MIRA INFORM REPORT

 

 

Report Date :

17.08.2013

 

IDENTIFICATION DETAILS

 

Name :

EVERGREEN FIBREBOARD BERHAD

 

 

Formerly Known As :

EVERGREEN FIBREBOARD SDN BHD (14/04/2004)

 

 

Registered Office :

Suite 6.1a, Menara Pelangi, Jalan Kuning, Taman Pelangi, Level 6, 80400 Johor Bahru, Johor,

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

15.05.1991

 

 

Com. Reg. No.:

217120-W

 

 

Legal Form :

Public (Unlimited)

 

 

Line of Business :

Manufacture of Knockdown Furniture With/Without Overlay Fibreboard and Wooden Furniture

 

 

No. of Employees :

2,265

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. 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 about 35% of government revenue in 2011. Bank Negera Malaysia (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.

:

217120-W

COMPANY NAME

:

EVERGREEN FIBREBOARD BERHAD

FORMER NAME

:

EVERGREEN FIBREBOARD SDN BHD (14/04/2004)
TAT WEE INDUSTRIES (M) SDN BHD (08/12/1992)

INCORPORATION DATE

:

15/05/1991

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PUBLIC (UNLIMITED)

LISTED STATUS

:

YES

LISTED DATE

:

10/03/2005

REGISTERED ADDRESS

:

SUITE 6.1A, MENARA PELANGI, JALAN KUNING, TAMAN PELANGI, LEVEL 6, 80400 JOHOR BAHRU, JOHOR, MALAYSIA.

BUSINESS ADDRESS

:

PLO 22, PARIT RAJA INDUSTRIAL ESTATE, PARIT RAJA, 86400 BATU PAHAT, JOHOR, MALAYSIA.

TEL.NO.

:

07-4541933

FAX.NO.

:

07-4542933

WEB SITE

:

WWW.EVERGREENGROUP.COM.MY

CONTACT PERSON

:

PHANG WEI SIONG ( MARKETING MANAGER )

INDUSTRY CODE

:

16212 31

PRINCIPAL ACTIVITY

:

MANUFACTURE OF KNOCKDOWN FURNITURE WITH/WITHOUT OVERLAY FIBREBOARD AND WOODEN FURNITURE

AUTHORISED CAPITAL

:

MYR 300,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,200,000,000.00 OF MYR 0.25 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 128,250,000.00 DIVIDED INTO
ORDINARY SHARES 513,000,000 CASH OF MYR 0.25 EACH.

SALES

:

MYR 1,031,661,620 [2012]

NET WORTH

:

MYR 851,681,613 [2012]

M1000 OVERALL RANKING

:

464[2011]

M1000 INDUSTRY RANKING

:

2[2011]

BANKER (S)

 

CITIBANK BHD
HSBC BANK MALAYSIA BHD
RHB BANK BHD

STAFF STRENGTH

:

2,265 [2013]

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

As a public limited company, the SC must have at least one shareholder but there is no limit on the maximum number of shareholders. The SC must have at least two directors. A public 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 liabilities of the shareholders are only up 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 must file in its annual return, together with its financial statements with the Registrar of Companies. In Malaysia, all the companies seeking listing on the Bursa Malaysia (Malaysia Stock Exchange) must be public limited companies.

The SC is principally engaged in the (as a / as an) manufacture of knockdown furniture with/without overlay fibreboard and wooden furniture.

The SC was listed on the Main Board of Bursa Malaysia Securities Bhd on 10/03/2005

According to the Malaysia 1000 publication, the SC's ranking are as follows:

YEAR

2011

2009

2008

 

OVERALL RANKING

464

416

516

 

INDUSTRY RANKING

2

2

2

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

KUO JEN CHANG +

8, WESTRIDGE WALK, 117824, SINGAPORE.

E1897100A

94,903,910.00

18.50

CITIGROUP NOMINEES (ASING) SDN BHD
[EXEMPT AN FOR UBS AG HONG KONG]

MENARA CITIBANK, 165, JALAN AMPANG, 42TH FLOOR , 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

XLZ00211554

72,746,761.00

14.18

LEMBAGA TABUNG HAJI

LEMBAGA TABUNG HAJI, BAHAGIAN PEMEROSESAN PELABURAN, 201 JALAN TUN RAZAK, LEVEL 36, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

AF00005115

38,933,800.00

7.59

HSBC NOMINEES (ASING) SDN. BHD.
[EXEMPT AN FOR CREDIT SUISSE]

2 LEBOH AMPANG, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

4381

25,137,000.00

4.90

KUO HUEI CHEN

7, JALAN RAJAWALI #07-01, 598429, SINGAPORE.

2183847J

21,684,527.00

4.23

OSK NOMINEES (ASING) SDN BHD
[MAYBANK KIM ENG SECURITIES PTE LTD FOR EXQUISITE HOLDINGS LIMITED]

PLAZA OSK, JALAN AMPANG, TINGKAT 20, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

257494A

9,280,000.00

1.81

ASSETS NOMINEES (ASING) SDN. BHD.
[HIMB TRADING LIMITED]

WISMA HONG LEONG, 18 JALAN PERAK, LEVEL 10, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

260387K

8,267,900.00

1.61

MAYBANK SECURITIES NOMINEES (ASING) SDN BHD
[MAYBANK KIM ENG SECURITIES PTE LTD FOR MGF CAPITAL BERHAD]

MENARA MAYBANK, 100 JALAN TUN PERAK, 14TH FLOOR, 50050 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

258956H

7,707,700.00

1.50

TOKIO MARINE LIFE INSURANCE MALAYSIA BHD

MENARA TM ASIA LIFE, 189, JALAN TUN RAZAK, LEVEL 7, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

457556X

6,100,000.00

1.19

EVAWORLD SDN. BHD.

PLO 22, PARIT RAJA, INDUSTRIAL ESTATE, 86400 BATU PAHAT, JOHOR, MALAYSIA.

644836D

5,543,027.00

1.08

CESFIELD DEVELOPMENT SDN BHD

 

AFOTH011088

4,960,027.00

0.97

REMAINING SHAREHOLDERS

 

 

217,735,348.00

42.44

 

 

 

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

------

 

 

 

513,000,000.00

100.00

 

 

 

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

=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No

Country

Company

(%)

As At

751664M

MALAYSIA

EVERGREEN FIBREBOARD (JB) SDN. BHD.

100.00

01/04/2013

515982A

MALAYSIA

EVERGREEN HEVEA RESOURCES SDN. BHD.

100.00

29/03/2013

908762W

MALAYSIA

EVERGREEN ADHESIVE & CHEMICALS (GURUN) SDN. BHD.

100.00

29/03/2013

567960T

MALAYSIA

ALLGREEN TIMBER PRODUCTS SDN. BHD.

100.00

01/04/2013

320623U

MALAYSIA

EVERGREEN MOLDED PANELS SDN. BHD.

100.00

29/03/2013

757659T

MALAYSIA

EVERGREEN ADHESIVE & CHEMICALS SDN. BHD.

100.00

29/03/2013

822113U

MALAYSIA

EVERGREEN FIBREBOARD (NILAI) SDN BHD

100.00

29/03/2013

952365P

MALAYSIA

EVERGREEN WAREHOUSE & LOGISTICS SDN. BHD.

100.00

29/03/2013

926789W

MALAYSIA

EVERGREEN PLANTATION RESOURCES SDN. BHD.

100.00

01/04/2013

191543V

MALAYSIA

RUENTEX INDUSTRIES (M) SDN. BHD.

100.00

29/03/2013

184661A

MALAYSIA

EVERGREEN DECOR PRODUCTS (M) SDN. BHD.

100.00

29/03/2013

32799M

MALAYSIA

DAWA TIMBER INDUSTRIES (M) SDN. BHD.

95.00

29/03/2013

958479K

MALAYSIA

CRAFT MASTER TIMBER PRODUCTS SDN. BHD.

51.00

29/03/2013

942013D

MALAYSIA

EVERGREEN AGRO SDN BHD

50.00

31/12/2011

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. YONG KOK FONG

Address

:

34, JALAN LEDANG, TAMAN JOHOR, 81200 JOHOR BAHRU, JOHOR, MALAYSIA.

New IC No

:

761118-14-5851

Date of Birth

:

18/11/1976

Nationality

:

MALAYSIAN

Date of Appointment

:

01/06/2004

 

DIRECTOR 2

 

Name Of Subject

:

MR. LAW NGEE SONG

Address

:

7 LORONG TELUK PULAI KANAN, TAMAN SEPUTIH, 58000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

New IC No

:

660103-13-5957

Date of Birth

:

03/01/1966

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

08/01/2007

 

DIRECTOR 3

 

Name Of Subject

:

MS. MARY HENERIETTA LIM KIM NEO

Address

:

28, JALAN AUSTIN, HEIGHTS 1/19, AUSTIN HEIGHTS, TAMAN MOUNT AUSTIN, 81100 JOHOR BAHRU, JOHOR, MALAYSIA.

IC / PP No

:

A0323115

New IC No

:

640110-05-6028

Date of Birth

:

10/01/1964

Nationality

:

MALAYSIAN

Date of Appointment

:

15/12/1995

 

DIRECTOR 4

 

Name Of Subject

:

MR. KUO WEN CHI

Address

:

8, WESTRIDGE WALK, 117824, SINGAPORE.

IC / PP No

:

2177870B

Nationality

:

SINGAPOREAN

Date of Appointment

:

15/05/1991

 

DIRECTOR 5

 

Name Of Subject

:

KUO JEN CHIU

Address

:

8, WESTRIDGE WALK, 117824, SINGAPORE.

IC / PP No

:

E1564275L

Nationality

:

SINGAPOREAN

Date of Appointment

:

20/05/1992

 

DIRECTOR 6

 

Name Of Subject

:

DATUK SYED IZUAN BIN SYED KAMARULBAHRIN

Date of Appointment

:

02/01/2013

 

DIRECTOR 7

 

Name Of Subject

:

MR. SYED IZUAN BIN SYED KAMARULBAHRIN

Address

:

33A, JALAN MEWAH 2, KEMENSAH MEWAH, HULU KLANG, 68000 AMPANG, SELANGOR, MALAYSIA.

New IC No

:

690705-10-5429

Date of Birth

:

05/07/1969

Nationality

:

MALAYSIAN

Date of Appointment

:

02/01/2013

 

DIRECTOR 8

 

Name Of Subject

:

KUO JEN CHANG

Address

:

8, WESTRIDGE WALK, 117824, SINGAPORE.

IC / PP No

:

E1897100A

Nationality

:

SINGAPOREAN

Date of Appointment

:

15/05/1991

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

PHANG WEI SIONG

 

Position

:

MARKETING MANAGER

 

 

 

 

 

2)

Name of Subject

:

VIVIAN LAY BOON KEAN

 

Position

:

HUMAN RESOURCE MANAGER

 

 

 

 

 

3)

Name of Subject

:

KUO WEN CHI

 

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG

Auditor' Address

:

SUITE 11.2, MENARA PELANGI, JALAN KUNING, TAMAN PELANGI, LEVEL 11, 80400 JOHOR BAHRU, JOHOR, MALAYSIA.

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. LEONG SIEW FOONG

 

IC / PP No

:

A0828311

 

New IC No

:

671205-10-5330

 

Address

:

3, JALAN BAYAM, TAMAN KOTA BESAR, 81900 KOTA TINGGI, JOHOR, MALAYSIA.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

CITIBANK BHD

 

 

 

 

 

 

 

 

 

2)

Name

:

HSBC BANK MALAYSIA BHD

 

 

 

 

 

 

 

 

 

3)

Name

:

RHB BANK BHD

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

1

16/07/1992

N/A

DEVELOPMENT COMMERCIAL BANK BERHAD

MYR 35,000,000.00

Satisfied

2

12/10/1992

N/A

DEVELOPMENT COMMERCIAL BANK BERHAD

MYR 35,000,000.00

Satisfied

3

12/10/1992

N/A

MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

MYR 10,000,000.00

Satisfied

4

27/01/1993

N/A

DEVELOPMENT COMMERCIAL BANK BERHAD

MYR 35,000,000.00

Satisfied

5

13/03/1995

N/A

MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

MYR 9,180,000.00

Satisfied

6

13/03/1995

N/A

MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD

MYR 9,180,000.00

Satisfied

7

17/01/1996

N/A

DCB BANK BERHAD

MYR 5,000,000.00

Satisfied

8

25/11/1999

N/A

RHB BANK BERHAD

MYR 26,627,228.00

Satisfied

9

25/11/1999

N/A

RHB BANK BERHAD

MYR 26,627,228.00

Satisfied

10

25/11/1999

N/A

RHB BANK BERHAD

MYR 26,627,228.00

Satisfied

11

24/12/1999

N/A

CITIBANK BERHAD AS AGENT FOR CITIBANK MALAYSIA L L

USD 5,000,000.00

Satisfied

12

24/12/1999

N/A

CITIBANK MALAYSIA L LIMITED

USD 5,000,000.00

Satisfied

13

09/06/2003

N/A

RHB ISLAMIC BANK BERHAD

MYR 10,000,000.00

Satisfied

14

22/07/2003

N/A

CITIBANK MALAYSIA L LIMITED

N/A

Satisfied

15

26/02/2004

N/A

CITIBANK MALAYSIA L LIMITED

N/A

Satisfied

16

02/12/2005

N/A

HSBC BANK MALAYSIA BHD

MYR 24,000,000.00

Satisfied

17

04/01/2007

N/A

RHB BANK BHD

MYR 9,050,000.00

Satisfied

18

18/04/2012

N/A

MAYBANK ISLAMIC BERHAD

MYR 265,000.00

Unsatisfied

 

 

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


The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

X

]

 

Good 31-60 Days

[

 

]

 

Average 61-90 Days

[

 

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

MALAYSIA

Overseas

:

YES

 

 

 

Export Market

:

ASIA

MIDDLE EAST

EUROPE

Credit Term

:

N/A

Payment Mode

:

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

Type of Customer

:

END USERS,DISTRIBUTORS,FURNITURE INDUSTRY,AGENTS,CONSTRUCTION INDUSTRY

 

OPERATIONS

 

Products manufactured

:

KNOCKDOWN FURNITURE WITH/WITHOUT OVERLAY FIBREBOARD AND WOODEN FURNITURE

 

 

 

Competitor(s)

:

ROBIN RESOURCES (MALAYSIA) SDN BHD

 

 

 

 

Member(s) / Affiliate(s)

:

SMI ASSOCIATION OF MALAYSIA

MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)

MALAYSIA FURNITURE INDUSTRY

 

 

 

Ownership of premises

:

OWNED

 

Factory Size

:

25 ACRES

 

 

Total Number of Employees:

 

YEAR

2013

2012

2011

2010

2009

 

GROUP

2,265

2,265

2,265

2,265

2,271

 

 

 

 

COMPANY

800

800

1,550

1,550

1,568

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) manufacture of knockdown furniture with/without overlay fibreboard and wooden furniture.

SC a leading worldwide producer of quality engineered wood-based products including Medium Density Fibreboard (MDF) and Particleboard with annual production exceeding 800,000 cubic meters.

SC headquartered in Johor, Malaysia has five manufacturing locations in Malaysia ,three in Thailand & one in Indonesia.

SC adopted a vertical integration strategy and expanded beyond its core MDF and Particleboard products into value-added downstream products such as Paper, Veneer, Printed, Melamine Board Laminations, and Knock Down Furniture.

Its comprehensive range of upstream/downstream products and service excellence are setting the standard around the world.

Its core business is manufacturing and trading of fibreboard and Medium Density Fibreboard (MDF), Medium Density Fibreboard (MDF) is one of the most rapidly growing years.

The SC product is alternative to plywood which are used for drawerbottom, back of cabinets,panelling,door skins and picture framebacking.

The SC processing methods are as follows:
1) Raw Material which is rubber wood
2) Debarking & Chipping
3) Chip Screening
4) Refining
5) Glue & Wax Addition
6) Drying
7) Forming & Pre-Pressing
8) Hot Press
9) Cooling
10) Finishing

PROJECTS


No projects found in our databank

RECENT DEVELOPMENT


11 April 2013

The Board of the SC's wishes to inform that the SC is proposing to undertake the proposed renewal of authorisation for the SC to purchase its own shares up to 10% of the issued and paid-up capital ("Proposed Share Buyback")

The proposal for the Proposed Share Buyback will be tabled for the shareholders' consideration at the forthcoming Annual General Meeting. The Share Buy-back Statement will be issued in due course.

1 October 2012

Reference is made to SC previous announcement dated 18 September 2012 pertaining to the Compromise Agreement executed by SC and other existing shareholders of Dynea Krabi Co., Ltd before The Central Intellectual Property and International Trade Court in Bangkok, Thailand.

The Board of Directors of SC would like to further announce the completion of the Compromise Agreement and therefore Dynea Krabi Co., Ltd. will no longer be an associate company of SC effective October 1st 2012.

3 July 2012

SC would like to announce that the SC has been advised by their Thai Counsel that the court has fixed a pre- trial hearing date on 6 August 2012 to decide on the issue of Court Jurisdiction, determine the issue in dispute, assign the burden of proof and schedule the hearing date for the witness presentation if necessary. The Thai Court has also ordered the Plaintiffs to clarify its allegations on the breach of technology as there were no particulars as to the technology breached in their claim


CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

7 454 1933

Current Telephone Number

:

07-4541933

Match

:

YES

 

 

 

Address Provided by Client

:

PLOT 22, PARIT RAJA INDS. ESTATE, 86400 PARIT RAJA, BATU PAHAT, JOHOR DARUL TAK MALAYSIA

Current Address

:

PLO 22, PARIT RAJA INDUSTRIAL ESTATE, PARIT RAJA, 86400 BATU PAHAT, JOHOR, MALAYSIA.

Match

:

NO

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations


On 13th August 2013 we contacted one of the staff from the SC and she provided some information of the SC.

The address provided is incorrect.


FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2008 - 2012

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2008 - 2012

]

 

Return on Shareholder Funds

:

Unfavourable

[

3.78%

]

 

Return on Net Assets

:

Unfavourable

[

4.07%

]

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players.The SC's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Unfavourable

[

69 Days

]

 

Debtor Ratio

:

Favourable

[

25 Days

]

 

Creditors Ratio

:

Favourable

[

27 Days

]

 

 

 

 

 

 

 

 

The SC could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Unfavourable

[

0.76 Times

]

 

Current Ratio

:

Unfavourable

[

1.32 Times

]

 

 

 

 

 

 

 

 

A low liquid ratio means that the SC may be facing working capital deficiency. If the SC cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Unfavourable

[

2.68 Times

]

 

Gearing Ratio

:

Favourable

[

0.44 Times

]

 

 

 

 

 

 

 

 

The SC's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. The SC was lowly geared thus it had a low financial risk. The SC was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the SC being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

The SC recorded lower profits as its turnover showed a erratic trend. The SC's management was unable to control its costs efficiently as its profit showed a downward trend. 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. If there is a fall in the SC's profit or any increase in interest rate, the SC may not be able to generate sufficient cash-flow to service its interest. The SC as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

 

 

 

 

 

 

 

Overall financial condition of the SC : LIMITED

 

 

 

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators:

2009

2010

2011

2012*

2013**

 

 

 

 

 

 

Population ( Million)

28.13

28.35

28.70

29.30

29.80

Gross Domestic Products ( % )

<0.5>

7.2

5.1

5.6

5.3

Domestic Demand ( % )

2.9

6.3

8.2

9.4

5.6

Private Expenditure ( % )

<2.7>

8.1

8.2

8.0

7.4

Consumption ( % )

0.7

6.7

7.1

1.0

5.7

Investment ( % )

<17.2>

17.7

12.2

11.7

13.3

Public Expenditure ( % )

5.2

3.8

8.4

13.3

1.2

Consumption ( % )

3.1

0.2

16.1

11.3

<1.2>

Investment ( % )

8.0

2.8

<0.3>

15.9

4.2

 

 

 

 

 

 

Balance of Trade ( MYR Million )

89,650

118,356

116,058

106,300

110,700

Government Finance ( MYR Million )

<28,450>

<40,482>

<45,511>

<42,297>

<39,993>

Government Finance to GDP / Fiscal Deficit ( % )

<4.8>

<5.6>

<5.4>

<4.5>

<4.0>

Inflation ( % Change in Composite CPI)

<5.2>

5.1

3.1

1.6

2.5

Unemployment Rate

4.5

3.9

3.3

3.2

3.0

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

331

329

415

427

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

2.87

2.20

3.50

2.20

-

Average 3 Months of Non-performing Loans ( % )

11.08

15.30

14.80

14.70

-

Average Base Lending Rate ( % )

5.53

6.30

6.60

6.53

-

Business Loans Disbursed( % )

10.5

14.7

15.3

32.2

-

Foreign Investment ( MYR Million )

22,156.8

22,517.9

23,546.1

26,230.4

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

Registration of New Companies ( No. )

41,578

44,148

45,455

45,441

-

Registration of New Companies ( % )

<0.1>

6.2

3.0

<0.0>

-

Liquidation of Companies ( No. )

39,075

25,585

132,476

-

-

Liquidation of Companies ( % )

39.6

<34.5>

417.8

-

-

 

 

 

 

 

 

Registration of New Business ( No. )

312,581

271,414

284,598

324,761

-

Registration of New Business ( % )

-

-

-

-

-

Business Dissolved ( No. )

19,345

19,738

20,121

-

-

Business Dissolved ( % )

2.4

2.0

1.9

-

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

486.3

543.6

535.1

552.2

-

Cellular Phone Subscribers ( Million )

30.1

32.8

35.3

38.5

-

Tourist Arrival ( Million Persons )

23.6

24.6

24.7

25.0

-

Hotel Occupancy Rate ( % )

58.0

63.0

60.6

62.4

-

 

 

 

 

 

 

Credit Cards Spending ( % )

12.8

14.1

15.6

12.6

-

Bad Cheque Offenders (No.)

36,667

33,568

32,627

26,982

-

Individual Bankruptcy ( No.)

16,228

18,119

19,167

19,575

-

Individual Bankruptcy ( % )

16.7

11.7

5.8

2.1

-

 

 

 

 

 

 

 

INDUSTRIES ( % of Growth ):

2009

2010

2011

2012*

2013**

 

 

 

 

 

 

Agriculture

0.4

2.1

5.9

0.6

2.4

Palm Oil

<1.1>

<3.4>

10.8

<2.8>

-

Rubber

<19.8>

9.9

6.1

<0.6>

-

Forestry & Logging

<5.9>

<3.3>

<7.6>

<2.2>

-

Fishing

5.5

5.6

2.1

<0.7>

-

Other Agriculture

9.0

7.9

7.1

6.4

-

Industry Non-Performing Loans ( MYR Million )

413.7

508.4

634.1

-

-

% of Industry Non-Performing Loans

1.3

2.1

3.2

-

-

 

 

 

 

 

 

Mining

<3.8>

0.2

<5.7>

1.5

2.7

Oil & Gas

2.1

0.5

<1.7>

-

-

Other Mining

-

-

-

-

-

Industry Non-performing Loans ( MYR Million )

44.2

49.7

46.5

-

-

% of Industry Non-performing Loans

0.1

0.1

0.1

-

-

 

 

 

 

 

 

Manufacturing #

<9.4>

11.4

4.7

4.2

4.9

Exported-oriented Industries

<19.0>

12.1

2.8

4.1

-

Electrical & Electronics

<30.3>

28.4

<4.9>

1.6

-

Rubber Products

<10.1>

25.3

15.4

3.6

-

Wood Products

<24.1>

20.1

<4.9>

4.6

-

Textiles & Apparel

<19.5>

<0.4>

14.8

<7.1>

-

Domestic-oriented Industries

<9.8>

16.3

6.5

8.6

-

Food, Beverages & Tobacco

0.2

3.0

4.2

-

-

Chemical & Chemical Products

<7.7>

16.2

5.5

9.9

-

Plastic Products

<9.1>

2.4

3.8

-

-

Iron & Steel

<32.7>

29.3

2.4

-

-

Fabricated Metal Products

<2.5>

14.9

25.2

-

-

Non-metallic Mineral

<15.5>

20.2

27.1

6.6

-

Transport Equipment

<13.5>

36.5

<10.4>

13.7

-

Paper & Paper Products

<5.0>

18.7

14.8

<7.8>

-

Crude Oil Refineries

0.2

<11.4>

9.3

-

-

Industry Non-Performing Loans ( MYR Million )

6,007.3

6,217.5

6,537.2

-

-

% of Industry Non-Performing Loans

18.3

23.8

25.7

-

-

 

 

 

 

 

 

Construction

5.8

5.1

4.4

15.5

11.2

Industry Non-Performing Loans ( MYR Million )

3,241.8

4,038.5

3,856.9

-

-

% of Industry Non-Performing Loans

9.9

10.7

10.2

-

-

 

 

 

 

 

 

Services

2.6

6.5

6.4

5.5

5.6

Electric, Gas & Water

0.4

8.5

5.6

4.8

-

Transport, Storage & Communication

1.6

7.7

6.5

7.3

-

Wholesale, Retail, Hotel & Restaurant

2.8

4.7

5.2

6.9

-

Finance, Insurance & Real Estate

3.8

6.1

6.3

6.5

-

Government Services

2.0

6.7

7.6

5.6

-

Other Services

4.4

4.2

5.4

5.7

-

Industry Non-Performing Loans ( MYR Million )

6,631.3

7,384.6

6,825.2

-

-

% of Industry Non-Performing Loans

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

16212 : Manufacture of particle board and fibreboard

31 : MANUFACTURE OF FURNITURE

 

 

INDUSTRY :

MANUFACTURING

 

 

 

The Manufacturing sector is one of the important sectors to the growth of the Malaysian economy. According to Ministry of Finance, the manufacturing sector is expected to grow 4.9% in year 2013. Export oriented-industries are expected to benefit from the higher growth of global trade, while domesticoriented industries expand in line with the better consumer sentiment and business confidence. The resource-based industries are envisaged to grow steadily attributed to improved demand for petroleum, chemical, rubber and plastic products. With better job prospects and higher disposable income, the transportation equipment subsector, in particular, the passenger car segment is expected to expand.

 

Value-added of the manufacturing sector expanded 5% during the first half of 2012. Output of the sector rose 5.2% during the first sevenmonths of 2012 in line with the increase in sales value of manufactured products by 6.5% to RM363.1 billion. Output from domesticoriented industries continued to expand 8.6% while export-oriented industries grew 4.1%.

 

According to the Department of Statistics, the sales value of the Manufacturing sector in January 2013 posted a growth of 7.4% (RM3.6 billion) to record RM52.4 billion as compared to RM48.8 billion reported in year 2012. Meanwhile, month-on-month basis, the sales value has decreased by 0.4% (RM0.2 billion) as compared with the preceding month. The sales value in December 2012 has been revised positive 7.5% year-on-year to record RM52.6 billion.

 

Output of rubber products increased 3.6% in the first seven month of 2012 mainly supported by continuous demand for rubber gloves. Output of rubber gloves grew 5.9% on account of the expansion in the global healthcare industry and wider usage of gloves in other sectors. Similarly, output of catheters, especially for use in medical appliances, also registered a strong growth of 12.6%. Nevertheless, production of rubber tyres and tubes reduced 10.9% in tandem with slowing external demand from the automotive industry, especially China.

 

Meanwhile, production of wood and wood products rebounded 4.6% largely supported by higher demand for wooden and cane furniture (33.5%). The positive performance was attributed to vibrant higher demand from major export destinations such as China and the United States (US) for Malaysian-made furniture. Demand from China accelerated further following the country’s rising income level and the implementation of zero import duty on Malaysian made-furniture. 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.

 

The output of chemicals and chemical products rose 9.9% in the first seven month of year 2012 on account of increasing demand for plastic products (11.8%) and basic chemicals (11.1%). External demand for plastic packaging materials surged during the early part of the year 2012, particularly from Japan and Thailand, as manufacturers resumed operations, which were interrupted by natural calamities and power outages. Chemical production are expected to show 7.5 % in year 2013 inline with Malaysia as one of the largest contributor in world Chemicals & Chemical industries.

 

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 assolar 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 1991, the SC is a Public Listed company, focusing on manufacture of knockdown furniture with/without overlay fibreboard and wooden furniture. The SC has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. The SC is a large entity with strong capital position. We are confident with the SC's business and its future growth prospect.

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. Its stable clientele base will enable the SC to further enhance its business in the near term. Being a large entity, the SC has a steady workforce of 2,265 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

The SC's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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. However, being a lowly geared company, the SC is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at MYR 851,681,613, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. 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.

We regard that the SC's overall payment habit is prompt. The SC had a favourable creditors' ratio as evidenced by its favourable collection days.

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.

Based on the above condition, we recommend credit be granted to the SC promptly.

 

PROFIT AND LOSS ACCOUNT

 

 

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

EVERGREEN FIBREBOARD BERHAD

 

Financial Year End

31/12/2012

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

GROUP

GROUP

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

MYR

MYR

MYR

MYR

MYR

TURNOVER

1,031,661,620

1,061,687,548

951,215,443

771,513,588

730,524,085

Other Income

4,194,781

9,481,861

10,076,819

-

-

 

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

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

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

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

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

Total Turnover

1,035,856,401

1,071,169,409

961,292,262

771,513,588

730,524,085

Costs of Goods Sold

<841,571,962>

<832,816,607>

<687,230,788>

-

-

 

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

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

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

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

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

Gross Profit

194,284,439

238,352,802

274,061,474

-

-

 

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

26,562,964

64,591,666

112,008,047

78,862,746

62,168,000

SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES

<813,770>

895,491

3,440,332

1,889,435

1,694,175

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

25,749,194

65,487,157

115,448,379

80,752,181

63,862,175

Taxation

<185,619>

<6,338,889>

<11,998,171>

241,137

5,301,339

 

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

25,563,575

59,148,268

103,450,208

80,993,318

69,163,514

Minority interests

6,606,701

4,434,270

3,718,140

3,956,724

7,547,042

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

32,170,276

63,582,538

107,168,348

84,950,042

76,710,556

 

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

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

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

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

32,170,276

63,582,538

107,168,348

84,950,042

76,710,556

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

570,292,789

516,280,945

457,847,597

372,897,555

317,786,999

Prior year adjustment

-

<9,570,694>

-

-

-

 

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

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

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

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

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

As restated

570,292,789

506,710,251

457,847,597

372,897,555

317,786,999

 

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

602,463,065

570,292,789

565,015,945

457,847,597

394,497,555

TRANSFER TO RESERVES - General

-

-

<48,735,000>

-

-

DIVIDENDS - Ordinary (paid & proposed)

<12,824,750>

-

-

-

<21,600,000>

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

589,638,315

570,292,789

516,280,945

457,847,597

372,897,555

 

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

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

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

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

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

 

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

 

Hire purchase

-

-

103,052

139,365

163,298

Lease interest

213,983

109,693

-

-

-

Term loan / Borrowing

12,536,675

12,154,370

13,230,206

15,898,343

12,833,611

Others

2,542,895

1,307,580

385,073

1,721,715

20,495

 

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

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

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

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

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

 

15,293,553

13,571,643

13,718,331

17,759,423

13,017,404

 

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

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

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

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

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

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

846,420,449

865,133,425

847,890,383

885,043,959

902,913,516

 

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

 

Associated companies

-

4,833,001

10,289,333

22,590,578

20,635,849

Others

32,289,630

17,480,148

16,592,201

14,597,290

14,825,854

 

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

32,289,630

22,313,149

26,881,534

37,187,868

35,461,703

 

 

 

 

 

 

INTANGIBLE ASSETS

 

 

 

 

 

Goodwill on consolidation

19,590,873

19,590,873

18,458,290

18,438,016

18,438,016

Others

177,293

201,766

-

-

-

 

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

19,768,166

19,792,639

18,458,290

18,438,016

18,438,016

 

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

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

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

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

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

TOTAL LONG TERM ASSETS

898,478,245

907,239,213

893,230,207

940,669,843

956,813,235

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

Short term quoted/unquoted investments

100,800

100,800

-

-

-

Stocks

193,758,370

157,125,782

130,173,305

112,130,971

136,764,962

Trade debtors

70,321,240

75,927,456

69,089,943

52,948,610

43,036,039

Other debtors, deposits & prepayments

11,400,920

7,051,992

17,698,968

9,396,082

10,385,133

Short term deposits

26,905,678

49,215,489

55,261,806

44,830,898

36,107,108

Amount due from associated companies

-

953,123

-

4,226,229

78,056

Cash & bank balances

56,908,702

69,717,046

63,658,015

68,228,500

39,597,891

Others

99,295,557

34,389,642

40,625,097

18,600,265

23,417,660

 

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

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

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

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

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

TOTAL CURRENT ASSETS

458,691,267

394,481,330

376,507,134

310,361,555

289,386,849

 

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

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

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

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

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

TOTAL ASSET

1,357,169,512

1,301,720,543

1,269,737,341

1,251,031,398

1,246,200,084

 

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

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

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

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

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

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade creditors

62,247,644

61,021,189

39,981,999

39,637,146

62,216,703

Other creditors & accruals

57,424,786

85,860,856

49,263,368

44,892,903

60,045,060

Hire purchase & lease creditors

663,862

822,005

769,950

712,538

717,261

Short term borrowings/Term loans

93,984,161

76,585,894

105,860,606

96,679,150

159,120,076

Other borrowings

133,784,546

40,060,000

20,000,000

-

-

Amounts owing to associated companies

-

-

7,474,722

7,358,812

-

Provision for taxation

480,277

18,818

836,516

2,730,562

891,767

Dividends payable/proposed

-

-

7,695,000

-

-

Other liabilities

148,380

1,319,534

22,293,050

38,571,110

124,271,609

 

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

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

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

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

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

TOTAL CURRENT LIABILITIES

348,733,656

265,688,296

254,175,211

230,582,221

407,262,476

 

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

109,957,611

128,793,034

122,331,923

79,779,334

<117,875,627>

 

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

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

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

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

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

TOTAL NET ASSETS

1,008,435,856

1,036,032,247

1,015,562,130

1,020,449,177

838,937,608

 

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

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

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

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

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

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

128,250,000

128,250,000

128,250,000

128,250,000

128,250,000

 

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

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

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

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

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

TOTAL SHARE CAPITAL

128,250,000

128,250,000

128,250,000

128,250,000

128,250,000

 

 

 

 

 

 

RESERVES

 

 

 

 

 

Share premium

113,129,400

113,129,400

113,129,400

113,129,400

113,129,400

Exchange equalisation/fluctuation reserve

<5,206,876>

<1,844,209>

1,976,313

4,504,230

<3,563,717>

Retained profit/(loss) carried forward

589,638,315

570,292,789

516,280,945

457,847,597

372,897,555

Others

9,755

<708,520>

657,020

-

-

 

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

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

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

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

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

TOTAL RESERVES

697,570,594

680,869,460

632,043,678

575,481,227

482,463,238

 

 

 

 

 

 

MINORITY INTEREST

25,861,019

11,771,595

9,600,905

1,635,972

5,592,696

 

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

851,681,613

820,891,055

769,894,583

705,367,199

616,305,934

 

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

 

Long term loans

140,749,064

199,137,787

235,765,069

308,964,017

213,495,662

Lease obligations

1,804,185

863,248

-

-

-

Hire purchase creditors

-

-

686,609

1,289,436

1,305,635

Deferred taxation

6,598,925

8,317,668

8,758,670

4,509,317

7,573,317

Retirement benefits provision

7,602,069

6,815,295

440,279

319,208

257,060

Others

-

7,194

16,920

-

-

 

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

156,754,243

215,141,192

245,667,547

315,081,978

222,631,674

 

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

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

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

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

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

 

1,008,435,856

1,036,032,247

1,015,562,130

1,020,449,177

838,937,608

 

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

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

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

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

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

 

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

 

 

 

 

 

Cash

83,814,380

118,932,535

118,919,821

113,059,398

75,704,999

Net Liquid Funds

83,814,380

118,932,535

118,919,821

113,059,398

75,704,999

Net Liquid Assets

<83,800,759>

<28,332,748>

<7,841,382>

<32,351,637>

<254,640,589>

Net Current Assets/(Liabilities)

109,957,611

128,793,034

122,331,923

79,779,334

<117,875,627>

Net Tangible Assets

988,667,690

1,016,239,608

997,103,840

1,002,011,161

820,499,592

Net Monetary Assets

<240,555,002>

<243,473,940>

<253,508,929>

<347,433,615>

<477,272,263>

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

370,985,818

317,468,934

363,082,234

407,645,141

374,638,634

Total Liabilities

505,487,899

480,829,488

499,842,758

545,664,199

629,894,150

Total Assets

1,357,169,512

1,301,720,543

1,269,737,341

1,251,031,398

1,246,200,084

Net Assets

1,008,435,856

1,036,032,247

1,015,562,130

1,020,449,177

838,937,608

Net Assets Backing

851,681,613

820,891,055

769,894,583

705,367,199

616,305,934

Shareholders' Funds

851,681,613

820,891,055

769,894,583

705,367,199

616,305,934

Total Share Capital

128,250,000

128,250,000

128,250,000

128,250,000

128,250,000

Total Reserves

697,570,594

680,869,460

632,043,678

575,481,227

482,463,238

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

0.24

0.45

0.47

0.49

0.19

Liquid Ratio

0.76

0.89

0.97

0.86

0.37

Current Ratio

1.32

1.48

1.48

1.35

0.71

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

69

54

50

53

68

Debtors Ratio

25

26

27

25

22

Creditors Ratio

27

27

21

19

31

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

0.44

0.39

0.47

0.58

0.61

Liabilities Ratio

0.59

0.59

0.65

0.77

1.02

Times Interest Earned Ratio

2.68

5.83

9.42

5.55

5.91

Assets Backing Ratio

7.71

7.92

7.77

7.81

6.40

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

2.50

6.17

12.14

10.47

8.74

Net Profit Margin

3.12

5.99

11.27

11.01

10.50

Return On Net Assets

4.07

7.63

12.72

9.65

9.16

Return On Capital Employed

3.89

7.40

12.37

9.46

8.90

Return On Shareholders' Funds/Equity

3.78

7.75

13.92

12.04

12.45

Dividend Pay Out Ratio (Times)

0.40

0.00

0.00

0.00

0.28

NOTES TO ACCOUNTS

 

 

 

 

 

Contingent Liabilities

0

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.82

UK Pound

1

Rs.96.57

Euro

1

Rs.82.45

 

 

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.