm, BASIS Publications House Sdn Bhd.
The major shareholder(s) of the
SC are shown as follows
Name Address IC/PP/Loc No: Shareholding
MR. ABDUL MALICK BIN M ABD62, JALAN CHOONG
LYE HOCK, TANJUNG 5331789 150,001
GAFFAR + TOKONG,
10470 PULAU PINANG, PULAU 50420-71-5173
PINANG,
MALAYSIA.
MS. RAZIA BEGUM I/K ABDUL 62 E, JALAN CHOONG LYE HOCK, TANJUNG 9594204 1
MALICK + TOKONG,
10470 PULAU PINANG, PULAU 570606-71-5030
PINANG,
MALAYSIA.
--------------------
150,002
===========
+
Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. ABDUL MALICK BIN M ABD GAFFAR
Address : 62, JALAN CHOONG LYE HOCK, TANJUNG TOKONG,
10470
PULAU
PINANG, PULAU PINANG, MALAYSIA.
IC / PP No. : 5331789
New IC No : 550420-71-5173
Date of Birth : 20/04/1955
Nationality : MALAYSIAN MALAY
DIRECTOR 2
Name of Subject : MS. RAZIA BEGUM I/K ABDUL MALICK
Address : 62 E, JALAN CHOONG LYE HOCK, TANJUNG
TOKONG, 10470
PULAU
PINANG, PULAU PINANG, MALAYSIA.
IC / PP No. : 9594204
New IC No : 570606-71-5030
Date of Birth : 06/06/1957
Nationality : MALAYSIAN MALAY
DIRECTOR 3
Name of Subject : MR. ABDUL GAFFAR BIN ABDUL MALICK
Address : 62 E, JALAN CHOONG LYE HOCK, 10470 PULAU
PINANG,
PULAUPINANG,
MALAYSIA.
IC / PP No. : N/A
New IC No : 840220-07-5509
Date of Birth : 20/02/1984
Nationality : MALAYSIAN MALAY
MANAGEMENT
1) Name of Subject : ABDUL MALICK BIN M ABD GAFFAR
Position : EXECUTIVE DIRECTOR
AUDITOR
Auditor :IQBAL & ASSOCIATES
Auditors' Address : 3A-02-05, SRI WELD, PENGKALAN WELD, 10300 PULAU PINANG,
PULAU PINANG, MALAYSIA.
COMPANY SECRETARY
1) Company
Secretary : MR. KAMARUDDIN BIN MOHAMED HASSAN
New IC No. : 350302-71-5053
Address : 29, TAMAN SRI PANTAI, PANTAI JOHOR, 05250
ALOR SETAR,
KEDAH, MALAYSIA.
Date of Appointment : 06/06/1994
2) Company
Secretary : MS. LEE TIANG HIANG
IC / PP No. : A1513886
New IC No. : 700501-07-5236
Address : 4348, JALAN HENG CHOON THIAN, 12000
BUTTERWORTH,
PULAU PINANG,
MALAYSIA.
Date of Appointment : 28/02/2003
BANKING
Banking relations are maintained principally with :
1) Banker
Name : CIMB BANK BHD
2) 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 : 29 Nov 1993
Description of Charge : N/A
Amount Secured : RM 200,000.00
Description of Property Affected : N/A
Name & Address of Chargee : BANK OF COMMERCE (M) BHD
Form
40 Dated
Registered and
Numbered 1 In The Register of Charges
ENCUMBRANCE
2
Date of Creation : 07 Jul 2000
Description of Charge : N/A
Amount Secured : RM 150,000.00
Description of Property Affected : N/A
Name & Address of Chargee : BANK OF COMMERCE (M) BHD
Form
40 Dated
Registered and
Numbered 2 In The Register of Charges
ENCUMBRANCE
3
Date of Creation : 19 Mar 2003
Description of Charge : N/A
Amount Secured : RM 50,000.00
Description of Property Affected : N/A
Name & Address of Chargee : CIMB BANK BHD
Form
40 Dated
Registered and
Numbered 3 In The Register of Charges
ENCUMBRANCE
4
Date of Creation : 09 Mar 2004
Description of Charge : N/A
Amount Secured : RM 124,220.00
Description of Property Affected : N/A
Name & Address of Chargee : RHB BANK BHD
Form
40 Dated
Registered and
Numbered 4 In The Register of Charges
ENCUMBRANCE
5
Date of Creation : 09 Mar 2004
Description of Charge : N/A
Amount Secured : RM 586,630.00
Description of Property Affected : N/A
Name & Address of Chargee : RHB BANK BHD
Form
40 Dated
Registered and
Numbered 5 In The Register of Charges
LEGAL CHECK AGAINST THE SC
* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia back dated since 1900.
No legal action was found in our databank.
No winding up petition was found in our data bank
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : YES
Overseas : YES
Import Countries : INDIA, UNITED ARAB EMIRATES , INDONESIA.
CLIENTELE
Local : YES Percentage : 70%
Domestic Markets : MALAYSIA.
Overseas : YES Percentage : 30%
Export Market : SINGAPORE , THAILAND , INDONESIA.
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES , TELEGRAPHIC TRANSFER (TT) , LETTER OF CREDIT (LC).
Type of Customer : DEALERS , END USERS .
The SC
concentrates more on the local market.
The SC only gives
credit terms to its long term customers. However it prefers cash from its new
customers.
OPERATIONS
Goods Traded : SPICES
Competitor(s) : HARPERS TRADING (MALAYSIA) SDN BHD
LUN HENG SDN BHD
MAGRI FOODS SDN BHD
SUSHI KIN SDN BHD
A CLOUET & COMPANY (KUALA LUMPUR) SDN BHD
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 15
Branch : NO
Other Information :
The SC
is principally engaged in the (as a / as an) trading of spices.
The SC's
spices are mostly imported from the overseas countries.
The SC sells a
wide range of spices used for cookings.
The SC normally
sells in large quantity to its customers.
The SC has 3 cold
rooms in Bukit Minyak.
Besides spices, the
SC also sells dried fruits.
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 : 6042616803
Current Telephone Number : 04-2616803
Match : YES
Address Provided By Client : 29&29A,MARKET STREET,10200 PENANG.
Current Address : 29 & 29A, MARKET STREET, 10200 PULAU
PINANG,
PULAU PINANG,
MALAYSIA.
Match : YES
Latest Financial Accounts : YES
Other Investigations
We
contacted one of the SC's Director, Mr Abdul Malick. He provided some
information on the SC.
FINANCIAL COMMENTS
The financial summary of the SC in Year 2006 showed that it was financially FAIR. The SC has generated an acceptable return on its shareholders' funds, indicating that the SC was efficient in utilizing its shareholders' funds to generate adequate returns. Besides this, it also has an adequate liquidity position with its current liabilities well covered by its current assets. With its net current assets, the SC should be able to repay its short term obligations. However, the SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected.
Overall
financial condition of the SC: FAIR
ECONOMIC / INDUSTRY OUTLOOK
Major Economic Indicators : 2004 2005 2006 2007* 2008**
Population
( Million ) 25.58 26.13 26.64 27.17 27.73
Gross
Domestic Products ( % ) 7.1 5.3 5.8 6.0 6.5
Domestic
Demand ( % ) 7.5 7.3 7.0 9.0 6.8
Private
Expenditure ( % ) 13.1 9.5 7.0 8.6 8.2
Consumption
( % ) 10.5 9.2 7.1 9.0 7.9
Investment
( % ) 25.8 8.5 7.0 7.1 9.5
Public
Expenditure ( % ) <2.1> 3.6 6.8 10.1 3.2
Consumption
( % ) 6.0 5.4 5.0 10.8 5.5
Investment
( % ) <8.7> 1.9 8.9 9.3 0.5
Balance of Trade ( RM Million ) 80,663 99,760 108,192 99,965 99,599
Government
Finance ( RM Million ) <19,419> <18,684> <19,109> <19,948> <20,933>
Government
Finance to GDP / Fiscal Deficit ( % ) <4.3> <3.8> <3.3> <3.2> <3.1>
Inflation
( % Change in Composite CPI ) 1.4 3.1 3.9 4.0 4.0
Unemployment
Rate ( % ) 3.5 3.5 3.4 3.5 3.3
Net International Reserves ( RM
Billion ) 254 266 290 - -
Average
6 Months of Non-performing Loans ( % ) 13.84 13.63 12.91 - -
Average
Risk-Weigthted Capital Adequacy Ratio ( % ) 8.46 6.74 5.41 - -
Average
Base Lending Rate ( % ) 5.99 6.00 6.61 - -
Business
Loans Disbursed ( % ) 10.5 8.7 <2.5> - -
Foreign
Investment ( MYR Million ) 13,143.9 17,882.9 20,228.0 - -
Registration of New Companies (
No.) 38,580 37,474 38,293 - -
Registration
of New Companies ( % ) 6.8 <2.9> 2.2 - -
Liquidation
of Companies ( No. ) 3,334 3,069 8,647 - -
Liquidation
of Companies ( % ) <15.8> <7.9> 181.8 - -
Registration of New Business (
No. ) 189,206 193,095 216,147 - -
Registration
of New Business ( % ) 4.6 2.1 11.9 - -
Business
Dissolved ( No.) 51,301 73,355 52,879 - -
Business
Dissolved ( % ) 7.0 43.0 <27.9> - -
Sales of New Passenger Cars (
'000 Unit ) 380.6 400.8 374.1 - -
Cellular
Phone Subscribers ( Million ) 14.6 18.5 19.5
21.3 -
Tourist
Arrival ( Million Persons ) 15.7 16.7 17.5 20.1 -
Hotel
Occupancy Rate ( % ) 60.8 63.6 64.8 - -
Credit Cards Spending ( % ) 19.3 13.9 15.4 - -
Bad
Cheque Offenders ( No.) 70,465.0 57,316.0 36,555.0 - -
Individual
Bankruptcy ( No.) 16,251.0 15,868.0 13,596.0 - -
Individual
Bankruptcy ( % ) 31.6 <2.4> <14.3> - -
INDUSTRIES
( % of Growth ) : 2004 2005 2006 2007* 2008**
Agriculture 5.0 2.5 5.3 3.1 3.5
Palm
Oil 3.9 7.1 5.8 <0.6> -
Rubber 16.5 <2.9> 12.6 1.0 -
Forestry
& Logging 4.3 2.0 <0.4> 2.8 -
Fishing 5.5 <0.4> 9.3 5.2 -
Other
Agriculture 2.4 3.2 5.3 7.0 -
Industry
Non-Performing Loans ( RM Million ) 620.3 563.7 516.5 487.3 -
%
of Industry Non-Performing Loans 1.4 1.2 1.1 1.1 -
Mining 3.9 0.8 <0.4> 3.3 4.0
Oil
& Gas 4.5 1.6 4.6 - -
Other
Mining <8.0> <1.0> 5.1 - -
Industry
Non-Performing Loans ( RM Million ) 62.6 68.8 55.4 42.2 -
%
of Industry Non-Performing Loans 0.1 0.1 0.1 0.1 -
Manufacturing # 9.8 5.1 7.3 3.1 3.8
Export-oriented
Industries 15.5 3.0 11.1 <1.9> -
Electrical
& Electronics 17.8 3.6 13.4 3.0 -
Rubber
Products 14.8 2.4 0.4 8.0 -
Wood
Products 12.7 0.9 0.7 3.3 -
Textiles
& Apparel <11.7> <4.4> 12.6 <10.1> -
Domestic-oriented
Industries 9.7 6.9 5.0 5.3 -
Food,
Beverages & Tobacco 3.8 7.7 4.8 5.6 -
Chemical
& Chemical Products 14.6 6.9 1.7 9.2 -
Plastic
Products 13.5 18.6 21.3 <3.6> -
Iron
& Steel 2.7 <6.7> <6.9> 17.5 -
Fabricated
Metal Products 29.2 <7.5> 20.0 26.2 -
Non-metallic
Mineral <4.8> <6.0> <1.9> 6.6 -
Transport
Equipment 8.6 10.4 5.3 <19.0> -
Paper
& Paper Products 2.3 4.6 4.1 14.9 -
Crude
Oil Refineries <2.4> 8.2 12.1 8.6 -
Industry
Non-Performing Loans ( RM Million ) 7,765.4 6,035.6 6,181.3 6,366.2 -
%
of Industry Non-Performing Loans 17.3 12.7 12.7 14.1 -
Construction <1.5> <1.6> <0.5> 5.2 6.3
Industry
Non-Performing Loans ( RM Million ) 5,547.7 5,172.7 5,527.3 5,116.7 -
%
of Industry Non-Performing Loans 12.4 10.9 11.4 11.3 -
Services 6.8 6.6 7.2 9.0 8.6
Electicity,
Gas & Water 8.1 5.5 5.2 4.6 5.0
Transport,
Storage & Communication 8.5 6.3 5.2 7.6 7.8
Wholesale,
Retail, Hotel & Restaurant 7.1 8.0 7.1 11.6 10.0
Finance,
Insurance & Real Estate 6.3 7.0 7.7 10.7 9.2
Government
Services 6.5 7.6 9.8 4.6 8.6
Other
Services 4.9 5.0 4.7 5.0 5.9
Industry
Non-Performing Loans ( RM Million ) 8,913.7 8,716.8 11,593.2 10,207.8 -
%
of Industry Non-Performing Loans 19.9 18.4 23.9 22.6 -
* Estimate
/ Preliminary
** Forecast
# Based On Manufacturing Production Index
( Source : Department of
Statistics / Economic Report / Bank
Negara Report )
INDUSTRY COMMENTS
MSIC CODE
51239
: Wholesale of other foodstuffs e.g
mee,kueh teow, wantan skin and related products,cooking oil, tinned food, etc
INDUSTRY : FOOD & BEVERAGES
Food production is seen to expand further with the Government's policy to reduce the food import bill and promote self-sufficiency by 2010 through expansion of idle lands and mechanization of farming methods as well as promotion of good farming practices. Areas of activity that will boost this sector include aquaculture, deep-sea fishing, floriculture as well as herbs cultivation.
Output of the food products industry grew significantly by 12.7% (January-June 2006: 1.1%). This was driven by higher output in processing and preserving of fish and fish products, which grew by 27.1% in tandem with increased marine fish landings. In addition, the robust growth of food products was also supported by increased output of dairy (16.0%) and grain mill products (7.0%), in particular, rice milling which increased 17.7%, benefiting from higher production of paddy. Meanwhile, other food products, particularly, sugar refinery and biscuit products also registered double-digit growth ranging between
23.0% and 25.0%.
Export receipts of food products increased by 15.9% (RM5,268 million) while beverages 106.5%
(RM580 million) as a result of continuous efforts by manufacturers to attain quality assurance and accreditation for Malaysia's food and beverages products.
The Government has identified the processed food industry as one of the major growth sectors of the economy under the Ninth Malaysia Plan (9MP). Under the 9MP, the food commodities subsector is expected to grow at an average rate of 7.6% per annum through improvements in efficiency and productivity as well as expansion in hectarage. Exports of food commodities will be increased to achieve
a positive food trade balance. The production of 'padi' will be increased to meet the target of self-sufficiency level of 90%. The production of fruits will be undertaken on a large-scale in the fruit production zones using the cluster development approach and concentrating on nine fruit species which have export potential. The production of vegetables will focus on high value varieties for local consumption and selected export markets. The Green Book Programme to promote cultivation of food crops at the community level will be reactivated.
The Government has approved an allocation of RM11.4 billion representing an increase of 70% compared with the Eighth Plan allocation for the sector. Among the objectives of the plan are large-scale commercial farming and greater application of modern technology and ICT to produce higher value-added processed food and food products.
Production of 'halal' food will be further promoted to take advantage of the vast potential of the 'halal' export market. This will include processing and packaging of meat, fisheries and other food-based products. In addition, Malaysia will be developed as the centre for the certification of 'halal' products and the Jabatan Kemajuan Islam Malaysia (JAKIM) 'halal' certification will be promoted worldwide.
Concerted efforts to develop Malaysia as world halal hub to capture new markets worldwide would provide impetus for further growth of the local food industry.
The market for convenience and functional foods is expected to grow rapidly in view of the changing consumption patterns and greater awareness of healthy lifestyles. In this regard, the production and supply of ready-to-use seafood, livestock products and vegetable-based convenience food will be promoted as new areas of investment. Palm oil and cocoa-based food ingredients will be further developed in terms of products range and quality. The better performance in the food products industry was also due to greater efforts undertaken by the industry to keep pace with advancement in technology.
Note : The Ninth Malaysia Plan (9MP) was tabled in Parliament on March 31, 2006, is the five-year
blueprints within the new National Mission policy and implementation framework from now until 2010.
Malaysia is expected to see some structural changes and improved performance in the economy.
OVERALL INDUSTRY OUTLOOK : STRONG GROWTH
COMMENTS
Established in 1992 as a private limited, the is principally engaged in the trading of spices. The SC sells a wide range of spices used for cooking. Having been in the industry for 16 years, the SC has fairly rich experiences in the business and should have received strong support from its regular customers. Presently, the issued and paid up capital of the SC standing at RM150,002.
Apart from local market, the SC also has business operations in other countries such as Singapore, Thailand and Indonesia. The wider range of its market segments has benefited the SC in terms of higher earnings and minimized its business risk. The management of the SC is overseen by Abdul Malick bin M Abdul Gaffar and is assisted by 15 staff in the operations. Overall the management capability of the SC is average.
For the financial year ended 2006, the SC recorded a total turnover and profit before tax at RM12.83 million and RM104,185 respectively. Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The SC managed to maintain an adequate liquidity level, indicating that the SC has the ability to meet its financial obligations. Although the SC's liability ratio is high, it is mainly due to high current liabilities rather than long term debt. However, the high current liabilities are well covered by its large current assets, indicating that the SC does not face any shortage in short term working capital. Given a positive net worth standing at RM638,385, the SC should be able to maintain its business in the near terms.
Our investigation revealed that the SC imports its raw material from both local and overseas market such as India, United Arab Emirates and Indonesia. Its long presence in the market has built up a stable supplier base. Hence, it may not have problems in getting its raw material when needs arise.
Based on our databank, there are no legal suits against the SC.
The industry remains robust with continuing strong global demand for its products. There is no doubt that the food industry is growing, in tandem with the rising population. However, we are of the opinion that there are large numbers of other companies in the same industry. In another words, we believe that the SC faces stiff competitions from other local and foreign players.
In view of above and based on our assessment, we recommend credit be granted to the SC normally.
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING
STANDARD.
PROFIT AND LOSS ACCOUNT
SYARIKAT
ABDUL GHAFFAR TRADING SDN BHD
31-December-2006
Consolidated Accounts : No
UnQualified
Reports : No
RM
Turnover 12,829,421.00
Operating
Revenue 0.00
----------------------------
Profit
/ (Loss) Before Tax 104,185.00
----------------------------
Profit
/ (Loss) After Tax 84,397.00
Extraordinary
Item 0.00
Minority
Interest 0.00
----------------------------
Profit/(Loss)
Attributable to Shareholders 84,397.00
----------------------------
Prior
Period Adjustment 0.00
Net
Dividend 0.00
Transferred
To/From Reserved 0.00
Others 0.00
----------------------------
Unappropriated
Profit/(Loss) Brought Forward 403,986.00
----------------------------
Unappropriated
Profit/(Loss) Carried Forward 488,383.00
================
BALANCE SHEET
SYARIKAT
ABDUL GHAFFAR TRADING SDN BHD
31-December-2006
Consolidated Accounts : No
UnQualified
Reports : No
RM
Fixed
Assets 736,752.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 1,536,944.00
Intangible
Assets 0.00
Other
Assets 0.00
----------------------------
Total
Assets 2,273,696.00
================
Working
Capital 3,355.00
Issued Capital 150,002.00
Paid
Up Capital 150,002.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) 488,383.00
----------------------------
Shareholder's
Fund/Equity 638,385.00
----------------------------
Current
Liabilities 1,533,589.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 101,722.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 2,273,696.00
================
Contingent
Liabilities 0.00
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%)