|
Report No. : |
343628 |
|
Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
METTUBE SDN. BHD. |
|
|
|
|
Registered Office : |
The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, Level 18, 59200 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.05.1989 |
|
|
|
|
Com. Reg. No.: |
181893-H |
|
|
|
|
Legal Form : |
Private Limited (Limited by Share) |
|
|
|
|
Line of Business : |
Manufacturing of Copper Tubes and Copper Alloys Mill
Products. |
|
|
|
|
No. of Employees : |
400 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.
The NAJIB administration is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. Gross exports of goods and services constitute more than 80% of GDP. The oil and gas sector supplied about 29% of government revenue in 2014. As an oil and gas exporter, Malaysia has previously profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is trying to lessen its dependence on state oil producer Petronas.
Bank Negara Malaysia (the central bank) maintains healthy foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. In order to attract increased investment, NAJIB raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays.
Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
181893-H |
||||
|
COMPANY
NAME |
: |
METTUBE
SDN. BHD. |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
15/05/1989 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
THE
GARDENS NORTH TOWER, MID VALLEY CITY, LINGKARAN SYED PUTRA, LEVEL 18, 59200
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
2,
PERSIARAN KUALA LANGAT, SECTION 27, 40400 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-51023288 |
||||
|
FAX.NO. |
: |
03-51915405 |
||||
|
EMAIL |
: |
MARKETING@METTUBE.COM |
||||
|
WEB
SITE |
: |
WWW.METTUBE.COM |
||||
|
CONTACT
PERSON |
: |
RAGHVENDRA
MITTAL ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
25119
|
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
OF COPPER TUBES AND COPPER ALLOYS MILL PRODUCTS |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
50,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
37,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
1,101,618,204 [2014] |
||||
|
NET
WORTH |
: |
MYR
261,469,214 [2014] |
||||
|
M1000
OVERALL RANKING |
: |
465[2011] |
||||
|
M1000
INDUSTRY RANKING |
: |
18[2011] |
||||
|
STAFF
STRENGTH |
: |
400
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
LIMITED |
||||
|
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 copper tubes and copper alloys mill products.
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 |
2009 |
2008 |
2005 |
2004 |
|
|
OVERALL
RANKING |
465 |
290 |
323 |
672 |
553 |
|
|
INDUSTRY
RANKING |
18 |
14 |
13 |
15 |
11 |
|
The
ultimate holding company of the Subject is METDIST S.A., a company incorporated
in PANAMA.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
21/05/2013 |
MYR
50,000,000.00 |
MYR
37,000,000.00 |
|
13/12/1989 |
MYR
50,000,000.00 |
MYR
27,710,000.00 |
|
23/05/1989 |
MYR
50,000,000.00 |
MYR
2.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
METTUBE
MALAYSIA HOLDINGS S.A |
PANAMA |
XLZ000008104 |
37,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
37,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
Status |
(%) |
As
At |
|
513445T |
MALAYSIA |
METTUBE
INTERNATIONAL SDN. BHD. |
- |
100.00 |
15/04/2015 |
|
304147V |
MALAYSIA |
INFINITIVE
GROWTH SDN. BHD. |
Disolved |
100.00 |
26/11/2014 |
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
RAGHVENDRA MITTAL |
|
Address |
: |
C-11-1,
HIJAUAN KIARA CONDOMINIUM, 6, JALAN KIARA 5, MONT KIARA, 50480 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC
/ PP No |
: |
Z1799505 |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
30/06/2013 |
DIRECTOR
2
|
Name
Of Subject |
: |
AJAY
PURI |
|
Address |
: |
D-6-1,
HIJAUAN KIARA, 6 JALAN KIARA 5, MONT KIARA, 50480 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC
/ PP No |
: |
Z1808638 |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
01/11/2011 |
DIRECTOR
3
|
Name
Of Subject |
: |
MR.
CHOOI TAT CHEW |
|
Address |
: |
112,
JALAN C1, TAMAN MELAWATI, 53100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC
/ PP No |
: |
0612777 |
|
New
IC No |
: |
440515-08-5779 |
|
Date
of Birth |
: |
15/05/1944 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
30/07/2014 |
MANAGEMENT
|
|
1)
|
Name
of Subject |
: |
RAGHVENDRA
MITTAL |
|
Position |
: |
MANAGING
DIRECTOR |
|
|
2)
|
Name
of Subject |
: |
SUKHVINDER |
|
Position |
: |
FINANCE
MANAGER |
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor'
Address |
: |
1
SENTRAL, JALAN RAKYAT, KUALA LUMPUR SENTRAL, LEVEL 15, 50470 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
MS.
WONG WAI FOONG |
|
IC
/ PP No |
: |
A0379022 |
|
|
New
IC No |
: |
660510-10-6838 |
|
|
Address |
: |
1164,
JALAN 17/46, HAPPY GARDEN, 46400 PETALING JAYA, SELANGOR, MALAYSIA. |
|
|
2)
|
Company
Secretary |
: |
MS.
THAM WAI YING |
|
IC
/ PP No |
: |
A1008639 |
|
|
New
IC No |
: |
680810-10-6360 |
|
|
Address |
: |
46,
JALAN MIDAH 19-A, TAMAN MIDAH, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
CIMB
BANK BHD |
ENCUMBRANCE
(S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
1 |
26/07/1990 |
N/A |
UNITED
ASIAN BANK BHD |
MYR
75,000,000.00 |
Satisfied |
|
2 |
04/06/1993 |
N/A |
BANK
OF COMMERCE M BHD |
- |
Satisfied |
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the Subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Import
Countries |
: |
ASIA |
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
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 |
: |
30
- 60 DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Product
Brand Name |
: |
|
|
|
Member(s)
/ Affiliate(s) |
: |
FEDERATION
OF MALAYSIAN MANUFACTURERS (FMM) SMI
ASSOCIATION OF MALAYSIA MALAYSIA
EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) MALAYSIAN
INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI) |
|
|
Ownership
of premises |
: |
OWNED |
|
|
Shifts |
: |
3
(24 HOURS) |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
400 |
400 |
400 |
400 |
400 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
copper tubes and copper alloys mill products.
The Subject produces three types of copper tubes which include:
1) Level Wound Coils
2) Straight Lengths
3) Pancake Coils
The Subject's products are mainly for air-conditioning and refrigeration
industries.
The products are used in brands namely CARRIER, LG, YORK, ACSON, PANASONIC and
others.
Besides that the Subject also has ventured into the production of electrical
tubes for power station usage.
The Subject uitlizes the advanced automated and semi-automated machineries to
ensure production of high quality products.
RECENT
DEVELOPMENT
|
Live Mint, 20th September 2015
Debt laden Hotel Leelaventure Ltd that runs Leela chain of luxury hotels has
entered into a so-called business transfer agreement to sell The Leela, Goa, to
Malaysia-based conglomerate MetTube Sdn Bhd for Rs.725 crore. The property is
being sold through Ceres Hotels Pvt. Ltd, a unit of MetTube. Leelaventure will
continue to operate the hotel under Leela brand for a management fee. The Goa
hotel is currently under the control of financial services conglomerate JM
Financial Group’s asset reconstruction firm JM Financial Asset Reconstruction
Co. Pvt. Ltd. With 206 guest rooms and suites, The Leela Goa, built in 1991, is
spread across 50 acres at Cavelossim on Mobor beach in South Goa. It is one of
the best performing hotels of the group.
Vivek Nair, chairman and managing director, Hotel Leelaventure, said the
disinvestment is part of the company’s road map to pare down its debt. “The
disinvestment of the Goa hotel and retaining the management of the hotel under
the Leela brand is in line with our strategy to restructure our debt, follow an
asset-light strategy and manage more hotels, Nair said. Apart from selling its
assets, the company is also looking at multiple options, including partnering
with private equity firms, to reduce its debt. This investment signifies the
group’s confidence in building and growing businesses in India, said Raghav
Mittal, president and chief executive officer, MetTube. On 2 March, Hotel
Leelaventure announced plans to sell its properties in Goa and Chennai to cut
debt. The company said it plans to divest select hotels while continuing to grow
through managing and operating new hotels.
The Sun Daily, 30th September 2014
Two scrap metal traders pleaded not guilty in the Sessions Court here today to
the charge of cheating a company managing director (MD) to issue a cheque for
over RM1.8 million for the payment of electricity bill in March, this year. S.
Mahendran, 35, and P. Krishnamoorthy, 48, made the plea after the charge was
read to them before judge G. Ramesh. The charge was for abetting the owner of a
company, Eagle Services & Solutions, Wan Mahrom Shah Wan Musa in cheating
the MD of Mettube Sdn Bhd, Sukhvinder Singh, to believe that Eagle Services
& Solutions could get a two per discount from Tenaga Nasional Berhad for
Mettube's electricity bill. This prompted Sukhvinder Singh to hand over a
cheque for RM1,847,573.18 for electricity bill payment to Eagle Services &
Solutions.
Mahendran and Krishnamoorthy are accused of
committing the offence at Mettube, No. 2, Persiaran Kuala Langat, Section 27,
here on March 29, 2014. The charge is under Section 420 of the Penal Code which
provides for a jail term of between one year and 10 years and whipping together
with a fine. Judge Ramesh allowed the two accused bail of RM6,000 in one surety
each and fixed Oct 17 for case mention.
DPP Raimi Mohd Ramli appeared for the prosecution, while Mahendran was
represented by counsel Suzana Norlihan Alias and Krishnamoorthy by counsel V.
Kumar. – Bernama
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
0351023288 |
|
Current
Telephone Number |
: |
03-51023288 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
2,
PERSIARAN KUALA LANGAT, SECTION 27,40400,SHAH ALAM,SELANGOR. |
|
Current
Address |
: |
2,
PERSIARAN KUALA LANGAT, SECTION 27, 40400 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some information
on the Subject.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
3.84% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
4.58% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The dip in profit could be due to the stiff market competition
which reduced the Subject's profit margin. The unfavourable return on
shareholders' funds could indicate that the Subject was inefficient in
utilising its assets to generate returns. |
||||||
|
Liquidity |
||||||
|
Current
Ratio |
: |
Acceptable |
[ |
1.12
Times |
] |
|
|
The
Subject has an adequate liquidity position with its current liabilities well
covered by its current assets. With its net current assets, the Subject should
be able to repay its short term obligations. |
||||||
|
Solvency |
||||||
|
Liability
Ratio |
: |
Unfavourable |
[ |
1.54
Times |
] |
|
|
The
Subject has high liabilities ratio and it may face financial difficulties if
no additional capital is injected. |
||||||
|
Overall
Assessment : |
||||||
|
The
Subject recorded lower profits as its turnover showed a erratic trend. The Subject's
management was unable to control its costs efficiently as its profit showed a
downward trend. The Subject was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. The Subject's liabilities 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 : LIMITED |
||||||
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 |
3.2 |
4.0 |
|
Unemployment
Rate |
3.3 |
3.2 |
3.0 |
2.9 |
3.0 |
|
Net
International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average
Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
4.00 |
- |
|
Average
3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average
Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
6.85 |
- |
|
Business
Loans Disbursed( % ) |
15.3 |
32.2 |
- |
56.0 |
- |
|
Foreign
Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
43,486.6 |
- |
|
Consumer
Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration
of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
49,144 |
- |
|
Registration
of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
6.1 |
- |
|
Liquidation
of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
21,753 |
- |
|
Liquidation
of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
(17.7) |
- |
|
Registration
of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
332,723 |
- |
|
Registration
of New Business ( % ) |
5.0 |
14.0 |
2.0 |
1.0 |
- |
|
Business
Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
21,436 |
- |
|
Business
Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
18.0 |
- |
|
Sales
of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular
Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist
Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel
Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
63.2 |
- |
|
Credit
Cards Spending ( % ) |
15.6 |
12.6 |
- |
13.5 |
- |
|
Bad
Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual
Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual
Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES
( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm
Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry
& Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other
Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil
& Gas |
(1.7) |
- |
- |
3.0 |
- |
|
Other
Mining |
- |
- |
- |
46.6 |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
%
of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing
# |
4.7 |
4.8 |
3.4 |
6.4 |
5.5 |
|
Exported-oriented
Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
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 |
1.4 |
- |
|
Plastic
Products |
3.8 |
- |
- |
2.7 |
- |
|
Iron
& Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated
Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
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 |
- |
- |
13.0 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry
Non-Performing Loans ( MYR Million ) |
3,856.9 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric,
Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport,
Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale,
Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance,
Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government
Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other
Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
*
Estimate / Preliminary |
|||||
|
**
Forecast |
|||||
|
#
Based On Manufacturing Production Index
|
|||||
INDUSTRY
ANALYSIS
|
|
MSIC
CODE |
|
|
25119
: Manufacture of other structural metal 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
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
METTUBE
SDN. BHD. |
|
Financial
Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
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 |
SUMMARY |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
1,101,618,204 |
1,066,829,640 |
1,176,733,557 |
1,303,550,265 |
1,161,558,293 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
1,101,618,204 |
1,066,829,640 |
1,176,733,557 |
1,303,550,265 |
1,161,558,293 |
|
Costs
of Goods Sold |
- |
(1,005,814,114) |
(1,108,953,427) |
(1,219,805,672) |
(1,087,628,287) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
- |
61,015,526 |
67,780,130 |
83,744,593 |
73,930,006 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
12,050,234 |
11,641,114 |
14,836,202 |
11,471,399 |
10,750,371 |
|
SHARE
OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES |
- |
4,595,875 |
30,836,062 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
12,050,234 |
16,236,989 |
45,672,264 |
11,471,399 |
10,750,371 |
|
Taxation |
(2,003,333) |
(2,303,423) |
(2,325,671) |
(1,584,199) |
(1,791,217) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
10,046,901 |
13,933,566 |
43,346,593 |
9,887,200 |
8,959,154 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
218,392,571 |
209,269,005 |
153,038,297 |
148,355,213 |
144,576,059 |
|
Prior
year adjustment |
- |
- |
- |
(24,116) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
218,392,571 |
209,269,005 |
153,038,297 |
148,331,097 |
144,576,059 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
228,439,472 |
223,202,571 |
196,384,890 |
158,218,297 |
153,535,213 |
|
TRANSFER
TO RESERVES - General |
- |
- |
17,694,115 |
- |
- |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(4,810,000) |
(4,810,000) |
(4,810,000) |
(5,180,000) |
(5,180,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
223,629,472 |
218,392,571 |
209,269,005 |
153,038,297 |
148,355,213 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Term
loan / Borrowing |
- |
309,486 |
52,662 |
274,414 |
488,088 |
|
Others |
- |
11,430,605 |
12,059,283 |
11,496,722 |
9,257,747 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
11,740,091 |
12,111,945 |
11,771,136 |
9,745,835 |
|
|
- |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
METTUBE
SDN. BHD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
91,282,671 |
98,265,113 |
106,784,610 |
98,998,179 |
106,127,771 |
|
Associated
companies |
- |
124,956,939 |
121,489,312 |
- |
- |
|
Investments |
- |
- |
- |
21,019,123 |
21,019,123 |
|
Deferred
assets |
- |
4,365,604 |
5,497,417 |
7,770,541 |
9,413,894 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
124,151,767 |
129,322,543 |
126,986,729 |
28,789,664 |
30,433,017 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
215,434,438 |
227,587,656 |
233,771,339 |
127,787,843 |
136,560,788 |
|
Stocks |
- |
151,056,181 |
108,634,707 |
114,651,716 |
186,586,080 |
|
Trade
debtors |
- |
261,618,594 |
281,481,677 |
272,700,850 |
291,390,181 |
|
Other
debtors, deposits & prepayments |
- |
10,700,680 |
10,839,317 |
11,833,618 |
11,109,776 |
|
Short
term deposits |
- |
- |
121,000 |
2,855,250 |
- |
|
Cash
& bank balances |
- |
51,409,972 |
20,979,173 |
28,695,789 |
23,709,589 |
|
Others |
- |
34,851 |
892,426 |
882,089 |
390,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
449,251,219 |
474,820,278 |
422,948,300 |
431,619,312 |
513,185,626 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
664,685,657 |
702,407,934 |
656,719,639 |
559,407,155 |
649,746,414 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
- |
57,589,099 |
38,337,352 |
36,402,307 |
68,075,426 |
|
Other
creditors & accruals |
- |
7,246,706 |
8,042,924 |
5,822,386 |
11,521,126 |
|
Bank
overdraft |
- |
376,740 |
352,911 |
868,083 |
2,396,883 |
|
Short
term borrowings/Term loans |
- |
2,904,000 |
380,176 |
1,989,839 |
8,527,101 |
|
Other
borrowings |
- |
372,073,297 |
361,245,053 |
319,106,243 |
372,398,489 |
|
Provision
for taxation |
- |
146,940 |
- |
- |
46,069 |
|
Dividends
payable/proposed |
- |
- |
- |
5,180,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
401,755,882 |
440,336,782 |
408,358,416 |
369,368,858 |
462,965,094 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
47,495,337 |
34,483,496 |
14,589,884 |
62,250,454 |
50,220,532 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
262,929,775 |
262,071,152 |
248,361,223 |
190,038,297 |
186,781,320 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
37,000,000 |
37,000,000 |
37,000,000 |
37,000,000 |
37,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
37,000,000 |
37,000,000 |
37,000,000 |
37,000,000 |
37,000,000 |
|
Exchange
equalisation/fluctuation reserve |
839,742 |
1,337,142 |
191,335 |
- |
- |
|
Retained
profit/(loss) carried forward |
223,629,472 |
218,392,571 |
209,269,005 |
153,038,297 |
148,355,213 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
224,469,214 |
219,729,713 |
209,460,340 |
153,038,297 |
148,355,213 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
261,469,214 |
256,729,713 |
246,460,340 |
190,038,297 |
185,355,213 |
|
Long
term loans |
- |
4,364,561 |
1,900,883 |
- |
1,396,906 |
|
Deferred
taxation |
- |
976,878 |
- |
- |
29,201 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
1,460,561 |
5,341,439 |
1,900,883 |
- |
1,426,107 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
262,929,775 |
262,071,152 |
248,361,223 |
190,038,297 |
186,781,320 |
|
|
============= |
============= |
============= |
============= |
============= |
FINANCIAL
RATIO
|
|
METTUBE
SDN. BHD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
- |
51,409,972 |
21,100,173 |
31,551,039 |
23,709,589 |
|
Net
Liquid Funds |
- |
51,033,232 |
20,747,262 |
30,682,956 |
21,312,706 |
|
Net
Liquid Assets |
47,495,337 |
(116,572,685) |
(94,044,823) |
(52,401,262) |
(136,365,548) |
|
Net
Current Assets/(Liabilities) |
47,495,337 |
34,483,496 |
14,589,884 |
62,250,454 |
50,220,532 |
|
Net
Tangible Assets |
262,929,775 |
262,071,152 |
248,361,223 |
190,038,297 |
186,781,320 |
|
Net
Monetary Assets |
46,034,776 |
(121,914,124) |
(95,945,706) |
(52,401,262) |
(137,791,655) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
- |
27,977,080 |
57,784,209 |
23,242,535 |
20,496,206 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
- |
27,977,080 |
57,784,209 |
23,242,535 |
20,496,206 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
- |
379,718,598 |
363,879,023 |
321,964,165 |
384,719,379 |
|
Total
Liabilities |
403,216,443 |
445,678,221 |
410,259,299 |
369,368,858 |
464,391,201 |
|
Total
Assets |
664,685,657 |
702,407,934 |
656,719,639 |
559,407,155 |
649,746,414 |
|
Net
Assets |
262,929,775 |
262,071,152 |
248,361,223 |
190,038,297 |
186,781,320 |
|
Net
Assets Backing |
261,469,214 |
256,729,713 |
246,460,340 |
190,038,297 |
185,355,213 |
|
Shareholders'
Funds |
261,469,214 |
256,729,713 |
246,460,340 |
190,038,297 |
185,355,213 |
|
Total
Share Capital |
37,000,000 |
37,000,000 |
37,000,000 |
37,000,000 |
37,000,000 |
|
Total
Reserves |
224,469,214 |
219,729,713 |
209,460,340 |
153,038,297 |
148,355,213 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
- |
0.12 |
0.05 |
0.09 |
0.05 |
|
Liquid
Ratio |
- |
0.74 |
0.77 |
0.86 |
0.71 |
|
Current
Ratio |
1.12 |
1.08 |
1.04 |
1.17 |
1.11 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
- |
52 |
34 |
32 |
59 |
|
Debtors
Ratio |
- |
90 |
87 |
76 |
92 |
|
Creditors
Ratio |
- |
21 |
13 |
11 |
23 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
- |
1.48 |
1.48 |
1.69 |
2.08 |
|
Liabilities
Ratio |
1.54 |
1.74 |
1.66 |
1.94 |
2.51 |
|
Times
Interest Earned Ratio |
- |
2.38 |
4.77 |
1.97 |
2.10 |
|
Assets
Backing Ratio |
7.11 |
7.08 |
6.71 |
5.14 |
5.05 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
1.09 |
1.52 |
3.88 |
0.88 |
0.93 |
|
Net
Profit Margin |
0.91 |
1.31 |
3.68 |
0.76 |
0.77 |
|
Return
On Net Assets |
4.58 |
10.68 |
23.27 |
12.23 |
10.97 |
|
Return
On Capital Employed |
4.58 |
10.66 |
23.23 |
12.17 |
10.83 |
|
Return
On Shareholders' Funds/Equity |
3.84 |
5.43 |
17.59 |
5.20 |
4.83 |
|
Dividend
Pay Out Ratio (Times) |
0.48 |
0.35 |
0.11 |
0.52 |
0.58 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
- |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.39 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.73.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.