MIRA INFORM REPORT

 

 

Report Date :

11.02.2014

 

IDENTIFICATION DETAILS

 

Name :

FIW STEEL SDN. BHD.

 

 

Formerly Known As :

FEDERAL IRON WORKS SDN BHD

 

 

Registered Office :

3, Jalan Keluli Satu, Kawasan Perindustrian Bukit Raja Selatan, 40000 Shah Alam, Selangor,

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

11.07.1960

 

 

Com. Reg. No.:

3835-P

 

 

Legal Form :

Private Limited (Limited By Share)          

 

 

Line of Business :

Manufacture & Sale Of Zinc Cozted Steel Sheets, Fire Extinguishers, Lpg Cylinders & Pre-Painted Galvanized Iron Sheet/Coils

 

 

No. of Employees :

300 (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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

MALAYSIA - ECONOMIC OVERVIEW

 

Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy''s dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 35% of government revenue in 2011. Bank Negera Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia''s exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

3835-P

COMPANY NAME

:

FIW STEEL SDN. BHD.

FORMER NAME

:

FEDERAL IRON WORKS SDN BHD (04/07/2013)
FEDERAL IRON WORKS LTD (15/04/1966)

INCORPORATION DATE

:

11/07/1960

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

3, JALAN KELULI SATU, KAWASAN PERINDUSTRIAN BUKIT RAJA SELATAN, 40000 SHAH ALAM, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

3, JALAN KELULI SATU, KAWASAN PERINDUSTRIAN BUKIT RAJA SELATAN, 40000 SHAH ALAM, SELANGOR, MALAYSIA.

TEL.NO.

:

03-33431177

FAX.NO.

:

03-33426721

EMAIL

:

FC.KONG@FIW.COM.MY

WEB SITE

:

WWW.FIW.COM.MY

CONTACT PERSON

:

LOH MENG KIAT ( MANAGING DIRECTOR )

 

 

 

INDUSTRY CODE

:

24102

PRINCIPAL ACTIVITY

:

MANUFACTURE & SALE OF ZINC COZTED STEEL SHEETS, FIRE EXTINGUISHERS, LPG CYLINDERS & PRE-PAINTED GALVANIZED IRON SHEET/COILS

AUTHORISED CAPITAL

:

MYR 50,000,000.00 DIVIDED INTO
ORDINARY SHARE 50,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 39,752,679.00 DIVIDED INTO
ORDINARY SHARES 12,127,679 CASH AND 27,625,000 OTHERWISE OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 174,213,550 [2012]

NET WORTH

:

MYR 252,809,414 [2012]

 

 

 

STAFF STRENGTH

:

300 [2014]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

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) manufacture & sale of zinc cozted steel sheets, fire extinguishers, lpg cylinders & pre-painted galvanized iron sheet/coils.

The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

Share Capital History

Date

Authorised Shared Capital

Issue & Paid Up Capital

02/09/2013

MYR 50,000,000.00

MYR 39,752,679.00

 

The major shareholder(s) of the Subject are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

SUMITOMO CORPORATION

1-8-11 HARUMI, CHUO-KU, TOKYO, 104-8610, JAPAN.

JPXLZ00215076

13,230,000.00

33.28

YEW LIAN PROPERTY & INVESTMENTS PTE LTD

77 MCNAIR ROAD, TOWNERVILLE, 328552, SINGAPORE.

04334/1984D

12,420,000.00

31.24

AMANAH RAYA BERHAD SKIM AMANAH SAHAM BUMIPUTRA

BALAI PNB, 201-A JALAN TUN RAZAK, TINGKAT 4, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

344986V

11,065,179.00

27.84

LIM TECK HOCK DANIEL

1 MARGATE ROAD, 438039, SINGAPORE.

E09070324H

368,750.00

0.93

LIM SIOH TIN AMY

26 MOUNT ECHO PARK, 248786, SINGAPORE.

E2847065E

368,750.00

0.93

LIM LAY TIN JENNIE

68 WATTEN VIEW, 287202, SINGAPORE.

E0473712N

368,750.00

0.93

LIM POH TIN EILEEN

8 RAMSGATE ROAD, 437455, SINGAPORE.

E2817191K

368,750.00

0.93

LIM KWEE TIN ESTHER

BLOCK 19, TAMAN SERASI, #02-23, BOTANIC GARDEN VIEW, 257723, SINGAPORE.

S01535911

368,750.00

0.93

LIM TECK LEONG DAVID

IC MARGATE ROAD, 438074, SINGAPORE.

E2485352E

368,750.00

0.93

GOH GEOK KHIM +

10, ASTRID HILL, 1026, SINGAPORE.

0797052H

300,000.00

0.75

LIM CHIN HIN (DECEASED)

3 RAMSGATE ROAD, 1543, SINGAPORE.

0479108H

57,000.00

0.14

SINNEO SDN. BHD.

SUITE 2302, WISMA TUN SAMBANTHAN, 2, JALAN SULTAN SULAIMAN, 23RD FLOOR, 50000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

30188D

50,000.00

0.13

ONG SU PIN

1 RAMSGATE ROAD, 1543, SINGAPORE.

1375851D

30,000.00

0.08

GOH GEOK LOO +

1, WESTLAKE AVENUE, 2057, SINGAPORE.

1042589A

30,000.00

0.08

GOH GEOK SOO

25 DELAMERE AVENUE, SPRINGFIELD 5062, ADELAIDE, AUSTRALIA.

T564176

30,000.00

0.08

GOH GEOK LING +
[ALTERNATE DIRECTOR TO GOH GEOK KHIM]

37, JALAN KAMPONG CHANTEK, 588615, SINGAPORE.

S0040556F

30,000.00

0.08

GOH GEOK CHUAN +

78, WESTLAKE AVENUE, 2057, SINGAPORE.

0797016A

30,000.00

0.08

GOH GEOK BENG

PO BOX 1385 BUTERIM, QUEENSLAND 4556, AUSTRALIA.

N1014377

30,000.00

0.08

LIM CHEE NEO

1 RAMSGATE ROAD, 1543, SINGAPORE.

02800243J

27,000.00

0.07

KHOR GEOK LIAN

21, TRAMINER WAY, AULDANA 5072, SOUTH AUSTRALIA, AUSTRALIA.

L8473342

15,000.00

0.04

GOH GEOK LAN

30 SENNETT LANE, OFF UPPER EAST COAST ROAD, 46691, SINGAPORE.

0386549E

15,000.00

0.04

HSU CHIA CHI

35 SIGLAP BANK, 456244, SINGAPORE.

1190786E

15,000.00

0.04

GOH GEOK ENG @ TAN GEOK ENG

6 JALAN TUA KONG, #04-08 CRESCENDO PARK, 457269, SINGAPORE.

S07970571

15,000.00

0.04

GOH GEOK BEE

84 THOMSON RIDGE, 2057, SINGAPORE.

0048318D

15,000.00

0.04

GOH GEOK SIEW

9 WILGENA AVENUE, MYRTLE BANK 5064, SOUTH AUSTRALIA, AUSTRALIA.

T39172O

15,000.00

0.04

WOO BIH LI

117 NAMLY AVENUE, 1026, SINGAPORE.

S002582F

14,250.00

0.04

WOO HENG LI HENRY (DECEASED)

12 ONE TREE HILL GARDENS, #02-03, 248677, SINGAPORE.

S01575131

14,250.00

0.04

WOO PEI LI PERRY

79 FARRER DRIVE, #10-02, 259283, SINGAPORE.

1163482F

14,250.00

0.04

WOO TOONG LI

79 FARRRER DRIVE, #10-02, 259283, SINGAPORE.

S0157474D

14,250.00

0.04

HSU HWEI FONG

1 FRANKEL CLOSE, 458115, SINGAPORE.

1225874G

14,000.00

0.04

HSU HWEI FEN

5000C MARINE PARADE ROAD, #08--11, 449286, SINGAPORE.

0145400E

14,000.00

0.04

HSU CHIA JONG

79 RARRER DRIVE, #10-2, 259283, SINGAPORE.

1522233F

14,000.00

0.04

KAREN TAN TIAT JOO

14 NASSIM ROAD, 1025, AUSTRALIA.

S1654261Z

7,500.00

0.02

EDWIN TAN TIAT HENG

14 NASSIM ROAD, 1025, SINGAPORE.

1745898A

7,500.00

0.02

MS. LIM CHENG NEO

D-4-5, SRI KENNY CONDOMINIUM, NO. 28, JALAN TUN ISMAIL, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

210422-71-5192 0000048

7,000.00

0.02

 

 

 

---------------

------

 

 

 

39,752,679.00

100.00

 

 

 

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

29290H

MALAYSIA

NAGA TEMBAGA SDN. BHD.

53.65

29/03/2013

 

 

 

 

 

259565V

MALAYSIA

MWL STEEL PRODUCTS SDN. BHD.

49.00

31/12/2012

 

 

 

 

 

 

VIETNAM

NIPPOVINA COMPANY LIMITED

36.00

31/12/2012

 

 

 

 

 

 

VIETNAM

SOUTHERN STEEL SHEET CO. LTD.

33.00

31/12/2012

 

 

 

 

 



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MS. KHUZAIMAH BINTI BASRAN @ TOHA

Address

:

JALAN SUASANA 2, BANDAR TUN HUSSEIN ONN, BALAKONG, 43200 CHERAS, SELANGOR, MALAYSIA.

IC / PP No

:

A0934558

New IC No

:

680122-01-5270

Date of Birth

:

22/01/1968

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

19/03/2007

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MR. LOH MENG KIAT

Address

:

2 JALAN SS24/24, JALAN TEMAN MEGAH, 47301 PETALING JAYA, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

390414-71-5337

Date of Birth

:

14/04/1939

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

01/01/2007

Remark

:

MANAGING DIRECTOR

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

OTOMICHI YANO

Address

:

#407, 9-1 TSUTUJIGAOKA AOBA-KU, YOKOHAMA CITY, YOKOHAMA, JAPAN.

IC / PP No

:

TH3386389

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

07/05/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

YUKIO SHIOZAWA

Address

:

14-4, IZEN KIARA 2, MONT KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

TH5811522

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

21/06/2011

Remark

:

ALTERNATE DIRECTOR TO KEITA HORAI

 

 

 

 

 

 

 

 

 

 

DIRECTOR 5

 

Name Of Subject

:

KEITA HORAI

Address

:

3-290-4-902, MATSUGAOKA, NAGAREYAMA, CHIBA, PO 2700141, JAPAN.

IC / PP No

:

TK2650774

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

21/06/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 6

 

Name Of Subject

:

HIDEJI UENISHI

Address

:

A-27-2 AMAN RESORT CONDO, JALAN KIARA 2, MONT KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

TH8796664

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

01/07/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 7

 

Name Of Subject

:

GOH GEOK LING

Address

:

37, JALAN KAMPONG CHANTEK, 588615, SINGAPORE.

IC / PP No

:

S0040556F

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

25/01/2007

Remark

:

ALTERNATE DIRECTOR TO GOH GEOK KHIM

 

 

 

 

 

 

 

 

 

 

DIRECTOR 8

 

Name Of Subject

:

GOH GEOK LOO

Address

:

1, WESTLAKE AVENUE, 2057, SINGAPORE.

IC / PP No

:

1042589A

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/11/1981

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 9

 

Name Of Subject

:

GOH GEOK CHUAN

Address

:

78, WESTLAKE AVENUE, 2057, SINGAPORE.

IC / PP No

:

0797016A

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

23/10/1961

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 10

 

Name Of Subject

:

GOH GEOK KHIM

Address

:

10, ASTRID HILL, 1026, SINGAPORE.

IC / PP No

:

0797052H

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

07/04/1964

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

1)

Name of Subject

:

LOH MENG KIAT

 

Position

:

MANAGING DIRECTOR

 

 

 

 

 

2)

Name of Subject

:

STEPHENIE SIEW

 

Position

:

FINANCE MANAGER

 

 

 

 

 

3)

Name of Subject

:

TASLIMAN

 

Position

:

ADMIN MANAGER

 

 

 

 

 

4)

Name of Subject

:

KONG FOO CHEE

 

Position

:

MARKETING MANAGER

 

 

 

 

 

5)

Name of Subject

:

LOW HUA KEANG

 

Position

:

PRODUCTION MANAGER

 

 

 

 

 

 

AUDITOR

 

Auditor

:

FOLKS DFK & CO

Auditor' Address

:

12TH FLOOR, WISMA TUN SAMBANTHAN, NO. 2, JALAN SULTAN SULAIMAN, 50000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. KHOO LAY SAN

 

IC / PP No

:

A2623197

 

New IC No

:

731013-08-6034

 

Address

:

89,JALAN BUKIT CHERAS 21, TAMAN BUKIT CHERAS, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, 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

3

10/03/1976

N/A

BANK OF TOKYO-MITSUBISHI UFJ (MALAYSIA) BERHAD

MYR 4,870,000.00

Satisfied

2

30/04/1976

N/A

MALAYAN BANKING BHD

MYR 4,300,000.00

Satisfied

4

29/07/1981

N/A

BANK OF TOKYO MALAYSIA BHD

MYR 2,000,000.00

Satisfied

5

14/08/1981

N/A

MALAYAN BANKING BHD

MYR 2,000,000.00

Satisfied

6

28/04/1987

N/A

THE PACIFIC BANK BHD

MYR 2,500,000.00

Satisfied

7

03/01/1991

N/A

MALAYAN BANKING BERHAD

MYR 4,625,000.00

Satisfied

 

 

LEGAL CHECK AGAINST SUBJECT


* 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.

 

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

:

60%

Overseas

:

YES

Percentage

:

40%

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

[

X

]

 

Good 31-60 Days

[

 

]

 

Average 61-90 Days

[

 

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 



CLIENTELE

 

Local

:

YES

Percentage

:

90%

Domestic Markets

:

MALAYSIA

Overseas

:

YES

Percentage

:

10%

Export Market

:

AUSTRALIA

SINGAPORE

ASIA

Credit Term

:

30 - 60 DAYS,AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Products manufactured

:

STEEL PRODUCTS

 

 

 

Award

:

1 ) MS ISO 9001 : 2000 Year :2002

 

 

 

 

Member(s) / Affiliate(s)

:

FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)

MALAYSIAN IRON AND STEEL INDUSTRY FEDERATION (MISIF)

MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)

 

 

 

Ownership of premises

:

OWNED

 

Factory Size

:

21 ACRES

 

Production Capacity

:

ZINC COATED STEEL COILS: 200,000 METRICTON AND PREPAINTED ZINC COATED STEEL:60,000 METRIC TON PER YEAR

 

Shifts

:

3

 

 

 

 

 

Total Number of Employees:

 

YEAR

2014

2013

2012

2011

2010

2009

 

 

 

GROUP

N/A

N/A

N/A

N/A

N/A

N/A

 

 

 

COMPANY

300

220

220

250

300

196

 

 

 

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) manufacture & sale of zinc cozted steel sheets, fire extinguishers, lpg cylinders & pre-painted galvanized iron sheet/coils.

The Subject produces a wide range of products including galvanised iron sheets, roofing sheets, LPG cylinders, hot dipped galvanish coils & sheets (prepainted), zinc coated steel coils & sheets and etc.

In galvanizing process the Subject process plain coil according to it foam. After that the coil form undergo corugating process and will be cut according to its clients requirements.

The Subject's products are mainly used in the mechanical, electrical and construction industry especially for roofing and cladding work.

The Subject has a modernised factory equipped with continuous production lines. The technology originated from USA and the Subeject's factory is known as the "Non-Oxidised Furnace Plant".



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

03-33431177

Match

:

N/A

 

 

 

Address Provided by Client

:

3, JALAN KELULI SATU, KAWASAN PERINDUSTRIAN BUKIT RAJA SELATAN,40000,SHAH ALAM,SELANGOR.

Current Address

:

3, JALAN KELULI SATU, KAWASAN PERINDUSTRIAN BUKIT RAJA SELATAN, 40000 SHAH ALAM, SELANGOR, 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

:

Decreased

[

2008 - 2012

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2008 - 2012

]

 

Return on Shareholder Funds

:

Unfavourable

[

3.70%

]

 

Return on Net Assets

:

Unfavourable

[

4.05%

]

 

 

 

 

 

 

 

 

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.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

:

Unfavourable

[

188 Days

]

 

Debtor Ratio

:

Acceptable

[

60 Days

]

 

Creditors Ratio

:

Favourable

[

16 Days

]

 

 

 

 

 

 

 

 

The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. 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

[

8.76 Times

]

 

Current Ratio

:

Favourable

[

16.96 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's performance deteriorated over the years with lower turnover and profit. 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 : FAIR

 

 

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

24102 : Production of bars and rods of stainless steel or other alloy steel

 

 

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



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1960, the Subject is a Private Limited company, focusing on manufacture & sale of zinc cozted steel sheets, fire extinguishers, LPG cylinders & pre-painted galvanized iron sheet/coils. 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 shareholder has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.

Apart from supplying its products to the local market, the Subject also exports to overseas countries. Its ability to penetrate into the global market has benefited the Subject in terms of higher profitability and well diversified its business risk. Hence, better growth prospect can be expected. 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. However, 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 252,809,414, 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.

Based on the above condition, we recommend credit be granted to the Subject promptly.

 



PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

FIW STEEL 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

GROUP

GROUP

Company

Company

GROUP

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

MYR

MYR

MYR

MYR

MYR

 

 

 

 

 

 

TURNOVER

174,213,550

224,628,973

229,317,435

206,699,004

238,579,093

 

----------------

----------------

----------------

----------------

----------------

Total Turnover

174,213,550

224,628,973

229,317,435

206,699,004

238,579,093

Costs of Goods Sold

(161,813,137)

(202,695,934)

(195,011,284)

(174,715,888)

(214,810,774)

 

----------------

----------------

----------------

----------------

----------------

Gross Profit

12,400,413

21,933,039

34,306,151

31,983,116

23,768,319

 

----------------

----------------

----------------

----------------

----------------

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

10,577,820

17,366,484

31,933,919

27,114,044

25,375,976

 

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

10,577,820

17,366,484

31,933,919

27,114,044

25,375,976

Taxation

(1,231,832)

(3,605,124)

(4,836,784)

(6,134,154)

(6,138,754)

 

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

9,345,988

13,761,360

27,097,135

20,979,890

19,237,222

Minority interests

-

-

-

-

(180,512)

 

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

9,345,988

13,761,360

27,097,135

20,979,890

19,056,710

 

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

9,345,988

13,761,360

27,097,135

20,979,890

19,056,710

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

219,693,404

178,326,035

181,043,409

166,026,421

175,543,995

Prior year adjustment

-

33,568,911

-

-

-

 

----------------

----------------

----------------

----------------

----------------

As restated

219,693,404

211,894,946

181,043,409

166,026,421

175,543,995

 

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

229,039,392

225,656,306

208,140,544

187,006,311

194,600,705

DIVIDENDS - Ordinary (paid & proposed)

(5,962,902)

(5,962,902)

(29,814,509)

(5,962,902)

(7,354,246)

 

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

223,076,490

219,693,404

178,326,035

181,043,409

187,246,459

 

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

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

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

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

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

 

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

 

Others

-

-

-

4,041

5,023

 

----------------

----------------

----------------

----------------

----------------

 

-

-

-

4,041

5,023

 

 

 

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

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

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

 

 

BALANCE SHEET

 

FIW STEEL SDN. BHD.

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

53,436,313

58,024,867

59,371,684

55,676,282

48,904,589

 

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

 

Associated companies

33,236,978

32,382,245

5,538,237

5,538,237

27,266,870

Investments

46,000

46,000

46,000

46,000

46,000

 

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

33,282,978

32,428,245

5,584,237

5,584,237

27,312,870

 

 

 

 

 

 

INTANGIBLE ASSETS

 

 

 

 

 

Computer software

213,422

251,045

288,669

-

-

 

----------------

----------------

----------------

----------------

----------------

TOTAL INTANGIBLE ASSETS

213,422

251,045

288,669

-

-

 

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

86,932,713

90,704,157

65,244,590

61,260,519

76,217,459

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

Stocks

89,505,882

72,925,358

79,022,005

71,048,909

75,656,788

Trade debtors

28,702,973

34,800,368

34,098,535

23,740,877

19,360,586

Other debtors, deposits & prepayments

804,785

2,093,192

5,649,197

4,045,510

2,947,178

Short term deposits

60,536,391

60,692,262

41,800,000

79,000,000

59,000,000

Amount due from associated companies

1,677,268

3,396,926

3,812,721

3,233,699

3,482,912

Cash & bank balances

1,809,669

4,180,106

3,123,324

5,364,998

5,388,358

Dividend Received

81,606

-

-

-

-

Others

1,912,268

990,208

237,356

791,901

1,545,212

 

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

185,030,842

179,078,420

167,743,138

187,225,894

167,381,034

 

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

271,963,555

269,782,577

232,987,728

248,486,413

243,598,493

 

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

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

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

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

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

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade creditors

7,288,909

8,372,849

3,641,963

15,936,283

6,834,061

Other creditors & accruals

3,622,033

2,969,076

4,037,360

6,071,073

4,773,799

 

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

10,910,942

11,341,925

7,679,323

22,007,356

11,607,860

 

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

174,119,900

167,736,495

160,063,815

165,218,538

155,773,174

 

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

261,052,613

258,440,652

225,308,405

226,479,057

231,990,633

 

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

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

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

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

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

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

39,752,679

39,752,679

39,752,679

39,752,679

39,752,679

 

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

39,752,679

39,752,679

39,752,679

39,752,679

39,752,679

 

 

 

 

 

 

RESERVES

 

 

 

 

 

Capital reserve

903,574

903,574

-

-

1,263,574

Exchange equalisation/fluctuation reserve

(10,923,329)

(10,179,588)

-

-

(2,354,946)

Retained profit/(loss) carried forward

223,076,490

219,693,404

178,326,035

181,043,409

187,246,459

 

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

213,056,735

210,417,390

178,326,035

181,043,409

186,155,087

 

 

 

 

 

 

MINORITY INTEREST

-

-

-

-

808,293

 

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

252,809,414

250,170,069

218,078,714

220,796,088

226,716,059

 

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

 

Deferred taxation

3,162,744

3,500,000

2,350,000

832,771

254,072

Retirement benefits provision

5,080,455

4,770,583

4,879,691

4,850,198

5,020,502

 

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

8,243,199

8,270,583

7,229,691

5,682,969

5,274,574

 

----------------

----------------

----------------

----------------

----------------

 

261,052,613

258,440,652

225,308,405

226,479,057

231,990,633

 

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

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

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

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

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

 

 

 

 

 

 

Contingent Liabilities

2,625,800

4,960,400

2,724,740

1,123,050

1,378,550

 

 

FINANCIAL RATIO

 

FIW STEEL SDN. BHD.

 

TYPES OF FUNDS

 

 

 

 

 

Cash

62,346,060

64,872,368

44,923,324

84,364,998

64,388,358

Net Liquid Funds

62,346,060

64,872,368

44,923,324

84,364,998

64,388,358

Net Liquid Assets

84,614,018

94,811,137

81,041,810

94,169,629

80,116,386

Net Current Assets/(Liabilities)

174,119,900

167,736,495

160,063,815

165,218,538

155,773,174

Net Tangible Assets

260,839,191

258,189,607

225,019,736

226,479,057

231,990,633

Net Monetary Assets

76,370,819

86,540,554

73,812,119

88,486,660

74,841,812

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

0

0

0

0

0

Total Liabilities

19,154,141

19,612,508

14,909,014

27,690,325

16,882,434

Total Assets

271,963,555

269,782,577

232,987,728

248,486,413

243,598,493

Net Assets

261,052,613

258,440,652

225,308,405

226,479,057

231,990,633

Net Assets Backing

252,809,414

250,170,069

218,078,714

220,796,088

226,716,059

Shareholders' Funds

252,809,414

250,170,069

218,078,714

220,796,088

226,716,059

Total Share Capital

39,752,679

39,752,679

39,752,679

39,752,679

39,752,679

Total Reserves

213,056,735

210,417,390

178,326,035

181,043,409

186,155,087

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

5.71

5.72

5.85

3.83

5.55

Liquid Ratio

8.75

9.36

11.55

5.28

7.90

Current Ratio

16.96

15.79

21.84

8.51

14.42

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

188

118

126

125

116

Debtors Ratio

60

57

54

42

30

Creditors Ratio

16

15

7

33

12

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

0.00

0.00

0.00

0.00

0.00

Liabilities Ratio

0.08

0.08

0.07

0.13

0.07

Times Interest Earned Ratio

0.00

0.00

0.00

6,710.74

5,052.96

Assets Backing Ratio

6.56

6.49

5.66

5.70

5.84

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

6.07

7.73

13.93

13.12

10.64

Net Profit Margin

5.36

6.13

11.82

10.15

7.99

Return On Net Assets

4.05

6.72

14.17

11.97

10.94

Return On Capital Employed

4.05

6.71

14.16

11.97

10.90

Return On Shareholders' Funds/Equity

3.70

5.50

12.43

9.50

8.41

Dividend Pay Out Ratio (Times)

0.64

0.43

1.10

0.28

0.39

NOTES TO ACCOUNTS

 

 

 

 

 

Contingent Liabilities

2,625,800

4,960,400

2,724,740

1,123,050

1,378,550



FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.19

UK Pound

1

Rs.102.14

Euro

1

Rs.84.74

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.