|
Report Date : |
12.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BEHN MEYER AGRICARE (M) SDN. BHD. |
|
|
|
|
Formerly Known As : |
BEHN MEYER & CO. (M) SDN BHD |
|
|
|
|
Registered Office : |
5, Jalan TP2, Taman Perindustrian |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.12.1959 |
|
|
|
|
Com. Reg. No.: |
3636-V |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Distributor of Fertilizers & Agrochemicals |
|
|
|
|
No of Employees : |
150 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income
country, has transformed itself since the 1970s from a producer of raw
materials into an emerging multi-sector economy. Under current Prime Minister
NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move
farther up the value-added production chain by attracting investments in
Islamic finance, high technology industries, biotechnology, and services.
NAJIB's Economic Transformation Program (ETP) is a series of projects and policy
measures intended to accelerate the country's economic growth. The government
has also taken steps to liberalize some services sub-sectors. The NAJIB
administration also is continuing efforts to boost domestic demand and reduce
the economy's dependence on exports. Nevertheless, exports - particularly of
electronics, oil and gas, palm oil and rubber - remain a significant driver of
the economy. As an oil and gas exporter, Malaysia has profited from higher
world energy prices, although the rising cost of domestic gasoline and diesel
fuel, combined with strained government finances, has forced Kuala Lumpur to
begin to reduce government subsidies. The government is also trying to lessen
its dependence on state oil producer Petronas. The oil and gas sector supplies
about 35% of government revenue in 2011. Bank Negera Malaysia (central bank)
maintains healthy foreign exchange reserves, and a well-developed regulatory
regime has limited Malaysia's exposure to riskier financial instruments and the
global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall
in commodity prices or a general slowdown in global economic activity because
exports are a major component of GDP. In order to attract increased investment,
NAJIB has raised possible revisions to the special economic and social
preferences accorded to ethnic Malays under the New Economic Policy of 1970,
but he has encountered significant opposition, especially from Malay
nationalists and other vested interests.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
3636-V |
||||
|
COMPANY NAME |
: |
BEHN MEYER
AGRICARE (M) SDN. BHD. |
||||
|
FORMER NAME |
: |
BEHN MEYER & CO. (M) SDN BHD
(23/12/2011) |
||||
|
INCORPORATION DATE |
: |
05/12/1959 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
5, JALAN TP2, TAMAN PERINDUSTRIAN SIME
UEP, 47600 SUBANG JAYA, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
5, JALAN TP2, TAMAN PERINDUSTRIAN SIME
UEP, 47600 SUBANG JAYA, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-80263333 |
||||
|
FAX.NO. |
: |
03-80263399 |
||||
|
WEB SITE |
: |
WWW.BEHNMEYER.COM |
||||
|
CONTACT PERSON |
: |
CHONG YIEW ON ( DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
46692 |
||||
|
PRINCIPAL ACTIVITY |
: |
DISTRIBUTOR OF FERTILIZERS &
AGROCHEMICALS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 200,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 200,000,000.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 1,273,576,723 [2012] |
||||
|
NET WORTH |
: |
MYR 216,335,052 [2012] |
||||
|
M1000 OVERALL RANKING |
: |
385[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
22[2011] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
150 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
GOOD |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
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) distributor of fertilizers &
agrochemicals.
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 |
385 |
456 |
478 |
468 |
543 |
|
|
INDUSTRY RANKING |
22 |
27 |
28 |
22 |
18 |
|
The immediate holding
company of the Subject is BEHN MEYER AGRICARE HOLDING (S) PTE LTD, a company
incorporated in SINGAPORE.
The ultimate
holding company of the Subject is BEHN MEYER DEUTSCHLAND HOLDING AG & CO
KG, a company incorporated in GERMANY.
Share Capital
History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
20/05/2013 |
MYR 200,000,000.00 |
MYR 200,000,000.00 |
|
15/02/2013 |
MYR 200,000,000.00 |
MYR 175,000,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
BEHN MEYER AGRICARE HOLDING (S) PTE LTD |
2, BOON LEAT TERRACE, 06-01, HARBOURSIDE
2, 119844, SINGAPORE. |
200205629W |
182,000,000.00 |
91.00 |
|
BEHN MEYER DEUTSCHLAND HOLDING AG & CO
KG |
BALLINDAMM 1, HAMBURG, 20095, GERMANY. |
HRA55938 |
18,000,000.00 |
9.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
200,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also
Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. CHONG YIEW ON |
|
Address |
: |
NO 43 JALAN SS 22/38, 47400 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
6344354 |
|
New IC No |
: |
611127-08-6175 |
|
Date of Birth |
: |
27/11/1961 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
10/02/2010 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. KHOO SU CHIN |
|
Address |
: |
12,JALAN JINGGA 5, 80400 JOHOR BAHRU,
JOHOR, MALAYSIA. |
|
IC / PP No |
: |
7943068 |
|
New IC No |
: |
450826-01-5021 |
|
Date of Birth |
: |
26/08/1945 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/01/2004 |
DIRECTOR 3
|
Name Of Subject |
: |
DIRK ALBRECHT LORENZ LORENZ-MEYER |
|
Address |
: |
NO.32, JALAN U2/50, MAPLEWOODS AT SAUJANA,
40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
C4K5CKCPH |
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
01/01/2012 |
DIRECTOR 4
|
Name Of Subject |
: |
MS. ROHAYA BINTI MUHAMMAD |
|
Address |
: |
NO 11A JALAN USJ 3A/12, UEP SUBANG JAYA, 47610
SUBANG JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
6870983 |
|
New IC No |
: |
620928-01-6112 |
|
Date of Birth |
: |
28/09/1962 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/01/2012 |
DIRECTOR 5
|
Name Of Subject |
: |
DR. DIRK ALBRECHT LORENZ LORENZ-MEYER |
|
Address |
: |
NO.32, JALAN U2/50, MAPLEWOODS AT SAUJANA,
40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
C4K5WYHZ2 |
|
Date of Appointment |
: |
01/01/2012 |
|
1) |
Name of Subject |
: |
CHONG YIEW ON |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
|
2) |
Name of Subject |
: |
ROHAYA |
|
|
Position |
: |
FINANCE MANAGER |
|
|
|
|
|
|
3) |
Name of Subject |
: |
LOW ENG MENG |
|
|
Position |
: |
MARKETING MANAGER |
|
|
|
|
|
|
4) |
Name of Subject |
: |
TENGKU ZAMIL |
|
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor' Address |
: |
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR CENTRAL,
P O BOX 10192, LEVEL 15, 50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
1) |
Company Secretary |
: |
MS. ROHAYA BINTI MUHAMMAD |
|
|
IC / PP No |
: |
6870983 |
|
|
New IC No |
: |
620928-01-6112 |
|
|
Address |
: |
NO 11A JALAN USJ 3A/12, UEP SUBANG JAYA,
47610 SUBANG JAYA, SELANGOR, MALAYSIA. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
HSBC BANK MALAYSIA BHD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
MALAYAN BANKING BHD |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
15/03/2005 |
N/A |
BUMIPUTRACOMMERCE BANK BERHAD |
MYR 10,000,000.00 |
Satisfied |
* 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.
* 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 |
Percentage |
: |
40% |
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Import Countries |
: |
SINGAPORE,GERMANY,UNITED STATES |
|||
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 |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|
|
|
|
|
|
|
|
|
|
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
FERTILIZERS, SPECIALTY FERTILIZERS AND
AGROCHEMICALS
|
|||||
|
|
|
|
|||||
|
Competitor(s) |
: |
AGROMATE (M) SDN BHD
|
|||||
|
|
|
|
|||||
|
Member(s) / Affiliate(s) |
: |
MALAYSIAN CROP CARE AND PUBLIC HEALTH
ASSOCIATION (MCPA) MALAYSIAN INTERNATIONAL CHAMBER OF
COMMERCE AND INDUSTRY (MICCI) CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA
(CICM) |
|||||
|
|
|
|
|||||
|
Ownership of premises |
: |
OWNED
|
|
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 |
150 |
150 |
150 |
150 |
138 |
133 |
|
|
|
|
Branch |
: |
YES
|
Other Information:
The Subject is principally engaged in the (as a / as an) distributor of
fertilizers & agrochemicals.
The Subject offers a wide range of crop protection such as Fungicides,
Herbicides, Insecticides, Rodenticides, Soil Fumigants and Surfactants.
The Subject supplies the fertilizers such as Complex NPK Fertilizers, BM
Granulated Compounds Fertilizers, Premium Grade Bulk Blends, Straight
Fertilizers and others.
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-80263333 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
NO 5 JALAN TP2 47600 SUBANG JAYA,
SELANGOR, |
|
Current Address |
: |
5, JALAN TP2, TAMAN PERINDUSTRIAN SIME
UEP, 47600 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some information.
The address provided is incomplete.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
22.23% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
31.09% |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily as the demand for its products
/ services increased due to the goodwill built up over the years.The dip in
profit could be due to the stiff market competition which reduced the
Subject's profit margin. The Subject's management had generated acceptable
return for its shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
101 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
57 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
2 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 |
: |
Unfavourable |
[ |
0.58 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.38 Times |
] |
|
|
|
|
|
|
|
|
|
|
A low liquid ratio means that the Subject may be facing working
capital deficiency. If the Subject cannot obtain additional financing or
injection of fresh capital, it may face difficulties in meeting its short
term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Acceptable |
[ |
4.99 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.81 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was slightly low. If there is no sharp fall
in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and
repay the loans. The Subject was highly geared, thus it had a high financial
risk. The Subject was dependent on loans to finance its business needs. In
times of economic downturn and / or high interest rate, the Subject will
become less profitable and competitive than other firms in the same industry,
which are lowly geared. This is because the Subject has to service the
interest and to repay the loan, which will erode part of its profits. The
profits will fluctuate depending on the Subject's turnover and the interest
it needs to pay. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
Although the Subject's turnover had increased, its profits had
declined over the same corresponding period. This could be due to the stiffer
market competition and / or higher operating costs which lowered the Subject's
profit margin. Due to its weak liquidity position, the Subject will be faced
with problems in meeting all its short term obligations if no short term loan
is obtained or additional capital injected into the Subject. The Subject had
an acceptable interest cover. If there is no sudden sharp increase in
interest rate or fall in the Subject's profit, we do believe the Subject is
able to generate sufficient cash flow to service its interest payment. The
Subject's gearing level was high and its going concern will be in doubt if
there is no injection of additional shareholders' funds in times of economic
downturn and / or high interest rates. |
||||||
|
|
|
|
|
|
|
|
|
Overall
financial condition of the Subject : LIMITED |
||||||
|
Major Economic
Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic
Products ( % ) |
(0.5) |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private
Expenditure ( % ) |
(2.7) |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
(17.2) |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public Expenditure
( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
(1.2) |
|
Investment ( % ) |
8.0 |
2.8 |
(0.3) |
15.9 |
4.2 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
(28,450) |
(40,482) |
(45,511) |
(42,297) |
(39,993) |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
(4.8) |
(5.6) |
(5.4) |
(4.5) |
(4.0) |
|
Inflation ( % Change in Composite CPI) |
(5.2) |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months
of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of
New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
(0.1) |
6.2 |
3.0 |
(0.0) |
- |
|
Liquidation of
Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
(34.5) |
417.8 |
- |
- |
|
|
|
|
|
|
|
|
Registration of
New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business
Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
- |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
- |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
- |
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.4 |
2.1 |
5.9 |
0.6 |
2.4 |
|
Palm Oil |
(1.1) |
(3.4) |
10.8 |
(2.8) |
- |
|
Rubber |
(19.8) |
9.9 |
6.1 |
(0.6) |
- |
|
Forestry & Logging |
(5.9) |
(3.3) |
(7.6) |
(2.2) |
- |
|
Fishing |
5.5 |
5.6 |
2.1 |
(0.7) |
- |
|
Other Agriculture |
9.0 |
7.9 |
7.1 |
6.4 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
413.7 |
508.4 |
634.1 |
- |
- |
|
% of Industry
Non-Performing Loans |
1.3 |
2.1 |
3.2 |
- |
- |
|
|
|
|
|
|
|
|
Mining |
(3.8) |
0.2 |
(5.7) |
1.5 |
2.7 |
|
Oil & Gas |
2.1 |
0.5 |
(1.7) |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing
Loans ( MYR Million ) |
44.2 |
49.7 |
46.5 |
- |
- |
|
% of Industry
Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
(9.4) |
11.4 |
4.7 |
4.2 |
4.9 |
|
Exported-oriented
Industries |
(19.0) |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
(30.3) |
28.4 |
(4.9) |
1.6 |
- |
|
Rubber Products |
(10.1) |
25.3 |
15.4 |
3.6 |
- |
|
Wood Products |
(24.1) |
20.1 |
(4.9) |
4.6 |
- |
|
Textiles & Apparel |
(19.5) |
(0.4) |
14.8 |
(7.1) |
- |
|
Domestic-oriented
Industries |
(9.8) |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.2 |
- |
- |
|
Chemical & Chemical Products |
(7.7) |
16.2 |
5.5 |
9.9 |
- |
|
Plastic Products |
(9.1) |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
(32.7) |
29.3 |
2.4 |
- |
- |
|
Fabricated Metal Products |
(2.5) |
14.9 |
25.2 |
- |
- |
|
Non-metallic Mineral |
(15.5) |
20.2 |
27.1 |
6.6 |
- |
|
Transport Equipment |
(13.5) |
36.5 |
(10.4) |
13.7 |
- |
|
Paper & Paper Products |
(5.0) |
18.7 |
14.8 |
(7.8) |
- |
|
Crude Oil Refineries |
0.2 |
(11.4) |
9.3 |
- |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,007.3 |
6,217.5 |
6,537.2 |
- |
- |
|
% of Industry
Non-Performing Loans |
18.3 |
23.8 |
25.7 |
- |
- |
|
|
|
|
|
|
|
|
Construction |
5.8 |
5.1 |
4.4 |
15.5 |
11.2 |
|
Industry Non-Performing Loans ( MYR
Million ) |
3,241.8 |
4,038.5 |
3,856.9 |
- |
- |
|
% of Industry
Non-Performing Loans |
9.9 |
10.7 |
10.2 |
- |
- |
|
|
|
|
|
|
|
|
Services |
2.6 |
6.5 |
6.4 |
5.5 |
5.6 |
|
Electric, Gas & Water |
0.4 |
8.5 |
5.6 |
4.8 |
- |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.3 |
- |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
6.9 |
- |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.3 |
6.5 |
- |
|
Government Services |
2.0 |
6.7 |
7.6 |
5.6 |
- |
|
Other Services |
4.4 |
4.2 |
5.4 |
5.7 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry
Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing Production Index |
|||||
|
MSIC CODE |
|
|
46692 : Wholesale of fertilizers and agrochemical
products |
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
According to the Retail Group Malaysia (RGM), the wholesale and retail
trade sector forecast to grow to 6% in year 2013. During the first quarter of
year 2013, RGM is estimating the retail industry to grow 6.9%. Many retailers
have been enjoying better sales since the government handed out cash from
mid-January of 2013 under the second round of Bantuan Rakyat 1Malaysia to
more than 12 million Malaysians. Bookstores and related retail stores have
also started enjoying rising sales since the RM250 1Malaysia Book Voucher was
distributed to 1.3 million private and public university students. Besides,
since early February 2013, handphone traders and retailers selling smartphone
accessories have started to benefit from the RM200 rebate on smartphones for
1.5 million young adults aged between 21 and 30 years with a monthly income
of not more than RM3,000. |
|
|
|
|
|
The wholesale and retail trade sector grew 6.1% in the first half of
the year 2012 driven by strong domestic consumption and the increasing number
of large format stores operating in Malaysia, including 180 foreign
hypermarkets, superstores and departmental stores as at end of August 2012.
In addition, other indicators such as imports of consumption goods were
higher by 15.2%. |
|
|
|
|
|
In 2012, the wholesale and retail trade sector growth to 5.5% driven
by higher consumption which benefited from Government initiatives under the 2012
Budget such as BR1M, Baucar Buku 1Malaysia (BB1M) and the RM100 assistance
for all primary and secondary school students. The performance of the sector
will also be supported by ongoing efforts to modernise the retail segment
under the ETP. In 2012, 500 retail shops and 50 workshops are targeted to be
modernised under the Retail Shop Transformation (TUKAR) and Automotive
Workshop Modernisation (ATOM) programmes, respectively. As at end of July
2012, 95 workshops have been modernised, surpassing the yearly target, while
393 retail shops have been modernised. |
|
|
|
|
|
Growth of the sector is anticipated to remain encouraging with ongoing
efforts by the Government to increase its contribution to the economy. Major
initiatives include increasing the number of large format stores such as
hypermarkets, superstores and departmental stores are carried out to boost
the economy. |
|
|
|
|
|
Over 60% of Gross Domestic Product (GDP) is contributed by domestic consumption,
therefore the wholesale and retail sector plays a crucial role in driving
Malaysia's growth over the next decade despite the ongoing global economic
slowdown. By 2020, Malaysia's wholesale and retail sector is expected to
boost the country's total Gross National Income (GNI) by RM156 billion,
creating 454,190 new jobs. |
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : Average Growth |
|
Incorporated in 1959, the Subject is a Private Limited company, focusing
on distributor of fertilizers & agrochemicals. Its long establishment in
the market has allowed the Subject to build up a good reputation and gain
higher market share against its rivals. Having strong support from its holding
company 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.
Information revealed that the Subject solely focuses on domestic market rather
than overseas market. We believe that this narrow market segment would limit the
Subject's business opportunities and the Subject is likely to be affected by
the uncertainties in local economy. However, its long presence in the market
has enabled the Subject to gain certain market shares and established good
rapport with its clients. Thus, its business risk is diversified. The Subject
is a fairly large and rapidly growing company with over 150 staff in its
operations. The Subject has a good management capability. Its capable
management team has enabled the Subject to keep its business on going. Hence,
the future prospect of the Subject is bright.
Financially, the Subject registered a higher turnover compared to previous
year. However, its profits showed a reverse trend. The lower profit achieved
was a result of higher operating cost and increased competition. Return on
shareholders' funds of the Subject was at an acceptable range which indicated
that the management was efficient in utilising its funds to generate income.
However, due to its weak liquidity position, the Subject may face working
capital deficiency in meeting its short term financial obligations if no fresh
capital are injected into the Subject. The high gearing ratio clearly implied
that the Subject was supported by more debt than equity. Nevertheless, given a
positive net worth standing at MYR 216,335,052, the Subject should be able to
maintain its business in the near terms.
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.
The Subject's payment habit is average. With its adequate working capital, the
Subject should be able to pay its short term debts.
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
normally.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
BEHN MEYER
AGRICARE (M) 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 |
1,273,576,723 |
1,082,093,384 |
968,937,050 |
930,116,194 |
1,259,551,920 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
1,273,576,723 |
1,082,093,384 |
968,937,050 |
930,116,194 |
1,259,551,920 |
|
Costs of Goods Sold |
(1,152,948,231) |
(955,230,114) |
(853,843,854) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
120,628,492 |
126,863,270 |
115,093,196 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
64,575,750 |
70,978,525 |
77,987,462 |
13,797,269 |
52,779,774 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
64,575,750 |
70,978,525 |
77,987,462 |
13,797,269 |
52,779,774 |
|
Taxation |
(16,477,589) |
(18,227,851) |
(19,518,524) |
(3,360,440) |
(13,552,849) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
48,098,161 |
52,750,674 |
58,468,938 |
10,436,829 |
39,226,925 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
8,236,891 |
11,986,217 |
11,517,279 |
1,080,450 |
1,853,525 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
8,236,891 |
11,986,217 |
11,517,279 |
1,080,450 |
1,853,525 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
56,335,052 |
64,736,891 |
69,986,217 |
11,517,279 |
41,080,450 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(15,000,000) |
(56,500,000) |
(58,000,000) |
- |
(40,000,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
41,335,052 |
8,236,891 |
11,986,217 |
11,517,279 |
1,080,450 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Term loan / Borrowing |
16,201,887 |
12,974,330 |
- |
- |
- |
|
Others |
- |
- |
7,445,411 |
12,291,221 |
17,197,634 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
16,201,887 |
12,974,330 |
7,445,411 |
12,291,221 |
17,197,634 |
|
|
============= |
============= |
============= |
============= |
============= |
|
BEHN MEYER
AGRICARE (M) SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
93,004,744 |
87,635,581 |
82,813,740 |
63,305,135 |
54,868,475 |
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Investments |
- |
- |
- |
- |
300,000 |
|
Deferred assets |
- |
- |
388,807 |
553,375 |
- |
|
Others |
188,948 |
249,156 |
207,800 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
188,948 |
249,156 |
596,607 |
553,375 |
300,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
93,193,692 |
87,884,737 |
83,410,347 |
63,858,510 |
55,168,475 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
351,521,806 |
385,222,248 |
310,471,781 |
195,024,847 |
353,168,676 |
|
Trade debtors |
198,129,296 |
123,437,770 |
157,162,147 |
180,323,824 |
197,919,673 |
|
Other debtors, deposits & prepayments |
6,545,913 |
10,944,139 |
3,160,597 |
2,906,381 |
8,440,795 |
|
Amount due from related companies |
5,733,285 |
1,780,366 |
810,300 |
1,074,180 |
994,898 |
|
Cash & bank balances |
44,422,744 |
29,919,396 |
12,645,490 |
37,169,494 |
73,778,289 |
|
Others |
1,769,142 |
399,376 |
- |
15,095,018 |
8,483,621 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
608,122,186 |
551,703,295 |
484,250,315 |
431,593,744 |
642,785,952 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
701,315,878 |
639,588,032 |
567,660,662 |
495,452,254 |
697,954,427 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
5,117,590 |
12,615,755 |
6,441,144 |
16,991,865 |
7,135,158 |
|
Other creditors & accruals |
35,745,076 |
33,561,847 |
45,604,565 |
20,032,453 |
18,250,219 |
|
Short term borrowings/Term loans |
4,476,190 |
- |
- |
1,828,954 |
1,804,261 |
|
Other borrowings |
86,000,000 |
73,000,000 |
67,000,000 |
112,300,000 |
135,000,000 |
|
Bill & acceptances payable |
259,068,000 |
211,601,309 |
192,834,032 |
156,744,759 |
401,463,000 |
|
Amounts owing to related companies |
36,116,249 |
62,986,060 |
89,662,124 |
51,036,944 |
6,228,144 |
|
Provision for taxation |
- |
- |
4,132,580 |
- |
- |
|
Dividends payable/proposed |
15,000,000 |
15,000,000 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
441,523,105 |
408,764,971 |
405,674,445 |
358,934,975 |
569,880,782 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
166,599,081 |
142,938,324 |
78,575,870 |
72,658,769 |
72,905,170 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
259,792,773 |
230,823,061 |
161,986,217 |
136,517,279 |
128,073,645 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
175,000,000 |
175,000,000 |
150,000,000 |
125,000,000 |
125,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
175,000,000 |
175,000,000 |
150,000,000 |
125,000,000 |
125,000,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
41,335,052 |
8,236,891 |
11,986,217 |
11,517,279 |
1,080,450 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
41,335,052 |
8,236,891 |
11,986,217 |
11,517,279 |
1,080,450 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
216,335,052 |
183,236,891 |
161,986,217 |
136,517,279 |
126,080,450 |
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
|
Long term loans |
42,523,810 |
47,000,000 |
- |
- |
1,828,245 |
|
Deferred taxation |
933,911 |
586,170 |
- |
- |
164,950 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
43,457,721 |
47,586,170 |
- |
- |
1,993,195 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
259,792,773 |
230,823,061 |
161,986,217 |
136,517,279 |
128,073,645 |
|
|
============= |
============= |
============= |
============= |
============= |
|
BEHN MEYER
AGRICARE (M) SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
44,422,744 |
29,919,396 |
12,645,490 |
37,169,494 |
73,778,289 |
|
Net Liquid Funds |
(214,645,256) |
(181,681,913) |
(180,188,542) |
(119,575,265) |
(327,684,711) |
|
Net Liquid Assets |
(184,922,725) |
(242,283,924) |
(231,895,911) |
(122,366,078) |
(280,263,506) |
|
Net Current Assets/(Liabilities) |
166,599,081 |
142,938,324 |
78,575,870 |
72,658,769 |
72,905,170 |
|
Net Tangible Assets |
259,792,773 |
230,823,061 |
161,986,217 |
136,517,279 |
128,073,645 |
|
Net Monetary Assets |
(228,380,446) |
(289,870,094) |
(231,895,911) |
(122,366,078) |
(282,256,701) |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
392,068,000 |
331,601,309 |
259,834,032 |
270,873,713 |
540,095,506 |
|
Total Liabilities |
484,980,826 |
456,351,141 |
405,674,445 |
358,934,975 |
571,873,977 |
|
Total Assets |
701,315,878 |
639,588,032 |
567,660,662 |
495,452,254 |
697,954,427 |
|
Net Assets |
259,792,773 |
230,823,061 |
161,986,217 |
136,517,279 |
128,073,645 |
|
Net Assets Backing |
216,335,052 |
183,236,891 |
161,986,217 |
136,517,279 |
126,080,450 |
|
Shareholders' Funds |
216,335,052 |
183,236,891 |
161,986,217 |
136,517,279 |
126,080,450 |
|
Total Share Capital |
175,000,000 |
175,000,000 |
150,000,000 |
125,000,000 |
125,000,000 |
|
Total Reserves |
41,335,052 |
8,236,891 |
11,986,217 |
11,517,279 |
1,080,450 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.10 |
0.07 |
0.03 |
0.10 |
0.13 |
|
Liquid Ratio |
0.58 |
0.41 |
0.43 |
0.66 |
0.51 |
|
Current Ratio |
1.38 |
1.35 |
1.19 |
1.20 |
1.13 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
101 |
130 |
117 |
77 |
102 |
|
Debtors Ratio |
57 |
42 |
59 |
71 |
57 |
|
Creditors Ratio |
2 |
5 |
3 |
7 |
2 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
1.81 |
1.81 |
1.60 |
1.98 |
4.28 |
|
Liabilities Ratio |
2.24 |
2.49 |
2.50 |
2.63 |
4.54 |
|
Times Interest Earned Ratio |
4.99 |
6.47 |
11.47 |
2.12 |
4.07 |
|
Assets Backing Ratio |
1.48 |
1.32 |
1.08 |
1.09 |
1.02 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
5.07 |
6.56 |
8.05 |
1.48 |
4.19 |
|
Net Profit Margin |
3.78 |
4.87 |
6.03 |
1.12 |
3.11 |
|
Return On Net Assets |
31.09 |
36.37 |
52.74 |
19.11 |
54.64 |
|
Return On Capital Employed |
31.09 |
36.37 |
52.74 |
19.11 |
54.64 |
|
Return On Shareholders' Funds/Equity |
22.23 |
28.79 |
36.10 |
7.65 |
31.11 |
|
Dividend Pay Out Ratio (Times) |
0.31 |
1.07 |
0.99 |
0.00 |
1.02 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.43 |
|
|
1 |
Rs. 102.48 |
|
Euro |
1 |
Rs. 85.28 |
INFORMATION DETAILS
|
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.