MIRA INFORM REPORT

 

 

Report Date :

12.04.2014

 

IDENTIFICATION DETAILS

 

Name :

SIME DARBY ELCO POWER SYSTEMS LTD.

 

 

Registered Office :

Room 1704-1705, 17/F., Yuen Long Trading Centre, 33 Wang Yip Street West, Yuen Long, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

12.07.1985

 

 

Com. Reg. No.:

09873339

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer and Supplier; Engineering and Maintenance Services such as All kinds of industrial engines, marine engines, diesel engines, generating sets, electropaks, spare parts and accessories.

 

 

No. of Employees :

20

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

HONG KONG - ECONOMIC OVERVIEW

 

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 12% of total system deposits in Hong Kong by the end of 2013. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.

 

Source : CIA

 

Company name and address

 

SIME DARBY ELCO POWER SYSTEMS LTD.

 

ADDRESS:       Room 1704-1705, 17/F., Yuen Long Trading Centre, 33 Wang Yip Street West, Yuen Long, New Territories, Hong Kong.

 

PHONE:            2814 8441 (4 lines)

 

FAX:                 2873 1719

 

E-MAIL:            info.elco.hk@simedarby.com.hk

 

 

MANAGEMENT

 

Managing Director:  Mr. Jeffri Salim Davidson

 

 

SUMMARY

 

Incorporated on:            12th July, 1985.

 

Organization:                 Private Limited Company.

 

Capital: Nominal:           HK$1,000,000.00

 

Issued:                         HK$1,000,000.00

 

Business Category:       Marine Engineering Supplier.

 

Group Revenue:            MYR 46,812.3 million  (Year ended 30-06-2013)

 

Employees:                  20.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

Company name

 

SIME  DARBY  ELCO  POWER  SYSTEMS  LTD.

 

 

ADDRESS

 

Registered Head Office:-

Room 1704-1705, 17/F., Yuen Long Trading Centre, 33 Wang Yip Street West, Yuen Long, New Territories, Hong Kong.

 

Holding Company:-

Sime Darby CEL (South China) Ltd., Hong Kong.

 

Intermediate Holding Company:-

The China Engineers Ltd., Hong Kong.

 

Penultimate Holding Company:-

Sime Darby Berhad, Malaysia.

 

Ultimate Holding Company:-

Yayasan Pelaburan Bumiputra, Malaysia.

 

Service Centre:-

Shunde District, Foshan City, Guangdong Province, China.

 

Associated Companies:-

Sime Darby Group of Companies

AC Haynes Investments Pty Ltd., Australia.

Apac Energy Rental Pte Ltd., Singapore.

Associated Tractors Sendirian berhad, Malaysia.

Austchrome Pty Ltd., Australia.

Barlow Bulking Sdn. Bhd., Malaysia.

Borui Power Equipment (Shenzhen) Co. Ltd., China.

Chartquest Sdn. Bhd., Malaysia.

Chermang Development (Malaya) Sdn. Bhd., Malaysia.

CICA Vietnam Co. Ltd., Vietnam.

Consolidated Plantations Bhd., Malaysia.

DG Nominees Pty Ltd., Australia.

Emery Aekyung Sdn. Bhd., Malaysia.

Emery Importacao eComercio Oleoquimica Ltda., Brazil.

Emery Oleochemicals (HK) Ltd., Hong Kong.

Emery Oleochemicals (M) Sdn. Bhd., Malaysia.

Emery Oleochemicals Canada Ltd., Canada.

Emery Oleochemicals GmbH, Germany.

Emery Oleochemicals Japan Ltd., Japan.

Emery Oleochemicals LLC, U.S.A.

Emery Oleochemicals Rika (M) Sdn. Bhd., Malaysia.

Emery Oleochemicals Trading (Shanghai) Co. Ltd., China.

Emery Oleochemicals UK Ltd., U.K.

Eminent Platform Sdn. Bhd., Malaysia.

Energy Power Systems Australia Pty Ltd., Australia.

FG Wilson Asia Pte Ltd., Singapore.

Foshan Shunde CEL machinery Co. Ltd., China.

Foshan Sime Darby Elco Power Equipment Ltd., China.

Golden Hope Overseas Capital, Mauritius.

Golden Hope Overseas Sdn. Bhd., Malaysia.

Golden Hope-NhaBe Edible Oils Co. Ltd., Vietnam.

Guangzhou Keylink Chemicals Co. Ltd., China.

Guangzhou Sime Darby SITECH Dealers Co. Ltd., China.

Guthrie Industries Malaysia Sdn. Bhd., Malaysia.

Guthrie International Investments (L) Ltd., Malaysia.

Hasting Deering (Australia) ltd., Australia.

Haynes Mechanical Pty Ltd., Australia.

Kumpulan Jelei Sdn. Bhd., Malaysia.

Kwang Joo Seng (Malaysia) Pte. Ltd., Singapore.

Morakot Industries Public Co. Ltd., Thailand.

Mostyn Palm Processing Sdn. Bhd., Malaysia.

Muang Mai Guthrie Public Co. Ltd., Thailand.

Mulligan International B.V., The Netherlands.

Nescaya Maluri Sdn. Bhd., Malaysia.

Nova Power Pty Ltd., Australia.

P.T. Aneka Intipersada, Indonesia.

P.T. Aneka Sawit Lestari, Indonesia.

P.T. Anugerah Sumbermakmur, Indonesia.

P.T. Asricipta Indah, Indonesia.

P.T. Bahari Gembira Ria, Indonesia.

P.T. Bersama Sejahtera Sakti, Indonesia.

P.T. Bhumireksa Nusasejati, Indonesia.

P.T. Bina Sains Cemerlang, Indonesia.

P.T. Budidaya Agro Lestari, Indonesia.

P.T. Golden Hope Nusantara, Indonesia.

P.T. Guthrie Pecconina Indonesia, Indonesia.

P.T. Indo Sukses Lestari Makmur, Indonesia.

P.T. Indotruba Tengah, Indonesia.

P.T. Kartika Inti Perkasa, Indonesia.

P.T. Kridatama Lancar, Indonesia.

P.T. Ladangrumpun Suburabadi, Indonesia.

P.T. Laguna Mandiri, Indonesia.

P.T. Lahan Tani Sakti, Indonesia.

P.T. Langgeng Muaramakmur, Indonesia.

P.T. Minamas Gemilang, Indonesia.

P.T. Mitral Austral Sejahtera, Indonesia.

P.T. Muda Perkasa Sakti, Indonesia.

P.T. Padang Palma Permai, Indonesia.

P.T. Paripurna Swakarsa, Indonesia.

P.T. Perkasa Subur Sakti, Indonesia.

P.T. Perusahaan Perkebunan Industri dan Niaga Sri Kuala, Indonesia.

P.T. Sajang Heulang, Indonesia.

P.T. Sandika Natapalma, Indonesia.

P.T. Sime Agri Bio, Indonesia.

P.T. Sime Indo Agro, Indonesia.

P.T. Sritijaya Abaditama, Indonesia.

P.T. Swadaya Andika, Indonesia.

P.T. Tamaco Graha Krida, Indonesia.

P.T. Teguh Sempurna, Indonesia.

P.T. Tunggal Mitra Plantations, Indonesia.

Rizhao Sime Darby Oils & Fats Co. Ltd., China.

Sanguine (Malaysia) Sdn. Bhd., Malaysia.

Shandong Equipment Malaysia Sdn Bhd., Malaysia.

Sime Darby Agri-Bio Sdn. Bhd., Malaysia.

Sime Darby Alif Food Industries Sdn. Bhd., Malaysia.

Sime Darby Alif Retort Pack Products Sdn. Bhd., Malaysia.

Sime Darby Austral Holdings Bhd., Malaysia.

Sime Darby Austral Sdn. Bhd., Malaysia.

Sime Darby Beverages Sdn. Bhd., Malaysia.

Sime Darby Biodiesel Sdn. Bhd., Malaysia.

Sime Darby Biotech Laboratories Sdn. Bhd., Malaysia.

Sime Darby Bukit Talang Sdn. Bhd., Malaysia.

Sime Darby CEL Machinery (Hunan) Co. Ltd., China.

Sime Darby CEL machinery (Jiangxi) Co. Ltd., China.

Sime Darby CEL machinery (Xinjiang) Co. Ltd., China.

Sime Darby China Oils & Fats Co. Ltd., Hong Kong.

Sime Darby CleanerG B.V., The Netherlands.

Sime Darby Consulting Sdn. Bhd., Malaysia.

Sime Darby Easstern Ltd., Singapore.

Sime Darby Eastern Investments Private Ltd., Singapore.

Sime Darby Edible Products India Pvt. Ltd., India.

Sime Darby Elco Power Equipment (Shenzhen) Ltd., China.

Sime Darby Electropack Sdn Bhd., Malaysia.

Sime Darby Foods & Beverages Marketing Sdn. Bhd., Malaysia.

Sime Darby Futures Trading Sdn. Bhd., Malaysia.

Sime Darby Hong Kong Nominees Ltd., Hong Kong.

Sime Darby Hudson & Knight (Pty) Ltd., South Africa.

Sime Darby Industrial Academy Sdn Bhd., Malaysia.

Sime Darby Industrial Australia Pty Ltd., Australia.

Sime Darby Industrial Holdings Sdn Bhd., Malaysia.

Sime Darby Industrial Power Sdn Bhd., Malaysia.

Sime Darby Industrial Power Systems Sdn Bhd., Malaysia.

Sime Darby Industrial Sdn Bhd., Malaysia.

Sime Darby Industrial Singapore Pte Ltd., Singapore.

Sime Darby International Investments Ltd., Cayman Islands.

Sime Darby Investments (Europe) S.à.r.l, Luxembourg.

Sime Darby Jomalina Sdn. Bhd., Malaysia.

Sime Darby Joy (Shanghai) Co. Ltd., China.

Sime Darby Joy Industries Sdn Bhd., Malaysia.

Sime Darby Kempas Sdn. Bhd., Malaysia.

Sime Darby Latex Sdn. Bhd., Malaysia.

Sime Darby Netherlands B.V., The Netherlands.

Sime Darby Oils & Fats Sdn. Bhd., Malaysia.

Sime Darby Pecconina Sdn. Bhd., Malaysia.

Sime Darby Plantation (Deutschland) GmbH, Germany.

Sime Darby Plantation (Liberia) Inc., Liberia.

Sime Darby Plantation (Sabah) Sdn. Bhd., Malaysia.

Sime Darby Plantation (Sarawak) Sdn. Bhd., Malaysia.

Sime Darby Plantation Holdings (Asia Pacific), Cayman Islands.

Sime Darby Plantation Holdings (Cayman Islands), Cayman Islands.

Sime Darby Plantation Indonesia Sdn. Bhd., Malaysia.

Sime Darby Plantation Investment (Cameroon) Sdn. Bhd., Malaysia.

Sime Darby Plantation Investment (Liberia) Pte. Ltd., Singapore.

Sime Darby Plantation Sdn. Bhd., Malaysia.

Sime Darby Plantation Thailand Sdn. Bhd., Malaysia.

Sime Darby Plantations (Deutschland) GmbH, Germany.

Sime Darby Research Sdn. Bhd., Malaysia.

Sime Darby Seeds & Agricultural Services Sdn. Bhd., Malaysia.

Sime Darby SEM Dealer (Fujian) Ltd., China.

Sime Darby Technology Centre Sdn. Bhd., Malaysia.

Sime Darby TMA Sdn Bhd., Malaysia.

Sime Darby Turf Sdn. Bhd., Malaysia.

Sime Darby Unimills B.V., The Netherlands.

Sime Darby Yangon Ltd., Myanmar.

Sime Darby-Agri Bio Sdn. Bhd., Malaysia.

Sime Kubota Sdn Bhd., Malaysia.

Sime-Morakot Holdings (Thailand) Ltd., Thailand.

Site Technology Asia Pacific Sdn Bhd., Malaysia.

Sitech Construction Systems Pty Ltd., Australia.

Tenom Crumb Sdn. Bhd., Malaysia.

Terberg Tractors Malaysia Sdn Bhd., Malaysia.

The China Engineers (Malaysia) Sdn. Bhd., Malaysia.

The China Engineers (Thailand) Ltd., Thailand.

Tractors machinery International Pte Ltd., Singpore.

Tractors Malaysia Motor Holdings Sdn Bhd., Malaysia.

Tractors Material Handing Sdn Bhd., Malaysia.

Tractors Petroleum Services Sdn Bhd., Malaysia.

Tractors Singapore Ltd., Singapore.

Ultimate Positioning Group Pty Ltd., Australia.

Vertical Drive Sdn. Bhd., Malaysia.

Wangsa Mujur Sdn. Bhd., Malaysia.

Wilpena Pty Ltd., Australia.

Xiamen Sime Darby CEL Machinery Co. Ltd., China.

 

 

BUSINESS REGISTRATION NUMBER

 

09873339

 

COMPANY FILE NUMBER

 

0154397

 

 

MANAGEMENT

 

Managing Director:  Mr. Jeffri Salim Davidson

 

 

CAPITAL

 

Nominal Share Capital: HK$1,000,000.00

 

 (Divided into 1,000,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$1,000,000.00

 

 

SHAREHOLDER

 

(As per registry dated 12-07-2013)

            Name

 

No. of shares

Sime Darby CEL (South China) Ltd., Hong Kong.

 

1,000,000

=======

 

 

DIRECTORS

 

(As per registry dated 30-08-2013)

Name

(Nationality)

 

Address

Jeffri Salim DAVIDSON

1/F. & 2/F., 40 Kei Ling Ha Lo Wai, Sai Kung, New Territories, Hong Kong.

 

Chi Yan SHIU

No. 15, 2 Street, Section H, Fairview Road, Yuen Long, New Territories, Hong Kong.

 

LUI Lap Cheong, Billy

Flat A, 4/F., 85 Broadway, Mei Foo Sun Chuen, Kowloon, Hong Kong.

 

LEUNG Ming

Flat G, 7/F., Block 24, Laguna City, Kwun Tong, Kowloon, Hong Kong.

 

SECRETARY 

 

(As per registry dated 12-07-2013)

Name

Address

Co. No.

Sime Darby Management Services Ltd.

5/F., Sime Darby House, 380 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.

0016639

 

 

HISTORY

 

The company was incorporated on 12th July, 1985 as a private limited liability company under the Hong Kong Companies Ordinance.

It was originally registered under the name of Make Step Co. Ltd., name changed to Elco Marine Supplies & Engineering Co. Ltd. on 15th November, 1995, changed to Elco Marine & Engineering Ltd. on 18th November, 1986, to Elco Power Systems Ltd. on 11th August, 2003 and further to the present style on 11th December, 2008.

Long time ago, the subject was located at 17A, Gee Chang Hong Centre, 65 Wong Chuk Hang Road, Hong Kong, moved to Units G5-G6, G/F., Lincoln Centre, 20 Yip Fung Street, Fanling, New Territories, Hong Kong in September 1996.  In September 2012, the subject moved to the present address.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer and Supplier; Engineering and Maintenance Services.

 

Lines:                           All kinds of industrial engines, marine engines, diesel engines, generating sets, electropaks, spare parts and accessories.

 

Agents for:-

Brand

Product

Country of Origin

AUSTRAL

Marine propellers

Australia

HURTH

Marine gear boxes

Germany

KOHLER

Marine generators

U.S.A.

MUNRADTECH

Industrial generators

U.K.

PERKINS

Diesel engines

U.K.

REINTJES

Marine gear boxes

Germany

SEASTAR

Steering and control

U.S.A.

 

Employees:                  20.

 

Commodities Imported: Mainly imported from U.K., Germany, Italy, U.S.A., Australia, Canada, Malaysia, Singapore

 

Business Territories:      Hong Kong and China.

 

Group Revenue:            MYR 28,655.9 million (Year ended 30-06-2009)

MYR 32,217.5 million (Year ended 30-06-2010)

MYR 41,540.1 million (Year ended 30-06-2011)

MYR 47,254.5 million (Year ended 30-06-2012)

MYR 46,812.3 million (Year ended 30-06-2013)

 

Terms/Sales:                 As per contracted.

 

Terms/Buying:               L/C or as per contracted.

 

GOVERNMENT CONTRACTS AWARDED IN THE PAST:

Date

GN No.

Particulars

Amount

28-09-1990

GN3504

Agreement for the Supply of “Perkins” Spare Parts
Country of Origin: U.K.

HK$5,902,000

30-11-1990

GN4346

Supply of Perkins TV8.540 and Phaser 160T Engines
Country of Origin: U.K.

HK$   416,500

28-08-1992

GN3111

Agreement for the Supply of “Perkins” Spare Parts
Country of Origin: Miscellaneous

HK$5,866,000
(Estimated Contract Value)

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$1,000,000.00

 

(Divided into 1,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1,000,000.00

 

Increases of Nominal Capital:-

From

HK$  10,000.00

to

HK$   100,000.00

on

24-09-1985

From

HK$100,000.00

to

HK$1,000,000.00

on

16-10-1986

 

Alternation of Issued Capital:-

12-07-1985

paid up

HK$              2.00

26-09-1985

paid up

HK$     49,998.00

17-10-1986

paid up

HK$   900,000.00

27-09-1986

paid up

HK$     50,000.00

 

 

–––––––––––––––

Total:

paid up

HK$1,000,000.00

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

 

Group Profit Attributable to Owners:-

MYR 2,280.1 million (Year ended 30-06-2009)

MYR    726.8 million (Year ended 30-06-2010)

MYR 3,664.5 million (Year ended 30-06-2011)

MYR 4,150.2 million (Year ended 30-06-2012)

MYR 3,700.6 million (Year ended 30-06-2013)

 

Profit & Loss:   Group business is profitable.

Condition:         Keeping in an active and satisfactory manner.

 

Facilities:          Making active use of general banking facilities.

 

Payment:          So far so good.

 

Commercial Morality:  Good.

 

Banker:             The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:          Good.

 

 

GENERAL

 

Sime Darby Elco Power Systems Ltd. is a wholly-owned subsidiary of Sime Darby CEL (South China) Ltd., a Hong Kong-registered company.  The penultimate holding company Sime Darby Berhad [Sime Darby] is a listed firm in Malaysia.

The subject was acquired by Sime Darby in 2007.  Now, it belongs to the Group’s Industrial Segment.

Sime Darby Industrial offers a comprehensive list of heavy equipment and services, ranging from the sales of new machines, engines or used equipment for rental through its chain of Cat Rental Stores.  Sime Darby is the world’s fifth largest Caterpillar dealer operating in 14 countries across Asia and Australasia, with more than 100 branches to service customers’ needs.

Sime Darby Industrial carries other brands of associated heavy equipment including Bucyrus, Case New Holland, Kubota, Terberg, Jacobson, Perkins and Omega.

For the Malaysian market, Sime Darby Industrial Sdn Bhd offers a comprehensive list of heavy equipment and services, ranging from the sales of new machines, engines or used equipment to rental through its chain of Cat Rental Stores nationwide.  It is also involved in equipment manufacture under license and after sales support.

The subject is trading in the following Power Systems:

·         Marine Donkey Engine;

·         Marine Propelling Motor;

·         Industrial Engine;

·         Diesel Engine for Power Generation;

·         Gas Engine; &

·         High Pressure Oil Pump

The subject’s main service centre is located at Shunde District, Foshan City, Guangdong Province, China.  This is also the headquarters of Sime Darby Industrial.  The headquarters have been equipped with a maintenance centre, a testing centre, a training centre and a warehouse.

Sime Darby was incorporated in 1910 by businessmen William Sime, Henry d’Esterre Darby and Herbert Mitford Darby to manage 500 acres of rubber estates in Malacca, Malaysia.  Now, Sime Darby has grown into one of Malaysia’s largest multinational corporations.

Today, Sime Darby is a key player in the Malaysian economy as well as a diversified multinational, with businesses in key growth sectors namely, plantations, industrial equipment, motors, property and energy & utilities with operations in more than 20 countries.

Sime Darby is one of the largest companies listed on Bursa Malaysia and has a market capitalisation of MYR 55.95 billion (US$17.17 billion), as at 31st March 2014.

For the year ended 30th June, 2013, the revenue of the Group amounted to MYR 46,812.3 million (2012: MYR 47,254.5 million).

The Group registered lower revenue of 0.9% in FY 2013 largely due to lower revenue from Plantation by 17.4%.  The main contributors to the Group revenue are Plantation, Industrial and Motors at 24.9%, 30.0% and 36.9% respectively.  The three divisions together contributed 91.8% (2012: 92.9%) to the Group revenue.

The Group profit attributable to owners was MYR 3,700.6 million, decreased by 10.8% as compared with MYR 4,150.2 million in FY 2012.

Profit before interest and tax (PBIT) declined by 19.0% largely attributable to lower earnings from Plantation by 37.4% which was partially off-set by lower corporate expenses.  The main contributors to the Group’s PBIT before corporate expenses and elimination are Plantation, Industrial and Motors at 41.3%, 26.8% and 14.6% respectively.  The three divisions combined contributed 82.7% (2012: 85.8%) to the Group’s PBIT.

The Group registered a gain of MYR340.6 million from the joint-venture arrangement where the Group disposed its interest in Sime Darby Healthcare Sdn Bhd to Ramsay Sime Darby Health Care Sdn Bhd (formerly known as Sime Darby Global Healthcare Sdn Bhd) [RSDHC] in exchange for a 50% equity in RSDHC.

The subject is fully supported by Sime Darby.

On the whole, in view of the background of the subject, consider it good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.27

UK Pound

1

Rs.101.10

Euro

1

Rs.83.74

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NNA

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.