MIRA INFORM REPORT

Report Date :

12.11.2014

IDENTIFICATION DETAILS

Name :	AIN MEDICARE SDN. BHD.
Formerly Known As :	OPTISOL BARU SDN. BHD.
Registered Office :	Jalan 6/44, Kawasan Perindustrian, Pengkalan Chepa 2, 16100 Kota Bharu, Kelantan
Country :	Malaysia
Financials (as on) :	31.12.2011
Date of Incorporation :	06.08.1982
Com. Reg. No.:	88253-D
Legal Form :	Private Limited (Limited By Share)
Line of Business :	Manufacturing Of Pharmaceutical Medical Products And Solutions
No. of Employees :	600 [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 :	Unknown
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Malaysia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

MALAYSIA - ECONOMIC OVERVIEW

Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with 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

EXECUTIVE SUMMARY

REGISTRATION NO.

:

88253-D

COMPANY NAME

:

AIN MEDICARE SDN. BHD.

FORMER NAME

:

OPTISOL BARU SDN. BHD. (18/09/1993)
OPTISOL INDUSTRIES SDN BHD (06/12/1991)

INCORPORATION DATE

:

06/08/1982

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

JALAN 6/44, KAWASAN PERINDUSTRIAN, PENGKALAN CHEPA 2, 16100 KOTA BHARU, KELANTAN, MALAYSIA.

BUSINESS ADDRESS

:

LOT 4933, JALAN 6/44, KAWASAN PERINDUSTRIAN PENGKALAN CHEPA 2, 16100 KOTA BHARU, KELANTAN, MALAYSIA.

TEL.NO.

:

09-7743388/7741239

FAX.NO.

:

09-7742205

EMAIL

:

INFO@AINMEDICARE.COM.MY

WEB SITE

:

WWW.AINMEDICARE.COM.MY

CONTACT PERSON

:

SYED IBRAHIM BIN MOHD ISMAIL ( CEO )

INDUSTRY CODE

:

21009

PRINCIPAL ACTIVITY

:

MANUFACTURING OF PHARMACEUTICAL MEDICAL PRODUCTS AND SOLUTIONS

AUTHORISED CAPITAL

:

MYR 20,000,000.00 DIVIDED INTO
ORDINARY SHARE 20,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 20,000,000.00 DIVIDED INTO
ORDINARY SHARES 20,000,000 CASH OF MYR 1.00 EACH.

SALES

:

MYR 122,645,798 [2011]

NET WORTH

:

MYR 85,830,691 [2011]

STAFF STRENGTH

:

600 [2014]

BANKER (S)

:

BANK ISLAM MALAYSIA BHD
BANK MUAMALAT MALAYSIA BHD
BANK PEMBANGUNAN MALAYSIA BHD
BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD
CIMB BANK BHD
RHB BANK BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

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 of pharmaceutical medical products and solutions.

The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
18/09/2012	MYR 20,000,000.00	MYR 20,000,000.00
13/11/1999	MYR 20,000,000.00	MYR 19,000,000.00
22/12/1998	MYR 20,000,000.00	MYR 18,000,000.00
16/08/1997	MYR 20,000,000.00	MYR 16,082,000.00
17/04/1997	MYR 20,000,000.00	MYR 13,450,000.00
30/05/1995	MYR 10,000,000.00	MYR 10,000,000.00
24/09/1994	MYR 10,000,000.00	MYR 9,000,000.00
05/11/1993	MYR 10,000,000.00	MYR 4,000,000.00
01/11/1993	MYR 10,000,000.00	MYR 5,000,000.00
21/09/1993	MYR 10,000,000.00	MYR 3,550,000.00
20/12/1989	MYR 1,000,000.00	MYR 600,000.00

The major shareholder(s) of the Subject are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
WAN ARIFF & CO. SDN. BHD.	92, JALAN BANGSAR, KUALA LUMPUR, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.	198947A	7,885,000.00	39.43
TENAGA GAS PANTAI SDN. BHD.	92, JALAN BANGSAR, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.	146092H	4,135,000.00	20.68
GAS PANTAI TIMUR SDN. BHD.	92 JALAN BANGSAR, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.	58757T	2,400,000.00	12.00
DR SYED IBRAHIM BIN MOHD ISMAIL	LOT 209,LRG TOK KERAWAT, KPG DEMIT, KUBANG KERIAN;KELANTAN., MALAYSIA.	490903-07-5105 1843828	2,250,000.00	11.25
MR. NIK MAHMOOD BIN HAJI NIK HASSAN	49,TAMAN HILLVIEW, OFF JALAN ULU KLANG, 68000 AMPANG;SELANGOR., MALAYSIA.	450718-03-5455 1269058	1,000,000.00	5.00
BI NOMINEES (TEMPATAN) SDN. BHD.	MENARA SME BANK JALAN USLTAN ISMAIL, P O BOX 12352, 50774 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.	176122V	1,000,000.00	5.00
MAZWA DEVELOPMENT SDN. BHD.	2, PERSIARAN TITIWANGSA 1, TAMAN TITIWANGSA, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.	63006X	500,000.00	2.50
MR. W.MOHAMED @ NIK AZAM BIN WAN HAMZAH	LOT PT 57,JALAN JKR, 17000 PASIR MAS, KELANTAN, MALAYSIA.	470316-03-5215 0818070	300,000.00	1.50
NIK MOHAMED HOLDINGS SDN. BHD.	WISMA BUMI RAYA, JALAN RAJA LAUT, TINGKAT 13, 50000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.	53310V	200,000.00	1.00
WANGCO INCORPORATED SDN. BHD.	LOT 11740 & 11741, JALAN SUBANG INDAH, TAMAN PERINDUSTRIAN SUBANG, 3RD FLOOR, 47500 SUBANG JAYA, SELANGOR, MALAYSIA.	693680V	90,000.00	0.45
MR. MOHD YUSOF ABDUL RAHMAN	31-5B BLOK M, JALAN PJU 1/3C, SUNWAYMAS COMMERCIAL CENTRE, 47301 PETALING JAYA, SELANGOR, MALAYSIA.	660905-71-5005 A0535588	70,000.00	0.35
MR. REDZIWAN BIN SAARI	441 A, JALAN RAJA DEWA HILIR, TELIPOT, 15150 KOTA BHARU, KELANTAN, MALAYSIA.	640211-07-5455 7238937	60,000.00	0.30
MR. MUHAMMAD IZANI BIN YAACOB	KAMPUNG LANCHANG, 16450 KETEREH, KELANTAN, MALAYSIA.	581010-03-5791 5451099	40,000.00	0.20
MR. MOHD BAKRI BIN KASIM	LOT 1702, TAMAN DESA JAYA, TANJUNG CHAT, 15300 KOTA BHARU, KELANTAN, MALAYSIA.	690705-03-5221 A1373403	40,000.00	0.20
MR. SUKRI BIN CHE HASSAN	891, KUTAN HILIR, 16250 WAKAF BHARU, KELANTAN, MALAYSIA.	620414-03-5607	30,000.00	0.15
			---------------	------
			20,000,000.00	100.00
			============	=====

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
678965K	MALAYSIA	AIN AQUACULTURE SDN. BHD.	97.94	29/03/2013
809021W	MALAYSIA	AUSTRAL-EURO DIAGNOSIS SDN. BHD.	96.67	29/03/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MS. WAN HAMIMIE BINTI WAN ARIFF
Address	:	9, LORONG TITIWANGSA 2, OFF PERSIARAN TITIWANGSA, 53200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	A2044156
New IC No	:	710515-03-5306
Date of Birth	:	15/05/1971
Nationality	:	MALAYSIAN
Date of Appointment	:	10/06/2005

DIRECTOR 2

Name Of Subject	:	MS. WAN HIDAYAH ARIFF
Address	:	18 LORONG TITIWANGSA 2, 53200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	A3602126
New IC No	:	761122-14-5926
Date of Birth	:	22/11/1976
Nationality	:	MALAYSIAN
Date of Appointment	:	26/08/2008

DIRECTOR 3

Name Of Subject	:	MR. JAAFAR BIN ABDULLAH
Address	:	220, JALAN JASA 25, TAMAN JASA, SUNGAI TUA, 68100 BATU CAVES, SELANGOR, MALAYSIA.
IC / PP No	:	2136055
New IC No	:	490310-01-5465
Date of Birth	:	10/03/1949
Nationality	:	MALAYSIAN
Date of Appointment	:	18/06/1991

DIRECTOR 4

Name Of Subject	:	MR. WAN ARIFF BIN WAN HAMZAH
Address	:	18, LORONG TITIWANGSA 2, OFF JALAN TITIWANGSA, 53200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	1946205
New IC No	:	450625-03-5245
Date of Birth	:	25/06/1945
Nationality	:	MALAYSIAN
Date of Appointment	:	18/06/1991
Profile	:	CHAIRMAN OF HAVEN GROUP SINCE 1992. BAR-AT-LAW (MIDDLE TEMPLE) LONDON IN 1969. HE WAS CALLED TO THE MALAYAN BAR IN AUGUST 1970. PARTNER IN THE LAW FIRM OF ARIFF & CO SINCE 1974. MEMBER OF THE AMERICAN BUREAU OF SHIPPING SINCE 1994.

MANAGEMENT

1)	Name of Subject	:	SYED IBRAHIM BIN MOHD ISMAIL
	Position	:	CEO

AUDITOR

Auditor	:	KPMG DESA MEGAT & CO.
Auditor' Address	:	KPMG TOWER, 8 FIRST AVENUE, BANDAR UTAMA LEVEL 10, 47800 PETALING JAYA, SELANGOR, MALAYSIA.

COMPANY SECRETARIES

1)	Company Secretary	:	MS. YEE CHIONG FOON
	IC / PP No	:	4244639
	New IC No	:	510619-10-5616
	Address	:	3, JALAN SS4/19, 47301 PETALING JAYA, SELANGOR, MALAYSIA.

BANKING

Banking relations are maintained principally with :

1)	Name	:	BANK ISLAM MALAYSIA BHD
2)	Name	:	BANK MUAMALAT MALAYSIA BHD

3)

Name

:

BANK PEMBANGUNAN MALAYSIA BHD

4)

Name

:

BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD

5)

Name

:

CIMB BANK BHD

6)

Name

:

RHB BANK BHD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
1	29/01/1983	N/A	KWONG LEE BANK BERHAD	MYR 350,000.00	Satisfied
001	29/01/1983	N/A	KWONG LEE BANK BERHAD	MYR 350,000.00	Satisfied
2	29/01/1983	N/A	KWONG LEE BANK BERHAD	MYR 120,000.00	Satisfied
002	29/01/1983	N/A	KWONG LEE BANK BERHAD	MYR 120,000.00	Satisfied
3	21/09/1983	N/A	MALAYAN UNITED BANK BHD	MYR 600,000.00	Satisfied
003	21/09/1983	N/A	MALAYAN UNITED BANK BHD	MYR 600,000.00	Satisfied
4	21/09/1983	N/A	MALAYAN UNITED BANK BHD	MYR 210,000.00	Satisfied
004	21/09/1983	N/A	MALAYAN UNITED BANK BHD	MYR 210,000.00	Satisfied
005	21/09/1983	N/A	MALAYAN UNITED BANK BHD	MYR 140,000.00	Satisfied
5	21/09/1983	N/A	MALAYAN UNITED BANK BHD	MYR 140,000.00	Satisfied
6	18/08/1990	N/A	SECURITY PACIFIC ASIAN BANK LIMITED	MYR 1,680,000.00	Satisfied
006	18/08/1990	N/A	SECURITY PACIFIC ASIAN BANK LIMITED	MYR 1,680,000.00	Satisfied
7	07/11/1990	N/A	SECURITY PACIFIC ASIAN BANK LIMITED	MYR 900,000.00	Satisfied
007	07/11/1990	N/A	SECURITY PACIFIC ASIAN BANK LIMITED	MYR 900,000.00	Satisfied
8	07/11/1990	N/A	SECURITY PACIFIC ASIAN BANK LIMITED	MYR 1,000,000.00	Satisfied
008	07/11/1990	N/A	SECURITY PACIFIC ASIAN BANK LIMITED	MYR 1,000,000.00	Satisfied
009	07/11/1990	N/A	SECURITY PACIFIC ASIAN BANK LIMITED	MYR 680,000.00	Satisfied
9	07/11/1990	N/A	SECURITY PACIFIC ASIAN BANK LIMITED	MYR 680,000.00	Satisfied
10	21/09/1991	N/A	DEVELOPMENT COMMERCIAL BANK BHD	MYR 2,000,000.00	Satisfied
010	21/09/1991	N/A	DEVELOPMENT COMMERCIAL BANK BHD	MYR 2,000,000.00	Satisfied
11	12/11/1991	N/A	DEVELOPMENT COMMERCIAL BANK BHD	MYR 1,000,000.00	Satisfied
011	12/11/1991	N/A	DEVELOPMENT COMMERCIAL BANK BHD	MYR 1,000,000.00	Satisfied
012	09/12/1993	N/A	BANK PERUSAHAAN KECIL	MYR 5,000,000.00	Unsatisfied
12	09/12/1993	N/A	BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD	MYR 5,000,000.00	Unsatisfied
13	20/12/1994	N/A	BANK PEMBANGUNAN MALAYSIA BERHAD	MYR 5,000,000.00	Unsatisfied
013	20/12/1994	N/A	BANK PEMBANGUNAN MALAYSIA BHD	MYR 5,000,000.00	Unsatisfied
14	23/05/1995	N/A	MALAYAN BANKING BERHAD	MYR 16,500,000.00	Satisfied
014	23/05/1995	N/A	MALAYAN BANKING BHD	MYR 16,500,000.00	Satisfied
015	02/10/1997	N/A	BANK OF COMMERCE M BERHAD	MYR 15,000,000.00	Unsatisfied
15	02/10/1997	N/A	BANK OF COMMERCE M BERHAD	MYR 15,000,000.00	Unsatisfied
016	25/08/2003	N/A	BANK PERUSAHAAN KECIL	MYR 10,294,072.00	Satisfied
16	25/08/2003	N/A	BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD	MYR 10,294,072.00	Satisfied
17	30/12/2003	N/A	BANK ISLAM MALAYSIA BERHAD	MYR 1,205,910.00	Unsatisfied
017	30/12/2003	N/A	BANK ISLAM MALAYSIA BHD	MYR 1,205,910.00	Unsatisfied
18	07/01/2004	N/A	BANK ISLAM MALAYSIA BERHAD	MYR 4,000,000.00	Unsatisfied
018	07/01/2004	N/A	BANK ISLAM MALAYSIA BHD	MYR 4,000,000.00	Unsatisfied
19	10/06/2004	N/A	BANK ISLAM MALAYSIA BERHAD	MYR 1,205,910.00	Satisfied
019	10/06/2004	N/A	BANK ISLAM MALAYSIA BHD	MYR 1,205,910.00	Satisfied
20	22/06/2004	N/A	BANK ISLAM MALAYSIA BERHAD	MYR 3,947,333.00	Satisfied
020	22/06/2004	N/A	BANK ISLAM MALAYSIA BHD	MYR 3,947,333.00	Satisfied
22	28/06/2004	N/A	BANK MUAMALAT MALAYSIA BERHAD	MYR 6,000,000.00	Unsatisfied
022	28/06/2004	N/A	BANK MUAMALAT MALAYSIA BHD	MYR 6,000,000.00	Unsatisfied
21	01/07/2004	N/A	RHB BANK BERHAD	MYR 2,480,404.00	Unsatisfied
021	01/07/2004	N/A	RHB BANK BHD	MYR 2,480,404.00	Unsatisfied
023	25/10/2004	N/A	BANK PERUSAHAAN KECIL	MYR 9,599,009.00	Unsatisfied
23	25/10/2004	N/A	BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD	MYR 9,599,009.00	Unsatisfied
24	14/03/2005	N/A	RHB BANK BERHAD	MYR 1,399,312.00	Unsatisfied
024	14/03/2005	N/A	RHB BANK BHD	MYR 1,399,312.00	Unsatisfied
25	10/07/2005	N/A	RHB BANK BHD	-	Unsatisfied
025	10/07/2005	N/A	RHB BANK BHD	MYR 2,480,404.00	Unsatisfied
26	15/12/2006	N/A	BANK ISLAM MALAYSIA BHD	-	Unsatisfied
026	15/12/2006	N/A	BANK ISLAM MALAYSIA BHD	MYR 9,418,609.92	Unsatisfied
27	07/02/2007	N/A	BANK ISLAM MALAYSIA BHD	-	Unsatisfied
027	07/02/2007	N/A	BANK ISLAM MALAYSIA BHD	MYR 5,949,312.96	Unsatisfied
28	09/07/2007	N/A	BANK ISLAM MALAYSIA BHD	-	Unsatisfied
028	09/07/2007	N/A	BANK ISLAM MALAYSIA BHD	MYR 855,466.56	Unsatisfied
29	07/11/2007	N/A	BANK ISLAM MALAYSIA BHD	-	Unsatisfied
029	07/11/2007	N/A	BANK ISLAM MALAYSIA BHD	MYR 1,082,340.96	Unsatisfied
30	16/01/2008	N/A	BANK ISLAM MALAYSIA BHD	-	Unsatisfied
030	16/01/2008	N/A	BANK ISLAM MALAYSIA BHD	MYR 1,105,208.64	Unsatisfied
31	14/01/2009	N/A	BANK ISLAM MALAYSIA BHD	-	Unsatisfied
031	14/01/2009	N/A	BANK ISLAM MALAYSIA BHD	MYR 1,122,019.68	Unsatisfied
33	22/02/2009	N/A	BANK ISLAM MALAYSIA BHD	-	Unsatisfied
033	22/02/2009	N/A	BANK ISLAM MALAYSIA BHD	MYR 5,000,000.00	Unsatisfied
034	12/04/2010	N/A	BANK PERUSAHAAN KECIL	MYR 12,461,573.97	Unsatisfied
34	12/04/2010	N/A	BANK PERUSAHAAN KECIL & SEDERHANA MALAYSIA BHD	-	Unsatisfied
35	23/07/2012	N/A	BANK ISLAM MALAYSIA BHD	-	Unsatisfied
035	23/07/2012	N/A	BANK ISLAM MALAYSIA BHD	MYR 8,712,087.60	Unsatisfied

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the Subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.

No legal action was found in our databank.

No winding up petition was found in our databank.

DEFAULTER CHECK AGAINST SUBJECT

* 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.

No blacklisted record & debt collection case was found in our defaulters' databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES	Percentage	:	60%
Overseas	:	YES	Percentage	:	40%
Import Countries	:	EUROPE,ASIA

CLIENTELE

Local	:	YES	Percentage	:	60%
Domestic Markets	:	MALAYSIA
Overseas	:	YES	Percentage	:	40%
Export Market	:	SINGAPORE BANGLADESH THAILAND SRI LANKA BRUNEI DARUSSALAM MIDDLE EAST PHILIPPINES
Credit Term	:	30 - 60 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)
Type of Customer	:	HOSPITALS,CLINICS,MEDICAL INDUSTRIES

OPERATIONS

Products manufactured

:

PHARMAUCETICAL PRODUCTS

Product Brand Name

:

HEPARINOL, INFUSOL, RENACARB, RENACID, RINS

Member(s) / Affiliate(s)

:

SMI ASSOCIATION OF MALAYSIA

Ownership of premises

:

OWNED

Shifts

:

3

Total Number of Employees:

YEAR	2014	2013	2012	2011	2010
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	600	600	540	540	540

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) manufacturing of pharmaceutical medical products and solutions.

The Subject offers the highest quality of medical products on the market and they are internationally accepted by the medical profession.

The Subject's production floor is equipped with clean rooms ranging from class 1000 and 10,000. The laboratories are separated into two
sections - the microbiology and chemistry laboratories and they are equipped with the latest testing equipment.

The Subject offers a wide range of products includes:

1) Intravenous - sodium chloride, dextrose, mannitol, metroridazole, darrow's solution for injection, water for injection blood pressure
and others.
2) Irrigation solutions - glycine for urological irrigation, water for irrigation, sodium chloride, balanced salt solutions ophthalmic
procedures.
3) Peritoneal dialysis divided into 2 categories such as peritonil dialysis solutions(lactor) and peritonel dialysis solution(dextrose).
4) Small volume injection - heparin sodium (bovine)
5) Haemodialysis Concentrates - acetate solution haemodialysis, solution for bicarbonate haemodialysis and others.

We were informed that the Subject packs its products in PE bottle and in bags sized of 500-1000ml.

The Subject has invested in blow-fill-seal bottlepack machine for intravenous solutions production and it also has a production system to produce intravenous in medi-bag.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	097743388
Current Telephone Number	:	09-7743388/7741239
Match	:	YES
Address Provided by Client	:	JALAN 6/44,KAWASAN PERINDUSTRIAN PENGKALAN CHEPA 2, 16100 KOTA BHARU, KELANTAN, MALAYSIA.
Current Address	:	LOT 4933, JALAN 6/44, KAWASAN PERINDUSTRIAN PENGKALAN CHEPA 2, 16100 KOTA BHARU, KELANTAN, MALAYSIA.
Match	:	NO
Latest Financial Accounts	:	NO

Other Investigations

we contacted one of the staff from the Subject and she provided some information on the Subject.

The address provided belongs to its registered office.

FINANCIAL ANALYSIS

The Subject's latest financial accounts are up to 2011 which is out dated in our opinion. Therefore, our comment on the Subject financial performance is restricted thereto.

Overall financial condition of the Subject : N/A

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators:	2010	2011	2012	2013	2014**
Population ( Million)	28.35	28.70	29.30	29.80	30.30
Gross Domestic Products ( % )	7.2	5.1	5.6	5.3	6.0
Domestic Demand ( % )	6.3	8.2	9.4	5.6	6.4
Private Expenditure ( % )	8.1	8.2	8.0	7.4	7.9
Consumption ( % )	6.7	7.1	1.0	5.7	6.5
Investment ( % )	17.7	12.2	11.7	13.3	12.0
Public Expenditure ( % )	3.8	8.4	13.3	1.2	2.3
Consumption ( % )	0.2	16.1	11.3	(1.2)	2.1
Investment ( % )	2.8	(0.3)	15.9	4.2	2.6
Balance of Trade ( MYR Million )	118,356	116,058	106,300	110,700	52,314
Government Finance ( MYR Million )	(40,482)	(45,511)	(42,297)	(39,993)	(37,291)
Government Finance to GDP / Fiscal Deficit ( % )	(5.6)	(5.4)	(4.5)	(4.0)	(3.5)
Inflation ( % Change in Composite CPI)	5.1	3.1	1.6	2.5	3.3
Unemployment Rate	3.9	3.3	3.2	3.0	3.0
Net International Reserves ( MYR Billion )	329	415	427	-	417
Average Risk-Weighted Capital Adequacy Ratio ( % )	2.20	3.50	2.20	-	-
Average 3 Months of Non-performing Loans ( % )	15.30	14.80	14.70	-	-
Average Base Lending Rate ( % )	6.30	6.60	6.53	6.53	-
Business Loans Disbursed( % )	14.7	15.3	32.2	-	-
Foreign Investment ( MYR Million )	22,517.9	23,546.1	26,230.4	38,238.0	-
Consumer Loans ( % )	-	-	-	-	-
Registration of New Companies ( No. )	44,148	45,455	45,441	46,321	-
Registration of New Companies ( % )	6.2	3.0	(0.0)	1.9	-
Liquidation of Companies ( No. )	25,585	132,476	-	-	-
Liquidation of Companies ( % )	(34.5)	417.8	-	-	-
Registration of New Business ( No. )	271,414	284,598	324,761	329,895	-
Registration of New Business ( % )	-	-	-	-	-
Business Dissolved ( No. )	19,738	20,121	-	-	-
Business Dissolved ( % )	2.0	1.9	-	-	-
Sales of New Passenger Cars (' 000 Unit )	543.6	535.1	552.2	-	-
Cellular Phone Subscribers ( Million )	32.8	35.3	38.5	43.0	-
Tourist Arrival ( Million Persons )	24.6	24.7	25.0	25.7	-
Hotel Occupancy Rate ( % )	63.0	60.6	62.4	62.6	-
Credit Cards Spending ( % )	14.1	15.6	12.6	-	-
Bad Cheque Offenders (No.)	33,568	32,627	26,982	28,876	-
Individual Bankruptcy ( No.)	18,119	19,167	19,575	21,984	-
Individual Bankruptcy ( % )	11.7	5.8	2.1	12.3	-

INDUSTRIES ( % of Growth ):	2010	2011	2012	2013	2014**
Agriculture	2.4	5.8	1.0	2.1	3.8
Palm Oil	(3.4)	10.8	(0.3)	2.6	-
Rubber	9.9	6.1	(7.9)	(10.1)	-
Forestry & Logging	(3.3)	(7.6)	(4.5)	(7.8)	-
Fishing	5.6	2.1	4.3	1.6	-
Other Agriculture	7.9	7.1	6.4	8.2	-
Industry Non-Performing Loans ( MYR Million )	508.4	634.1	-	-	-
% of Industry Non-Performing Loans	2.1	3.2	-	-	-
Mining	(0.3)	(5.4)	1.4	0.9	(0.8)
Oil & Gas	0.5	(1.7)	-	-	-
Other Mining	-	-	-	-	-
Industry Non-performing Loans ( MYR Million )	49.7	46.5	-	-	-
% of Industry Non-performing Loans	0.1	0.1	-	-	-
Manufacturing #	11.9	4.7	4.8	3.4	6.6
Exported-oriented Industries	12.1	4.1	6.5	3.3	5.6
Electrical & Electronics	28.4	(4.0)	12.7	6.9	13.3
Rubber Products	25.3	20.7	3.0	11.7	(0.3)
Wood Products	20.1	(5.1)	8.7	(2.7)	5.1
Textiles & Apparel	(0.4)	13.2	(7.1)	(2.6)	11.5
Domestic-oriented Industries	16.3	10.7	1.7	6.8	9.4
Food, Beverages & Tobacco	3.0	4.8	2.7	3.6	6.1
Chemical & Chemical Products	16.2	10.0	10.8	5.6	-
Plastic Products	2.4	3.8	-	-	-
Iron & Steel	29.3	2.2	(6.6)	5.0	0.1
Fabricated Metal Products	14.9	21.8	13.8	9.9	2.9
Non-metallic Mineral	20.2	12.1	2.9	(2.0)	5.4
Transport Equipment	36.5	12.0	3.4	13.8	22.9
Paper & Paper Products	18.7	9.5	3.1	1.8	4.7
Crude Oil Refineries	(11.4)	9.3	-	-	-
Industry Non-Performing Loans ( MYR Million )	6,217.5	6,537.2	-	-	-
% of Industry Non-Performing Loans	23.8	25.7	-	-	-
Construction	11.4	4.7	18.6	10.9	10.0
Industry Non-Performing Loans ( MYR Million )	4,038.5	3,856.9	-	-	-
% of Industry Non-Performing Loans	10.7	10.2	-	-	-
Services	7.4	7.0	6.4	5.9	6.2
Electric, Gas & Water	7.8	3.5	4.4	4.2	3.6
Transport, Storage & Communication	7.7	6.5	7.1	7.3	7.5
Wholesale, Retail, Hotel & Restaurant	4.7	5.2	4.7	5.9	6.9
Finance, Insurance & Real Estate	6.10	6.90	9.70	3.70	4.65
Government Services	5.9	12.4	9.4	8.3	6.1
Other Services	4.4	5.1	3.9	5.1	4.8
Industry Non-Performing Loans ( MYR Million )	7,384.6	6,825.2	-	-	-
% of Industry Non-Performing Loans	25.7	23.4	-	-	-
* Estimate / Preliminary
** Forecast
# Based On Manufacturing Production Index

INDUSTRY ANALYSIS

MSIC CODE
21009 : Manufacture of other pharmaceuticals, medicinal chemical and botanical products n.e.c.
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

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1982, the Subject is a Private Limited company, focusing on manufacturing of pharmaceutical medical products and solutions. 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 a large entity with strong capital position of MYR 20,000,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its shareholders has enabled the Subject to remain competitive despite the challenging business environment.

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. Being a large entity, the Subject has a steady workforce of 600 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.

No latest financial accounts were filed with the Registry office during our inspection. Therefore, our comment on the Subject's overall financial performance are restricted thereto.

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.

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 normally.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

AIN MEDICARE SDN. BHD.

Financial Year End	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31
Months	12	12	12	12	12
Consolidated Account	GROUP	GROUP	GROUP	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	122,645,798	113,117,483	99,401,418	88,683,093	79,575,134
	----------------	----------------	----------------	----------------	----------------
Total Turnover	122,645,798	113,117,483	99,401,418	88,683,093	79,575,134
Costs of Goods Sold	(81,961,025)	(78,768,382)	-	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	40,684,773	34,349,101	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(13,984,931)	868,662	11,060,760	11,830,840	12,795,518
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(13,984,931)	868,662	11,060,760	11,830,840	12,795,518
Taxation	(3,727,091)	(3,474,531)	(280,951)	(3,248,681)	(1,530,429)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(17,712,022)	(2,605,869)	10,779,809	8,582,159	11,265,089
Minority interests	(88,692)	(38,369)	32,502	-	-
Pre-acquisition profit/(loss)	177,384	76,738	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	(17,623,330)	(2,567,500)	10,812,311	8,582,159	11,265,089
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	(17,623,330)	(2,567,500)	10,812,311	8,582,159	11,265,089
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	83,444,377	86,011,877	75,199,566	66,617,407	55,352,318
	----------------	----------------	----------------	----------------	----------------
As restated	83,444,377	86,011,877	75,199,566	66,617,407	55,352,318
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	65,821,047	83,444,377	86,011,877	75,199,566	66,617,407
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	65,821,047	83,444,377	86,011,877	75,199,566	66,617,407
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	730,142	695,667	566,317	575,020	586,379
Term loan / Borrowing	1,389,823	1,320,342	1,482,108	1,083,871	1,426,138
Others	2,384,903	2,128,175	1,935,634	1,379,198	1,414,684
	----------------	----------------	----------------	----------------	----------------
	4,504,868	4,144,184	3,984,059	3,038,089	3,427,201
	=============	=============	=============	=============	=============

BALANCE SHEET

AIN MEDICARE SDN. BHD.

ASSETS EMPLOYED:
FIXED ASSETS	82,697,907	89,214,991	84,829,953	59,439,601	63,839,325
Development properties/expenditure	2,122,992	2,659,632	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	2,122,992	2,659,632	-	-	-
Own goodwill	-	-	89,364	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	-	-	89,364	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	84,820,899	91,874,623	84,919,317	59,439,601	63,839,325
Stocks	21,190,333	21,282,726	12,337,558	10,731,189	10,024,065
Trade debtors	23,850,051	26,704,009	24,843,902	24,034,217	20,369,911
Other debtors, deposits & prepayments	5,376,874	34,296,758	44,117,604	48,157,045	47,116,025
Short term deposits	2,000,000	2,000,000	2,000,000	1,500,000	1,000,000
Amount due from director	295,868	-	-	-	-
Cash & bank balances	20,619,155	9,507,762	12,229,373	5,915,407	4,115,348
Others	1,851,039	2,058,841	1,119,133	1,213,344	1,433,329
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	75,183,320	95,850,096	96,647,570	91,551,202	84,058,678
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	160,004,219	187,724,719	181,566,887	150,990,803	147,898,003
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	7,266,856	7,326,530	6,400,149	9,317,169	7,932,026
Other creditors & accruals	5,871,476	11,256,576	13,727,979	5,241,205	7,272,193
Hire purchase & lease creditors	526,034	95,551	73,355	-	-
Bank overdraft	9,882,114	10,166,440	8,511,309	6,933,991	7,469,627
Short term borrowings/Term loans	3,156,668	2,916,946	4,573,910	5,389,520	7,465,345
Other borrowings	706,700	429,475	-	-	-
Bill & acceptances payable	8,711,789	10,472,629	11,700,995	11,801,310	10,334,763
Amounts owing to director	5,128,936	5,152,121	4,214,689	-	-
Provision for taxation	1,178,061	385,644	-	1,126,973	-
Other liabilities	139,807	684,732	329,359	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	42,568,441	48,886,644	49,531,745	39,810,168	40,473,954
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	32,614,879	46,963,452	47,115,825	51,741,034	43,584,724
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	117,435,778	138,838,075	132,035,142	111,180,635	107,424,049
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	20,000,000	20,000,000	20,000,000	20,000,000	20,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	20,000,000	20,000,000	20,000,000	20,000,000	20,000,000
Retained profit/(loss) carried forward	65,821,047	83,444,377	86,011,877	75,199,566	66,617,407
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	65,821,047	83,444,377	86,011,877	75,199,566	66,617,407
MINORITY INTEREST	9,644	98,336	64,417	-	-
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	85,830,691	103,542,713	106,076,294	95,199,566	86,617,407
Long term loans	16,183,983	20,426,871	4,866,876	8,297,078	12,916,800
Other long term borrowings	4,961,244	5,570,525	-	-	-
Hire purchase creditors	1,846,060	284,171	306,747	-	-
Deferred taxation	7,572,560	7,912,885	7,685,144	7,403,234	7,523,537
Others	1,041,240	1,100,910	13,100,081	280,757	366,305
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	31,605,087	35,295,362	25,958,848	15,981,069	20,806,642
	----------------	----------------	----------------	----------------	----------------
	117,435,778	138,838,075	132,035,142	111,180,635	107,424,049
	=============	=============	=============	=============	=============

FINANCIAL RATIO

AIN MEDICARE SDN. BHD.

TYPES OF FUNDS
Cash	22,619,155	11,507,762	14,229,373	7,415,407	5,115,348
Net Liquid Funds	4,025,252	(9,131,307)	(5,982,931)	(11,319,894)	(12,689,042)
Net Liquid Assets	11,424,546	25,680,726	34,778,267	41,009,845	33,560,659
Net Current Assets/(Liabilities)	32,614,879	46,963,452	47,115,825	51,741,034	43,584,724
Net Tangible Assets	117,435,778	138,838,075	131,945,778	111,180,635	107,424,049
Net Monetary Assets	(20,180,541)	(9,614,636)	8,819,419	25,028,776	12,754,017
BALANCE SHEET ITEMS
Total Borrowings	45,974,592	50,362,608	30,033,192	32,421,899	38,186,535
Total Liabilities	74,173,528	84,182,006	75,490,593	55,791,237	61,280,596
Total Assets	160,004,219	187,724,719	181,566,887	150,990,803	147,898,003
Net Assets	117,435,778	138,838,075	132,035,142	111,180,635	107,424,049
Net Assets Backing	85,830,691	103,542,713	106,076,294	95,199,566	86,617,407
Shareholders' Funds	85,830,691	103,542,713	106,076,294	95,199,566	86,617,407
Total Share Capital	20,000,000	20,000,000	20,000,000	20,000,000	20,000,000
Total Reserves	65,821,047	83,444,377	86,011,877	75,199,566	66,617,407
LIQUIDITY (Times)
Cash Ratio	0.53	0.24	0.29	0.19	0.13
Liquid Ratio	1.27	1.53	1.70	2.03	1.83
Current Ratio	1.77	1.96	1.95	2.30	2.08
WORKING CAPITAL CONTROL (Days)
Stock Ratio	69	77	45	44	46
Debtors Ratio	71	86	91	99	93
Creditors Ratio	32	34	24	38	36
SOLVENCY RATIOS (Times)
Gearing Ratio	0.54	0.49	0.28	0.34	0.44
Liabilities Ratio	0.86	0.81	0.71	0.59	0.71
Times Interest Earned Ratio	(2.10)	1.21	3.78	4.89	4.73
Assets Backing Ratio	5.87	6.94	6.60	5.56	5.37
PERFORMANCE RATIO (%)
Operating Profit Margin	(11.40)	0.77	11.13	13.34	16.08
Net Profit Margin	(14.37)	(2.27)	10.88	9.68	14.16
Return On Net Assets	(8.07)	3.61	11.39	13.37	15.10
Return On Capital Employed	(7.41)	3.36	10.69	12.59	14.12
Return On Shareholders' Funds/Equity	(20.53)	(2.48)	10.19	9.01	13.01
Dividend Pay Out Ratio (Times)	0.00	0.00	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.61.55
UK Pound	1	Rs.97.53
Euro	1	Rs.76.48

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SNT

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%)

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