|
Report Date : |
02.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
TENCATE
GEOSYNTHETICS ASIA SDN. BHD. |
|
|
|
|
Formerly Known As : |
POLYFELT ASIA SDN BHD (04/08/2006) |
|
|
|
|
Registered Office : |
Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara,
Damansara Heights, Level 7 , 50490 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
15.05.1993 |
|
|
|
|
Com. Reg. No.: |
264232-U |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing and Supplying Geotextiles for Civil and
Engineering Construction |
|
|
|
|
No. of Employees : |
70 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
|
REGISTRATION NO. |
: |
264232-U |
|
COMPANY NAME |
: |
TENCATE GEOSYNTHETICS ASIA SDN. BHD. |
|
FORMER NAME |
: |
POLYFELT ASIA SDN BHD
(04/08/2006) |
|
INCORPORATION DATE |
: |
15/05/1993 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR DAMANSARA, DAMANSARA HEIGHTS, LEVEL 7 , 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
14, JALAN SEMENTA 27/91, SEKSYEN 27, 40400 SHAH ALAM, SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
03-51928568 |
|
FAX.NO. |
: |
03-51928573 |
|
CONTACT PERSON |
: |
JOHN JAMES SMITH ( MANAGING DIRECTOR ) |
|
INDUSTRY CODE |
: |
32909 |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING AND SUPPLYING GEOTEXTILES FOR CIVIL AND ENGINEERING CONSTRUCTION |
|
AUTHORISED CAPITAL |
: |
MYR 100,000,000.00
DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 18,000,000.00
DIVIDED INTO |
|
SALES |
: |
MYR 184,914,477 [2011] |
|
NET WORTH |
: |
MYR 53,424,706 [2011] |
|
BANKER (S) |
|
MALAYAN BANKING BHD |
|
STAFF STRENGTH |
: |
70 [2013] |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT CAPABILITY |
: |
GOOD |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) manufacturing and supplying geotextiles for civil and engineering construction.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is KONINKLIJKE TEN CATE N.V, a company incorporated in NETHERLANDS.
The major shareholder(s) of the SC are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
KONINKLIJKE TEN CATE N.V. |
7607, GB ALMELO, EGBERT GORTERSTRAAT 3, NETHERLANDS. |
06016321 |
17,999,999.00 |
100.00 |
|
BIDIM GEOSYNTHETICS S.A |
9, RUE MARCEL PAUL, B.P. 80, BEZONA, CEDEX, 95873, FRANCE. |
BIDIM |
1.00 |
0.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
18,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
011069 |
THAILAND |
TENCATE GEOSYNTHETICS (THAILAND) LTD. |
100.00 |
31/12/2011 |
|
199806155D |
SINGAPORE |
TENCATE GEOSYNTHETICS SINGAPORE PTE. LTD. |
100.00 |
31/12/2011 |
|
180781W |
MALAYSIA |
TENCATE GEOSYNTHETICS MALAYSIA SDN. BHD. |
100.00 |
29/03/2013 |
DIRECTOR 1
|
Name Of Subject |
: |
JOHN JAMES SMITH |
|
Address |
: |
155G, SRI WANGSARIA, JALAN ARA, BANGSAR BARU, 59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
761321700 |
|
Date of Appointment |
: |
15/05/1993 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. PATTIS NAIDU S/O M.DANAPAL |
|
Address |
: |
9, JALAN SS3/94, 47300 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
8025691 |
|
New IC No |
: |
500822-10-5401 |
|
Date of Birth |
: |
22/08/1950 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
05/01/2001 |
|
Working Experience |
: |
DEPUTY CHIEF EXECUTIVE OFFICER OF L & M CORP & EXECUTIVE DIR OF ALL THE SUBSIDIARY COMPANIES. IN CHARGE OF THE OPERATIONS OF THE GROUP. HAS 28 YEARS OF EXPERIENCE IN THE SPECIALISED FIELD OF PRESTRESSING, GROUND ENGINEERING, STRUCTURAL REPAIRS & SLIPFORMI |
DIRECTOR 3
|
Name Of Subject |
: |
MR. MOHAMED BASHIR BIN MOHAMED SHARIFF |
|
Address |
: |
4C, JALAN MAKTAB ENAM, OFF JALAN GURNEY, 54100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
0245410 |
|
New IC No |
: |
460614-06-5165 |
|
Date of Birth |
: |
14/06/1946 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
08/05/1996 |
DIRECTOR 4
|
Name Of Subject |
: |
JOSEPH WALLACE AVERETTE III |
|
Address |
: |
67, EMERALD ALLIE HOSCHTON, GEORGIA, 30548, UNITED STATES. |
|
IC / PP No |
: |
425501525 |
|
Date of Appointment |
: |
24/06/2010 |
DIRECTOR 5
|
Name Of Subject |
: |
WALLACE LAMAR MOORE JR |
|
Address |
: |
FISCHERGASSE 18, A-4040 LINZ, AUSTRIA. |
|
IC / PP No |
: |
213894985 |
|
Date of Appointment |
: |
02/09/2010 |
|
1) |
Name of Subject |
: |
JOHN JAMES SMITH |
|
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
|
|
|
2) |
Name of Subject |
: |
LINDA |
|
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
|
|
|
|
|
3) |
Name of Subject |
: |
LOW SIEW CHONG |
|
|
Position |
: |
FINANCIAL CONTROLLER |
|
|
|
|
|
|
4) |
Name of Subject |
: |
TERRY LOW |
|
|
Position |
: |
PRODUCTION MANAGER |
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
KPMG TOWER, 8, FIRST AVENUE, BANDAR UTAMA, LEVEL 10, 47800 PETALING JAYA, SELANGOR, MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. TAN WEE SIN |
|
|
|
|
|
|
|
New IC No |
: |
740530-01-5239 |
|
|
Address |
: |
D309, SEAPARK APARTMENTS, JALAN 21/13,, 46300 PETALING JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
2) |
Company Secretary |
: |
MS. CHUA SIEW CHUAN |
|
|
IC / PP No |
: |
5461293 |
|
|
New IC No |
: |
580826-05-5408 |
|
|
Address |
: |
6, JALAN SS14/8E, SUBANG JAYA, 47500 SUBANG JAYA, SELANGOR, MALAYSIA. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the SC whether the subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* We have checked through the SC in our defaulters' database which comprised of
debtors that have been blacklisted by our customers and debtors that have been
placed or assigned to us for collection since 1990. Information was provided by
third party where the debt amount can be disputed. Please check with creditors
for confirmation as alleged debts may have been paid since recorded or are
being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
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 :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
AUSTRALIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Products manufactured |
: |
|
|||||
|
|
|
|
|||||
|
Competitor(s) |
: |
DAXON TECHNOLOGY SDN
BHD
|
|||||
|
|
|
|
|||||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMI ASSOCIATION OF MALAYSIA SMALL & MEDIUM ENTERPRISE |
|||||
|
|
|
|
|||||
|
Ownership of premises |
: |
OWNED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
2009 |
|
|||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
70 |
70 |
70 |
75 |
70 |
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing and supplying
geotextiles for civil and engineering construction.
We were informed that the SC's products are mainly used for civil and
engineering construction industries.
The SC's geo synthetic products are used in the infrastructure projects.
The SC utilizes advanced automated and semi-automated machineries to ensure
production of high quality products.
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-51928568 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
14, JALAN SEMENTA, 27/91 SEKSYEN 27, 40400 SHAH ALAM, SELANGOR |
|
Current Address |
: |
14, JALAN SEMENTA 27/91, SEKSYEN 27, 40400 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 26th August 2013 we contacted one of the staff from the SC and she provided
some information on the SC.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2007 - 2011 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2007 - 2011 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
13.92% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
9.12% |
] |
|
|
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 SC's management had generated acceptable return for its shareholders using its assets. |
||||||
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Acceptable |
[ |
61 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
53 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
17 Days |
] |
|
|
The SC kept adequate stocks to meet its normal business transactions without incurring excessive storage costs. 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 |
: |
Favourable |
[ |
2.73 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
4.40 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
1.75 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 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 had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those 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 was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. 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 was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises. |
||||||
|
Overall financial condition of the SC : FAIR |
||||||
|
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 |
|||||
|
MSIC CODE |
|
|
32909 : Other manufacturing n.e.c. |
|
|
|
|
|
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 |
|
Incorporated in 1993, the SC is a Private Limited company, focusing on
manufacturing and supplying geotextiles for civil and engineering construction.
Its long establishment in the market has allowed the SC to build up a good
reputation and gain higher market share against its rivals. 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 established an extensive clientele base in the market. Besides catering to the local market, the SC has penetrated into other countries. With the contribution of both local and overseas customers, the SC is likely to be exposed to lower commercial risk. Hence, we believe that the SC has better business expansion opportunities in the future. To date, the SC has a total workforce of 70 employees in its business operations. The SC has a good management capability. Its capable management team has enabled the SC to keep its business on going. Hence, the future prospect of the SC is bright.
Financially, the SC registered a higher turnover compared to previous year.
However, its profits showed a reverse trend. The lower profit achieved was a
result of higher operating cost and increased competition. Return on
shareholders' funds of the SC was at an acceptable range which indicated that
the management was efficient in utilising its funds to generate income. The SC
is in good liquidity position with its current liabilities well covered by it
current assets. Hence, it has sufficient working capital to meet its short term
financial obligations. Being a zero geared company, the SC virtually has no
financial risk as it is mainly dependent on its internal funds to finance its
business. Given a positive net worth standing at MYR 53,424,706, 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.
In view of the above favourable condition, we recommend credit be proceeded to
the SC with favourable term.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
TENCATE
GEOSYNTHETICS ASIA SDN. BHD. |
|
Financial
Year End |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
2007-12-31 |
|
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 |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
184,914,477 |
122,815,142 |
127,320,554 |
148,528,661 |
109,993,430 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
184,914,477 |
122,815,142 |
127,320,554 |
148,528,661 |
109,993,430 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
7,273,659 |
18,464,679 |
25,026,486 |
14,776,276 |
3,993,473 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
7,273,659 |
18,464,679 |
25,026,486 |
14,776,276 |
3,993,473 |
|
Taxation |
165,077 |
<2,194,180> |
<1,957,609> |
<1,626,864> |
<681,174> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
7,438,736 |
16,270,499 |
23,068,877 |
13,149,412 |
3,312,299 |
|
Minority interests |
- |
<88,287> |
<134,425> |
<129,083> |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
7,438,736 |
16,182,212 |
22,934,452 |
13,020,329 |
3,312,299 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
7,438,736 |
16,182,212 |
22,934,452 |
13,020,329 |
3,312,299 |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
28,128,817 |
33,946,605 |
11,012,153 |
<2,008,176> |
<5,320,475> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
28,128,817 |
33,946,605 |
11,012,153 |
<2,008,176> |
<5,320,475> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
35,567,553 |
50,128,817 |
33,946,605 |
11,012,153 |
<2,008,176> |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
<22,000,000> |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
35,567,553 |
28,128,817 |
33,946,605 |
11,012,153 |
<2,008,176> |
|
|
============= |
============= |
============= |
============= |
============= |
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Hire purchase |
- |
90 |
1,633 |
- |
- |
|
Loan from holding company |
9,640,647 |
644,693 |
- |
- |
- |
|
Term loan / Borrowing |
47,862 |
24,131 |
31,065 |
- |
- |
|
Others |
- |
- |
1,497,195 |
434,709 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
9,688,509 |
668,914 |
1,529,893 |
434,709 |
- |
|
|
============= |
============= |
============= |
============= |
|
|
TENCATE
GEOSYNTHETICS ASIA SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
94,466,030 |
32,640,353 |
34,678,079 |
36,440,509 |
44,394,331 |
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Deferred assets |
1,825,349 |
622,362 |
593,172 |
88,082 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,825,349 |
622,362 |
593,172 |
88,082 |
- |
|
|
|
|
|
|
|
|
INTANGIBLE
ASSETS |
|
|
|
|
|
|
Goodwill on consolidation |
26,496,335 |
956,543 |
934,018 |
934,018 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
26,496,335 |
956,543 |
934,018 |
934,018 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
122,787,714 |
34,219,258 |
36,205,269 |
37,462,609 |
44,394,331 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
31,043,803 |
17,209,185 |
16,367,378 |
12,933,865 |
- |
|
Trade debtors |
26,605,658 |
18,500,743 |
21,989,687 |
26,965,304 |
- |
|
Other debtors, deposits & prepayments |
1,087,921 |
11,189,827 |
293,738 |
3,935,595 |
- |
|
Amount due from holding company |
- |
- |
4,048 |
- |
- |
|
Amount due from related companies |
16,015 |
204,027 |
321,188 |
980,390 |
- |
|
Cash & bank balances |
22,320,310 |
3,751,211 |
2,297,139 |
6,506,102 |
- |
|
Others |
636,616 |
- |
- |
8,548 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
81,710,323 |
50,854,993 |
41,273,178 |
51,329,804 |
40,887,893 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
204,498,037 |
85,074,251 |
77,478,447 |
88,792,413 |
85,282,224 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
8,493,164 |
5,355,666 |
5,117,058 |
5,435,303 |
- |
|
Other creditors & accruals |
9,984,117 |
9,077,662 |
11,166,181 |
8,560,694 |
- |
|
Hire purchase & lease creditors |
- |
- |
8,387 |
31,018 |
- |
|
Bank overdraft |
- |
316,292 |
- |
- |
- |
|
Amounts owing to related companies |
84,037 |
671,205 |
568,078 |
2,245,588 |
- |
|
Provision for taxation |
- |
489,749 |
1,309,841 |
564,223 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
18,561,318 |
15,910,574 |
18,169,545 |
16,836,826 |
9,324,135 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
63,149,005 |
34,944,419 |
23,103,633 |
34,492,978 |
31,563,758 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
185,936,719 |
69,163,677 |
59,308,902 |
71,955,587 |
75,958,089 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
18,000,000 |
18,000,000 |
18,000,000 |
18,000,000 |
18,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
18,000,000 |
18,000,000 |
18,000,000 |
18,000,000 |
18,000,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
35,567,553 |
28,128,817 |
33,946,605 |
11,012,153 |
<2,008,176> |
|
Others |
<142,847> |
<91,802> |
67,703 |
33,722 |
1,623 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
35,424,706 |
28,037,015 |
34,014,308 |
11,045,875 |
<2,006,553> |
|
|
|
|
|
|
|
|
MINORITY INTEREST |
- |
- |
264,189 |
129,764 |
681 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
53,424,706 |
46,037,015 |
52,278,497 |
29,175,639 |
15,994,128 |
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
|
Hire purchase creditors |
- |
- |
- |
996,068 |
- |
|
Deferred taxation |
10,413 |
14,242 |
30,405 |
783,880 |
- |
|
Others |
132,501,600 |
23,112,420 |
7,000,000 |
41,000,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
132,512,013 |
23,126,662 |
7,030,405 |
42,779,948 |
59,963,961 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
185,936,719 |
69,163,677 |
59,308,902 |
71,955,587 |
75,958,089 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TENCATE
GEOSYNTHETICS ASIA SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
22,320,310 |
3,751,211 |
2,297,139 |
6,506,102 |
- |
|
Net Liquid Funds |
22,320,310 |
3,434,919 |
2,297,139 |
6,506,102 |
- |
|
Net Liquid Assets |
32,105,202 |
17,735,234 |
6,736,255 |
21,559,113 |
31,563,758 |
|
Net Current Assets/(Liabilities) |
63,149,005 |
34,944,419 |
23,103,633 |
34,492,978 |
31,563,758 |
|
Net Tangible Assets |
159,440,384 |
68,207,134 |
58,374,884 |
71,021,569 |
75,958,089 |
|
Net Monetary Assets |
<100,406,811> |
<5,391,428> |
<294,150> |
<21,220,835> |
<28,400,203> |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
316,292 |
8,387 |
1,027,086 |
- |
|
Total Liabilities |
151,073,331 |
39,037,236 |
25,199,950 |
59,616,774 |
69,288,096 |
|
Total Assets |
204,498,037 |
85,074,251 |
77,478,447 |
88,792,413 |
85,282,224 |
|
Net Assets |
185,936,719 |
69,163,677 |
59,308,902 |
71,955,587 |
75,958,089 |
|
Net Assets Backing |
53,424,706 |
46,037,015 |
52,278,497 |
29,175,639 |
15,994,128 |
|
Shareholders' Funds |
53,424,706 |
46,037,015 |
52,278,497 |
29,175,639 |
15,994,128 |
|
Total Share Capital |
18,000,000 |
18,000,000 |
18,000,000 |
18,000,000 |
18,000,000 |
|
Total Reserves |
35,424,706 |
28,037,015 |
34,014,308 |
11,045,875 |
<2,006,553> |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
1.20 |
0.24 |
0.13 |
0.39 |
- |
|
Liquid Ratio |
2.73 |
2.11 |
1.37 |
2.28 |
- |
|
Current Ratio |
4.40 |
3.20 |
2.27 |
3.05 |
4.39 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
61 |
51 |
47 |
32 |
- |
|
Debtors Ratio |
53 |
55 |
63 |
66 |
- |
|
Creditors Ratio |
17 |
16 |
15 |
13 |
- |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.01 |
0.00 |
0.04 |
- |
|
Liabilities Ratio |
2.83 |
0.85 |
0.48 |
2.04 |
4.33 |
|
Times Interest Earned Ratio |
1.75 |
28.60 |
17.36 |
34.99 |
- |
|
Assets Backing Ratio |
8.86 |
3.79 |
3.24 |
3.95 |
4.22 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
3.93 |
15.03 |
19.66 |
9.95 |
3.63 |
|
Net Profit Margin |
4.02 |
13.18 |
18.01 |
8.77 |
3.01 |
|
Return On Net Assets |
9.12 |
27.66 |
44.78 |
21.14 |
5.26 |
|
Return On Capital Employed |
7.98 |
27.16 |
43.88 |
20.82 |
5.26 |
|
Return On Shareholders' Funds/Equity |
13.92 |
35.15 |
43.87 |
44.63 |
20.71 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
1.36 |
0.00 |
0.00 |
- |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
|
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.