MIRA INFORM REPORT

 

 

 

Report Date :

07.10.2008

 

IDENTIFICATION DETAILS

 

Name :

CREST MARINE ENGINEERING SDN BHD

 

 

Formerly Known As :

MASER ENGINEERING SDN BHD

 

 

Registered Office :

Sapura @ Mines, 7, Jalan Tasik, The Mines Resort City,, 43300 Sri Kembangan, Selangor

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.01.2008

 

 

Date of Incorporation :

10.04.1985

 

 

Com. Reg. No.:

138225-K

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Providing Telecommunication Engineering Services and Letting of Specialised Equipments

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

* Adopted abbreviations :          SC - Subject Company (the company enquired by you)

                                              N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

138225-K

COMPANY NAME

:

CREST MARINE ENGINEERING SDN BHD

FORMER NAME

:

MASER ENGINEERING SDN BHD (08/08/2002)
MASER HEAVY INDUSTRIES SDN BHD
UTAMA BOOK BINDERS SDN BHD

INCORPORATION DATE

:

10/04/1985

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

REGISTERED ADDRESS

:

SAPURA @ MINES, 7, JALAN TASIK, THE MINES RESORT CITY,, 43300 SRI KEMBANGAN, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

BANGUNAN SAPURA, 1ST FLR, LOT 2, JALAN ENGGANG, KAWASAN PERINDUSTRIAN PKNS, ULU KELANG, 54200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

TEL.NO.

:

03-42562644

FAX.NO.

:

03-42568363

CONTACT PERSON

:

ROSE MAT ( GENERAL MANAGER )

 

 

 

INDUSTRY CODE

:

74219

PRINCIPAL ACTIVITY

:

PROVIDING TELECOMMUNICATION ENGINEERING SERVICES AND LETTING OF SPECIALISED EQUIPMENTS

AUTHORISED CAPITAL

:

MYR 25,000,000.00 DIVIDED INTO
ORDINARY SHARE 20,000,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 5,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 10,800,000.00 DIVIDED INTO
ORDINARY SHARES 1,512,489 CASH AND 8,287,511 OTHERWISE OF MYR 1.00 EACH.
PREFERENCE SHARES 1,000,000 CASH OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 18,539,845 [2008]

NET WORTH

:

MYR 5,592,310 [2008]

 

 

 

STAFF STRENGTH

:

15 [2008]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

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) providing telecommunication engineering services and letting of specialised equipments.

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

SAPURACREST PETROLEUM BHD

SAPURA@MINES, 7 JALAN TASIK, THE MINES RESORT CITY, 43300 SRI KEMBANGAN, SELANGOR, MALAYSIA.

45631

10,800,000.00

 

 

 

---------------

 

 

 

10,800,000.00

 

 

 

============

 

+ Also Director

DIRECTORS

DIRECTOR 1

 

Name Of Subject

:

MR. KENNETH GERARD PEREIRA

Address

:

34, JALAN 14/30, 46100 PETALING JAYA, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

580718-10-6431

Date of Birth

:

18/07/1958

 

 

 

Nationality

:

MALAYSIAN OTHER

Date of Appointment

:

11/07/2003

 

DIRECTOR 2

 

Name Of Subject

:

MR. ZAINOL IZZET BIN MOHAMED ISHAK

Address

:

116A, JALAN U-THANT, 55000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

6300522

New IC No

:

610430-07-5335

Date of Birth

:

30/04/1961

Nationality

:

MALAYSIAN MALAY

Date of Appointment

:

18/07/2003

Working Experience

:

 




MANAGEMENT

 

 

 

1)

Name of Subject

:

ROSE MAT

 

Position

:

GENERAL MANAGER

 

 

 

 

 

2)

Name of Subject

:

ROHAIZAD

 

Position

:

CHIEF OPERATING OFFICER

 

 

 

 

 

 

 

 

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG

Auditor' Address

:

MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR DAMANSARA, DAMANSARA HEIGHTS, LEVEL 23A, 50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. POH PHEI LING

 

IC / PP No

:

A2136122

 

New IC No

:

720303-03-5186

 

Address

:

25, JALAN SL 4/4, BANDAR SUNGAI LONG, 43000 KAJANG, SELANGOR, MALAYSIA.

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). No adverse record was found during our investigation.

 

ENCUMBRANCE (S)


ENCUMBRANCE 1

Date of Creation

:

13/04/2007

Description Of Charge

:

N/A

Amount Secured

:

RM792,240,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

UOB TRUSTEE (MALAYSIA) BHD

 

Form 40 Dated

Registered and Numbered 4 In The Register of Charges



ENCUMBRANCE 2

Date of Creation

:

13/04/2007

Description Of Charge

:

N/A

Amount Secured

:

RM792,240,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

UOB TRUSTEE (MALAYSIA) BHD

Form 40 Dated

Registered and Numbered 5 In The Register of Charges



ENCUMBRANCE 3

Date of Creation

:

13/04/2007

Description Of Charge

:

N/A

Amount Secured

:

RM792,240,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

OSK TRUSTEES BHD

 

Form 40 Dated

Registered and Numbered 6 In The Register of Charges



ENCUMBRANCE 4

Date of Creation

:

23/07/2008

Description Of Charge

:

N/A

Amount Secured

:

RM792,240,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

OSK TRUSTEES BHD

 

Form 40 Dated

Registered and Numbered 7 In The Register of Charges



LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt 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 databank.

PAYMENT RECORD


No payment record found in our databank.

CLIENTELE

Local

:

YES

Domestic Markets

:

MALAYSIA

Overseas

:

YES

 

 

 

Export Market

:

SOUTHEAST ASIA, MIDDLE EAST

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES,TELEGRAPHIC TRANSFER (TT)

Type of Customer

:

OIL & GAS INDUSTRIES

 

OPERATIONS

 

Services

:

TELECOMMUNICATION ENGINEERING SERVICES AND LETTING OF SPECIALISED EQUIPMENTS

 

 

 

Competitor(s)

:

ISHI POWER SDN BHD

SAPURA TECHNOLOGY BHD

SUMATEC RESOURCES BHD

TANJUNG OFFSHORE BHD

ZELAN BHD

 

 

 

 

Total Number of Employees:

YEAR

2008

 

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

15

 

 

 

 

 

 

 

 

 

Branch

:

NO

Other Information:


The SC is principally engaged in the (as a / as an) providing telecommunication engineering services and letting of specialised equipments.

The SC is the related company of Sapuracrest Petroleum Bhd. The Group involves in the following business operations:

1) Offshore Drilling

2) Marine Geo-Sciences

3) Offshore Construction

4) Underwater Services

5) Operations & Maintenance

The SC mainly undertakes supply, install as well as commissioning of telecommunication equipment for the following industry:

1) Oil and gas

2) Utiliy and energy

Currently the SC has a few projects in hand, one of the then is supply and install of telecommunication equipment to PETRONAS Group in Vietnam.

The SC is also acts as the sub-contractor for another oil and gas project in Indonesia. Besides this, the SC also undertakes supply and install in Angsi platform for PETRONAS in Terengganu area.

 

PROJECTS


No projects found in our databank

RECENT DEVELOPMENT


We have checked with the Malaysian National News Agency's (BERNAMA)database, but no latest development was noted in our investigation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

03-42562644

Match

:

N/A

 

 

 

Address Provided by Client

:

1ST FLOOR BANQUNAN SAPURA LOT 2 JALAN ENGGANG ULLU KELANG 54200 KUALA LUMPUR MALAYSIA

Current Address

:

BANGUNAN SAPURA, 1ST FLR, LOT 2, JALAN ENGGANG, KAWASAN PERINDUSTRIAN PKNS, ULU KELANG, 54200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

Match

:

YES

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations


We contacted Mr Mazland from the Project Division. He furnished some information on the SC. Later we contacted one of the Senior staff from the Finance Division for more information on the SC.



FINANCIAL COMMENTS

 

 

The financial summary of the SC in Year 2008 showed that it was financially FAIR. The SC has generated a favourable return on its shareholders' funds indicating that the SC's management was efficient in utilising its shareholders' funds to generate favourable 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. 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

6.3

5.7

Domestic Demand ( % )

7.5

7.3

7.0

9.0

6.1

Private Expenditure ( % )

13.1

9.5

7.0

8.6

6.6

Consumption ( % )

10.5

9.2

7.1

9.0

6.8

Investment ( % )

25.8

8.5

7.0

7.1

6.2

Public Expenditure ( % )

<2.1>

3.6

6.8

10.1

4.7

Consumption ( % )

6.0

5.4

5.0

10.8

5.7

Investment ( % )

<8.7>

1.9

8.9

9.3

3.6

 

 

 

 

 

 

Balance of Trade ( MYR Million )

80,663

99,760

108,192

100,340

115,563

Government Finance ( MYR Million )

<19,419>

<18,684>

<19,109>

<19,948>

<34,462>

Government Finance to GDP / Fiscal Deficit ( % )

<4.3>

<3.8>

<3.3>

<3.2>

<4.8>

Inflation ( % Change in Composite CPI)

1.4

3.1

3.9

2.0

4.4

Unemployment Rate

3.5

3.5

3.4

3.2

3.3

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

254

266

290

336

388

Average Risk-Weighted Capital Adequacy Ratio ( % )

13.84

5.13

4.21

3.04

1.91

Average 3 Months of Non-performing Loans ( % )

8.46

13.63

12.91

13.30

13.24

Average Base Lending Rate ( % )

5.99

6.00

6.61

6.72

6.72

Business Loans Disbursed( % )

10.5

8.7

<2.5>

9.1

-

Foreign Investment ( MYR Million )

13,143.9

17,882.9

20,228.0

33,426.0

23,261.4

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

 

Registration of New Companies ( No. )

38,580

37,474

38,293

43,337

-

Registration of New Companies ( % )

6.8

<2.9>

2.2

13.2

-

Liquidation of Companies ( No. )

3,334

3,069

8,647

22,629

-

Liquidation of Companies ( % )

<15.8>

<7.9>

181.8

161.5

-

 

 

 

 

 

 

Registration of New Business ( No. )

189,206

193,095

216,147

227,410

-

Registration of New Business ( % )

4.6

2.1

11.9

5.2

-

Business Dissolved ( No. )

51,301

73,355

52,879

20,431

-

Business Dissolved ( % )

7.0

43.0

<27.9>

<61.4>

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

380.6

400.8

446.2

442.9

-

Cellular Phone Subscribers ( Million )

14.6

18.5

19.5

23.3

25.1

Tourist Arrival ( Million Persons )

15.7

16.7

17.5

20.9

21.5

Hotel Occupancy Rate ( % )

60.8

63.6

64.8

70.0

68.0

 

 

 

 

 

 

Credit Cards Spending ( % )

19.3

13.9

15.4

20.1

-

Bad Cheque Offenders (No.)

70,465

57,316

36,555

30,004

-

Individual Bankruptcy ( No.)

16,251

15,868

13,596

13,238

-

Individual Bankruptcy ( % )

31.6

<2.4>

<14.3>

<2.6>

-

 

INDUSTRIES ( % of Growth ):

2004

2005

2006

2007*

2008**

 

 

 

 

 

 

Agriculture

5.0

2.5

5.3

3.1

3.6

Palm Oil

3.9

7.1

5.8

<0.6>

7.0

Rubber

16.5

<2.9>

12.6

1.0

<1.1>

Forestry & Logging

4.3

2.0

<0.4>

2.8

<1.5>

Fishing

5.5

<0.4>

9.3

5.2

4.0

Other Agriculture

2.4

3.2

5.3

7.0

5.9

Industry Non-Performing Loans ( MYR Million )

620.3

563.7

516.5

487.3

393

% of Industry Non-Performing Loans

1.38

1.19

1.06

1.08

0

 

 

 

 

 

 

Mining

3.9

0.8

<0.4>

3.3

2.8

Oil & Gas

4.5

1.6

4.6

2.2

12.7

Other Mining

<8.0>

<1.0>

5.1

-

-

Industry Non-performing Loans ( MYR Million )

62.6

68.8

55.4

42.2

36.0

% of Industry Non-performing Loans

0.1

0.1

0.1

0.1

-

 

 

 

 

 

 

Manufacturing #

9.8

5.1

7.3

3.1

4.7

Exported-oriented Industries

15.5

3.0

11.1

<1.9>

2.7

Electrical & Electronics

17.8

3.6

13.4

3.0

2.4

Rubber Products

14.8

2.4

0.4

8.0

4.2

Wood Products

12.7

0.9

0.7

3.3

<6.0>

Textiles & Apparel

<11.7>

<4.4>

12.6

<10.1>

1.9

Domestic-oriented Industries

9.7

6.9

5.0

5.3

9.9

Food, Beverages & Tobacco

3.8

7.7

4.8

5.6

9.5

Chemical & Chemical Products

14.6

6.9

1.7

9.2

1.4

Plastic Products

13.5

18.6

21.3

<3.6>

6.5

Iron & Steel

2.7

<6.7>

<6.9>

17.5

16.8

Fabricated Metal Products

29.2

<7.5>

20.0

26.2

14.7

Non-metallic Mineral

<4.8>

<6.0>

<1.9>

6.6

8.3

Transport Equipment

8.6

10.4

5.3

<19.0>

27.1

Paper & Paper Products

2.3

4.6

4.1

14.9

8.6

Crude Oil Refineries

<2.4>

8.2

12.1

8.6

7.8

Industry Non-Performing Loans ( MYR Million )

7,765.4

6,035.6

6,181.3

6,366.2

5,729.4

% of Industry Non-Performing Loans

17.3

12.7

12.7

14.1

-

 

 

 

 

 

 

Construction

<1.5>

<1.6>

<0.5>

4.6

4.0

Industry Non-Performing Loans ( MYR Million )

5,547.7

5,172.7

5,527.3

5,116.7

4,149.8

% of Industry Non-Performing Loans

12.4

10.9

11.4

11.3

-

 

 

 

 

 

 

Services

6.8

6.6

7.2

9.7

7.7

Electric, 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 ( MYR Million )

8,913.7

8,716.8

11,593.2

10,207.8

8,281.4

% 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

74219 : Other architectural and engineering activities and related technical consultancy service n.e.c.

 

 

INDUSTRY :

ENGINEERING

 

 

 


In 2008, the civil engineering sub-sector would be supported by higher construction activity in the oil and gas inudstry as well as in public projects with the commencement of new projects under the Ninth Malaysia Plan (9MP). Ongoing construction in the civil engineering sub-sector was largely for power generation plants, roads, ports and water and sewerage projects. Twenty-six development projects originally slotted for the Ninth Malaysia Plan (9MP) have been brought forward to revitalise the sluggish construction industry. The projects, which will cost the Government RM2.4 billion was commerced from the middle of 2005. The move would stimulate the industry that had contracted by 1.9% in 2004 and 2005. All these projects were implemented through open tender to ensure competitive pricing. To benefit more contractors, the bigger projects that involve very high costs were divided into packages and tendered separately. The Government would strive for a balance between being prudent to ensure a sustainable deficit and ensuring a robust economic growth, as evidenced by this latest move to bring forward future projects. Besides, the Government had also allocated RM500 million to finance maintenance works on existing infrastructures nationwide. These involved 8,471 projects and 2,567 contractors had been awarded tenders to carry them out.


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 : Marginal Growth

 


COMMENTS

 


Incorporated in 1985, the SC is a private limited company, focusing on providing of telecommunication engineering services and letting of specialised equipments. With over 2 decades of experience in the business, the SC has fairly rich experiences in the business and has achieved a certain market share. With an issued and paid up capital of RM10.8 million and strong shareholders' backing, the SC has the ability to further expand its business in the future.


Apart from supplying its products to the local market, the SC has broaden its reach and penetrated into the global market such as Southeast Asia and Middle East. Such wide market coverage has minimised its business risk. Moreover, the SC has a longstanding and trusted relationship with its customers. Currently, the SC has a total work force of 15 employees and its business operations are considered stable. The SC's business activities are overseen by its General Manager, Rose Mat.


During the financial year ended 2008, the SC's turnover and pre-tax profit stands at RM18.54 million and RM2.08 million respectively. The SC has generated a favourable return based on its existing shareholders' funds 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 working capital. The SC posted a fair financial performance in year 2008.


The SC is clear of any litigation as it has maintained a good image over the years.


The potential growth for the industry is marginal and it is quite competitive. It is much dependent on the SC's capacity in sustaining its performance in the market. As the SC is long presence in the market, it should have acquired competitive edge against other players in the same fields.


Based on the above condition, we recommend a moderate amount of credit be granted to the SC normally.



THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.

 

PROFIT AND LOSS ACCOUNT

CREST MARINE ENGINEERING SDN BHD

31-January-2008

 

Consolidated Accounts

:

NO

UnQualified Reports

:

YES

 

 

 

RM

Turnover

18,539,845.00

Operating Revenue

0.00

 

---------------------

Profit/(Loss) Before Tax

2,078,531.00

 

---------------------

 

Profit/(Loss) After Tax

2,075,631.00

Extraordinary Item

0.00

Minority Interest

0.00

 

---------------------

Profit/(Loss) Attributable to Shareholders

2,075,631.00

 

---------------------

 

Prior Period Adjustment

0.00

Net Dividend

0.00

Transferred To/From Reserved

0.00

Others

0.00

 

---------------------

Unappropriated Profit/(Loss) Brought Forward

<7,283,321.00>

 

---------------------

Unappropriated Profit/(Loss) Carried Forward

<5,207,690.00>

 

================




 

 

BALANCE SHEET

CREST MARINE ENGINEERING SDN BHD

31-January-2008

 

Consolidated Accounts

:

NO

UnQualified Reports

:

YES

 

 

 

RM

Fixed Assets

31,578,954.00

Total Investment

0.00

Amount Owing By

0.00

Current Assets

16,665,995.00

Intangible Assets

0.00

Other Assets

0.00

 

---------------------

Total Assets

48,244,949.00

 

================

 

 

Working Capital

1,068,852.00

 

 

Issued Capital

10,800,000.00

Paid Up Capital

10,800,000.00

Share Premium & Reserved

0.00

Unappropriated Profit/(Loss)

<5,207,690.00>

 

---------------------

Shareholder's Fund/Equity

5,592,310.00

 

---------------------

 

Current Liabilities

15,597,143.00

Amount Owing To

0.00

Long-term and Deferred Liabilities

27,055,496.00

Share Application Account

0.00

Minority Interest

0.00

 

---------------------

Total Equity Liability

48,244,949.00

 

================

 

 

Contingent Liabilities

0.00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.74

UK Pound

1

Rs.85.19

Euro

1

Rs.66.12

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions