|
Report Date : |
10.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
LOTTE CHEMICAL TITAN TRADING SDN. BHD. |
|
|
|
|
Formerly Known As : |
TITAN TRADING CORP. SDN BHD |
|
|
|
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Registered Office : |
Bangunan Malaysia Re, 17,Lorong Dungun, Damansara Heights, 6th Floor,
50490 Kuala Lumpur, Wilayah Persekutuan |
|
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|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
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Date of Incorporation : |
27.04.1988 |
|
|
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Com. Reg. No.: |
170232-H |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· trader of high density polyethlene, lenear low density, high density polyethylene, ethylene & propylene olefin co-products. Subject
also acts as the International Procurement Centre (IPC). |
|
|
|
|
No. of Employees : |
60 [2012] |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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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 – 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 |
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. |
: |
170232-H |
||||
|
COMPANY NAME |
: |
LOTTE CHEMICAL
TITAN TRADING SDN. BHD. |
||||
|
FORMER NAME |
: |
TITAN TRADING CORP. SDN BHD (20/12/2012) |
||||
|
INCORPORATION DATE |
: |
27/04/1988 |
||||
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||||
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||||
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COMPANY STATUS |
: |
EXIST |
||||
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LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
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|
||||
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||||
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REGISTERED ADDRESS |
: |
BANGUNAN MALAYSIA RE, 17,LORONG DUNGUN,
DAMANSARA HEIGHTS, 6TH FLOOR, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
PLO 312, JALAN TEMBAGA 4, PASIR GUDANG INDUSTRIAL
ESTATE, 81700 PASIR GUDANG, JOHOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
07-2538888 |
||||
|
FAX.NO. |
: |
07-2517881 |
||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
CHEONG PENG KHUAN ( MANAGING DIRECTOR ) |
||||
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|
|
|
||||
|
INDUSTRY CODE |
: |
46691 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF HIGH DENSITY POLYETHLENE,
LENEAR LOW DENSITY, HIGH DENSITY POLYETHYLENE, ETHYLENE & PROPYLENE
OLEFIN CO-PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 310,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 292,500,000.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 3,511,186,000 [2012] |
||||
|
NET WORTH |
: |
MYR 737,815,000 [2012] |
||||
|
M1000 OVERALL RANKING |
: |
161[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
4[2011] |
||||
|
|
|
|
||||
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STAFF STRENGTH |
: |
60 [2012] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
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PAYMENT |
: |
PROMPT |
||||
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MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
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|
|
|
||||
|
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) trading of high density polyethlene, lenear low density, high density polyethylene, ethylene & propylene olefin co-products.
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 |
2004 |
|
|
OVERALL RANKING |
161 |
139 |
174 |
|
|
INDUSTRY RANKING |
4 |
5 |
3 |
|
The ultimate holding company of the Subject is HONAM PETROCHEMICAL CORP, a company incorporated in KOREA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 310,000,000.00 |
MYR 292,500,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
LOTTE CHEMICAL TITAN HOLDING SDN. BHD. |
BANGUNAN MALAYSIAN RE, 17, LORONG DUNGUN, DAMANSARA HEIGHTS, 6TH FLOOR, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
222357P |
292,500,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
292,500,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
|
HONG KONG |
TITAN TRADING CORP LIMITED |
100.00 |
31/12/2011 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. CHEONG PENG KHUAN |
|
Address |
: |
LRG HIJAU TIGA, DESA GREEN, BATU LANCANG, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA. |
|
IC / PP No |
: |
5281877 |
|
New IC No |
: |
580222-07-5125 |
|
Date of Birth |
: |
22/02/1958 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
23/02/2010 |
|
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|
DIRECTOR 2
|
Name Of Subject |
: |
CHUN MYUNG JIN |
|
Address |
: |
25, JALAN REDANG 1/1, TAMAN REDANG, 81100 JOHOR BAHRU, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
M89809195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment |
: |
02/06/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
LEE HUNKI |
|
Address |
: |
UNIT A-22-3A, KIARAVILLE CONDO, JALAN CHANGKAT DUTA KIARA, MONT' KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
M43550007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment |
: |
09/11/2010 |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
1) |
Name of Subject |
: |
CHEONG PENG KHUAN |
|
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
|
|
|
2) |
Name of Subject |
: |
AZHAR NASRON |
|
|
Position |
: |
VICE PRESIDENT |
|
Auditor |
: |
DELOITTE & TOUCHE |
|
Auditor' Address |
: |
21, JALAN TUN ABDUL RAZAK SUSUR 1/1, 80000 JOHOR BAHRU, JOHOR, MALAYSIA. |
|
|
|
|
|
1) |
Company Secretary |
: |
MR. KONG CHOCK HOON |
|
|
IC / PP No |
: |
5800719 |
|
|
New IC No |
: |
600101-01-6001 |
|
|
Address |
: |
JLN DATUK SULAIMAN 6, TAMAN TUN DR ISMAIL TIMUR, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
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|
|
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|
|
|
|
|
|
2) |
Company Secretary |
: |
LEE HUNKI |
|
|
IC / PP No |
: |
M43550007 |
|
|
|
|
|
|
|
Address |
: |
UNIT A-22-3A, KIARAVILLE CONDO, JALAN
CHANGKAT DUTA KIARA, MONT' KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
|
|
|
|
|
|
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|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
RHB BANK BHD |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
10/03/1992 |
N/A |
ASEAMBANKERS MALAYSIA BHD |
MYR 352,250,000.00 |
Satisfied |
|
2 |
12/12/1994 |
N/A |
ASEAMBANKERS MALAYSIA BERHAD |
MYR 202,000,000.00 |
Satisfied |
|
3 |
14/02/1995 |
N/A |
ASEAMBANKERS MALAYSIA BERHAD |
MYR 202,000,000.00 |
Satisfied |
|
4 |
17/12/2004 |
N/A |
MAYBANK INTERNATIONAL L LTD AS SECURITY
AGENT FOR |
- |
Satisfied |
|
5 |
17/12/2004 |
N/A |
MALAYAN BANKING BERHAD AS SECURITY AGENT
FOR ITSEL |
- |
Satisfied |
|
6 |
17/12/2004 |
N/A |
MAYBANK INTERNATIONAL L LTD AS SECURITY
AGENT FOR |
- |
Satisfied |
|
7 |
27/03/2009 |
N/A |
RHB BANK (L) LTD |
USD 332,500,000.00 |
Satisfied |
|
8 |
27/03/2009 |
N/A |
RHB BANK (L) LTD |
USD 332,500,000.00 |
Satisfied |
|
9 |
15/11/2011 |
DEBENTURE |
STANDARD CHARTERED BANK, OFFSHORE LABUAN |
USD 116,592,800.00 |
Unsatisfied |
|
10 |
15/11/2011 |
INSURANCE
ASSIGNMENT |
STANDARD CHARTERED BANK, OFFSHORE LABUAN |
USD 116,592,800.00 |
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 |
|
Overseas |
: |
YES |
|
|
|
|
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
Percentage |
: |
60% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Export Market |
: |
AUSTRALIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
|
|
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Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
MANUFACTURING INDUSTRIES |
|||
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|
|
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Goods Traded |
: |
HIGH DENSITY POLYETHLENE, LENEAR LOW
DENSITY, HIGH DENSITY POLYETHYLENE, ETHYLENE, PROPYLENE OLEFIN CO-PRODUCTS
|
|
|
|
|
|
|
|
Services |
: |
MARKETING ARM FOR ITS RELATED COMPANIES
AND TRADING AS AN INTERNATIONAL PROCUREMENT CENTRE
|
|
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|
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|
|
|
Product Brand Name |
: |
|
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|
|
|
|
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM)CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM) |
|
|
|
|
|
|
|
Ownership of premises |
: |
LEASED/RENTED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
|
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|
|
|
|
COMPANY |
60 |
50 |
66 |
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of high
density polyethlene, lenear low density, high density polyethylene, ethylene
& propylene olefin co-products.
Besides that the Subject also acts as the
International Procurement Centre (IPC).
We were informed that the Subject is under
the Titan Chemicals Group of Companies and it also acts as the marketing arm
for its group.
The Subject's products are includes
Ethylene, Propylene, Olefin co-products & Low Density Polythylene Film.
The Subject's products are mainly used in a
variety of consumer and industrial applications, including packaging film,
trash bags, automotive parts, plastic bottles and caps, and compounds for wire
and cable insulation.
The Subject's IPC's status allow the Group
to specialize in and centralize all procurement and international sales of raw
materials, components and finished products for its operations in Malaysia and
Indonesia.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
07-2538888 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
PLO 312, JALAN TEMBAGA 4, PASIR GUDANG
INDUSTRIAL ESTATE,81700,PASIR GUDANG,JOHOR. |
|
Current Address |
: |
PLO 312, JALAN TEMBAGA 4, PASIR GUDANG
INDUSTRIAL ESTATE, 81700 PASIR GUDANG, JOHOR, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other
Investigations
we contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
25.09% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
25.94% |
] |
|
|
|
|
|
|
|
|
|
|
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. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
31 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
|
|
|
|
|
|
|
|
As the Subject is a service oriented company, the Subject does not
need to keep stocks. The favourable debtors' days could be due to the good
credit control measures implemented by the Subject. The Subject had a
favourable creditors' ratio where the Subject could be taking advantage of
the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
4.23 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
4.23 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations and
the Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
40.08 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 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 had no gearing and
hence it had virtually no financial risk. The Subject was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the Subject, having a zero gearing, will be able to compete better
than those which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. With
the favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. The Subject was a zero
gearing company, it was solely dependant on its shareholders to provide funds
to finance its business. The Subject has good chance of getting loans, if the
needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : STRONG |
||||||
|
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 |
|
|
46691 : Wholesale of industrial chemicals |
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
According to the Retail Group Malaysia (RGM), the wholesale and retail
trade sector forecast to grow to 6% in year 2013. During the first quarter of
year 2013, RGM is estimating the retail industry to grow 6.9%. Many retailers
have been enjoying better sales since the government handed out cash from
mid-January of 2013 under the second round of Bantuan Rakyat 1Malaysia to
more than 12 million Malaysians. Bookstores and related retail stores have
also started enjoying rising sales since the RM250 1Malaysia Book Voucher was
distributed to 1.3 million private and public university students. Besides,
since early February 2013, handphone traders and retailers selling smartphone
accessories have started to benefit from the RM200 rebate on smartphones for
1.5 million young adults aged between 21 and 30 years with a monthly income
of not more than RM3,000. |
|
|
|
|
|
The wholesale and retail trade sector grew 6.1% in the first half of
the year 2012 driven by strong domestic consumption and the increasing number
of large format stores operating in Malaysia, including 180 foreign
hypermarkets, superstores and departmental stores as at end of August 2012.
In addition, other indicators such as imports of consumption goods were
higher by 15.2%. |
|
|
|
|
|
In 2012, the wholesale and retail trade sector growth to 5.5% driven
by higher consumption which benefited from Government initiatives under the 2012
Budget such as BR1M, Baucar Buku 1Malaysia (BB1M) and the RM100 assistance
for all primary and secondary school students. The performance of the sector
will also be supported by ongoing efforts to modernise the retail segment
under the ETP. In 2012, 500 retail shops and 50 workshops are targeted to be
modernised under the Retail Shop Transformation (TUKAR) and Automotive
Workshop Modernisation (ATOM) programmes, respectively. As at end of July
2012, 95 workshops have been modernised, surpassing the yearly target, while
393 retail shops have been modernised. |
|
|
|
|
|
Growth of the sector is anticipated to remain encouraging with ongoing
efforts by the Government to increase its contribution to the economy. Major
initiatives include increasing the number of large format stores such as
hypermarkets, superstores and departmental stores are carried out to boost
the economy. |
|
|
|
|
|
Over 60% of Gross Domestic Product (GDP) is contributed by domestic consumption,
therefore the wholesale and retail sector plays a crucial role in driving
Malaysia's growth over the next decade despite the ongoing global economic
slowdown. By 2020, Malaysia's wholesale and retail sector is expected to
boost the country's total Gross National Income (GNI) by RM156 billion,
creating 454,190 new jobs. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
Incorporated in 1988, the Subject is a Private
Limited company, focusing on trading of high density polyethlene, lenear low
density, high density polyethylene, ethylene, propylene olefin co-products.
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. Over the years, the Subject has
established an extensive clientele base in the market. Besides catering to
the local market, the Subject has penetrated into other countries. With the
contribution of both local and overseas customers, the Subject is likely to
be exposed to lower commercial risk. Hence, we believe that the Subject has
better business expansion opportunities in the future. The Subject has a good
management capability. Its capable management team has enabled the Subject to
keep its business on going. Hence, the future prospect of the Subject is
bright. 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 zero
geared company, the Subject virtually has no financial risk as it is mainly
dependent on its internal funds to finance its business. Given a positive net
worth standing at MYR 737,815,000, the Subject should be able to maintain its
business in the near terms. The Subject's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency on
deliveries from a number of key suppliers and insufficient quantities of its
raw materials. Overall the Subject has a good control over its resources. We regard that the Subject's overall
payment habit is prompt. The Subject had a favourable creditors' ratio as
evidenced by its favourable collection days. 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. In view of the above favourable condition,
we recommend credit be proceeded to the Subject with favourable term. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
LOTTE CHEMICAL
TITAN TRADING SDN. BHD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
3,511,186,000 |
3,437,047,000 |
2,687,470,000 |
2,414,517,000 |
2,881,921,000 |
|
Other Income |
- |
- |
25,186,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
3,511,186,000 |
3,437,047,000 |
2,712,656,000 |
2,414,517,000 |
2,881,921,000 |
|
Costs of Goods Sold |
(3,276,477,000) |
(3,254,972,000) |
(2,511,577,000) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
234,709,000 |
182,075,000 |
201,079,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
186,618,000 |
140,549,000 |
164,838,000 |
137,822,000 |
47,909,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
186,618,000 |
140,549,000 |
164,838,000 |
137,822,000 |
47,909,000 |
|
Taxation |
(1,468,000) |
(287,000) |
12,000 |
1,565,000 |
(2,416,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
185,150,000 |
140,262,000 |
164,850,000 |
139,387,000 |
45,493,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
172,340,000 |
195,796,000 |
30,946,000 |
(108,441,000) |
(153,934,000) |
|
Prior year adjustment |
- |
(1,818,000) |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
172,340,000 |
193,978,000 |
30,946,000 |
(108,441,000) |
(153,934,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
357,490,000 |
334,240,000 |
195,796,000 |
30,946,000 |
(108,441,000) |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
(161,900,000) |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
357,490,000 |
172,340,000 |
195,796,000 |
30,946,000 |
(108,441,000) |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Others |
4,775,000 |
2,931,000 |
3,409,000 |
3,302,000 |
5,199,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,775,000 |
2,931,000 |
3,409,000 |
3,302,000 |
5,199,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
LOTTE CHEMICAL
TITAN TRADING SDN. BHD. |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary companies |
3,000 |
3,000 |
3,000 |
3,000 |
3,000 |
|
Deferred assets |
31,000 |
27,000 |
24,000 |
2,000 |
19,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
34,000 |
30,000 |
27,000 |
5,000 |
22,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
34,000 |
30,000 |
27,000 |
5,000 |
22,000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Trade debtors |
295,283,000 |
385,006,000 |
219,689,000 |
261,112,000 |
272,120,000 |
|
Other debtors, deposits & prepayments |
373,000 |
363,000 |
363,000 |
487,000 |
353,000 |
|
Short term deposits |
- |
- |
11,050,000 |
- |
26,555,000 |
|
Amount due from holding company |
8,573,000 |
8,470,000 |
1,318,000 |
1,318,000 |
1,318,000 |
|
Amount due from subsidiary companies |
- |
- |
80,000 |
379,000 |
799,000 |
|
Amount due from related companies |
644,467,000 |
168,542,000 |
461,789,000 |
331,324,000 |
150,792,000 |
|
Cash & bank balances |
17,714,000 |
70,288,000 |
633,000 |
2,014,000 |
28,400,000 |
|
Others |
- |
- |
431,000 |
428,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
966,410,000 |
632,669,000 |
695,353,000 |
597,062,000 |
480,337,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
966,444,000 |
632,699,000 |
695,380,000 |
597,067,000 |
480,359,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
- |
44,000 |
- |
- |
- |
|
Other creditors & accruals |
106,568,000 |
12,658,000 |
7,535,000 |
8,909,000 |
7,290,000 |
|
Amounts owing to subsidiary companies |
418,000 |
803,000 |
- |
- |
- |
|
Amounts owing to related companies |
121,635,000 |
43,481,000 |
110,763,000 |
124,894,000 |
139,630,000 |
|
Provision for taxation |
8,000 |
4,000 |
- |
- |
1,289,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
228,629,000 |
56,990,000 |
118,298,000 |
133,803,000 |
148,209,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
737,781,000 |
575,679,000 |
577,055,000 |
463,259,000 |
332,128,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
737,815,000 |
575,709,000 |
577,082,000 |
463,264,000 |
332,150,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
292,500,000 |
292,500,000 |
292,500,000 |
292,500,000 |
292,500,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
292,500,000 |
292,500,000 |
292,500,000 |
292,500,000 |
292,500,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Exchange equalisation/fluctuation reserve |
87,825,000 |
110,869,000 |
88,786,000 |
139,818,000 |
148,091,000 |
|
Retained profit/(loss) carried forward |
357,490,000 |
172,340,000 |
195,796,000 |
30,946,000 |
(108,441,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
445,315,000 |
283,209,000 |
284,582,000 |
170,764,000 |
39,650,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
737,815,000 |
575,709,000 |
577,082,000 |
463,264,000 |
332,150,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
737,815,000 |
575,709,000 |
577,082,000 |
463,264,000 |
332,150,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
LOTTE CHEMICAL
TITAN TRADING SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
17,714,000 |
70,288,000 |
11,683,000 |
2,014,000 |
54,955,000 |
|
Net Liquid Funds |
17,714,000 |
70,288,000 |
11,683,000 |
2,014,000 |
54,955,000 |
|
Net Liquid Assets |
737,781,000 |
575,679,000 |
577,055,000 |
463,259,000 |
332,128,000 |
|
Net Current Assets/(Liabilities) |
737,781,000 |
575,679,000 |
577,055,000 |
463,259,000 |
332,128,000 |
|
Net Tangible Assets |
737,815,000 |
575,709,000 |
577,082,000 |
463,264,000 |
332,150,000 |
|
Net Monetary Assets |
737,781,000 |
575,679,000 |
577,055,000 |
463,259,000 |
332,128,000 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
228,629,000 |
56,990,000 |
118,298,000 |
133,803,000 |
148,209,000 |
|
Total Assets |
966,444,000 |
632,699,000 |
695,380,000 |
597,067,000 |
480,359,000 |
|
Net Assets |
737,815,000 |
575,709,000 |
577,082,000 |
463,264,000 |
332,150,000 |
|
Net Assets Backing |
737,815,000 |
575,709,000 |
577,082,000 |
463,264,000 |
332,150,000 |
|
Shareholders' Funds |
737,815,000 |
575,709,000 |
577,082,000 |
463,264,000 |
332,150,000 |
|
Total Share Capital |
292,500,000 |
292,500,000 |
292,500,000 |
292,500,000 |
292,500,000 |
|
Total Reserves |
445,315,000 |
283,209,000 |
284,582,000 |
170,764,000 |
39,650,000 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.08 |
1.23 |
0.10 |
0.02 |
0.37 |
|
Liquid Ratio |
4.23 |
11.10 |
5.88 |
4.46 |
3.24 |
|
Current Ratio |
4.23 |
11.10 |
5.88 |
4.46 |
3.24 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
0 |
0 |
0 |
0 |
0 |
|
Debtors Ratio |
31 |
41 |
30 |
39 |
34 |
|
Creditors Ratio |
0 |
0 |
0 |
0 |
0 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
0.31 |
0.10 |
0.20 |
0.29 |
0.45 |
|
Times Interest Earned Ratio |
40.08 |
48.95 |
49.35 |
42.74 |
10.22 |
|
Assets Backing Ratio |
2.52 |
1.97 |
1.97 |
1.58 |
1.14 |
|
PERFORMANCE RATIO
(%) |
|
|
|
|
|
|
Operating Profit Margin |
5.31 |
4.09 |
6.13 |
5.71 |
1.66 |
|
Net Profit Margin |
5.27 |
4.08 |
6.13 |
5.77 |
1.58 |
|
Return On Net Assets |
25.94 |
24.92 |
29.15 |
30.46 |
15.99 |
|
Return On Capital Employed |
25.94 |
24.92 |
29.15 |
30.46 |
15.99 |
|
Return On Shareholders' Funds/Equity |
25.09 |
24.36 |
28.57 |
30.09 |
13.70 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
1.15 |
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.59.73 |
|
UK Pound |
1 |
Rs.102.36 |
|
Euro |
1 |
Rs.81.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.