MIRA INFORM REPORT

 

Prepared for :

Export Credit Guarantee Corporation of India Ltd

 

 

Your Ref. No.:         

1000534643

 

Report No. :

190966

Report Date :

25.08.2012

 

INQUIRY DETAILS

 

Given Name :

DELTA CORP BND (NF)

 

 

Given Address :

19G, 7th Floor, Block 2, Worldwide Business Centre, 40675 Shah Alam Jalan Tinju 13/50, Selangor De, Malaysia

 

 

Tel. No.:

603 5513 3498

Fax No.:

603 5513 3497

 

IDENTIFICATION DETAILS

 

Name :

DELTA CORP SDN BHD

 

 

Registered Office :

146-1, Jalan Tun Sambanthan, Brickfields, 50470 Kuala Lumpur, Wilayah Persekutuan

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

21.12.2006

 

 

Com. Reg. No.:

757091-P

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Trading of ferro alloys, minerals & chemicals

 

 

No. of Employees :

10 [2012]          

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Poor

Payment Behaviour :

---

Litigation :

---

 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Malaysia

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 


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

                                                N/A - Not Applicable      

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

757091-P

COMPANY NAME

:

DELTA CORP SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

21/12/2006

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

146-1, JALAN TUN SAMBANTHAN, BRICKFIELDS, 50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

NO. 19G, LEVEL 7, BLOCK 2, WORLDWIDE BUSINESS CENTRE, JALAN TINJU 13/50, 40675 SHAH ALAM, SELANGOR, MALAYSIA.

TEL.NO.

:

03-55133498

FAX.NO.

:

03-55133497

WEB SITE

:

www.deltacorp.com.my

CONTACT PERSON

:

VIVAN ( DIRECTOR )

 

 

 

INDUSTRY CODE

:

51499

PRINCIPAL ACTIVITY

:

TRADING OF FERRO ALLOYS, MINERALS & CHEMICALS

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 192,370 [2011]

NET WORTH

:

MYR <8,496> [2011]

 

 

 

STAFF STRENGTH

:

10 [2012]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

WEAK

 

 

 

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) trading of ferro alloys, minerals & chemicals.

The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

The major shareholder(s) of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

ARUMUGAM DAMODARAN

 

G8922850

25,001.00

25.00

MR. VIVAN RAAJ A/L RAJALINGAM +

33 JLN USJ11/1C, 47620 SUBANG JAYA, SELANGOR, MALAYSIA.

881124-10-5297

25,000.00

25.00

MR. RAJALINGAM S/O VETHIAPPAN +

33 JLN USJ11/1C, 47630 SUBANG JAYA, SELANGOR, MALAYSIA.

551104-10-5351 4885536

25,000.00

25.00

MR. NITHIYA RAJ A/L RAJALINGAM

 

860813-43-5555

24,999.00

25.00

 

 

 

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

------

 

 

 

100,000.00

100.00

 

 

 

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

=====

 

+ Also Director

 

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

MR. RAJALINGAM S/O VETHIAPPAN

Address

:

33 JLN USJ11/1C, 47630 SUBANG JAYA, SELANGOR, MALAYSIA.

IC / PP No

:

4885536

New IC No

:

551104-10-5351

Date of Birth

:

04/11/1955

 

 

 

Nationality

:

MALAYSIAN INDIAN

Date of Appointment

:

21/12/2006

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MR. VIVAN RAAJ A/L RAJALINGAM

Address

:

33 JLN USJ11/1C, 47620 SUBANG JAYA, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

881124-10-5297

Date of Birth

:

24/11/1988

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

02/08/2011


MANAGEMENT

 

 

1)

Name of Subject

:

VIVAN

 

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

SHAN & CO

Auditor' Address

:

59, JALAN THAMBIPILLAI, BRICKFIELDS, 50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. NOORHASIKIN BTE MD YATIM

 

IC / PP No

:

A3269370

 

New IC No

:

751218-08-5746

 

Address

:

L-3-2, ARCADIA APRTMENT, USJ 11/1, 47620 SUBANG JAYA, SELANGOR, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

MS. VIGNESWARY A/P SANGAREN

 

IC / PP No

:

A0029900

 

New IC No

:

641019-02-5540

 

Address

:

37, USJ 11/1A, 47620 SUBANG JAYA, 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)


No encumbrance was found in our databank at the time of investigation. 

 

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.


No legal action was found in our databank. 

 

No winding up petition was found in our databank. 



DEFAULTER CHECK AGAINST SC


* We have checked through the SC in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection since 1990. Information was provided by third party where the debt amount can be disputed. Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. 

No blacklisted record & debt collection case was found in our defaulters' databank. 

PAYMENT RECORD

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose its suppliers. 

CLIENTELE

 

Local

:

YES

 

Domestic Markets

:

MALAYSIA

Overseas

:

YES

 

 

 

Export Market

:

CHINA, INDIA

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

FERRO ALLOYS, MINERALS & CHEMICALS

 

 

 

 

Competitor(s)

:

IDEMITSU CHEMICALS (M) SDN BHD
KZH RESOURCES SDN BHD
MARUBENI KABUSHIKI KAISHA_(MARUBENI CORPORATION)
TEXCHEM RESOURCES BHD
TITAN TRADING CORP. SDN BHD

 

 

 

 

 

 

 

 

 

Total Number of Employees:

 

YEAR

2012

 

 

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

10

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) trading of ferro alloys, minerals & chemicals.

The SC sells the following products:

!) Ferro Alloys:

* Ferro Chrome High Carbon

* Ferro Chrome Low Carbon

* Ferro Manganese

* Ferro Managnese Low Carbon

* Ferro Manganese Medium Carbon

* Ferro Managenese High Carbon

* Ferro Molybdenum

* Ferro Phosphorus

* Ferro Silicon Magnesium

* Ferro Silicon Zirconium

* Ferro Titanium


2) Minerals & Chemicals:

* Bentonite

* Coconut Shell Charcoal

 

 

PROJECTS


No projects found in our databank 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

603 55133498

Current Telephone Number

:

03-55133498

Match

:

YES

 

 

 

Address Provided by Client

:

19G, 7TH FLOOR, BLOCK 2, WORLDWIDE BUSINESS CENTRE, 40675 SHAH ALAM JALAN TINJU 13/50, SELANGOR DE

Current Address

:

NO. 19G, LEVEL 7, BLOCK 2, WORLDWIDE BUSINESS CENTRE, JALAN TINJU 13/50, 40675 SHAH ALAM, SELANGOR, MALAYSIA.

Match

:

YES

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

 

Profitability

 

 

 

 

 

 

Return on Shareholder Funds

:

Unfavourable

[

<125.27%>

]

 

Return on Net Assets

:

Unfavourable

[

<159.69%>

]

 

 

 

 

 

 

 

 

The SC's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Current Ratio

:

Unfavourable

[

0.94 Times

]

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Liability Ratio

:

Unfavourable

[

<17.31 Times>

]

 

 

 

 

 

 

 

 

The SC has an unfavourable liabilities ratio and it may face financial difficulties if no additional capital is injected.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

The SC's liquidity was at an acceptable range. If the SC is able to obtain further short term financing, it should be able to meet all its short term obligations.

 

 

 

 

 

 

 

Overall financial condition of the SC : POOR

 

 

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators:

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Population ( Million)

27.73

28.13

28.35

28.70

29.10

Gross Domestic Products ( % )

4.6

<0.5>

7.2

5.5

5.3

Domestic Demand ( % )

6.9

2.9

6.3

4.8

7.6

Private Expenditure ( % )

7.1

<2.7>

8.1

7.0

8.7

Consumption ( % )

8.4

0.7

6.7

6.3

7.1

Investment ( % )

1.5

<17.2>

17.7

16.2

15.9

Public Expenditure ( % )

6.5

5.2

3.8

7.6

4.7

Consumption ( % )

11.6

3.1

0.2

8.9

3.0

Investment ( % )

0.7

8.0

2.8

0.6

7.0

 

 

 

 

 

 

Balance of Trade ( MYR Million )

129,563

89,650

118,356

116,058

-

Government Finance ( MYR Million )

<34,462>

<28,450>

<40,482>

<45,511>

<43,021>

Government Finance to GDP / Fiscal Deficit ( % )

<4.8>

<4.8>

<5.6>

<5.4>

<4.7>

Inflation ( % Change in Composite CPI)

<3.3>

<5.2>

5.1

3.1

-

Unemployment Rate

3.7

4.5

3.9

3.3

-

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

388

331

329

415

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

1.91

2.87

2.20

3.50

-

Average 3 Months of Non-performing Loans ( % )

13.24

11.08

15.30

14.80

-

Average Base Lending Rate ( % )

6.72

5.53

6.30

6.60

-

Business Loans Disbursed( % )

11.6

10.5

14.7

15.3

-

Foreign Investment ( MYR Million )

23,261.4

22,156.8

22,517.9

23,546.1

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

Registration of New Companies ( No. )

41,599

41,578

44,148

-

-

Registration of New Companies ( % )

<4.0>

<0.1>

6.2

-

-

Liquidation of Companies ( No. )

27,992

39,075

25,585

-

-

Liquidation of Companies ( % )

23.7

39.6

<34.5>

-

-

 

 

 

 

 

 

Registration of New Business ( No. )

269,866

312,581

271,414

-

-

Registration of New Business ( % )

-

-

-

-

-

Business Dissolved ( No. )

18,885

19,345

19,738

-

-

Business Dissolved ( % )

<7.6>

2.4

2.0

-

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

497.5

486.3

543.6

363.0

-

Cellular Phone Subscribers ( Million )

25.1

30.1

32.8

35.3

-

Tourist Arrival ( Million Persons )

21.5

23.6

24.6

25.3

-

Hotel Occupancy Rate ( % )

68.0

58.0

63.0

51.3

-

 

 

 

 

 

 

Credit Cards Spending ( % )

17.1

12.8

14.1

15.6

-

Bad Cheque Offenders (No.)

34,834

36,667

33,568

27,208

-

Individual Bankruptcy ( No.)

13,907

16,228

18,119

16,155

-

Individual Bankruptcy ( % )

5.1

16.7

11.7

<10.8>

-

 

INDUSTRIES ( % of Growth ):

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Agriculture

3.6

0.4

2.1

4.7

4.1

Palm Oil

7.0

<1.1>

<3.4>

7.3

-

Rubber

<1.1>

<19.8>

9.9

6.4

-

Forestry & Logging

<1.5>

<5.9>

<3.3>

<4.7>

-

Fishing

4.0

5.5

5.6

2.8

-

Other Agriculture

5.9

9.0

7.9

8.5

-

Industry Non-Performing Loans ( MYR Million )

393.0

413.7

508.4

634.1

-

% of Industry Non-Performing Loans

<2.0>

1.3

2.1

3.2

-

 

 

 

 

 

 

Mining

<0.8>

<3.8>

0.2

<2.4>

2.5

Oil & Gas

12.7

2.1

0.5

<1.7>

-

Other Mining

-

-

-

-

-

Industry Non-performing Loans ( MYR Million )

36.0

44.2

49.7

46.5

-

% of Industry Non-performing Loans

0.1

0.1

0.1

0.1

-

 

 

 

 

 

 

Manufacturing #

1.3

<9.4>

11.4

5.6

4.5

Exported-oriented Industries

2.7

<19.0>

12.1

2.8

-

Electrical & Electronics

2.4

<30.3>

28.4

<4.9>

-

Rubber Products

4.2

<10.1>

25.3

15.4

-

Wood Products

<6.0>

<24.1>

20.1

<7.3>

-

Textiles & Apparel

1.9

<19.5>

<0.4>

14.8

-

Domestic-oriented Industries

9.9

<9.8>

16.3

6.3

-

Food, Beverages & Tobacco

9.5

0.2

3.0

4.2

-

Chemical & Chemical Products

1.4

<7.7>

16.2

5.6

-

Plastic Products

6.5

<9.1>

2.4

3.8

-

Iron & Steel

16.8

<32.7>

29.3

2.4

-

Fabricated Metal Products

14.7

<2.5>

14.9

25.2

-

Non-metallic Mineral

8.3

<15.5>

20.2

16.3

-

Transport Equipment

27.1

<13.5>

36.5

<9.4>

-

Paper & Paper Products

8.6

<5.0>

18.7

15.6

-

Crude Oil Refineries

7.8

0.2

<11.4>

9.3

-

Industry Non-Performing Loans ( MYR Million )

5,729.4

6,007.3

6,217.5

6,537.2

-

% of Industry Non-Performing Loans

16.8

18.3

23.8

25.7

-

 

 

 

 

 

 

Construction

2.1

5.8

5.1

4.4

7.0

Industry Non-Performing Loans ( MYR Million )

4,149.8

3,241.8

4,038.5

3,856.9

-

% of Industry Non-Performing Loans

12.2

9.9

10.7

10.2

-

 

 

 

 

 

 

Services

7.3

2.6

6.5

6.4

6.5

Electric, Gas & Water

5.0

0.4

8.5

5.6

4.8

Transport, Storage & Communication

7.8

1.6

7.7

6.5

7.3

Wholesale, Retail, Hotel & Restaurant

10.0

2.8

4.7

5.2

6.9

Finance, Insurance & Real Estate

9.2

3.8

6.1

6.3

6.5

Government Services

8.6

2.0

6.7

7.6

5.6

Other Services

5.9

4.4

4.2

5.4

5.7

Industry Non-Performing Loans ( MYR Million )

8,281.4

6,631.3

7,384.6

6,825.2

-

% of Industry Non-Performing Loans

24.3

20.2

25.7

23.4

-

 

 

 

 

 

 

 

 

 

 

 

 

* Estimate / Preliminary

 

 

 

 

 

** Forecast

 

 

 

 

 

# Based On Manufacturing Production Index 
(Source : Department of Statistics / Economic Report / Bank Negara Report)

 

 

INDUSTRY ANALYSIS

 

MSIC CODE

 

51499 : Wholesale of other intermediate products, waste and scrap n.e.c.

 

 

INDUSTRY :

MANUFACTURING


The rubber products sub-sector is expected to remain resilient supported by continuous improvements in medical and healthcare standards in emerging markets as well as demand from niche markets such as the oil and gas sector for rubber hoses. Malaysia rubber exports are forecast to grow at 10%, at the end of 2012 driven by global demand for medical gloves as well as rubber tyres and tubes.Rubber glove exports make up 70 % of total rubber shipments in Malaysia due to hospitals and clinics place more intrest on rising health and hygiene awareness.


The Malaysia government has growth target of 6.5% for wood based furniture where estimated to reach up to RM53 billion by year 2020.The government providing pioneer status for tax exemption and investment tax allowance for this industry as a boost up step towards produce good quality product and to meet the world demand.


Chemical production are expected to show 6.2% in year 2012 and 7.5 % in year 2013 inline with Malaysia as one of the largest contributor in world Chemicals & Chemical industries.


According to Malaysian Iron and Steel Industry Federation, first half of 2012 would remain weak for the local steel industry due to eurozone crisis, slowdown in China's economy and less robust construction activities in the developed countries. At first quarter 2012, the average local steel price is trading atRM2,300 per tonne compared with the average international price of US$740 (RM2,331) per tonne.


According to the Department of Statistics, Malaysia during the first quarter 2012, the manufacturing output increased due to activities in major sub-sectors such as petroleum, chemical, rubber and plastic products (10.5 %), and non-metallic mineral products, basic metal and fabricated metal products (3.9 %). Meanwhile, it's also announced that the manufacturing sector's sales grew by 10 % in May 2012 to record RM52.5 billion compared with RM47.7 billion in May 2011. The Industrial Production Index (IPI ) increased 7.6 % in May (2012) due to increases in manufacturing (6.5 %). 


Tax and non-tax incentives provided by goverment encourage manufacturers to move up the value chain of manufacturing industry. The new growth initiatives by goverment in the manufacturing sector such as solar and medial services can be important drivers of growth apart from helping to diversify the manufacturing base and contributing to the resilience of the sector.

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth

 

CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2006, the SC is a Private Limited company, focusing on trading of ferro alloys, minerals & chemicals. Having been in business for more than 5 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. The capital standing of the SC is weak. The SC may face difficulties to expand its business compared to other large corporation. Without a strong capital, the business expansion opportunities of the SC is limited.


Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Being a small company, the SC's business operation is supported by 10 employees. Overall, we regard that the SC's management capability is weak. Without capable management, the SC is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.


The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. The SC has an unfavourable liabilities ratio and it may face financial difficulties if no additional capital is injected. The SC's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of MYR -8,496. Therefore, the SC as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.


Without a strong assets backing, the SC may face difficulties in getting loans for its future expansion and continued growth .


The industry shows an upward trend and this trend is very likely to sustain in the near terms. Thus, the SC's future performance is very much depend on its marketing strategies in order to retain its position in the market.


Based on the above unfavourable condition, 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 MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

DELTA CORP SDN BHD

 

Financial Year End

31/03/2011

Months

12

Consolidated Account

Company

Audited Account

YES

Unqualified Auditor's Report (Clean Opinion)

YES

Financial Type

SUMMARY

Currency

MYR

 

 

TURNOVER

192,370

 

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

Total Turnover

192,370

 

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

 

 

PROFIT/(LOSS) FROM OPERATIONS

13,567

 

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

PROFIT/(LOSS) BEFORE TAXATION

13,567

Taxation

<2,924>

 

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

PROFIT/(LOSS) AFTER TAXATION

10,643

 

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

As previously reported

<19,141>

 

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

As restated

<19,141>

 

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

PROFIT AVAILABLE FOR APPROPRIATIONS

<8,498>

 

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

<8,498>

 

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

 

 

BALANCE SHEET

 

DELTA CORP SDN BHD

ASSETS EMPLOYED:

 

FIXED ASSETS

0

 

 

CURRENT ASSETS

 

TOTAL CURRENT ASSETS

138,581

 

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

TOTAL ASSET

138,581

 

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

 

 

CURRENT LIABILITIES

 

TOTAL CURRENT LIABILITIES

147,077

 

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

NET CURRENT ASSETS/(LIABILITIES)

<8,496>

 

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

TOTAL NET ASSETS

<8,496>

 

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

 

 

SHARE CAPITAL

 

Ordinary share capital

2

 

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

TOTAL SHARE CAPITAL

2

 

 

RESERVES

 

Retained profit/(loss) carried forward

<8,498>

 

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

TOTAL RESERVES

<8,498>

 

 

 

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

SHAREHOLDERS' FUNDS/EQUITY

<8,496>

 

 

 

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

 

<8,496>

 

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

 

FINANCIAL RATIO

 

DELTA CORP SDN BHD

 

TYPES OF FUNDS

 

Net Liquid Assets

<8,496>

Net Current Assets/(Liabilities)

<8,496>

Net Tangible Assets

<8,496>

Net Monetary Assets

<8,496>

 

 

BALANCE SHEET ITEMS

 

Total Liabilities

147,077

Total Assets

138,581

Net Assets

<8,496>

Net Assets Backing

<8,496>

Shareholders' Funds

<8,496>

Total Share Capital

2

Total Reserves

<8,498>

 

 

LIQUIDITY (Times)

 

Current Ratio

0.94

 

 

SOLVENCY RATIOS (Times)

 

Liabilities Ratio

<17.31>

Assets Backing Ratio

<0.08>

 

 

PERFORMANCE RATIO (%)

 

Operating Profit Margin

7.05

Net Profit Margin

5.53

Return On Net Assets

<159.69>

Return On Capital Employed

<159.69>

Return On Shareholders' Funds/Equity

<125.27>

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.38

UK Pound

1

Rs.87.80

Euro

1

Rs.69.48

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.