MIRA INFORM REPORT

 

 

Report Date :

20.12.2012

 

IDENTIFICATION DETAILS

 

Name :

NAKAGAWA AUTOMOTIVE CARPETS SDN. BHD.

 

 

Registered Office :

10a, Lebuh Gopeng, Klang, Selangor, 41400 Klang, Selangor

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

19.06.2001

 

 

Com. Reg. No.:

550650-V

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing of carpet mat for motor vehicles

 

 

No. of Employees :

10 [2012]

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 24,000

Status :

Moderate

Payment Behaviour :

No Complaints 

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

(31.03.2012)

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

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

N/A - Not Applicable

 

                                         

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

550650-V

COMPANY NAME

:

NAKAGAWA AUTOMOTIVE CARPETS SDN. BHD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

19/06/2001

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

10A, LEBUH GOPENG, KLANG, SELANGOR, 41400 KLANG, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

42, JALAN ANGGERIK MOKARA 31/59, KOTA KEMUNING, SEKSYEN 31, 40460 SHAH ALAM, SELANGOR, MALAYSIA.

TEL.NO.

:

03-51212699

FAX.NO.

:

03-51211699

CONTACT PERSON

:

KOAY TEIK HOCK ( DIRECTOR )

INDUSTRY CODE

:

17220

PRINCIPAL ACTIVITY

:

MANUFACTURING OF CARPET MAT FOR MOTOR VEHICLES

AUTHORISED CAPITAL

:

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

ISSUED AND PAID UP CAPITAL

:

MYR 1,000,000.00 DIVIDED INTO 
ORDINARY SHARES 1,000,000 CASH OF MYR 1.00 EACH.

SALES

:

MYR 4,602,299 [2011]

NET WORTH

:

MYR 3,904,359 [2011]

STAFF STRENGTH

:

10 [2012]

BANKER (S)

:

RHB BANK BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

HIGH

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

PROPOSED CREDIT LIMIT

:

MYR 75,000 (USD 24,000)

 

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 of carpet mat for motor vehicles.

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

 

The immediate holding company of the SC is NAKAGAWA RUBBER INDUSTRIES SDN. BHD., a company incorporated in MALAYSIA.

 

The ultimate holding company of the SC is DAISHIN INDUSTRIES CO LTD, a company incorporated in JAPAN.

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

NAKAGAWA RUBBER INDUSTRIES SDN. BHD.

42 JALAN ANGGERIK MOKARA 31/59, KOTA KEMUNING, SECTION 31, 40460 SHAH ALAM, SELANGOR, MALAYSIA.

204564

1,000,000.00

100.00

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

------

1,000,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

TSUNEYASU NAKAGAWA

Address

:

14, 2-CHOME TSUBAKI, ADACHI-KU, TOKYO, JAPAN.

IC / PP No

:

TG7396528

Date of Birth

:

01/01/1940

Nationality

:

JAPANESE

Date of Appointment

:

02/01/2002

 

DIRECTOR 2

 

Name Of Subject

:

MAKOTO OFUJI

Address

:

179-1, SRI WANGSA RIA, JALAN ARA, BANGSAR BARU, 59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

TZ0549326

Date of Birth

:

04/02/1963

Nationality

:

JAPANESE

Date of Appointment

:

01/03/2005

 

DIRECTOR 3

 

Name Of Subject

:

MR. WINSTON KOAY TEIK HOCK

Address

:

21 JALAN 14/50, 46100 PETALING JAYA, SELANGOR, MALAYSIA.

New IC No

:

561017-10-5803

Date of Birth

:

17/10/1956

Nationality

:

MALAYSIAN

Date of Appointment

:

19/06/2001



MANAGEMENT

 

 

 

1)

Name of Subject

:

KOAY TEIK HOCK

Position

:

DIRECTOR

 

                                  

 

AUDITOR

 

Auditor

:

THIANG & CO.

Auditor' Address

:

10, LEBUH GOPENG, 41400 KLANG, SELANGOR, MALAYSIA.

 

                              

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. TONG MEI FONG

New IC No

:

570621-10-6276

Address

:

225,JALAN LADANG PALM GROVE, 41200 KLANG, SELANGOR, MALAYSIA.

 

2)

Company Secretary

:

MS. LIM LILY

New IC No

:

470602-10-5966

Address

:

77, JALAN IBUS, SOUTHERN PARK, SELANGOR, MALAYSIA.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

RHB BANK 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,EUROPE



CLIENTELE

 

Local

:

YES

Percentage

:

100%

Domestic Markets

:

MALAYSIA

Overseas

:

NO

Percentage

:

0%

Credit Term

:

30 - 60 DAYS

Payment Mode

:

CHEQUES

Type of Customer

:

AUTOMOTIVE INDUSTRIES

 

 

OPERATIONS

 

Products manufactured

:

AUTOMOTIVE CARPET MATS

Competitor(s)

:

CARPET RAYA MANUFACTURING SDN BHD
CARPETS INTERNATIONAL MALAYSIA MANUFACTURING SDN. BHD.
PARAGON CARPETMAKER SDN. BHD.
PREMIER WEAVERS SDN BHD
TAI-AM LUGGAGE SDN BHD

Ownership of premises

:

LEASED/RENTED

 

Total Number of Employees:

 

YEAR

2012

2011

2010

2009

2008

2007

GROUP

N/A

N/A

N/A

N/A

N/A

N/A

COMPANY

10

7

7

6

4

5

 

Branch

:

NO

 

Other Information:

The SC is principally engaged in the (as a / as an) manufacturing of carpet mat for motor vehicles.

The SC is a sister company of Nakagawa Rubber Industries Sdn Bhd, which is engaged in the manufacturing of carpet mats and rubber mats.

The SC undertakes manufacturing of carpets only for automotive industries.

According to the SC. it produces the semi-finished carpets and then distributes to its related company Nakagawa Rubber Industries Sdn Bhd for completion.

The carpets are used for various model cars as followings:-

1) PROTON

2) PERODUA

3) HONDA, NISSAN, TOYOTA, VOLVO and ISUZU. 

 

 

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

:

0351212699

Current Telephone Number

:

03-51212699

Match

:

YES

Address Provided by Client

:

42, JALAN ANGGERIK MOKARA 31/59, KOTA KEMUNING, SEKSYEN 31,40460,SHAH ALAM,SELANGOR.

Current Address

:

42, JALAN ANGGERIK MOKARA 31/59, KOTA KEMUNING, SEKSYEN 31, 40460 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

[

5.20%

]

Return on Net Assets

:

Unfavourable

[

7.02%

]

The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.

Liquidity

Current Ratio

:

Favourable

[

13.57 Times

]

The SC was in good 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.

Solvency

Liability Ratio

:

Favourable

[

0.08 Times

]

A low liabilities ratio has minimised the SC's financial risk.

Overall Assessment :

The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. The SC has high financial risks. If its shareholders do not inject more capital into the company or if its business performance does not improve, its going concern may be in question.

Overall financial condition of the SC : FAIR

 

 

 

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

17220 : Manufacture of carpets and rugs

INDUSTRY :

TRADING


The wholesale and retail trade sector grew 7.1% in the first half of the year 2011 supported by strong consumer spending amid favourable labour market conditions and sustained disposable income. This was reflected in the higher distributive trade index which increased 15.9%, with wholesale and retail trade indices increasing 19.2% and 7.8%, respectively. 


It is anticipated that the retail industry will grow 6.0 per cent in the year 2012.


Malaysia's retail sector for 2011 is expected to grow 6 per cent or RM81.59 billion worth of retail sales, similar to the year 2010, due to concerns of high oil prices, declining purchasing power and high cost of doing business. The Middle East and North Africa civil wars have caused the world oil prices to climb. This has led to further rise in the cost of running retail businesses, especially in terms of transportation cost. Many retailers have no choice but to pass the increased cost to end consumers. At the same time, natural disasters (tsunamis, floods, droughts, snow storms, tornadoes and earthquakes) that occurred in all parts of the world has also led to a shortage in the supply of food and raw materials. The phenomenon has pushed retail prices up.In addition, the continual removal of government subsidies since 2010 has pushed inflation upwards. Consequently, rising prices of retail goods contributed to an expectation of moderate performance.


During the first seven months of 2011, other consumption indicators such as imports of consumption goods and credit card spending increased 12.8% and 11.8%, respectively. Sales of motor vehicles declined 3% on account of supply chain disruptions following devastating March 2011 earthquake and tsunami in Japan.


Growth of the sector is anticipated to remain encouraging with ongoing efforts by the Government to increase its contribution to the economy. Major initiatives include increasing the number of large format stores such as hypermarkets, superstores and departmental stores are carried out to boost the economy.


Meanwhile, the Government has introduced the Retail Shop Transformation (TUKAR) programme. Under this programme, selected large format retailers will assist small retailers to improve their premises and layout which include attractive product display shelves, enhanced lighting and point-of-sales system to manage product inventory,

OVERALL INDUSTRY OUTLOOK : Average Growth

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 2001, the SC is a Private Limited company, focusing on manufacturing of carpet mat for motor vehicles. Having been in the industry for over a decade, the SC has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. 


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 10 employees. Overall, we regard that the SC's management capability is average.


The SC turnover and pre tax profit are MYR 4,602,299 and MYR 203,142 respectively. 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. However, given a positive net worth standing at MYR 3,904,359, the SC should be able to maintain its business in the near terms.


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 shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry. Nonetheless, the SC should adopt better competitive strategies in order to sustain its business position and to compete with other well established players in the same industry.


In view of the above, we only recommend credit be proceeded to the SC with guarantee.

 

 

PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

NAKAGAWA AUTOMOTIVE CARPETS SDN. BHD.

 

Financial Year End

31/12/2011

Months

12

Consolidated Account

Company

Audited Account

YES

Unqualified Auditor's Report (Clean Opinion)

YES

Financial Type

SUMMARY

Currency

MYR

TURNOVER

4,602,299

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

Total Turnover

4,602,299

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

PROFIT/(LOSS) FROM OPERATIONS

274,683

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

PROFIT/(LOSS) BEFORE TAXATION

274,683

Taxation

<71,541>

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

PROFIT/(LOSS) AFTER TAXATION

203,142

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

2,701,217

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

As restated

2,701,217

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

PROFIT AVAILABLE FOR APPROPRIATIONS

2,904,359

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

2,904,359

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

 

 

 

BALANCE SHEET

 

 

NAKAGAWA AUTOMOTIVE CARPETS SDN. BHD.

 

ASSETS EMPLOYED:

FIXED ASSETS

38,204

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

TOTAL LONG TERM ASSETS

38,204

CURRENT ASSETS

TOTAL CURRENT ASSETS

4,182,695

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

TOTAL ASSET

4,220,899

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

CURRENT LIABILITIES

TOTAL CURRENT LIABILITIES

308,123

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

NET CURRENT ASSETS/(LIABILITIES)

3,874,572

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

TOTAL NET ASSETS

3,912,776

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

SHARE CAPITAL

Ordinary share capital

1,000,000

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

TOTAL SHARE CAPITAL

1,000,000

RESERVES

Retained profit/(loss) carried forward

2,904,359

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

TOTAL RESERVES

2,904,359

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

SHAREHOLDERS' FUNDS/EQUITY

3,904,359

LONG TERM LIABILITIES

TOTAL LONG TERM LIABILITIES

8,417

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

3,912,776

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

 

FINANCIAL RATIO

 

 

NAKAGAWA AUTOMOTIVE CARPETS SDN. BHD.

 

TYPES OF FUNDS

Net Liquid Assets

3,874,572

Net Current Assets/(Liabilities)

3,874,572

Net Tangible Assets

3,912,776

Net Monetary Assets

3,866,155

BALANCE SHEET ITEMS

Total Liabilities

316,540

Total Assets

4,220,899

Net Assets

3,912,776

Net Assets Backing

3,904,359

Shareholders' Funds

3,904,359

Total Share Capital

1,000,000

Total Reserves

2,904,359

LIQUIDITY (Times)

Current Ratio

13.57

SOLVENCY RATIOS (Times)

Liabilities Ratio

0.08

Assets Backing Ratio

3.91

PERFORMANCE RATIO (%)

Operating Profit Margin

5.97

Net Profit Margin

4.41

Return On Net Assets

7.02

Return On Capital Employed

7.02

Return On Shareholders' Funds/Equity

5.20


                                                                                                                    

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.74

UK Pound

1

Rs.89.02

Euro

1

Rs.72.48

 

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.