|
Report No. : |
327393 |
|
Report Date : |
18.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MALAYSIAN ALUMINIUM & ALLOYS 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 : |
04.10.2001 |
|
|
|
|
Com. Reg. No.: |
560655-W |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is manufacturer of aluminium & alloy sheets, stainless
steel, silicon steel, carbon steel, pipes, angels, round & flat bars |
|
|
|
|
No. of Employee : |
70 [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 : |
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. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have 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 supplies about 32% of government revenue in 2013. Bank Negara Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB earlier raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays. 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 |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
560655-W |
||||
|
COMPANY NAME |
: |
MALAYSIAN ALUMINIUM & ALLOYS SDN. BHD. |
||||
|
FORMER NAME |
: |
M.K. ALUMINIUM MANUFACTURING (M) SDN. BHD. (05/03/2003) |
||||
|
INCORPORATION DATE |
: |
04/10/2001 |
||||
|
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 |
: |
LOT 2-37, JALAN PERINDUSTRIAN MAHKOTA 7, TAMAN PERINDUSTRIAN MAHKOTA,
43700 BERANANG, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-87247991 |
||||
|
FAX.NO. |
: |
03-87247466 |
||||
|
EMAIL |
: |
INFO@MAALOYS.COM.MY |
||||
|
WEB SITE |
: |
WWW.MAALLOYS.COM.MY |
||||
|
CONTACT PERSON |
: |
MUTHUKUMAR S/O AYARPADDE ( EXECUTIVE VICE CHAIRMAN ) |
||||
|
INDUSTRY CODE |
: |
24102 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURER OF ALUMINIUM & ALLOY SHEETS, STAINLESS STEEL, SILICON
STEEL, CARBON STEEL, PIPES, ANGELS, ROUND & FLAT BARS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 50,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 33,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 130,655,590 [2013] |
||||
|
NET WORTH |
: |
MYR 43,519,611 [2013] |
||||
|
STAFF STRENGTH |
: |
70 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY
/ BACKGROUND
|
The Subject is a private limited company and is allowed to have a
minimum of one and a maximum of forty-nine shareholders. As a private limited
company, the Subject must have at least two directors. A private limited
company is a separate legal entity from its shareholders. As a separate legal
entity, the Subject is capable of owning assets, entering into contracts, sue
or be sued by other companies. The liabilities of the shareholders are to the
extent of the equity they have taken up and the creditors cannot claim on
shareholders' personal assets even if the Subject is insolvent. The Subject is
governed by the Companies Act, 1965 and the company must file its annual
returns, together with its financial statements with the Registrar of
Companies.
The Subject is principally engaged in the (as a / as an) manufacturer of
aluminium & alloy sheets, stainless steel, silicon steel, carbon steel,
pipes, angels, round & flat bars.
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 |
|
13/06/2014 |
MYR 50,000,000.00 |
MYR 33,000,000.00 |
|
05/08/2009 |
MYR 25,000,000.00 |
MYR 15,000,000.00 |
|
27/01/2005 |
MYR 25,000,000.00 |
MYR 13,370,000.00 |
|
24/11/2004 |
MYR 25,000,000.00 |
MYR 10,370,000.00 |
|
12/07/2004 |
MYR 5,000,000.00 |
MYR 3,000,000.00 |
|
24/02/2004 |
MYR 5,000,000.00 |
MYR 500,000.00 |
|
08/10/2001 |
MYR 100,000.00 |
MYR 1,000.00 |
|
04/10/2001 |
MYR 100,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are shown as follows :
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 |
33,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
33,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
DATO' 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 |
: |
04/10/2001 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. CHONG TIEAN LENG |
|
Address |
: |
C4-5-1, CYPRESS CONDOMINIUM, PERSIARAN SUNGAI LONG 1, 43000 KAJANG,
SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A3582403 |
|
New IC No |
: |
770114-08-5999 |
|
Date of Birth |
: |
14/01/1977 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
30/12/2013 |
DIRECTOR 3
|
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 |
: |
18/02/2005 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
MURUGESAN MUTHU KUNIYANDI |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name of Subject |
: |
MUTHUKUMAR S/O AYARPADDE |
|
Position |
: |
EXECUTIVE VICE CHAIRMAN |
|
|
|
AUDITOR
|
|
Auditor |
: |
CROWE HORWATH |
|
Auditor' Address |
: |
TOWER C, MEGAN AVENUE II, 12, JALAN YAP KWAN SENG. LEVEL 16, 50450 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 |
: |
HONG LEONG BANK BHD |
|
2) |
Name |
: |
MALAYAN BANKING BHD |
|
3) |
Name |
: |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
16/08/2004 |
N/A |
MALAYAN BANKING BERHAD |
MYR 5,200,000.00 |
Satisfied |
|
2 |
16/08/2004 |
N/A |
MALAYAN BANKING BERHAD |
MYR 6,150,000.00 |
Satisfied |
|
3 |
23/02/2005 |
N/A |
HONG LEONG BANK BERHAD |
- |
Satisfied |
|
4 |
12/06/2007 |
FIXED & FLOATING |
KUWAIT FINANCE HOUSE (MALAYSIA) BERHAD |
- |
Satisfied |
|
5 |
24/09/2012 |
DEBENTURE |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
- |
Unsatisfied |
|
6 |
24/09/2012 |
FIRST LEGAL CHARGE |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
MYR 33,400,000.00 |
Unsatisfied |
|
7 |
24/09/2012 |
DEBENTURE |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
MYR 33,400,000.00 |
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 |
|
Import Countries |
: |
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 |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
CHINA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
AUTOMOTIVE INDUSTRIES,ELECTRICAL &
ELECTRONIC INDUSTRIES,MANUFACTURING INDUSTRIES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|||
|
Award |
: |
1 ) MS ISO 14001 Year :2006 |
|||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM) MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE) SMALL & MEDIUM ENTERPRISE |
|||
|
Ownership of premises |
: |
OWNED |
|||
|
Factory Size |
: |
3 ACRE |
|||
|
Production Capacity |
: |
|
|||
|
Shifts |
: |
2 |
|||
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
2010 |
|||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|||
|
COMPANY |
70 |
60 |
50 |
50 |
50 |
50 |
|||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturer of
aluminium & alloy sheets, stainless steel, silicon steel, carbon steel,
pipes, angels, round & flat bars.
The Subject's products are mainly use in building materials, electrical
products, automotive industry and others.
The Subject consistently produces aluminium products of the highest quality and
conducts extensive quality testing on all its products from souring and sorting
of raw materials right through to the final product.
We were informed that all the Subject's products are analysed for metal
composition using advanced Spectrometer, Vaccum pump for porosity testing,
microscopic observation and 'K' mould testing.
The Subject ensures that adjustments and modifications are carried out as
required by the Quality Control Department and to meet customers' specific
requirements.
The Subject utilizes the state-of-the-art, computer controlled laboratory
equipments and proven statistical process control methods.
The Subject offers a wide range of products as follows :
* Electronic Components - Telecommunications, Computer Peripherals, Consumer
Electrical, Audio / Video
* Automotive Components - Car Audio, Bicylce Parts, Engine Block
* Other Components - Medical Equipment, Fishing Equipment, Industrial
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-87247991 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
LOT 2-37 JALAN PERINDUSTRIAN MAHKOTA 7, TAMAN PERINDUSTRIAN
MAHKOTA,43700,BERANANG,SELANGOR. |
|
Current Address |
: |
LOT 2-37, JALAN PERINDUSTRIAN MAHKOTA 7, TAMAN PERINDUSTRIAN MAHKOTA,
43700 BERANANG, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 16th June 2015 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
16.99% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
20.61% |
] |
|
|
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 Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
70 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
60 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
42 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. The Subject's management
was quite efficient in handling its debtors. The Subject's debtors days were
at an acceptable range, thus the risk of its debts turning bad was minimised.
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 |
[ |
1.37 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.01 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 |
[ |
6.23 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.86 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 : |
||||||
|
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. 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 : STABLE |
||||||
MALAYSIA ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
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 ): |
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) |
1.4 |
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 |
|
|
24102 : Production of bars and rods of stainless steel or other alloy
steel |
|
|
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) |
|
MALAYSIAN ALUMINIUM & ALLOYS 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 |
18 |
|
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 |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
130,655,590 |
122,716,265 |
111,557,383 |
119,184,077 |
157,799,304 |
|
Other Income |
1,117,571 |
428,465 |
764,087 |
346,414 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
131,773,161 |
123,144,730 |
112,321,470 |
119,530,491 |
157,799,304 |
|
Costs of Goods Sold |
(116,061,157) |
(112,960,167) |
(104,120,681) |
(108,571,195) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
15,712,004 |
10,184,563 |
8,200,789 |
10,959,296 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
10,220,689 |
3,916,763 |
2,876,362 |
5,407,028 |
8,810,765 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
10,220,689 |
3,916,763 |
2,876,362 |
5,407,028 |
8,810,765 |
|
Taxation |
(2,828,000) |
(1,289,460) |
(858,300) |
(2,680,355) |
(330,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
7,392,689 |
2,627,303 |
2,018,062 |
2,726,673 |
8,480,765 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
12,712,005 |
10,084,702 |
10,566,640 |
10,839,967 |
5,687,799 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
12,712,005 |
10,084,702 |
10,566,640 |
10,839,967 |
5,687,799 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
20,104,694 |
12,712,005 |
12,584,702 |
13,566,640 |
14,168,564 |
|
TRANSFER TO RESERVES - General |
- |
- |
- |
- |
(1,630,000) |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
(2,500,000) |
(3,000,000) |
(1,698,597) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
20,104,694 |
12,712,005 |
10,084,702 |
10,566,640 |
10,839,967 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bankers' acceptance |
360,390 |
88,857 |
72,523 |
98,551 |
- |
|
Hire purchase |
29,679 |
37,192 |
31,273 |
20,083 |
- |
|
Letter of credit |
- |
25,307 |
- |
- |
- |
|
Term loan / Borrowing |
1,562,969 |
1,015,033 |
325,754 |
777,544 |
- |
|
Others |
- |
1,060,362 |
2,111,630 |
2,120,609 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,953,038 |
2,226,751 |
2,541,180 |
3,016,787 |
- |
|
|
============= |
============= |
============= |
============= |
- |
|
|
DEPRECIATION (as per notes to P&L) |
1,351,772 |
1,316,157 |
1,327,006 |
1,267,452 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,351,772 |
1,316,157 |
1,327,006 |
1,267,452 |
- |
|
|
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
MALAYSIAN ALUMINIUM & ALLOYS SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
19,607,397 |
11,205,428 |
11,313,273 |
11,941,301 |
12,786,575 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
112,350 |
- |
- |
- |
- |
|
Investments |
- |
- |
76,000 |
76,000 |
- |
|
Others |
76,000 |
76,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
188,350 |
76,000 |
76,000 |
76,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
19,795,747 |
11,281,428 |
11,389,273 |
12,017,301 |
12,786,575 |
|
Stocks |
25,002,207 |
19,878,882 |
12,222,007 |
15,487,442 |
- |
|
Trade debtors |
21,380,631 |
16,379,338 |
24,905,250 |
22,894,727 |
- |
|
Other debtors, deposits & prepayments |
1,769,278 |
1,946,471 |
2,996,866 |
762,382 |
- |
|
Amount due from holding company |
19,286,876 |
16,709,401 |
6,913,901 |
12,447,201 |
- |
|
Amount due from related companies |
9,727,571 |
10,717,545 |
8,188,877 |
1,011,367 |
- |
|
Cash & bank balances |
1,181,253 |
1,860,393 |
3,387,807 |
790,942 |
- |
|
Others |
- |
613,981 |
5,584,280 |
9,686,281 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
78,347,816 |
68,106,011 |
64,198,988 |
63,080,342 |
57,357,714 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
98,143,563 |
79,387,439 |
75,588,261 |
75,097,643 |
70,144,289 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
13,364,959 |
12,777,803 |
10,299,838 |
5,864,814 |
- |
|
Other creditors & accruals |
1,248,081 |
1,564,221 |
966,072 |
1,819,648 |
- |
|
Hire purchase & lease creditors |
- |
- |
209,903 |
186,752 |
- |
|
Short term borrowings/Term loans |
23,257,052 |
19,436,596 |
913,463 |
862,598 |
- |
|
Bill & acceptances payable |
- |
- |
2,658,450 |
1,578,200 |
- |
|
Amounts owing to related companies |
- |
72,298 |
- |
- |
- |
|
Provision for taxation |
1,204,756 |
- |
- |
- |
- |
|
Other liabilities |
- |
- |
31,360,453 |
34,470,892 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
39,074,848 |
33,850,918 |
46,408,179 |
44,782,904 |
38,956,924 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
39,272,968 |
34,255,093 |
17,790,809 |
18,297,438 |
18,400,790 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
59,068,715 |
45,536,521 |
29,180,082 |
30,314,739 |
31,187,365 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
15,000,000 |
15,000,000 |
15,000,000 |
15,000,000 |
15,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
15,000,000 |
15,000,000 |
15,000,000 |
15,000,000 |
15,000,000 |
|
Revaluation reserve |
8,414,917 |
- |
- |
- |
- |
|
Retained profit/(loss) carried forward |
20,104,694 |
12,712,005 |
10,084,702 |
10,566,640 |
10,839,967 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
28,519,611 |
12,712,005 |
10,084,702 |
10,566,640 |
10,839,967 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
43,519,611 |
27,712,005 |
25,084,702 |
25,566,640 |
25,839,967 |
|
Long term loans |
13,571,504 |
16,428,560 |
2,843,516 |
3,741,931 |
- |
|
Hire purchase creditors |
401,233 |
535,956 |
391,864 |
146,168 |
- |
|
Deferred taxation |
1,576,367 |
860,000 |
860,000 |
860,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
15,549,104 |
17,824,516 |
4,095,380 |
4,748,099 |
5,347,398 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
59,068,715 |
45,536,521 |
29,180,082 |
30,314,739 |
31,187,365 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
MALAYSIAN ALUMINIUM & ALLOYS SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
1,181,253 |
1,860,393 |
3,387,807 |
790,942 |
- |
|
Net Liquid Funds |
1,181,253 |
1,860,393 |
729,357 |
(787,258) |
- |
|
Net Liquid Assets |
14,270,761 |
14,376,211 |
5,568,802 |
2,809,996 |
18,400,790 |
|
Net Current Assets/(Liabilities) |
39,272,968 |
34,255,093 |
17,790,809 |
18,297,438 |
18,400,790 |
|
Net Tangible Assets |
59,068,715 |
45,536,521 |
29,180,082 |
30,314,739 |
31,187,365 |
|
Net Monetary Assets |
(1,278,343) |
(3,448,305) |
1,473,422 |
(1,938,103) |
13,053,392 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
12,173,727 |
6,143,514 |
5,417,542 |
8,423,815 |
- |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
13,525,499 |
7,459,671 |
6,744,548 |
9,691,267 |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
37,229,789 |
36,401,112 |
7,017,196 |
6,515,649 |
- |
|
Total Liabilities |
54,623,952 |
51,675,434 |
50,503,559 |
49,531,003 |
44,304,322 |
|
Total Assets |
98,143,563 |
79,387,439 |
75,588,261 |
75,097,643 |
70,144,289 |
|
Net Assets |
59,068,715 |
45,536,521 |
29,180,082 |
30,314,739 |
31,187,365 |
|
Net Assets Backing |
43,519,611 |
27,712,005 |
25,084,702 |
25,566,640 |
25,839,967 |
|
Shareholders' Funds |
43,519,611 |
27,712,005 |
25,084,702 |
25,566,640 |
25,839,967 |
|
Total Share Capital |
15,000,000 |
15,000,000 |
15,000,000 |
15,000,000 |
15,000,000 |
|
Total Reserves |
28,519,611 |
12,712,005 |
10,084,702 |
10,566,640 |
10,839,967 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.03 |
0.05 |
0.07 |
0.02 |
- |
|
Liquid Ratio |
1.37 |
1.42 |
1.12 |
1.06 |
- |
|
Current Ratio |
2.01 |
2.01 |
1.38 |
1.41 |
1.47 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
70 |
59 |
40 |
47 |
- |
|
Debtors Ratio |
60 |
49 |
81 |
70 |
- |
|
Creditors Ratio |
42 |
41 |
36 |
20 |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.86 |
1.31 |
0.28 |
0.25 |
- |
|
Liabilities Ratio |
1.26 |
1.86 |
2.01 |
1.94 |
1.71 |
|
Times Interest Earned Ratio |
6.23 |
2.76 |
2.13 |
2.79 |
- |
|
Assets Backing Ratio |
3.94 |
3.04 |
1.95 |
2.02 |
2.08 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
7.82 |
3.19 |
2.58 |
4.54 |
5.58 |
|
Net Profit Margin |
5.66 |
2.14 |
1.81 |
2.29 |
5.37 |
|
Return On Net Assets |
20.61 |
13.49 |
18.57 |
27.79 |
28.25 |
|
Return On Capital Employed |
20.61 |
13.49 |
18.43 |
27.62 |
28.25 |
|
Return On Shareholders' Funds/Equity |
16.99 |
9.48 |
8.04 |
10.66 |
32.82 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
1.24 |
1.10 |
0.20 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.11 |
|
UK Pound |
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.72.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared by
: |
ASH |
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.