|
Report No. : |
338426 |
|
Report Date : |
27.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL
BRASS INDUSTRIES SDN. BHD. |
|
|
|
|
Registered Office : |
307, Jalan Mahkota, Taman Maluri, Cheras, 1st Floor, 55100 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.06.2003 |
|
|
|
|
Com. Reg. No.: |
618782-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing Brass Rods and Other Related Products. |
|
|
|
|
No. of Employees : |
90 [2015] |
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 : |
No Complaints |
|
Litigation : |
Exist |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 previously 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. Falling
global oil prices in the second half of 2014 have strained government finances,
shrunk Malaysia’s current account surplus and put downward pressure on the
ringgit. The government is also trying to lessen its dependence on state oil
producer Petronas. The oil and gas sector supplied about 29% of government
revenue in 2014. 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. Malaysia is a member of the 12-nation
Trans-Pacific Partnership free trade agreement negotiations and, with the nine
other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
618782-K |
||||
|
COMPANY
NAME |
: |
INTERNATIONAL
BRASS INDUSTRIES SDN. BHD. |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
18/06/2003 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
307,
JALAN MAHKOTA, TAMAN MALURI, CHERAS, 1ST FLOOR, 55100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
1,
JALAN PERUSAHAAN UTAMA, TAMAN INDUSTRI SELESA JAYA, SERI KEMBANGAN, 43300
SERI KEMBANGAN, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-89618118 |
||||
|
FAX.NO. |
: |
03-89616511 |
||||
|
WEB
SITE |
: |
WWW.IBIBRASS.COM |
||||
|
CONTACT
PERSON |
: |
MUTHUKUMAR
A/L AYARPADDE ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
24
|
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
BRASS RODS AND OTHER RELATED PRODUCTS |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
50,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
37,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
156,872,111 [2013] |
||||
|
NET
WORTH |
: |
MYR
30,115,875 [2013] |
||||
|
STAFF
STRENGTH |
: |
90
[2015] |
||||
|
||||||
|
LITIGATION |
: |
TRACED |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
HIGH |
||||
|
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 brass rods and other related products.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the Subject is
MK INDUSTRIES (ASIA) SDN. BHD., a company incorporated in MALAYSIA.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
02/06/2014 |
MYR
50,000,000.00 |
MYR
37,000,000.00 |
|
24/01/2007 |
MYR
25,000,000.00 |
MYR
12,000,000.00 |
|
26/05/2005 |
MYR
5,000,000.00 |
MYR
1,255,654.00 |
|
29/04/2005 |
MYR
500,000.00 |
MYR
155,654.00 |
|
18/06/2003 |
MYR
100,000.00 |
MYR
2.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MK
INDUSTRIES (ASIA) SDN. BHD. |
307,
JALAN MAHKOTA, TAMAN MALURI, CHERAS, 1ST FLOOR, 55100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
735129W |
37,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
37,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
MUTHUKUMAR A/L AYARPADDE |
|
Address |
: |
66,
JALAN SETIAJAYA, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
IC
/ PP No |
: |
A2733985 |
|
New
IC No |
: |
720713-10-5669 |
|
Date
of Birth |
: |
13/07/1972 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
25/09/2006 |
DIRECTOR
2
|
Name
Of Subject |
: |
MURUGESAN
MUTHU MUNIYANDI |
|
Address |
: |
LOT
2-3-7, JALAN PERINDUSTRIAN MAHKOTA, 43700 BERANANG, SELANGOR, MALAYSIA. |
|
IC
/ PP No |
: |
H7760413 |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
30/12/2004 |
|
1)
|
Name
of Subject |
: |
MUTHUKUMAR
A/L AYARPADDE |
|
Position |
: |
MANAGING
DIRECTOR |
AUDITOR
|
|
Auditor |
: |
RAJA
MANICK & CO |
|
Auditor'
Address |
: |
SUITE
7A, PEARL COURT 61, JALAN THAMBY ABDULLAH, 50470 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
MR.
VIJAYAN A/L SINGARAM |
|
IC
/ PP No |
: |
6108136 |
|
|
New
IC No |
: |
601205-10-6639 |
|
|
Address |
: |
161-4,
BLOCK 5, JALAN PERKASA SATU, TAMAN MALURI, CHERAS, 55100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
AMBANK
(M) BHD |
|
2)
|
Name |
: |
CIMB
BANK BHD |
|
3)
|
Name |
: |
EXPORT-IMPORT
BANK OF MALAYSIA BHD |
|
4)
|
Name |
: |
STANDARD
CHARTERED BANK MALAYSIA BHD |
|
5)
|
Name |
: |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
|
6)
|
Name |
: |
HONG
LEONG BANK BHD |
|
7)
|
Name |
: |
ALLIANCE
BANK MALAYSIA BHD |
ENCUMBRANCE
(S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
30/01/2007 |
IJARAH
FACILITY AGREEMENT & MURABAHAH LETTER OF CREDIT FACILITY AGREEMENT |
KUWAIT
FINANCE HOUSE (MALAYSIA) BERHAD |
- |
Satisfied |
|
2 |
10/05/2007 |
CASH
COLLATERAL AGREEMENT & FIXED DEPOSIT RECEIPT |
EXPORT-IMPORT
BANK OF MALAYSIA BHD |
MYR
5,000,000.00 |
Unsatisfied |
|
3 |
25/07/2007 |
DEED
OF ASSIGNMENT |
EXPORT-IMPORT
BANK OF MALAYSIA BHD |
MYR
5,000,000.00 |
Unsatisfied |
|
4 |
03/08/2007 |
FIRST
LEGAL CHARGE |
CIMB
BANK BERHAD |
MYR
189,000.00 |
Unsatisfied |
|
5 |
03/08/2007 |
DEPOSIT
AND LETTER OF SET-OFF |
CIMB
BANK BERHAD |
MYR
100,000.00 |
Unsatisfied |
|
6 |
08/07/2008 |
FIXED
DEPOSIT RECEIPT |
AMBANK
(M) BHD |
MYR
8,100,000.00 |
Unsatisfied |
|
7 |
28/01/2010 |
CASH
DEPOSIT AND FIRST PARTY |
STANDARD
CHARTERED BANK MALAYSIA BHD |
USD
8,000,000.00 |
Unsatisfied |
|
8 |
19/04/2012 |
LEGAL
CHARGE |
UNITED
OVERSEAS BANK (MALAYSIA) BHD |
MYR
51,000,000.00 |
Unsatisfied |
|
9 |
05/08/2014 |
ASSIGNMENT
AND EXPORT PROCEEDS |
EXPORT-IMPORT
BANK OF MALAYSIA BHD |
- |
Unsatisfied |
|
10 |
20/11/2014 |
DEED
OF ASSIGNMENT |
HONG
LEONG BANK BHD |
- |
Unsatisfied |
|
11 |
31/03/2015 |
FIXED
DEPOSIT RECEIPT AND LETTER OF SET-OFF |
ALLIANCE
BANK MALAYSIA BHD |
- |
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.
There is/are litigation case(s) on the Subject in our database as below:
- 1 case(s) filed in year 2009
- 1 case(s) filed in year 2014
According to the Credit Reporting Agencies Act 2010, consent from the Subject
is required for the disclosure of this credit information. In order to have the
consent from the Subject, we need to serve a notice to the Subject by disclose
the following according to the Act Section 23(1) :
1) Enquirer or Company who request for this credit information.
2) Contact person of Enquirer
3) Purpose of this credit information being used.
4) Contact person of the Subject.
We shall appreciate if you can furnish us the above in order for us to serve a
notice or inform the Subject accordingly. Otherwise, we are prohibited to
disclose this credit information if there is no consent from the Subject
according to the Act Section 24(1)(a).
No winding up petition was found in our affiliate's company 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 |
: |
40% |
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Import
Countries |
: |
ASIA,AUSTRALIA |
|||
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 |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Export
Market |
: |
THAILAND |
|||
|
Credit
Term |
: |
30
- 60 DAYS |
|||
|
Payment
Mode |
: |
LETTER
OF CREDIT (LC) |
|||
|
Type
of Customer |
: |
MANUFACTURING
INDUSTRIES,DISTRIBUTORS |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Competitor(s) |
: |
SHOWA
DENKO HD (MALAYSIA) SDN BHD |
|
|
Ownership
of premises |
: |
OWNED |
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
90 |
100 |
91 |
||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing brass
rods and other related products.
The Subject produces high quality brass products for various industrial
applications.
The Subject has integrated environment friendly manufacturing plant, complete
with environment and waste management system.
The Subject manufactures high quality brightly annealed brass rods, wires,
hexagons, squares and profiles of diameter 5.5mm up to 80mm.
The products are manufactured in accordance to established international
standards JIS, ASTM DIN and BS to meet the very stringent needs of clients.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
0389618118 |
|
Current
Telephone Number |
: |
03-89618118 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
1,
JALAN PERUSAHAAN UTAMA, TAMAN INDUSTRI SELESA JAYA, SERI KEMBANGAN,43300,BALAKONG,SELANGOR.
|
|
Current
Address |
: |
1,
JALAN PERUSAHAAN UTAMA, TAMAN INDUSTRI SELESA JAYA, SERI KEMBANGAN, 43300
SERI KEMBANGAN, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
4.10% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
10.93% |
] |
|
|
The
Subject's turnover increased steadily as the demand for its products / services
increased due to the goodwill built up over the years.The higher profit could
be attributed to the increase in turnover. 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 |
: |
Favourable |
[ |
51
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
50
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
35
Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the Subject. The
Subject had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Acceptable |
[ |
0.82
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.16
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 |
[ |
1.69
Times |
] |
|
|
Gearing
Ratio |
: |
Unfavourable |
[ |
1.80
Times |
] |
|
|
The
Subject's interest cover was low. If its profits fall or when interest rate
rises, it may not be able to meet all its interest payment. 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 : |
||||||
|
Generally,
the Subject's performance has improved with higher turnover and profit. 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. If there is a fall in the Subject's profit or any increase in
interest rate, the Subject may not be able to generate sufficient cash-flow
to service its interest. 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 : POOR |
||||||
|
Major
Economic Indicators: |
|||||
|
Population
( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross
Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic
Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private
Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption
( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment
( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public
Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption
( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment
( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
Balance
of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government
Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation
( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.3 |
4.0 |
|
Unemployment
Rate |
3.3 |
3.2 |
3.0 |
3.0 |
3.0 |
|
Net
International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average
Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
- |
- |
|
Average
3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average
Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
- |
- |
|
Business
Loans Disbursed( % ) |
15.3 |
32.2 |
- |
- |
- |
|
Foreign
Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
- |
- |
|
Consumer
Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration
of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
- |
- |
|
Registration
of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
- |
- |
|
Liquidation
of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
- |
- |
|
Liquidation
of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
- |
- |
|
Registration
of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
- |
- |
|
Registration
of New Business ( % ) |
5.0 |
14.0 |
2.0 |
- |
- |
|
Business
Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
- |
- |
|
Business
Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
- |
- |
|
Sales
of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular
Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist
Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel
Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
- |
- |
|
Credit
Cards Spending ( % ) |
15.6 |
12.6 |
- |
- |
- |
|
Bad
Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual
Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual
Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES
( % of Growth ): |
|||||
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm
Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry
& Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other
Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil
& Gas |
(1.7) |
- |
- |
- |
- |
|
Other
Mining |
- |
- |
- |
- |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
%
of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing
# |
4.7 |
4.8 |
3.4 |
6.6 |
5.5 |
|
Exported-oriented
Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical
& Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber
Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood
Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles
& Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented
Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food,
Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical
& Chemical Products |
10.0 |
10.8 |
5.6 |
- |
- |
|
Plastic
Products |
3.8 |
- |
- |
- |
- |
|
Iron
& Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated
Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic
Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport
Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper
& Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude
Oil Refineries |
9.3 |
- |
- |
- |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry
Non-Performing Loans ( MYR Million ) |
3,856.9 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric,
Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport,
Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale,
Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance,
Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government
Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other
Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
*
Estimate / Preliminary |
|||||
|
**
Forecast |
|||||
|
#
Based On Manufacturing Production Index
|
|||||
INDUSTRY
ANALYSIS
|
|
MSIC
CODE |
|
|
24
: MANUFACTURE OF BASIC METALS |
|
|
INDUSTRY
: |
MANUFACTURING |
|
The
manufacturing sector is expected to grow by 5.5% in 2015. It will be bolstered
by strong domestic and export-oriented industries in line with growing
investment activities and favorable external demand. Moreover, in 2014, the
manufacturing sectors have spearheading growth. The manufacturing sector is
estimated to grow at a faster pace in 2014 on higher exports of electronics
and electrical (E&E) products as external demand improves. |
|
|
The
manufacturing sector expanded strongly during the first half of 2014, the highest
growth in three years, spurred by higher global semiconductor sales.
Value-added of the manufacturing sector expanded 7.1% during the first half
of 2014. Production of the sector rose 6.6% in the first seven months of 2014
supported by resilient domestic demand and recovery in the external sector
during the first seven months of the years. The sales value of manufactured
products rebounded by 7.7% in the first seven months of 2014. The strong
performance of the sector was on account of higher output at 9.4% from the
domestic-oriented industries, particularly transport equipment, food and
beverage. |
|
|
The
manufacturing sector continued to attract domestic and foreign investment
with investment approved by Malaysian Investment Development Authority (MIDA)
totaling RM47.4 billion during the first six months of 2014, mainly from
Japan, China and Germany. Meanwhile, the capacity utilization rate remained
steady at 80.4% during the second quarter of 2014 while average wage per
employee and productivity improved to RM2,772 per month and 5.9%,
respectively during the first seven months of 2014. Boosted by favorable
domestic economic activity and recovery in the external sector, the
manufacturing sector is expected to record a better performance with growth
of 6.4% in 2014. |
|
|
In
the meantime, production of wood products rebounded by 5.1% largely supported
by higher output in the saw-milling and planning of wood segment at 25.9%
during the first seven months of 2014. The positive performance was attributed
to vibrant residential and commercial construction activities which
contributed to increased use of timber frame and glued laminated timber for
cost savings compared to the use of concrete and steel. Increased demand from
major export destination such as the US, Japan and Australia for Malaysian
made furniture contributed to the higher output, particularly wooden and cane
furniture which rebounded by 2.2%. |
|
|
Production
of rubber products contracted 0.3% in the first seven months of 2014 on
account of slower demand for rubber gloves and rubber tyres. The decline in
rubber tyres for vehicles was due to the weaker external demand from the
automotive industry, particularly from China. Output of other rubber products
contracted 3.8% following the product shift from rubber-based to plastics,
silicones and metal alloys in the manufacture of medical devices. |
|
|
Besides,
exports of manufactured products are expected to grow 6.1% in 2014 boosted by
the growing demand from advanced economies. However, during the first seven
months of 2014, manufactured exports surged 11.4%. The robust growth was
buoyed by strengthening demand in the US and EU, reflecting significant
exposure of Malaysian exports to the economic performance in the advance
economies. The strength in export was broad-based with robust growth in both
E&E and non- E&E subsectors. |
|
|
Under
budget 2015, the Government will provide incentive in the form of capital allowance
on automation expenditure to encourage automation in the manufacturing
sector, which may help in the manufacturing sector. |
|
|
OVERALL
INDUSTRY OUTLOOK : Average Growth |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
INTERNATIONAL
BRASS INDUSTRIES SDN. BHD. |
|
Financial
Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
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 |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
156,872,111 |
119,708,961 |
98,493,453 |
93,380,130 |
147,348,060 |
|
Other
Income |
404,085 |
766,046 |
2,282,001 |
- |
1,389,921 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
157,276,196 |
120,475,007 |
100,775,454 |
93,380,130 |
148,737,981 |
|
Costs
of Goods Sold |
(145,863,630) |
(109,493,155) |
(91,806,492) |
- |
(136,316,155) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
11,412,566 |
10,981,852 |
8,968,962 |
- |
12,421,826 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
2,049,048 |
1,258,857 |
766,100 |
404,306 |
2,032,141 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
2,049,048 |
1,258,857 |
766,100 |
404,306 |
2,032,141 |
|
Taxation |
(813,435) |
(645,411) |
(176,448) |
1,323,594 |
(225,245) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
1,235,613 |
613,446 |
589,652 |
1,727,900 |
1,806,896 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
11,352,931 |
10,739,485 |
10,149,833 |
8,421,933 |
9,202,167 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
11,352,931 |
10,739,485 |
10,149,833 |
8,421,933 |
9,202,167 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
12,588,544 |
11,352,931 |
10,739,485 |
10,149,833 |
11,009,063 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
- |
- |
- |
- |
(2,587,130) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
12,588,544 |
11,352,931 |
10,739,485 |
10,149,833 |
8,421,933 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
3,845 |
654,670 |
1,562,124 |
- |
2,209,359 |
|
Bankers'
acceptance |
1,585,212 |
1,928,218 |
252,332 |
- |
- |
|
Hire
purchase |
31,516 |
19,636 |
21,181 |
- |
40,992 |
|
Letter
of credit |
337,571 |
149,794 |
121,697 |
- |
- |
|
Term
loan / Borrowing |
996,236 |
691,208 |
1,396,803 |
- |
1,933,245 |
|
Others |
- |
- |
- |
- |
629,168 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,954,380 |
3,443,526 |
3,354,137 |
- |
4,812,764 |
|
|
============= |
============= |
============= |
- |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
2,341,992 |
2,305,051 |
2,120,976 |
- |
3,203,567 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,341,992 |
2,305,051 |
2,120,976 |
- |
3,203,567 |
|
|
============= |
============= |
============= |
============= |
============= |
|
INTERNATIONAL
BRASS INDUSTRIES SDN. BHD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
35,476,273 |
36,523,395 |
35,309,861 |
37,353,981 |
39,128,015 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
35,476,273 |
36,523,395 |
35,309,861 |
37,353,981 |
39,128,015 |
|
Stocks |
21,888,537 |
22,611,667 |
17,131,608 |
- |
11,758,582 |
|
Trade
debtors |
21,356,560 |
15,441,624 |
13,822,954 |
- |
15,229,925 |
|
Other
debtors, deposits & prepayments |
2,652,093 |
2,043,888 |
3,043,882 |
- |
2,086,528 |
|
Short
term deposits |
4,000 |
3,493,667 |
3,453,099 |
- |
11,590,856 |
|
Amount
due from holding company |
21,583,891 |
21,583,891 |
21,583,891 |
- |
18,092,666 |
|
Amount
due from related companies |
2,575,341 |
1,383,386 |
- |
- |
- |
|
Cash
& bank balances |
5,016,707 |
2,029,129 |
2,461,523 |
- |
3,709,098 |
|
Others |
- |
245,363 |
732,562 |
- |
252,834 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
75,077,129 |
68,832,615 |
62,229,519 |
64,163,748 |
62,720,489 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
110,553,402 |
105,356,010 |
97,539,380 |
101,517,729 |
101,848,504 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
14,145,187 |
12,858,395 |
10,876,314 |
- |
1,121,129 |
|
Other
creditors & accruals |
1,708,464 |
1,348,056 |
864,070 |
- |
659,292 |
|
Hire
purchase & lease creditors |
197,855 |
160,421 |
12,000 |
- |
199,213 |
|
Bank
overdraft |
- |
630,329 |
598,927 |
- |
741,432 |
|
Short
term borrowings/Term loans |
6,286,141 |
8,258,865 |
3,367,313 |
- |
3,527,935 |
|
Bill
& acceptances payable |
34,934,361 |
31,450,155 |
24,366,214 |
- |
26,354,310 |
|
Amounts
owing to related companies |
396,368 |
1,189,568 |
1,337,508 |
- |
1,730,384 |
|
Amounts
owing to director |
7,025,225 |
25,225 |
6,041,225 |
- |
3,419,179 |
|
Provision
for taxation |
98,020 |
- |
- |
- |
- |
|
Other
liabilities |
- |
- |
- |
- |
2,573,973 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
64,791,621 |
55,921,014 |
47,463,571 |
39,897,904 |
40,326,847 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
10,285,508 |
12,911,601 |
14,765,948 |
24,265,844 |
22,393,642 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
45,761,781 |
49,434,996 |
50,075,809 |
61,619,825 |
61,521,657 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
12,000,000 |
12,000,000 |
12,000,000 |
12,000,000 |
12,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
12,000,000 |
12,000,000 |
12,000,000 |
12,000,000 |
12,000,000 |
|
Revaluation
reserve |
5,527,331 |
5,527,331 |
5,527,331 |
5,527,331 |
5,527,331 |
|
Retained
profit/(loss) carried forward |
12,588,544 |
11,352,931 |
10,739,485 |
10,149,833 |
8,421,933 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
18,115,875 |
16,880,262 |
16,266,816 |
15,677,164 |
13,949,264 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
30,115,875 |
28,880,262 |
28,266,816 |
27,677,164 |
25,949,264 |
|
Long
term loans |
12,580,595 |
17,300,475 |
19,084,889 |
- |
31,368,524 |
|
Hire
purchase creditors |
358,799 |
417,799 |
45,856 |
- |
220,703 |
|
Deferred
taxation |
2,706,512 |
2,836,460 |
2,678,248 |
- |
3,983,166 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
15,645,906 |
20,554,734 |
21,808,993 |
33,942,661 |
35,572,393 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
45,761,781 |
49,434,996 |
50,075,809 |
61,619,825 |
61,521,657 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
INTERNATIONAL
BRASS INDUSTRIES SDN. BHD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
5,020,707 |
5,522,796 |
5,914,622 |
- |
15,299,954 |
|
Net
Liquid Funds |
(29,913,654) |
(26,557,688) |
(19,050,519) |
- |
(11,795,788) |
|
Net
Liquid Assets |
(11,603,029) |
(9,700,066) |
(2,365,660) |
24,265,844 |
10,635,060 |
|
Net
Current Assets/(Liabilities) |
10,285,508 |
12,911,601 |
14,765,948 |
24,265,844 |
22,393,642 |
|
Net
Tangible Assets |
45,761,781 |
49,434,996 |
50,075,809 |
61,619,825 |
61,521,657 |
|
Net
Monetary Assets |
(27,248,935) |
(30,254,800) |
(24,174,653) |
(9,676,817) |
(24,937,333) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
5,003,428 |
4,702,383 |
4,120,237 |
- |
6,844,905 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
7,345,420 |
7,007,434 |
6,241,213 |
- |
10,048,472 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
54,357,751 |
58,218,044 |
47,475,199 |
- |
62,412,117 |
|
Total
Liabilities |
80,437,527 |
76,475,748 |
69,272,564 |
73,840,565 |
75,899,240 |
|
Total
Assets |
110,553,402 |
105,356,010 |
97,539,380 |
101,517,729 |
101,848,504 |
|
Net
Assets |
45,761,781 |
49,434,996 |
50,075,809 |
61,619,825 |
61,521,657 |
|
Net
Assets Backing |
30,115,875 |
28,880,262 |
28,266,816 |
27,677,164 |
25,949,264 |
|
Shareholders'
Funds |
30,115,875 |
28,880,262 |
28,266,816 |
27,677,164 |
25,949,264 |
|
Total
Share Capital |
12,000,000 |
12,000,000 |
12,000,000 |
12,000,000 |
12,000,000 |
|
Total
Reserves |
18,115,875 |
16,880,262 |
16,266,816 |
15,677,164 |
13,949,264 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.08 |
0.10 |
0.12 |
- |
0.38 |
|
Liquid
Ratio |
0.82 |
0.83 |
0.95 |
- |
1.26 |
|
Current
Ratio |
1.16 |
1.23 |
1.31 |
1.61 |
1.56 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
51 |
69 |
63 |
- |
29 |
|
Debtors
Ratio |
50 |
47 |
51 |
- |
38 |
|
Creditors
Ratio |
35 |
43 |
43 |
- |
3 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
1.80 |
2.02 |
1.68 |
- |
2.41 |
|
Liabilities
Ratio |
2.67 |
2.65 |
2.45 |
2.67 |
2.92 |
|
Times
Interest Earned Ratio |
1.69 |
1.37 |
1.23 |
- |
1.42 |
|
Assets
Backing Ratio |
3.81 |
4.12 |
4.17 |
5.13 |
5.13 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
1.31 |
1.05 |
0.78 |
0.43 |
1.38 |
|
Net
Profit Margin |
0.79 |
0.51 |
0.60 |
1.85 |
1.23 |
|
Return
On Net Assets |
10.93 |
9.51 |
8.23 |
0.66 |
11.13 |
|
Return
On Capital Employed |
10.89 |
9.36 |
8.13 |
0.66 |
10.96 |
|
Return
On Shareholders' Funds/Equity |
4.10 |
2.12 |
2.09 |
6.24 |
6.96 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
0 |
- |
1.43 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
- |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.16 |
|
|
1 |
Rs.103.87 |
|
Euro |
1 |
Rs.75.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.