MIRA INFORM REPORT

 

 

Report Date :

14.12.2012

 

IDENTIFICATION DETAILS

 

Name :

PROTRAC PROGRESSIVE (M) SDN BHD

 

 

Registered Office :

53, Jalan Ss 15/4, Subang Jaya, 47500 Subang Jaya, Selangor

 

 

Country :

Malaysia.

 

 

Financials (as on) :

31.08.2010

 

 

Date of Incorporation :

23.04.2009

 

 

Reg. No.:

854597-M

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Trading of Power Transmission and Engineering Equipment

 

 

No. of Employees :

6

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

Litigation :

Clear

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

malaysia - ECONOMIC OVERVIEW

 

Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies more than 40% of government revenue. The central bank maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia''s exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests.

 

Source : CIA

 

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

854597-M

COMPANY NAME

:

PROTRAC PROGRESSIVE (M) SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

23/04/2009

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

53, JALAN SS 15/4, SUBANG JAYA, 47500 SUBANG JAYA, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

NO.61-1 PUSAT PERDAGANGAN ONE PUCHONG,JALAN OP 1/2, OFF JALAN PUCHONG, 47160 PUCHONG, SELANGOR, MALAYSIA.

TEL.NO.

:

03-80759800

FAX.NO.

:

03-80752823

WEB SITE

:

www.protrac.com.my

CONTACT PERSON

:

C K OOI ( DIRECTOR )

INDUSTRY CODE

:

51512

PRINCIPAL ACTIVITY

:

TRADING OF POWER TRANSMISSION AND ENGINEERING EQUIPMENT

AUTHORISED CAPITAL

:

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

ISSUED AND PAID UP CAPITAL

:

MYR 50,000.00 DIVIDED INTO
ORDINARY SHARES 4 CASH AND 49,996 OTHERWISE OF MYR 1.00 EACH.

SALES

:

MYR 390,537 [2010]

NET WORTH

:

MYR <78,363> [2010]

STAFF STRENGTH

:

6 [2012]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

HIGH

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The SC is an exempt private company which is allowed to have a minimum of two and a maximum of twenty shareholders and all the shareholders must be individuals. An exempt company is a type of private limited company. 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, suing or be sued by other companies. The SC is governed by the Companies Act, 1965 and must file in its annual return. The SC need not file in its financial statements but it has to file in a document duly signed by its director in charge of its finance, the secretary and its auditor stating that the SC is able to meet all its obligations as and when they fall due. Although the SC is not required to file in its financial statements, it also has to prepare its financial account which must be presented at the Annual General Meeting.

The SC is principally engaged in the (as a / as an) trading of power transmission and engineering equipment.

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

(%)

MR. OOI CHAI KHUAN +

35, JALN LP 6/11(LESTARI MANSIONS) TAMAN LESTARI PERDANA, 43300 BALAKONG, SELANGOR, MALAYSIA.

531009-07-5205 4532198

12,500.00

25.00

MR. OOI EU VENG +

35, JALN LP 6/11(LESTARI MANSIONS) TAMAN LESTARI PERDANA, 43300 BALAKONG, SELANGOR, MALAYSIA.

820920-10-5053

12,500.00

25.00

MR. OOI EU GENE +

35, JALN LP 6/11(LESTARI MANSIONS) TAMAN LESTARI PERDANA, 43300 BALAKONG, SELANGOR, MALAYSIA.

850811-10-5609

12,500.00

25.00

MS. THAM LAI KUEN +

35, JALN LP 6/11(LESTARI MANSIONS) TAMAN LESTARI PERDANA, 43300 BALAKONG, SELANGOR, MALAYSIA.

520323-10-5464 4256135

12,500.00

25.00

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

------

50,000.00

100.00

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

=====

 

+ Also Director

 


DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. OOI EU GENE

Address

:

35, JALN LP 6/11(LESTARI MANSIONS) TAMAN LESTARI PERDANA, 43300 BALAKONG, SELANGOR, MALAYSIA.

New IC No

:

850811-10-5609

Date of Birth

:

11/08/1985

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

23/04/2009

 

DIRECTOR 2

 

Name Of Subject

:

MR. OOI EU VENG

Address

:

35, JALN LP 6/11(LESTARI MANSIONS) TAMAN LESTARI PERDANA, 43300 BALAKONG, SELANGOR, MALAYSIA.

New IC No

:

820920-10-5053

Date of Birth

:

20/09/1982

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

23/04/2009

 

DIRECTOR 3

 

Name Of Subject

:

MR. OOI CHAI KHUAN

Address

:

35, JALN LP 6/11(LESTARI MANSIONS) TAMAN LESTARI PERDANA, 43300 BALAKONG, SELANGOR, MALAYSIA.

IC / PP No

:

4532198

New IC No

:

531009-07-5205

Date of Birth

:

09/10/1953

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

23/04/2009

 

DIRECTOR 4

 

Name Of Subject

:

MS. THAM LAI KUEN

Address

:

35, JALN LP 6/11(LESTARI MANSIONS) TAMAN LESTARI PERDANA, 43300 BALAKONG, SELANGOR, MALAYSIA.

IC / PP No

:

4256135

New IC No

:

520323-10-5464

Date of Birth

:

23/03/1952

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

23/04/2009

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

C K OOI

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

MOHAMED YENG & CO

Auditor' Address

:

53A, JALAN.SS 15/4, 47500 SUBANG JAYA, SELANGOR, MALAYSIA.

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. YEE YUIT NGOR

IC / PP No

:

5246484

New IC No

:

571029-03-5098

Address

:

38, JALAN USJ 6/6A, 46710 PETALING JAYA, SELANGOR, MALAYSIA.

 

2)

Company Secretary

:

MR. WONG KONG MENG

New IC No

:

571208-07-5239

Address

:

BLOCK A-204, 1,JALAN 16/18, 46350 PETALING 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

:

YES

Overseas

:

YES

Import Countries

:

ASIA,MIDDLE EAST



CLIENTELE

 

Local

:

YES

Percentage

:

100%

Domestic Markets

:

MALAYSIA

Overseas

:

NO

Percentage

:

0%

Credit Term

:

30 - 60 DAYS

Payment Mode

:

CHEQUES

 

 

OPERATIONS

 

Goods Traded

:

POWER TRANSMISSION AND ENGINEERING EQUIPMENT

Competitor(s)

:

ATIS CORPORATION BHD
BCT TECHNOLOGY BHD
COMPUGATES HOLDINGS BHD
EPCOS RDC SDN BHD
TOOL CONSULT & PRESS SDN BHD

 

Total Number of Employees:

YEAR

2012

GROUP

N/A

COMPANY

6

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) trading of power transmission and engineering equipment.

The SC is specialized in Mechanical Power Transmission and Engineering Equipment.

The SC is an International Trading Organisation representing Mechanical Power Transmission Products/Equipments in South East Asia, India & Middle East.

PROJECTS


No projects found in our databank

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

03-80759800

Match

:

N/A

Address Provided by Client

:

NO. 61-1, PUSAT PERDAGANGAN ONE PUCHONG, JALAN OP 1/2 OFF JALAN PUCHONG 47160 PUCHONG, SELONGOR, WEST MALAYSI

Current Address

:

NO.61-1 PUSAT PERDAGANGAN ONE PUCHONG,JALAN OP 1/2, OFF JALAN PUCHONG, 47160 PUCHONG, SELANGOR, MALAYSIA.

Match

:

YES

Latest Financial Accounts

:

YES

 

Other Investigations


On 12th December 2012 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

[

100.01%

]

Return on Net Assets

:

Unfavourable

[

100.01%

]

Although the SC's returns showed positive figures it is not reflective of the true situation. The SC incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The SC's management was inefficient in utilising the assets to generate returns.

Liquidity

Current Ratio

:

Unfavourable

[

0.87 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

[

<8.64 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

51512 : Wholesale of electrical and electronic components and wiring accessories

INDUSTRY :

ELECTRICAL & ELECTRONIC


The E&E industry is an important contributor to the national economy, accounting for RM37 billion or 6% of the Gross National Income (GNI) and RM250 billion or 40% of total exports, and provides about 522,000 skilled and semi-skilled jobs. The Malaysian economy is likely to pick up momentum in the latter part of 2012 as improving external conditions boost demand for the electrical and electronic products. There are 1,900 active companies in the electrical and electronics (E&E) which offering products with unique market characteristics.


The economy expected to grow at an average moderate pace of 4.41% in 2012 with contribution of E&E sector. Base effects on electrical and electronics (E&E) sector shows a near-term slowdown but more favourable base effects, will increase electrical and electronics (E&E) exports and fiscal will lift at the second half 2012.


Consumer electronic product sales are predicted to rise from US$11.47billion in 2012 to US$14.44billion in 2016, an increase of 25.8%, boosted by demand from the tech-literate urban middle class and by a growing interest in electronic products from under-penetrated areas outside the Klang Valley.


Integrated circuits and LED chip manufacturing also expecting a good demand at the second half 2012.On the industrial electronic products sector the second quarter expected to improve over the first half 2012, which fell compared with the first half 2011.


According to Statistics Department, exports jumped 14.5% year-on-year in February 2012 to RM56.9billion largely due to demand for electrical and electronic products, which rose 7.8% to RM18.6billon. More than half of Malaysia exports to the US are electrical and electronic (E&E) goods which is semiconductor devices, ICs, transistors and valves. E&E contributes 34.1% of the manufactured goods, which contribute 67.7 %of the total Malaysian exports compared to "price sensitive" commodities, which contribute 28.6%. The electrical and electronic exports expected to pick up in the second half 2012.


Softening of world demand for solar panels impact Malaysia on it's downturn in small scale compared to China where it facing great impact. The decline in E&E products was also due to the weak global demand.


E&E has been instrumental in the development of the Northern Corridor Klang Valley, Johor and Sarawak, contributing significantly to the socio-economic development of the relevant communities.However, the E&E sector faces significant challenges in maintaining growth with intense competition from China, Taiwan, Singapore and other Asian countries. Over the last 10 years, E&E's share of Malaysian exports has gradually declined.


Malaysia's E&E sector remains focused on assembly, the lower value-added part of the industry while Taiwan, South Korea and Singapore have captured the higher value-added activities in research and development, design and manufacturing.


To propel the E&E industry to a higher level, under the Economic Transformation Programme (ETP) launched by the Government, a few sub-sectors namely integrated circuits, solar photovoltaics, light emitting diodes, and solid state lighting & integrated electronics have been identified for greater promotion based on their potential to contribute significantly towards Gross National Income (GNI) targets 2020.

OVERALL INDUSTRY OUTLOOK : Marginal Growth



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2009, the SC is an Exempt Private company, focusing on trading of power transmission and engineering equipment. The SC has been in business for 3 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field.Inadequate capital may be a constraint to the SC as it limits its ability to expand its business in future. The capital standing of the SC is weak.


Investigation revealed that the SC concentrates only on the local market. This narrow market segment has placed the SC at high business risk and limits its business expansion opportunities. Any adverse changes to the local economy might have a negative impact on the SC's business performance. Being a small company, the SC's business operation is supported by 6 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 -78,363. 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 SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources.


The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. 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)

PROTRAC PROGRESSIVE (M) SDN BHD

 

Financial Year End

31/08/2010

Months

12

Consolidated Account

Company

Audited Account

YES

Unqualified Auditor's Report (Clean Opinion)

YES

Financial Type

SUMMARY

Currency

MYR

TURNOVER

390,537

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

Total Turnover

390,537

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

PROFIT/(LOSS) FROM OPERATIONS

<77,177>

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

PROFIT/(LOSS) BEFORE TAXATION

<77,177>

Taxation

<1,190>

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

PROFIT/(LOSS) AFTER TAXATION

<78,367>

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

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

PROFIT AVAILABLE FOR APPROPRIATIONS

<78,367>

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

<78,367>

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

 

 

BALANCE SHEET

 

 

PROTRAC PROGRESSIVE (M) SDN BHD

 

ASSETS EMPLOYED:

FIXED ASSETS

8,448

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

TOTAL LONG TERM ASSETS

8,448

CURRENT ASSETS

TOTAL CURRENT ASSETS

590,025

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

TOTAL ASSET

598,473

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

CURRENT LIABILITIES

TOTAL CURRENT LIABILITIES

675,646

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

NET CURRENT ASSETS/(LIABILITIES)

<85,621>

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

TOTAL NET ASSETS

<77,173>

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

SHARE CAPITAL

Ordinary share capital

4

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

TOTAL SHARE CAPITAL

4

RESERVES

Retained profit/(loss) carried forward

<78,367>

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

TOTAL RESERVES

<78,367>

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

SHAREHOLDERS' FUNDS/EQUITY

<78,363>

LONG TERM LIABILITIES

TOTAL LONG TERM LIABILITIES

1,190

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

<77,173>

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

 

 

 

FINANCIAL RATIO

 

 

PROTRAC PROGRESSIVE (M) SDN BHD

 

TYPES OF FUNDS

Net Liquid Assets

<85,621>

Net Current Assets/(Liabilities)

<85,621>

Net Tangible Assets

<77,173>

Net Monetary Assets

<86,811>

BALANCE SHEET ITEMS

Total Liabilities

676,836

Total Assets

598,473

Net Assets

<77,173>

Net Assets Backing

<78,363>

Shareholders' Funds

<78,363>

Total Share Capital

4

Total Reserves

<78,367>

LIQUIDITY (Times)

Current Ratio

0.87

SOLVENCY RATIOS (Times)

Liabilities Ratio

<8.64>

Assets Backing Ratio

<19,293.25>

PERFORMANCE RATIO (%)

Operating Profit Margin

<19.76>

Net Profit Margin

<20.07>

Return On Net Assets

100.01

Return On Capital Employed

100.01

Return On Shareholders' Funds/Equity

100.01

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.23

UK Pound

1

Rs.87.53

Euro

1

Rs.70.94

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.