|
Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
FARM TRACK
SUPPLIERS SDN BHD |
|
|
|
|
Registered Office : |
38, Jalan Che Wan, 30250 Ipoh, Perak |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
27.08.2002 |
|
|
|
|
Com. Reg. No.: |
590864-H |
|
|
|
|
Legal Form : |
Private
Limited |
|
|
|
|
Line of Business : |
Trading in Tractor Spare Parts |
|
|
|
|
No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
-
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
REGISTRATION NO. : 590864-H
COMPANY NAME : FARM
TRACK SUPPLIERS SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 27/08/2002
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED
LISTED STATUS : NO
REGISTERED ADDRESS : 38, JALAN CHE WAN, 30250 IPOH, PERAK, MALAYSIA.
BUSINESS ADDRESS : 131-133, JALAN BENDAHARA, 31650 IPOH, PERAK,
MALAYSIA.
TEL.NO. : 05-2542131
FAX.NO. : 05-2542132
CONTACT PERSON : HO CHIANG KEEN ( DIRECTOR )
INDUSTRY CODE : 50302
PRINCIPAL ACTIVITY : TRADING IN TRACTOR SPARE PARTS
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 7,374,962 [2009]
NET WORTH : MYR 595,594 [2009]
STAFF STRENGTH : 10 [2012]
BANKER
(S) :
PUBLIC BANK BHD
LITIGATION : CLEAR
DEFAULTER CHECK : CLEAR
FINANCIAL CONDITION : N/A
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : HIGH
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : MATURE
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
in tractor spare parts.
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. HO CHIANG KEEN + 6, JALAN HOR HOCK LUNG,
CAMY
PARK, 31650 IPOH,
PERAK,
MALAYSIA. 591020-08-5409
5697766 60,000.00 60.00
MS. LEE SIEW ENG + 6, JALAN HOR HOCK LUNG,
CAMY
PARK, 31650 IPOH,
PERAK,
MALAYSIA. 640717-04-5528
7441270 20,000.00 20.00
MR. THONG KOK HOONG +12, JALAN
LALUAN LAPANGAN 7,
TAMAN
SRI PERKASA,
31650
IPOH, PERAK, MALAYSIA. 760102-08-5423
A3293980 20,000.00 20.00
--------------- ------
100,000.00 100.00
============ =====
+ Also Director
DIRECTOR
1
Name Of Subject : MS. LEE SIEW ENG
Address : 6, JALAN HOR HOCK LUNG, CAMY PARK, 31650 IPOH,
PERAK, MALAYSIA.
IC / PP No : 7441270
New IC No : 640717-04-5528
Date of Birth : 17/07/1964
Nationality : MALAYSIAN CHINESE
Date of Appointment : 27/08/2002
DIRECTOR
2
Name Of Subject : MR. THONG KOK HOONG
Address : 12, JALAN LALUAN LAPANGAN 7, TAMAN SRI PERKASA,
31650 IPOH, PERAK, MALAYSIA.
IC / PP No : A3293980
New IC No : 760102-08-5423
Date of Birth : 02/01/1976
Nationality : MALAYSIAN CHINESE
Date of Appointment : 27/08/2002
DIRECTOR
3
Name Of Subject : MR. HO CHIANG KEEN
Address : 6, JALAN HOR HOCK LUNG, CAMY PARK, 31650 IPOH,
PERAK, MALAYSIA.
IC / PP No : 5697766
New IC No : 591020-08-5409
Date of Birth : 20/10/1959
Nationality : MALAYSIAN CHINESE
Date of Appointment : 27/08/2002
1) Name
of Subject : HO CHIANG KEEN
Position : DIRECTOR
AUDITOR
Auditor : LLTC
Auditor' Address : 37, LINTASAN PERAJURIT 6, TAMAN PERAK, 31400
IPOH, PERAK, MALAYSIA.
1) Company
Secretary : MR. AU KENG ONN
IC
/ PP No : A3349380
New
IC No : 760409-08-6105
Address : 2, DATARAN RAPAT BARU 16, TAMAN LAPANGAN MELODI, 31350 IPOH, PERAK,
MALAYSIA.
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 1
Date of Creation : 15/01/2010
Description Of Charge : FACILITIES AGREEMENT
Amount Secured : N/A
Description Of Property Affected : 1
UNIT SINGLE STOREY SHOP TERRACE HOUSE KNOWN 7, SELASAR BENDAHARA IPOH PERAK
HELD UNDER TITLE DEED PJAKAN NEGERI 52204 LOT 1654S, BANDAR IPOH(S), KINTA,
PERAK
Name & Address Of Chargee : PUBLIC
BANK BHD
76, JALAN SULTAN IDRIS SHAH, 30000 IPOH, PERAK, MALAYSIA.
Form
40 Dated 18/01/2010
Registered
and Numbered 1 In The Register of Charges
* 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.
* 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.
SOURCES
OF RAW MATERIALS:
Local : YES Percentage : 60%
Overseas : YES Percentage : 40%
Import Countries : INDIA,TURKEY
Local : YES Percentage : 100%
Domestic Markets : MALAYSIA
Overseas : NO Percentage : 0%
Credit Term : 30 DAYS
Payment Mode : CHEQUES
Goods Traded : TRACTOR
SPARE PARTS & FITTINGS
Competitor(s) : CORIDA
SDN BHD
FUNG KEONG RUBBER MANUFACTORY (MALAYA) SDN BHD
TRW AUTOMOTIVE SERVICES SDN BHD
YAP SWEE LEONG SDN BHD
YL TYRES SUPPLIES 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 10 15 10 9 8
Branch : NO
Other Information:
The SC is principally engaged in the (as a / as an) trading in tractor spare
parts.
Besides that the SC also provides products based on the customers'
requirements.
We were informed that the SC provides after sale services to its customers.
The SC has a warehouse located at thes ame premises to keep stocks.
No projects found in our databank
Latest fresh investigations carried out on the SC indicated
that :
Telephone Number Provided By Client : N/A
Current Telephone Number : 05-2542131
Match : N/A
Address Provided by Client : 131-133 JALAN BENDAAHARA 31650 1POH PARK,
MALAYSIA
Current Address : 131-133, JALAN BENDAHARA, 31650 IPOH, PERAK,
MALAYSIA.
Match : NO
Latest Financial Accounts : NO
Other
Investigations
On 27th August 2012 we contacted one of the staff from the SC and she provided
some information on the SC.
The address provided is incomplete and the postcode provided is incorrect.
The
SC's latest financial accounts are up to 2009 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
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)
MSIC CODE
50302 : Wholesale of parts and
accessories for industrial and commercial vehicle
INDUSTRY
: MOTOR VECHICLE
According to the Malaysian Automotive Association (MAA),the total industry
volume (TIV) for first half 2012 was 301,224 units against 297,203 of first
half 2011. This is an increase of 1.4% compared to first half 2012.The
implimentation of the Bank Negara's guidelines on responsible financing practices
from 1st January 2012 coused a slowdown in new vehicle purchase in first
quarter 2012. However the market faced growth since April 2012 due to
adjustment to the stricter requirements of the hire purchase loans application
process.
Sales of passenger vehicles in the first half 2012 decreaced by a very small
margin of 0.8% to 250,208 units compared to 252,200 units at the first half
2011. The decreace caused by lower prodcution volume of the passenger cars due
to Thailands flood and distruction in Japanese supply chain. Sales of comercial
vehicles in the first half 2012 increased by 50.3% to 31 852 units compared to
21,199 units at the first half 2012.
The TIV for second half 2012 forcasted 615 000 units against 600 123 of second
half 2011. This is an increase of 2.5% compared to second half 2011. Sales of
passenger vehicles in the second half 2012 forcasted increase by 2.2% to 547
000 units compared to 535113 units at the second half 2011. While sales of
comercial vehicles in the second half 2012 forcasted to increase by 4.6% to 68
000 units compared to 65 010 units at the second half 2012.
Second half of 2012 could be challeging , where the world economy faces
significants challenges due to the eurozone crisis and expected to slow down
for the second half 2012 where would affect customer spending trend. But the
government incentives towards robust motor vechicle industry expected to rose
in the end of 2012 due to positif customer sentiment, the introdution of new
models of vechiles, a longer working month and the extension of tax incentives
for hybrids and electric vehicles to December 2013 under Budget 2012.
OVERALL
INDUSTRY OUTLOOK : Mature
Incorporated in 2002, the SC is a Private Limited company, focusing on trading
in tractor spare parts. 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. 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.
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.
No latest financial accounts were filed with the Registry office during our
inspection. Therefore, our comment on the SC's overall financial performance
are restricted thereto.
To reduce the risk of component shortages, the SC sources its raw materials
locally and imported from overseas countries. Thus, it is subjected to the
currency fluctuation risk. Overall the SC has a good control over its
resources.
The industry has reached its optimum level and is generally stable. It is
saturated and very competitive. Thus, the SC's growth prospect is very much
depends on its capacity in sustaining its performance in the market.
In view of the above, we only recommend credit be proceeded to the SC with
guarantee.
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS)
FARM
TRACK SUPPLIERS SDN BHD
Financial Year End 31/12/2009 31/12/2008 31/12/2007
Months 12 12 12
Consolidated Account Company Company Company
Audited Account YES YES YES
Unqualified Auditor's Report (Clean
Opinion) YES YES YES
Financial Type FULL FULL FULL
Currency MYR MYR MYR
TURNOVER 7,374,962 6,877,961 6,491,073
---------------- ---------------- ----------------
Total Turnover 7,374,962 6,877,961 6,491,073
---------------- ---------------- ----------------
PROFIT/(LOSS) FROM OPERATIONS 182,990 137,333 123,040
---------------- ---------------- ----------------
PROFIT/(LOSS) BEFORE TAXATION 182,990 137,333 123,040
Taxation <38,840> <34,699> <34,515>
---------------- ---------------- ----------------
PROFIT/(LOSS) AFTER TAXATION 144,150 102,634 88,525
---------------- ---------------- ----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported 351,444 248,810 160,285
---------------- ---------------- ----------------
As restated 351,444 248,810 160,285
---------------- ---------------- ----------------
PROFIT AVAILABLE FOR APPROPRIATIONS 495,594 351,444 248,810
---------------- ---------------- ----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD 495,594 351,444 248,810
============= ============= =============
INTEREST EXPENSE (as per notes to
P&L)
Hire purchase 9,280 10,740 14,249
---------------- ---------------- ----------------
9,280 10,740 14,249
FARM
TRACK SUPPLIERS SDN BHD
ASSETS EMPLOYED:
FIXED ASSETS 442,444 324,160 378,990
---------------- ---------------- ----------------
TOTAL LONG TERM ASSETS 442,444 324,160 378,990
CURRENT ASSETS
Stocks 1,067,538 889,529 635,457
Trade debtors 1,816,552 1,680,641 1,849,530
Other debtors, deposits &
prepayments 15,409 11,250 12,656
Short term deposits 118,961 116,366 112,911
Cash & bank balances 1,215,668 347,752 865,474
---------------- ---------------- ----------------
TOTAL CURRENT ASSETS 4,234,128 3,045,538 3,476,028
---------------- ---------------- ----------------
TOTAL ASSET 4,676,572 3,369,698 3,855,018
============= ============= =============
CURRENT LIABILITIES
Trade creditors 3,025,955 1,840,309 2,297,278
Other creditors & accruals 52,649 42,882 58,800
Hire purchase & lease creditors 28,015 47,106 45,925
Amounts owing to director 847,019 797,880 886,264
Provision for taxation 13,800 13,499 11,515
---------------- ---------------- ----------------
TOTAL CURRENT LIABILITIES 3,967,438 2,741,676 3,299,782
---------------- ---------------- ----------------
NET CURRENT ASSETS/(LIABILITIES) 266,690 303,862 176,246
---------------- ---------------- ----------------
TOTAL NET ASSETS 709,134 628,022 555,236
============= ============= =============
SHARE CAPITAL
Ordinary share capital 100,000 100,000 100,000
---------------- ---------------- ----------------
TOTAL SHARE CAPITAL 100,000 100,000 100,000
RESERVES
Retained profit/(loss) carried forward 495,594 351,444 248,810
---------------- ---------------- ----------------
TOTAL RESERVES 495,594 351,444 248,810
---------------- ---------------- ----------------
SHAREHOLDERS' FUNDS/EQUITY 595,594 451,444 348,810
LONG TERM LIABILITIES
Hire purchase creditors 101,540 160,578 187,426
Deferred taxation 12,000 16,000 19,000
---------------- ---------------- ----------------
TOTAL LONG TERM LIABILITIES 113,540 176,578 206,426
---------------- ---------------- ----------------
709,134 628,022 555,236
============= ============= =============
FARM
TRACK SUPPLIERS SDN BHD
TYPES OF FUNDS
Cash 1,334,629 464,118 978,385
Net Liquid Funds 1,334,629 464,118 978,385
Net Liquid Assets <800,848> <585,667> <459,211>
Net Current Assets/(Liabilities) 266,690 303,862 176,246
Net Tangible Assets 709,134 628,022 555,236
Net Monetary Assets <914,388> <762,245> <665,637>
BALANCE SHEET ITEMS
Total Borrowings 129,555 207,684 233,351
Total Liabilities 4,080,978 2,918,254 3,506,208
Total Assets 4,676,572 3,369,698 3,855,018
Net Assets 709,134 628,022 555,236
Net Assets Backing 595,594 451,444 348,810
Shareholders' Funds 595,594 451,444 348,810
Total Share Capital 100,000 100,000 100,000
Total Reserves 495,594 351,444 248,810
LIQUIDITY (Times)
Cash Ratio 0.34 0.17 0.30
Liquid Ratio 0.80 0.79 0.86
Current Ratio 1.07 1.11 1.05
WORKING CAPITAL CONTROL (Days)
Stock Ratio 53 47 36
Debtors Ratio 90 89 104
Creditors Ratio 150 98 129
SOLVENCY RATIOS (Times)
Gearing Ratio 0.22 0.46 0.67
Liabilities Ratio 6.85 6.46 10.05
Times Interest Earned Ratio 20.72 13.79 9.63
Assets Backing Ratio 7.09 6.28 5.55
PERFORMANCE RATIO (%)
Operating Profit Margin 2.48 2.00 1.90
Net Profit Margin 1.95 1.49 1.36
Return On Net Assets 27.11 23.58 24.73
Return On Capital Employed 26.08 21.93 22.84
Return On Shareholders' Funds/Equity 24.20 22.73 25.38
Dividend Pay Out Ratio (Times) 0.00 0.00 0.00
NOTES TO ACCOUNTS
Contingent Liabilities 0 0 0
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.45 |
|
|
1 |
Rs.87.98 |
|
Euro |
1 |
Rs.69.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.