|
Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
CONTINENTAL TYRE PJ MALAYSIA SDN. BHD. |
|
|
|
|
Formerly Known As : |
CONTINENTAL SIME TYRE PJ SDN BHD |
|
|
|
|
Registered Office : |
2, Jalan Tandang, 46050 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
12.07.1961 |
|
|
|
|
Com. Reg. No.: |
4296-K |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
· Engaged in manufacturing and trading of tyres. Subject
produces a wide range of light truck, medium commercial truck and bus radial
steel tyres |
|
|
|
|
No. of Employees : |
1,200 [2014] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
4296-K |
||||
|
COMPANY NAME |
: |
CONTINENTAL TYRE
PJ MALAYSIA SDN. BHD. |
||||
|
FORMER NAME |
: |
CONTINENTAL SIME TYRE PJ SDN BHD
(10/07/2012) |
||||
|
INCORPORATION DATE |
: |
12/07/1961 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
2, JALAN TANDANG, 46050 PETALING JAYA,
SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
SIME DARBY TECHNOLOGY CENTRE BUILDING, 2
JALAN TANDANG, 2ND FLOOR, 46050 PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-77878888 |
||||
|
FAX.NO. |
: |
03-77835216 |
||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
BENOIT H.G.M. HENRY ( CEO ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
22111 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING AND TRADING OF TYRES |
||||
|
AUTHORISED CAPITAL |
: |
MYR 200,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 168,404,679.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 1,313,674,000 [2012] |
||||
|
NET WORTH |
: |
MYR 134,641,000 [2012] |
||||
|
M1000 OVERALL RANKING |
: |
406[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
7[2011] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
1,200 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) manufacturing and trading of tyres.
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 |
406 |
580 |
521 |
314 |
287 |
|
|
INDUSTRY RANKING |
7 |
14 |
10 |
1 |
1 |
|
The immediate holding company of the Subject is CONTINENTAL TYRE MALAYSIA SDN. BHD., a company incorporated in MALAYSIA.
The ultimate holding company of the Subject is CONTINENTAL AKTIENGESELLSCHAFT, a company incorporated in GERMANY.
Share Capital History
|
Date |
Authorised Shared
Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 200,000,000.00 |
MYR 168,404,679.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
CONTINENTAL TYRE MALAYSIA SDN. BHD. |
NO.2 & 4, JALAN TANDANG, 46050 PETALING JAYA, SELANGOR, MALAYSIA. |
580442V |
336,809,358.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
336,809,358.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
397328K |
MALAYSIA |
DMI TECHNOLOGIES SDN. BHD. |
100.00 |
29/03/2013 |
|
|
|
|
|
|
|
7327K |
MALAYSIA |
SIMEX TYRES SDN. BHD. |
100.00 |
29/03/2013 |
|
|
|
|
|
|
|
375413U |
MALAYSIA |
DMIB HIROSHIMA CHEMICAL (MALAYSIA) SDN. BHD. |
100.00 |
29/03/2013 |
|
|
|
|
|
|
|
353591V |
MALAYSIA |
SIME KITARAN BUMI SDN. BHD. |
100.00 |
29/03/2013 |
|
|
|
|
|
|
|
126902K |
MALAYSIA |
CONTINENTAL TYRE MARKETING MALAYSIA SDN. BHD. |
100.00 |
29/03/2013 |
|
|
|
|
|
|
|
30060U |
MALAYSIA |
SIMEX ENGINEERED RUBBER PRODUCTS SDN. BHD. |
100.00 |
29/03/2013 |
|
|
|
|
|
|
|
449748W |
MALAYSIA |
CONTINENTAL TYRE TECHNOLOGY CENTRE MALAYSIA SDN. BHD. |
100.00 |
29/03/2013 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. BENOIT HENRI GHISLAIN MARIE HENRY |
|
Address |
: |
NO.90, JALAN SETIA MURNI 6, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
EH458316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment |
: |
11/05/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
ANTONIO MANUEL MONICA LOPES DE SEABRA |
|
Address |
: |
PRINCE HILLS, 111 ZHEN NING LU, BL. 2, APT. 802, 200050 SHANGHAI, CHINA |
|
IC / PP No |
: |
G925238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
07/06/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
SONKE SCHICKE |
|
Address |
: |
XIKANG ROAD 501,BUILDING 4, APARTMENT 2903 JING AN DISTRICT, SHANGHAI 200040 CHINA |
|
IC / PP No |
: |
C4FJ9PYT4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
07/06/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
MS. HOE LOO FEN |
|
Address |
: |
NO.37, TAMAN JOHAN FASA 2, JALAN KUALA KEDAH, 05400 ALOR SETAR, KEDAH, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
670727-02-5042 |
|
Date of Birth |
: |
27/07/1967 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
16/11/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
BENOIT H.G.M. HENRY |
|
|
Position |
: |
CEO |
|
|
|
|
|
|
2) |
Name of Subject |
: |
LEE GEOK KIM |
|
|
Position |
: |
HEAD OF FINANCE |
|
|
|
|
|
|
3) |
Name of Subject |
: |
AMELIA LIM |
|
|
Position |
: |
MARKETING MANAGER |
|
|
|
|
|
|
4) |
Name of Subject |
: |
CHOONG KEE SENG |
|
|
Position |
: |
SALES DIRECTOR |
|
|
|
|
|
|
5) |
Name of Subject |
: |
LIAN CHIN LI |
|
|
Position |
: |
ASSISTANT MARKETING MANAGER |
|
|
|
|
|
|
6) |
Name of Subject |
: |
VICTOR SIEW |
|
|
Position |
: |
HEAD OF MARKETING |
|
|
|
|
|
|
7) |
Name of Subject |
: |
SALMAH |
|
|
Position |
: |
SECRETARY |
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
KPMG TOWER, 8 FIRST AVENUE, BANDAR UTAMA, LEVEL 10, 47800 PETALING JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
1) |
Company Secretary |
: |
MS. TAI YIT CHAN |
|
|
|
|
|
|
|
New IC No |
: |
690118-10-6160 |
|
|
Address |
: |
56 JALAN SS 22/29, DAMANSARA JAYA, 47400
PETALING JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
MS. PENG SIEW HWEE |
|
|
|
|
|
|
|
New IC No |
: |
700710-01-5328 |
|
|
Address |
: |
5-35,LORONG UDANG KETAK 2, TAMAN SRI
SEGAMBUT, 52000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
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|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
STANDARD CHARTERED BANK MALAYSIA BHD |
|
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|
|
No encumbrance was found in our databank at the time of investigation.
* 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 |
|
|
Overseas |
: |
YES |
|
|
Import Countries |
: |
CHINA,EUROPE,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 |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
DEALERS,DISTRIBUTORS |
|||
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|
|
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|
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Products manufactured |
: |
|
|||||
|
|
|
|
|||||
|
Goods Traded |
: |
TYRES
|
|||||
|
|
|
|
|||||
|
Award |
: |
1 ) MS ISO 14001 Year :2004
|
|||||
|
|
|
|
|||||
|
Certification of Products |
: |
1 ) MS 149:1992
|
|||||
|
|
|
|
|||||
|
Competitor(s) |
: |
CONTINENTAL TYRE AS MALAYSIA SDN. BHD.
|
|||||
|
|
|
|
|||||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM) MALAYSIAN INTERNATIONAL CHAMBER OF
COMMERCE AND INDUSTRY (MICCI) SMALL & MEDIUM ENTERPRISE CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA
(CICM) MALAYSIA LOGISTICS INDUSTRY |
|||||
|
|
|
|
|||||
|
Ownership of premises |
: |
OWNED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
1,200 |
1,106 |
1,190 |
1,280 |
1,350 |
|
|
|
|
|
Branch |
: |
YES
|
|
|
No of Branches |
: |
8
|
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing and
trading of tyres.
We were informed that the subject is under the Continental Sime
Tyres Sdn Bhd and is a part of the Continental Group.
The Subject produces a wide range of light truck, medium commercial truck and
bus radial steel tyres.
The Subject utilizes advanced automated and semi-automated machineries to
ensure production of high quality products.
Besides that the Subject has related manufacturing plant located in Alor Setar, Kedah.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-77878888 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
MALAYSIA |
|
Current Address |
: |
SIME DARBY TECHNOLOGY CENTRE BUILDING, 2
JALAN TANDANG, 2ND FLOOR, 46050 PETALING 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 |
: |
Unfavourable |
[ |
7.52% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
6.00% |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.The management had succeeded in
turning the Subject into a profit making company. The profit could be due to
better control of its operating costs and efficiency in utilising
its resources. The unfavourable return on
shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Current Ratio |
: |
Acceptable |
[ |
1.10 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject has an adequate liquidity
position with its current liabilities well covered by its current assets. With
its net current assets, the Subject should be able to repay its short term
obligations. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Liability Ratio |
: |
Unfavourable |
[ |
3.53 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject has high liabilities ratio and
it may face financial difficulties if no additional capital is injected. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
The higher turnover had helped to reduce the
Subject's losses. 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's liabilities 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 : FAIR |
||||||
|
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 |
- |
|
|
|
|
|
|
|
|
|
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 |
|
|
22111 : Manufacture of rubber tyres for
vehicles |
|
|
|
|
|
INDUSTRY : |
MANUFACTURING |
|
|
|
|
|
|
|
The Manufacturing sector is one of the important sectors to the growth
of the Malaysian economy. According to Ministry of Finance, the manufacturing
sector is expected to grow 4.9% in year 2013. Export oriented-industries are
expected to benefit from the higher growth of global trade, while domestic
oriented industries expand in line with the better consumer sentiment and
business confidence. The resource-based industries are envisaged to grow
steadily attributed to improved demand for petroleum, chemical, rubber and
plastic products. With better job prospects and higher disposable income, the
transportation equipment subsector, in particular,
the passenger car segment is expected to expand. |
|
|
|
|
|
Value-added of the manufacturing sector expanded 5% during the first
half of 2012. Output of the sector rose 5.2% during the first seven months of
2012 in line with the increase in sales value of manufactured products by
6.5% to RM363.1 billion. Output from domestic oriented industries continued
to expand 8.6% while export-oriented industries grew 4.1%. |
|
|
|
|
|
According to the Department of Statistics, the sales value of the
Manufacturing sector in January 2013 posted a growth of 7.4% (RM3.6 billion)
to record RM52.4 billion as compared to RM48.8 billion reported in year 2012.
Meanwhile, month-on-month basis, the sales value has decreased by 0.4% (RM0.2
billion) as compared with the preceding month. The sales value in December
2012 has been revised positive 7.5% year-on-year to record RM52.6
billion. |
|
|
|
|
|
Output of rubber products increased 3.6% in the first seven month of
2012 mainly supported by continuous demand for rubber gloves. Output of rubber
gloves grew 5.9% on account of the expansion in the global healthcare
industry and wider usage of gloves in other sectors. Similarly, output of
catheters, especially for use in medical appliances, also registered a strong
growth of 12.6%. Nevertheless, production of rubber tyres
and tubes reduced 10.9% in tandem with slowing external demand from the
automotive industry, especially China. |
|
|
|
|
|
Meanwhile, production of wood and wood products rebounded 4.6% largely
supported by higher demand for wooden and cane furniture (33.5%). The
positive performance was attributed to vibrant higher demand from major
export destinations such as China and the United States (US) for
Malaysian-made furniture. Demand from China accelerated further following the
country’s rising income level and the implementation of zero import duty on
Malaysian made-furniture. Malaysia government has growth target of 6.5% for
wood based furniture where estimated to reach up to RM53 billion by year
2020.The government providing pioneer status for tax exemption and investment
tax allowance for this industry as a boost up step towards produce good
quality product and to meet the world demand. |
|
|
|
|
|
The output of chemicals and chemical products rose 9.9% in the first seven
month of year 2012 on account of increasing demand for plastic products
(11.8%) and basic chemicals (11.1%). External demand for plastic packaging
materials surged during the early part of the year 2012, particularly from
Japan and Thailand, as manufacturers resumed operations, which were
interrupted by natural calamities and power outages. Chemical production are
expected to show 7.5 % in year 2013 inline with Malaysia as one of the
largest contributor in world Chemicals & Chemical industries. |
|
|
|
|
|
Tax and non-tax incentives provided by government encourage
manufacturers to move up the value chain of manufacturing industry. The new
growth initiatives by government in the manufacturing sector such as solar
and medial services can be important drivers of growth apart from helping to
diversify the manufacturing base and contributing to the resilience of the
sector. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
Incorporated in
1961, the Subject is a Private Limited company, focusing on manufacturing and
trading of tyres. 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. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
CONTINENTAL TYRE
PJ MALAYSIA SDN. BHD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
SUMMARY |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
1,313,674,000 |
1,291,700,000 |
1,068,213,000 |
884,986,000 |
493,280,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
1,313,674,000 |
1,291,700,000 |
1,068,213,000 |
884,986,000 |
493,280,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
11,263,000 |
(15,546,000) |
(28,425,000) |
(22,171,000) |
8,158,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
11,263,000 |
(15,546,000) |
(28,425,000) |
(22,171,000) |
8,158,000 |
|
Taxation |
(1,133,000) |
4,731,000 |
(15,793,000) |
4,953,000 |
18,296,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
10,130,000 |
(10,815,000) |
(44,218,000) |
(17,218,000) |
26,454,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
(43,894,000) |
(33,079,000) |
11,139,000 |
40,457,000 |
29,197,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
(43,894,000) |
(33,079,000) |
11,139,000 |
40,457,000 |
29,197,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(33,764,000) |
(43,894,000) |
(33,079,000) |
23,239,000 |
55,651,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
- |
(12,100,000) |
(15,194,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(33,764,000) |
(43,894,000) |
(33,079,000) |
11,139,000 |
40,457,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Lease interest |
- |
2,012,000 |
2,309,000 |
2,490,000 |
2,669,000 |
|
Others |
- |
4,326,000 |
4,080,000 |
4,332,000 |
3,124,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
6,338,000 |
6,389,000 |
6,822,000 |
5,793,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
CONTINENTAL TYRE
PJ MALAYSIA SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
136,825,000 |
147,707,000 |
164,204,000 |
193,076,000 |
221,100,000 |
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary companies |
- |
10,193,000 |
10,193,000 |
10,193,000 |
15,774,000 |
|
Deferred assets |
- |
20,198,000 |
15,412,000 |
31,205,000 |
26,318,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
10,193,000 |
30,391,000 |
25,605,000 |
41,398,000 |
42,092,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
147,018,000 |
178,098,000 |
189,809,000 |
234,474,000 |
263,192,000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
- |
118,832,000 |
88,708,000 |
87,501,000 |
56,665,000 |
|
Trade debtors |
- |
155,171,000 |
134,298,000 |
122,189,000 |
185,000 |
|
Other debtors, deposits & prepayments |
- |
11,317,000 |
7,782,000 |
12,729,000 |
7,317,000 |
|
Amount due from subsidiary companies |
- |
- |
- |
- |
90,942,000 |
|
Amount due from related companies |
- |
99,225,000 |
52,359,000 |
37,295,000 |
30,464,000 |
|
Cash & bank balances |
- |
43,967,000 |
75,191,000 |
74,813,000 |
11,496,000 |
|
Others |
- |
15,248,000 |
6,250,000 |
4,420,000 |
801,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
462,461,000 |
443,760,000 |
364,588,000 |
338,947,000 |
197,870,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
609,479,000 |
621,858,000 |
554,397,000 |
573,421,000 |
461,062,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
- |
101,242,000 |
85,801,000 |
57,367,000 |
28,347,000 |
|
Other creditors & accruals |
- |
67,370,000 |
70,854,000 |
62,888,000 |
19,165,000 |
|
Hire purchase & lease creditors |
- |
3,770,000 |
3,556,000 |
3,355,000 |
3,165,000 |
|
Short term borrowings/Term loans |
- |
30,000,000 |
30,000,000 |
30,000,000 |
95,000,000 |
|
Bill & acceptances payable |
- |
31,600,000 |
27,400,000 |
18,000,000 |
- |
|
Amounts owing to holding company |
- |
- |
- |
12,100,000 |
21,245,000 |
|
Amounts owing to subsidiary companies |
- |
- |
- |
53,000 |
12,295,000 |
|
Amounts owing to related companies |
- |
145,068,000 |
96,187,000 |
101,856,000 |
1,513,000 |
|
Other liabilities |
- |
61,075,000 |
44,266,000 |
43,671,000 |
3,500,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
421,622,000 |
440,125,000 |
358,064,000 |
329,290,000 |
184,230,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
40,839,000 |
3,635,000 |
6,524,000 |
9,657,000 |
13,640,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
187,857,000 |
181,733,000 |
196,333,000 |
244,131,000 |
276,832,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
168,405,000 |
168,405,000 |
168,405,000 |
168,405,000 |
168,405,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
168,405,000 |
168,405,000 |
168,405,000 |
168,405,000 |
168,405,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
(33,764,000) |
(43,894,000) |
(33,079,000) |
11,139,000 |
40,457,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
(33,764,000) |
(43,894,000) |
(33,079,000) |
11,139,000 |
40,457,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
134,641,000 |
124,511,000 |
135,326,000 |
179,544,000 |
208,862,000 |
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
|
Lease obligations |
- |
57,051,000 |
60,821,000 |
64,377,000 |
67,732,000 |
|
Retirement benefits provision |
- |
171,000 |
186,000 |
210,000 |
238,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
53,216,000 |
57,222,000 |
61,007,000 |
64,587,000 |
67,970,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
187,857,000 |
181,733,000 |
196,333,000 |
244,131,000 |
276,832,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CONTINENTAL TYRE
PJ MALAYSIA SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
- |
43,967,000 |
75,191,000 |
74,813,000 |
11,496,000 |
|
Net Liquid Funds |
- |
12,367,000 |
47,791,000 |
56,813,000 |
11,496,000 |
|
Net Liquid Assets |
40,839,000 |
(115,197,000) |
(82,184,000) |
(77,844,000) |
(43,025,000) |
|
Net Current Assets/(Liabilities) |
40,839,000 |
3,635,000 |
6,524,000 |
9,657,000 |
13,640,000 |
|
Net Tangible Assets |
187,857,000 |
181,733,000 |
196,333,000 |
244,131,000 |
276,832,000 |
|
Net Monetary Assets |
(12,377,000) |
(172,419,000) |
(143,191,000) |
(142,431,000) |
(110,995,000) |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
- |
122,421,000 |
121,777,000 |
115,732,000 |
165,897,000 |
|
Total Liabilities |
474,838,000 |
497,347,000 |
419,071,000 |
393,877,000 |
252,200,000 |
|
Total Assets |
609,479,000 |
621,858,000 |
554,397,000 |
573,421,000 |
461,062,000 |
|
Net Assets |
187,857,000 |
181,733,000 |
196,333,000 |
244,131,000 |
276,832,000 |
|
Net Assets Backing |
134,641,000 |
124,511,000 |
135,326,000 |
179,544,000 |
208,862,000 |
|
Shareholders' Funds |
134,641,000 |
124,511,000 |
135,326,000 |
179,544,000 |
208,862,000 |
|
Total Share Capital |
168,405,000 |
168,405,000 |
168,405,000 |
168,405,000 |
168,405,000 |
|
Total Reserves |
(33,764,000) |
(43,894,000) |
(33,079,000) |
11,139,000 |
40,457,000 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
- |
0.10 |
0.21 |
0.23 |
0.06 |
|
Liquid Ratio |
- |
0.74 |
0.77 |
0.76 |
0.77 |
|
Current Ratio |
1.10 |
1.01 |
1.02 |
1.03 |
1.07 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
- |
34 |
30 |
36 |
42 |
|
Debtors Ratio |
- |
44 |
46 |
50 |
0 |
|
Creditors Ratio |
- |
29 |
29 |
24 |
21 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
- |
0.98 |
0.90 |
0.64 |
0.79 |
|
Liabilities Ratio |
3.53 |
3.99 |
3.10 |
2.19 |
1.21 |
|
Times Interest Earned Ratio |
- |
(1.45) |
(3.45) |
(2.25) |
2.41 |
|
Assets Backing Ratio |
1.12 |
1.08 |
1.17 |
1.45 |
1.64 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
0.86 |
(1.20) |
(2.66) |
(2.51) |
1.65 |
|
Net Profit Margin |
0.77 |
(0.84) |
(4.14) |
(1.95) |
5.36 |
|
Return On Net Assets |
6.00 |
(5.07) |
(11.22) |
(6.29) |
5.04 |
|
Return On Capital Employed |
6.00 |
(4.96) |
(11.02) |
(6.20) |
4.98 |
|
Return On Shareholders' Funds/Equity |
7.52 |
(8.69) |
(32.68) |
(9.59) |
12.67 |
|
Dividend Pay Out Ratio (Times) |
- |
0.00 |
0.00 |
0.70 |
0.57 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
- |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
UK Pound |
1 |
Rs.100.73 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.