|
Report Date : |
19.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
PETRONAS CHEMICALS MARKETING SDN. BHD. |
|
|
|
|
Registered Office : |
Tower 1, Petronas Twin Towers, Kuala Lumpur City Centre, 50088 Kuala Lumpur,
Wilayah Persekutuan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
28.01.1982 |
|
|
|
|
Com. Reg. No.: |
80474-V |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trader of Petrochemical, Plastic Raw Materials. |
|
|
|
|
No of Employees : |
400 |
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 |
|
|
|
|
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 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 |
EXECUTIVE SUMMARY
|
|
|
|
REGISTRATION NO. |
: |
80474-V |
||||
|
COMPANY NAME |
: |
PETRONAS
CHEMICALS MARKETING SDN. BHD. |
||||
|
FORMER NAME |
: |
MALAYSIAN INTERNATIONAL TRADING CORPORATION
SDN. BHD. (30/05/2011) |
||||
|
INCORPORATION DATE |
: |
28/01/1982 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
TOWER 1, PETRONAS TWIN TOWERS, KUALA
LUMPUR CITY CENTRE, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LEVEL - 14 TOWER 1,PETRONAS TWIN TOWERS,
KUALA LUMPUR CITY CENTRE,, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-20515000 |
||||
|
FAX.NO. |
: |
03-20511501 |
||||
|
CONTACT PERSON |
: |
ABD HAPIZ BIN ABDULLAH ( MANAGING DIRECTOR
) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
46691 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF PETROCHEMICAL, PLASTIC RAW
MATERIALS AND OTHERS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 200,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 12,500,005.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 12,135,677,000 [2012] |
||||
|
NET WORTH |
: |
MYR 227,276,000 [2012] |
||||
|
M1000 OVERALL RANKING |
: |
42[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
8[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 |
||||
|
|
|
|
||||
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 petrochemical, plastic raw
materials and others.
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 |
|
|
OVERALL RANKING |
42 |
29 |
24 |
35 |
|
|
INDUSTRY RANKING |
8 |
8 |
9 |
8 |
|
The immediate holding company of the Subject is PETRONAS CHEMICALS GROUP
BERHAD, a company incorporated in MALAYSIA.
The ultimate holding company of the Subject is PETROLIAM NASIONAL
BERHAD, a company incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
22/04/2013 |
MYR 200,000,000.00 |
MYR 12,500,005.00 |
The major shareholder(s) of the Subject are
shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
PETRONAS CHEMICALS GROUP BERHAD |
TOWER 1, PETRONAS TWIN TOWERS, KUALA LUMPUR
CITY CENTRE, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
459830K |
12,500,005.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
12,500,005.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. YUSA' BIN HASSAN |
|
Address |
: |
2, JALAN SUASA 7/11, SEKSYEN 7, 40000 SHAH
ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
7007274 |
|
New IC No |
: |
630318-01-5701 |
|
Date of Birth |
: |
18/03/1963 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
13/10/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MR. ABD HAPIZ BIN ABDULLAH |
|
Address |
: |
24, JALAN SERUNAI 2, TAMAN KLANG JAYA,
41200 KLANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
5485991 |
|
New IC No |
: |
581007-10-6261 |
|
Date of Birth |
: |
07/10/1958 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
13/10/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MR. MUHAMMAD SHAH BIN ALI |
|
Address |
: |
2, JALAN BU 7/1, 47400 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
6271977 |
|
New IC No |
: |
610924-01-5893 |
|
Date of Birth |
: |
24/09/1961 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/02/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
MS. WAN SHAMILAH BINTI WAN MUHAMMAD SAIDI |
|
Address |
: |
10, JALAN PJU 10/26D, ARA DAMANSARA, 47301
PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A1707233 |
|
New IC No |
: |
701117-03-5410 |
|
Date of Birth |
: |
17/11/1970 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
03/08/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
ABD HAPIZ BIN ABDULLAH |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
KPMG DESA MEGAT & CO. |
|
Auditor' Address |
: |
KPMG TOWER 8, FIRST AVENUE, BANDAR UTAMA, LEVEL
10, 47800 PETALING JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
1) |
Company Secretary |
: |
MR. MUHAMMAD ISA BIN OTHMAN |
|
|
IC / PP No |
: |
5545812 |
|
|
New IC No |
: |
590115-10-5383 |
|
|
Address |
: |
27, JALAN AU 5D/2B, OFF JALAN PERMATA 9,
TAMAN PERMATA, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
Banking
relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* We have checked through the Subject in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection since 1990. Information was provided by third party where the debt amount can be disputed. Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Import Countries |
: |
JAPAN,EUROPE,CHINA,PHILIPPINES |
|||
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 |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
AUSTRALIA |
|||
|
Credit Term |
: |
30 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
PETROCHEMICALS, PLASTIC RAW MATERIALS AND OTHERS
|
|
|
|
|
|
|
|
Member(s) / Affiliate(s) |
: |
MALAYSIAN PLASTICS MANUFACTURERS ASSOCIATION (MPMA) |
|
|
|
|
|
|
|
Ownership of premises |
: |
LEASED/RENTED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
2009 |
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
COMPANY |
400 |
400 |
400 |
350 |
350 |
300 |
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of petrochemical,
plastic raw materials and others.
The Subject offers a wide range of products including:
1) Polymers
2) Polypropylene - PP is used to produce automotive parts, appliances,
film,fiber and filaments.
3) High Density Polyethylene - HDPE is used for blown film moulding, injection
moulding, film, pipe conduit, sheet, wire and cable. It is produced in pallet
form.
4) Linear Low Density Polyethylene - LLDPE is used for variety of derivatives
through film, extrusion coating, injection molding, rotational molding, using
octane and butanes co-polymers. It is produced in pallet form.
5) Polyvinyl Chloride - PVC is used in the production of pipe, flooring, wire
& cable, building construction, home furnishing, film & sheet and
automotive parts.It is produced in powder form.
6) Low Density Polyethylene - LDPE is used for injection moulding, film, pipe
conduit, wire and cable.
7) Chemicals - Basic & Intermediate Chemicals : Aromatics, Olefins,
Oxygenates, fertilisers and agrochemicals
8) Agricultural Products: Rice, Rubber, Palm Oil, Crude Coconut Oil and etc.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-20515000 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
LEVEL - 14 TOWER 1, PETRONAS TWIN TOWERS,
KUALALUMPUR CITY CENTRE, 50088 KUALALUMPUR |
|
Current Address |
: |
LEVEL - 14 TOWER 1,PETRONAS TWIN TOWERS, KUALA
LUMPUR CITY CENTRE,, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, 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 |
: |
Erratic |
[ |
2009 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
49.09% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
66.10% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The higher profit could be attributed to the increase
in turnover. 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 |
: |
Favourable |
[ |
1 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
37 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
4 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 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 |
[ |
1.11 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.12 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 |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was nil as it did not pay any interest
during the year. 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 : |
|
|
|
|
|
|
|
Although the turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in controlling
its costs and profitability. The Subject was in good liquidity position with
its total current liabilities well covered by its total current assets. With
its current net assets, the Subject should be able to repay its short term
obligations. The Subject did not make any interest payment during the year.
The Subject was dependent on its shareholders' funds to finance its business
needs. 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 : 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 |
|
|
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, hand phone 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 1982, the Subject is a Private Limited company, focusing
on trading of petrochemical, plastic raw materials and others. 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 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.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the Subject to further
enhance its business in the near term. The Subject is a fairly large and
rapidly growing company with over 400 staff in its operations. 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. Based on the higher profitability, the
Subject has generated a favourable return based on its existing shareholders'
funds 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 227,276,000, the Subject should be able to maintain its business in the
near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The Subject's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency on
deliveries from a number of key suppliers and insufficient quantities of its
raw materials. Overall the Subject has a good control over its resources.
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) |
|
PETRONAS
CHEMICALS MARKETING SDN. BHD. |
|
Financial
Year End |
2012-12-31 |
2011-12-31 |
2011-03-31 |
2010-03-31 |
2009-03-31 |
|
Months |
12 |
9 |
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 |
12,135,677,000 |
8,388,906,000 |
9,452,210,000 |
7,546,310,000 |
8,153,583,000 |
|
Other Income |
12,296,000 |
34,590,000 |
27,842,000 |
17,339,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
12,147,973,000 |
8,423,496,000 |
9,480,052,000 |
7,563,649,000 |
8,153,583,000 |
|
Costs of Goods Sold |
(11,910,530,000) |
(8,254,865,000) |
(9,307,498,000) |
(7,439,459,000) |
(8,040,850,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
237,443,000 |
168,631,000 |
172,554,000 |
124,190,000 |
112,733,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
150,276,000 |
106,658,000 |
90,174,000 |
52,179,000 |
90,623,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
150,276,000 |
106,658,000 |
90,174,000 |
52,179,000 |
90,623,000 |
|
Taxation |
(38,717,000) |
(25,650,000) |
(23,649,000) |
10,235,000 |
(16,478,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
111,559,000 |
81,008,000 |
66,525,000 |
62,414,000 |
74,145,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
98,687,000 |
17,679,000 |
254,154,000 |
192,980,000 |
120,268,000 |
|
Prior year adjustment |
- |
- |
- |
(600,000) |
(1,433,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
98,687,000 |
17,679,000 |
254,154,000 |
192,380,000 |
118,835,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
210,246,000 |
98,687,000 |
320,679,000 |
254,794,000 |
192,980,000 |
|
TRANSFER TO RESERVES - General |
- |
- |
(3,000,000) |
(640,000) |
- |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
(300,000,000) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
210,246,000 |
98,687,000 |
17,679,000 |
254,154,000 |
192,980,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Others |
- |
- |
- |
- |
508,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
- |
- |
- |
508,000 |
|
|
|
|
|
============= |
============= |
|
PETRONAS
CHEMICALS MARKETING SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
115,000 |
148,000 |
237,000 |
386,000 |
490,000 |
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary companies |
14,758,000 |
14,758,000 |
- |
210,000,000 |
210,000,000 |
|
Deferred assets |
- |
5,000 |
77,000 |
1,758,000 |
- |
|
Others |
- |
- |
- |
- |
20,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
14,758,000 |
14,763,000 |
77,000 |
211,758,000 |
230,000,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
14,873,000 |
14,911,000 |
314,000 |
212,144,000 |
230,490,000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
22,937,000 |
- |
20,239,000 |
7,655,000 |
- |
|
Trade debtors |
1,244,157,000 |
1,078,827,000 |
1,299,044,000 |
662,714,000 |
474,715,000 |
|
Other debtors, deposits & prepayments |
1,051,000 |
1,925,000 |
3,726,000 |
13,477,000 |
1,240,000 |
|
Short term deposits |
685,599,000 |
360,156,000 |
- |
- |
- |
|
Deposits with financial institutions |
- |
- |
344,496,000 |
256,208,000 |
211,115,000 |
|
Amount due from holding company |
- |
9,360,000 |
- |
- |
- |
|
Amount due from subsidiary companies |
- |
- |
- |
252,000 |
144,000 |
|
Amount due from related companies |
662,000 |
89,000 |
- |
342,288,000 |
177,407,000 |
|
Cash & bank balances |
7,904,000 |
4,055,000 |
2,390,000 |
3,336,000 |
1,972,000 |
|
Others |
- |
- |
- |
15,586,000 |
2,733,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
1,962,310,000 |
1,454,412,000 |
1,669,895,000 |
1,301,516,000 |
869,326,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
1,977,183,000 |
1,469,323,000 |
1,670,209,000 |
1,513,660,000 |
1,099,816,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
145,809,000 |
159,613,000 |
187,210,000 |
427,726,000 |
222,736,000 |
|
Other creditors & accruals |
5,486,000 |
5,584,000 |
1,516,000 |
3,170,000 |
3,233,000 |
|
Amounts owing to holding company |
7,876,000 |
1,152,000 |
94,496,000 |
3,726,000 |
4,217,000 |
|
Amounts owing to related companies |
1,571,444,000 |
1,171,009,000 |
1,343,502,000 |
660,854,000 |
474,506,000 |
|
Provision for taxation |
19,229,000 |
16,248,000 |
8,280,000 |
- |
5,914,000 |
|
Other liabilities |
- |
- |
496,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
1,749,844,000 |
1,353,606,000 |
1,635,500,000 |
1,095,476,000 |
710,606,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
212,466,000 |
100,806,000 |
34,395,000 |
206,040,000 |
158,720,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
227,339,000 |
115,717,000 |
34,709,000 |
418,184,000 |
389,210,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
12,500,000 |
12,500,000 |
12,500,000 |
12,500,000 |
12,500,000 |
|
Preference share capital |
- |
- |
- |
3,000,000 |
3,640,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
12,500,000 |
12,500,000 |
12,500,000 |
15,500,000 |
16,140,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Share premium |
290,000 |
290,000 |
290,000 |
147,290,000 |
178,650,000 |
|
Capital reserve |
4,240,000 |
4,240,000 |
4,240,000 |
1,240,000 |
- |
|
Retained profit/(loss) carried forward |
210,246,000 |
98,687,000 |
17,679,000 |
254,154,000 |
192,980,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
214,776,000 |
103,217,000 |
22,209,000 |
402,684,000 |
371,630,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
227,276,000 |
115,717,000 |
34,709,000 |
418,184,000 |
387,770,000 |
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
|
Deferred taxation |
63,000 |
- |
- |
- |
1,440,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
63,000 |
- |
- |
- |
1,440,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
227,339,000 |
115,717,000 |
34,709,000 |
418,184,000 |
389,210,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
PETRONAS
CHEMICALS MARKETING SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
693,503,000 |
364,211,000 |
2,390,000 |
3,336,000 |
1,972,000 |
|
Net Liquid Funds |
693,503,000 |
364,211,000 |
2,390,000 |
3,336,000 |
1,972,000 |
|
Net Liquid Assets |
189,529,000 |
100,806,000 |
14,156,000 |
198,385,000 |
158,720,000 |
|
Net Current Assets/(Liabilities) |
212,466,000 |
100,806,000 |
34,395,000 |
206,040,000 |
158,720,000 |
|
Net Tangible Assets |
227,339,000 |
115,717,000 |
34,709,000 |
418,184,000 |
389,210,000 |
|
Net Monetary Assets |
189,466,000 |
100,806,000 |
14,156,000 |
198,385,000 |
157,280,000 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
1,749,907,000 |
1,353,606,000 |
1,635,500,000 |
1,095,476,000 |
712,046,000 |
|
Total Assets |
1,977,183,000 |
1,469,323,000 |
1,670,209,000 |
1,513,660,000 |
1,099,816,000 |
|
Net Assets |
227,339,000 |
115,717,000 |
34,709,000 |
418,184,000 |
389,210,000 |
|
Net Assets Backing |
227,276,000 |
115,717,000 |
34,709,000 |
418,184,000 |
387,770,000 |
|
Shareholders' Funds |
227,276,000 |
115,717,000 |
34,709,000 |
418,184,000 |
387,770,000 |
|
Total Share Capital |
12,500,000 |
12,500,000 |
12,500,000 |
15,500,000 |
16,140,000 |
|
Total Reserves |
214,776,000 |
103,217,000 |
22,209,000 |
402,684,000 |
371,630,000 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.40 |
0.27 |
0.00 |
0.00 |
0.00 |
|
Liquid Ratio |
1.11 |
1.07 |
1.01 |
1.18 |
1.22 |
|
Current Ratio |
1.12 |
1.07 |
1.02 |
1.19 |
1.22 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
1 |
0 |
1 |
0 |
0 |
|
Debtors Ratio |
37 |
47 |
50 |
32 |
21 |
|
Creditors Ratio |
4 |
7 |
7 |
21 |
10 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
7.70 |
11.70 |
47.12 |
2.62 |
1.84 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
179.39 |
|
Assets Backing Ratio |
18.19 |
9.26 |
2.78 |
26.98 |
24.11 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
1.24 |
1.27 |
0.95 |
0.69 |
1.11 |
|
Net Profit Margin |
0.92 |
0.97 |
0.70 |
0.83 |
0.91 |
|
Return On Net Assets |
66.10 |
92.17 |
259.80 |
12.48 |
23.41 |
|
Return On Capital Employed |
66.10 |
92.17 |
259.80 |
12.48 |
23.41 |
|
Return On Shareholders' Funds/Equity |
49.09 |
70.01 |
191.66 |
14.93 |
19.12 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
4.51 |
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.60.33 |
|
|
1 |
Rs.103.18 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.