|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
CERAMICA INDAH
SDN BHD |
|
|
|
|
Formerly Known as : |
KAM HAM BRICK FACTORY SDN BHD |
|
|
|
|
Registered Office : |
4 1/2, Mile, Kung Phin Road, Off Penrissen Road, 93250 Kuching, Sarawak |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
25.11.1980 |
|
|
|
|
Com. Reg. No.: |
64767-T |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
manufacturer of
Ceramic Floor Tiles bearing brand name Kimgres |
|
|
|
|
No of Employees : |
1000 [2014] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
malaysia ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed
itself since the 1970s from a producer of raw materials into an emerging multi-sector
economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve
high-income status by 2020 and to move farther up the value-added production
chain by attracting investments in Islamic finance, high technology industries,
biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a
series of projects and policy measures intended to accelerate the country's
economic growth. The government has also taken steps to liberalize some
services sub-sectors. The NAJIB administration also is continuing efforts to
boost domestic demand and reduce the economy's dependence on exports.
Nevertheless, exports - particularly of electronics, oil and gas, palm oil and
rubber - remain a significant driver of the economy. As an oil and gas
exporter, Malaysia has profited from higher world energy prices, although the
rising cost of domestic gasoline and diesel fuel, combined with strained
government finances, has forced Kuala Lumpur to begin to reduce government
subsidies. The government is also trying to lessen its dependence on state oil
producer Petronas. The oil and gas sector supplies about 35% of government
revenue in 2011. Bank Negera Malaysia (central bank) maintains healthy foreign
exchange reserves, and a well-developed regulatory regime has limited
Malaysia's exposure to riskier financial instruments and the global financial
crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity
prices or a general slowdown in global economic activity because exports are a major
component of GDP. In order to attract increased investment, NAJIB has raised
possible revisions to the special economic and social preferences accorded to
ethnic Malays under the New Economic Policy of 1970, but he has encountered
significant opposition, especially from Malay nationalists and other vested
interests.
|
Source : CIA |
|
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
64767-T |
||||
|
COMPANY NAME |
: |
CERAMICA INDAH
SDN BHD |
||||
|
FORMER NAME |
: |
KAM HAM BRICK FACTORY SDN BHD (12/09/1984) |
||||
|
INCORPORATION DATE |
: |
25/11/1980 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
4 1/2, MILE, KUNG PHIN ROAD, OFF PENRISSEN
ROAD, 93250 KUCHING, SARAWAK, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
4 1/2 MILE KUNG PHIN ROAD, PO BOX 1842,
93736 KUCHING, SARAWAK, MALAYSIA. |
||||
|
TEL.NO. |
: |
082-451567 |
||||
|
FAX.NO. |
: |
082-452135 |
||||
|
EMAIL |
: |
|||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
JOHN CHUA ( GROUP MANAGING DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
23921 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURER OF CERAMIC FLOOR TILES |
||||
|
AUTHORISED CAPITAL |
: |
MYR 50,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 50,000,000.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 111,035,222 [2012] |
||||
|
NET WORTH |
: |
MYR 85,170,469 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
1000 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
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) manufacturer of ceramic floor tiles.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the Subject is KIM HIN INDUSTRY BERHAD, a company incorporated in MALAYSIA.
The ultimate holding company of the Subject is KIM HIN (MALAYSIA) SDN. BHD., a company incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
07/11/2013 |
MYR 50,000,000.00 |
MYR 50,000,000.00 |
|
31/12/2012 |
MYR 50,000,000.00 |
MYR 48,500,000.00 |
|
31/12/2011 |
MYR 20,000,000.00 |
MYR 20,000,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
KIM HIN INDUSTRY BERHAD |
4 1/2 MILE, KUNG PHIN ROAD, OFF PENRISSEN ROAD, 93250 KUCHING, SARAWAK, MALAYSIA. |
18203V |
50,000,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
50,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest
in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
|
AUSTRALIA |
KIMGRES HOLDINGS PTY. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
AUSTRALIA |
KIMGRES AUSTRALIA PTY. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. CHUA SENG GUAN |
|
Address |
: |
128, JALAN TAN SRI DATUK WILLIAM TAN,
93450 KUCHING, SARAWAK, MALAYSIA. |
|
IC / PP No |
: |
K712132 |
|
New IC No |
: |
580122-13-5151 |
|
Date of Birth |
: |
22/01/1958 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
14/08/1987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MR. CHUA SENG HUAT |
|
Address |
: |
128, JALAN KUEH SIAK HONG, 93300 KUCHING,
SARAWAK, MALAYSIA. |
|
IC / PP No |
: |
K764495 |
|
New IC No |
: |
610510-13-5545 |
|
Date of Birth |
: |
10/05/1961 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
29/08/2006 |
|
|
|
|
|
Qualification |
: |
B.B.A. UNIVERSITY OF HAWAII, USA IN 1981. |
|
Profile |
: |
RESPONSIBLE FOR TRANSFORMING THE KIM HIN
GROUP INTO AN INTERNATIONAL PLAYER IN THE CERAMICS INDUSTRY. |
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MR. JOHN CHUA SENG CHAI |
|
Address |
: |
128, JALAN TAN SRI DATUK WILLIAM TAN,
93450 KUCHING, SARAWAK, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
581228-13-5883 |
|
Date of Birth |
: |
28/12/1958 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
14/08/1987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
MS. PAULINE GETRUDE CHUA HUI LIN |
|
Address |
: |
1, SIN JUAK GARDEN, JALAN RENGAS,
KUCHING-BY-PASS, 93300 KUCHING, SARAWAK, MALAYSIA. |
|
IC / PP No |
: |
K794597 |
|
New IC No |
: |
620507-13-6044 |
|
Date of Birth |
: |
07/05/1962 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
26/03/2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
MS. CHUA YEW LIN |
|
Address |
: |
128, JALAN TAN SRI DATUK WILLIAM TAN,
93450 KUCHING, SARAWAK, MALAYSIA. |
|
IC / PP No |
: |
K0004042 |
|
New IC No |
: |
630511-13-5254 |
|
Date of Birth |
: |
11/05/1963 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
26/03/2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
JOHN CHUA |
|
|
Position |
: |
GROUP MANAGING DIRECTOR |
|
Auditor |
: |
ERNST & YOUNG |
|
Auditor' Address |
: |
ROOMS 300-303, WISMA BUKIT MATA KUCHING, JALAN
TUNKU ABDUL RAHMAN, 93100 KUCHING, SARAWAK, MALAYSIA. |
|
|
|
|
|
1) |
Company Secretary |
: |
MS. LOW WAI SEE |
|
|
|
|
|
|
|
New IC No |
: |
740411-14-5188 |
|
|
Address |
: |
166, CHAWAN ROAD, 93300 KUCHING, SARAWAK, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained
principally with :
|
1) |
Name |
: |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE
BHD |
|
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
04/03/1988 |
N/A |
HONGKONG BANK MALAYSIA BERAHD |
MYR 3,500,000.00 |
Satisfied |
|
2 |
10/03/1988 |
N/A |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE
BHD |
MYR 5,000,000.00 |
Satisfied |
|
4 |
15/09/1989 |
DEBENTURE |
MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE
BERHAD |
MYR 9,000,000.00 |
Satisfied |
|
3 |
26/09/1989 |
N/A |
HONGKONG BANK MALAYSIA BERHAD |
MYR 6,500,000.00 |
Satisfied |
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection since 1990. Information
was provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters' databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
AUSTRALIA |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured |
: |
|
|
|
|
|
|
|
|
Product Brand Name |
: |
|
|
|
|
|
|
|
|
Certification of Products |
: |
1 ) MS ISO 13006 : 2003
|
|
|
|
|
|
|
|
Member(s) / Affiliate(s) |
: |
MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE) |
|
|
|
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2010 |
|
|
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
|
|
|
|
|
|
|
COMPANY |
1000 |
1000 |
950 |
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is
principally engaged in the (as a / as an) manufacturer of ceramic floor
tiles.
The Subject is one of the driving forces of the ceramic industry in Malaysia
and has years of experience in the manufacturing of ceramic and porcelain
tiles.
The Subject adopts the state of the art technology and prides itself as being
the market leader in design and product innovation. Our products are sold under
the brand name Kimgres.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
082-451567, 451017, 458857 |
|
Current Telephone Number |
: |
082-451567 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
4 1/2 MILE KUNG PHIN ROAD, PO BOX
1842,93736,KUCHING,SARAWAK. |
|
Current Address |
: |
4 1/2 MILE KUNG PHIN ROAD, PO BOX 1842, 93736
KUCHING, SARAWAK, 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 |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(13.72%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(13.83%) |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.Higher losses
before tax during the year could be due to the higher operating costs incurred.
The Subject's unfavourable returns on shareholders' funds indicate the
management's inefficiency in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
147 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
19 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
43 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 |
[ |
0.83 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.47 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 |
: |
Unfavourable |
[ |
(44.56 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject incurred losses in the year.
It did not generate sufficient income to service its interest. If the
situation does not improve, the Subject may be vulnerable to default in
servicing the interest. 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 : |
|
|
|
|
|
|
|
The Subject's losses increased but its
turnover showed a fluctuating trend. This indicate the Subject was
slowly losing its market share due to its competitors. 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. The Subject's interest cover was negative, indicating that it
did not generate sufficient income to service its interest. If its result
does not show impressive improvements or succeed obtaining short term
financing or capital injection, it may not be able to service its interest
and repay the loans. 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 : LIMITED |
||||||
|
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 |
- |
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
23921 : Manufacture of non-refractory ceramic |
|
|
|
|
|
INDUSTRY : |
CONSTRUCTION |
|
|
|
|
|
|
|
The construction sector consists of four subsectors: residential,
non-residential, civil engineering and special trade works. During a period of
rapid economic expansion, the sector generally outperforms Gross Domestic
Product (GDP) growth. |
|
|
|
|
|
Construction's contribution to gross domestic product (GDP) is
expected to fall to 11.2% in 2013 from 15 % in 2012, with all subsectors
registering steady growth. The sector is expected to benefit from the
acceleration of ongoing construction activities, particularly from the
Economic Transformation Programme (ETP) and Second Rolling Plan (RP2)
construction-related projects. Of significance, exploration activities in
O&G industries and major projects such as the electrified double-tracking
between lpoh -Padang Besar, LPT2 Jabur - Kuala Terengganu, MRT and the River
of Life are expected to drive the growth of the civil engineering subsector.
The non-residential subsector is expected to expand spurred by the industrial
building segment and the commencement of construction of the Tun Razak
Exchange (TRX). The residential subsector is also projected to expand, albeit
at a moderate pace, after recording several years of strong growth. Key
housing development projects, particularly in Sungai Buloh and Bandar
Malaysia in Sungai Besi, which are expected to commence in 2013, will support
residential construction activities. According to the Minister of Finance, the
domestic demand is expected to grow at 5.6% and will remain the main driver
of growth in 2013 underpinned by strong private sector expenditure. |
|
|
|
|
|
The industry is set to receive a further boost from a wave of new developments
earmarked for 2013, including rail projects worth an estimated $52 billion
that should be launched in the coming year. It was predicted that the growth
in other sectors will largely drive Malaysia's economy but the construction
sector's contribution to GDP could still remain stable. However, while the
construction sector is expected to have a solid 2013, it remains hampered by
a shortage of skilled labourers, with rapid growth in recent years triggering
a drain on its workforce. In late November of 2012, the Builders Association
Malaysia (MBAM) request the government to do more to facilitate the training
of building workers or run the risk of supplyside bottlenecks delaying new
projects. |
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
Incorporated in 1980, the Subject is a
Private Limited company, focusing on manufacturer of ceramic floor tiles. The
Subject has been in business for over two decades. It has built up a strong
clientele base and good reputation will enable the Subject to further enhance
its business in the near term. The Subject is expected to enjoy a
stable market shares. The Subject is well backed by a listed company
shareholders which would stimulate further growth for the Subject. Hence, the
potential growth of the Subject is positive. 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.
Being a large entity, the Subject has a steady workforce of 1000 personnel to
support its business operations. Its future prospects seem to be fairly good
as its business operations are running relatively stable. Overall, we regard
that the Subject's management capability is average. This indicates that the
Subject has greater potential to improve its business performance and raising
income for the Subject. Due to the challenging market conditions,
the Subject's business performance seems to be deteriorating and losses
incurred. The Subject has generated an unfavourable return on shareholders'
funds indicating that the management was inefficient in utilising its funds
to generate return. The Subject managed to maintain an adequate liquidity
level, indicating that the Subject has the ability to meet its 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 85,170,469, the Subject
should be able to maintain its business in the near terms. The Subject's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency on
deliveries from a number of key suppliers and insufficient quantities of its
raw materials. Overall the Subject has a good control over its
resources. The Subject's payment habit is average.
With its adequate working capital, the Subject should be able to pay its
short term debts. 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. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
CERAMICA INDAH
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 |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
111,035,222 |
133,355,649 |
124,957,977 |
120,548,215 |
131,034,036 |
|
Other Income |
1,996,938 |
2,667,980 |
2,857,376 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
113,032,160 |
136,023,629 |
127,815,353 |
120,548,215 |
131,034,036 |
|
Costs of Goods Sold |
(111,561,060) |
(126,161,265) |
(114,975,476) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
1,471,100 |
9,862,364 |
12,839,877 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(12,040,328) |
(2,768,167) |
707,944 |
8,860,116 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(12,040,328) |
(2,768,167) |
707,944 |
8,860,116 |
- |
|
Taxation |
358,050 |
(3,858,562) |
(260,159) |
0 |
(2,752,220) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(11,682,278) |
(6,626,729) |
447,785 |
8,860,116 |
(2,752,220) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
48,352,747 |
54,351,874 |
53,904,089 |
46,043,973 |
51,296,193 |
|
Prior year adjustment |
- |
627,602 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
48,352,747 |
54,979,476 |
53,904,089 |
46,043,973 |
51,296,193 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
36,670,469 |
48,352,747 |
54,351,874 |
54,904,089 |
48,543,973 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
- |
(1,000,000) |
(2,500,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
36,670,469 |
48,352,747 |
54,351,874 |
53,904,089 |
46,043,973 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
134 |
3,045 |
- |
- |
- |
|
Loan from holding company |
264,139 |
- |
- |
- |
- |
|
Others |
- |
- |
823 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
264,273 |
3,045 |
823 |
- |
- |
|
|
============= |
============= |
============= |
|
|
|
CERAMICA INDAH
SDN BHD |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
43,105,793 |
35,334,980 |
38,552,660 |
42,988,134 |
47,829,944 |
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary companies |
2,055,879 |
2,055,879 |
2,055,879 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
2,055,879 |
2,055,879 |
2,055,879 |
0 |
2,055,879 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
45,161,672 |
37,390,859 |
40,608,539 |
42,988,134 |
49,885,823 |
|
|
|
|
|
|
|
|
Stocks |
44,631,248 |
48,034,278 |
- |
- |
- |
|
Contract work-in-progress |
- |
- |
50,509,254 |
- |
- |
|
Trade debtors |
5,756,585 |
5,966,784 |
6,788,552 |
- |
- |
|
Other debtors, deposits & prepayments |
2,549,362 |
7,853,594 |
1,080,323 |
- |
- |
|
Short term deposits |
1,500,703 |
4,310,913 |
- |
- |
- |
|
Deposits with financial institutions |
- |
- |
2,511,200 |
- |
- |
|
Amount due from subsidiary companies |
8,444,411 |
13,407,932 |
14,972,097 |
- |
- |
|
Cash & bank balances |
3,993,728 |
5,457,224 |
5,988,672 |
- |
- |
|
Others |
370,231 |
- |
1,718,293 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
67,246,268 |
85,030,725 |
83,568,391 |
78,444,882 |
77,252,749 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
112,407,940 |
122,421,584 |
124,176,930 |
121,433,016 |
127,138,572 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
13,067,552 |
14,783,663 |
16,047,501 |
- |
- |
|
Other creditors & accruals |
3,912,478 |
4,693,183 |
3,880,145 |
- |
- |
|
Amounts owing to holding company |
10,257,441 |
31,440,022 |
28,468,308 |
- |
- |
|
Provision for taxation |
- |
2,838,402 |
- |
- |
- |
|
Other liabilities |
- |
212,067 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
27,237,471 |
53,967,337 |
48,395,954 |
58,998,225 |
72,750,997 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
40,008,797 |
31,063,388 |
35,172,437 |
19,446,657 |
4,501,752 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
85,170,469 |
68,454,247 |
75,780,976 |
62,434,791 |
54,387,575 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
48,500,000 |
20,000,000 |
20,000,000 |
7,000,000 |
7,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
48,500,000 |
20,000,000 |
20,000,000 |
7,000,000 |
7,000,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Share premium |
- |
- |
- |
- |
627,602 |
|
Revaluation reserve |
- |
- |
627,602 |
- |
- |
|
Retained profit/(loss) carried forward |
36,670,469 |
48,352,747 |
54,351,874 |
53,904,089 |
46,043,973 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
36,670,469 |
48,352,747 |
54,979,476 |
54,531,791 |
46,671,575 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
85,170,469 |
68,352,747 |
74,979,476 |
61,531,791 |
53,671,575 |
|
|
|
|
|
|
|
|
Deferred taxation |
- |
101,500 |
801,500 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
- |
101,500 |
801,500 |
903,000 |
716,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
85,170,469 |
68,454,247 |
75,780,976 |
62,434,791 |
54,387,575 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CERAMICA INDAH
SDN BHD |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
5,494,431 |
9,768,137 |
5,988,672 |
- |
- |
|
Net Liquid Funds |
5,494,431 |
9,768,137 |
5,988,672 |
- |
- |
|
Net Liquid Assets |
(4,622,451) |
(16,970,890) |
35,172,437 |
19,446,657 |
4,501,752 |
|
Net Current Assets/(Liabilities) |
40,008,797 |
31,063,388 |
35,172,437 |
19,446,657 |
4,501,752 |
|
Net Tangible Assets |
85,170,469 |
68,454,247 |
75,780,976 |
62,434,791 |
54,387,575 |
|
Net Monetary Assets |
(4,622,451) |
(17,072,390) |
34,370,937 |
18,543,657 |
3,785,752 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
- |
- |
|
Total Liabilities |
27,237,471 |
54,068,837 |
49,197,454 |
59,901,225 |
73,466,997 |
|
Total Assets |
112,407,940 |
122,421,584 |
124,176,930 |
121,433,016 |
127,138,572 |
|
Net Assets |
85,170,469 |
68,454,247 |
75,780,976 |
62,434,791 |
54,387,575 |
|
Net Assets Backing |
85,170,469 |
68,352,747 |
74,979,476 |
61,531,791 |
53,671,575 |
|
Shareholders' Funds |
85,170,469 |
68,352,747 |
74,979,476 |
61,531,791 |
53,671,575 |
|
Total Share Capital |
48,500,000 |
20,000,000 |
20,000,000 |
7,000,000 |
7,000,000 |
|
Total Reserves |
36,670,469 |
48,352,747 |
54,979,476 |
54,531,791 |
46,671,575 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.20 |
0.18 |
0.12 |
- |
- |
|
Liquid Ratio |
0.83 |
0.69 |
1.73 |
- |
- |
|
Current Ratio |
2.47 |
1.58 |
1.73 |
1.33 |
1.06 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
147 |
131 |
148 |
- |
- |
|
Debtors Ratio |
19 |
16 |
20 |
- |
- |
|
Creditors Ratio |
43 |
43 |
51 |
- |
- |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
- |
- |
|
Liabilities Ratio |
0.32 |
0.79 |
0.66 |
0.97 |
1.37 |
|
Times Interest Earned Ratio |
(44.56) |
(908.09) |
861.20 |
- |
- |
|
Assets Backing Ratio |
1.76 |
3.42 |
3.79 |
8.92 |
7.77 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
(10.84) |
(2.08) |
0.57 |
7.35 |
- |
|
Net Profit Margin |
(10.52) |
(4.97) |
0.36 |
7.35 |
(2.10) |
|
Return On Net Assets |
(13.83) |
(4.04) |
0.94 |
14.19 |
- |
|
Return On Capital Employed |
(13.83) |
(4.04) |
0.94 |
14.19 |
- |
|
Return On Shareholders' Funds/Equity |
(13.72) |
(9.69) |
0.60 |
14.40 |
(5.13) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.11 |
0.91 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
UK Pound |
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.33 |
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.