|
Report Date : |
25.07.2014 |
IDENTIFICATION DETAILS
|
Correct Name : |
POLYPLASTICS |
|
|
|
|
Registered Office : |
50-5-13a, Wisma Uoa Damansara, 50, Jalan Dungun, Damansara
Heights, 5th Floor, 50490 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.03.1997 |
|
|
|
|
Com. Reg. No.: |
422033-W |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in Manufacturing and sale
of various types of Engineering Plastics and Polymers subject produces two type of products including: - Acetal
copolymer (POM) Compounds
(POM,PBT,PPS,LCP)/12,000t Subject's products are used for various applications such as in the electrical, electronic and automobile industries as well as household products. |
|
|
|
|
No of Employees : |
300 [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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
maLAYSIA ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 32% of government revenue in 2013. Bank Negara Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB earlier raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays.
|
Source
: CIA |
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
422033-W |
||||
|
COMPANY NAME |
: |
POLYPLASTICS
ASIA PACIFIC SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
07/03/1997 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
50-5-13A, WISMA UOA DAMANSARA, 50, JALAN
DUNGUN, DAMANSARA HEIGHTS, 5TH FLOOR, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT NO. 135, GEBENG INDUSTRIAL ESTATE,
PHASE III, MUKIM OF SG. KARANG, 26080 KUANTAN, PAHANG, MALAYSIA. |
||||
|
TEL.NO. |
: |
09-5858200 |
||||
|
FAX.NO. |
: |
09-58582300 |
||||
|
EMAIL |
: |
|||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
YUKITERU SHIMURA ( MANAGING DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
20131 |
||||
|
PRINCIPAL ACTIVITY |
: |
Engaged in Manufacturing and sale
of various types of Engineering Plastics and Polymers |
||||
|
AUTHORISED CAPITAL |
: |
MYR 160,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 158,590,091.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 493,753,712 [2012] |
||||
|
NET WORTH |
: |
MYR 377,336,619 [2012] |
||||
|
M1000 OVERALL RANKING |
: |
849[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
11[2011] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
300 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
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) Manufacturing and sale of various types of Engineering Plastics and Polymers
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 |
849 |
725 |
741 |
657 |
749 |
|
|
INDUSTRY RANKING |
11 |
12 |
13 |
9 |
10 |
|
The immediate holding company of the Subject is POLYPLASTICS CO.LTD, a company incorporated in JAPAN.
The ultimate holding company of the Subject is DAICEL CHEMICAL INDUSTRIES LTD, a company incorporated in JAPAN.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 160,000,000.00 |
MYR 158,590,091.00 |
|
16/06/1999 |
MYR 160,000,000.00 |
MYR 154,391,345.00 |
|
20/08/1998 |
MYR 152,000,000.00 |
MYR 95,000,000.00 |
|
18/05/1998 |
MYR 152,000,000.00 |
MYR 87,000,000.00 |
|
12/02/1998 |
MYR 75,000,000.00 |
MYR 73,000,000.00 |
|
10/12/1997 |
MYR 75,000,000.00 |
MYR 18,000,000.00 |
|
23/04/1997 |
MYR 75,000,000.00 |
MYR 4,000,000.00 |
|
07/03/1997 |
MYR 75,000,000.00 |
MYR 2.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
POLYPLASTICS CO.LTD |
JR SHINAGAWA, EAST BUILDING, 18-1, KONON 2-CHOME, MINATO-KU, TOKYO, 108-8280 JAPAN, 13TH FLOOR, JAPAN. |
XLZ000012114 |
158,590,091.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
158,590,091.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
YUKITERU SHIMURA |
|
Address |
: |
A-17-11, NORTHPOINT RESIDENCES, MID VALLEY CITY, 1, MEDAN SYED PUTRA UTARA, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
TH7574692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
11/04/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MR. SIM AH SIANG |
|
Address |
: |
10,LORONG SERI KUANTAN 85, 25250 KUANTAN, PAHANG, MALAYSIA. |
|
IC / PP No |
: |
A0150482 |
|
New IC No |
: |
650719-07-5287 |
|
Date of Birth |
: |
19/07/1965 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/10/2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
AKIRA MUNAKATA |
|
Address |
: |
35-12-2-305, IGUSA 2-CHOME, SUGINAMI-KU, TOKYO 167-0021, JAPAN, JAPAN. |
|
IC / PP No |
: |
TH4833709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment |
: |
04/12/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
ATSUSHI AKIMOTO |
|
Address |
: |
D-EMBASSY RESIDENCE SUITE, LORONG PELINDUNG 76, JALAN TENGKU MOHAMAD, BUKIT PELINDUNG,B6-2, 5TH FLOOR, 20505 KUALA TERENGGANU, TERENGGANU, MALAYSIA. |
|
IC / PP No |
: |
TH9723330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
11/04/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
YUKITERU SHIMURA |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
DELOITTE KASSIMCHAN |
|
Auditor' Address |
: |
UPTOWN 1,DAMANSARA UPTOWN,1, JALAN SS 21/58,LEVEL 19, 47400 PETALING JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
1) |
Company Secretary |
: |
MS. CHAN PUI YEE |
|
|
|
|
|
|
|
New IC No |
: |
860301-56-5436 |
|
|
Address |
: |
720, JALAN 18/2B, TAMAN SRI SERDANG, 43300
SERI KEMBANGAN, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
RHB BANK 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 |
: |
ASIA |
|||
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 |
: |
40% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Export Market |
: |
CHINA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CASH |
|||
|
Type of Customer |
: |
FREE TRADE ZONE (FTZ) COMPANIES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured |
: |
|
|||||
|
|
|
|
|||||
|
Award |
: |
1 ) MS ISO 9001 : 2000 Year :2002
|
|||||
|
|
|
|
|||||
|
Competitor(s) |
: |
INDUSTRIAL RESINS (MALAYSIA) SDN BHD
|
|||||
|
|
|
|
|||||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM) MALAYSIAN PLASTICS MANUFACTURERS
ASSOCIATION (MPMA) SMI ASSOCIATION OF MALAYSIA SMALL & MEDIUM ENTERPRISE CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA
(CICM) |
|||||
|
|
|
|
|||||
|
Ownership of premises |
: |
OWNED
|
|||||
|
Production Capacity |
: |
|
|||||
|
Shifts |
: |
3 (24 HOURS OPERATING)
|
|||||
|
|
|
|
|
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 |
300 |
318 |
250 |
250 |
240 |
240 |
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is
principally engaged in the (as a / as an) Manufacturing and sale of various types of Engineering
Plastics and Polymers
The products are one of the crucial raw materials for various industries.
The SC produces two type of products
including: -
1) Acetal copolymer (POM)
2) Compounds (POM,PBT,PPS,LCP)/12,000t
The Subject's products are used for various applications such as in the
electrical, electronic and automobile industries as well as household products.
The Subject produces more than 150 types of plastic products of various grades.
The Subject produces its resins in pallets and they are in 2 major colors which
are natural and black.
The Subject's warehouses are located in Port Klang, Johor Bahru and Pulau
Pinang.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
09-5858200 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
LOT 123-124 GEBENG INDUSTRIAL ESTATE 26080
KUANTAN PAHANG |
|
Current Address |
: |
LOT NO. 135, GEBENG INDUSTRIAL ESTATE, PHASE
III, MUKIM OF SG. KARANG, 26080 KUANTAN, PAHANG, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other
Investigations
we contacted one of
the staff from the Subject and she provided some information.
The address provided is incomplete.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
7.74% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
4.82% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.The Subject's management
have been efficient in controlling its operating costs. The unfavourable
return on shareholders' funds could indicate that the Subject was inefficient
in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
114 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
6 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
11 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 |
: |
Favourable |
[ |
3.50 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
5.01 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 |
: |
Unfavourable |
[ |
1.30 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was nil as it
did not pay any interest during the year. The Subject was highly geared, thus
it had a high financial risk. The Subject was dependent on loans to finance its
business needs. In times of economic downturn and / or high interest rate,
the Subject will become less profitable and competitive than other firms in
the same industry, which are lowly geared. This is because the Subject has to
service the interest and to repay the loan, which will erode part of its
profits. The profits will fluctuate depending on the Subject's turnover and
the interest it needs to pay. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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's gearing
level was high and its going concern will be in doubt if there is no
injection of additional shareholders' funds in times of economic downturn and
/ or high interest rates. |
||||||
|
|
|
|
|
|
|
|
|
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 |
|
|
20131 : Manufacture of plastic in primary forms |
|
|
|
|
|
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 |
|
|
Incorporated in 1997, the Subject is a
Private Limited company, focusing on manufacturing and trading of engineering
plastic. With its long establishment in the market, the Subject has received
strong support from its stable customers base. Its business position in the
market is quite stable and it is expected to enjoy better market shares over
its rivals. Having 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 is a
fairly large and rapidly growing company with over 300 staff in its
operations. Overall, we regard that the Subject's management capability is
average. This indicates that the Subject has greater potential to improve its
business performance and raising income for the Subject. 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. Based on the above condition, we recommend
credit be granted to the Subject promptly. |
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
POLYPLASTICS
ASIA PACIFIC 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 |
493,753,712 |
453,919,902 |
458,179,608 |
366,943,728 |
411,947,308 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
493,753,712 |
453,919,902 |
458,179,608 |
366,943,728 |
411,947,308 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
43,110,457 |
36,395,856 |
45,806,507 |
43,471,248 |
56,885,800 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
43,110,457 |
36,395,856 |
45,806,507 |
43,471,248 |
56,885,800 |
|
Taxation |
(13,905,707) |
1,579,345 |
3,710,152 |
5,250,898 |
3,357,063 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
29,204,750 |
37,975,201 |
49,516,659 |
48,722,146 |
60,242,863 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
242,231,572 |
390,256,371 |
340,739,712 |
292,017,566 |
231,774,703 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
242,231,572 |
390,256,371 |
340,739,712 |
292,017,566 |
231,774,703 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
271,436,322 |
428,231,572 |
390,256,371 |
340,739,712 |
292,017,566 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(45,000,000) |
(186,000,000) |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
226,436,322 |
242,231,572 |
390,256,371 |
340,739,712 |
292,017,566 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
POLYPLASTICS
ASIA PACIFIC SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
460,567,144 |
219,217,169 |
175,287,806 |
206,601,536 |
235,297,392 |
|
|
|
|
|
|
|
|
Investments |
300 |
300 |
300 |
700 |
1,100 |
|
Others |
24,263,480 |
24,552,043 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
24,263,780 |
24,552,343 |
300 |
700 |
1,100 |
|
|
|
|
|
|
|
|
Goodwill on consolidation |
- |
- |
- |
203,735 |
1,426,165 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
- |
- |
- |
203,735 |
1,426,165 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
484,830,924 |
243,769,512 |
175,288,106 |
206,805,971 |
236,724,657 |
|
|
|
|
|
|
|
|
Stocks |
154,310,223 |
150,612,219 |
139,601,532 |
117,090,967 |
150,197,677 |
|
Trade debtors |
8,171,884 |
9,020,669 |
9,706,215 |
9,897,198 |
8,427,568 |
|
Other debtors, deposits & prepayments |
7,394,167 |
3,578,652 |
1,632,428 |
1,566,985 |
1,288,519 |
|
Short term deposits |
247,947,310 |
104,101,260 |
194,065,808 |
139,100,000 |
58,360,152 |
|
Amount due from related companies |
83,142,092 |
93,451,650 |
84,101,059 |
51,207,093 |
44,674,387 |
|
Cash & bank balances |
10,493,413 |
23,755,203 |
30,517,106 |
36,027,499 |
7,967,900 |
|
Others |
- |
- |
419,493 |
- |
1,901,659 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
511,459,089 |
384,519,653 |
460,043,641 |
354,889,742 |
272,817,862 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
996,290,013 |
628,289,165 |
635,331,747 |
561,695,713 |
509,542,519 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
15,125,898 |
11,321,453 |
17,773,953 |
17,302,151 |
10,057,504 |
|
Other creditors & accruals |
44,083,653 |
11,513,760 |
4,504,360 |
6,733,811 |
13,320,346 |
|
Amounts owing to holding company |
24,065,065 |
179,339,752 |
38,545,030 |
8,170,722 |
- |
|
Provision for taxation |
4,158,569 |
136,586 |
151,464 |
72,130 |
- |
|
Other liabilities |
14,684,108 |
305,872 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
102,117,293 |
202,617,423 |
60,974,807 |
32,278,814 |
23,377,850 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
409,341,796 |
181,902,230 |
399,068,834 |
322,610,928 |
249,440,012 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
894,172,720 |
425,671,742 |
574,356,940 |
529,416,899 |
486,164,669 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
158,590,091 |
158,590,091 |
158,590,091 |
158,590,091 |
158,590,091 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
158,590,091 |
158,590,091 |
158,590,091 |
158,590,091 |
158,590,091 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Share premium |
(7,689,794) |
- |
- |
- |
- |
|
Retained profit/(loss) carried forward |
226,436,322 |
242,231,572 |
390,256,371 |
340,739,712 |
292,017,566 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
218,746,528 |
242,231,572 |
390,256,371 |
340,739,712 |
292,017,566 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
377,336,619 |
400,821,663 |
548,846,462 |
499,329,803 |
450,607,657 |
|
|
|
|
|
|
|
|
Long term loans |
489,280,000 |
- |
- |
- |
- |
|
Deferred taxation |
15,945,871 |
21,445,383 |
25,510,478 |
30,087,096 |
35,557,012 |
|
Retirement benefits provision |
3,920,436 |
3,404,696 |
- |
- |
- |
|
Others |
7,689,794 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
516,836,101 |
24,850,079 |
25,510,478 |
30,087,096 |
35,557,012 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
894,172,720 |
425,671,742 |
574,356,940 |
529,416,899 |
486,164,669 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
POLYPLASTICS ASIA
PACIFIC SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
258,440,723 |
127,856,463 |
224,582,914 |
175,127,499 |
66,328,052 |
|
Net Liquid Funds |
258,440,723 |
127,856,463 |
224,582,914 |
175,127,499 |
66,328,052 |
|
Net Liquid Assets |
255,031,573 |
31,290,011 |
259,467,302 |
205,519,961 |
99,242,335 |
|
Net Current Assets/(Liabilities) |
409,341,796 |
181,902,230 |
399,068,834 |
322,610,928 |
249,440,012 |
|
Net Tangible Assets |
894,172,720 |
425,671,742 |
574,356,940 |
529,213,164 |
484,738,504 |
|
Net Monetary Assets |
(261,804,528) |
6,439,932 |
233,956,824 |
175,432,865 |
63,685,323 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
489,280,000 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
618,953,394 |
227,467,502 |
86,485,285 |
62,365,910 |
58,934,862 |
|
Total Assets |
996,290,013 |
628,289,165 |
635,331,747 |
561,695,713 |
509,542,519 |
|
Net Assets |
894,172,720 |
425,671,742 |
574,356,940 |
529,416,899 |
486,164,669 |
|
Net Assets Backing |
377,336,619 |
400,821,663 |
548,846,462 |
499,329,803 |
450,607,657 |
|
Shareholders' Funds |
377,336,619 |
400,821,663 |
548,846,462 |
499,329,803 |
450,607,657 |
|
Total Share Capital |
158,590,091 |
158,590,091 |
158,590,091 |
158,590,091 |
158,590,091 |
|
Total Reserves |
218,746,528 |
242,231,572 |
390,256,371 |
340,739,712 |
292,017,566 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
2.53 |
0.63 |
3.68 |
5.43 |
2.84 |
|
Liquid Ratio |
3.50 |
1.15 |
5.26 |
7.37 |
5.25 |
|
Current Ratio |
5.01 |
1.90 |
7.54 |
10.99 |
11.67 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
114 |
121 |
111 |
116 |
133 |
|
Debtors Ratio |
6 |
7 |
8 |
10 |
7 |
|
Creditors Ratio |
11 |
9 |
14 |
17 |
9 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
1.30 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
1.64 |
0.57 |
0.16 |
0.12 |
0.13 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Assets Backing Ratio |
5.64 |
2.68 |
3.62 |
3.34 |
3.06 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
8.73 |
8.02 |
10.00 |
11.85 |
13.81 |
|
Net Profit Margin |
5.91 |
8.37 |
10.81 |
13.28 |
14.62 |
|
Return On Net Assets |
4.82 |
8.55 |
7.98 |
8.21 |
11.70 |
|
Return On Capital Employed |
4.82 |
8.55 |
7.98 |
8.21 |
11.67 |
|
Return On Shareholders' Funds/Equity |
7.74 |
9.47 |
9.02 |
9.76 |
13.37 |
|
Dividend Pay Out Ratio (Times) |
1.54 |
4.90 |
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.60.00 |
|
UK Pound |
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.80.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.