MIRA INFORM REPORT
|
Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
SYMBIOTICA SPECIALITY INGREDIENTS SDN. BHD. |
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Registered Office : |
3-9-B, NB Plaza, 3000, |
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Country : |
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Financials (as on) : |
31.01.2012 |
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Date of Incorporation : |
28.03.2001 |
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Com. Reg. No.: |
543176-K |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufacturer and Trader of Pharmaceutical Ingredients |
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No of Employees : |
50 |
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 |
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Payment Behaviour : |
No Complaints |
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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 |
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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. |
: |
543176-K |
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|
COMPANY NAME |
: |
SYMBIOTICA
SPECIALITY INGREDIENTS SDN. BHD. |
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|
FORMER NAME |
: |
N/A |
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INCORPORATION DATE |
: |
28/03/2001 |
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COMPANY STATUS |
: |
EXIST |
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LEGAL FORM |
: |
PRIVATE LIMITED |
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LISTED STATUS |
: |
NO |
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REGISTERED ADDRESS |
: |
3-9-B, NB PLAZA, 3000, JALAN BARU, 13700
PERAI, PULAU PINANG, MALAYSIA. |
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|
BUSINESS ADDRESS |
: |
3-9-B, NB PLAZA, 3000, JALAN BARU, 13700 PERAI,
PULAU PINANG, MALAYSIA. |
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TEL.NO. |
: |
04-3979799 |
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FAX.NO. |
: |
04-3973979 |
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CONTACT PERSON |
: |
AJOY GOPINATH PRABHU ( MANAGING DIRECTOR ) |
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INDUSTRY CODE |
: |
21001 |
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PRINCIPAL ACTIVITY |
: |
MANUFACTURING AND TRADING PHARMACEUTICAL
INGREDIENTS |
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|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
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|
ISSUED AND PAID UP CAPITAL |
: |
MYR 2,000,000.00 DIVIDED INTO |
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SALES |
: |
MYR 45,947,754 [2012] |
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NET WORTH |
: |
MYR 11,528,004 [2012] |
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STAFF STRENGTH |
: |
50 [2014] |
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LITIGATION |
: |
CLEAR |
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DEFAULTER CHECK |
: |
CLEAR |
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FINANCIAL CONDITION |
: |
FAIR |
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PAYMENT |
: |
AVERAGE |
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MANAGEMENT CAPABILITY |
: |
AVERAGE |
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COMMERCIAL RISK |
: |
LOW |
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CURRENCY EXPOSURE |
: |
MODERATE |
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GENERAL REPUTATION |
: |
SATISFACTORY |
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INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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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 pharmaceutical ingredients.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
15/02/2013 |
MYR 5,000,000.00 |
MYR 2,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MS. TUNG AI LING + |
14K,TAMAN PERPADUAN, 08000 SUNGAI PETANI, KEDAH,
MALAYSIA. |
660516-02-5000 |
1,400,000.00 |
70.00 |
|
AJOY GOPINATH PRABHU + |
14K,TAMAN PERPADUAN, 08000 SUNGAI PETANI,
KEDAH, MALAYSIA. |
Z1808128 |
600,000.00 |
30.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
2,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
AJOY GOPINATH PRABHU |
|
Address |
: |
14K,TAMAN PERPADUAN, 08000 SUNGAI PETANI,
KEDAH, MALAYSIA. |
|
IC / PP No |
: |
Z1808128 |
|
Date of Appointment |
: |
29/03/2001 |
DIRECTOR 2
|
Name Of Subject |
: |
MS. TUNG AI LING |
|
Address |
: |
14K,TAMAN PERPADUAN, 08000 SUNGAI PETANI,
KEDAH, MALAYSIA. |
|
New IC No |
: |
660516-02-5000 |
|
Date of Birth |
: |
16/05/1966 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
29/03/2001 |
|
1) |
Name of Subject |
: |
AJOY GOPINATH PRABHU |
|
|
Position |
: |
MANAGING DIRECTOR |
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|
|
|
|
|
2) |
Name of Subject |
: |
TUNG AI LING |
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Position |
: |
FINANCE DIRECTOR |
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3) |
Name of Subject |
: |
RAVINDRA A/L KRISHNAN |
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Position |
: |
BUSINESS DEVELOPMENT MANAGER |
|
Auditor |
: |
OOI & ASSOCIATES |
|
Auditor' Address |
: |
63, JALAN SELAT, TAMAN SELAT, GROUND FLOOR,
12000 BUTTERWORTH, PULAU PINANG, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. OOI WAN KUAN |
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New IC No |
: |
620115-07-5182 |
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Address |
: |
NO. 1 JALAN RAJA GOPAL, 10350 PULAU PINANG,
PULAU PINANG, MALAYSIA. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
PUBLIC BANK BHD |
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2) |
Name |
: |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
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3) |
Name |
: |
RHB BANK BHD |
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4) |
Name |
: |
EON BANK BHD |
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5) |
Name |
: |
MALAYAN BANKING BHD |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
16/08/2001 |
N/A |
HONG LEONG BANK BERHAD |
MYR 295,000.00 |
Satisfied |
|
2 |
12/09/2002 |
N/A |
CREDIT GUARANTEE CORPORATION MALAYSIA
BERHAD |
MYR 1,000,000.00 |
Satisfied |
|
3 |
07/10/2002 |
ALL MONIES
SPECIFIC DEBENTURE & OPEN CHARGE |
UNITED OVERSEAS BANK MALAYSIA BERHAD |
MYR 1,500,000.00 |
Unsatisfied |
|
4 |
29/06/2004 |
N/A |
MALAYAN BANKING BERHAD |
MYR 306,000.00 |
Satisfied |
|
5 |
29/06/2004 |
N/A |
MALAYAN BANKING BERHAD |
MYR 250,000.00 |
Satisfied |
|
6 |
29/06/2004 |
N/A |
MALAYAN BANKING BERHAD |
MYR 550,000.00 |
Satisfied |
|
7 |
20/12/2005 |
N/A |
MALAYAN BANKING BHD |
MYR 60,000.00 |
Satisfied |
|
8 |
16/04/2007 |
ALL MONIES
SPECIFIC DEBENTURE & OPEN CHARGE |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
- |
Unsatisfied |
|
9 |
01/08/2008 |
OPEN CHARGE |
RHB BANK BHD |
- |
Unsatisfied |
|
10 |
23/02/2009 |
N/A |
EON BANK BHD |
MYR 700,000.00 |
Satisfied |
|
11 |
23/02/2009 |
N/A |
EON BANK BHD |
MYR 200,000.00 |
Satisfied |
|
12 |
06/07/2010 |
OPEN CHARGE |
PUBLIC BANK BHD |
- |
Unsatisfied |
* 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 |
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Overseas |
: |
YES |
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Import Countries |
: |
UNITED STATES,BELGIUM,INDIA |
|
The
Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
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Average 61-90 Days |
[ |
X |
] |
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Fair 91-120 Days |
[ |
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] |
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Poor >120 Days |
[ |
|
] |
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Local |
: |
YES |
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Domestic Markets |
: |
MALAYSIA |
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Overseas |
: |
YES |
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Export Market |
: |
INDIA |
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Credit Term |
: |
30 - 60 DAYS |
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Payment Mode |
: |
CHEQUES |
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Type of Customer |
: |
DEALERS,PHARMACIES,PHARMACEUTICAL
INDUSTRIES |
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CUSTOMER(S) |
: |
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Products manufactured |
: |
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Product Brand Name |
: |
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Award |
: |
1 ) ENTERPRISE 50 AWARD Year :2009
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Competitor(s) |
: |
ALPHA BIOLOGICS SDN BHD
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Member(s) / Affiliate(s) |
: |
MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE) CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA
(CICM) |
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Ownership of premises |
: |
OWNED
|
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Factory / Premises |
: |
NO 518 JALAN
WAJA 4, TAMAN INDUSTRIAL WAJA, 09000 KULIM, KEDAH, MALAYSIA.
|
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Production Line |
: |
4
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Total Number of Employees: |
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YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
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GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
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COMPANY |
50 |
56 |
56 |
50 |
41 |
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Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing and
trading pharmaceutical ingredients.
The Subject is mainly focuses on the Active Pharmaceutical Ingredients (API).
The Subject products range includes Bethasone Valerate, Mometasone Furoate,
Bethasone Divropionate and others.
The Subject produces three types of ingredients as follows:
* Steroidal active pharmaceutical ingredients
* Non steroidal active pharmaceutical ingredients
* Pre-formulated ingredients
According to the Subject, it produces the API in powder forms.
The Subject utilizes advanced automated and semi-automated machineries at its
factory.
We were informed that the Subject also has R&D Department to ensure
production of API that meet the standard of quality that customers' demand.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
04-3979799 |
|
Match |
: |
N/A |
|
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|
|
|
Address Provided by Client |
: |
NO. 518, JALAN-WAJA 4, TAMAN INDUSTRIES,
WAJA 09000 KULIM KEDAH |
|
Current Address |
: |
3-9-B, NB PLAZA, 3000, JALAN BARU, 13700
PERAI, PULAU PINANG, MALAYSIA. |
|
Match |
: |
NO |
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|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
The address provided belongs to the Subject's factory.
|
Profitability |
|
|
|
|
|
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|
Turnover |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
18.74% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
22.42% |
] |
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|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.
The higher profit could be attributed to the increase in turnover. The
Subject's management had generated acceptable return for its shareholders
using its assets. |
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Working Capital
Control |
|
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Stock Ratio |
: |
Favourable |
[ |
44 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
77 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
58 Days |
] |
|
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The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The high debtors' ratio could
indicate that the Subject was weak in its credit control. However, the
Subject could also giving longer credit periods to its customers in order to
boost its sales or to capture / retain its market share. The Subject had a
favourable creditors' ratio where the Subject could be taking advantage of
the cash discounts and also wanting to maintain goodwill with its creditors. |
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Liquidity |
|
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|
Liquid Ratio |
: |
Favourable |
[ |
1.23 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.66 Times |
] |
|
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|
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|
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. |
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Solvency |
|
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|
|
|
|
|
Interest Cover |
: |
Acceptable |
[ |
8.87 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.56 Times |
] |
|
|
|
|
|
|
|
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|
|
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 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. |
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|
Overall
Assessment : |
|
|
|
|
|
|
|
Generally, the Subject's performance has improved with higher turnover
and profit. The Subject was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the Subject should be able to repay its short term obligations. The
Subject 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 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 : 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 |
- |
|
|
|
|
|
|
|
|
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 |
|
|
21001 : Manufacture of medicinal active substances to be used for
their pharmacological properties in the manufacture of medicaments |
|
|
|
|
|
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 assolar and
medial services can be important drivers of growth apart from helping to
diversify the manufacturing base and contributing to the resilience of the
sector. |
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : Average Growth |
|
Incorporated in 2001, the Subject is a Private Limited company, focusing
on manufacturing and trading pharmaceutical ingredients. Having been in the
industry for over a decade, the Subject has achieved a certain market share and
has built up a satisfactory reputation in the market. It should have received
supports from its regular customers. The capital standing of the Subject is
fair. With an adequate share capital, the Subject has the potential of
expanding its business in future.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the Subject to further
enhance its business in the near term. The Subject is operating on a medium
scale and it has approximately 50 employees in its business operations.
Overall, we regard that the Subject's management capability is average. This
indicates that the Subject has greater potential to improve its business performance
and raising income for the Subject. To improve its quality products and
services, we noted that the Subject has received a number of certifications
& awards. This will improve the customer's confidence level to the Subject.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. Return on shareholders' funds of the
Subject was at an acceptable range which indicated that the management was
efficient in utilising its funds to generate income. The Subject is in good
liquidity position with its current liabilities well covered by it current
assets. Hence, it has sufficient working capital to meet its short term financial
obligations. Being a lowly geared company, the Subject is exposed to low
financial risk as it is mainly dependent on its internal funds to finance its
business needs. Given a positive net worth standing at MYR 11,528,004, the
Subject should be able to maintain its business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of getting
loans if the needs arises. The Subject's supplier are from both the local and
overseas countries. This will eliminates the risk of dependency on deliveries
from a number of key suppliers and insufficient quantities of its raw
materials. Overall the Subject has a good control over its resources.
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
promptly.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
SYMBIOTICA
SPECIALITY INGREDIENTS SDN. BHD. |
|
Financial Year End |
2012-01-31 |
2011-01-31 |
2010-01-31 |
2009-01-31 |
2008-01-31 |
|
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 |
45,947,754 |
40,865,508 |
30,682,822 |
29,385,829 |
31,506,125 |
|
Other Income |
976,347 |
786,436 |
675,923 |
258,279 |
606,795 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
46,924,101 |
41,651,944 |
31,358,745 |
29,644,108 |
32,112,920 |
|
Costs of Goods Sold |
(41,020,235) |
(37,244,142) |
(27,656,842) |
(26,275,776) |
(26,653,075) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
5,903,866 |
4,407,802 |
3,701,903 |
3,368,332 |
5,459,845 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
2,631,170 |
1,349,562 |
1,041,825 |
568,306 |
2,281,049 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
2,631,170 |
1,349,562 |
1,041,825 |
568,306 |
2,281,049 |
|
Taxation |
(470,706) |
(410,419) |
(208,091) |
(208,833) |
(82,157) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
2,160,464 |
939,143 |
833,734 |
359,473 |
2,198,892 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
7,367,540 |
6,428,397 |
5,594,663 |
5,235,190 |
3,036,298 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
7,367,540 |
6,428,397 |
5,594,663 |
5,235,190 |
3,036,298 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
9,528,004 |
7,367,540 |
6,428,397 |
5,594,663 |
5,235,190 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
9,528,004 |
7,367,540 |
6,428,397 |
5,594,663 |
5,235,190 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
95,378 |
51,775 |
46,491 |
54,321 |
57,017 |
|
Bankers' acceptance |
139,696 |
113,916 |
63,095 |
103,928 |
101,376 |
|
Hire purchase |
50,853 |
3,365 |
4,728 |
8,070 |
13,537 |
|
Term loan / Borrowing |
39,969 |
57,112 |
23,237 |
27,719 |
30,243 |
|
Trust receipts |
8,391 |
3,066 |
3,003 |
4,541 |
3,055 |
|
Others |
- |
- |
- |
- |
9,159 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
334,287 |
229,234 |
140,554 |
198,579 |
214,387 |
|
|
============= |
============= |
============= |
============= |
============= |
|
SYMBIOTICA SPECIALITY
INGREDIENTS SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
4,582,776 |
2,525,166 |
2,332,588 |
2,149,552 |
2,309,157 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
4,582,776 |
2,525,166 |
2,332,588 |
2,149,552 |
2,309,157 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
5,571,019 |
4,993,562 |
4,012,014 |
5,560,089 |
4,705,483 |
|
Trade debtors |
9,750,434 |
8,108,469 |
6,152,355 |
5,536,463 |
5,757,223 |
|
Other debtors, deposits & prepayments |
704,686 |
1,067,112 |
159,739 |
284,828 |
64,067 |
|
Short term deposits |
2,323,046 |
2,300,635 |
2,239,010 |
1,939,191 |
1,679,168 |
|
Amount due from related companies |
- |
- |
446,064 |
443,543 |
441,211 |
|
Cash & bank balances |
3,451,854 |
1,949,503 |
2,912,597 |
1,343,329 |
2,396,232 |
|
Others |
- |
- |
- |
- |
7,600 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
21,801,039 |
18,419,281 |
15,921,779 |
15,107,443 |
15,050,984 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
26,383,815 |
20,944,447 |
18,254,367 |
17,256,995 |
17,360,141 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
6,540,046 |
4,887,342 |
4,585,043 |
4,603,137 |
5,925,243 |
|
Other creditors & accruals |
1,445,387 |
1,470,879 |
1,891,977 |
1,229,447 |
660,726 |
|
Hire purchase & lease creditors |
325,895 |
50,804 |
22,609 |
33,566 |
37,043 |
|
Bank overdraft |
1,256,119 |
606,110 |
987,096 |
705,478 |
804,338 |
|
Short term borrowings/Term loans |
100,534 |
88,627 |
105,106 |
66,690 |
22,396 |
|
Other borrowings |
- |
- |
- |
- |
38,077 |
|
Bill & acceptances payable |
3,265,000 |
3,096,000 |
1,510,000 |
2,267,000 |
2,062,000 |
|
Amounts owing to director |
328 |
14,575 |
31,564 |
30,726 |
1,221 |
|
Provision for taxation |
123,752 |
137,816 |
22,163 |
85,555 |
- |
|
Other liabilities |
101,467 |
470,164 |
48,958 |
64,257 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
13,158,528 |
10,822,317 |
9,204,516 |
9,085,856 |
9,551,044 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
8,642,511 |
7,596,964 |
6,717,263 |
6,021,587 |
5,499,940 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
13,225,287 |
10,122,130 |
9,049,851 |
8,171,139 |
7,809,097 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
9,528,004 |
7,367,540 |
6,428,397 |
5,594,663 |
5,235,190 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
9,528,004 |
7,367,540 |
6,428,397 |
5,594,663 |
5,235,190 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
11,528,004 |
9,367,540 |
8,428,397 |
7,594,663 |
7,235,190 |
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
|
Long term loans |
642,116 |
550,630 |
474,409 |
407,492 |
394,451 |
|
Hire purchase creditors |
896,607 |
87,930 |
53,360 |
75,969 |
109,461 |
|
Deferred taxation |
158,560 |
116,030 |
93,685 |
93,015 |
69,995 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
1,697,283 |
754,590 |
621,454 |
576,476 |
573,907 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
13,225,287 |
10,122,130 |
9,049,851 |
8,171,139 |
7,809,097 |
|
|
============= |
============= |
============= |
============= |
============= |
|
SYMBIOTICA
SPECIALITY INGREDIENTS SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
5,774,900 |
4,250,138 |
5,151,607 |
3,282,520 |
4,075,400 |
|
Net Liquid Funds |
1,253,781 |
548,028 |
2,654,511 |
310,042 |
1,209,062 |
|
Net Liquid Assets |
3,071,492 |
2,603,402 |
2,705,249 |
461,498 |
794,457 |
|
Net Current Assets/(Liabilities) |
8,642,511 |
7,596,964 |
6,717,263 |
6,021,587 |
5,499,940 |
|
Net Tangible Assets |
13,225,287 |
10,122,130 |
9,049,851 |
8,171,139 |
7,809,097 |
|
Net Monetary Assets |
1,374,209 |
1,848,812 |
2,083,795 |
(114,978) |
220,550 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
6,486,271 |
4,480,101 |
3,152,580 |
3,556,195 |
3,467,766 |
|
Total Liabilities |
14,855,811 |
11,576,907 |
9,825,970 |
9,662,332 |
10,124,951 |
|
Total Assets |
26,383,815 |
20,944,447 |
18,254,367 |
17,256,995 |
17,360,141 |
|
Net Assets |
13,225,287 |
10,122,130 |
9,049,851 |
8,171,139 |
7,809,097 |
|
Net Assets Backing |
11,528,004 |
9,367,540 |
8,428,397 |
7,594,663 |
7,235,190 |
|
Shareholders' Funds |
11,528,004 |
9,367,540 |
8,428,397 |
7,594,663 |
7,235,190 |
|
Total Share Capital |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
Total Reserves |
9,528,004 |
7,367,540 |
6,428,397 |
5,594,663 |
5,235,190 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.44 |
0.39 |
0.56 |
0.36 |
0.43 |
|
Liquid Ratio |
1.23 |
1.24 |
1.29 |
1.05 |
1.08 |
|
Current Ratio |
1.66 |
1.70 |
1.73 |
1.66 |
1.58 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
44 |
45 |
48 |
69 |
55 |
|
Debtors Ratio |
77 |
72 |
73 |
69 |
67 |
|
Creditors Ratio |
58 |
48 |
61 |
64 |
81 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.56 |
0.48 |
0.37 |
0.47 |
0.48 |
|
Liabilities Ratio |
1.29 |
1.24 |
1.17 |
1.27 |
1.40 |
|
Times Interest Earned Ratio |
8.87 |
6.89 |
8.41 |
3.86 |
11.64 |
|
Assets Backing Ratio |
6.61 |
5.06 |
4.52 |
4.09 |
3.90 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
5.73 |
3.30 |
3.40 |
1.93 |
7.24 |
|
Net Profit Margin |
4.70 |
2.30 |
2.72 |
1.22 |
6.98 |
|
Return On Net Assets |
22.42 |
15.60 |
13.07 |
9.39 |
31.96 |
|
Return On Capital Employed |
20.03 |
14.65 |
11.75 |
8.61 |
28.85 |
|
Return On Shareholders' Funds/Equity |
18.74 |
10.03 |
9.89 |
4.73 |
30.39 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.17 |
|
|
1 |
Rs. 103.38 |
|
Euro |
1 |
Rs. 85.08 |
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.