|
Report No. : |
327705 |
|
Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
TOP TEA (M) SDN. BHD. |
|
|
|
|
Registered Office : |
31B, B, Jalan Sj 17, Taman Selayang Jaya, 68100 Batu Caves, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.05.2014 |
|
|
|
|
Date of Incorporation : |
04.06.2009 |
|
|
|
|
Com. Reg. No.: |
859517-U |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of tea |
|
|
|
|
No. of Employee : |
10 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 previously profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplied about 29% of government revenue in 2014. Bank Negara Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB earlier raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays. Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
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 of tea. The Subject is
not listed on Bursa Malaysia (Malaysia Stock Exchange). Share Capital
History
The major shareholder(s)
of the Subject are shown as follows :
+ Also Director The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
DIRECTORS
DIRECTOR 1
DIRECTOR 2
MANAGEMENT
AUDITOR
COMPANY
SECRETARIES
BANKING
ENCUMBRANCE
(S)
LITIGATION
CHECK AGAINST SUBJECT
DEFAULTER
CHECK AGAINST SUBJECT
PAYMENT
RECORD
CLIENTELE
OPERATIONS
Other Information:
CURRENT
INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
Other
Investigations
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
8.07% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
15.32% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.The higher profit could be attributed to the
increase in turnover. The unfavourable return on shareholders' funds could
indicate that the Subject was inefficient in utilising its assets to
generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
21 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
49 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
27 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 |
: |
Unfavourable |
[ |
0.50 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.70 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working
capital deficiency. If the Subject cannot obtain additional financing or injection
of fresh capital, it may face difficulties in meeting its short term
obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
1.48 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
7.79 Times |
] |
|
|
The Subject's interest cover was low. If its profits fall or when
interest rate rises, it may not be able to meet all its interest
payment. The Subject was highly geared, thus it had a high financial risk. The
Subject was dependent on loans to finance its business needs. In times of
economic downturn and / or high interest rate, the Subject will become less
profitable and competitive than other firms in the same industry, which are
lowly geared. This is because the Subject has to service the interest and
to repay the loan, which will erode part of its profits. The profits will
fluctuate depending on the Subject's turnover and the interest it needs to
pay. |
||||||
|
Overall Assessment : |
||||||
|
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. Due to its weak liquidity position,
the Subject will be faced with problems in meeting all its short term
obligations if no short term loan is obtained or additional capital
injected into the Subject. If there is a fall in the Subject's profit or
any increase in interest rate, the Subject may not be able to generate
sufficient cash-flow to service its interest. The Subject's gearing level
was high and its going concern will be in doubt if there is no injection of
additional shareholders' funds in times of economic downturn and / or high
interest rates. |
||||||
|
Overall financial condition of the
Subject : POOR |
||||||
|
Major Economic Indicators: |
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 |
|||||
|
MSIC CODE |
|
|
46325 : Wholesale of coffee, tea, cocoa and other beverages |
|
|
INDUSTRY : |
TRADING |
|
The wholesale and retail trade is expected to increase 7.1% in 2015
(2014: 7.7%) driven by strong domestic consumption and higher tourist arrivals
following the Malaysia Year of Festivals 2015. Besides, in 2014, the
wholesale and retail trade subsector is expected to increase 7.7% (2013:
6.4%) supported by strong domestic consumption. |
|
|
According to Retail Group Malaysia (RGM), the pharmacy and personal
care sub-sector had slow growth rate of 2.6% for the first quarter of 2014,
while "other specialty stores" grew at a rate of 3.5%. During the
first quarter of 2014, fashion and fashion accessories recorded a
sustainable growth of 6.3% as compared with the same period last year
(3.6%). |
|
|
The retail segment increased 10.1% (January - June 2013: 7.1%)
attributed to brisk sales in retail outlets such as hypermarkets and
large-scale superstores. Since the launch of the Small Retailer Transformation
programme (TUKAR) in January 2011 up to end-July 2014, 1,761 small retailer
stores (end-July 2013: 1,381) have been modernized to improve their
competitiveness. In addition, the strong growth of the retail segment was
supported by 1Malaysia Unified Sales held from 29 June 2014 to 1 September
2014 to attract foreign and local tourists to shop in Malaysia. Meanwhile,
the wholesale segment expanded 8.2% (January - June 2013: 4.9%) due to
higher sales of non-agricultural intermediate products, such as petrol,
diesel, lubricants and household goods. Furthermore, food and beverage
outlets, laundry outlets, car wash centres, abd health and beauty outlets
took a hit from the water rationing in the Klang Valley since February this
year. |
|
|
On the other hand, in 2014, Malaysia's total trade is expected to
grow 5.2% to RM1.44 trillion (2013: 4.5%; RM1.37 trillion) underpinned by
recovery in key advanced economies, resilient regional demand, and partly
due to the base effect arising from sluggish exports in the corresponding
period last year. Gross exports are anticipated to expand 6% to RM762.8
billion while import decreased 4.3% to RM677.2 billion (2013: 2.4%; RM719.8
billion; 7%; RM 649.1 billion). Consequently, the trade surplus is expected
to be higher at RM85.6 billion or 7.9% of GDP in 2014 (2013: RM70.7
billion; 7.2%). |
|
|
Furthermore, gross exports rebounded by 10.7% to RM441.3 billion
during the first seven months of 2014 (January - July 2013: -2.8%; RM398.5
billion), with manufactured and mining exports rising at a double digit
pace of 11.4% and 12.5%. Shipment of agriculture products grew at a slower
pace of 2.7%, primarily due to lower receipts of crude rubber (-24.6%)
while export growth of other commodities remained steady. Consequently,
exports of manufactured and mining products are expected to grow 6.1% and
6.4% in 2014 (2013: 5.1%; 3.3%). Meanwhile, agriculture exports are
expected to rebound sharply by 4.5% in 2014 (2013: -14.4%) despite
moderating commodity prices. Malaysia's top 3 trading partners are China,
Singapore, and Japan. |
|
|
Over 60% of Gross Domestic Product (GDP) is contributed by domestic
consumption. Therefore the wholesale and retail sector plays a crucial role
in driving Malaysia's growth over the next decade despite the ongoing
global economic slowdown. By 2020, Malaysia's wholesale and retail sector
is expected to boost the country's total Gross National Income (GNI) by
RM156 billion, creating 454,190 new jobs. |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
Financial Year End |
2014-05-31 |
2013-05-31 |
2012-05-31 |
2011-05-31 |
2010-05-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
5,238,801 |
4,013,829 |
4,768,633 |
4,437,969 |
3,985,927 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
5,238,801 |
4,013,829 |
4,768,633 |
4,437,969 |
3,985,927 |
|
Costs of Goods Sold |
(4,575,946) |
(3,536,753) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
662,855 |
477,076 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
50,028 |
17,198 |
2,244 |
36,953 |
34,487 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
50,028 |
17,198 |
2,244 |
36,953 |
34,487 |
|
Taxation |
(31,244) |
(19,742) |
(20,966) |
(16,479) |
(3,187) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
18,784 |
(2,544) |
(18,722) |
20,474 |
31,300 |
|
Minority interests |
(48) |
- |
25 |
- |
(52) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
18,736 |
(2,544) |
(18,697) |
20,474 |
31,248 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
18,736 |
(2,544) |
(18,697) |
20,474 |
31,248 |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(19,019) |
(16,475) |
2,222 |
31,248 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(19,019) |
(16,475) |
2,222 |
31,248 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(283) |
(19,019) |
(16,475) |
51,722 |
31,248 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
- |
(49,500) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(283) |
(19,019) |
(16,475) |
2,222 |
31,248 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
6,713 |
9,132 |
- |
- |
- |
|
Hire purchase |
2,093 |
3,588 |
- |
- |
- |
|
Term loan / Borrowing |
38,596 |
40,712 |
- |
- |
- |
|
Others |
57,502 |
28,977 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
104,904 |
82,409 |
- |
- |
- |
|
|
============= |
============= |
- |
- |
- |
|
|
DEPRECIATION (as per notes to P&L) |
100,648 |
83,514 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
100,648 |
83,514 |
- |
- |
- |
|
|
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
1,464,865 |
1,479,839 |
1,537,798 |
810,767 |
826,274 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,464,865 |
1,479,839 |
1,537,798 |
810,767 |
826,274 |
|
Stocks |
296,088 |
365,925 |
- |
- |
- |
|
Trade debtors |
698,583 |
323,960 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
35,586 |
127,504 |
- |
- |
- |
|
Amount due from director |
- |
10,800 |
- |
- |
- |
|
Cash & bank balances |
4,657 |
21,152 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
1,034,914 |
849,341 |
734,734 |
605,244 |
492,281 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
2,499,779 |
2,329,180 |
2,272,532 |
1,416,011 |
1,318,555 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
339,830 |
383,021 |
- |
- |
- |
|
Other creditors & accruals |
23,476 |
51,455 |
- |
- |
- |
|
Hire purchase & lease creditors |
12,612 |
17,500 |
- |
- |
- |
|
Bank overdraft |
104,990 |
100,693 |
- |
- |
- |
|
Short term borrowings/Term loans |
43,580 |
43,302 |
- |
- |
- |
|
Bill & acceptances payable |
870,191 |
654,081 |
- |
- |
- |
|
Amounts owing to director |
79,236 |
81,220 |
- |
- |
- |
|
Provision for taxation |
14,486 |
5,949 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
1,488,401 |
1,337,221 |
1,217,975 |
900,703 |
786,144 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(453,487) |
(487,880) |
(483,241) |
(295,459) |
(293,863) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,011,378 |
991,959 |
1,054,557 |
515,308 |
532,411 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
210,000 |
210,000 |
210,000 |
180,000 |
150,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
210,000 |
210,000 |
210,000 |
180,000 |
150,000 |
|
RESERVES |
|||||
|
Share premium |
22,424 |
22,424 |
22,424 |
22,424 |
- |
|
Retained profit/(loss) carried forward |
(283) |
(19,019) |
(16,475) |
2,222 |
31,248 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
22,141 |
3,405 |
5,949 |
24,646 |
31,248 |
|
MINORITY INTEREST |
(106) |
(154) |
(208) |
(183) |
54 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
232,035 |
213,251 |
215,741 |
204,463 |
181,302 |
|
Long term loans |
734,845 |
776,598 |
- |
- |
- |
|
Hire purchase creditors |
42,388 |
- |
- |
- |
- |
|
Deferred taxation |
2,110 |
2,110 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
779,343 |
778,708 |
838,816 |
310,845 |
351,109 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,011,378 |
991,959 |
1,054,557 |
515,308 |
532,411 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
4,657 |
21,152 |
- |
- |
- |
|
Net Liquid Funds |
(970,524) |
(733,622) |
- |
- |
- |
|
Net Liquid Assets |
(749,575) |
(853,805) |
(483,241) |
(295,459) |
(293,863) |
|
Net Current Assets/(Liabilities) |
(453,487) |
(487,880) |
(483,241) |
(295,459) |
(293,863) |
|
Net Tangible Assets |
1,011,378 |
991,959 |
1,054,557 |
515,308 |
532,411 |
|
Net Monetary Assets |
(1,528,918) |
(1,632,513) |
(1,322,057) |
(606,304) |
(644,972) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
154,932 |
99,607 |
- |
- |
- |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
255,580 |
183,121 |
- |
- |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
1,808,606 |
1,592,174 |
- |
- |
- |
|
Total Liabilities |
2,267,744 |
2,115,929 |
2,056,791 |
1,211,548 |
1,137,253 |
|
Total Assets |
2,499,779 |
2,329,180 |
2,272,532 |
1,416,011 |
1,318,555 |
|
Net Assets |
1,011,378 |
991,959 |
1,054,557 |
515,308 |
532,411 |
|
Net Assets Backing |
232,035 |
213,251 |
215,741 |
204,463 |
181,302 |
|
Shareholders' Funds |
232,035 |
213,251 |
215,741 |
204,463 |
181,302 |
|
Total Share Capital |
210,000 |
210,000 |
210,000 |
180,000 |
150,000 |
|
Total Reserves |
22,141 |
3,405 |
5,949 |
24,646 |
31,248 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.00 |
0.02 |
- |
- |
- |
|
Liquid Ratio |
0.50 |
0.36 |
- |
- |
- |
|
Current Ratio |
0.70 |
0.64 |
0.60 |
0.67 |
0.63 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
21 |
33 |
- |
- |
- |
|
Debtors Ratio |
49 |
29 |
- |
- |
- |
|
Creditors Ratio |
27 |
40 |
- |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
7.79 |
7.47 |
- |
- |
- |
|
Liabilities Ratio |
9.77 |
9.92 |
9.53 |
5.93 |
6.27 |
|
Times Interest Earned Ratio |
1.48 |
1.21 |
- |
- |
- |
|
Assets Backing Ratio |
4.82 |
4.72 |
5.02 |
2.86 |
3.55 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.95 |
0.43 |
0.05 |
0.83 |
0.87 |
|
Net Profit Margin |
0.36 |
(0.06) |
(0.39) |
0.46 |
0.78 |
|
Return On Net Assets |
15.32 |
10.04 |
0.21 |
7.17 |
6.48 |
|
Return On Capital Employed |
13.72 |
8.97 |
0.21 |
7.17 |
6.48 |
|
Return On Shareholders' Funds/Equity |
8.07 |
(1.19) |
(8.67) |
10.01 |
17.24 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
- |
2.42 |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
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.