|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
QL MARINE PRODUCTS
SDN. BHD. |
|
|
|
|
Formerly Known As : |
QL KARASAKI IKA SDN BHD |
|
|
|
|
Registered Office : |
16A, Jalan Astaka U8/83, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
05.03.1996 |
|
|
|
|
Com. Reg. No.: |
378679-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of surimi & surimi based products |
|
|
|
|
No. of Employees : |
500 |
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 interest
|
Source
: CIA |
|
REGISTRATION NO. |
: |
378679-K |
|
COMPANY NAME |
: |
QL MARINE PRODUCTS SDN. BHD. |
|
FORMER NAME |
: |
QL KARASAKI IKA SDN BHD
(19/09/2002) |
|
INCORPORATION DATE |
: |
05/03/1996 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
16A, JALAN ASTAKA U8/83, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
KAMPUNG BOLONG, TUARAN, P.O.BOX 502, 89208 TUARAN, , 89208 TUARAN, SABAH, MALAYSIA. |
|
TEL.NO. |
: |
088-791833 |
|
FAX.NO. |
: |
088-791822 |
|
WEB SITE |
: |
WWW.QLMP.COM.MY |
|
CONTACT PERSON |
: |
CHIA SONG POU ( DIRECTOR ) |
|
|
|
|
|
INDUSTRY CODE |
: |
64200 10799 |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF SURIMI & SURIMI BASED PRODUCTS |
|
AUTHORISED CAPITAL |
: |
MYR 50,000,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 47,650,960.00 DIVIDED
INTO |
|
|
|
|
|
SALES |
: |
MYR 80,628,000 [2013] |
|
NET WORTH |
: |
MYR 79,517,000 [2013] |
|
|
|
|
|
STAFF STRENGTH |
: |
500 [2014] |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT CAPABILITY |
: |
GOOD |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
MARGINAL 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) manufacturing of surimi & surimi based products.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the Subject is QL FISHERY SDN. BHD., a company incorporated in MALAYSIA.
The ultimate holding company of the Subject is QL RESOURCES BERHAD, a company incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
20/05/2013 |
MYR 50,000,000.00 |
MYR 47,650,960.00 |
|
15/02/2013 |
MYR 50,000,000.00 |
MYR 42,800,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
QL FISHERY SDN. BHD. |
16A, JALAN ASTAKA U8/83, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
259833H |
47,650,960.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
47,650,960.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
947813A |
MALAYSIA |
ICON BLITZ SDN. BHD. |
100.00 |
01/04/2013 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. CHEAH JUW TECK |
|
Address |
: |
1, JALAN TEPI SUNGAI, 36400 HUTAN MELINTANG, PERAK, MALAYSIA. |
|
IC / PP No |
: |
A1309822 |
|
New IC No |
: |
690401-10-6377 |
|
Date of Birth |
: |
01/04/1969 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
18/02/2000 |
|
|
|
|
|
Qualification |
: |
DEGREE IN FOOD TECHNOLOGY FROM UPM IN 1993 |
|
Profile |
: |
AS A QUALITY CONTROL EXE IN S & P FOODS BHD SINCE JOINED THE QL GROUP IN 1994 WHICH CURRENTLY AS OPERATIONS MANAGER TO SET UP SURIMI & SURIMI-BASED PRODUCTS BUSS |
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MR. CHIA SONG KOOI |
|
Address |
: |
2B, LORONG RAJA UDANG 9, KINGFISHER PARK PH 2, 88400 KOTA KINABALU, SABAH, MALAYSIA. |
|
IC / PP No |
: |
5886689 |
|
New IC No |
: |
600216-10-5733 |
|
Date of Birth |
: |
16/02/1960 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
27/12/2002 |
|
|
|
|
|
Qualification |
: |
B. AGRICULTURAL SC. FROM UPM IN 1985 |
|
Profile |
: |
ANCOM BHD AS A MKTG EXE FOR AGRO-CHEMICAL PRODUCTS & HEADED THE PRODUCT & MARKET DEVELOPMENT DIVISION IN 1986 11 YEARS EXPERIENCE FARM MGTE & IN TRADING OF RAW MATERIALS FOR FARM USE SEC GENERAL OF SABAH LIVESTOCK POULTRY ASSOCIATION |
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MR. CHIA SONG POU |
|
Address |
: |
42, BAGAN SUNGAI BURUNG, 45300 SUNGAI BESAR, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
8221823 |
|
New IC No |
: |
560518-10-5815 |
|
Date of Birth |
: |
18/05/1956 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
26/02/2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
MR. CHIA SEONG FATT |
|
Address |
: |
303, TAMAN LILY, BATU 4, JALAN SIN ON, 91000 TAWAU, SABAH, MALAYSIA. |
|
IC / PP No |
: |
4863180 |
|
New IC No |
: |
550909-10-6293 |
|
Date of Birth |
: |
09/09/1955 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/06/2004 |
|
|
|
|
|
Qualification |
: |
B.SC. HONS IN CHEMISTRY FROM UNIVERSITY OF LONDON IN 1979 & M.B.A. FROM UM IN 1984 |
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
MR. CHIA SONG KANG |
|
Address |
: |
11, JALAN MERLIMAU, 86900 ENDAU, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
4069529 |
|
New IC No |
: |
500822-10-5743 |
|
Date of Birth |
: |
22/08/1950 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/12/2004 |
|
|
|
|
|
|
|
|
|
Profile |
: |
MORE THAN 20 YEARS EXPERIENCE IN FISHMEAL MANUFACTURING & IN THE FISHING INDUSTRY |
|
|
|
|
DIRECTOR 6
|
Name Of Subject |
: |
MR. CHIA SONG KUN |
|
Address |
: |
17, JALAN KELAB GOLF 13/3, SEKSYEN 13, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
2301518 |
|
New IC No |
: |
491208-10-6007 |
|
Date of Birth |
: |
08/12/1949 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/06/2004 |
|
|
|
|
|
Qualification |
: |
B.SC (HONOURS) IN MATHEMATICS, UM IN 1972 & M.B.A., UM IN 1988. |
|
Profile |
: |
TUTOR IN UM IN 1973 & LECTURER AT ITM FOR 11 YEARS UNTIL 1984 INCORPORATE CBG HOLDING SDN BHD IN 1984 TO COMMENCE THE BUSS OF DISTRIBUTING FISHMEAL & OTHER FEED-MEAL RAW MATERIALS |
|
Other Info |
: |
ACTIVE IN KLANG CHINESE CHAMBER OF COMMERCE & INDUSTRY WHERE HEAD OF THE COMMERCE COMMITTEE SINCE EARLY 1999 |
|
1) |
Name of Subject |
: |
CHIA SONG POU |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
WISMA GEK POH, JALAN HAJI SAMAN, 88000 KOTA KINABALU, SABAH, MALAYSIA. |
|
|
|
|
|
|
|
|
|
1) |
Company Secretary |
: |
MS. NG GEOK PING |
|
|
IC / PP No |
: |
A1165996 |
|
|
New IC No |
: |
681230-10-6772 |
|
|
Address |
: |
29, JALAN MERBUK 3, BANDAR PUCHONG JAYA, 47100 PUCHONG, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
MS. KOON WAI YE |
|
|
IC / PP No |
: |
A3561425 |
|
|
New IC No |
: |
761026-10-5350 |
|
|
Address |
: |
6, JALAN PUTERO 10/16, BANDAR PUTERI, 47100 PUCHONG, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
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 |
|
Overseas |
: |
YES |
|
|
|
|
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 |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
|
|||||||
|
|
|||||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
500 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
surimi & surimi based products.
The Subject specializes in upstream and downstream processing of surimi, fish
fillet and fishmeal.
The Subject is notably the biggest Surimi producer in Asia.
Aside from sea fishing, the Subject also purchases fish products from all the
major landing ports in Sabah in order to meet its huge customer demand.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
088-791833 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
KAMPUNG BOLONG P O BOX 502 89208 TUASAN SABAH |
|
Current Address |
: |
KAMPUNG BOLONG, TUARAN, P.O.BOX 502, 89208 TUARAN, , 89208 TUARAN, SABAH, 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 incorrect.
FINANCIAL ANALYSIS
|
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
15.09% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
13.69% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
70 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
18 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
6 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. 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 |
[ |
6.06 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
8.80 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 |
: |
Favourable |
[ |
99.66 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.02 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : STRONG |
||||||
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 |
|
|
64200 : Activities of investment holding companies |
|
|
10799 : Manufacture of other food products n.e.c. |
|
|
|
|
|
INDUSTRY : |
ECONOMY |
|
|
|
|
|
|
|
The country's gross domestic product (GDP) expanded by 6.4% in the 4th quarter ended Dec 31 2012 on a year-on-year basis driven by sustained domestic demand and high investment growth. For the full year 2012, the GDP growth hit 5.6%, well above the government’s revised forecast of 4.5%-5.0% made in year 2011. Despite the weak and uncertain global economic conditions, there is remarkable optimism that Malaysia's economy could still continue to grow at a relatively healthy pace. The government has, in fact, targeted a gross domestic product (GDP) growth rate of between 4.5% and 5.5% for 2013. This is quite an encouraging growth rate, and an achievable one at that, according to most economists. |
|
|
|
|
|
Additionally, tepid economic growth in advanced economies and the slowdown of emerging economies especially in China and India, point to weakening global economic prospects. The deterioration in the external environment and correction in commodity prices are expected to weigh on Malaysia’s export performance during the second half of 2012. Nevertheless, the vibrant domestic demand is expected to be sustained during the second half of 2012, supported by both public and private sectors amid conducive financial market conditions, stable prices and a favourable labour market. The external sector provided little support with exports showing a slower pace of decrease in 4th quarter of year 2012 to -1.5%, while imports also decreased by -0.9% resulting in an actual increase in the level of net exports compared to 3rd quarter of year 2012, although growth remained negative relative to 4th quarter of year 2012. |
|
|
|
|
|
Domestic demand will be the main driver of the Malaysian economy supported by private and public sector expenditure. Growth in private consumption is expected to be buoyed by stable employment and income coupled with lower inflation. The salary revision and bonus for civil servants, cash assistance under Bantuan Rakyat 1Malaysia (BR1M), reward to the Federal Land Development Authority (FELDA) settlers and other cash payments to assist various groups supported private consumption. Private investment is envisaged to drive economic growth over the medium term, underpinned by the ongoing implementation of the Economic Transformation Programme (ETP) and vibrant construction activity. Growth in private investment will be broad-based in line with positive investors’ confidence and strong domestic demand. Public investment will be largely led by the Non-Financial Public Enterprises’ (NFPEs) capital spending on oil and gas (O&G), telecommunications and transportrelated industries. The Investment expenditure was about evenly divided between structures and machinery & equipment, but the former category showed continued strong growth at 25.0% over the 4th quarter ended Dec 31 2011, while growth in the latter category slowed to 7.6% from 22.3% in 3rd quarter ended Sept 30 2012. |
|
|
|
|
|
Growth was broad based with all major sectors registering increases. The only subsectors that posted declines were the textile manufacturing and forestry and logging activities. The construction sector posted the strongest growth, hitting 15% on the year 2012, not surprising given the spate of major projects and related private sector property investment over the year. Besides, the agriculture sectors had a slightly grew at 0.6% while the manufacturing and mining industries continued growth at 4.2% and 1.5% respectively. The service sector had drop to 5.5%. However, according to the Minister of Finance, the agriculture and construction sectors are projected to expand 2.4% and 11.2% respectively while the manufacturing and the mining industries are forecast to grow 4.9% and 2.7& respectively. Meanwhile, the service sector is expected to grow 5.6%. |
|
|
|
|
|
With domestic demand remaining robust and signs of improvement in the external sector, there are far less grounds for an interest rate cut, unlike in the rest of the region where growth has, with the exception of Thailand, been less than impressive. High capacity utilisation, strong credit growth and the need to rein in household debt are all mitigating factors against an easing of policy. Meanwhile, in maintaining the balance between economic growth and inflationary pressures in Malaysia, it is expected that interest rates in the country will remain stable through 2013. The benchmark overnight policy rate (OPR) currently stands at 3%, which has been supportive of the country's economic growth amid a low inflation environment with consumer price index (CPI) growing at less than 2% in 2012. But with price pressures expected to pick up in year 2014, with CPI expected to increase around 2% to 3%, some economists expect the OPR to likely be raised by 25 basis points to 3.25% in the second half of year 2014. |
|
|
|
|
|
In conclusion, the outlook for the Malaysian economy is going to be challenging, with the ongoing global economic slowdown in view of the debt crisis in Europe and the weakening of the US economy. Besdies, the loss of growth momentum in Malaysia will continue and become serious enough to sidetrack the country from its long-term development goals. Thus, nominal Gross National Income (GNI) per capita is expected to increase 6.4% to RM32,947 in year 2013. In terms of Public-Private Partnership (PPP) Facilitation Fund, per capita income is expected to grow 4.4% to reach USD16,368. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
QL MARINE PRODUCTS SDN. BHD. |
|
Financial Year End |
2013-03-31 |
2012-03-31 |
2011-03-31 |
2010-03-31 |
2009-03-31 |
|
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 |
80,628,000 |
77,425,000 |
87,258,000 |
48,047,000 |
48,208,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
80,628,000 |
77,425,000 |
87,258,000 |
48,047,000 |
48,208,000 |
|
Costs of Goods Sold |
(66,986,000) |
(65,916,000) |
(68,998,000) |
(38,191,000) |
(33,569,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
13,642,000 |
11,509,000 |
18,260,000 |
9,856,000 |
14,639,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
12,333,000 |
10,094,000 |
16,367,000 |
8,545,000 |
12,625,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
12,333,000 |
10,094,000 |
16,367,000 |
8,545,000 |
12,625,000 |
|
Taxation |
(337,000) |
(2,639,000) |
(593,000) |
(179,000) |
3,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
11,996,000 |
7,455,000 |
15,774,000 |
8,366,000 |
12,628,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
22,416,000 |
29,434,000 |
18,995,000 |
17,149,000 |
14,921,000 |
|
Prior year adjustment |
- |
- |
(25,000) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
22,416,000 |
29,434,000 |
18,970,000 |
17,149,000 |
14,921,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
34,412,000 |
36,889,000 |
34,744,000 |
25,515,000 |
27,549,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(10,024,000) |
(14,473,000) |
(5,310,000) |
(6,520,000) |
(10,400,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
24,388,000 |
22,416,000 |
29,434,000 |
18,995,000 |
17,149,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
4,000 |
5,000 |
1,000 |
4,000 |
41,000 |
|
Bankers' acceptance |
3,000 |
- |
- |
- |
- |
|
Hire purchase |
- |
- |
1,000 |
4,000 |
8,000 |
|
Loan from holding company |
- |
- |
- |
- |
103,000 |
|
Term loan / Borrowing |
8,000 |
120,000 |
388,000 |
799,000 |
1,087,000 |
|
Others |
110,000 |
166,000 |
338,000 |
226,000 |
371,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
125,000 |
291,000 |
728,000 |
1,033,000 |
1,610,000 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE SHEET
|
|
QL MARINE PRODUCTS SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
46,663,000 |
49,664,000 |
44,220,000 |
36,624,000 |
34,867,000 |
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary companies |
1,000 |
1,000 |
- |
- |
- |
|
Others |
309,000 |
1,035,000 |
9,371,000 |
13,235,000 |
14,587,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
310,000 |
1,036,000 |
9,371,000 |
13,235,000 |
14,587,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
46,973,000 |
50,700,000 |
53,591,000 |
49,859,000 |
49,454,000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
15,423,000 |
10,388,000 |
8,015,000 |
10,787,000 |
6,816,000 |
|
Trade debtors |
3,965,000 |
3,934,000 |
2,190,000 |
1,723,000 |
794,000 |
|
Other debtors, deposits & prepayments |
1,600,000 |
1,939,000 |
5,437,000 |
1,892,000 |
1,413,000 |
|
Short term deposits |
10,900,000 |
1,200,000 |
4,400,000 |
- |
- |
|
Amount due from holding company |
- |
- |
9,000 |
9,000 |
- |
|
Amount due from subsidiary companies |
1,000 |
- |
- |
- |
- |
|
Amount due from related companies |
17,341,000 |
15,633,000 |
24,618,000 |
24,055,000 |
34,261,000 |
|
Cash & bank balances |
392,000 |
459,000 |
973,000 |
1,800,000 |
384,000 |
|
Others |
18,000 |
33,000 |
150,000 |
155,000 |
117,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
49,640,000 |
33,586,000 |
45,792,000 |
40,421,000 |
43,785,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
96,613,000 |
84,286,000 |
99,383,000 |
90,280,000 |
93,239,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
1,012,000 |
884,000 |
852,000 |
1,046,000 |
307,000 |
|
Other creditors & accruals |
2,408,000 |
2,365,000 |
3,042,000 |
1,463,000 |
2,248,000 |
|
Hire purchase & lease creditors |
- |
- |
- |
32,000 |
61,000 |
|
Bank overdraft |
662,000 |
1,649,000 |
1,148,000 |
- |
- |
|
Short term borrowings/Term loans |
- |
630,000 |
2,916,000 |
6,477,000 |
7,300,000 |
|
Bill & acceptances payable |
692,000 |
- |
414,000 |
- |
2,755,000 |
|
Amounts owing to holding company |
86,000 |
23,000 |
- |
- |
40,000 |
|
Amounts owing to related companies |
759,000 |
2,965,000 |
10,169,000 |
11,244,000 |
6,605,000 |
|
Other liabilities |
24,000 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
5,643,000 |
8,516,000 |
18,541,000 |
20,262,000 |
19,316,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
43,997,000 |
25,070,000 |
27,251,000 |
20,159,000 |
24,469,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
90,970,000 |
75,770,000 |
80,842,000 |
70,018,000 |
73,923,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
47,651,000 |
42,800,000 |
42,800,000 |
40,000,000 |
40,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
47,651,000 |
42,800,000 |
42,800,000 |
40,000,000 |
40,000,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Share premium |
7,500,000 |
7,500,000 |
7,500,000 |
7,500,000 |
7,500,000 |
|
General reserve |
(22,000) |
- |
- |
- |
- |
|
Retained profit/(loss) carried forward |
24,388,000 |
22,416,000 |
29,434,000 |
18,995,000 |
17,149,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
31,866,000 |
29,916,000 |
36,934,000 |
26,495,000 |
24,649,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
79,517,000 |
72,716,000 |
79,734,000 |
66,495,000 |
64,649,000 |
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
|
|
Long term loans |
- |
- |
625,000 |
3,523,000 |
9,242,000 |
|
Hire purchase creditors |
- |
- |
- |
- |
32,000 |
|
Deferred taxation |
3,253,000 |
3,054,000 |
483,000 |
- |
- |
|
Others |
8,200,000 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
11,453,000 |
3,054,000 |
1,108,000 |
3,523,000 |
9,274,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
90,970,000 |
75,770,000 |
80,842,000 |
70,018,000 |
73,923,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
QL MARINE PRODUCTS SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
11,292,000 |
1,659,000 |
5,373,000 |
1,800,000 |
384,000 |
|
Net Liquid Funds |
9,938,000 |
10,000 |
3,811,000 |
1,800,000 |
(2,371,000) |
|
Net Liquid Assets |
28,574,000 |
14,682,000 |
19,236,000 |
9,372,000 |
17,653,000 |
|
Net Current Assets/(Liabilities) |
43,997,000 |
25,070,000 |
27,251,000 |
20,159,000 |
24,469,000 |
|
Net Tangible Assets |
90,970,000 |
75,770,000 |
80,842,000 |
70,018,000 |
73,923,000 |
|
Net Monetary Assets |
17,121,000 |
11,628,000 |
18,128,000 |
5,849,000 |
8,379,000 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
1,354,000 |
2,279,000 |
5,103,000 |
10,032,000 |
19,390,000 |
|
Total Liabilities |
17,096,000 |
11,570,000 |
19,649,000 |
23,785,000 |
28,590,000 |
|
Total Assets |
96,613,000 |
84,286,000 |
99,383,000 |
90,280,000 |
93,239,000 |
|
Net Assets |
90,970,000 |
75,770,000 |
80,842,000 |
70,018,000 |
73,923,000 |
|
Net Assets Backing |
79,517,000 |
72,716,000 |
79,734,000 |
66,495,000 |
64,649,000 |
|
Shareholders' Funds |
79,517,000 |
72,716,000 |
79,734,000 |
66,495,000 |
64,649,000 |
|
Total Share Capital |
47,651,000 |
42,800,000 |
42,800,000 |
40,000,000 |
40,000,000 |
|
Total Reserves |
31,866,000 |
29,916,000 |
36,934,000 |
26,495,000 |
24,649,000 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
2.00 |
0.19 |
0.29 |
0.09 |
0.02 |
|
Liquid Ratio |
6.06 |
2.72 |
2.04 |
1.46 |
1.91 |
|
Current Ratio |
8.80 |
3.94 |
2.47 |
1.99 |
2.27 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
70 |
49 |
34 |
82 |
52 |
|
Debtors Ratio |
18 |
19 |
9 |
13 |
6 |
|
Creditors Ratio |
6 |
5 |
5 |
10 |
3 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.02 |
0.03 |
0.06 |
0.15 |
0.30 |
|
Liabilities Ratio |
0.21 |
0.16 |
0.25 |
0.36 |
0.44 |
|
Times Interest Earned Ratio |
99.66 |
35.69 |
23.48 |
9.27 |
8.84 |
|
Assets Backing Ratio |
1.91 |
1.77 |
1.89 |
1.75 |
1.85 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
15.30 |
13.04 |
18.76 |
17.78 |
26.19 |
|
Net Profit Margin |
14.88 |
9.63 |
18.08 |
17.41 |
26.19 |
|
Return On Net Assets |
13.69 |
13.71 |
21.15 |
13.68 |
19.26 |
|
Return On Capital Employed |
13.60 |
13.41 |
20.85 |
13.67 |
19.24 |
|
Return On Shareholders' Funds/Equity |
15.09 |
10.25 |
19.78 |
12.58 |
19.53 |
|
Dividend Pay Out Ratio (Times) |
0.84 |
1.94 |
0.34 |
0.78 |
0.82 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.38 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.