MIRA INFORM REPORT

 

 

Report No. :

321799

Report Date :

13.05.2015

 

IDENTIFICATION DETAILS

 

Name :

MOK HIN FURNITURE SDN. BHD.

 

 

Registered Office :

25, Jalan Lambak, 1st Floor, 86000 Kluang, Johor

 

 

Country :

Malaysia             

 

 

Financials (as on) :

31.10.2012

 

 

Date of Incorporation :

28.01.2011

 

 

Com. Reg. No.:

931434-A

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Manufacturing of Furniture.

 

 

No. of Employees :

200 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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.

:

931434-A

COMPANY NAME

:

MOK HIN FURNITURE SDN. BHD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

28/01/2011

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

25, JALAN LAMBAK, 1ST FLOOR, 86000 KLUANG, JOHOR, MALAYSIA.

BUSINESS ADDRESS

:

LOT 813, BATU 46 ½, JALAN AIR HITAM, 86200 SIMPANG RENGAM, JOHOR, MALAYSIA.

TEL.NO.

:

07-7557784

FAX.NO.

:

07-7557313

EMAIL

:

INFO@MOKHIN.COM

WEB SITE

:

WWW.MOKHIN.COM

CONTACT PERSON

:

SHIM KWEE WONG ( MANAGING DIRECTOR )

INDUSTRY CODE

:

31

PRINCIPAL ACTIVITY

:

MANUFACTURING OF FURNITURES

AUTHORISED CAPITAL

:

MYR 500,000.00 DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 250,002.00 DIVIDED INTO
ORDINARY SHARES 250,002 CASH OF MYR 1.00 EACH.

SALES

:

MYR 10,612,805 [2012]

NET WORTH

:

MYR (393,854) [2012]

STAFF STRENGTH

:

200 [2015]

 

 

 

BANKER (S)

 

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) manufacturing of furnitures.

The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

Share Capital History

Date

Authorised Shared Capital

Issue & Paid Up Capital

16/08/2013

MYR 500,000.00

MYR 250,002.00

15/02/2013

MYR 100,000.00

MYR 50,002.00

 

The major shareholder(s) of the Subject are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

MR. SHIM KWEE WONG +

8, JALAN RUMAS, TAMAN RUMAS, 86200 SIMPANG RENGAM, JOHOR, MALAYSIA.

610809-01-5521 6225494

125,001.00

50.00

MR. SHIM KUAN CHENG +

10 & 12, JALAN SRI MEWAH 8,, TAMAN SRI MEWAH 3, 86200 SIMPANG RENGAM, JOHOR, MALAYSIA.

861226-23-5545

125,001.00

50.00

---------------

------

250,002.00

100.00

============

=====

+ Also Director


DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. SHIM KWEE WONG

Address

:

8, JALAN RUMAS, TAMAN RUMAS, 86200 SIMPANG RENGAM, JOHOR, MALAYSIA.

IC / PP No

:

6225494

New IC No

:

610809-01-5521

Date of Birth

:

09/08/1961

Nationality

:

MALAYSIAN

Date of Appointment

:

28/01/2011

 

DIRECTOR 2

 

Name Of Subject

:

MR. SHIM KUAN CHENG

Address

:

10 & 12, JALAN SRI MEWAH 8,, TAMAN SRI MEWAH 3, 86200 SIMPANG RENGAM, JOHOR, MALAYSIA.

New IC No

:

861226-23-5545

Date of Birth

:

26/12/1986

Nationality

:

MALAYSIAN

Date of Appointment

:

28/01/2011

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

SHIM KWEE WONG

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

LAW PIANG WOON & CO.

Auditor' Address

:

61, MEDAN CAHAYA, JALAN TUN ABD.RAZAK, TINGKAT 2 & 3, JOHOR BAHRU, JOHOR, MALAYSIA.

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. WONG YE SAN

IC / PP No

:

A3530787

New IC No

:

770622-04-5598

Address

:

25 JALAN FAJAR, SUNRISE PARK, 86000 KLUANG, JOHOR, MALAYSIA.

 

2)

Company Secretary

:

MR. LUAH AIK CHEW

New IC No

:

720118-01-5415

Address

:

25 JALAN FAJAR, SUNRISE PARK, 86000 KLUANG, JOHOR, MALAYSIA.

 

 

 

BANKING

 

Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

 

 

 

ENCUMBRANCE (S)

 

No encumbrance was found in our databank at the time of investigation.

 

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

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

MALAYSIA

Overseas

:

YES

Export Market

:

ASIA

MIDDLE EAST

Credit Term

:

30 - 60 DAYS

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Products manufactured

:

FURNITURES

Competitor(s)

:

HEVEAPAC SDN BHD
INTERGO FURNITURE SDN BHD
J.L. RESOURCES SDN BHD
PREMIER CONTRACT RESOURCES (M) SDN BHD
SCANWOLF PLASTIC INDUSTRIES SDN BHD

 

Total Number of Employees:

YEAR

2015

2012

GROUP

N/A

N/A

COMPANY

200

120

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) manufacturing of furnitures.

The Subject produces dining sets and other furnitures.

The Subject sells home furnishings, including dining and living room furniture, sofa sets and cabinets.

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

077552125

Current Telephone Number

:

07-7557784

Match

:

YES

Address Provided by Client

:

LOT 813, BATU 46½, JALAN AIR HITAM,86200,SIMPANG RENGAM,JOHOR.

Current Address

:

LOT 813, BATU 46 ½, JALAN AIR HITAM, 86200 SIMPANG RENGAM, JOHOR, MALAYSIA.

Match

:

YES

Latest Financial Accounts

:

NO

 

Other Investigations


On 12th May 2015 we contacted one of the staff from the Subject and he provided some information.

 

FINANCIAL ANALYSIS

 

 

The Subject's latest financial accounts are up to 2012 which is out dated in our opinion. Therefore, our comment on the Subject financial performance is restricted thereto.

Overall financial condition of the Subject : N/A

 

 

 

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

31 : MANUFACTURE OF FURNITURE

INDUSTRY :

FURNITURE & FIXTURES

Malaysia's Furniture Manufacturing Industry has been blooming in recent years. Malaysia ranks comfortably as the 10th largest exporter of furniture in the world in 2014. It exports 80% of their total furniture production around the world. With existing strong export base like Japan, United States and Australia, the nation continues its tremendous growth towards Saudi Arabia, Philippines and Russia. Malaysia is believed to diversify their export base to countries like Algeria, Greece, Puerto Rico, Libya and other countries awaiting confirmation.

Increased demand from major export destinations such as the US, Japan and Australia for Malaysian made furniture contributed to the higher output of wooden and cane furniture, which rebounded by 2.2% in the first seven months of 2014. Thus, shipments of wood products rebounded by 4.7% in the same time mainly driven by export growth of wooden furniture (13.4%) to the US, Japan and Australia. Amid higher demand, exports of bedroom furniture and seats with wooden frame increased significantly by 21.6% and 15.2%. However, in 2013, Malaysia's furniture export decreased 8.1% compared to 2012. Furniture exports to the United States in 2013, which is the largest market, also recorded a decrease of 6.1% compared to 2012. This performance was nevertheless commendable, taking into account the slowdown in the global economy in 2013, especially in the United States and Euro zone countries.

Despite numerous economic downturns, the industry is still supported by a strong global demand. While lower priced Chinese and Vietnamese furniture pose strong competition, Malaysian furniture continues to set itself apart with original design that places importance on aesthetics as well as its good work ethics. The government also plays an important role in nurturing the industry. Providing Pioneer Status for tax exemption and Investment Tax Allowance, the pro-business environment makes doing business easier and faster. With a business-friendly environment, good quality products and a high potential market, the Malaysian furniture industry is poised to exceed expectations and to continue its exponential growth.

Conclusively, Malaysia has always been known for its wood based furniture, owing to its natural resources. The government has set an annual growth target of 6.5% for wood based furniture, estimated to reach up to RM53 billion by year 2020. In recent years, the growth has shifted from producing general products towards designing its own, and this has been the key in propelling Malaysia onto the international arena. Popular with overseas buyers of the middle to high category, foreign buyers look to Malaysia for manufacturers who can meet their high production demand.

OVERALL INDUSTRY OUTLOOK : Marginal Growth

 

 

CREDIT RISK EVALUATION & RECOMMENDATION



Incorporated in 2011, the Subject is a Private Limited company, focusing on manufacturing of furnitures. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. Being a small company with an issued and a paid up capital of MYR 250,002 contributed from individual shareholders, the Subject does not have strong shareholders' backing. Without a strong backing, the Subject may face difficulties in its attempt to further expand its business in the future.

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. The Subject is a fairly large and rapidly growing company with over 200 staff in its operations 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.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. The Subject has an unfavourable liabilities ratio and it may face financial difficulties if no additional capital is injected. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of MYR -393,854. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.


The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.


Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

 



PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

 

Financial Year End

2012-10-31

2011-10-31

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

SUMMARY

SUMMARY

Currency

MYR

MYR

TURNOVER

10,612,805

705,165

----------------

----------------

Total Turnover

10,612,805

705,165

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

(426,922)

(16,934)

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

(426,922)

(16,934)

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

(426,922)

(16,934)

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(16,934)

-

----------------

----------------

As restated

(16,934)

-

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

(443,856)

(16,934)

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(443,856)

(16,934)

=============

=============

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

536,363

36,097

----------------

----------------

TOTAL LONG TERM ASSETS

536,363

36,097

TOTAL CURRENT ASSETS

4,991,808

2,342,399

----------------

----------------

TOTAL ASSET

5,528,171

2,378,496

=============

=============

TOTAL CURRENT LIABILITIES

5,875,360

2,345,428

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

(883,552)

(3,029)

----------------

----------------

TOTAL NET ASSETS

(347,189)

33,068

=============

=============

SHARE CAPITAL

Ordinary share capital

50,002

50,002

----------------

----------------

TOTAL SHARE CAPITAL

50,002

50,002

Retained profit/(loss) carried forward

(443,856)

(16,934)

----------------

----------------

TOTAL RESERVES

(443,856)

(16,934)

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

(393,854)

33,068

TOTAL LONG TERM LIABILITIES

46,665

-

----------------

----------------

(347,189)

33,068

=============

=============

 

 

FINANCIAL RATIO

 

 

 

 

TYPES OF FUNDS

Net Liquid Assets

(883,552)

(3,029)

Net Current Assets/(Liabilities)

(883,552)

(3,029)

Net Tangible Assets

(347,189)

33,068

Net Monetary Assets

(930,217)

(3,029)

BALANCE SHEET ITEMS

Total Liabilities

5,922,025

2,345,428

Total Assets

5,528,171

2,378,496

Net Assets

(347,189)

33,068

Net Assets Backing

(393,854)

33,068

Shareholders' Funds

(393,854)

33,068

Total Share Capital

50,002

50,002

Total Reserves

(443,856)

(16,934)

LIQUIDITY (Times)

Current Ratio

0.85

1.00

SOLVENCY RATIOS (Times)

Liabilities Ratio

(15.04)

70.93

Assets Backing Ratio

(6.94)

0.66

PERFORMANCE RATIO (%)

Operating Profit Margin

(4.02)

(2.40)

Net Profit Margin

(4.02)

(2.40)

Return On Net Assets

122.97

(51.21)

Return On Capital Employed

122.97

(51.21)

Return On Shareholders' Funds/Equity

108.40

(51.21)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.20

UK Pound

1

Rs.100.03

Euro

1

Rs.71.91

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

VNT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.