|
Report No. : |
356156 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
MFE FORMWORK TECHNOLOGY SDN. BHD. |
|
|
|
|
Formerly Known As : |
MIVAN FAR EAST SDN BHD SPIRE FAR EAST SDN BHD |
|
|
|
|
Registered Office : |
Lot 824, Komplek Sun, Jalan Bukit Bintang,
8th Floor, 55100 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
05.09.1990 |
|
|
|
|
Com. Reg. No.: |
203754-U |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of formwork system for civil
engineering construction. |
|
|
|
|
No. of Employee : |
600 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 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.
Malaysia is vulnerable to a fall in world commodity prices or a general
slowdown in global economic activity.
The NAJIB
administration 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. Gross exports of goods and services constitute more than 80% of
GDP. The oil and gas sector supplied about 29% of government revenue in 2014.
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 trying to lessen its
dependence on state oil producer Petronas.
Bank
Negara Malaysia (the central bank) maintains healthy foreign exchange reserves;
a well-developed regulatory regime has limited Malaysia's exposure to riskier
financial instruments and the global financial crisis. In order to attract
increased investment, NAJIB 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. |
: |
203754-U |
||||
|
COMPANY NAME |
: |
MFE FORMWORK TECHNOLOGY SDN. BHD. |
||||
|
FORMER NAME |
: |
MIVAN FAR EAST SDN
BHD (03/12/2007) |
||||
|
INCORPORATION
DATE |
: |
05/09/1990 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
LOT 824, KOMPLEK
SUN, JALAN BUKIT BINTANG, 8TH FLOOR, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
LOT 4 & 6,
JALAN TUN PERAK 3, PERDANA INDUSTRIAL PARK, 42000 PELABUHAN KLANG, SELANGOR,
MALAYSIA. |
||||
|
TEL.NO. |
: |
03-33753000 |
||||
|
FAX.NO. |
: |
03-33753198 |
||||
|
EMAIL |
: |
JIMR@MFEFORMWORK.COM |
||||
|
WEB SITE |
: |
WWW.MFEFORMWORK.COM |
||||
|
CONTACT PERSON |
: |
JAMES ROBINSON
( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
25111 |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING OF
FORMWORK SYSTEM FOR CIVIL ENGINEERING CONSTRUCTION |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
11,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID
UP CAPITAL |
: |
MYR 1,000,000.00
DIVIDED INTO |
||||
|
SALES |
: |
MYR 256,537,978
[2014] |
||||
|
NET WORTH |
: |
MYR 34,626,964
[2014] |
||||
|
STAFF STRENGTH |
: |
600 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
HIGH |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
MARGINAL 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 formwork system for civil engineering construction.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the Subject
is MFE HOLDING LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
30/06/2015 |
MYR 11,000,000.00 |
MYR 1,000,000.00 |
|
30/01/1991 |
MYR 10,000,000.00 |
MYR 1,000,000.00 |
|
06/09/1990 |
MYR 10,000,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MFE HOLDING LIMITED |
171, MAIN STREET, ROAD TOWN, TORTOLA VG1110
VIRGIN ISLANDS, BRITISH |
1707479 |
1,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc No |
Shareholding |
Last Updated |
|
MFE SYSTEM FORMWORK TECHNOLOGY LIMITED |
N/A |
XLZ00215698 |
1,000,000.00 |
23/04/2014 |
|
MIVAN FAR EAST (UK) LIMITED |
N/A |
XLZ00212356 |
1,000,000.00 |
04/10/2010 |
|
MIVAN LIMITED |
N/A |
XLZ000100012 |
1,000,000.00 |
09/07/2008 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
DEREK ROY CRANE |
|
Address |
: |
HOUSE 1, THE MANGROVE, NAM WAI VILLAGE, 348
NAM WAI ROAD, SAI KUNG HONG KONG, HONG KONG. |
|
IC / PP No |
: |
518002737 |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
12/12/2014 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. ANSHUMANN WOODHULL |
|
Address |
: |
FT52, 24/F, BLOK C, REPULSE BAY APARTMENT,
101 REPULSE BAY ROAD, REPULSE BAY, HONG KONG, HONG KONG. |
|
Other Address(es) |
: |
FLAT C52, 101 REPULSE BAY, ROAD, HONGKONG |
|
New IC No |
: |
681207-10-6037 |
|
Date of Birth |
: |
07/12/1968 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
12/12/2014 |
DIRECTOR 3
|
Name Of Subject |
: |
PATRICK GERARD GORHAM |
|
Address |
: |
B36-1, SENI MONT KIARA, NO.2A, CHANGKAT
DUTA, KIARA, MONT KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Other Address(es) |
: |
B27-2, KIARAMAS SUTERA CONDOMINIUM, NO. 7, JALAN
DESA KIARA, BUKIT KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
PV7765418 |
|
Nationality |
: |
IRISH |
|
Date of Appointment |
: |
09/06/2010 |
DIRECTOR 4
|
Name Of Subject |
: |
JASON ALEKSANDER KARDACHI |
|
Address |
: |
162, WATTEN ESTATE, ROAD, SINGAPORE 287611,
SINGAPORE. |
|
IC / PP No |
: |
E4035148 |
|
Nationality |
: |
AUSTRALIAN |
|
Date of Appointment |
: |
23/08/2011 |
DIRECTOR 5
|
Name Of Subject |
: |
JAMES ROBINSON |
|
Address |
: |
A-19-5, MONT KIARA AMAN, 4, JALAN KIARA 2,
MONT KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
761327682 |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
28/09/2009 |
DIRECTOR 6
|
Name Of Subject |
: |
MATHEW WILLIAM MORAHAN |
|
Address |
: |
14, BROMBOROUGH ROAD, ROSEVILLE, SYDNEY,
NSW 2069, AUSTRALIA. |
|
IC / PP No |
: |
PS1498854 |
|
Nationality |
: |
IRISH |
|
Date of Appointment |
: |
16/03/2015 |
|
1) |
Name of Subject |
: |
JAMES ROBINSON |
|
Position |
: |
MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
PUAH |
|
Position |
: |
FINANCE MANAGER |
|
|
3) |
Name of Subject |
: |
ELAINE LAI |
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
|
4) |
Name of Subject |
: |
JAMES TEO |
|
Position |
: |
OPERATIONS MANAGER |
|
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
KPMG TOWER 8, FIRST AVENUE, BANDAR UTAMA,
47800 PETALING JAYA, SELANGOR, MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. TAN BENG HOCK |
|
IC / PP No |
: |
4086144 |
|
|
New IC No |
: |
361028-07-5295 |
|
|
Address |
: |
162, JALAN SS 2/4, 47300 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. LAI SOOK HEAN |
|
IC / PP No |
: |
A1854741 |
|
|
New IC No |
: |
710503-08-6122 |
|
|
Address |
: |
164, JELAPANG N/V, 30020 IPOH, PERAK,
MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
29/10/1992 |
N/A |
PUBLIC INVESTMENT BANK BERHAD |
- |
Satisfied |
|
2 |
04/11/1992 |
N/A |
THE PACIFIC BANK BHD |
- |
Satisfied |
|
3 |
26/12/1992 |
N/A |
THE PACIFIC BANK BHD |
MYR 1,000,000.00 |
Satisfied |
|
4 |
16/06/1993 |
N/A |
THE PACIFIC BANK BERHAD |
MYR 1,000,000.00 |
Satisfied |
|
5 |
07/07/1995 |
N/A |
NATIONAL AUSTRALIA MERCHANT BANK
SINGAPORELTD |
- |
Satisfied |
|
6 |
06/07/1999 |
N/A |
MALAYAN BANKING BERHAD |
MYR 1,200,000.00 |
Satisfied |
|
7 |
01/11/2007 |
DEBENTURE |
ABN AMRO BANK N.V. LABUAN BRANCH |
MYR 5,000,000.00 |
Satisfied |
|
8 |
08/06/2012 |
DEBENTURE |
THE ROYAL BANK OF SCOTLAND BERHAD |
MYR 8,300,000.00 |
Unsatisfied |
|
9 |
08/06/2012 |
DEBENTURE |
THE ROYAL BANK OF SCOTLAND, PLC, LABUAN
BRANCH |
USD 5,000,000.00 |
Unsatisfied |
|
10 |
08/06/2012 |
DEBENTURE |
PATRICK GERARD GORHAM (PASSPORT NO.
LT0009566) |
USD 300,000.00 |
Unsatisfied |
|
11 |
25/11/2014 |
DEBENTURE |
VENTURE OPPORTUNITY (LABUAN) LIMITED |
- |
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 |
: |
20% |
|
Overseas |
: |
YES |
Percentage |
: |
80% |
|
Import Countries |
: |
EUROPE,ASIA |
|||
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT
HABIT |
||||||||||||||
|
Prompt 0-30
Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90
Days |
[ |
X |
] |
|||||
|
Fair 91-120
Days |
[ |
] |
Poor >120
Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
30% |
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
70% |
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
TELEGRAPHIC
TRANSFER (TT) |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
600 |
600 |
600 |
650 |
650 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
formwork system for civil engineering construction.
The Subject is a revolutionary aluminium formwork construction system.
The Subject has many experiences for forming cast in place reinforced concrete
building structures. Using this unique system, all walls, floor slabs, columns,
beams, stairs, balconies, together with door and window openings are cast in
place in a single site based operation.
There are four main elements in the Subject's business, which are design,
manufacturing, technical support and safety and environment.
The combination of bespoke software and the experience of the designers, the
Subject guarantees the most efficient construction process, incorporating the
optimum assembly procedures, economical panel selection and ultimately
minimizing capital and operational costs.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the
Subject indicated that :
|
Telephone Number Provided By Client |
: |
0333753000 |
|
Current Telephone Number |
: |
03-33753000 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
LOT 4 & 6,JALAN TUN PERAK 3,PERDANA INDUSTRIAL
PARK,42000,PELABUHAN KLANG,SELANGOR. |
|
Current Address |
: |
LOT 4 & 6, JALAN TUN PERAK 3, PERDANA
INDUSTRIAL PARK, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 21st December 2015, we contacted one of the staff from the Subject and he
provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
89.31% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
44.65% |
] |
|
|
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. Generally the Subject was profitable. The favourable return on
shareholders' funds and return on net assets indicate that the Subject's
management was efficient in utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Acceptable |
[ |
63 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
82 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
51 Days |
] |
|
|
The Subject kept adequate stocks to meet
its normal business transactions without incurring excessive storage costs. The
high debtors' ratio could indicate that the Subject was weak in its credit
control. However, the Subject could also giving longer credit periods to its
customers in order to boost its sales or to capture / retain its market
share. The Subject had a favourable creditors' ratio where the Subject could
be taking advantage of the cash discounts and also wanting to maintain
goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.46 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.13 Times |
] |
|
|
A minimum liquid ratio of 1 should be
maintained by the Subject in order to assure its creditors of its ability to meet
short term obligations and the Subject was in a good liquidity position.
Thus, we believe the Subject is able to meet all its short term obligations
as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
16.95 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.85 Times |
] |
|
|
The interest cover showed that the Subject
was able to service the interest. The favourable interest cover could indicate
that the Subject was making enough profit to pay for the interest accrued.
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 was in good liquidity position
with its total current liabilities well covered by its total current assets.
With its current net assets, the Subject should be able to repay its short
term obligations. With the favourable interest cover, the Subject could be
able to service all the accrued interest without facing any difficulties. The
Subject's gearing level was high and its going concern will be in doubt if
there is no injection of additional shareholders' funds in times of economic
downturn and / or high interest rates. |
||||||
|
Overall financial condition of the Subject
: STABLE |
||||||
|
Major Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population ( Million) |
28.7 |
29.3 |
29.8 |
30.0 |
30.5 |
|
Gross Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
4.7 |
|
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 |
82,480 |
85,258 |
|
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 |
3.2 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
2.9 |
3.2 |
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
3.50 |
2.20 |
- |
4.00 |
- |
|
Average 3 Months of Non-performing Loans (
% ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
6.85 |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
56.0 |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
43,486.6 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
49,203 |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
6.1 |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
21,753 |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
(17.7) |
- |
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
332,723 |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
1.0 |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
21,436 |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
18.0 |
- |
|
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 |
44.0 |
44.2 |
|
Tourist Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
27.4 |
29.4 |
|
Hotel Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
63.6 |
58.8 |
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
13.5 |
- |
|
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 ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
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) |
1.0 |
0.7 |
0.7 |
2.8 |
|
Oil & Gas |
(1.7) |
- |
- |
3.0 |
- |
|
Other Mining |
- |
- |
- |
46.6 |
- |
|
Industry Non-performing Loans ( MYR Million
) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.4 |
5.5 |
|
Exported-oriented Industries |
4.1 |
6.5 |
3.3 |
5.6 |
5.3 |
|
Electrical & Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
7.9 |
|
Rubber Products |
20.7 |
3.0 |
11.7 |
(0.3) |
3.4 |
|
Wood Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
7.1 |
|
Textiles & Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
7.2 |
|
Domestic-oriented Industries |
10.7 |
1.7 |
6.8 |
9.4 |
3.3 |
|
Food, Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
8.90 |
|
Chemical & Chemical Products |
10.0 |
10.8 |
5.6 |
1.4 |
- |
|
Plastic Products |
3.8 |
- |
- |
2.7 |
- |
|
Iron & Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
3.6 |
|
Non-metallic Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
7.2 |
|
Transport Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
7.6 |
|
Paper & Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude Oil Refineries |
9.3 |
- |
- |
13.0 |
- |
|
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 |
|
|
25111 : Manufacture of industrial
frameworks in metal |
|
|
INDUSTRY : |
MANUFACTURING |
|
The manufacturing sector is expected to
grow by 4.3% in 2015. Export-oriented industries are expected to benefit from
higher demand as a result of improving growth in advanced economies, while
domestic-oriented industries will be boosted by resilient domestic economic
activities. The resource-based industry is envisaged to grow steadily
attributed to improved demand for chemical, petroleum, rubber, wood and
plastic products. In addition, strong construction activities following the
implementation of infrastructure projects under the 11MP will augur well for
growth in iron and steel as well as cement segments. |
|
|
In first six months of 2015, the sector
expanded at a slower pace of 4.9%. Output of the sector moderated to 4.8% while
the sales value of manufactured products grew marginally by 0.1% to RM379.9
billion during the first seven months of 2015. Output from export-oriented
industries also increased at a slower pace of 5.3% due to weaker global
demand. The manufacturing sector continued to attract domestic and foreign
investments, with projects approved by the Malaysian Investment Development
Authority (MIDA) valued at RM49.5 billion for the first six months of 2015. |
|
|
Besides that, production of wood and wood
products rose by 7.1% largely supported by higher demand for wooden and cane
furniture as well as particleboard and fibreboard with output up by 6.5% and
35.4%, respectively. The overall positive performance of the wood products
sub-sector was attributed to higher demand from the US, Singapore and
Australia. Output of rubber products rebounded to 3.4%, mainly due to higher
output of rubber gloves and rubber tires for vehicles. The rubber-based
industry stands to benefit from the strengthening US dollar, as most of the
input costs are in ringgit while sales are in US dollar. |
|
|
Exports of manufactured goods decreased by
3% due to the high base effect during the corresponding period in year 2014.
Although, a weak ringgit should have bolstered exports, however, softened by
weak external demand coupled with the depreciation in regional currencies
during the period. During the first eight months of 2015, the slower
expansion in E&E exports and weaker earnings from the non-E&E segment
weighed down the overall exports of manufactured goods. Receipts from
chemicals and chemical products continued to grow, albeit at a slower pace of
5.7%, mainly due to a slack in the demand for organic chemical products
(-3.5%) as major markets. However, the overall growth in the sub-sector was
supported by higher exports of plastics in primary form. |
|
|
In addition, export earnings of wood
products remained high at RM9.8 billion during the first eight months of 2015,
it supported by strong demand for wooden furniture. demand for veneer and
plywood, contracted by 7.4% following lower demand mainly from Japan. Exports
of textile, clothing and footwear grew at a slower pace of 6.8% mainly due to
a contraction in the exports of the textile segment, particularly textile
yarns and woven fabrics. During the first eight months of 2015, the total
registered foreign workers in the country increased to 2.2 million. The
employment of foreign workers was largely concentrated in the manufacturing
sectors. Under the 11MP, the Government will improve the management of
foreign workers through the establishment of an improved framework to take
into consideration the relevant laws, rules, regulations, national policies
and directives relating to recruitment, employment and repatriation of
workers. |
|
|
Under budget 2015, the Government will
provide a new incentive that is, Special Reinvestment Allowance to promote
reinvestment among existing companies in the manufacturing sectors. The rate
of claim is at 60% of the qualifying capital expenditure and is allowed to be
set off against 70% of statutory income from year of assessment 2016 to 2018.
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
Financial Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
256,537,978 |
216,515,208 |
144,850,455 |
203,474,081 |
166,066,246 |
|
Other Income |
- |
- |
- |
- |
4,009,906 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
256,537,978 |
216,515,208 |
144,850,455 |
203,474,081 |
170,076,152 |
|
Costs of Goods Sold |
(190,974,322) |
(162,137,717) |
(116,465,122) |
(174,690,585) |
(138,688,192) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
65,563,656 |
54,377,491 |
28,385,333 |
28,783,496 |
31,387,960 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
36,275,133 |
26,832,049 |
9,574,339 |
13,685,200 |
8,336,760 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
36,275,133 |
26,832,049 |
9,574,339 |
13,685,200 |
8,336,760 |
|
Taxation |
(5,351,359) |
(6,871,616) |
(2,037,389) |
(1,467,786) |
(2,969,747) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
30,923,774 |
19,960,433 |
7,536,950 |
12,217,414 |
5,367,013 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
31,432,107 |
17,992,974 |
27,552,037 |
16,659,436 |
14,493,811 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
31,432,107 |
17,992,974 |
27,552,037 |
16,659,436 |
14,493,811 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
62,355,881 |
37,953,407 |
35,088,987 |
28,876,850 |
19,860,824 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(29,728,917) |
(6,521,300) |
(17,096,013) |
(1,324,813) |
(3,201,388) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
32,626,964 |
31,432,107 |
17,992,974 |
27,552,037 |
16,659,436 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
- |
- |
171,705 |
299,049 |
686,865 |
|
Hire purchase |
- |
- |
9,104 |
4,238 |
8,786 |
|
Lease interest |
110,546 |
61,449 |
- |
- |
- |
|
Revolving loans |
328,350 |
433,134 |
141,103 |
- |
- |
|
Term loan / Borrowing |
1,671,724 |
918,252 |
375,132 |
- |
- |
|
Others |
163,761 |
58,685 |
170,535 |
74,790 |
205,775 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,274,381 |
1,471,520 |
867,579 |
378,077 |
901,426 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
4,368,950 |
6,959,350 |
3,874,373 |
5,117,590 |
1,535,408 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,368,950 |
6,959,350 |
3,874,373 |
5,117,590 |
1,535,408 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
10,449,061 |
13,999,103 |
12,040,004 |
8,053,641 |
9,180,149 |
|
Investments |
7,670 |
7,670 |
7,670 |
7,670 |
7,670 |
|
Deferred assets |
1,801,207 |
1,801,207 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,808,877 |
1,808,877 |
7,670 |
7,670 |
7,670 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
12,257,938 |
15,807,980 |
12,047,674 |
8,061,311 |
9,187,819 |
|
Stocks |
43,934,266 |
24,824,897 |
19,403,505 |
21,087,528 |
18,562,350 |
|
Trade debtors |
57,443,689 |
61,367,283 |
45,396,111 |
42,616,219 |
34,591,513 |
|
Other debtors, deposits & prepayments |
16,171,146 |
7,956,489 |
2,565,395 |
3,418,518 |
2,401,481 |
|
Amount due from holding company |
12,256,611 |
8,177,194 |
2,940,686 |
- |
- |
|
Amount due from related companies |
8,966 |
5,998 |
- |
- |
120,299 |
|
Cash & bank balances |
9,612,446 |
10,018,045 |
785,535 |
426,924 |
6,596,188 |
|
Others |
- |
- |
4,448,509 |
5,185,981 |
4,458,304 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
139,427,124 |
112,349,906 |
75,539,741 |
72,735,170 |
66,730,135 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
151,685,062 |
128,157,886 |
87,587,415 |
80,796,481 |
75,917,954 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
26,597,310 |
42,054,143 |
24,904,139 |
29,460,910 |
33,990,168 |
|
Other creditors & accruals |
16,879,281 |
14,858,070 |
14,965,560 |
11,466,706 |
8,532,873 |
|
Hire purchase & lease creditors |
1,029,433 |
953,198 |
563,507 |
27,010 |
34,198 |
|
Bank overdraft |
- |
- |
- |
4,456,059 |
4,265,600 |
|
Short term borrowings/Term loans |
11,153,130 |
14,450,040 |
- |
- |
- |
|
Other borrowings |
- |
12,982,059 |
11,326,938 |
5,204,014 |
9,025,393 |
|
Amounts owing to holding company |
6,993,600 |
3,264,900 |
- |
86,158 |
69,725 |
|
Amounts owing to related companies |
926,153 |
1,027,986 |
531,636 |
238,948 |
198,943 |
|
Amounts owing to director |
- |
985,230 |
897,210 |
- |
- |
|
Provision for taxation |
1,766,255 |
4,043,910 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
65,345,162 |
94,619,536 |
53,188,990 |
50,939,805 |
56,116,900 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
74,081,962 |
17,730,370 |
22,350,751 |
21,795,365 |
10,613,235 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
86,339,900 |
33,538,350 |
34,398,425 |
29,856,676 |
19,801,054 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
Retained profit/(loss) carried forward |
32,626,964 |
31,432,107 |
17,992,974 |
27,552,037 |
16,659,436 |
|
Capital redemption reserve |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
33,626,964 |
32,432,107 |
18,992,974 |
28,552,037 |
17,659,436 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
34,626,964 |
33,432,107 |
19,992,974 |
29,552,037 |
18,659,436 |
|
Long term loans |
51,509,213 |
- |
13,159,080 |
- |
- |
|
Lease obligations |
203,723 |
106,243 |
- |
- |
- |
|
Hire purchase creditors |
- |
- |
574,870 |
60,734 |
87,737 |
|
Deferred taxation |
- |
- |
671,501 |
243,905 |
1,053,881 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
51,712,936 |
106,243 |
14,405,451 |
304,639 |
1,141,618 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
86,339,900 |
33,538,350 |
34,398,425 |
29,856,676 |
19,801,054 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
9,612,446 |
10,018,045 |
785,535 |
426,924 |
6,596,188 |
|
Net Liquid Funds |
9,612,446 |
10,018,045 |
785,535 |
(4,029,135) |
2,330,588 |
|
Net Liquid Assets |
30,147,696 |
(7,094,527) |
2,947,246 |
707,837 |
(7,949,115) |
|
Net Current Assets/(Liabilities) |
74,081,962 |
17,730,370 |
22,350,751 |
21,795,365 |
10,613,235 |
|
Net Tangible Assets |
86,339,900 |
33,538,350 |
34,398,425 |
29,856,676 |
19,801,054 |
|
Net Monetary Assets |
(21,565,240) |
(7,200,770) |
(11,458,205) |
403,198 |
(9,090,733) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
38,549,514 |
28,303,569 |
10,441,918 |
14,063,277 |
9,238,186 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
42,918,464 |
35,262,919 |
14,316,291 |
19,180,867 |
10,773,594 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
64,223,849 |
28,924,674 |
25,765,498 |
9,747,817 |
13,412,928 |
|
Total Liabilities |
117,058,098 |
94,725,779 |
67,594,441 |
51,244,444 |
57,258,518 |
|
Total Assets |
151,685,062 |
128,157,886 |
87,587,415 |
80,796,481 |
75,917,954 |
|
Net Assets |
86,339,900 |
33,538,350 |
34,398,425 |
29,856,676 |
19,801,054 |
|
Net Assets Backing |
34,626,964 |
33,432,107 |
19,992,974 |
29,552,037 |
18,659,436 |
|
Shareholders' Funds |
34,626,964 |
33,432,107 |
19,992,974 |
29,552,037 |
18,659,436 |
|
Total Share Capital |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
Total Reserves |
33,626,964 |
32,432,107 |
18,992,974 |
28,552,037 |
17,659,436 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.15 |
0.11 |
0.01 |
0.01 |
0.12 |
|
Liquid Ratio |
1.46 |
0.93 |
1.06 |
1.01 |
0.86 |
|
Current Ratio |
2.13 |
1.19 |
1.42 |
1.43 |
1.19 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
63 |
42 |
49 |
38 |
41 |
|
Debtors Ratio |
82 |
103 |
114 |
76 |
76 |
|
Creditors Ratio |
51 |
95 |
78 |
62 |
89 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.85 |
0.87 |
1.29 |
0.33 |
0.72 |
|
Liabilities Ratio |
3.38 |
2.83 |
3.38 |
1.73 |
3.07 |
|
Times Interest Earned Ratio |
16.95 |
19.23 |
12.04 |
37.20 |
10.25 |
|
Assets Backing Ratio |
86.34 |
33.54 |
34.40 |
29.86 |
19.80 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
14.14 |
12.39 |
6.61 |
6.73 |
5.02 |
|
Net Profit Margin |
12.05 |
9.22 |
5.20 |
6.00 |
3.23 |
|
Return On Net Assets |
44.65 |
84.39 |
30.36 |
47.10 |
46.66 |
|
Return On Capital Employed |
43.96 |
81.04 |
29.75 |
40.95 |
38.33 |
|
Return On Shareholders' Funds/Equity |
89.31 |
59.70 |
37.70 |
41.34 |
28.76 |
|
Dividend Pay Out Ratio (Times) |
0.96 |
0.33 |
2.27 |
0.11 |
0.60 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.30 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.72.33 |
|
MYR |
1 |
Rs.15.35 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.