|
Report Date : |
15.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
TIOXIDE ( |
|
|
|
|
Formerly Known As : |
TAPL ( |
|
|
|
|
Registered Office : |
The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, Level
18, 59200 Kuala Lumpur, Wilayah Persekutuan. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.08.1982 |
|
|
|
|
Com. Reg. No.: |
88183-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturer of Chemical Petrochemical Products. |
|
|
|
|
No of Employees : |
300 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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. |
: |
88183-K |
||||
|
COMPANY NAME |
: |
TIOXIDE (MALAYSIA) SDN. BHD. |
||||
|
FORMER NAME |
: |
TAPL (MALAYSIA) SDN BHD (18/07/1989) |
||||
|
INCORPORATION DATE |
: |
04/08/1982 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
THE GARDENS NORTH TOWER, MID VALLEY CITY, LINGKARAN SYED PUTRA, LEVEL
18, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
KAWASAN INDUSTRI TELUK KALONG, P.O. BOX 29,, 24007 KEMAMAN, TERENGGANU,
MALAYSIA. |
||||
|
TEL.NO. |
: |
09-8628688 |
||||
|
FAX.NO. |
: |
09-8631988 |
||||
|
CONTACT PERSON |
: |
UBAIDILLAH HASSAN ( FINANCIAL CONTROLLER ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
20119 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF CHEMICAL PETROCHEMICAL PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
ORDINARY SHARE 10,000,000.00 OF MYR 1.00 EACH. |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
ORDINARY SHARES 5,125,000 CASH OF MYR 1.00 EACH. |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 756,802,000 [2012] |
||||
|
NET WORTH |
: |
MYR 488,656,000 [2012] |
||||
|
M1000 OVERALL RANKING |
: |
511[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
27[2011] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
300 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
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) manufacture of chemical petrochemical 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 |
2004 |
|
|
OVERALL RANKING |
511 |
454 |
407 |
293 |
276 |
|
|
INDUSTRY RANKING |
27 |
26 |
24 |
12 |
5 |
|
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
01/07/2013 |
MYR 5,125,000.00 & USD 3,000,000.00 |
|
15/02/2013 |
MYR 5,125,000.00 & USD 3,300,000.00 |
|
30/06/2012 |
MYR 5,125,000.00 & USD 3,750,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
HUNTSMAN ICI INVESTMENT (NETHERLANDS) BV |
MERSEYWEG 10, 3179KG, BOTLEK-ROTTERDAM THE NETHERLANDS |
XLZ000016239 |
8,125,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
8,125,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
375458U |
MALAYSIA |
PACIFIC IRON PRODUCTS SDN. BHD. |
50.00 |
29/03/2013 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. V VISAGARAN A/L E.VISVALINGAM |
|
Address |
: |
A-6250, LORONG TOK SIRA 46, 25050 KUANTAN, PAHANG, MALAYSIA. |
|
IC / PP No |
: |
7347209 |
|
New IC No |
: |
640718-04-5001 |
|
Date of Birth |
: |
18/07/1964 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
30/03/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MR. MIZANUR RAHMAN BIN S M ABDUL GHANI |
|
Address |
: |
8,JALAN BEKA, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
0663753 |
|
New IC No |
: |
451201-10-5291 |
|
Date of Birth |
: |
01/12/1945 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
28/07/1989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
PETER RILEY HUNTSMAN |
|
Address |
: |
1399 DEVONSHIRE DR, SALT LAKE CITY, UTAH, 84108, UNITED STATES. |
|
IC / PP No |
: |
701739401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
28/06/1999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
DARYL KENNETH WOOD |
|
Address |
: |
APARTMENT 43-3-2, VILLA MUTIARA, 43, JALAN MEDANG TANDUK, BUKIT BANDARAYA,
59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
E3083083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
AUSTRALIAN |
|
Date of Appointment |
: |
15/02/2006 |
|
1) |
Name of Subject |
: |
UBAIDILLAH HASSAN |
|
|
Position |
: |
FINANCIAL CONTROLLER |
|
|
|
|
|
|
2) |
Name of Subject |
: |
ALEX LEE |
|
|
Position |
: |
MARKETING MANAGER |
|
|
|
|
|
|
3) |
Name of Subject |
: |
AZHAR AZIZ |
|
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
|
|
|
|
|
4) |
Name of Subject |
: |
ZUL AWANG |
|
|
Position |
: |
EXECUTIVE |
|
|
|
|
|
|
5) |
Name of Subject |
: |
ZAMANI AHMAD |
|
|
Position |
: |
PRODUCTION MANAGER |
|
|
|
|
|
|
6) |
Name of Subject |
: |
VISAGARAN VISVALINGAM |
|
|
Position |
: |
SITE DIRECTOR |
|
Auditor |
: |
DELOITTE & TOUCHE |
|
Auditor' Address |
: |
LEVEL 16, MENARA LGB, 1 JALAN WAN KADIR, TAMAN TUN DR. ISMAIL, 60000
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. KUMAR A/L RAMU |
|
|
IC / PP No |
: |
A0413045 |
|
|
New IC No |
: |
660413-08-5289 |
|
|
Address |
: |
8, LORONG BUKIT PELINDUNG 77, TAMAN BUKIT PELINGUNG AMAN, 25050
KUANTAN, PAHANG, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
MS. THAM WAI YING |
|
|
IC / PP No |
: |
A1008639 |
|
|
New IC No |
: |
680810-10-6360 |
|
|
Address |
: |
46, JALAN MIDAH 19-A, TAMAN MIDAH, 56000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3) |
Company Secretary |
: |
MS. KUAN HUI FANG |
|
|
IC / PP No |
: |
A1845678 |
|
|
New IC No |
: |
710224-10-5204 |
|
|
Address |
: |
23, JALAN BU 3/2, BANDAR UTAMA, 47800 PETALING 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 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.
* 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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Import Countries |
: |
CHINA,UNITED STATES,TAIWAN,INDIA |
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 |
[ |
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 |
: |
ASIA PACIFIC |
|
Credit Term |
: |
30 DAYS |
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured |
: |
|
||
|
|
|
|
||
|
Award |
: |
1 ) QUALITY MANAGEMENT EXCELLENCE AWARD BY MINISTRY OF INTERNATIONAL
TRADE AND INDUSTRY (MITI) Year :2003
|
||
|
|
|
|
||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMI ASSOCIATION OF MALAYSIA SMALL & MEDIUM ENTERPRISE CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM) |
||
|
|
|
|
||
|
Ownership of premises |
: |
OWNED
|
|
Total Number of
Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
|
|||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
300 |
300 |
300 |
330 |
325 |
|
|
|
|
|
Branch |
: |
YES
|
|
|
No of Branches |
: |
1
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of
chemical petrochemical products.
The Subject's product provides whiteness and opacity to a vast range of
everyday products from coatings and plastics, to inks and even cosmetics and food.
To produce the pigment the Subject processes a raw material rich in titanium
from minerals found in beach sands and rock.
This feedstock is treated to extract the titanium and then reform it as
titanium dioxide to a very closely defined particle size.
Finally the product is coated and milled to produce a range of versatile
pigments for key end uses.
Latest fresh investigations carried out on the Subject indicated that:
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
09-8628688 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
LEVEL 15, THE PINNACLE PERSIARAN LAGOON BANDAR SUNWAY 46150 PETALING JAYA SELANGOIR DARUL EHSAN |
|
Current Address |
: |
KAWASAN INDUSTRI TELUK KALONG, P.O. BOX 29,, 24007 KEMAMAN,
TERENGGANU, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some information
on the Subject.
The Subject is not aware of the address provided.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
15.70% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
12.91% |
] |
|
|
|
|
|
|
|
|
|
|
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 Subject's management had generated acceptable
return for its shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
53 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
84 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
25 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The high debtors' ratio could
indicate that the Subject was weak in its credit control. However, the
Subject could also giving longer credit periods to its customers in order to
boost its sales or to capture / retain its market share. 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 |
[ |
2.07 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
3.08 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 |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was nil as it did not pay any interest
during the year. The Subject had no gearing and hence it had virtually no
financial risk. The Subject was financed by its shareholders' funds and
internally generated fund. During the economic downturn, the Subject, having
a zero gearing, will be able to compete better than those 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. The Subject did not make any interest payment during
the year. The Subject was dependent on its shareholders' funds to finance its
business needs. The Subject was a zero gearing company, it was solely
dependant on its shareholders to provide funds to finance its business. The
Subject has good chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : STRONG |
||||||
|
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 |
28,876 |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
21,984 |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
12.3 |
|
INDUSTRIES ( % of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.1 |
2.4 |
5.8 |
1.3 |
2.1 |
|
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 |
(6.5) |
(0.3) |
(5.4) |
1.0 |
0.7 |
|
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 # |
(9.0) |
11.9 |
4.7 |
4.8 |
3.5 |
|
Exported-oriented Industries |
(19.0) |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
(30.3) |
28.4 |
(4.0) |
12.7 |
18.6 |
|
Rubber Products |
(10.1) |
25.3 |
20.7 |
3.0 |
8.2 |
|
Wood Products |
(24.1) |
20.1 |
(5.1) |
8.7 |
(3.1) |
|
Textiles & Apparel |
(19.5) |
(0.4) |
13.2 |
(7.1) |
(2.6) |
|
Domestic-oriented Industries |
(9.8) |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.8 |
2.7 |
3.6 |
|
Chemical & Chemical Products |
(7.7) |
16.2 |
10.0 |
10.8 |
(0.7) |
|
Plastic Products |
(9.1) |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
(32.7) |
29.3 |
2.2 |
(6.6) |
3.4 |
|
Fabricated Metal Products |
(2.5) |
14.9 |
21.8 |
13.8 |
12.2 |
|
Non-metallic Mineral |
(15.5) |
20.2 |
12.1 |
2.9 |
(0.4) |
|
Transport Equipment |
(13.5) |
36.5 |
12.0 |
3.4 |
13.8 |
|
Paper & Paper Products |
(5.0) |
18.7 |
9.5 |
3.1 |
2.3 |
|
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 |
6.2 |
11.4 |
4.7 |
18.6 |
10.9 |
|
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 |
2.9 |
7.4 |
7.1 |
6.4 |
5.9 |
|
Electric, Gas & Water |
1.4 |
7.8 |
3.5 |
4.4 |
4.2 |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.1 |
7.3 |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
4.7 |
5.9 |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.9 |
9.7 |
3.7 |
|
Government Services |
3.4 |
5.9 |
12.4 |
9.4 |
8.3 |
|
Other Services |
3.8 |
4.4 |
5.1 |
3.9 |
5.1 |
|
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 |
|
|
20119 : Manufacture of other basic chemicals 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 1982, the Subject is a Private Limited company, focusing on
manufacture of chemical petrochemical products. The Subject has been in
business for over two decades. It has built up a strong clientele base and good
reputation will enable the Subject to further enhance its business in the near
term. The Subject is expected to enjoy a stable market shares. Having
strong support from its holding company has enabled the Subject to remain
competitive despite the challenging business environment. The capital standing
of the Subject is fair. With an adequate share capital, the Subject has the
potential of expanding its business in future.
Over the years, the Subject has penetrated
into both the local and overseas market. The Subject has positioned itself in
the global market and is competing in the industry. Its stable clientele base
will enable the Subject to further enhance its business in the near term. The
Subject is a fairly large and rapidly growing company with over 300 staff in
its operations Overall, we regard that the Subject's management capability is
average. This indicates that the Subject has greater potential to improve its
business performance and raising income for the Subject. To improve its quality
products and services, we noted that the Subject has received a number of
certifications & awards. This will improve the customer's confidence level
to the Subject.
The Subject's business performance showed a
reverse trend as both its turnover and pre-tax profit have decreased compared
to the previous year. Return on shareholders' funds of the Subject was at an
acceptable range which indicated that the management was efficient in utilising
its funds to generate income. The Subject 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 Subject 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 488,656,000, the Subject should be able to
maintain its business in the near terms.
Having a strong assets backing, the Subject
possesses latent assets as collateral for further financial extension. Hence,
it has good chance of getting loans if the needs arises. The Subject'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 Subject has a good control over
its resources.
We regard that the Subject's overall payment habit is prompt. The Subject 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 Subject 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 Subject with favourable term.
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
TIOXIDE
(MALAYSIA) SDN. BHD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
756,802,000 |
1,009,837,000 |
877,334,000 |
683,126,000 |
664,607,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
756,802,000 |
1,009,837,000 |
877,334,000 |
683,126,000 |
664,607,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
63,068,000 |
152,200,000 |
91,804,000 |
15,414,000 |
6,816,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
63,068,000 |
152,200,000 |
91,804,000 |
15,414,000 |
6,816,000 |
|
Taxation |
13,650,000 |
(43,878,000) |
(17,487,000) |
(9,259,000) |
(92,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
76,718,000 |
108,322,000 |
74,317,000 |
6,155,000 |
6,724,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
393,716,000 |
314,865,000 |
246,910,000 |
243,008,000 |
237,610,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
393,716,000 |
314,865,000 |
246,910,000 |
243,008,000 |
237,610,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
470,434,000 |
423,187,000 |
321,227,000 |
249,163,000 |
244,334,000 |
|
TRANSFER TO RESERVES - General |
(51,442,000) |
(29,471,000) |
(6,362,000) |
(2,253,000) |
(1,326,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
418,992,000 |
393,716,000 |
314,865,000 |
246,910,000 |
243,008,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Term loan / Borrowing |
- |
- |
- |
74,000 |
346,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
- |
- |
74,000 |
346,000 |
|
|
|
|
============= |
============= |
============= |
|
TIOXIDE
(MALAYSIA) SDN. BHD. |
|
||||
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
260,779,000 |
252,258,000 |
273,306,000 |
295,899,000 |
333,158,000 |
|
|
|
|
|
|
|
|
Associated companies |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
|
Deferred assets |
1,272,000 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
2,522,000 |
1,250,000 |
1,250,000 |
1,250,000 |
1,250,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
263,301,000 |
253,508,000 |
274,556,000 |
297,149,000 |
334,408,000 |
|
|
|
|
|
|
|
|
Stocks |
109,178,000 |
117,921,000 |
64,992,000 |
71,400,000 |
146,499,000 |
|
Trade debtors |
174,712,000 |
177,683,000 |
182,585,000 |
121,128,000 |
74,644,000 |
|
Other debtors, deposits & prepayments |
3,524,000 |
1,967,000 |
1,775,000 |
1,554,000 |
663,000 |
|
Short term deposits |
150,000 |
153,000 |
- |
23,236,000 |
20,233,000 |
|
Deposits with financial institutions |
- |
- |
30,625,000 |
- |
- |
|
Amount due from related companies |
- |
- |
4,986,000 |
1,109,000 |
468,000 |
|
Amount due from associated companies |
- |
- |
1,899,000 |
1,378,000 |
690,000 |
|
Cash & bank balances |
39,111,000 |
47,060,000 |
153,000 |
19,117,000 |
20,683,000 |
|
Others |
6,905,000 |
- |
- |
207,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
333,580,000 |
344,784,000 |
287,015,000 |
239,129,000 |
263,880,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
596,881,000 |
598,292,000 |
561,571,000 |
536,278,000 |
598,288,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
51,209,000 |
62,800,000 |
36,872,000 |
42,853,000 |
29,014,000 |
|
Other creditors & accruals |
48,266,000 |
34,646,000 |
43,857,000 |
34,130,000 |
33,694,000 |
|
Amounts owing to related companies |
- |
- |
34,107,000 |
27,631,000 |
91,079,000 |
|
Provision for taxation |
- |
18,642,000 |
- |
- |
121,000 |
|
Other liabilities |
8,750,000 |
13,256,000 |
6,720,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
108,225,000 |
129,344,000 |
121,556,000 |
104,614,000 |
153,908,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
225,355,000 |
215,440,000 |
165,459,000 |
134,515,000 |
109,972,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
488,656,000 |
468,948,000 |
440,015,000 |
431,664,000 |
444,380,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Share premium |
- |
- |
30,236,000 |
45,900,000 |
45,900,000 |
|
Capital reserve |
64,539,000 |
60,033,000 |
54,732,000 |
48,370,000 |
46,117,000 |
|
Retained profit/(loss) carried forward |
418,992,000 |
393,716,000 |
314,865,000 |
246,910,000 |
243,008,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
483,531,000 |
453,749,000 |
399,833,000 |
341,180,000 |
335,025,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
488,656,000 |
458,874,000 |
404,958,000 |
346,305,000 |
340,150,000 |
|
|
|
|
|
|
|
|
Deferred taxation |
- |
10,074,000 |
16,500,000 |
9,500,000 |
- |
|
Others |
- |
- |
18,557,000 |
75,859,000 |
104,230,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
- |
10,074,000 |
35,057,000 |
85,359,000 |
104,230,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
488,656,000 |
468,948,000 |
440,015,000 |
431,664,000 |
444,380,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
TIOXIDE (MALAYSIA) SDN. BHD.
|
|
|||||
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
39,261,000 |
47,213,000 |
153,000 |
42,353,000 |
40,916,000 |
|
Net Liquid Funds |
39,261,000 |
47,213,000 |
153,000 |
42,353,000 |
40,916,000 |
|
Net Liquid Assets |
116,177,000 |
97,519,000 |
100,467,000 |
63,115,000 |
(36,527,000) |
|
Net Current Assets/(Liabilities) |
225,355,000 |
215,440,000 |
165,459,000 |
134,515,000 |
109,972,000 |
|
Net Tangible Assets |
488,656,000 |
468,948,000 |
440,015,000 |
431,664,000 |
444,380,000 |
|
Net Monetary Assets |
116,177,000 |
87,445,000 |
65,410,000 |
(22,244,000) |
(140,757,000) |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
108,225,000 |
139,418,000 |
156,613,000 |
189,973,000 |
258,138,000 |
|
Total Assets |
596,881,000 |
598,292,000 |
561,571,000 |
536,278,000 |
598,288,000 |
|
Net Assets |
488,656,000 |
468,948,000 |
440,015,000 |
431,664,000 |
444,380,000 |
|
Net Assets Backing |
488,656,000 |
458,874,000 |
404,958,000 |
346,305,000 |
340,150,000 |
|
Shareholders' Funds |
488,656,000 |
458,874,000 |
404,958,000 |
346,305,000 |
340,150,000 |
|
Total Share Capital |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
5,125,000 |
|
Total Reserves |
483,531,000 |
453,749,000 |
399,833,000 |
341,180,000 |
335,025,000 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.36 |
0.37 |
0.00 |
0.40 |
0.27 |
|
Liquid Ratio |
2.07 |
1.75 |
1.83 |
1.60 |
0.76 |
|
Current Ratio |
3.08 |
2.67 |
2.36 |
2.29 |
1.71 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
53 |
43 |
27 |
38 |
80 |
|
Debtors Ratio |
84 |
64 |
76 |
65 |
41 |
|
Creditors Ratio |
25 |
23 |
15 |
23 |
16 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
0.22 |
0.30 |
0.39 |
0.55 |
0.76 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
0.00 |
209.30 |
20.70 |
|
Assets Backing Ratio |
95.35 |
91.50 |
85.86 |
84.23 |
86.71 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
8.33 |
15.07 |
10.46 |
2.26 |
1.03 |
|
Net Profit Margin |
10.14 |
10.73 |
8.47 |
0.90 |
1.01 |
|
Return On Net Assets |
12.91 |
32.46 |
20.86 |
3.59 |
1.61 |
|
Return On Capital Employed |
12.91 |
32.46 |
20.86 |
3.59 |
1.61 |
|
Return On Shareholders' Funds/Equity |
15.70 |
23.61 |
18.35 |
1.78 |
1.98 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.44 |
|
UK Pound |
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.