MIRA INFORM REPORT
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Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
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Name : |
POLYMER COMPOSITE ASIA SDN. BHD. |
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Registered Office : |
Suite B13A-4, Tower B, Level 13A, Northpoint Offices, Mid Valley City,
No. 1, Medan Syed Putra Utara, 59200 Kuala Lumpur, Wilayah Persekutuan |
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Country : |
Malaysia |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
23.01.1989 |
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Com. Reg. No.: |
178134-P |
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Legal Form : |
Private Limited (Limited by share) |
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Line of Business : |
Subject is principally engaged in the (as a / as an) provision of the
management services, interior fit-out specialist in convenience store
interior and manufacture of led products. |
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No. of Employees : |
300 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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Malaysia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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* Adopted abbreviations : |
SC - Subject Company (the company enquired by you) |
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N/A - Not Applicable |
Executive Summary
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REGISTRATION NO. |
: |
178134-P |
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COMPANY NAME |
: |
POLYMER
COMPOSITE ASIA SDN. BHD. |
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FORMER NAME |
: |
N/A |
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INCORPORATION DATE |
: |
23/01/1989 |
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COMPANY STATUS |
: |
EXIST |
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LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
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LISTED STATUS |
: |
NO |
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REGISTERED ADDRESS |
: |
SUITE B13A-4, TOWER B, LEVEL 13A,
NORTHPOINT OFFICES, MID VALLEY CITY, NO. 1, MEDAN SYED PUTRA UTARA, 59200
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
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BUSINESS ADDRESS |
: |
PT 3266, JALAN AM 1, ARAB-MALAYSIAN INDUSTRIAL
PARK, 71800 NILAI, NEGERI SEMBILAN, MALAYSIA. |
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TEL.NO. |
: |
06-7942000 |
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FAX.NO. |
: |
06-7992330 |
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WEB SITE |
: |
WWW.POLYMERCOMPOSITEASIA.COM |
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CONTACT PERSON |
: |
TAN BENG WAN ( DIRECTOR ) |
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INDUSTRY CODE |
: |
27400 829 471 |
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PRINCIPAL ACTIVITY |
: |
PROVISION OF THE MANAGEMENT SERVICES,
INTERIOR FIT-OUT SPECIALIST IN CONVENIENCE STORE INTERIOR AND MANUFACTURE OF
LED PRODUCTS |
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AUTHORISED CAPITAL |
: |
MYR 25,000,000.00 DIVIDED INTO |
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ISSUED AND PAID UP CAPITAL |
: |
MYR 23,800,000.00 DIVIDED INTO |
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SALES |
: |
MYR 85,085,212 [2011] |
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NET WORTH |
: |
MYR 45,084,360 [2011] |
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STAFF STRENGTH |
: |
300 [2013] |
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LITIGATION |
: |
CLEAR |
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DEFAULTER CHECK |
: |
CLEAR |
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FINANCIAL CONDITION |
: |
LIMITED |
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PAYMENT |
: |
AVERAGE |
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MANAGEMENT CAPABILITY |
: |
AVERAGE |
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COMMERCIAL RISK |
: |
MODERATE |
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CURRENCY EXPOSURE |
: |
MODERATE |
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GENERAL REPUTATION |
: |
SATISFACTORY |
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INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
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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) provision of the
management services, interior fit-out specialist in convenience store interior
and manufacture of led products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is HEXAGON TOWER SDN. BHD., a
company incorporated in MALAYSIA.
The ultimate holding company of the SC is HEXAGON HOLDINGS BERHAD, a
company incorporated in MALAYSIA.
The major shareholder(s) of the SC are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
HEXAGON TOWER SDN. BHD. |
LEVEL 18 THE GARDENS NORTH TOWER, MID VALLEY CITY, LINKARAN SYED
PUTRA, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
73575 |
23,800,000.00 |
100.00 |
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--------------- |
------ |
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23,800,000.00 |
100.00 |
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============ |
===== |
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
422955 |
MALAYSIA |
HEXAGON VETEC SDN. BHD. |
60.00 |
31/03/2011 |
DIRECTORS
DIRECTOR 1
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Name Of Subject |
: |
MR. TEE KOK WONG |
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Address |
: |
120, JALAN KIJANG 4, BATU 9, TAMAN SUNTEX,
43200 KAJANG, SELANGOR, MALAYSIA. |
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New IC No |
: |
761122-14-5977 |
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Date of Birth |
: |
22/11/1976 |
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Nationality |
: |
MALAYSIAN |
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Date of Appointment |
: |
10/04/2006 |
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DIRECTOR 2
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Name Of Subject |
: |
MR. CHA CHEE PIN |
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Address |
: |
D2-00-08, PERSIARAN KEWAJIPAN, GOODYEAR
COURT 4 & 5, SUBANG PERDANA, 47620 SUBANG JAYA, SELANGOR, MALAYSIA. |
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New IC No |
: |
720312-01-5347 |
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Date of Birth |
: |
12/03/1972 |
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Nationality |
: |
MALAYSIAN |
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Date of Appointment |
: |
26/12/2012 |
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DIRECTOR 3
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Name Of Subject |
: |
MR. TAN BENG WAN |
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Address |
: |
43, JALAN PELANGI PAGI, COUNTRY HEIGHTS,
43000 KAJANG, SELANGOR, MALAYSIA. |
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New IC No |
: |
530405-10-5301 |
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Date of Birth |
: |
05/04/1953 |
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Nationality |
: |
MALAYSIAN |
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Date of Appointment |
: |
23/01/1989 |
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DIRECTOR 4
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Name Of Subject |
: |
MR. NG KOOI SIN |
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Address |
: |
16, TAMAN SUNGAI MAS, JALAN REKO, 43000
KAJANG, SELANGOR, MALAYSIA. |
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New IC No |
: |
720823-10-5379 |
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Date of Birth |
: |
23/08/1972 |
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Nationality |
: |
MALAYSIAN |
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Date of Appointment |
: |
28/04/2006 |
Management
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1) |
Name of Subject |
: |
TAN BENG WAN |
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Position |
: |
DIRECTOR |
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2) |
Name of Subject |
: |
BERIANN |
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Position |
: |
HUMAN RESOURCE MANAGER |
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3) |
Name of Subject |
: |
SHUN HUN FAT |
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Position |
: |
MARKETING MANAGER |
Auditor
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Auditor |
: |
BDO |
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Auditor' Address |
: |
12TH MENARA UNI. ASIA,1008 JALAN SULTAN
ISMAIL, 50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
Company secretaries
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1) |
Company Secretary |
: |
MS. TEOH KOK JONG |
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New IC No |
: |
630928-02-5114 |
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Address |
: |
F1002A BLOCK PERDANA CONDOMINIUM, NO. 15
JALAN PJU 8/1, DAMANSARA PERDANA, 47820 PETALING JAYA, SELANGOR, MALAYSIA. |
Banking
Banking relations are maintained principally
with :
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1) |
Name |
: |
HSBC BANK MALAYSIA BHD |
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2) |
Name |
: |
BANK MUAMALAT MALAYSIA BHD |
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3) |
Name |
: |
STANDARD CHARTERED BANK MALAYSIA BHD |
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4) |
Name |
: |
CITIBANK BHD |
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The SC enjoys normal banking routine with
above mentioned banker(s). No adverse record was found during our
investigation. |
ENCUMBRANCE (S)
ENCUMBRANCE 1
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Date of Creation |
: |
18/10/2002 |
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Description Of Charge |
: |
TRADE FINANCIAL GENERAL AGREEMENT
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Amount Secured |
: |
RM5,500,000.00 |
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Description Of Property Affected |
: |
FLOATING CHARGE
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Name & Address Of Chargee |
: |
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Form 40 Dated |
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Registered and Numbered 1 In The Register
of Charges |
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ENCUMBRANCE 2
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Date of Creation |
: |
30/08/2007 |
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Description Of Charge |
: |
LETTER OF OFFER, FACILITIES AGREEMENT,
CORPORATE GUARANTEE & NEGATIVE PLEDGE
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Amount Secured |
: |
RM10,500,000.00 |
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Description Of Property Affected |
: |
CORPORATE GUARANTEE OF HEXAGON HOLDINGS
BHD
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Name & Address Of Chargee |
: |
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Form 40 Dated |
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Registered and Numbered 2 In The Register
of Charges |
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ENCUMBRANCE 3
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Date of Creation |
: |
15/11/2010 |
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Description Of Charge |
: |
1ST PARTY CHARGE
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Amount Secured |
: |
N/A |
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Description Of Property Affected |
: |
ALL THAT PIECE OF INDUSTRIAL LAND HELD
UNDER GERAN 42293 LOT 8218, MUKIM SENTUL, SEREMBAN, NEGERI SEMBILAN TOGETHER
WITH THE BUILDINGS ERECTED THEREON
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Name & Address Of Chargee |
: |
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Form 40 Dated 22/11/2010 |
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Registered and Numbered 3 In The Register
of Charges |
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ENCUMBRANCE 4
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Date of Creation |
: |
19/11/2010 |
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Description Of Charge |
: |
3RD PARTY 2ND LEGAL CHARGE
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Amount Secured |
: |
N/A |
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Description Of Property Affected |
: |
ALL THAT PIECE OF INDUSTRIAL LAND HELD
UNDER GERAN 42293 LOT 8218, MUKIM SENTUL, SEREMBAN, NEGERI SEMBILAN TOGETHER
WITH THE BUILDINGS ERECTED THEREON
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Name & Address Of Chargee |
: |
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Form 40 Dated 26/11/2010 |
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Registered and Numbered 4 In The Register
of Charges |
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ENCUMBRANCE 5
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Date of Creation |
: |
20/05/2011 |
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Description Of Charge |
: |
N/A
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Amount Secured |
: |
N/A |
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Description Of Property Affected |
: |
N/A
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Name & Address Of Chargee |
: |
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Form 40 Dated |
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Registered and Numbered 5 In The Register
of Charges |
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ENCUMBRANCE 6
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Date of Creation |
: |
28/07/2011 |
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Description Of Charge |
: |
N/A
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Amount Secured |
: |
RM13,845,739.31 |
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Description Of Property Affected |
: |
N/A
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Name & Address Of Chargee |
: |
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Form 40 Dated |
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Registered and Numbered 6 In The Register
of Charges |
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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
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SOURCES OF RAW MATERIALS: |
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Local |
: |
YES |
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Overseas |
: |
YES |
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 :
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OVERALL PAYMENT HABIT |
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Prompt 0-30 Days |
[ |
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] |
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Good 31-60 Days |
[ |
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] |
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Average 61-90 Days |
[ |
X |
] |
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Fair 91-120 Days |
[ |
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] |
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Poor >120 Days |
[ |
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] |
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Clientele
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Local |
: |
YES |
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Domestic Markets |
: |
MALAYSIA |
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Overseas |
: |
YES |
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Export Market |
: |
SINGAPORE |
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Payment Mode |
: |
TELEGRAPHIC TRANSFER (TT) |
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Type of Customer |
: |
OIL & GAS INDUSTRIES,CHEMICAL
INDUSTRY,MULTINATIONAL COMPANIES |
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Operations
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Products manufactured |
: |
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Services |
: |
MANAGEMENT SERVICES AND INTERIOR FIT-OUT
SPECIALIST IN CONVENIENCE STORE INTERIOR
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Certification of Products |
: |
1 ) BS 7491: PART 2: 1992
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Competitor(s) |
: |
WD MEDIA (MALAYSIA) SDN
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Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM) MALAYSIAN PLASTICS MANUFACTURERS
ASSOCIATION (MPMA) SMI ASSOCIATION OF MALAYSIA MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE) |
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Ownership of premises |
: |
OWNED
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Factory Size |
: |
150,000 sq.ft
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Total Number of Employees: |
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YEAR |
2013 |
2012 |
2011 |
2010 |
2009 |
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GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
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COMPANY |
300 |
300 |
300 |
300 |
250 |
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Branch |
: |
NO
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Other
Information:
The SC is principally engaged in the (as a / as an) provision of the management
services, interior fit-out specialist in convenience store interior and
manufacture of led products.
We are informed that the SC offers premium engineering products and services
through three core strategic business focuses:
1. ENGINEERING DESIGN
2. MANUFACTURING DISTRIBUTION
3. TRADING SERVICES
SC currently has operations in 12 countries including its latest footprint in
Europe and the Middle East and is exploring further expansions into the North
America and Africa.
Today, the SC is not only synonymous with the industry best, but has also
successfully been accepted as global partners to global multinational
corporations throughout the world.
Projects
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that:
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Telephone Number Provided By Client |
: |
6 794 2000 |
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Current Telephone Number |
: |
06-7942000 |
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Match |
: |
NO |
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Address Provided by Client |
: |
178134-P) NILAI, PT 3266, JALAN AM 1
ARAB-MALAYSIAN INDUSTRIAL |
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Current Address |
: |
PT 3266, JALAN AM 1, ARAB-MALAYSIAN
INDUSTRIAL PARK, 71800 NILAI, NEGERI SEMBILAN, MALAYSIA. |
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Match |
: |
NO |
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Latest Financial Accounts |
: |
YES |
Other
Investigations
On 22nd May 2013, we contacted one of the SC's staff from Human Resource
Department. She provided some information of the SC.
The address provided is incomplete.
Financial Analysis
|
Profitability |
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Turnover |
: |
Erratic |
[ |
2007 - 2011 |
] |
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Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2007 - 2011 |
] |
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Return on Shareholder Funds |
: |
Unfavourable |
[ |
1.90% |
] |
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Return on Net Assets |
: |
Unfavourable |
[ |
8.56% |
] |
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The fluctuating turnover reflects the
fierce competition among the existing and new market players.The dip in
profit could be due to the stiff market competition which reduced the SC's
profit margin. The unfavourable return on shareholders' funds could indicate
that the SC was inefficient in utilising its assets to generate returns. |
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Working Capital
Control |
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Stock Ratio |
: |
Unfavourable |
[ |
91 Days |
] |
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Debtor Ratio |
: |
Unfavourable |
[ |
202 Days |
] |
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Creditors Ratio |
: |
Unfavourable |
[ |
127 Days |
] |
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The SC could be incurring higher holding
cost. As its capital was tied up in stocks, it could face liquidity problems.
The SC's debtors ratio was high. The SC should tighten its credit control and
improve its collection period. The unfavourable creditors' ratio could be due
to the SC taking advantage of the credit granted by its suppliers. However
this may affect the goodwill between the SC and its suppliers and the SC may
inadvertently have to pay more for its future supplies. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Acceptable |
[ |
0.95 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.17 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's liquid ratio was slightly low.
This could indicate that the SC's working capital was slightly deficient. The
SC will have to improve its liquidity position either by obtaining short term
financing or increase its paid up capital so that it can meet all its short
term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
1.63 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.60 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. The SC's liquidity was at
an acceptable range. If the SC is able to obtain further short term
financing, it should be able to meet all its short term obligations. 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 |
|||||
Industry Analysis
|
MSIC CODE |
|
|
27400 : Manufacture of electric lighting
equipment |
|
|
829 : Business support service activities
n.e.c. |
|
|
471 : Retail sale in non-specialized
stores |
|
|
|
|
|
INDUSTRY : |
ELECTRICAL & ELECTRONIC |
|
|
|
|
|
|
|
The Electrical & Electronics (E&E)
industry is the leading industry within the manufacturing sector and is the largest
contributor to manufacturing output, employment, investment, exports and
imports. Malaysia is a key player in the fast expanding Asia Pacific E&E
market, its major export destinations include Singapore, United States,
Europe, Japan and Taiwan. The E&E industry is targeted under the National
Key Economic Areas ( NKEA ) to gear the nation towards high-income economy by
focusing on high-value and high-growth manufacturing activities. |
|
|
|
|
|
According to Ministry of Finance, in the
year 2013 the electrical and electronic (E&E) subsector is expected to
grow further, driven by higher demand for electronic equipment and parts as
well as semiconductors in line with recovery in advanced economies. |
|
|
|
|
|
Output of E&E rebounded 1.6% during the
first seven months of 2012 mainly driven by the higher production of
semiconductor devices (14.5%) as well as audio, visual and communication
apparatus (6%). The improved performance of E&E was partly due to chip
vendors and storage producers taking advantage of stable prices and supply of
parts to replenish inventories as well as the launching of new products which
was delayed by massive floods in Thailand during the fourth quarter of 2011. |
|
|
|
|
|
Despite the slowdown in global demand,
E&E manufacturers continued to invest in new technology and product
development to upscale the value chain. Approved capital spending in the
E&E subsector amounted to RM1.72 billion in 46 projects, of which RM1.35
billion were from foreign investors. This further reaffirms Malaysia as an
attractive and cost-efficient E&E manufacturing base in the region. The
continued strong investments will further strengthen growth in the E&E
subsector and create more skilled jobs. |
|
|
|
|
|
Softening of world demand for solar panels
impact Malaysia on it's downturn in small scale compared to China where it
facing great impact. The decline in E&E products was also due to the weak
global demand. |
|
|
|
|
|
E&E has been instrumental in the development
of the Northern Corridor Klang Valley, Johor and Sarawak, contributing
significantly to the socio-economic development of the relevant
communities.However, the E&E sector faces significant challenges in
maintaining growth with intense competition from China, Taiwan, Singapore and
other Asian countries. Over the last 10 years, E&E's share of Malaysian
exports has gradually declined. |
|
|
|
|
|
Malaysia's E&E sector remains focused
on assembly, the lower value-added part of the industry while Taiwan, South
Korea and Singapore have captured the higher value-added activities in
research and development, design and manufacturing. |
|
|
|
|
|
To propel the E&E industry to a higher
level, under the Economic Transformation Programme (ETP) launched by the Government,
a few sub-sectors namely integrated circuits, solar photovoltaics, light
emitting diodes, and solid state lighting & integrated electronics have
been identified for greater promotion based on their potential to contribute
significantly towards Gross National Income (GNI) targets 2020. |
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : Marginal Growth |
|
CREDIT RISK EVALUATION
& RECOMMENDATION
Incorporated in 1989, the SC is a Private Limited company, focusing on provision
of the management services, interior fit-out specialist in convenience store
interior and manufacture of led products. The SC has been in business for over
two decades. It has built up a strong clientele base and satisfactory
reputation will enable the SC to further enhance its business in the near term.
The SC is expected to enjoy a stable market shares. Having strong support from
its holding company has enabled the SC to remain competitive despite the
challenging business environment. 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. The SC is a fairly large and rapidly growing company
with over 300 staff in its operations 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. However,
the SC managed to maintain an adequate liquidity level, indicating that the SC
has the ability to meet its financial obligations. 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 45,084,360, 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 SC's payment habit is average. With its adequate working capital, the SC
should be able to pay its short term debts.
The industry has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the SC's future performance is very much depend on
its marketing strategies in order to retain its position in the market.
Based on the above condition, we recommend credit be granted to the SC
normally.
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
POLYMER
COMPOSITE ASIA SDN. BHD. |
|
Financial Year End |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
31/03/2007 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
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 |
85,085,212 |
94,431,650 |
92,767,491 |
127,716,200 |
55,194,409 |
|
Other Income |
1,109,537 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
86,194,749 |
94,431,650 |
92,767,491 |
127,716,200 |
55,194,409 |
|
Costs of Goods Sold |
<63,581,149> |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
22,613,600 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
2,066,088 |
2,245,097 |
2,305,458 |
6,743,285 |
5,745,874 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
2,066,088 |
2,245,097 |
2,305,458 |
6,743,285 |
5,745,874 |
|
Taxation |
<1,209,805> |
<1,394,619> |
<416,068> |
<2,047,440> |
<1,262,854> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
856,283 |
850,478 |
1,889,390 |
4,695,845 |
4,483,020 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
20,428,077 |
19,181,599 |
17,667,209 |
14,440,116 |
9,957,096 |
|
Prior year adjustment |
- |
396,000 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
20,428,077 |
19,577,599 |
17,667,209 |
14,440,116 |
9,957,096 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
21,284,360 |
20,428,077 |
19,556,599 |
19,135,961 |
14,440,116 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
<375,000> |
<1,468,752> |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
21,284,360 |
20,428,077 |
19,181,599 |
17,667,209 |
14,440,116 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
- |
694 |
963 |
8,479 |
4,911 |
|
Hire purchase |
82,626 |
187,637 |
81,355 |
56,317 |
20,242 |
|
Revolving loans |
79,128 |
38,894 |
13,660 |
- |
- |
|
Term loan / Borrowing |
742,709 |
- |
10,467 |
80,509 |
149,374 |
|
Others |
2,379,799 |
1,709,811 |
1,916,051 |
1,690,817 |
640,076 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,284,262 |
1,937,036 |
2,022,496 |
1,836,122 |
814,603 |
BALANCE SHEET
|
POLYMER
COMPOSITE ASIA SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
33,996,688 |
15,813,203 |
15,103,845 |
11,441,188 |
11,374,399 |
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary companies |
11,616,571 |
7,247,896 |
6,647,896 |
6,405,393 |
5,198,983 |
|
Associated companies |
9,360 |
5,360 |
5,360 |
5,360 |
5,360 |
|
Development properties/expenditure |
83,795 |
167,590 |
251,385 |
335,181 |
418,977 |
|
Deferred assets |
343,444 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
12,053,170 |
7,420,846 |
6,904,641 |
6,745,934 |
5,623,320 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
46,049,858 |
23,234,049 |
22,008,486 |
18,187,122 |
16,997,719 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
21,201,887 |
22,458,638 |
22,290,560 |
24,703,742 |
22,077,179 |
|
Trade debtors |
46,998,031 |
50,841,849 |
23,249,047 |
27,258,903 |
11,075,300 |
|
Other debtors, deposits & prepayments |
1,264,920 |
1,594,143 |
1,135,937 |
1,806,069 |
828,453 |
|
Short term deposits |
- |
- |
1,400,000 |
950,000 |
100,000 |
|
Amount due from holding company |
27,119,539 |
- |
718,500 |
- |
- |
|
Amount due from subsidiary companies |
4,859,642 |
- |
10,154,608 |
4,653,403 |
3,500,656 |
|
Amount due from related companies |
5,518,944 |
- |
4,381,360 |
1,511,805 |
1,918,942 |
|
Amount due from associated companies |
13,381 |
- |
- |
- |
- |
|
Cash & bank balances |
6,028,224 |
4,691,905 |
5,113,579 |
3,582,749 |
1,520,286 |
|
Others |
106,268 |
1,620,636 |
1,460,066 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
113,110,836 |
81,207,171 |
69,903,657 |
64,466,671 |
41,020,816 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
159,160,694 |
104,441,220 |
91,912,143 |
82,653,793 |
58,018,535 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
22,090,877 |
12,179,155 |
13,782,517 |
15,266,080 |
8,918,808 |
|
Other creditors & accruals |
2,625,710 |
5,496,357 |
3,378,304 |
887,631 |
3,472,740 |
|
Hire purchase & lease creditors |
383,267 |
457,444 |
630,343 |
442,600 |
424,912 |
|
Bank overdraft |
- |
399,059 |
- |
1,280 |
35,803 |
|
Short term borrowings/Term loans |
5,452,225 |
- |
- |
500,000 |
1,000,000 |
|
Other borrowings |
3,925,000 |
5,800,000 |
500,000 |
- |
- |
|
Bill & acceptances payable |
46,739,000 |
40,487,000 |
31,314,274 |
26,148,380 |
11,098,571 |
|
Other liabilities & accruals |
558,911 |
- |
- |
- |
- |
|
Amounts owing to holding company |
10,008,450 |
- |
- |
8,333,150 |
5,675,411 |
|
Amounts owing to subsidiary companies |
3,967,996 |
1,665,175 |
863,737 |
1,175,435 |
- |
|
Amounts owing to related companies |
909,956 |
809,364 |
1,212,500 |
268,025 |
117,526 |
|
Provision for taxation |
- |
- |
- |
412,229 |
751,172 |
|
Other liabilities |
- |
9,483,746 |
13,428,076 |
3,605,783 |
4,345,618 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
96,661,392 |
76,777,300 |
65,109,751 |
57,040,593 |
35,840,561 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
16,449,444 |
4,429,871 |
4,793,906 |
7,426,078 |
5,180,255 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
62,499,302 |
27,663,920 |
26,802,392 |
25,613,200 |
22,177,974 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
23,800,000 |
6,000,000 |
6,000,000 |
6,000,000 |
6,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
23,800,000 |
6,000,000 |
6,000,000 |
6,000,000 |
6,000,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
21,284,360 |
20,428,077 |
19,181,599 |
17,667,209 |
14,440,116 |
|
Others |
- |
<396,000> |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
21,284,360 |
20,032,077 |
19,181,599 |
17,667,209 |
14,440,116 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
45,084,360 |
26,032,077 |
25,181,599 |
23,667,209 |
20,440,116 |
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
|
Long term loans |
16,918,450 |
- |
- |
- |
500,000 |
|
Hire purchase creditors |
496,492 |
879,759 |
1,262,793 |
542,224 |
956,858 |
|
Deferred taxation |
- |
752,084 |
358,000 |
281,000 |
281,000 |
|
Retirement benefits provision |
- |
- |
- |
1,122,767 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
17,414,942 |
1,631,843 |
1,620,793 |
1,945,991 |
1,737,858 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
62,499,302 |
27,663,920 |
26,802,392 |
25,613,200 |
22,177,974 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
FINANCIAL RATIO
|
POLYMER
COMPOSITE ASIA SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
6,028,224 |
4,691,905 |
6,513,579 |
4,532,749 |
1,620,286 |
|
Net Liquid Funds |
6,028,224 |
4,292,846 |
6,513,579 |
4,031,469 |
584,483 |
|
Net Liquid Assets |
<4,752,443> |
<18,028,767> |
<17,496,654> |
<17,277,664> |
<16,896,924> |
|
Net Current Assets/(Liabilities) |
16,449,444 |
4,429,871 |
4,793,906 |
7,426,078 |
5,180,255 |
|
Net Tangible Assets |
62,499,302 |
27,663,920 |
26,802,392 |
25,613,200 |
22,177,974 |
|
Net Monetary Assets |
<22,167,385> |
<19,660,610> |
<19,117,447> |
<19,223,655> |
<18,634,782> |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
27,254,562 |
7,575,156 |
2,393,136 |
1,486,104 |
2,917,573 |
|
Total Liabilities |
114,076,334 |
78,409,143 |
66,730,544 |
58,986,584 |
37,578,419 |
|
Total Assets |
159,160,694 |
104,441,220 |
91,912,143 |
82,653,793 |
58,018,535 |
|
Net Assets |
62,499,302 |
27,663,920 |
26,802,392 |
25,613,200 |
22,177,974 |
|
Net Assets Backing |
45,084,360 |
26,032,077 |
25,181,599 |
23,667,209 |
20,440,116 |
|
Shareholders' Funds |
45,084,360 |
26,032,077 |
25,181,599 |
23,667,209 |
20,440,116 |
|
Total Share Capital |
23,800,000 |
6,000,000 |
6,000,000 |
6,000,000 |
6,000,000 |
|
Total Reserves |
21,284,360 |
20,032,077 |
19,181,599 |
17,667,209 |
14,440,116 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.06 |
0.06 |
0.10 |
0.08 |
0.05 |
|
Liquid Ratio |
0.95 |
0.77 |
0.73 |
0.70 |
0.53 |
|
Current Ratio |
1.17 |
1.06 |
1.07 |
1.13 |
1.14 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
91 |
87 |
88 |
71 |
146 |
|
Debtors Ratio |
202 |
197 |
91 |
78 |
73 |
|
Creditors Ratio |
127 |
47 |
54 |
44 |
59 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.60 |
0.29 |
0.10 |
0.06 |
0.14 |
|
Liabilities Ratio |
2.53 |
3.01 |
2.65 |
2.49 |
1.84 |
|
Times Interest Earned Ratio |
1.63 |
2.16 |
2.14 |
4.67 |
8.05 |
|
Assets Backing Ratio |
2.63 |
4.61 |
1.13 |
1.08 |
0.93 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
2.43 |
2.38 |
2.49 |
5.28 |
10.41 |
|
Net Profit Margin |
1.01 |
0.90 |
2.04 |
3.68 |
8.12 |
|
Return On Net Assets |
8.56 |
15.12 |
16.15 |
33.50 |
29.58 |
|
Return On Capital Employed |
8.50 |
14.64 |
15.78 |
32.31 |
27.75 |
|
Return On Shareholders' Funds/Equity |
1.90 |
3.27 |
7.50 |
19.84 |
21.93 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.20 |
0.31 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.