|
Report No. : |
328304 |
|
Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
RUBBERFLEX SDN.BHD. |
|
|
|
|
Formerly Known As : |
HEVEAFLEX SDN. BHD. (18/10/1986) HEVEA INDUSTRIES SDN BHD (12/08/1985) |
|
|
|
|
Registered Office : |
Ubn Tower, P.O.Box 48, 10 Jalan P Ramlee, 21st Floor, 50470 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
26.01.1985 |
|
|
|
|
Com. Reg. No.: |
134208-U |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Manufacturing Of Rubber Thread |
|
|
|
|
No of Employees : |
800 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
EXECUTIVE
SUMMARY
|
|
|
|
REGISTRATION NO. |
: |
134208-U |
||||
|
COMPANY NAME |
: |
RUBBERFLEX SDN.BHD. |
||||
|
FORMER NAME |
: |
HEVEAFLEX SDN. BHD. (18/10/1986) |
||||
|
INCORPORATION DATE |
: |
26/01/1985 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
UBN TOWER, P.O.BOX 48, 10 JALAN P RAMLEE, 21ST FLOOR, 50470 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
UBN TOWER, BOX 48, 10, JALAN P RAMLEE, 21ST FLOOR, 50250 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-20720011 |
||||
|
FAX.NO. |
: |
03-20785103 |
||||
|
EMAIL |
: |
INFO@RUBBERFLEX.COM.MY |
||||
|
WEB SITE |
: |
WWW.RUBBERFLEX.COM.MY |
||||
|
CONTACT PERSON |
: |
EUGENE KANG HONG NGEE ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
221 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF RUBBER THREAD |
||||
|
AUTHORISED CAPITAL |
: |
MYR 30,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 22,100,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 573,413,579 [2013] |
||||
|
NET WORTH |
: |
MYR 257,437,096 [2013] |
||||
|
M1000 OVERALL RANKING |
: |
528[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
12[2011] |
||||
|
STAFF STRENGTH |
: |
800 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
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) manufacturing of rubber thread.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the Subject's ranking are
as follows: |
||||
|
YEAR |
2011 |
2005 |
2004 |
|
|
OVERALL RANKING |
528 |
822 |
907 |
|
|
INDUSTRY RANKING |
12 |
17 |
14 |
|
The ultimate holding company of the Subject is RUBBER INTERNATIONAL A.G., a company incorporated in EUROPE.
Share Capital
History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
23/04/2012 |
MYR 30,000,000.00 |
MYR 22,100,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
RUBBER INTERNATIONAL A.G. |
ALTENBACH 8, SL 9490 VADUZ, FURSTENTUM LIECHTENSTIEN, LIECHTENSTEIN. |
XLZ000002394 |
11,050,000.00 |
50.00 |
|
TOPONE ESTABLISHMENT |
- |
XLZ00210884 |
10,166,000.00 |
46.00 |
|
MALAYSIA NOMINEES (TEMPATAN) SENDIRIAN BERHAD |
MALAYSIA |
6193K |
884,000.00 |
4.00 |
|
--------------- |
------ |
|||
|
22,100,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
909715T |
MALAYSIA |
RUBBERFLEX REENERGY SDN. BHD. |
100.00 |
26/11/2014 |
DIRECTORS
|
DIRECTOR
1
|
Name Of Subject |
: |
MR. KRISTOPA ANAK WATT |
|
Address |
: |
82, KAMPUNG SELAMPIT, 94500 LUNDU, SARAWAK, MALAYSIA. |
|
IC / PP No |
: |
680115-13-5557 |
|
New IC No |
: |
680115-13-5557 |
|
Date of Birth |
: |
15/01/1968 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
09/06/2006 |
DIRECTOR 2
|
Name Of Subject |
: |
EDGAR BAYSA VENTURA |
|
Address |
: |
390, LORONG BENTONG MAKMUR 14, 28700 BENTONG, PAHANG, MALAYSIA. |
|
IC / PP No |
: |
EB3797935 |
|
Nationality |
: |
FILIPINO |
|
Date of Appointment |
: |
08/04/2003 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. EUGENE KANG HONG NGEE |
|
Address |
: |
B5-3, LOJING HEIGHTS 1, SECTION 5, WANGSA MAJU, 53300 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A2180211 |
|
New IC No |
: |
720323-01-5465 |
|
Date of Birth |
: |
23/03/1972 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
10/06/2008 |
DIRECTOR 4
|
Name Of Subject |
: |
ALDO CERINA |
|
Address |
: |
12, JALAN U-THANT, 55000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
YA2464160 |
|
Nationality |
: |
ITALIAN |
|
Date of Appointment |
: |
03/04/1989 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
EUGENE KANG HONG NGEE |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name of Subject |
: |
FAUZIAH |
|
Position |
: |
ADMINISTRATOR |
|
|
3) |
Name of Subject |
: |
MAZLAN |
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
AUDITOR
|
|
Auditor |
: |
BAKER TILLY AC |
|
Auditor' Address |
: |
TOWER 1, AVENUE 5, BANGSAR SOUTH CITY, LEVEL 10, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. WONG YOUN KIM |
|
IC / PP No |
: |
A1617285 |
|
|
New IC No |
: |
700823-10-5530 |
|
|
Address |
: |
1041, JALAN KUANG GUNUNG 4, TAMAN KEPONG, 52100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MR. WONG MAW CHUAN |
|
New IC No |
: |
640419-10-6345 |
|
|
Address |
: |
17, JALAN BK 8/1F, BANDAR KINRARA, 47100 PUCHONG, SELANGOR, MALAYSIA. |
|
|
3) |
Company Secretary |
: |
MR. EUGENE KANG HONG NGEE |
|
IC / PP No |
: |
A2180211 |
|
|
New IC No |
: |
720323-01-5465 |
|
|
Address |
: |
B5-3, LOJING HEIGHTS 1, SECTION 5, WANGSA MAJU, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
HSBC BANK MALAYSIA BHD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
23/06/1986 |
N/A |
OVERSEACHINESE BANKING CORPORATION LTD |
MYR 9,500,000.00 |
Satisfied |
|
2 |
21/06/1988 |
N/A |
BAN HIN LEE BANK BHD |
MYR 4,750,000.00 |
Satisfied |
|
3 |
21/06/1988 |
N/A |
BAN HIN LEE BANK BHD |
MYR 4,000,000.00 |
Satisfied |
|
5 |
21/06/1988 |
N/A |
BAN HIN LEE BANK BHD |
MYR 8,750,000.00 |
Satisfied |
|
4 |
12/07/1988 |
N/A |
OVERSEA CHINESE BANKING CORP LTD |
MYR 600,000.00 |
Satisfied |
|
6 |
28/11/1988 |
N/A |
OVERSEACHINESE BANKING CORP LTD |
MYR 20,000,000.00 |
Satisfied |
|
7 |
28/12/1988 |
N/A |
BAN HIN LEE BANK BERHAD |
MYR 350,000.00 |
Satisfied |
|
8 |
07/11/1991 |
N/A |
BANK BUMIPUTRA MALAYSIA BHD |
MYR 20,300,000.00 |
Satisfied |
|
9 |
07/06/1995 |
N/A |
BANK BUMIPUTRA MALAYSIA BERHAD |
MYR 20,300,000.00 |
Satisfied |
|
10 |
12/12/1996 |
N/A |
BANK BUMIPUTRA MALAYSIA BERHAD |
MYR 20,300,000.00 |
Satisfied |
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank against 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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
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 |
: |
AUSTRALIA |
|||
|
Credit Term |
: |
60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
DEALERS |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
||||
|
Product Brand Name |
: |
|
||||
|
Award |
: |
1 ) MS ISO 9001 : 2000 Year :2003 |
||||
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMI ASSOCIATION OF MALAYSIA MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) SMALL & MEDIUM ENTERPRISE |
||||
|
Ownership of premises |
: |
OWNED |
||||
|
Factory / Premises |
: |
LOT 2, BENTONG INDUSTRIAL
AREA, 28700 BENTONG, PAHANG, MALAYSIA. |
||||
|
Factory Size |
: |
24.5 ACRES |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
800 |
800 |
800 |
800 |
750 |
||||
|
Branch |
: |
YES |
|
|
No of Branches |
: |
2 |
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
rubber thread.
The Subject offers a full range of elastic yarns
based on extruded natural latex.
The Subject's products portfolio is includes
as follows:
* Talc-coated (RX) thread
* Powderless (EX) silicone coated thread
* Food grade (MP) thread in RX for the
manufacture of meat nettings
* High Modulus (HM) thread in RX & EX
for the furniture industry
* Super soft thread for elasticated medical
bandages
* Brightly coloured EX threads for the toy
industry
* Baby Diaper grade thread\
* Super Heat Resistant (SHR) threads in both
RX & EX form
* Weather resistant thread (LQ) for the sock
trade.
The Subject utilizes state-of-the-art Italian technology machineries at its factory to ensure production of high quality products.
The Subject produces quality rubber threads for various applications in various industries.
The Subject strive for
consistency in quality and to meet the customer’s stringent quality and
delivery requirements.
With the Subject's worldwide distribution network and established manufacturing
facility, it deliver products in a myriad of specifications according to each
client's requirements.
The Subject has wide range of products that
meet various industry requirements and different budgets.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
0320720011 |
|
Current Telephone Number |
: |
03-20720011 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
UBN TOWER, BOX 48, 10, JALAN P RAMLEE, 21ST FLOOR,50250,KUALA LUMPUR,WILAYAH
PERSEKUTUAN. |
|
Current Address |
: |
UBN TOWER, BOX 48, 10, JALAN P RAMLEE, 21ST FLOOR, 50250 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
6.95% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
6.68% |
] |
|
|
The continuous fall in turnover could be due to the lower demand for the
Subject's products / services. The Subject's management have been efficient
in controlling its operating costs. 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 |
: |
Unfavourable |
[ |
83 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
81 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
14 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. The high debtors' ratio
could indicate that the Subject was weak in its credit control. However, the
Subject could also giving longer credit periods to its customers in order to
boost its sales or to capture / retain its market share. The Subject had a
favourable creditors' ratio where the Subject could be taking advantage of
the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.09 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.98 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they fall
due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
12.66 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.44 Times |
] |
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was
making enough profit to pay for the interest accrued. The Subject was lowly
geared thus it had a low financial risk. The Subject was mainly financed by
its shareholders' funds and internally generated funds. In times of economic
slowdown / downturn, the Subject being a lowly geared company, will be able
to compete better than those companies which are highly geared in the same
industry. |
||||||
|
Overall Assessment : |
||||||
|
Due to the efficient control of its operating costs, the Subject was
able to remain profitable despite lower turnover achieved during the year. The
Subject was in good liquidity position with its total current liabilities
well covered by its total current assets. With its current net assets, the
Subject should be able to repay its short term obligations. With the
favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. The Subject as a lowly
geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations. |
||||||
|
Overall financial condition of the Subject : FAIR |
||||||
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 |
|
|
221 : Manufacture of rubber products |
|
|
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
|
|
Over the years, the Subject has penetrated
into both the local and overseas market. The Subject has positioned itself in
the global market and is competing in the industry. Its stable clientele base
will enable the Subject to further enhance its business in the near term. Being
a large entity, the Subject has a steady workforce of 800 personnel to
support its business operations. Its future prospects seem to be fairly good
as its business operations are running relatively stable. Overall, we regard
that the Subject's management capability is average. This indicates that the
Subject has greater potential to improve its business performance and raising
income for the Subject. To improve its quality products and services, we
noted that the Subject has received a number of certifications & awards.
This will improve the customer's confidence level to the Subject. Despite the lower turnover, the Subject's
pre-tax profit have increased compared to the previous year. The higher
profit could be due to better control of its operating costs and efficiency
in utilising its resources. The Subject has generated an unfavourable return
on shareholders' funds indicating that the management was inefficient in
utilising its funds to generate return. The Subject is in good liquidity
position with its current liabilities well covered by it current assets.
Hence, it has sufficient working capital to meet its short term financial
obligations. Being a lowly geared company, the Subject is exposed to low
financial risk as it is mainly dependent on its internal funds to finance its
business needs. Given a positive net worth standing at MYR 257,437,096, the
Subject should be able to maintain its business in the near terms. Having a strong assets backing, the
Subject possesses latent assets as collateral for further financial
extension. Hence, it has good chance of getting loans if the needs arises. Overall, the Subject's payment habit is
good as the Subject has a good credit control and it could be taking
advantage of the cash discounts while maintaining a good reputation with its
creditors. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry. Based on the above condition, we recommend
credit be granted to the Subject promptly. |
|
|
PROFIT
AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
RUBBERFLEX SDN.BHD. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
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 |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
573,413,579 |
658,767,029 |
852,549,401 |
745,214,544 |
664,663,887 |
|
Other Income |
4,164,897 |
5,876,753 |
10,463,195 |
12,266,711 |
6,070,217 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
577,578,476 |
664,643,782 |
863,012,596 |
757,481,255 |
670,734,104 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
17,009,193 |
10,574,168 |
21,401,086 |
44,281,189 |
64,695,874 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
17,009,193 |
10,574,168 |
21,401,086 |
44,281,189 |
64,695,874 |
|
Taxation |
874,100 |
(848,812) |
(2,822,381) |
(1,214,615) |
(7,114,821) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
17,883,293 |
9,725,356 |
18,578,705 |
43,066,574 |
57,581,053 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
224,204,224 |
220,003,868 |
225,735,163 |
194,823,589 |
149,397,536 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
224,204,224 |
220,003,868 |
225,735,163 |
194,823,589 |
149,397,536 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
242,087,517 |
229,729,224 |
244,313,868 |
237,890,163 |
206,978,589 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(7,072,000) |
(5,525,000) |
(24,310,000) |
(12,155,000) |
(12,155,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
235,015,517 |
224,204,224 |
220,003,868 |
225,735,163 |
194,823,589 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
5,529 |
5,010 |
- |
- |
- |
|
Term loan / Borrowing |
1,270,039 |
2,592,046 |
- |
- |
- |
|
Others |
183,151 |
- |
2,381,247 |
4,386,514 |
6,109,228 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,458,719 |
2,597,056 |
2,381,247 |
4,386,514 |
6,109,228 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
18,054,266 |
17,530,889 |
17,420,093 |
19,849,585 |
19,635,931 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
18,054,266 |
17,530,889 |
17,420,093 |
19,849,585 |
19,635,931 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
|
|
RUBBERFLEX SDN.BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
130,252,239 |
141,683,725 |
153,346,431 |
156,855,571 |
157,358,193 |
|
Others |
2,306,897 |
5,088 |
552,525 |
3,280,459 |
2,593,062 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
2,306,897 |
5,088 |
552,525 |
3,280,459 |
2,593,062 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
132,559,136 |
141,688,813 |
153,898,956 |
160,136,030 |
159,951,255 |
|
Stocks |
130,654,691 |
120,568,667 |
153,644,317 |
113,956,023 |
78,280,806 |
|
Trade debtors |
127,710,496 |
134,195,109 |
134,467,716 |
185,956,301 |
135,499,798 |
|
Other debtors, deposits & prepayments |
3,166,556 |
1,392,363 |
3,299,865 |
2,796,307 |
2,084,673 |
|
Short term deposits |
- |
79,942 |
1,634,190 |
- |
- |
|
Cash & bank balances |
25,979,766 |
21,010,941 |
22,915,971 |
43,653,383 |
28,388,498 |
|
Others |
3,558,436 |
4,526,369 |
1,027,138 |
2,817,171 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
291,069,945 |
281,773,391 |
316,989,197 |
349,179,185 |
244,253,775 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
423,629,081 |
423,462,204 |
470,888,153 |
509,315,215 |
404,205,030 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
21,646,524 |
17,571,759 |
26,168,953 |
40,027,614 |
27,179,604 |
|
Other creditors & accruals |
12,110,913 |
9,172,358 |
9,171,490 |
21,187,908 |
14,117,966 |
|
Short term borrowings/Term loans |
112,082,889 |
125,526,627 |
- |
- |
- |
|
Other borrowings |
- |
- |
167,996,694 |
113,000 |
8,326,000 |
|
Deposits from customers |
10,822 |
1,119,164 |
- |
- |
- |
|
Bill & acceptances payable |
- |
- |
- |
14,257,000 |
31,148,790 |
|
Amounts owing to director |
- |
233,019 |
190,897 |
- |
7,650 |
|
Provision for taxation |
35,100 |
345,181 |
- |
- |
934,420 |
|
Dividends payable/proposed |
1,105,000 |
1,105,000 |
1,105,000 |
1,105,000 |
17,260,000 |
|
Other liabilities |
149,337 |
- |
2,035,250 |
163,415,079 |
66,741,538 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
147,140,585 |
155,073,108 |
206,668,284 |
240,105,601 |
165,715,968 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
143,929,360 |
126,700,283 |
110,320,913 |
109,073,584 |
78,537,807 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
276,488,496 |
268,389,096 |
264,219,869 |
269,209,614 |
238,489,062 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
22,100,000 |
22,100,000 |
22,100,000 |
22,100,000 |
22,100,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
22,100,000 |
22,100,000 |
22,100,000 |
22,100,000 |
22,100,000 |
|
Exchange equalisation/fluctuation reserve |
321,579 |
479,972 |
977,401 |
569,851 |
143,373 |
|
Retained profit/(loss) carried forward |
235,015,517 |
224,204,224 |
220,003,868 |
225,735,163 |
194,823,589 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
235,337,096 |
224,684,196 |
220,981,269 |
226,305,014 |
194,966,962 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
257,437,096 |
246,784,196 |
243,081,269 |
248,405,014 |
217,066,962 |
|
Deferred taxation |
19,051,400 |
21,604,900 |
21,138,600 |
20,804,600 |
21,422,100 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
19,051,400 |
21,604,900 |
21,138,600 |
20,804,600 |
21,422,100 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
276,488,496 |
268,389,096 |
264,219,869 |
269,209,614 |
238,489,062 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
|
|
RUBBERFLEX SDN.BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
25,979,766 |
21,090,883 |
24,550,161 |
43,653,383 |
28,388,498 |
|
Net Liquid Funds |
25,979,766 |
21,090,883 |
24,550,161 |
29,396,383 |
(2,760,292) |
|
Net Liquid Assets |
13,274,669 |
6,131,616 |
(43,323,404) |
(4,882,439) |
257,001 |
|
Net Current Assets/(Liabilities) |
143,929,360 |
126,700,283 |
110,320,913 |
109,073,584 |
78,537,807 |
|
Net Tangible Assets |
276,488,496 |
268,389,096 |
264,219,869 |
269,209,614 |
238,489,062 |
|
Net Monetary Assets |
(5,776,731) |
(15,473,284) |
(64,462,004) |
(25,687,039) |
(21,165,099) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
18,467,912 |
13,171,224 |
23,782,333 |
48,667,703 |
70,805,102 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
36,522,178 |
30,702,113 |
41,202,426 |
68,517,288 |
90,441,033 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
112,082,889 |
125,526,627 |
167,996,694 |
14,370,000 |
39,474,790 |
|
Total Liabilities |
166,191,985 |
176,678,008 |
227,806,884 |
260,910,201 |
187,138,068 |
|
Total Assets |
423,629,081 |
423,462,204 |
470,888,153 |
509,315,215 |
404,205,030 |
|
Net Assets |
276,488,496 |
268,389,096 |
264,219,869 |
269,209,614 |
238,489,062 |
|
Net Assets Backing |
257,437,096 |
246,784,196 |
243,081,269 |
248,405,014 |
217,066,962 |
|
Shareholders' Funds |
257,437,096 |
246,784,196 |
243,081,269 |
248,405,014 |
217,066,962 |
|
Total Share Capital |
22,100,000 |
22,100,000 |
22,100,000 |
22,100,000 |
22,100,000 |
|
Total Reserves |
235,337,096 |
224,684,196 |
220,981,269 |
226,305,014 |
194,966,962 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.18 |
0.14 |
0.12 |
0.18 |
0.17 |
|
Liquid Ratio |
1.09 |
1.04 |
0.79 |
0.98 |
1.00 |
|
Current Ratio |
1.98 |
1.82 |
1.53 |
1.45 |
1.47 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
83 |
67 |
66 |
56 |
43 |
|
Debtors Ratio |
81 |
74 |
58 |
91 |
74 |
|
Creditors Ratio |
14 |
10 |
11 |
20 |
15 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.44 |
0.51 |
0.69 |
0.06 |
0.18 |
|
Liabilities Ratio |
0.65 |
0.72 |
0.94 |
1.05 |
0.86 |
|
Times Interest Earned Ratio |
12.66 |
5.07 |
9.99 |
11.09 |
11.59 |
|
Assets Backing Ratio |
12.51 |
12.14 |
11.96 |
12.18 |
10.79 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
2.97 |
1.61 |
2.51 |
5.94 |
9.73 |
|
Net Profit Margin |
3.12 |
1.48 |
2.18 |
5.78 |
8.66 |
|
Return On Net Assets |
6.68 |
4.91 |
9.00 |
18.08 |
29.69 |
|
Return On Capital Employed |
6.68 |
4.91 |
9.00 |
18.08 |
29.69 |
|
Return On Shareholders' Funds/Equity |
6.95 |
3.94 |
7.64 |
17.34 |
26.53 |
|
Dividend Pay Out Ratio (Times) |
0.40 |
0.57 |
1.31 |
0.28 |
0.21 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.66 |
|
|
1 |
Rs. 100.50 |
|
Euro |
1 |
Rs. 71.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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.