|
Report No. : |
357008 |
|
Report Date : |
31.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ACCORD COMMODITIES SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 12b-23, Wisma Zelan, 1, Jalan Tasik Permaisuri
2, Bandar Tun Razak, Cheras, Level 12b, 56000 Kuala Lumpur, Wilayah
Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
21.09.2000 |
|
|
|
|
Com. Reg. No.: |
526800-W |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading in palm oil products. |
|
|
|
|
No. of Employee : |
10 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 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. |
: |
526800-W |
||||
|
COMPANY NAME |
: |
ACCORD COMMODITIES SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
21/09/2000 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
SUITE 12B-23,
WISMA ZELAN, 1, JALAN TASIK PERMAISURI 2, BANDAR TUN RAZAK, CHERAS, LEVEL
12B, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
SUITE 09-15,
WISMA ZELAN, 1, JALAN TASIK PERMAISURI 2, BANDAR TUN RAZAK, CHERAS, 9TH.
FLOOR, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-91723881 |
||||
|
FAX.NO. |
: |
03-91723882 |
||||
|
CONTACT PERSON |
: |
SIRAJ SABUWALA
( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
46202 |
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING IN PALM
OIL PRODUCTS |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
5,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID
UP CAPITAL |
: |
MYR
1,500,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 58,306,472
[2014] |
||||
|
NET WORTH |
: |
MYR 3,349,686
[2014] |
||||
|
STAFF STRENGTH |
: |
10 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
MATURE |
||||
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) trading in palm oil products.
The Subject is
not listed on Bursa Malaysia (Malaysia Stock Exchange).
Former Address(es)
|
Address |
As At Date |
|
SUITE 12B-23, WISMA
ZELAN, 1, JALAN TASIK PERMAISURI 2, BANDAR TUN RAZAK, CHERAS, 14TH FLOOR,
56000, WILAYAH PERSEKUTUAN, MALAYSIA |
12/09/2007 |
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
10/04/2015 |
MYR
5,000,000.00 |
MYR 1,500,000.00
|
|
10/07/2007 |
MYR
1,000,000.00 |
MYR
1,000,000.00 |
|
02/12/2004 |
MYR 500,000.00 |
MYR 500,000.00 |
|
01/07/2003 |
MYR 500,000.00 |
MYR 350,000.00 |
|
31/10/2000 |
MYR 500,000.00 |
MYR 200,000.00 |
|
30/09/2000 |
MYR 500,000.00 |
MYR 2.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. SIRAJ
SABUWALA + |
B-21-02, KIARAMAS
SUTERA CONDOMINIUM, 7, JALAN DESA KIARA, BUKIT KIARA, 50480 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
Z1799357 |
735,000.00 |
49.00 |
|
MS. HONG FOOI
YONG + |
36, JALAN DAMAI
PERDANA 16/1B, BANDAR DAMAI PERDANA, CHERAS, 56000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
791107-14-5378 |
541,500.00 |
36.10 |
|
MR. FEROZ KHAN
BIN GULAM HUSSAIN |
9, JALAN SS
3/13, 47300 PETALING JAYA, SELANGOR, MALAYSIA. |
401003-10-5527
3908581 |
223,500.00 |
14.90 |
|
--------------- |
------ |
|||
|
1,500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc No |
Shareholding |
Last Updated |
|
FARID FAZAL
SABUWALA |
MALAYSIA |
B0438611 |
N/A |
N/A |
|
FAZAL ALAUDIN
SABUWALA |
N/A |
B3279161 |
N/A |
20/10/2005 |
|
JUNAINAH BINTI
ABDUL KARIM |
MALAYSIA |
760907-11-5386 |
N/A |
N/A |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MS. HONG FOOI
YONG |
|
Address |
: |
36, JALAN DAMAI
PERDANA 16/1B, BANDAR DAMAI PERDANA, CHERAS, 56000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
Other
Address(es) |
: |
JALAN PEEL,
PUDU ULU, 43200 CHERAS, SELANGOR, MALAYSIA. |
|
New IC No |
: |
791107-14-5378 |
|
Date of Birth |
: |
07/11/1979 |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
01/09/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. SIRAJ
SABUWALA |
|
Address |
: |
B-21-02, KIARAMAS
SUTERA CONDOMINIUM, 7, JALAN DESA KIARA, BUKIT KIARA, 50480 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
Z1799357 |
|
Nationality |
: |
INDIAN |
|
Date of
Appointment |
: |
16/06/2003 |
|
1) |
Name of Subject |
: |
SIRAJ SABUWALA |
|
Position |
: |
MANAGING
DIRECTOR |
|
|
Auditor |
: |
S P TAN &
SUNDAR |
|
Auditor'
Address |
: |
SUITE 12B-22, WISMA
ZELAN, 1, JALAN TASIK PERMAISURI 2, BANDAR TUN RAZAK, CHERAS, LEVEL 12B,
56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company
Secretary |
: |
MS. T
RATNAJOTHY A/P THAMBIDURAI |
|
IC / PP No |
: |
5479627 |
|
|
New IC No |
: |
580606-08-5146 |
|
|
Address |
: |
LOT 587/72,
JALAN NGP 2/4, NEW GREEN PARK, JALAN WATERFALL, 48000 RAWANG, SELANGOR,
MALAYSIA. |
|
|
2) |
Company
Secretary |
: |
MR. SURDASS @
VIPIN KUMAR |
|
IC / PP No |
: |
4243746 |
|
|
New IC No |
: |
511114-10-5957 |
|
|
Address |
: |
11, LORONG
RAHIM KAJAI 8, TAMAN TUN DR. ISMAIL, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
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 |
25/11/2005 |
N/A |
MALAYAN BANKING
BERHAD |
MYR 800,000.00 |
Satisfied |
|
2 |
07/06/2007 |
N/A |
MALAYAN BANKING
BERHAD |
- |
Satisfied |
|
3 |
09/12/2009 |
MEMORANDUM OF
DEPOSIT |
MALAYAN BANKING
BERHAD |
- |
Satisfied |
|
4 |
12/11/2012 |
LETTER OF
SET-OFF |
RHB BANK BERHAD |
- |
Unsatisfied |
|
5 |
26/02/2014 |
MEMORANDUM OF
DEPOSIT & LETTER OF SET-OFF |
ALLIANCE BANK
MALAYSIA BERHAD |
- |
Unsatisfied |
|
6 |
05/06/2014 |
MEMORANDUM OF
DEPOSIT & LETTER OF SET-OFF |
CITIBANK BERHAD |
- |
Unsatisfied |
|
7 |
01/07/2015 |
CASH DEPOSIT
AGREEMENT |
OCBC BANK
(MALAYSIA) BERHAD |
- |
Unsatisfied |
|
8 |
15/07/2015 |
MEMORANDUM OF
CHARGE OF MONEY DEPOSIT |
ALLIANCE BANK
MALAYSIA BERHAD |
- |
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 |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT
HABIT |
||||||||||||||
|
Prompt 0-30
Days |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90
Days |
[ |
] |
|||||
|
Fair 91-120
Days |
[ |
] |
Poor >120
Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
SOUTH AFRICA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
BEAUTY SOAP,
REFINED EDIBLE OIL |
|
|
Product Brand
Name |
: |
|
|
|
Member(s) /
Affiliate(s) |
: |
MALAYSIA EXTERNAL
TRADE DEVELOPMENT CORPORATION (MATRADE) |
|
|
Ownership of
premises |
: |
LEASED/RENTED |
|
Total Number of
Employees: |
|
||||||||
|
YEAR |
2015 |
2012 |
2010 |
||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
10 |
10 |
10 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading in palm oil
products.
The Subject offers a wide range of products which include:-
1) Palm Oil products - RBD palm oil, RBD palm stearin, palm olein, in packaged
form.
2) Palm Oil by-products - Palm acid oil, crude palm kernel oil, palm fatty acid
distillate (PFAD), palm kernel fatty acid distillate (PKFAD), in drums and
flexi-bags.
3) Oleo-Chemicals - Soap noodles, glycerine, lauric acid, myristic acid,
refined glycerine and stearic acid.
The products are mainly used by soap's, detergents and cosmetics industries.
CURRENT INVESTIGATION
|
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
03-91723881 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
SUITE NO 09-154
9TH FLOOR, WISMA ZELAN NO 1 JALAN TASIK PERMAISURI 2, BANDAR TUN RAZAK ,
CHERAS, 56000 KUALA LUMPUR |
|
Current Address |
: |
SUITE 09-15,
WISMA ZELAN, 1, JALAN TASIK PERMAISURI 2, BANDAR TUN RAZAK, CHERAS, 9TH.
FLOOR, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Match |
: |
NO |
|
Latest
Financial Accounts |
: |
YES |
Other Investigations
On 28th December 2015 we contacted one of the staff from the Subject and he
provided some information.
The address is as per stated in the report.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on
Shareholder Funds |
: |
Acceptable |
[ |
14.89% |
] |
|
|
Return on Net
Assets |
: |
Acceptable |
[ |
23.14% |
] |
|
|
The fluctuating
turnover reflects the fierce competition among the existing and new market
players.The Subject's management have been efficient in controlling its operating
costs. The Subject's management had generated acceptable return for its
shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
4 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
30 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
2 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 |
: |
Favourable |
[ |
1.63 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.78 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 |
: |
Acceptable |
[ |
4.63 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.91 Times |
] |
|
|
The Subject's
interest cover was slightly low. If there is no sharp fall in its profit or sudden
increase in the interest rates, we believe the Subject is able to generate
sufficient income to service its interest and repay the loans. The Subject's
gearing was slightly high. The Subject is utilising the leverage concept to
fund its expansion. However, the high gearing has added financial risks to
the Subject. It will be more vulnerable in times of economy downturn. |
||||||
|
Overall Assessment : |
||||||
|
Although the turnover
was erratic, the Subject had maintained a steady growth in its profit. This
indicate the management's efficiency in controlling its costs and
profitability. The Subject was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. The Subject had an acceptable interest cover. If there is no
sudden sharp increase in interest rate or fall in the Subject's profit, we do
believe the Subject is able to generate sufficient cash flow to service its
interest payment. The Subject's gearing was slightly high and its financial
risk was also high. If no plans are made to reduce its gearing, the Subject's
performance may deteriorate in the coming year. |
||||||
|
Overall financial condition of the Subject : FAIR |
||||||
|
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 |
|
|
46202 :
Wholesale of palm oil |
|
|
INDUSTRY : |
PALM OIL |
|
According to the
Malaysian Palm Oil Council (MPOC), Malaysia currently accounts for 39% of
world palm oil production and 44% of world exports in year 2014. Malaysia is
also one of the biggest producers and exporters of oil palm and palm oil
products. In the last 5 years until year 2014, Malaysia earned between RM50
billion and RM70 billion a year from palm oil exports. |
|
|
Besides, the
ongoing implementation of Entry Point Projects (EPPs) under the National Key
Economic Area (NKEA) on palm oil to enhance productivity of upstream and
downstream activities will further boost the palm oil sector. Thus, palm oil
sector is expected to grow 6.7% in 2014 (2013: 2.6%). Moreover, the total oil
palm planted areas increased 2.8% to 5.3 million hectares as at end-June 2014
(end-June 2013: 5.2 million hectares) following the opening of 30,544
hectares of cultivated areas mainly in Sabah and Sarawak. Other than that,
the production of palm oil is expected to growth by 1.6% (19.52 million
tonnes) in year 2014, compared to 19.22 million tonnes in year 2013. |
|
|
According to
Kenanga Research, the estimated average crude palm oil (CPO) price for 2014
and 2015 is between RM2,100 and RM2,500 per tonne due to lower inventory
estimate by end-2015. The estimated prices also lifted by factors such as
biofuel demand and petroleum price level. But, the average price of crude
palm oil (CPO) strengthened to RM2,542 per tonne during the first eight
months of 2014 (January - August 2013: Rm2,309 per tonne). However, with
production rising in the second quarter coupled with high inventory level
(end-August 2014: 2.1 million tonnes), the price of CPO moderated to RM2,162
per tonne as at end-August 2014, and hitting a five-year low of RM1,914 per
tonne in Sept 2014 as stockpiles surged to a more than 1 year high above 2
million tonnes. The moderation in CPO prices was also due to a surge in
global supplies of edible oil, particularly the bumper harvest of soybean in
the US. |
|
|
Over the total
exports of major products in year 2013, palm oil accounts 6.4% of share in
the total exports. During the first seven months of 2014, export receipts of
palm oil rebounded by 4.9% to RM25.8 billion (January - July 2013: -21.9%, RM
24.6 billion) due to higher export prices averaging RM 2,703 per tonne
(January - July 2013: Rm 2,456 per tonne). As a measure to reduce the high
inventory due to strong output, the Government has exempted export tax on CPO
until December 2014. The Government's move to extend the export duty
exemption for crude palm oil (CPO) has received positive reaction from
industry players. The chairman of Malaysian Palm Oil Board (MPOB) said the
move provided a stable effect on the CPO market prices. |
|
|
In Budget 2015,
there is an allocation of RM41 million for smallholders to plant and replant
oil palm. The incentives for commodities announced in Budget 2015 will help
alleviate the problems faced by the industry, especially the poor prices for
rubber and palm oil. |
|
|
According to
the Minister of Plantation Industries and Commodities, the Malaysian
government will increase the amount of palm oil based bio-diesel in the
national diesel supply mix from November 2014, in a move that will also help
to increase consumption of crude palm oil (CPO) and reduce stockpile levels
of the commodity. The implementation of the B7 blend will also increase the
use palm oil which prices have softened due to oversupply in the market.
According to the Malaysian Palm Oil Council (MPOC), CPO prices are expected
to improve to between RM2,100 and RM2,500 in year 2015, lifted by factors
such as biofuel demand from the B7 programme. CIMB Research estimates that
the rollout could raise the country's palm oil demand by 263,000-390,000
tonnes per annum, or 1-2% of the total palm oil production in 2013. |
|
|
OVERALL INDUSTRY OUTLOOK : Mature |
|
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 |
GROUP |
||
|
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 |
58,306,472 |
41,656,617 |
47,939,311 |
63,312,321 |
38,306,112 |
||
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|||
|
Total Turnover |
58,306,472 |
41,656,617 |
47,939,311 |
63,312,321 |
38,306,112 |
||
|
Costs of Goods
Sold |
(52,679,633) |
(37,555,071) |
(44,472,747) |
(37,438,665) |
- |
||
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|||
|
Gross Profit |
5,626,839 |
4,101,546 |
3,466,564 |
25,873,656 |
- |
||
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|||
|
PROFIT/(LOSS)
FROM OPERATIONS |
615,336 |
607,915 |
354,942 |
988,656 |
361,518 |
||
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|||
|
PROFIT/(LOSS)
BEFORE TAXATION |
615,336 |
607,915 |
354,942 |
988,656 |
361,518 |
||
|
Taxation |
(116,606) |
(86,622) |
(79,215) |
(123,705) |
(55,305) |
||
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|||
|
PROFIT/(LOSS)
AFTER TAXATION |
498,730 |
521,293 |
275,727 |
864,951 |
306,213 |
||
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|||
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||||
|
As previously
reported |
1,350,956 |
1,579,663 |
1,303,936 |
337,564 |
31,351 |
||
|
Prior year
adjustment |
- |
- |
- |
101,421 |
- |
||
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|||
|
As restated |
1,350,956 |
1,579,663 |
1,303,936 |
438,985 |
31,351 |
||
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|||
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
1,849,686 |
2,100,956 |
1,579,663 |
1,303,936 |
337,564 |
||
|
DIVIDENDS -
Ordinary (paid & proposed) |
- |
(750,000) |
- |
- |
- |
||
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|||
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
1,849,686 |
1,350,956 |
1,579,663 |
1,303,936 |
337,564 |
||
|
============= |
============= |
============= |
============= |
============= |
|||
|
INTEREST EXPENSE (as per notes to P&L) |
|||||||
|
Hire purchase |
3,129 |
5,459 |
3,523 |
5,490 |
5,740 |
||
|
Term loan /
Borrowing |
160,438 |
143,221 |
101,020 |
86,284 |
- |
||
|
Others |
5,753 |
16,933 |
22,550 |
20,957 |
95,474 |
||
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|||
|
169,320 |
165,613 |
127,093 |
112,731 |
101,214 |
|||
|
============= |
============= |
============= |
============= |
============= |
|||
|
DEPRECIATION
(as per notes to P&L) |
76,138 |
75,150 |
54,388 |
47,141 |
227,066 |
||
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|||
|
76,138 |
75,150 |
54,388 |
47,141 |
227,066 |
|||
|
============= |
============= |
============= |
============= |
============= |
|||
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
182,504 |
198,072 |
143,602 |
137,195 |
1,097,584 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
- |
- |
- |
500,000 |
- |
|
Investments |
- |
- |
490,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS |
- |
- |
490,000 |
500,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
ASSETS |
182,504 |
198,072 |
633,602 |
637,195 |
1,097,584 |
|
Stocks |
626,670 |
98,877 |
418,241 |
107,618 |
1,456,833 |
|
Trade debtors |
4,857,599 |
3,798,296 |
2,514,504 |
1,673,735 |
4,750,625 |
|
Other debtors,
deposits & prepayments |
316,382 |
174,427 |
2,356,126 |
2,449,985 |
476,989 |
|
Short term deposits |
919,454 |
1,669,427 |
1,560,895 |
1,117,440 |
1,177,695 |
|
Amount due from
subsidiary companies |
- |
- |
- |
685,642 |
- |
|
Amount due from
director |
- |
- |
14,662 |
1,986 |
7,225 |
|
Cash & bank
balances |
591,720 |
666,383 |
273,654 |
83,490 |
416,060 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
ASSETS |
7,311,825 |
6,407,410 |
7,138,082 |
6,119,896 |
8,285,427 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
7,494,329 |
6,605,482 |
7,771,684 |
6,757,091 |
9,383,011 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
316,948 |
1,173,335 |
555,523 |
554,971 |
1,556,549 |
|
Other creditors
& accruals |
690,634 |
234,224 |
253,138 |
196,608 |
1,163,471 |
|
Hire purchase
& lease creditors |
38,156 |
46,565 |
39,639 |
37,672 |
- |
|
Short term borrowings/Term
loans |
400,000 |
400,000 |
400,000 |
300,000 |
200,000 |
|
Bill &
acceptances payable |
2,610,000 |
1,828,000 |
3,394,000 |
2,746,000 |
4,485,827 |
|
Amounts owing
to director |
- |
- |
- |
- |
12,966 |
|
Provision for
taxation |
48,278 |
7,702 |
32,814 |
63,792 |
13,043 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
LIABILITIES |
4,104,016 |
3,689,826 |
4,675,114 |
3,899,043 |
7,431,856 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
3,207,809 |
2,717,584 |
2,462,968 |
2,220,853 |
853,571 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET
ASSETS |
3,390,313 |
2,915,656 |
3,096,570 |
2,858,048 |
1,951,155 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share
capital |
1,500,000 |
1,500,000 |
1,500,000 |
1,500,000 |
1,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE
CAPITAL |
1,500,000 |
1,500,000 |
1,500,000 |
1,500,000 |
1,500,000 |
|
Retained profit/(loss)
carried forward |
1,849,686 |
1,350,956 |
1,579,663 |
1,303,936 |
337,564 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
1,849,686 |
1,350,956 |
1,579,663 |
1,303,936 |
337,564 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
3,349,686 |
2,850,956 |
3,079,663 |
2,803,936 |
1,837,564 |
|
Other long term
borrowings |
- |
- |
- |
- |
110,231 |
|
Hire purchase
creditors |
6,523 |
44,680 |
10,193 |
49,832 |
- |
|
Deferred
taxation |
34,104 |
20,020 |
6,714 |
4,280 |
3,360 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
LIABILITIES |
40,627 |
64,700 |
16,907 |
54,112 |
113,591 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,390,313 |
2,915,656 |
3,096,570 |
2,858,048 |
1,951,155 |
|
|
|
============= |
============= |
============= |
============= |
============= |
|
TYPES OF FUNDS |
|||||
|
Cash |
1,511,174 |
2,335,810 |
1,834,549 |
1,200,930 |
1,593,755 |
|
Net Liquid
Funds |
(1,098,826) |
507,810 |
(1,559,451) |
(1,545,070) |
(2,892,072) |
|
Net Liquid
Assets |
2,581,139 |
2,618,707 |
2,044,727 |
2,113,235 |
(603,262) |
|
Net Current
Assets/(Liabilities) |
3,207,809 |
2,717,584 |
2,462,968 |
2,220,853 |
853,571 |
|
Net Tangible
Assets |
3,390,313 |
2,915,656 |
3,096,570 |
2,858,048 |
1,951,155 |
|
Net Monetary
Assets |
2,540,512 |
2,554,007 |
2,027,820 |
2,059,123 |
(716,853) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before
Interest & Tax (EBIT) |
784,656 |
773,528 |
482,035 |
1,101,387 |
462,732 |
|
Earnings Before
Interest, Taxes, Depreciation And Amortization (EBITDA) |
860,794 |
848,678 |
536,423 |
1,148,528 |
689,798 |
|
BALANCE SHEET ITEMS |
|||||
|
Total
Borrowings |
3,054,679 |
2,319,245 |
3,843,832 |
3,133,504 |
4,796,058 |
|
Total Liabilities |
4,144,643 |
3,754,526 |
4,692,021 |
3,953,155 |
7,545,447 |
|
Total Assets |
7,494,329 |
6,605,482 |
7,771,684 |
6,757,091 |
9,383,011 |
|
Net Assets |
3,390,313 |
2,915,656 |
3,096,570 |
2,858,048 |
1,951,155 |
|
Net Assets
Backing |
3,349,686 |
2,850,956 |
3,079,663 |
2,803,936 |
1,837,564 |
|
Shareholders'
Funds |
3,349,686 |
2,850,956 |
3,079,663 |
2,803,936 |
1,837,564 |
|
Total Share
Capital |
1,500,000 |
1,500,000 |
1,500,000 |
1,500,000 |
1,500,000 |
|
Total Reserves |
1,849,686 |
1,350,956 |
1,579,663 |
1,303,936 |
337,564 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.37 |
0.63 |
0.39 |
0.31 |
0.21 |
|
Liquid Ratio |
1.63 |
1.71 |
1.44 |
1.54 |
0.92 |
|
Current Ratio |
1.78 |
1.74 |
1.53 |
1.57 |
1.11 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
4 |
1 |
3 |
1 |
14 |
|
Debtors Ratio |
30 |
33 |
19 |
10 |
45 |
|
Creditors Ratio |
2 |
11 |
5 |
5 |
15 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.91 |
0.81 |
1.25 |
1.12 |
2.61 |
|
Liabilities
Ratio |
1.24 |
1.32 |
1.52 |
1.41 |
4.11 |
|
Times Interest
Earned Ratio |
4.63 |
4.67 |
3.79 |
9.77 |
4.57 |
|
Assets Backing
Ratio |
2.26 |
1.94 |
2.06 |
1.91 |
1.30 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating
Profit Margin |
1.06 |
1.46 |
0.74 |
1.56 |
0.94 |
|
Net Profit Margin |
0.86 |
1.25 |
0.58 |
1.37 |
0.80 |
|
Return On Net
Assets |
23.14 |
26.53 |
15.57 |
38.54 |
23.72 |
|
Return On
Capital Employed |
22.89 |
26.11 |
15.37 |
38.03 |
23.72 |
|
Return On
Shareholders' Funds/Equity |
14.89 |
18.28 |
8.95 |
30.85 |
16.66 |
|
Dividend Pay
Out Ratio (Times) |
0 |
1.44 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.98.55 |
|
Euro |
1 |
Rs.72.60 |
|
MYR |
1 |
Rs.15.39 |
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.