|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
PETRONAS CHEMICALS DERIVATIVES SDN. BHD. |
|
|
|
|
Formerly Known As : |
OPTIMAL CHEMICALS ( |
|
|
|
|
Registered Office : |
Tower 1, Petronas Twin Towers, Kuala Lumpur City Centre, 50088 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
31.07.1998 |
|
|
|
|
Com. Reg. No.: |
466586-D |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing & Marketing of Ethylene Oxide Derivatives, Propylene Derivative Products & Related Chemical Products |
|
|
|
|
No of Employees : |
600 [2014] |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 32% of government revenue in 2013. Bank Negara 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 earlier raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|
|
|
REGISTRATION NO. |
: |
466586-D |
||||
|
COMPANY NAME |
: |
PETRONAS
CHEMICALS DERIVATIVES SDN. BHD. |
||||
|
FORMER NAME |
: |
OPTIMAL CHEMICALS (MALAYSIA) SDN BHD
(23/03/2012) |
||||
|
INCORPORATION DATE |
: |
31/07/1998 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
TOWER 1, PETRONAS TWIN TOWERS, KUALA
LUMPUR CITY CENTRE, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
KERTEH INDUSTRIAL AREA KM 106 JALAN KUALA
TERENGGANU KUANTAN, 24300 KERTEH, TERENGGANU, MALAYSIA. |
||||
|
TEL.NO. |
: |
09-8307700 |
||||
|
FAX.NO. |
: |
09-8307797 |
||||
|
WEB SITE |
: |
WWW.OPTIMAL.COM.MY |
||||
|
CONTACT PERSON |
: |
MOHD YUSRI BIN MOHAMED YUSOF ( DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
20 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING & MARKETING OF ETHYLENE
OXIDE DERIVATIVES, PROPYLENE DERIVATIVE PRODUCTS & RELATED CHEMICAL
PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 550,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 247,579,000.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 1,424,260,299 [2012] |
||||
|
NET WORTH |
: |
MYR 1,373,710,617 [2012] |
||||
|
M1000 OVERALL RANKING |
: |
235[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
11[2011] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
600 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY / BACKGROUND
|
The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) manufacturing & marketing of ethylene oxide derivatives, propylene derivative products & related chemical products.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the Subject's ranking are as follows: |
|
||||
|
|
|
|
|
|
|
|
YEAR |
2011 |
2009 |
2008 |
2005 |
|
|
OVERALL RANKING |
235 |
194 |
149 |
175 |
|
|
INDUSTRY RANKING |
11 |
10 |
6 |
2 |
|
The immediate holding company of the Subject is PETRONAS CHEMICALS GROUP BERHAD, a company incorporated in MALAYSIA.
Share Capital
History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
18/04/2013 |
MYR 550,000,000.00 |
MYR 247,579,000.00 |
|
31/03/2000 |
MYR 550,000,000.00 |
MYR 165,160,000.00 |
|
21/01/2000 |
MYR 550,000,000.00 |
MYR 202,000.00 |
|
18/08/1998 |
MYR 550,000,000.00 |
MYR 1,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
PETRONAS CHEMICALS GROUP BERHAD |
TOWER 1, PETRONAS TWIN TOWERS, KUALA
LUMPUR CITY CENTRE, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
459830K |
495,158.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
495,158.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. MOHD YUSRI BIN MOHAMED YUSOF |
|
Address |
: |
12, JALAN 49, KAWASAN PERUMAHAN RANTAU, PETRONAS, 24300 KERTEH, TERENGGANU, MALAYSIA. |
|
IC / PP No |
: |
A0369817 |
|
New IC No |
: |
660328-11-5113 |
|
Date of Birth |
: |
28/03/1966 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/07/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MR. SAMSUDIN BIN MISKON |
|
Address |
: |
DL 8, JALAN MUTIARA, TAMAN BUKIT AMPANG, 68000 AMPANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
6012702 |
|
New IC No |
: |
601110-01-5435 |
|
Date of Birth |
: |
10/11/1960 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/10/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MR. AKBAR BIN MD THAYOOB |
|
Address |
: |
23, JALAN USJ 6/2J, 47610 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
7121205 |
|
New IC No |
: |
630629-07-5613 |
|
Date of Birth |
: |
29/06/1963 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
29/01/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
MS. FARINA BINTI FARIKHULLAH KHAN |
|
Address |
: |
27, JALAN ELITIS ARCA BELANTARA, VALENCIA NORTH GOLF PRECINT, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
720308-11-5230 |
|
Date of Birth |
: |
08/03/1972 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
29/01/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
MR. MUHAMMAD FARID BIN NGAH |
|
Address |
: |
20, LORONG TOK SIRA 23, MEDAN TOK SIRA, 25050 KUANTAN, PAHANG, MALAYSIA. |
|
IC / PP No |
: |
5981303 |
|
New IC No |
: |
600913-11-5099 |
|
Date of Birth |
: |
13/09/1960 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
20/03/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
|
1) |
Name of Subject |
: |
MOHD YUSRI BIN MOHAMED YUSOF |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
AUDITOR
|
|
Auditor |
: |
ERNST & YOUNG |
|
Auditor' Address |
: |
MENARA MILENIUM, JALAN DAMANLELA,, PUSAT BANDAR DAMANSARA, DAMANSARA HEIGHTS, LEVEL 23A, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. MEK YAM @ MARIAM BINTI HASSAN |
|
|
IC / PP No |
: |
A2742752 |
|
|
New IC No |
: |
740210-03-5388 |
|
|
Address |
: |
11, JALAN SUAKASIH 3/6, BANDAR TUN HUSSEIN ONN, 43200 CHERAS, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
|
|
|
|
|
|
|
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
17/09/2004 |
CHARGE ON
ACCOUNT |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
|
2 |
17/09/2004 |
DEBENTURE |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
|
3 |
17/09/2004 |
DEED OF
ASSIGNMENT |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
|
4 |
01/06/2006 |
OPEN CHARGE |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
LEGAL CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank against the Subject 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 SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection since 1990. Information
was provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
|
|
||||
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
50% |
|
Overseas |
: |
YES |
Percentage |
: |
50% |
|
Import Countries |
: |
ASIA |
|||
The Subject 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 |
[ |
|
] |
|
Good 31-60 Days |
[ |
X |
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
80% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
20% |
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
30 - 90 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
END USERS |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
|
|
|
|
|
Award |
: |
1 ) MS ISO 9001 : 2000 Year :2006
|
|
|
|
|
|
|
|
Member(s) / Affiliate(s) |
: |
MALAYSIAN INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI) |
|
|
|
|
|
|
|
Ownership of premises |
: |
LEASED/RENTED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
600 |
600 |
600 |
600 |
580 |
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing & marketing
of ethylene oxide derivatives, propylene derivative products & related
chemical products.
The Subject's products can be found in various commonly used items and
industrial applications. These include personal care products i.e. soaps and
shampoos; cosmetics; pharmaceuticals; industrial, institutional and household
cleaners; synthetic lubricants; and oil and gas processing.
Besides, the Subject's products are heavily used as the main ingredients in
solvents, paints, inks, coatings and adhesives, and brake fluids.
The Subject's petrochemical products from basic feedstock of Ethylene and
Propylene, to intermediate products like Ethylene Oxide, Ethylene Glycol,
Butanol and various Ethylene Oxide Derivatives as well as basic and high
performance chemicals.
The manufacturing plant is located in Kerteh.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
09-8307700 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
KERTEH INDUSTRIAL AREA KM 106 JALAN KUALA TERENGGANU KUANTAN 24300 |
|
Current Address |
: |
KERTEH INDUSTRIAL AREA KM 106 JALAN KUALA TERENGGANU KUANTAN, 24300 KERTEH, TERENGGANU, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS
|
|
|
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2010 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
1.11% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
2.43% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players. The Subject's profit fell sharply because of
the high operating costs incurred. The unfavourable return on shareholders' funds
could indicate that the Subject was inefficient in utilising its assets to
generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
35 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
56 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
11 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The Subject's management was quite
efficient in handling its debtors. The Subject's debtors days were at an
acceptable range, thus the risk of its debts turning bad was minimised. The
Subject had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.86 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.26 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they fall
due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
2.77 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.12 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject'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 Subject was lowly geared thus it had a low financial risk. The
Subject was mainly financed by its shareholders' funds and internally
generated funds. In times of economic slowdown / downturn, the Subject 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 Subject recorded lower profits as its turnover showed a erratic
trend. The Subject's management was unable to control its costs efficiently as
its profit showed a downward trend. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. If there is a fall in the Subject's profit or any
increase in interest rate, the Subject may not be able to generate sufficient
cash-flow to service its interest. The Subject 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 Subject : 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 |
|
|
20 : MANUFACTURE OF CHEMICALS AND CHEMICAL
PRODUCTS |
|
|
|
|
|
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 domestic
oriented 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 seven months of
2012 in line with the increase in sales value of manufactured products by
6.5% to RM363.1 billion. Output from domestic oriented 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 government encourage
manufacturers to move up the value chain of manufacturing industry. The new
growth initiatives by government in the manufacturing sector such as solar
and medial services can be important drivers of growth apart from helping to
diversify the manufacturing base and contributing to the resilience of the
sector. |
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : Average Growth |
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
PETRONAS
CHEMICALS DERIVATIVES SDN. BHD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2011-03-31 |
2010-03-31 |
|
Months |
12 |
9 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
TURNOVER |
1,424,260,299 |
1,199,698,128 |
1,497,658,043 |
1,599,590,466 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
1,424,260,299 |
1,199,698,128 |
1,497,658,043 |
1,599,590,466 |
|
Costs of Goods Sold |
(1,189,553,763) |
(936,445,473) |
(1,404,078,669) |
(1,606,290,118) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
234,706,536 |
263,252,655 |
93,579,374 |
(6,699,652) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
23,843,889 |
113,149,652 |
61,727,672 |
(54,010,592) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
23,843,889 |
113,149,652 |
61,727,672 |
(54,010,592) |
|
Taxation |
(8,637,685) |
(31,415,072) |
164,326,469 |
16,566,277 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
15,206,204 |
81,734,580 |
226,054,141 |
(37,444,315) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
863,668,413 |
812,342,215 |
586,288,074 |
623,732,389 |
|
Prior year adjustment |
- |
(30,408,382) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
863,668,413 |
781,933,833 |
586,288,074 |
623,732,389 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
878,874,617 |
863,668,413 |
812,342,215 |
586,288,074 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
878,874,617 |
863,668,413 |
812,342,215 |
586,288,074 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
Others |
13,499,934 |
10,570,779 |
16,964,753 |
22,652,062 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
13,499,934 |
10,570,779 |
16,964,753 |
22,652,062 |
|
|
============= |
============= |
============= |
============= |
BALANCE SHEET
|
|
|
|
PETRONAS
CHEMICALS DERIVATIVES SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
932,918,709 |
1,025,901,981 |
926,285,762 |
937,187,278 |
|
|
|
|
|
|
|
Deferred assets |
178,829,685 |
185,753,127 |
205,596,000 |
39,957,000 |
|
Others |
50,095 |
103,329 |
125,471 |
55,455,472 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
178,879,780 |
185,856,456 |
205,721,471 |
95,412,472 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
1,111,798,489 |
1,211,758,437 |
1,132,007,233 |
1,032,599,750 |
|
|
|
|
|
|
|
Stocks |
135,173,330 |
182,087,203 |
125,275,697 |
156,928,645 |
|
Trade debtors |
219,556,504 |
204,450,338 |
190,495,818 |
301,840,701 |
|
Other debtors, deposits & prepayments |
16,761,985 |
12,517,069 |
5,723,483 |
8,309,360 |
|
Short term deposits |
275,633,125 |
341,710,952 |
232,814,310 |
254,872,391 |
|
Amount due from holding company |
- |
- |
292,248 |
- |
|
Amount due from related companies |
106,337,523 |
44,743,310 |
78,771,047 |
43,263,161 |
|
Cash & bank balances |
6,731,231 |
2,131,861 |
4,230,479 |
37,772,053 |
|
Others |
336,553 |
267,208 |
86,868 |
34,277 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
760,530,251 |
787,907,941 |
637,689,950 |
803,020,588 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
1,872,328,740 |
1,999,666,378 |
1,769,697,183 |
1,835,620,338 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
Trade creditors |
36,529,178 |
8,739,274 |
2,276,000 |
24,600,726 |
|
Other creditors & accruals |
175,085,611 |
85,671,150 |
110,845,191 |
110,959,676 |
|
Short term borrowings/Term loans |
- |
91,500,958 |
90,382,586 |
43,217,644 |
|
Other borrowings |
- |
25,069,015 |
38,133,496 |
- |
|
Amounts owing to holding company |
33,243,397 |
4,511,375 |
6,636,413 |
- |
|
Amounts owing to related companies |
73,579,964 |
105,885,073 |
26,402,218 |
198,825,363 |
|
Other liabilities |
18,190,585 |
17,324,368 |
- |
51,763,563 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
336,628,735 |
338,701,213 |
274,675,904 |
429,366,972 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
423,901,516 |
449,206,728 |
363,014,046 |
373,653,616 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
1,535,700,005 |
1,660,965,165 |
1,495,021,279 |
1,406,253,366 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share capital |
247,579,000 |
247,579,000 |
247,579,000 |
247,579,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
247,579,000 |
247,579,000 |
247,579,000 |
247,579,000 |
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
Share premium |
247,257,000 |
247,257,000 |
247,257,000 |
247,257,000 |
|
Retained profit/(loss) carried forward |
878,874,617 |
863,668,413 |
812,342,215 |
586,288,074 |
|
Others |
- |
(3,305,452) |
(1,599,371) |
(3,406,387) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
1,126,131,617 |
1,107,619,961 |
1,057,999,844 |
830,138,687 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
1,373,710,617 |
1,355,198,961 |
1,305,578,844 |
1,077,717,687 |
|
|
|
|
|
|
|
Long term loans |
161,989,388 |
180,179,969 |
41,804,090 |
144,363,209 |
|
Others |
- |
125,586,235 |
147,638,345 |
184,172,470 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
161,989,388 |
305,766,204 |
189,442,435 |
328,535,679 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,535,700,005 |
1,660,965,165 |
1,495,021,279 |
1,406,253,366 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
FINANCIAL RATIO
|
|
|
|
PETRONAS
CHEMICALS DERIVATIVES SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
282,364,356 |
343,842,813 |
237,044,789 |
292,644,444 |
|
Net Liquid Funds |
282,364,356 |
343,842,813 |
237,044,789 |
292,644,444 |
|
Net Liquid Assets |
288,728,186 |
267,119,525 |
237,738,349 |
216,724,971 |
|
Net Current Assets/(Liabilities) |
423,901,516 |
449,206,728 |
363,014,046 |
373,653,616 |
|
Net Tangible Assets |
1,535,700,005 |
1,660,965,165 |
1,495,021,279 |
1,406,253,366 |
|
Net Monetary Assets |
126,738,798 |
(38,646,679) |
48,295,914 |
(111,810,708) |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
Total Borrowings |
161,989,388 |
296,749,942 |
170,320,172 |
187,580,853 |
|
Total Liabilities |
498,618,123 |
644,467,417 |
464,118,339 |
757,902,651 |
|
Total Assets |
1,872,328,740 |
1,999,666,378 |
1,769,697,183 |
1,835,620,338 |
|
Net Assets |
1,535,700,005 |
1,660,965,165 |
1,495,021,279 |
1,406,253,366 |
|
Net Assets Backing |
1,373,710,617 |
1,355,198,961 |
1,305,578,844 |
1,077,717,687 |
|
Shareholders' Funds |
1,373,710,617 |
1,355,198,961 |
1,305,578,844 |
1,077,717,687 |
|
Total Share Capital |
247,579,000 |
247,579,000 |
247,579,000 |
247,579,000 |
|
Total Reserves |
1,126,131,617 |
1,107,619,961 |
1,057,999,844 |
830,138,687 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
Cash Ratio |
0.84 |
1.02 |
0.86 |
0.68 |
|
Liquid Ratio |
1.86 |
1.79 |
1.87 |
1.50 |
|
Current Ratio |
2.26 |
2.33 |
2.32 |
1.87 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
35 |
55 |
31 |
36 |
|
Debtors Ratio |
56 |
62 |
46 |
69 |
|
Creditors Ratio |
11 |
3 |
1 |
6 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
Gearing Ratio |
0.12 |
0.22 |
0.13 |
0.17 |
|
Liabilities Ratio |
0.36 |
0.48 |
0.36 |
0.70 |
|
Times Interest Earned Ratio |
2.77 |
11.70 |
4.64 |
(1.38) |
|
Assets Backing Ratio |
6.20 |
6.71 |
6.04 |
5.68 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
1.67 |
9.43 |
4.12 |
(3.38) |
|
Net Profit Margin |
1.07 |
6.81 |
15.09 |
(2.34) |
|
Return On Net Assets |
2.43 |
7.45 |
5.26 |
(2.23) |
|
Return On Capital Employed |
2.43 |
7.45 |
5.26 |
(2.23) |
|
Return On Shareholders' Funds/Equity |
1.11 |
6.03 |
17.31 |
(3.47) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.86 |
|
|
1 |
Rs. 102.67 |
|
Euro |
1 |
Rs. 81.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.