|
Report Date : |
11.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
MALAYAN SUGAR MANUFACTURING COMPANY BERHAD |
|
|
|
|
Formerly Known As : |
MALAYAN SUGAR MANUFACTURING CO LTD |
|
|
|
|
Registered Office : |
Menara Felda, Platinum Park, 11, Persiaran KLCC, Level 42, 50088 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
06.10.1959 |
|
|
|
|
Com. Reg. No.: |
3573-D |
|
|
|
|
Legal Form : |
Public |
|
|
|
|
Line of Business : |
Manufacture and Trade of Sugar Refining |
|
|
|
|
No. of Employees : |
400 [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 : |
No complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
|
REGISTRATION NO. |
: |
3573-D |
||||
|
COMPANY NAME |
: |
MALAYAN SUGAR MANUFACTURING COMPANY BERHAD |
||||
|
FORMER NAME |
: |
MALAYAN SUGAR MANUFACTURING CO LTD (09/04/1975) MALAYAN SUGAR MANUFACTURING CO SDN BHD |
||||
|
INCORPORATION DATE |
: |
06/10/1959 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PUBLIC |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
MENARA FELDA, PLATINUM PARK, 11, PERSIARAN KLCC, LEVEL 42, 50088 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LEVEL 44 MENARA FELDA PLATINUM PARK, 11 PERSIARAN KLCC, 50088 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-21814818 |
||||
|
FAX.NO. |
: |
03-21814827 |
||||
|
EMAIL |
: |
MSMSUGAR@FELDAMSM.NET.MY |
||||
|
WEB SITE |
: |
WWW.MSM.COM.MY |
||||
|
CONTACT PERSON |
: |
AHMAD TIFLI BIN MOHD TALHA ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
10721 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE AND TRADE OF SUGAR REFINING |
||||
|
AUTHORISED CAPITAL |
: |
MYR 50,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 36,360,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 2,005,011,536 [2012] |
||||
|
NET WORTH |
: |
MYR 464,570,838 [2012] |
||||
|
M1000 OVERALL RANKING |
: |
262[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
17[2011] |
||||
|
STAFF STRENGTH |
: |
400 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT CAPABILITY |
: |
GOOD |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
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) manufacture and
trade of sugar refining.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the Subject's ranking are
as follows: |
|
|||||
|
|
|
|
|
|
||
|
YEAR |
2011 |
2009 |
2008 |
2005 |
2004 |
|
|
OVERALL RANKING |
262 |
306 |
318 |
290 |
240 |
|
|
INDUSTRY RANKING |
17 |
21 |
22 |
23 |
16 |
|
The immediate holding company of the Subject is MSM MALAYSIA HOLDINGS
BERHAD, a company incorporated in MALAYSIA.
The ultimate holding company of the Subject is FELDA GLOBAL VENTURES HOLDINGS
BERHAD, a company incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 50,000,000.00 |
MYR 36,360,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MSM MALAYSIA HOLDINGS BERHAD |
MENARA FELDA, PLATINUM PARK, 11, PERSIARAN KLCC, LEVEL 42, 50088 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
935722K |
36,360,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
36,360,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
208409P |
MALAYSIA |
ASTAKONAS SDN. BHD. |
100.00 |
29/03/2013 |
|
|
|
|
|
|
|
365077D |
MALAYSIA |
MSM PROPERTIES SDN. BHD. |
100.00 |
29/03/2013 |
|
|
|
|
|
|
|
100562V |
MALAYSIA |
PARI SHIPPING SDN BHD |
99.60 |
29/03/2013 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. AHMAD TIFLI BIN MOHD TALHA |
|
Address |
: |
9, JALAN PUALAM TIGA 7/32C, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A0137167 |
|
New IC No |
: |
650627-10-6437 |
|
Date of Birth |
: |
27/06/1965 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/10/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
DATO' DR SHEIKH AWAB BIN SHEIKH ABOD |
|
Address |
: |
14, JALAN 3/67, 48000 RAWANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
5855380 |
|
New IC No |
: |
600221-01-5273 |
|
Date of Birth |
: |
21/02/1960 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/01/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
AHMAD TIFLI BIN MOHD TALHA |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
|
2) |
Name of Subject |
: |
MAK FOOI CHOI |
|
|
Position |
: |
FINANCE MANAGER |
|
|
|
|
|
|
3) |
Name of Subject |
: |
TAN SIEW TONG |
|
|
Position |
: |
SALES MANAGER |
|
|
|
|
|
|
4) |
Name of Subject |
: |
NOOR HALILAH |
|
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor' Address |
: |
1 SENTRAL, JALAN TRAVERS, K.L. CENTRAL, P.O.BOX 10192, LEVEL 15, 50706
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
1) |
Company Secretary |
: |
MS. KOO SHUANG YEN |
|
|
IC / PP No |
: |
6770467 |
|
|
New IC No |
: |
620820-06-5246 |
|
|
Address |
: |
35, JALAN BU4/9, BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
MS. SHAHNIZA ANOM BINTI ELIAS |
|
|
IC / PP No |
: |
A1172646 |
|
|
New IC No |
: |
680929-01-5802 |
|
|
Address |
: |
26, JALAN UNGU U9/35, SUNWAY KAYANGAN, SEKSYEN U9, 40150 SHAH ALAM,
SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
27/04/2011 |
MEMORANDUM OF DEPOSIT CUM DEED OF ASSIGNMENT OF FIXED DEPOSIT RECEIPT
AND/OR NEGOTIABLE INSTRUMENTS OF DEPOSIT (FIRST PARTY) AND LETTER OF SET-OFF (FIRST
PARTY) DATED 27TH APRIL 2011N |
MAYBANK ISLAMIC BERHAD |
MYR 150,000,000.00 |
Satisfied |
LEGAL CHECK AGAINST SUBJECT
* A check has been conducted in our databank againt the Subject whether the subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* 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 |
Percentage |
: |
60% |
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Import Countries |
: |
JAPAN |
|||
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 |
: |
80% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
20% |
|
Export Market |
: |
SINGAPORE
|
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
FOOD MANUFACTURERS,HOTELS,RESTAURANTS |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured |
: |
|
|||||
|
|
|
|
|||||
|
Product Brand Name |
: |
|
|||||
|
|
|
|
|||||
|
Certification of Products |
: |
1) ISO 9002 Year :1994 2) ISO 9001 : 2000 Year :2002 3) HAZARD ANALYSIS
AND CRITICAL CONTROL POINT (HACCP) CERTIFICATION Year :2002
|
|||||
|
|
|
|
|||||
|
Competitor(s) |
: |
CENTRAL SUGARS REFINERY SDN BHD
|
|||||
|
|
|
|
|||||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMI ASSOCIATION OF MALAYSIA MALAYSIA FOOD & BEVERAGE INDUSTRY |
|||||
|
|
|
|
|||||
|
Ownership of premises |
: |
OWNED
|
|||||
|
Factory / Premises |
: |
798 MAIN ROAD, 13600 PRAI, PULAU PINANG, MALAYSIA.
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
400 |
400 |
400 |
400 |
370 |
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture and trade of
sugar refining.
The Subject officially incorporated year 1959.
The Subject is a sugar refinery located in Prai, Penang, on the northwest coast
of Peninsular Malaysia.
The Facility is the largest sugar refinery in Malaysia and has an annual
production capacity of 960,000 mt of refined sugar, representing approximately
86% of our total capacity.
Over the years, the Subject has achieved a number of major certification for
its product and manufacturing process.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
0321814818 |
|
Current Telephone Number |
: |
03-21814818 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
LEVEL 44 MENARA FELDA PLATINUM PARK, 11 PERSIARAN KLCC,50088,KUALA
LUMPUR,WILAYAH PERSEKUTUAN. |
|
Current Address |
: |
LEVEL 44 MENARA FELDA PLATINUM PARK, 11 PERSIARAN KLCC, 50088 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 10th July 2014, we contacted one of the staff from the Subject and she
provided some information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
43.87% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
58.96% |
] |
|
|
|
|
|
|
|
|
|
|
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. Generally the Subject was profitable. The favourable
return on shareholders' funds and return on net assets indicate that the
Subject's management was efficient in utilising the assets to generate
returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
67 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
33 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. The favourable debtors'
days could be due to the good credit control measures implemented by the
Subject. The Subject had a favourable creditors' ratio where the Subject
could be taking advantage of the cash discounts and also wanting to maintain
goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Acceptable |
[ |
0.86 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.74 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's liquid ratio was slightly low. This could indicate that
the Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
25.77 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. The Subject's liquidity was at an acceptable range.
If the Subject is able to obtain further short term financing, it should be
able to meet all 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'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 : STABLE |
||||||
|
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 |
|
|
10721 : Manufacture of sugar |
|
|
|
|
|
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
domesticoriented 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 sevenmonths of
2012 in line with the increase in sales value of manufactured products by
6.5% to RM363.1 billion. Output from domesticoriented 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 goverment encourage
manufacturers to move up the value chain of manufacturing industry. The new
growth initiatives by goverment 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 |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
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 |
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 |
2,005,011,536 |
1,973,724,286 |
1,850,618,700 |
1,380,137,865 |
954,658,936 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
2,005,011,536 |
1,973,724,286 |
1,850,618,700 |
1,380,137,865 |
954,658,936 |
|
Costs of Goods Sold |
(1,655,894,936) |
(1,561,461,055) |
(1,451,269,722) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
349,116,600 |
412,263,231 |
399,348,978 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
271,296,000 |
346,373,943 |
313,222,572 |
443,420,720 |
203,587,323 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
271,296,000 |
346,373,943 |
313,222,572 |
443,420,720 |
203,587,323 |
|
Taxation |
(67,474,581) |
(91,800,842) |
(71,609,301) |
(57,316,371) |
(44,359,814) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
203,821,419 |
254,573,101 |
241,613,271 |
386,104,349 |
159,227,509 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
343,164,979 |
439,495,878 |
353,879,819 |
616,346,607 |
832,441,562 |
|
Prior year adjustment |
- |
- |
- |
183,827 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
343,164,979 |
439,495,878 |
353,879,819 |
616,530,434 |
832,441,562 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
546,986,398 |
694,068,979 |
595,493,090 |
1,002,634,783 |
991,669,071 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(118,775,560) |
(350,904,000) |
(155,997,212) |
(648,754,964) |
(375,322,464) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
428,210,838 |
343,164,979 |
439,495,878 |
353,879,819 |
616,346,607 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
- |
- |
217 |
- |
137 |
|
Bankers' acceptance |
8,712,490 |
7,811,454 |
5,544,219 |
1,262,400 |
3,112,360 |
|
Loan from holding company |
2,238,904 |
1,361,096 |
- |
- |
- |
|
Revolving loans |
- |
2,662,080 |
- |
- |
- |
|
Others |
- |
- |
13,370 |
19,030 |
20,115 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
10,951,394 |
11,834,630 |
5,557,806 |
1,281,430 |
3,132,612 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
169,905,179 |
169,637,773 |
168,879,208 |
182,114,227 |
146,522,991 |
|
|
|
|
|
|
|
|
Investment properties |
- |
- |
- |
- |
3,910,205 |
|
Investments |
- |
- |
- |
- |
131,172,252 |
|
Others |
781,852 |
851,522 |
921,192 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
781,852 |
851,522 |
921,192 |
- |
135,082,457 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
170,687,031 |
170,489,295 |
169,800,400 |
182,114,227 |
281,605,448 |
|
|
|
|
|
|
|
|
Stocks |
367,718,913 |
240,806,271 |
285,855,390 |
263,273,989 |
248,916,321 |
|
Trade debtors |
178,753,534 |
177,749,234 |
157,221,614 |
81,121,912 |
70,556,498 |
|
Other debtors, deposits & prepayments |
24,052,135 |
22,409,785 |
37,632,679 |
62,747,689 |
1,053,956 |
|
Short term deposits |
127,414,349 |
131,289,588 |
43,234,946 |
135,701,310 |
87,219,182 |
|
Amount due from holding company |
4,744 |
7,195 |
- |
- |
126,627,122 |
|
Amount due from related companies |
2,334,043 |
2,436,176 |
252,000 |
- |
- |
|
Cash & bank balances |
21,830,464 |
38,805,440 |
20,616,403 |
7,711,058 |
15,728,702 |
|
Others |
560,825 |
2,052,669 |
20,509,253 |
6,033,725 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
722,669,007 |
615,556,358 |
565,322,285 |
556,589,683 |
550,101,781 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
893,356,038 |
786,045,653 |
735,122,685 |
738,703,910 |
831,707,229 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
4,026,360 |
2,791,555 |
5,027,213 |
75,731,606 |
3,527,726 |
|
Other creditors & accruals |
24,892,428 |
19,118,866 |
12,633,807 |
22,829,902 |
20,215,330 |
|
Bill & acceptances payable |
375,000,000 |
245,000,000 |
207,000,000 |
126,000,000 |
138,000,000 |
|
Amounts owing to holding company |
1,147,905 |
100,907,397 |
- |
61,951 |
- |
|
Amounts owing to related companies |
4,316,601 |
6,580,294 |
- |
533,542 |
1,016,164 |
|
Provision for taxation |
5,239,624 |
13,348,915 |
11,895,229 |
31,064,461 |
9,939,811 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
414,622,918 |
387,747,027 |
236,556,249 |
256,221,462 |
172,699,031 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
308,046,089 |
227,809,331 |
328,766,036 |
300,368,221 |
377,402,750 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
478,733,120 |
398,298,626 |
498,566,436 |
482,482,448 |
659,008,198 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
36,360,000 |
36,360,000 |
36,360,000 |
36,360,000 |
36,360,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
36,360,000 |
36,360,000 |
36,360,000 |
36,360,000 |
36,360,000 |
|
|
|
|
|
|
|
|
Exchange equalisation/fluctuation reserve |
- |
- |
- |
- |
(1,539,725) |
|
Retained profit/(loss) carried forward |
428,210,838 |
343,164,979 |
439,495,878 |
353,879,819 |
616,346,607 |
|
Others |
- |
- |
- |
80,000,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
428,210,838 |
343,164,979 |
439,495,878 |
433,879,819 |
614,806,882 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
464,570,838 |
379,524,979 |
475,855,878 |
470,239,819 |
651,166,882 |
|
|
|
|
|
|
|
|
Deferred taxation |
14,162,282 |
18,773,647 |
22,710,558 |
12,242,629 |
7,841,316 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
14,162,282 |
18,773,647 |
22,710,558 |
12,242,629 |
7,841,316 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
478,733,120 |
398,298,626 |
498,566,436 |
482,482,448 |
659,008,198 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
149,244,813 |
170,095,028 |
63,851,349 |
143,412,368 |
102,947,884 |
|
Net Liquid Funds |
(225,755,187) |
(74,904,972) |
(143,148,651) |
17,412,368 |
(35,052,116) |
|
Net Liquid Assets |
(59,672,824) |
(12,996,940) |
42,910,646 |
37,094,232 |
128,486,429 |
|
Net Current Assets/(Liabilities) |
308,046,089 |
227,809,331 |
328,766,036 |
300,368,221 |
377,402,750 |
|
Net Tangible Assets |
478,733,120 |
398,298,626 |
498,566,436 |
482,482,448 |
659,008,198 |
|
Net Monetary Assets |
(73,835,106) |
(31,770,587) |
20,200,088 |
24,851,603 |
120,645,113 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
375,000,000 |
247,662,080 |
207,000,000 |
126,000,000 |
138,000,000 |
|
Total Liabilities |
428,785,200 |
406,520,674 |
259,266,807 |
268,464,091 |
180,540,347 |
|
Total Assets |
893,356,038 |
786,045,653 |
735,122,685 |
738,703,910 |
831,707,229 |
|
Net Assets |
478,733,120 |
398,298,626 |
498,566,436 |
482,482,448 |
659,008,198 |
|
Net Assets Backing |
464,570,838 |
379,524,979 |
475,855,878 |
470,239,819 |
651,166,882 |
|
Shareholders' Funds |
464,570,838 |
379,524,979 |
475,855,878 |
470,239,819 |
651,166,882 |
|
Total Share Capital |
36,360,000 |
36,360,000 |
36,360,000 |
36,360,000 |
36,360,000 |
|
Total Reserves |
428,210,838 |
343,164,979 |
439,495,878 |
433,879,819 |
614,806,882 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.36 |
0.44 |
0.27 |
0.56 |
0.60 |
|
Liquid Ratio |
0.86 |
0.97 |
1.18 |
1.14 |
1.74 |
|
Current Ratio |
1.74 |
1.59 |
2.39 |
2.17 |
3.19 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
67 |
45 |
56 |
70 |
95 |
|
Debtors Ratio |
33 |
33 |
31 |
21 |
27 |
|
Creditors Ratio |
1 |
1 |
1 |
20 |
1 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.81 |
0.65 |
0.44 |
0.27 |
0.21 |
|
Liabilities Ratio |
0.92 |
1.07 |
0.54 |
0.57 |
0.28 |
|
Times Interest Earned Ratio |
25.77 |
30.27 |
57.36 |
347.04 |
65.99 |
|
Assets Backing Ratio |
13.17 |
10.95 |
13.71 |
13.27 |
18.12 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
13.53 |
17.55 |
16.93 |
32.13 |
21.33 |
|
Net Profit Margin |
10.17 |
12.90 |
13.06 |
27.98 |
16.68 |
|
Return On Net Assets |
58.96 |
89.93 |
63.94 |
92.17 |
31.37 |
|
Return On Capital Employed |
58.96 |
89.34 |
63.94 |
92.17 |
31.37 |
|
Return On Shareholders' Funds/Equity |
43.87 |
67.08 |
50.77 |
82.11 |
24.45 |
|
Dividend Pay Out Ratio (Times) |
0.58 |
1.38 |
0.65 |
1.68 |
2.36 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.