MIRA INFORM REPORT

 

 

 

Report Date :

19.09.2008

 

IDENTIFICATION DETAILS

 

Name :

TROPICAL ACHIEVEMENT SDN BHD

 

 

Registered Office :

70-3-1, Jalan 3/62d, Medan Putra Business Centre, Off Jalan Damanasara, 52200 Kuala Lumpur, Wilayah Persekutuan

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

27.05.1998

 

 

Com. Reg. No.:

463065-X

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturing and Trading of Industrial Grade Soap, Palm Oil Base Product And Other Related Product

 

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 :

Unknown

 

 

Litigation :

Clear

 

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

463065-X

COMPANY NAME

:

TROPICAL ACHIEVEMENT SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

27/05/1998

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

REGISTERED ADDRESS

:

70-3-1, JALAN 3/62D, MEDAN PUTRA BUSINESS CENTRE, OFF JALAN DAMANASARA, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

NO 69 LORONG BATU MILAM 28C, BUKIT TINGGI 2, 41200 KLANG, SELANGOR, MALAYSIA.

TEL.NO.

:

03-31341758/9

FAX.NO.

:

03-31341764

CONTACT PERSON

:

MURALIGANAN A/L M MAYANDI ( DIRECTOR )

 

 

 

INDUSTRY CODE

:

5191

PRINCIPAL ACTIVITY

:

MANUFACTURING AND TRADING OF INDUSTRIAL GRADE SOAP, PALM OIL BASE PRODUCT AND OTHER RELATED PRODUCT

AUTHORISED CAPITAL

:

MYR 100,000.00 DIVIDED INTO
ORDINARY SHARE 100,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 100,000.00 DIVIDED INTO
ORDINARY SHARES 100,000 CASH OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 5,889,221 [2005]

NET WORTH

:

MYR 198,840 [2005]

 

 

 

STAFF STRENGTH

:

7 [2008]

BANKER (S)

 

PUBLIC BANK BHD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND


The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) manufacturing and trading of industrial grade soap, palm oil base product and other related product.

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. ELANGO A/L G.RAMASAMY +

34, JALAN 11, PANDAMARAN JAYA, SELANGOR, MALAYSIA.

600609-07-5053

50,000.00

MR. MURALIGANAN A/L M.MAYANDI +

107A, LORONG SUTERA 9, TAMAN MAZNAH, SELANGOR, MALAYSIA.

650821-07-5099 A0264421

50,000.00

 

 

 

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

 

 

 

100,000.00

 

 

 

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

 

+ Also Director

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

MR. ELANGO A/L G.RAMASAMY

Address

:

34, JALAN 11, PANDAMARAN JAYA, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

600609-07-5053

Date of Birth

:

09/06/1960

 

 

 

Nationality

:

MALAYSIAN INDIAN

Date of Appointment

:

17/06/1998

DIRECTOR 2

 

Name Of Subject

:

MR. MURALIGANAN A/L M.MAYANDI

Address

:

107A, LORONG SUTERA 9, TAMAN MAZNAH, SELANGOR, MALAYSIA.

IC / PP No

:

A0264421

New IC No

:

650821-07-5099

Date of Birth

:

21/08/1965

 

 

 

Nationality

:

MALAYSIAN INDIAN

Date of Appointment

:

14/04/2000



MANAGEMENT

 

 

 

1)

Name of Subject

:

MURALIGANAN A/L M MAYANDI

 

Position

:

DIRECTOR

 

 

 

 

 

2)

Name of Subject

:

ELANGO RAMASAMY

 

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

FKL & ASSOCIATES

Auditor' Address

:

27-4, JALAN PJU 1/42A, DATARAN PRIMA, LEVEL 4, 47800 PETALING JAYA, SELANGOR, MALAYSIA.

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. TUNG MUN YING

 

IC / PP No

:

5648427

 

New IC No

:

581031-10-6528

 

Address

:

70-3-2 JLN 3/62D, MEDAN PUTRA BUSS CENTRE, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

Date of Appointment

:

17/06/1998

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

PUBLIC 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

:

24/03/2006

Description Of Charge

:

N/A

Amount Secured

:

RM390,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

PUBLIC BANK BHD

 

Form 40 Dated

Registered and Numbered 1 In The Register of Charges



ENCUMBRANCE 2

Date of Creation

:

28/07/2006

Description Of Charge

:

N/A

Amount Secured

:

RM508,500.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

PUBLIC BANK BHD

 

Form 40 Dated

Registered and Numbered 2 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

 

 

SOURCES OF RAW MATERIALS:

 

Local

:

YES

Percentage

:

100%

Overseas

:

NO

Percentage

:

0%



The SC refused to furnish us with the suppliers' names. Without the financial accounts, we are not able to comment on the SC's payment habit.

CLIENTELE

 

Local

:

YES

Percentage

:

20%

Domestic Markets

:

MALAYSIA

Overseas

:

YES

Percentage

:

80%

Export Market

:

INDIA

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

LETTER OF CREDIT (LC),TELEGRAPHIC TRANSFER (TT),CASH,CHEQUES

 

OPERATIONS

 

Goods Traded

:

PALM OIL PRODUCTS

 

 

 

Competitor(s)

:

CEPCO TRADING SDN BHD

EDASU HIROMORI SDN BHD

ETOWA CORPORATION (M) SDN BHD

PERNIAGAAN YEW LUM SDN BHD

VARITRONIX (MALAYSIA) SDN BHD

 

 

 

 

Total Number of Employees:

YEAR

2008

2007

 

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

7

5

 

 

 

 

 

 

 

 

Branch

:

NO

Other Information:


The SC is principally engaged in the (as a / as an) manufacturing and trading of industrial grade soap, palm oil base product and other related product.

The SC's products range includes as follows:

Specific Oil Categories:

Palm Oil

- Oil - RBD or Crude, Buyers & Sellers ( Packed, RBD )

Oleochemicals

- Glycerine (all types) ( Packed, Drum )

- Soap Noodles ( Bulk, Packed )

- Residue ( Bulk, Drum )

Specialty Fats

- Palm mid fraction ( Packed, RBD )

- Tailor made fats ( Packed, RBD )


PROJECTS


No projects found in our databank

RECENT DEVELOPMENT


We have checked withe Malaysian National News Agency's ( Bernama ) database, 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

:

03-31341758/9

Match

:

N/A

 

 

 

Address Provided by Client

:

NO 69 LORONG BATU MILAM 28C, BUKIT TINGGI 2, 41200 KLANG, SELANGOR.

Current Address

:

NO 69 LORONG BATU MILAM 28C, BUKIT TINGGI 2, 41200 KLANG, SELANGOR, MALAYSIA.

Match

:

YES

 

 

 

Latest Financial Accounts

:

NO


On 19th September 2008, we have contacted the SC's Company Auditor Mr Raja to obtain its latest financial account. However he refuse to provide the Latest Financial Account due to the confidentiality of the information.

 

 

Other Investigations


We conducted an interview with the SC's Accounts Dept, Mdm Sakunthala. She furnished us some information pertaining on the SC.


FINANCIAL COMMENTS

 

The SC's latest financial accounts are up to 2005 which is out dated in our opinion. Therefore, our comment on the SC financial performance is restricted thereto.

Overall financial condition of the SC : N/A

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

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 ( MYR Million )

80,663

99,760

108,192

99,965

99,599

Government Finance ( MYR 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

6.0

Unemployment Rate

3.5

3.5

3.4

3.5

3.3

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

254

266

290

-

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

13.84

13.63

12.91

-

-

Average 3 Months of Non-performing Loans ( % )

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

-

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

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

57,316

36,555

-

-

Individual Bankruptcy ( No.)

16,251

15,868

13,596

-

-

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

3.4

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 ( MYR Million )

620.3

563.7

516.5

487.3

0

% of Industry Non-Performing Loans

1.38

1.19

1.06

1.08

0

 

 

 

 

 

 

Mining

3.9

0.8

<0.4>

3.3

6.0

Oil & Gas

4.5

1.6

4.6

-

-

Other Mining

<8.0>

<1.0>

5.1

-

-

Industry Non-performing Loans ( MYR 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

1.8

Exported-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 ( MYR 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

5.5

Industry Non-Performing Loans ( MYR 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

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

-

% 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

5191 : Other wholesale

 

 

INDUSTRY :

TRADING

 


Retail Group Malaysia is maintaining its earlier forecast of 7% growth for the retail industry despite the surging costs of living. Retail Group, which tabulates quarterly retail data for the Malaysian Retailers Association (MRA), expects the retail industry to be affected towards the second half of year 2008.


One of the important factors in consumer spending is the 'feel good' factor. Malaysian consumers in general do not have a high consumer confidence level. This has been affecting retail sales. The retailers, who had better control of their overall costs, would "ride through" this latest crisis. More importantly, retailers must understand shoppers' current consumption patters as these had changed over the last 10 years.


For the whole of 2007, the Malaysian retail industry recorded "surpassingly" strong growth rate of 12.8% in sales compared with 2006 which is the highest growth rate in the Malaysia retail industry since 1992. This was mainly attributed to Visit Malaysia Year 2007 and salary increments of civil servants.


According to the Retail Group, this however was not an indication of recovery in the retail industry. Although that the prices of food and groceries increased in year 2007 due to higher raw material prices, Malaysian consumers did not cut back the spending significantly.


Retailers in all retail sub-sectors reported encouraging results in year 2007. The sales growth was stronger for national chain retailers than small-scale retailers. All retail sub-sectors were expected to record positive growth in business during the first quarter of 2008.


In comparing retail sales with other economic indicators, Retail Group noted that the inflation rate was maintained at a reasonable 2% during the year 2008 despite soaring food prices while private consumption expenditure grew 11.7% in year 2007.

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth


COMMENTS

 

 


The SC started its corporation in 1998 as a Private Limited company. Basically, the SC is engaged in the manufacturing and trading of industrial grade soap, palm oil base product and other related product. Due to its long presence in the business, the SC should have built up a satisfactory reputation in the market. Being a small company with a share capital of RM100,000 contributed from individual shareholders, the SC does not have strong shareholders' backing.


Currently, the SC is overseen by the Managing Director, Elango Ramasamy supported by 7 employees in its business operation. Our investigation revealed that the SC serves both local and overseas market as 80% incomes are generated from the overseas market. With the major 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.


We are unable to comment on the SC's overall financial standing as no latest accounts are available at the Registry Office. We have tried to obtain the latest financial accounts from the SC but it refused to disclose due to the confidential nature of the information. Hence, caution is always advised.


All of the SC's supplies are sourced from local suppliers. Its long presence in the market has enabled the SC to bargain with its suppliers for lower prices and higher quality products.


The Sc is clear from any litigation.


This industry shows an upward trend and this trend is very likely to sustain in the future. However, we are of the opinion that there are a large number of other companies in the same industry. In another word, we believe that the SC faces stiff competitions from other local players.


As the SC's bank charges in year 2006 exceeded its paid up capital, we regard granting credit to the SC to be quite risky. Hence, credit is not recommended.


PROFIT AND LOSS ACCOUNT

 

 

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

TROPICAL ACHIEVEMENT SDN BHD

For The Year Ended 31-December-2005



2005

2004

 

MYR

MYR

TURNOVER

5,889,221

16,228,448

 

==========

==========

PROFIT/(LOSS) FROM OPERATIONS

63,339

45,377

 

 

 

 

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

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

PROFIT/(LOSS) BEFORE TAXATION

63,339

45,377

Taxation

<16,619>

<1,920>


PROFIT/(LOSS) AFTER TAXATION

------------
46,720

------------
43,457

 

 

 

 

 

 


PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

------------
46,720

------------
43,457

 

 

 


PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD

------------
46,720

------------
43,457

As previous reported

52,120

8,663

 

 

 


As restated

------------
52,120

------------
8,663

 

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

98,840

52,120

 

 

 


RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD

------------
98,840
==========

------------
52,120
==========

RETAINED BY: The Company

98,840

52,120

 

 

 

 

 

 

 

------------
98,840
==========

------------
52,120
==========

 

 

 

 

 

BALANCE SHEET

 

 

TROPICAL ACHIEVEMENT SDN BHD

As At 31-December-2005



 

2005

2004

 

MYR

MYR

ASSET EMPLOYED:

 

 

FIXED ASSETS

92,015

75,579

 

 

 

TOTAL LONG TERM ASSETS

------------
92,015

------------
75,579

 

 

 

CURRENT ASSETS

 

 

 

 

 

      Trade debtors

2,668,350

1,068,279

      Other debtors, deposits & prepayments

419,132

488,984

      Cash & bank balances

79,225

423,642

TOTAL CURRENT ASSETS


------------
3,166,707


------------
1,980,905

 

 

 

CURRENT LIABILITIES

 

 

      Trade creditors

2,830,524

865,212

      Other creditors & accruals

21,524

11,552

      Provision for taxation

569

1,450

 

 

 

      amount due to enterprise which certain directors has

202,265

-

 

 

 

TOTAL CURRENT LIABILITIES

------------
3,054,882

------------
878,214

NET CURRENT ASSETS/(LIABILITIES)

------------
111,825

------------
1,102,691

TOTAL NET ASSETS

------------
203,840
==========

------------
1,178,270
==========

 

 

 

FINANCED BY:

 

 

 

 

 

SHARE CAPITAL

 

 

      Ordinary share capital

100,000

100,000

 

 

 

TOTAL SHARE CAPITAL

------------
100,000

------------
100,000

 

 

 

RESERVES

 

 

 

 

 

      Retain profit/(Accumulated loss) carried forward

98,840

52,120

 

 

 


TOTAL RESERVES

------------
98,840

------------
52,120


SHAREHOLDERS' FUNDS/EQUITY


------------
198,840


------------
152,120


LONG TERM & DEFERRED LIABILITIES & PROVISIONS

 

 

 

 

 

      advances from directors

5,000

1,026,150

 

 

 


TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS

------------
5,000

------------
1,026,150

 

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

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

 

203,840

1,178,270

 

==========

==========

 

 

 

 

 

FINANCIAL RATIOS

 

 

TROPICAL ACHIEVEMENT SDN BHD

As At 31-December-2005



 

 

 

 

2005

2004

 

MYR

MYR

TYPES OF FUNDS

 

 

      Cash

79,225

423,642

      Net Liquid Funds

79,225

423,642

      Net Liquid Assets

111,825

1,102,691

      Net Current Assets/(Liabilities)

111,825

1,102,691

      Net Tangible Assets

203,840

1,178,270

      Net Monetary Assets

106,825

76,541

 

 

 

BALANCE SHEET ITEMS

 

 

      Total Borrowings

0

0

      Total Liabilities

3,059,882

1,904,364

      Total Assets

3,258,722

2,056,484

      Net Assets

203,840

1,178,270

      Net Assets Backing

198,840

152,120

      Shareholders" Funds

198,840

152,120

      Total Share Capital

100,000

100,000

      Total Reserves

98,840

52,120

 

 

 

LIQUIDITY(Times)

 

 

      Cash Ratio

0.03

0.48

      Liquid Ratio

1.04

2.26

      Current Ratio

1.04

2.26

 

 

 

WORKING CAPITAL CONTROL (Days)

 

 

      Stock Ratio

0

0

      Debtors Ratio

165

24

      Creditors Ratio

175

19

 

 

 

SOLVENCY RATIOS (Times)

 

 

      Gearing Ratio

0

0

      Liabilities Ratio

15.39

12.52

      Times Interest Earned Ratio

0

0

 

 

 

PERFORMANCE RATIO (%)

 

 

      Operating Profit Margin

1.08

0.28

      Net Profit Margin

0.79

0.27

      Return On Net Assets

31.07

3.85

      Return On Capital Employed

31.07

3.85

      Return On Shareholders' Funds/Equity

23.50

28.57

      Dividend Pay Out Ratio (Times)

0

0

 

 

 

NOTES TO ACCOUNTS

 

 

      Contingent Liabilities

0.00

0.00

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.71

UK Pound

1

Rs.83.57

Euro

1

Rs.65.90

 

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