MIRA INFORM REPORT

Report Date :

02.07.2014

IDENTIFICATION DETAILS

Name :	MALAYSIA AIRPORTS HOLDINGS BERHAD
Registered Office :	Malaysia Airports Corporate Office, Persiaran Korporat Klia, Sepang, 64000 Klia, Selangor
Country :	Malaysia
Financials (as on) :	31.12.2013
Date of Incorporation :	28.06.1999
Com. Reg. No.:	487092-W
Legal Form :	Public
Line of Business :	Airport Operation and Management
No of Employees :	7600 - GROUP [2014]

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Malaysia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 32% of government revenue in 2013. Bank Negara 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 earlier raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

487092-W

COMPANY NAME

:

MALAYSIA AIRPORTS HOLDINGS BERHAD

FORMER NAME

:

N/A

INCORPORATION DATE

:

28/06/1999

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PUBLIC

LISTED STATUS

:

YES

LISTED DATE

:

30/11/1999

REGISTERED ADDRESS

:

MALAYSIA AIRPORTS CORPORATE OFFICE, PERSIARAN KORPORAT KLIA, SEPANG, 64000 KLIA, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

MALAYSIA AIRPORTS CORPORATE OFFICE, PERSIARAN KORPORAT KLIA, 64000 KLIA, SELANGOR, MALAYSIA.

TEL.NO.

:

03-87777000

FAX.NO.

:

03-87777778

WEB SITE

:

WWW.MALAYSIAAIRPORTS.COM.MY

CONTACT PERSON

:

ROKMAH BTE ABDULLAH ( GENERAL MANAGER )

INDUSTRY CODE

:

52232

PRINCIPAL ACTIVITY

:

AIRPORT OPERATION AND MANAGEMENT

AUTHORISED CAPITAL

:

MYR 2,000,000,001.00 DIVIDED INTO
ORDINARY SHARE 2,000,000,001.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 1,364,596,353.00 DIVIDED INTO
ORDINARY SHARES 1,364,596,352 CASH OF MYR 1.00 EACH.
PREFERENCE SHARES 1 CASH OF MYR 1.00 EACH.

SALES

:

MYR 4,098,759,000 [2013]

NET WORTH

:

MYR 4,678,367,000 [2013]

M1000 OVERALL RANKING

:

232[2011]

M1000 INDUSTRY RANKING

:

3[2011]

STAFF STRENGTH

:

7600 - GROUP [2014]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

POOR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

As a public limited company, the Subject must have at least one shareholder but there is no limit on the maximum number of shareholders. The Subject must have at least two directors. A public 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, suing or be sued by other companies. The liabilities of the shareholders are only up 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 must file in its annual return, together with its financial statements with the Registrar of Companies. In Malaysia, all the companies seeking listing on the Bursa Malaysia (Malaysia Stock Exchange) must be public limited companies.

The Subject is principally engaged in the (as a / as an) airport operation and management.

The Subject was listed on the Main Board of Bursa Malaysia Securities Bhd on 30/11/1999

According to the Malaysia 1000 publication, the Subject's ranking are as follows:
YEAR	2011	2009	2008	2005	2004
OVERALL RANKING	232	233	253	240	179
INDUSTRY RANKING	3	3	2	2	2

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
21/05/2014	MYR 2,000,000,001.00	MYR 1,364,596,353.00
18/04/2014	MYR 2,000,000,001.00	MYR 1,240,546,353.00
01/07/2013	MYR 2,000,000,001.00	MYR 1,232,443,880.00
01/04/2013	MYR 2,000,000,001.00	MYR 1,217,088,047.00
23/01/2013	MYR 2,000,000,001.00	MYR 1,210,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
KHAZANAH NASIONAL BERHAD	TOWER 2, PETRONAS TWIN TOWERS, KUALA LUMPUR CITY CENTRE, LEVEL 33, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.	275505K	502,919,411.00	36.85
CITIGROUP NOMINEES (TEMPATAN) SDN BHD FOR EMPLOYEES PROVIDENT FUN BOARD	-	-	184,378,398.00	13.51
AMANAHRAYA TRUSTEES BERHAD FOR SKIM AMANAH SAHAM BUMIPUTERA	MALAYSIA	766894	157,037,938.00	11.51
AMANAHRAYA TRUESTEES BERHAD FOR AMANAH SAHAM WAWASAN 2020	-	-	28,364,856.00	2.08
HSBC NOMINEES (ASING0 SDN BHD FOR EXEMPT AN FOR JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (BERMUDA)	-	-	25,312,564.00	1.85
MAYBANK NOMINEES (TEMPATAN) SDN BHD FOR MAYBANK TRUSTEES BERHAD FOR PUBLIC REGULAR SAVINGS FUND	-	-	24,143,852.00	1.77
PERMODALAN NASIONAL BERHAD	INVESTMENT PROCESSING DEPARTMENT, 23RD FLOOR, MENARA PNB, 201-A JALAN TUN RAZAK, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.	38218	17,497,205.00	1.28
CARTABAN NOMINEES (ASING) SDN BHD FOR EXEMPT AN FOR STATE STREET BANK & TRUST COMPANY	-	-	14,504,300.00	1.06
AMANAHRAYA TRUSTEES BERHAD FOR AMANAH SAHAM MALAYSIA	PERMODALAN NASIONAL BERHAD, MENARA PNB, 201-A, JALAN TUN RAZAK, TINGKAT 23, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.	00019674	14,215,239.00	1.04
KUMPULAN WANG PERSARAAN (DIPERBADANKAN)	MALAYSIA	00005183	13,769,836.00	1.01
REMAINING SHAREHOLDERS	-	-	382,452,754.00	28.03
			---------------	------
			1,364,596,353.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
LL05298	MALAYSIA	MALAYSIA AIRPORTS (LABUAN) PTE LTD	100.00	31/12/2013
516854V	MALAYSIA	MALAYSIA AIRPORTS MSC SDN. BHD.	100.00	31/12/2013
512527U	MALAYSIA	AIRPORT VENTURES SDN. BHD.	100.00	31/12/2013
459878D	MALAYSIA	URUSAN TEKNOLOGI WAWASAN SDN. BHD.	100.00	31/12/2013
906593U	MALAYSIA	MALAYSIA AIRPORTS CAPITAL BERHAD	100.00	31/12/2013
375245X	MALAYSIA	MALAYSIA AIRPORTS CONSULTANCY SERVICES SDN. BHD.	100.00	31/12/2013
MY1000	MALAYSIA	M A CONTRUCTION (LABUAN) PRIVATE LIMITED	100.00	31/12/2013
LL07679	MALAYSIA	MALAYSIA AIRPORTS CAPITAL LABUAN LTD	100.00	31/12/2013
438244H	MALAYSIA	MALAYSIA INTERNATIONAL AEROSPACE CENTRE SDN. BHD.	100.00	31/12/2013
324329K	MALAYSIA	ERAMAN (MALAYSIA) SDN. BHD.	100.00	31/12/2013
484656H	MALAYSIA	MALAYSIA AIRPORTS (PROPERTIES) SDN. BHD.	100.00	31/12/2013
281310V	MALAYSIA	MALAYSIA AIRPORTS (NIAGA) SDN. BHD.	100.00	31/12/2013
320480D	MALAYSIA	MALAYSIA AIRPORTS (SEPANG) SDN. BHD.	100.00	31/12/2013
467902D	MALAYSIA	MAB AGRICULTURE-HORTICULTURE SDN. BHD.	100.00	31/12/2013
330863D	MALAYSIA	K.L. AIRPORT HOTEL SDN. BHD.	100.00	31/12/2013
	MAURITIUS	MAHB (MAURITIUS) PTE LTD	100.00	31/12/2013
230646U	MALAYSIA	MALAYSIA AIRPORTS SDN. BHD.	100.00	31/12/2013
	MAURITIUS	MALAYSIA AIRPORT (MAURITIUS) PTE LTD	100.00	31/12/2013
MY1000	MALAYSIA	MALAYSIA AIRPORT TECHNOLOFIES SDN. BHD	100.00	31/12/2013
1029991A	MALAYSIA	SAMA-SAMA HOSPITALITY MANAGEMENT SDN. BHD.	51.00	31/12/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	DATUK ZALEKHA BINTI HASSAN
Address	:	37, JALAN SS 3/53, TAMAN SUBANG, 47300 PETALING JAYA, SELANGOR, MALAYSIA.
IC / PP No	:	4405869
New IC No	:	530521-08-5512
Date of Birth	:	21/05/1953
Nationality	:	MALAYSIAN
Date of Appointment	:	01/01/2014

DIRECTOR 2

Name Of Subject	:	TAN SRI DATO' SRI WAN ABDUL AZIZ BIN WAN ABDULLAH
Address	:	3, JALAN AU5C/6, LEMBAH KERAMAT, HULU KELANG, 54200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	4230305
New IC No	:	520524-03-5335
Date of Birth	:	24/05/1952
Nationality	:	MALAYSIAN
Date of Appointment	:	07/06/2012

DIRECTOR 3

Name Of Subject	:	MR. JEREMY BIN NASRULHAQ
Address	:	1, JALAN BU 3/3, BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR, MALAYSIA.
IC / PP No	:	8359921
New IC No	:	530419-10-5855
Date of Birth	:	19/04/1953
Nationality	:	MALAYSIAN
Date of Appointment	:	22/03/2013

DIRECTOR 4

Name Of Subject	:	DATUK SERI LONG SEE WOOL
Address	:	2, ELITIS SAFA PURI, VALENCIA, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA.
IC / PP No	:	8151612
New IC No	:	541118-06-5013
Date of Birth	:	18/11/1954
Nationality	:	MALAYSIAN
Date of Appointment	:	01/03/2004

DIRECTOR 5

Name Of Subject	:	TUNKU TUNKU MAHMOOD FAWZY BIN TUNKU MUHIYIDDIN, DATO'
Address	:	9, JALAN 14/2, TAMAN TUN ABDUL RAZAK, 68000 AMPANG, SELANGOR, MALAYSIA.
IC / PP No	:	5437134
New IC No	:	580819-71-5551
Date of Birth	:	19/08/1958
Nationality	:	MALAYSIAN
Date of Appointment	:	05/12/2012

DIRECTOR 6

Name Of Subject	:	MR. CHUA KOK CHING
Address	:	55, JALAN USJ 4/9A, 47600 SUBANG JAYA, SELANGOR, MALAYSIA.
IC / PP No	:	5388548
New IC No	:	580928-01-5503
Date of Birth	:	28/09/1958
Nationality	:	MALAYSIAN
Date of Appointment	:	25/06/2012
Remark	:	ALTERNATE DIRECTOR TO DATUK SERI LONG SEE WOOL

DIRECTOR 7

Name Of Subject	:	MS. SITI ZAUYAH BINTI MD DESA
Address	:	24, JALAN DAMAI 1, TAMAN DESA DAMAI, SG MERAB LUAR, 43000 KAJANG, SELANGOR, MALAYSIA.
IC / PP No	:	5794465
New IC No	:	591114-07-5308
Date of Birth	:	14/11/1959
Nationality	:	MALAYSIAN
Date of Appointment	:	06/06/2014

DIRECTOR 8

Name Of Subject	:	MR. MOHD IZANI BIN GHANI
Address	:	55, JALAN PP7/5, TAMAN PUTRA PERDANA, 47100 PUCHONG, SELANGOR, MALAYSIA.
IC / PP No	:	A0864910
New IC No	:	680101-03-5491
Date of Birth	:	01/01/1968
Nationality	:	MALAYSIAN
Date of Appointment	:	21/03/2011

DIRECTOR 9

Name Of Subject	:	MS. NORAZURA BINTI TADZIM
Address	:	35, JALAN P11 B1/6, PRECINT 11, 62300 PUTRAJAYA, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	A3945557
New IC No	:	780218-02-6116
Date of Birth	:	18/02/1978
Nationality	:	MALAYSIAN
Date of Appointment	:	06/06/2014
Remark	:	ALTERNATE DIRECTOR TO ESHAH BINTI MEOR SULEIMAN

DIRECTOR 10

Name Of Subject	:	DATUK MOHD BADLISHAM BIN GHAZALI
Address	:	137, JALAN ATHINAHAPAN, TAMAN TUN DR ISMAIL, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	6983881
New IC No	:	630307-10-8099
Date of Birth	:	07/03/1963
Nationality	:	MALAYSIAN
Date of Appointment	:	23/06/2014

DIRECTOR 11

Name Of Subject	:	DATUK SERI MICHAEL YAM KONG CHOY
Address	:	82, JALAN SETIAKASIH SATU, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	4507312
New IC No	:	530828-01-5607
Date of Birth	:	28/08/1953
Nationality	:	MALAYSIAN
Date of Appointment	:	01/12/2013

DIRECTOR 12

Name Of Subject	:	MR. ROSLI BIN ABDULLAH
Address	:	11A, JALAN SS 4A/2, 47301 PETALING JAYA, SELANGOR, MALAYSIA.
IC / PP No	:	4496890
New IC No	:	530820-03-5371
Date of Birth	:	20/08/1953
Nationality	:	MALAYSIAN
Date of Appointment	:	01/01/2014

MANAGEMENT

1)	Name of Subject	:	MOHD BADLISHAM BIN GHAZALI
	Position	:	MANAGING DIRECTOR

2)	Name of Subject	:	NORAZLNA MOHD ISA
	Position	:	GENERAL MANAGER

3)	Name of Subject	:	ROKMAH BTE ABDULLAH
	Position	:	GENERAL MANAGER

4)	Name of Subject	:	WAN ABDUL AZIZ BIN WAN ABDULLAH
	Position	:	CHAIRMAN

AUDITOR

Auditor	:	ERNST & YOUNG
Auditor' Address	:	MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR DAMANSARA, DAMANSARA HEIGHTS, LEVEL 23A, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

COMPANY SECRETARIES

1)	Company Secretary	:	MS. SABARINA LAILA BINTI MOHD HASHIM
	IC / PP No	:	A0766677
	New IC No	:	670818-06-5074
	Address	:	MR1-08-05, SRI ACAPPELA, JALAN LOMPAT TINGGI 13/33, SEKSYEN 13, 40100 SHAH ALAM, SELANGOR, MALAYSIA.

BANKING

Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

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 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.

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	:	N/A
Overseas	:	N/A

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	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[	X	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

OPERATIONS

Services

:

AIRPORT OPERATION AND MANAGEMENT

Award

:

1 ) MS ISO 9001 : 2000 Year :2003

Competitor(s)

:

AAR LANDING GEAR SERVICES SDN BHD

MALAYSIA AIRPORTS TECHNOLOGIES SDN. BHD

MASKARGO SDN BHD

Member(s) / Affiliate(s)

:

MALAYSIA LOGISTICS INDUSTRY

Ownership of premises

:

OWNED

Total Number of Employees:
YEAR	2014	2013	2012	2011	2010
GROUP	7600	7600	7,511	7,975	6,400
	N/A	N/A	0	800

Branch

:

YES

No of Branches

:

11

Other Information:

The Subject is principally engaged in the (as a / as an) airport operation and management.

The Group's core activities includes the management, operation and maintenance as well as development of airports, with primary importance being placed on the operational efficiency, safety and security of passengers, cargo and aircraft operations.

Besides its core business activities, SC has in its corporate structure, a few subsidiary companies to offer a range of aviation and non-aviation related products and services.

The Subject's revenue base is divided into 2 main categories - aeronautical and non-aeronautical revenue. Aeronautical revenue is mainly derived from landing fees, aerobridge charges, check-in-counter charges, parking fees and the passenger service charges.

Non-aeronautical revenue comprises revenue generated from commercial activities, including duty free operations, hotel operations, free commercial zone operations, management of parking facilities and the lease of commercial space.

Malaysia Airports is the operator and manager of Malaysia's 39 airports which comprise international, domestic and Short Take-Off and Landing (STOL) ports.

The main airport is the KL International Airport (KLIA). KLIA is the result of a visionary strategy to meet the needs of new large aircraft and the traffic demand of the 21st century. KLIA has pioneered the use of state-of-the-art technology in airport management known as Total Airport Management System (TAMS).

TAMS, managed by Malaysia Airport (Technologies) Sdn. Bhd., consists of more than 40 systems and airport functions including air traffic management, baggage handling, passenger check-in and flight information display.

RECENT DEVELOPMENT

5 June 2014

The Board of the Subject (MAHB) wishes to announce the appointment of Y. Bhg. Datuk Mohd Badlisham bin Ghazali as the Managing Director with effect from 23 June 2014.

Y. Bhg. Datuk Mohd Badlisham, Chief Executive Officer of Multimedia Development Corporation (MDeC), takes over from Y. Bhg. Tan Sri Bashir Ahmad bin Abdul Majid whose term expires on 6 June this year.

Y. Bhg. Tan Sri Bashir Ahmad, last year, indicated his wish to make way for a successor as he would have completed 11 years of services as the Managing Director of MAHB. At the request of the Board, Y. Bhg. Tan Sri Bashir Ahmad has agreed to stay on as Advisor, as his experience and knowledge of the industry continues to be valuable to the Company.

In the interim, the duties of the Managing Director will be covered by the Executive Committee (ExCo), under the supervision of the Board.

30 April 2014

Further to announcement dated 21 June 2013, the Board of Directors of MAHB is pleased to announce that Malaysia Airports Consultancy Services Sdn Bhd ("MACS"), a wholly-owned subsidiary of MAHB had on 22 and 24 April 2014 received the Notice to Proceed and Change Order Notice respectively from the New Doha International Airport Steering Committee ("NDIA Steering Committee") for the provision of the following projects ("the Projects"):-

i) Facility Management Services for the Food Production Equipment at the Employee Canteen; and

ii) Facility Management Services for NDIA Project Site Office, NDIA Mock-Up Warehouse and Associated Facilities (Porta Cabins).

21 June 2013

The Board of Directors of MAHB is pleased to announce that Malaysia Airports Consultancy Services Sdn Bhd ("MACS"), a wholly-owned subsidiary of MAHB had on 17 June 2013 received the Letter of Award and Notice to Proceed ("NTP") from the New Doha International Airport Steering Committee ("INDIA Steering Committee") for the provision of Facility Management Services for Airport Operational Facilities and Ancillary Building at the New Doha International Airport, in Doha, Qatar ("the Project").

16 May 2013

Further to announcement dated 16 January 2013, the Board of Directors of MAHB is pleased to announce that its subsidiary, Airport Automotive Workshop Sdn Bhd ("AAW") which was placed under members' voluntary winding-up had held its Final Meeting on 10 May 2013, to conclude the members' voluntary winding-up.

The Return by Liquidator relating to Final Meeting ("Return") was lodged by the Liquidator to the Companies Commission of Malaysia on 16 May 2013 and AAW will be duly dissolved on the expiration of 3 months after lodgement of the Return.

The members' voluntary winding-up of AAW is not expected to have any material financial and operational impact on MAHB and will not have any material effect on the earnings and net assets of MAHB Group.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	0387777000
Current Telephone Number	:	03-87777000
Match	:	YES
Address Provided by Client	:	PERSIARAN KORPORAT KLIA SEPANG, SELANGOR MALAYSIA
Current Address	:	MALAYSIA AIRPORTS CORPORATE OFFICE, PERSIARAN KORPORAT KLIA, 64000 KLIA, SELANGOR, MALAYSIA.
Match	:	NO
Latest Financial Accounts	:	YES

Other Investigations

The address provided belongs to the Subject's Head office.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Unfavourable	[	8.07%	]
Return on Net Assets	:	Unfavourable	[	6.22%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years. The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	16 Days	]
Debtor Ratio	:	Favourable	[	39 Days	]
Creditors Ratio	:	Unfavourable	[	260 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Unfavourable	[	0.78 Times	]
Current Ratio	:	Unfavourable	[	0.89 Times	]
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Favourable	[	20.49 Times	]
Gearing Ratio	:	Acceptable	[	0.81 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's gearing was slightly high. The Subject is utilising the leverage concept to fund its expansion. However, the high gearing has added financial risks to the Subject. It will be more vulnerable in times of economy downturn.
Overall Assessment :
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject's gearing was slightly high and its financial risk was also high. If no plans are made to reduce its gearing, the Subject's performance may deteriorate in the coming year.
Overall financial condition of the Subject : FAIR

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators:	2009	2010	2011	2012*	2013**
Population ( Million)	28.13	28.35	28.70	29.30	29.80
Gross Domestic Products ( % )	(0.5)	7.2	5.1	5.6	5.3
Domestic Demand ( % )	2.9	6.3	8.2	9.4	5.6
Private Expenditure ( % )	(2.7)	8.1	8.2	8.0	7.4
Consumption ( % )	0.7	6.7	7.1	1.0	5.7
Investment ( % )	(17.2)	17.7	12.2	11.7	13.3
Public Expenditure ( % )	5.2	3.8	8.4	13.3	1.2
Consumption ( % )	3.1	0.2	16.1	11.3	(1.2)
Investment ( % )	8.0	2.8	(0.3)	15.9	4.2
Balance of Trade ( MYR Million )	89,650	118,356	116,058	106,300	110,700
Government Finance ( MYR Million )	(28,450)	(40,482)	(45,511)	(42,297)	(39,993)
Government Finance to GDP / Fiscal Deficit ( % )	(4.8)	(5.6)	(5.4)	(4.5)	(4.0)
Inflation ( % Change in Composite CPI)	(5.2)	5.1	3.1	1.6	2.5
Unemployment Rate	4.5	3.9	3.3	3.2	3.0
Net International Reserves ( MYR Billion )	331	329	415	427	-
Average Risk-Weighted Capital Adequacy Ratio ( % )	2.87	2.20	3.50	2.20	-
Average 3 Months of Non-performing Loans ( % )	11.08	15.30	14.80	14.70	-
Average Base Lending Rate ( % )	5.53	6.30	6.60	6.53	-
Business Loans Disbursed( % )	10.5	14.7	15.3	32.2	-
Foreign Investment ( MYR Million )	22,156.8	22,517.9	23,546.1	26,230.4	-
Consumer Loans ( % )	-	-	-	-	-
Registration of New Companies ( No. )	41,578	44,148	45,455	45,441	-
Registration of New Companies ( % )	(0.1)	6.2	3.0	(0.0)	-
Liquidation of Companies ( No. )	39,075	25,585	132,476	-	-
Liquidation of Companies ( % )	39.6	(34.5)	417.8	-	-
Registration of New Business ( No. )	312,581	271,414	284,598	324,761	-
Registration of New Business ( % )	-	-	-	-	-
Business Dissolved ( No. )	19,345	19,738	20,121	-	-
Business Dissolved ( % )	2.4	2.0	1.9	-	-
Sales of New Passenger Cars (' 000 Unit )	486.3	543.6	535.1	552.2	-
Cellular Phone Subscribers ( Million )	30.1	32.8	35.3	38.5	-
Tourist Arrival ( Million Persons )	23.6	24.6	24.7	25.0	-
Hotel Occupancy Rate ( % )	58.0	63.0	60.6	62.4	-
Credit Cards Spending ( % )	12.8	14.1	15.6	12.6	-
Bad Cheque Offenders (No.)	36,667	33,568	32,627	26,982	-
Individual Bankruptcy ( No.)	16,228	18,119	19,167	19,575	-
Individual Bankruptcy ( % )	16.7	11.7	5.8	2.1	-

INDUSTRIES ( % of Growth ):	2009	2010	2011	2012*	2013**
Agriculture	0.4	2.1	5.9	0.6	2.4
Palm Oil	(1.1)	(3.4)	10.8	(2.8)	-
Rubber	(19.8)	9.9	6.1	(0.6)	-
Forestry & Logging	(5.9)	(3.3)	(7.6)	(2.2)	-
Fishing	5.5	5.6	2.1	(0.7)	-
Other Agriculture	9.0	7.9	7.1	6.4	-
Industry Non-Performing Loans ( MYR Million )	413.7	508.4	634.1	-	-
% of Industry Non-Performing Loans	1.3	2.1	3.2	-	-
Mining	(3.8)	0.2	(5.7)	1.5	2.7
Oil & Gas	2.1	0.5	(1.7)	-	-
Other Mining	-	-	-	-	-
Industry Non-performing Loans ( MYR Million )	44.2	49.7	46.5	-	-
% of Industry Non-performing Loans	0.1	0.1	0.1	-	-
Manufacturing #	(9.4)	11.4	4.7	4.2	4.9
Exported-oriented Industries	(19.0)	12.1	2.8	4.1	-
Electrical & Electronics	(30.3)	28.4	(4.9)	1.6	-
Rubber Products	(10.1)	25.3	15.4	3.6	-
Wood Products	(24.1)	20.1	(4.9)	4.6	-
Textiles & Apparel	(19.5)	(0.4)	14.8	(7.1)	-
Domestic-oriented Industries	(9.8)	16.3	6.5	8.6	-
Food, Beverages & Tobacco	0.2	3.0	4.2	-	-
Chemical & Chemical Products	(7.7)	16.2	5.5	9.9	-
Plastic Products	(9.1)	2.4	3.8	-	-
Iron & Steel	(32.7)	29.3	2.4	-	-
Fabricated Metal Products	(2.5)	14.9	25.2	-	-
Non-metallic Mineral	(15.5)	20.2	27.1	6.6	-
Transport Equipment	(13.5)	36.5	(10.4)	13.7	-
Paper & Paper Products	(5.0)	18.7	14.8	(7.8)	-
Crude Oil Refineries	0.2	(11.4)	9.3	-	-
Industry Non-Performing Loans ( MYR Million )	6,007.3	6,217.5	6,537.2	-	-
% of Industry Non-Performing Loans	18.3	23.8	25.7	-	-
Construction	5.8	5.1	4.4	15.5	11.2
Industry Non-Performing Loans ( MYR Million )	3,241.8	4,038.5	3,856.9	-	-
% of Industry Non-Performing Loans	9.9	10.7	10.2	-	-
Services	2.6	6.5	6.4	5.5	5.6
Electric, Gas & Water	0.4	8.5	5.6	4.8	-
Transport, Storage & Communication	1.6	7.7	6.5	7.3	-
Wholesale, Retail, Hotel & Restaurant	2.8	4.7	5.2	6.9	-
Finance, Insurance & Real Estate	3.8	6.1	6.3	6.5	-
Government Services	2.0	6.7	7.6	5.6	-
Other Services	4.4	4.2	5.4	5.7	-
Industry Non-Performing Loans ( MYR Million )	6,631.3	7,384.6	6,825.2	-	-
% of Industry Non-Performing Loans	20.2	25.7	23.4	-	-
* Estimate / Preliminary
** Forecast
# Based On Manufacturing Production Index

INDUSTRY ANALYSIS

MSIC CODE
52232 : Airport and air-traffic-control activities
INDUSTRY :	TRANSPORTATION
The Malaysian transportation industry is forecast to grow at a compound annual growth rate of 11.6% to reach RM203.71 billion in 2016.
In 2013, the transportation industry is expected to have a growth of 6.7% due to the implementation of Government Transformation Programme and the Economic Transformation Programme (ETP). According to Budget 2013, RM9.4 billion is allocated for the transportation sector, including RM4.2 billion for improving access and connectivity in urban public transport. Substantial provision is also made for the construction, maintenance and upgrading of roads and bridges, railways, airports, ports and jetties as well as rural infrastructure major ongoing transport projects include the East Coast Highway (LPT) Phase II from Jabor to Kuala Terengganu and the Central Spine Federal Road (Package 3). New projects slated for the year include upgrading of road works between Donggongan to Simpang Jalan Papar Spur (Package 1) (Sabah), Pekan-Nenasi-Endau (Pahang); and Batu Maung to Pulau Pinang Second Bridge (Bayan Lepas Expressway) as well as upgrading of rail infrastructure in Lembah Klang (Phase 1). Construction of the West Coast Highway from Taiping to Banting is also expected to commence in 2013.
During the first half of 2012, the transport and storage sector grew 5.9% due to sustained passenger travel and moderate trade activities. Growth was also supported by initiatives to modernise the transport infrastructure, particularly ports, airports and public transport. In 2012, the sector had increased to 5.2% as domestic economic activities remain resilient amid a moderate trade expansion. In addition, Malaysia ranked seventh in the Liner Shipping Connectivity Index (LSCI) by the United Nations Conference on Trade and Development (UNCTAD), underscoring the growing importance of Malaysia as a regional logistics hub. The changing dynamics of the global shipping environment have, however, affected the domestic maritime industry. The introduction of ultra-large ships with a higher carrying capacity has lowered the charter rates due to economies of scale. This has prompted domestic ports to purchase new cranes and build new wharfs to cater for the berth of ultra-large ships in efforts to remain competitive.
The performance of the land transport segment is expected to remain steady supported by initiatives to upgrade roads and public transport infrastructure to ensure a seamless movement of goods and services. During the first six months of 2012, the number of vehicles on tolled highways increased 4.5% to 761.4 million. In urban public transport, total ridership on RapidKL and Rapid Penang bus services rose 3.8% to 67.5 million passengers during the first six months of 2012.
The air transport market plays an active role in Malaysia's economic development by supporting the country's trade and tourism. The Malaysia's car rental market developing into one of the most mature kind in the Asia-Pacific region. Malaysia's rail network only covers 1,849km and transports 4-4.5 million passengers per year. As such, the rail transport market accounts for a small share on the total passanger transportation industry. Malaysia also emerging as an important cruise destination in the Asia-Pacific regoin. During the first half of 2012, growth in the air transport segment was moderate despite sustained demand for passenger travel. Total passenger traffic in airports nationwide expanded 4.1% to 33.2 million partly attributed to increased connectivity following the entry of new airlines to Malaysia such as Mandala Airlines and Bangkok Airways.
A world-class public transport system is imperative as the nation moves towards a high-income and developed economy. The Sungai Buloh-Kajang Line MY Rapid Transit (SBK-MRT) service, which is expected to be operational by 2017, will transform the urban public transport infrastructure in the Klang Valley. Similarly, there is a need to improve the public transport system in major cities outside Klang Valley to facilitate a seamless and efficient movement of people, goods and services.
OVERALL INDUSTRY OUTLOOK : Average Growth

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1999, the Subject is a Public Listed company, focusing on airport operation and management. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. Having a strong shareholders' backing , the Subject has the advantage to compete with its rivals and it is expected to enjoy timely financial assistance should the needs arise. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.

Being a large entity, the Group has a steady workforce of 7,600 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. 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.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. The gearing level of the Subject is slightly high, therefore it faces moderate financial risk. Given a positive net worth standing at MYR 4,678,367,000, the Subject should be able to maintain its business in the near terms.

The poor payment habit may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

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

PROFIT AND LOSS ACCOUNT

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

MALAYSIA AIRPORTS HOLDINGS BERHAD

Financial Year End	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12	12
Consolidated Account	GROUP	GROUP	GROUP	GROUP	GROUP
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	MYR	MYR	MYR	MYR	MYR
TURNOVER	4,098,759,000	3,548,062,000	2,754,812,000	2,468,004,000	1,609,619,000
Other Income	135,083,000	124,955,000	131,559,000	105,671,000	83,543,000
	----------------	----------------	----------------	----------------	----------------
Total Turnover	4,233,842,000	3,673,017,000	2,886,371,000	2,573,675,000	1,693,162,000
Costs of Goods Sold	(325,287,000)	(281,927,000)	(243,171,000)	(216,257,000)	(183,746,000)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	3,908,555,000	3,391,090,000	2,643,200,000	2,357,418,000	1,509,416,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	592,553,000	620,261,000	630,189,000	474,964,000	452,624,000
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES	(39,385,000)	(17,505,000)	(59,764,000)	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	553,168,000	602,756,000	570,425,000	474,964,000	452,624,000
Taxation	(175,481,000)	(208,485,000)	(169,208,000)	(157,494,000)	(100,165,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	377,687,000	394,271,000	401,217,000	317,470,000	352,459,000
Minority interests	(64,000)	-	(48,000)	(686,000)	(656,000)
Pre-acquisition profit/(loss)	(140,000)	189,000	(54,000)	-	(1,355,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	377,483,000	394,460,000	401,115,000	316,784,000	350,448,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	377,483,000	394,460,000	401,115,000	316,784,000	350,448,000
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,826,758,000	1,625,168,000	1,386,991,000	1,421,407,000	1,256,997,000
Prior year adjustment	-	-	-	(162,275,000)	-
	----------------	----------------	----------------	----------------	----------------
As restated	1,826,758,000	1,625,168,000	1,386,991,000	1,259,132,000	1,256,997,000
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	2,204,241,000	2,019,628,000	1,788,106,000	1,575,916,000	1,607,445,000
DIVIDENDS - Ordinary (paid & proposed)	(166,810,000)	(192,870,000)	(162,938,000)	(188,925,000)	(186,038,000)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	2,037,431,000	1,826,758,000	1,625,168,000	1,386,991,000	1,421,407,000
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	28,375,000	19,035,000	18,809,000	15,724,000	14,177,000
	----------------	----------------	----------------	----------------	----------------
	28,375,000	19,035,000	18,809,000	15,724,000	14,177,000
	=============	=============	=============	=============	=============

BALANCE SHEET

MALAYSIA AIRPORTS HOLDINGS BERHAD

ASSETS EMPLOYED:
FIXED ASSETS	326,335,000	290,829,000	260,534,000	237,846,000	1,959,174,000
Associated companies	24,779,000	20,378,000	61,615,000	73,636,000	133,734,000
Development properties/expenditure	52,822,000	50,336,000	51,862,000	47,237,000	46,834,000
Investments	406,602,000	346,505,000	272,256,000	242,214,000	302,041,000
Deferred assets	6,236,000	22,216,000	21,071,000	16,845,000	3,635,000
Others	409,173,000	397,967,000	390,342,000	384,481,000	52,629,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	899,612,000	837,402,000	797,146,000	764,413,000	538,873,000
Concession rights	1,624,668,000	1,675,112,000	1,718,655,000	1,758,789,000	-
Others	6,634,446,000	4,522,888,000	3,008,575,000	2,053,742,000	1,758,444,000
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	8,259,114,000	6,198,000,000	4,727,230,000	3,812,531,000	1,758,444,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	9,485,061,000	7,326,231,000	5,784,910,000	4,814,790,000	4,256,491,000
Stocks	122,317,000	99,097,000	78,523,000	60,947,000	60,440,000
Trade debtors	442,323,000	524,694,000	714,154,000	639,814,000	316,343,000
Other debtors, deposits & prepayments	128,113,000	115,546,000	70,864,000	55,192,000	318,016,000
Short term deposits	196,584,000	36,506,000	127,900,000	20,774,000	154,543,000
Cash & bank balances	102,314,000	150,562,000	90,151,000	109,955,000	113,743,000
Money at call & short notice	46,515,000	587,098,000	560,292,000	1,409,041,000	-
Others	104,000	63,000	446,000	496,000	496,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	1,038,270,000	1,513,566,000	1,642,330,000	2,296,219,000	963,581,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	10,523,331,000	8,839,797,000	7,427,240,000	7,111,009,000	5,220,072,000
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	231,676,000	142,847,000	182,930,000	119,655,000	110,197,000
Other creditors & accruals	611,621,000	586,897,000	658,273,000	556,656,000	491,620,000
Short term borrowings/Term loans	200,000,000	-	-	-	250,000
Provision for taxation	53,122,000	31,156,000	37,261,000	50,516,000	46,341,000
Dividends payable/proposed	73,998,000	72,651,000	191,000	463,000	12,167,000
Other liabilities	43,000	60,000	178,000	229,000	24,177,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	1,170,460,000	833,611,000	878,833,000	727,519,000	684,752,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(132,190,000)	679,955,000	763,497,000	1,568,700,000	278,829,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	9,352,871,000	8,006,186,000	6,548,407,000	6,383,490,000	4,535,320,000
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,232,444,000	1,210,000,000	1,100,000,000	1,100,000,000	1,100,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,232,444,000	1,210,000,000	1,100,000,000	1,100,000,000	1,100,000,000
RESERVES
Share premium	1,409,376,000	1,320,414,000	822,744,000	822,744,000	822,744,000
Exchange equalisation/fluctuation reserve	(2,941,000)	(5,574,000)	(4,401,000)	(5,396,000)	(2,011,000)
Retained profit/(loss) carried forward	2,037,431,000	1,826,758,000	1,625,168,000	1,386,991,000	1,421,407,000
Others	1,993,000	7,682,000	3,358,000	72,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	3,445,859,000	3,149,280,000	2,446,869,000	2,204,411,000	2,269,614,000
MINORITY INTEREST	64,000	-	-	5,498,000	4,714,000
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	4,678,367,000	4,359,280,000	3,546,869,000	3,309,909,000	3,374,328,000
Long term loans	3,600,000,000	3,100,000,000	2,500,000,000	2,500,000,000	507,890,000
Deferred taxation	135,149,000	119,449,000	78,094,000	55,003,000	47,725,000
Retirement benefits provision	-	-	5,537,000	51,029,000	51,580,000
Others	939,355,000	427,457,000	417,907,000	467,549,000	553,797,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	4,674,504,000	3,646,906,000	3,001,538,000	3,073,581,000	1,160,992,000
	----------------	----------------	----------------	----------------	----------------
	9,352,871,000	8,006,186,000	6,548,407,000	6,383,490,000	4,535,320,000
	=============	=============	=============	=============	=============

FINANCIAL RATIO

MALAYSIA AIRPORTS HOLDINGS BERHAD

TYPES OF FUNDS
Cash	298,898,000	187,068,000	218,051,000	130,729,000	268,286,000
Net Liquid Funds	298,898,000	187,068,000	218,051,000	130,729,000	268,286,000
Net Liquid Assets	(254,507,000)	580,858,000	684,974,000	1,507,753,000	218,389,000
Net Current Assets/(Liabilities)	(132,190,000)	679,955,000	763,497,000	1,568,700,000	278,829,000
Net Tangible Assets	1,093,757,000	1,808,186,000	1,821,177,000	2,570,959,000	2,776,876,000
Net Monetary Assets	(4,929,011,000)	(3,066,048,000)	(2,316,564,000)	(1,565,828,000)	(942,603,000)
BALANCE SHEET ITEMS
Total Borrowings	3,800,000,000	3,100,000,000	2,500,000,000	2,500,000,000	508,140,000
Total Liabilities	5,844,964,000	4,480,517,000	3,880,371,000	3,801,100,000	1,845,744,000
Total Assets	10,523,331,000	8,839,797,000	7,427,240,000	7,111,009,000	5,220,072,000
Net Assets	9,352,871,000	8,006,186,000	6,548,407,000	6,383,490,000	4,535,320,000
Net Assets Backing	4,678,367,000	4,359,280,000	3,546,869,000	3,309,909,000	3,374,328,000
Shareholders' Funds	4,678,367,000	4,359,280,000	3,546,869,000	3,309,909,000	3,374,328,000
Total Share Capital	1,232,444,000	1,210,000,000	1,100,000,000	1,100,000,000	1,100,000,000
Total Reserves	3,445,859,000	3,149,280,000	2,446,869,000	2,204,411,000	2,269,614,000
LIQUIDITY (Times)
Cash Ratio	0.26	0.22	0.25	0.18	0.39
Liquid Ratio	0.78	1.70	1.78	3.07	1.32
Current Ratio	0.89	1.82	1.87	3.16	1.41
WORKING CAPITAL CONTROL (Days)
Stock Ratio	16	15	17	16	24
Debtors Ratio	39	54	95	95	72
Creditors Ratio	260	185	275	202	219
SOLVENCY RATIOS (Times)
Gearing Ratio	0.81	0.71	0.70	0.76	0.15
Liabilities Ratio	1.25	1.03	1.09	1.15	0.55
Times Interest Earned Ratio	20.49	32.67	31.33	31.21	32.93
Assets Backing Ratio	0.89	1.49	1.66	2.34	2.52
PERFORMANCE RATIO (%)
Operating Profit Margin	13.50	16.99	20.71	19.24	28.12
Net Profit Margin	9.21	11.12	14.56	12.84	21.77
Return On Net Assets	6.22	7.77	9.00	7.69	10.29
Return On Capital Employed	3.30	4.38	5.23	4.81	7.41
Return On Shareholders' Funds/Equity	8.07	9.05	11.31	9.57	10.39
Dividend Pay Out Ratio (Times)	0.44	0.49	0.41	0.60	0.53
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.13
UK Pound	1	Rs. 102.83
Euro	1	Rs. 82.28

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.