|
Report No. : |
342003 |
|
Report Date : |
24.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
TIONG HUAT RUBBER
FACTORY SDN BHD |
|
|
|
|
Registered Office : |
1001-1002, Kompleks Sri Putra, Seberang Jalan Putra, 1st Floor, 05150 Alor Setar, Kedah |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
06.08.1969 |
|
|
|
|
Com. Reg. No.: |
8700-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Processing and Sales of Rubber and Latex. |
|
|
|
|
No. of Employees : |
300 [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 : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
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. |
: |
8700-M |
||||
|
COMPANY
NAME |
: |
TIONG
HUAT RUBBER FACTORY SDN BHD |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
06/08/1969 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
1001-1002,
KOMPLEKS SRI PUTRA, SEBERANG JALAN PUTRA, 1ST FLOOR, 05150 ALOR SETAR, KEDAH,
MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
SUNGAI
DIVISION, U.P. ESTATE, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
||||
|
TEL.NO. |
: |
04-4404955 |
||||
|
FAX.NO. |
: |
04-4404233 |
||||
|
EMAIL |
: |
INFO@TIONGHUATRUBBER.COM |
||||
|
WEB
SITE |
: |
WWW.TIONGHUATRUBBER.COM |
||||
|
CONTACT
PERSON |
: |
LOW
KOK HORNG ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
22193
|
||||
|
PRINCIPAL
ACTIVITY |
: |
PROCESSING
AND SALES OF RUBBER AND LATEX |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
5,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
5,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
1,327,443,250 [2014] |
||||
|
NET
WORTH |
: |
MYR
192,888,804 [2014] |
||||
|
M1000
OVERALL RANKING |
: |
573[2011] |
||||
|
M1000
INDUSTRY RANKING |
: |
14[2011] |
||||
|
STAFF
STRENGTH |
: |
300
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
HIGH |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
MATURE |
||||
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) processing and sales of
rubber and latex.
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 |
|
|
OVERALL
RANKING |
573 |
434 |
431 |
934 |
|
|
INDUSTRY
RANKING |
14 |
8 |
7 |
20 |
|
The
immediate holding company of the Subject is RIPRO SDN. BHD., a company
incorporated in MALAYSIA.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
30/06/2015 |
MYR
5,000,000.00 |
MYR
5,000,000.00 |
|
20/05/2002 |
MYR
5,000,000.00 |
MYR
3,015,800.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
RIPRO
SDN. BHD. |
1001-1002,
KOMPLEKS SRI PUTRA, SEBERANG JALAN PUTERA, 1ST FLOOR, 05150 ALOR SETAR,
KEDAH, MALAYSIA. |
153076X |
5,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
5,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc
No |
Shareholding |
Last
Updated |
|
GOH
SAY SEAH REALTY SDN. BHD. |
MALAYSIA |
63602M |
602,752.00 |
06/08/2007 |
|
KEMBOJA
JATI SDN. BHD. |
MALAYSIA |
444268H |
4,230,791.00 |
06/08/2007 |
|
OOI
AH GAIK |
MALAYSIA |
2742815 |
76,265.00 |
06/08/2007 |
|
TAY
ENG CHEE & TAY ENG LEE |
MALAYSIA |
000008970 |
45,096.00 |
06/08/2007 |
|
TAY
ENG SU |
MALAYSIA |
6385420 |
45,096.00 |
06/08/2007 |
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
Status |
(%) |
As
At |
|
426383M |
MALAYSIA |
COMMERCE
TRADE INTERNATIONAL SDN. BHD. |
- |
100.00 |
22/09/2015 |
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
TAN AH BAH |
|
Address |
: |
3,
JALAN DESA INDAH, TAMAN DESA INDAH, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
|
IC
/ PP No |
: |
4359496 |
|
New
IC No |
: |
521213-02-5409 |
|
Date
of Birth |
: |
13/12/1952 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
23/01/1998 |
DIRECTOR
2
|
Name
Of Subject |
: |
MR.
LOW PING KUN |
|
Address |
: |
LOT
1521, PANTAI HALBAN, JALAN KEPALA BATAS-JITRA, 06000 JITRA, KEDAH, MALAYSIA. |
|
IC
/ PP No |
: |
4808984 |
|
New
IC No |
: |
550601-02-5665 |
|
Date
of Birth |
: |
01/06/1955 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
23/01/1998 |
DIRECTOR
3
|
Name
Of Subject |
: |
MR.
LOW KOK KEAN |
|
Address |
: |
298,
TAMAN BERJAYA, 05050 ALOR SETAR, KEDAH, MALAYSIA. |
|
IC
/ PP No |
: |
A0157615 |
|
New
IC No |
: |
650615-02-5963 |
|
Date
of Birth |
: |
15/06/1965 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
23/01/1998 |
DIRECTOR
4
|
Name
Of Subject |
: |
MR.
LOW KEONG KOON |
|
Address |
: |
28,
PEKAN JITRA 2, 06000 JITRA, KEDAH, MALAYSIA. |
|
IC
/ PP No |
: |
4472223 |
|
New
IC No |
: |
530430-02-5573 |
|
Date
of Birth |
: |
30/04/1953 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
23/01/1998 |
DIRECTOR
5
|
Name
Of Subject |
: |
MR.
LOW KOK HORNG |
|
Address |
: |
99,
TAMAN BERJAYA, 05050 ALOR SETAR, KEDAH, MALAYSIA. |
|
IC
/ PP No |
: |
A1566863 |
|
New
IC No |
: |
700528-02-5167 |
|
Date
of Birth |
: |
28/05/1970 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
23/01/1998 |
MANAGEMENT
|
|
1)
|
Name
of Subject |
: |
LOW
KOK HORNG |
|
Position |
: |
MANAGING
DIRECTOR |
|
|
2)
|
Name
of Subject |
: |
TAN
CHAI SIN |
|
Position |
: |
ACCOUNT
MANAGER |
|
|
3)
|
Name
of Subject |
: |
TAN
KEAN HUA |
|
Position |
: |
HUMAN
RESOURCE MANAGER |
|
|
4)
|
Name
of Subject |
: |
TAN
PENG YEAN |
|
Position |
: |
PRODUCTION
MANAGER |
|
|
5)
|
Name
of Subject |
: |
TAN
YOU CHAI |
|
Position |
: |
FACTORY
MANAGER |
AUDITOR
|
|
Auditor |
: |
KIAT
& ASSOCIATES |
|
Auditor'
Address |
: |
BANGUNAN
HENG GUAN, 5TH FLOOR, 10050 PULAU PINANG, PULAU PINANG, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
MS.
MAK POH IM |
|
IC
/ PP No |
: |
4962764 |
|
|
New
IC No |
: |
560609-07-5164 |
|
|
Address |
: |
7,
TAMAN PUMPONG, 05250 ALOR SETAR, KEDAH, MALAYSIA. |
|
|
2)
|
Company
Secretary |
: |
MS.
ANG LEE LEE |
|
New
IC No |
: |
791103-02-5248 |
|
|
Address |
: |
B20,
TAMAN CEMARA, JALAN KILANG TEBU, 05250 ALOR SETAR, KEDAH, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
MALAYAN
BANKING BHD |
ENCUMBRANCE
(S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
5 |
11/03/1978 |
N/A |
UNITED
ASIAN BANK BHD |
MYR
1,400,000.00 |
Satisfied |
|
2 |
20/02/1980 |
N/A |
UNITED
ASIAN BANK BHD |
MYR
1,400,000.00 |
Satisfied |
|
4 |
15/12/1980 |
N/A |
UNITED
ASIAN BANK BHD |
MYR
400,000.00 |
Satisfied |
|
3 |
10/01/1981 |
N/A |
RHB
BANK BERHAD |
MYR
700,000.00 |
Satisfied |
|
6 |
12/12/1983 |
N/A |
RHB
BANK BERHAD |
MYR
300,000.00 |
Satisfied |
|
7 |
21/05/1985 |
N/A |
UNITED
ASIAN BANK BHD |
MYR
1,350,000.00 |
Satisfied |
|
8 |
21/06/1988 |
N/A |
UNITED
MALAYAN BANKING CORP LTD |
MYR
2,750,000.00 |
Satisfied |
|
9 |
16/05/1990 |
N/A |
UNITED
MALAYAN BANKING CORPORATION BERHAD |
MYR
2,000,000.00 |
Satisfied |
|
10 |
14/12/1994 |
N/A |
UNITED
MALAYAN BANKING CORPORATION BERHAD |
MYR
850,000.00 |
Satisfied |
|
11 |
11/06/1995 |
N/A |
UNITED
MALAYAN BANKING CORPORATION BERHAD |
MYR
1,500,000.00 |
Satisfied |
|
12 |
11/06/1995 |
N/A |
UNITED
MALAYAN BANKING CORPORATION BERHAD |
MYR
1,500,000.00 |
Satisfied |
|
13 |
04/11/1995 |
N/A |
BANK
OF COMMERCE M BERHAD |
MYR
1,200,000.00 |
Satisfied |
|
14 |
25/03/1996 |
N/A |
RHB
BANK BERHAD |
MYR
700,000.00 |
Satisfied |
|
15 |
25/03/1996 |
N/A |
RHB
BANK BERHAD |
MYR
700,000.00 |
Satisfied |
|
16 |
07/01/2000 |
N/A |
MALAYAN
BANKING BERHAD |
MYR
16,700,000.00 |
Satisfied |
|
17 |
07/01/2000 |
FIRST
LEGAL CHARGE |
MALAYAN
BANKING BERHAD |
MYR
16,700,000.00 |
Unsatisfied |
|
18 |
05/10/2000 |
FACILITY
AGREEMENT AND A LEGAL CHARGE |
BUMIPUTRACOMMERCE
BANK BERHAD |
MYR
1,500,000.00 |
Satisfied |
|
19 |
25/02/2008 |
1ST
PARTY 2ND LEGAL CHARGE |
MAYBANK
ISLAMIC BERHAD |
MYR
5,535,000.00 |
Unsatisfied |
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
|||||
|
SOURCES
OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Overseas |
: |
NO |
Percentage |
: |
0% |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
20% |
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
80% |
|
Export
Market |
: |
AUSTRALIA |
|||
|
Credit
Term |
: |
30
DAYS |
|||
|
Payment
Mode |
: |
ELECTRONIC
TRANSFER |
|||
|
Type
of Customer |
: |
DISTRIBUTORS,MANUFACTURING
INDUSTRIES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Product
Brand Name |
: |
|
|
|
Member(s)
/ Affiliate(s) |
: |
MALAYSIA
EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) |
|
|
Ownership
of premises |
: |
OWNED |
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
2010 |
|||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|||
|
COMPANY |
300 |
260 |
260 |
260 |
253 |
253 |
|||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) processing and sales
of rubber and latex.
The Subject's products has undergone stringent quality control in every stage
of the production process which has resulted in the recognition by the Standard
and Industrial Research Institute of Malaysia (SIRIM).
We were informed that the Subject's core product is Standard Malaysia Rubber or
SMR.
Besides that the Subject also has a warehouse to keep stocks and materials.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
04-4404955 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
N/A |
|
Current
Address |
: |
SUNGAI
DIVISION, U.P. ESTATE, 08000 SUNGAI PETANI, KEDAH, MALAYSIA. |
|
Match |
: |
N/A |
|
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 |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
(7.81%) |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
(7.28%) |
] |
|
|
The
continuous fall in turnover could be due to the lower demand for the
Subject's products / services.The Subject incurred losses during the year due
to the inefficient control of its operating costs. The Subject's unfavourable
returns on shareholders' funds indicate the management's inefficiency in
utilising its assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
29
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
10
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
0
Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had reduced
funds being tied up in stocks. The favourable debtors' days could be due to
the good credit control measures implemented by the Subject. The Subject had
a favourable creditors' ratio where the Subject could be taking advantage of
the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Acceptable |
[ |
0.90
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.13
Times |
] |
|
|
The
Subject's liquid ratio was slightly low. This could indicate that the
Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Unfavourable |
[ |
(4.28
Times) |
] |
|
|
Gearing
Ratio |
: |
Unfavourable |
[ |
2.27
Times |
] |
|
|
The
Subject incurred losses in the year. It did not generate sufficient income to
service its interest. If the situation does not improve, the Subject
may be vulnerable to default in servicing the interest. The Subject was
highly geared, thus it had a high financial risk. The Subject was dependent
on loans to finance its business needs. In times of economic downturn and /
or high interest rate, the Subject will become less profitable and
competitive than other firms in the same industry, which are lowly geared.
This is because the Subject has to service the interest and to repay the
loan, which will erode part of its profits. The profits will fluctuate
depending on the Subject's turnover and the interest it needs to pay. |
||||||
|
Overall
Assessment : |
||||||
|
The
Subject's losses could be attributed to the lower turnover which in turn
could be the result of unfavourable market conditions. The Subject's liquidity
was at an acceptable range. If the Subject is able to obtain further short
term financing, it should be able to meet all its short term obligations. The
Subject's interest cover was negative, indicating that it did not generate
sufficient income to service its interest. If its result does not show
impressive improvements or succeed obtaining short term financing or capital
injection, it may not be able to service its interest and repay the loans.
The Subject's gearing level was high and its going concern will be in doubt
if there is no injection of additional shareholders' funds in times of
economic downturn and / or high interest rates. |
||||||
|
Overall
financial condition of the Subject : POOR |
||||||
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 |
|
|
22193
: Rubber remilling and latex processing |
|
|
INDUSTRY
: |
NATURAL
RUBBER |
|
Malaysia
is currently the world's fourth largest producer of Natural Rubber (NR) after
Thailand, Indonesia and Vietnam. The output of rubber in year 2015 is
expected to reach 800,000 tonnes, up from the forecasted 792,000 tonnes in
2014. However, over the first half in 2014, the rubber sector declined 13.3%
due to lower output and prices. Production of natural rubber dropped 13.2%
mainly due to the hot weather conditions during the first quarter of the
year. Nevertheless, due to the stable prices and improved weather conditions
during the second half of 2014, the output of rubber is expected to achieve
the estimated production of 792,000 tonnes. |
|
|
Furthermore,
based on the information from Malaysian Rubber Export Promotion Council
(MREPC), the production of natural rubber had declined by 10.6% to 826,421
tonnes in year 2013 from 922,798 tonnes in year 2012. Besides, in September
2014, the price of natural rubber has dropped. It was partly due to sluggish
demand from China's automobile industry following measures to restrict
production of new cars to reduce air pollution and traffic congestion. Hence,
rubber price are expected to remain low and average RM5/kg in 2014 (2013:
RM7.81/kg). Even so, exports recorded a positive year-on-year growth of 2.6%
for the same period. |
|
|
Over
the first six months in the year 2014, Malaysia exported 390,222 tonnes of
natural rubber. There were 847,090 tonnes of natural rubber exported by
Malaysia in year 2013. China remained the largest markets for Malaysian natural
rubber, accounting for more than 40% of Malaysia's total exports of natural
rubber. Out of the overall natural rubber exports from Malaysia, 47.6% of
natural rubber was exported to China over the first six months of year 2014,
and 46.3% in year 2013. |
|
|
The
natural rubber imported by Malaysia was 426,502 tonnes over the first six
months. However, Malaysia imported 1,004,805 tonnes of natural rubber in the
year of 2013. Additionally, out of the overall natural rubber imports by
Malaysia, 216,628 tonnes (50.8%) natural rubber were imported from Thailand
over the first six months and 515,283 tonnes (51.3%) in year 2013. |
|
|
Malaysia
remains the world seventh largest consumer of natural rubber (NR) in the year
2013. The other countries in the top ten ranking include China, the USA,
Japan, India, Thailand, Brazil, Indonesia, Germany and the Russian
Federation. Malaysia's natural rubber consumption over the first six months
in year 2014 was 220,570 tonnes. The natural rubber consumption in the year
2013 was 434,192 tonnes and it slightly decreased compare to 441,400 tonnes
in 2012. |
|
|
Prime
Minister Datuk Seri Najib Tun Razak, in tabling Budget 2015, said the
Malaysian Rubber Board (MRB) would get a RM100 million allocation to implement
a price regulation mechanism at the farm level. According to Minister of
Plantation Industries and Commodities, the incentives were aimed at reducing
the smallholders' economic burden by increasing their revenue amid the
volatility in rubber prices. Thus, starting January 1, 2015, rubber
smallholders will be eligible for assistance should rubber prices fall below
certain levels. |
|
|
Other
than that, according to Deputy Minister of Plantation Industries and
Commodities, the Malaysian rubber-based industry is expected to contribute
RM52.9 billion to the country's gross national income by 2020 through targets
set under the National Key Economic Area. She said that the development of
income projection since 10 decades ago has shown that the rubber industry's
contribution would continue to be important and relevant for the long-term,
and become among the key income sources for Malaysians, particularly the
rural folks. |
|
|
OVERALL
INDUSTRY OUTLOOK : Mature |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
TIONG
HUAT RUBBER FACTORY 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 |
FULL |
FULL |
SUMMARY |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
1,327,443,250 |
1,926,227,654 |
1,947,284,638 |
2,182,155,060 |
1,309,285,286 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
1,327,443,250 |
1,926,227,654 |
1,947,284,638 |
2,182,155,060 |
1,309,285,286 |
|
Costs
of Goods Sold |
(1,283,035,157) |
(1,815,834,981) |
- |
(2,065,731,311) |
(1,213,928,904) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
44,408,093 |
110,392,673 |
- |
116,423,749 |
95,356,382 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(17,322,343) |
52,180,579 |
71,755,081 |
78,224,128 |
70,772,672 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(17,322,343) |
52,180,579 |
71,755,081 |
78,224,128 |
70,772,672 |
|
Taxation |
2,257,855 |
(12,460,907) |
(15,595,482) |
(18,667,147) |
(17,321,716) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(15,064,488) |
39,719,672 |
56,159,599 |
59,556,981 |
53,450,956 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
237,862,278 |
228,142,606 |
176,501,757 |
127,444,776 |
79,018,820 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
237,862,278 |
228,142,606 |
176,501,757 |
127,444,776 |
79,018,820 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
222,797,790 |
267,862,278 |
232,661,356 |
187,001,757 |
132,469,776 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(35,000,000) |
(30,000,000) |
(4,518,750) |
(10,500,000) |
(5,025,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
187,797,790 |
237,862,278 |
228,142,606 |
176,501,757 |
127,444,776 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Others |
3,283,579 |
3,175,395 |
- |
2,891,194 |
1,434,830 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,283,579 |
3,175,395 |
- |
2,891,194 |
1,434,830 |
|
|
============= |
============= |
- |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
5,717,975 |
5,387,793 |
- |
4,673,853 |
3,700,903 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
5,717,975 |
5,387,793 |
- |
4,673,853 |
3,700,903 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
TIONG
HUAT RUBBER FACTORY SDN BHD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
79,479,509 |
81,757,638 |
62,895,863 |
51,417,203 |
35,893,729 |
|
Investments |
53,307,406 |
307,593 |
- |
307,875 |
13,650 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
53,307,406 |
307,593 |
306,937 |
307,875 |
13,650 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
132,786,915 |
82,065,231 |
63,202,800 |
51,725,078 |
35,907,379 |
|
Stocks |
104,437,678 |
280,446,243 |
- |
209,662,680 |
221,635,764 |
|
Trade
debtors |
35,670,967 |
131,972,411 |
- |
113,594,470 |
120,533,559 |
|
Other
debtors, deposits & prepayments |
71,861,047 |
151,399,655 |
- |
80,200,502 |
88,110,031 |
|
Short
term deposits |
24,800,000 |
- |
- |
- |
- |
|
Deposits
with financial institutions |
- |
- |
- |
28,145,000 |
- |
|
Amount
due from holding company |
129,219,837 |
134,166,681 |
- |
32,748,165 |
4,340,751 |
|
Amount
due from related companies |
- |
- |
- |
11,120,000 |
6,272,662 |
|
Cash
& bank balances |
131,655,027 |
34,165,202 |
- |
67,128,003 |
40,190,117 |
|
Others |
13,113,124 |
2,463,900 |
- |
5,327,148 |
142,618 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
510,757,680 |
734,614,092 |
641,463,912 |
547,925,968 |
481,225,502 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
643,544,595 |
816,679,323 |
704,666,712 |
599,651,046 |
517,132,881 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
1,618,867 |
1,471,793 |
- |
2,428,444 |
3,592,812 |
|
Other
creditors & accruals |
10,510,097 |
7,701,175 |
- |
3,671,532 |
10,646,662 |
|
Bank
overdraft |
- |
10,437,896 |
- |
- |
10,912,673 |
|
Bill
& acceptances payable |
437,038,791 |
549,828,589 |
- |
410,432,609 |
353,884,825 |
|
Amounts
owing to related companies |
1,483,736 |
2,631,378 |
- |
279,590 |
268,511 |
|
Provision
for taxation |
- |
- |
- |
- |
4,816,508 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
450,651,491 |
572,070,831 |
469,990,692 |
416,812,175 |
384,121,991 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
60,106,189 |
162,543,261 |
171,473,220 |
131,113,793 |
97,103,511 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
192,893,104 |
244,608,492 |
234,676,020 |
182,838,871 |
133,010,890 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
|
General
reserve |
91,014 |
91,014 |
- |
- |
- |
|
Retained
profit/(loss) carried forward |
187,797,790 |
237,862,278 |
228,142,606 |
176,501,757 |
127,444,776 |
|
Others |
- |
- |
91,014 |
91,014 |
91,014 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
187,888,804 |
237,953,292 |
228,233,620 |
176,592,771 |
127,535,790 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
192,888,804 |
242,953,292 |
233,233,620 |
181,592,771 |
132,535,790 |
|
Deferred
taxation |
4,300 |
1,655,200 |
- |
1,246,100 |
475,100 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
4,300 |
1,655,200 |
1,442,400 |
1,246,100 |
475,100 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
192,893,104 |
244,608,492 |
234,676,020 |
182,838,871 |
133,010,890 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
FINANCIAL
RATIO
|
|
TIONG
HUAT RUBBER FACTORY SDN BHD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
156,455,027 |
34,165,202 |
- |
67,128,003 |
40,190,117 |
|
Net
Liquid Funds |
(280,583,764) |
(526,101,283) |
- |
(343,304,606) |
(324,607,381) |
|
Net
Liquid Assets |
(44,331,489) |
(117,902,982) |
171,473,220 |
(78,548,887) |
(124,532,253) |
|
Net
Current Assets/(Liabilities) |
60,106,189 |
162,543,261 |
171,473,220 |
131,113,793 |
97,103,511 |
|
Net
Tangible Assets |
192,893,104 |
244,608,492 |
234,676,020 |
182,838,871 |
133,010,890 |
|
Net
Monetary Assets |
(44,335,789) |
(119,558,182) |
170,030,820 |
(79,794,987) |
(125,007,353) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
(14,038,764) |
55,355,974 |
- |
81,115,322 |
72,207,502 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
(8,320,789) |
60,743,767 |
- |
85,789,175 |
75,908,405 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
437,038,791 |
560,266,485 |
- |
410,432,609 |
364,797,498 |
|
Total
Liabilities |
450,655,791 |
573,726,031 |
471,433,092 |
418,058,275 |
384,597,091 |
|
Total
Assets |
643,544,595 |
816,679,323 |
704,666,712 |
599,651,046 |
517,132,881 |
|
Net
Assets |
192,893,104 |
244,608,492 |
234,676,020 |
182,838,871 |
133,010,890 |
|
Net
Assets Backing |
192,888,804 |
242,953,292 |
233,233,620 |
181,592,771 |
132,535,790 |
|
Shareholders'
Funds |
192,888,804 |
242,953,292 |
233,233,620 |
181,592,771 |
132,535,790 |
|
Total
Share Capital |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
|
Total
Reserves |
187,888,804 |
237,953,292 |
228,233,620 |
176,592,771 |
127,535,790 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.35 |
0.06 |
- |
0.16 |
0.10 |
|
Liquid
Ratio |
0.90 |
0.79 |
- |
0.81 |
0.68 |
|
Current
Ratio |
1.13 |
1.28 |
1.36 |
1.31 |
1.25 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
29 |
53 |
- |
35 |
62 |
|
Debtors
Ratio |
10 |
25 |
- |
19 |
34 |
|
Creditors
Ratio |
0 |
0 |
- |
0 |
1 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
2.27 |
2.31 |
- |
2.26 |
2.75 |
|
Liabilities
Ratio |
2.34 |
2.36 |
2.02 |
2.30 |
2.90 |
|
Times
Interest Earned Ratio |
(4.28) |
17.43 |
- |
28.06 |
50.32 |
|
Assets
Backing Ratio |
38.58 |
48.92 |
46.94 |
36.57 |
26.60 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
(1.30) |
2.71 |
3.68 |
3.58 |
5.41 |
|
Net
Profit Margin |
(1.13) |
2.06 |
2.88 |
2.73 |
4.08 |
|
Return
On Net Assets |
(7.28) |
22.63 |
30.58 |
44.36 |
54.29 |
|
Return
On Capital Employed |
(7.28) |
21.70 |
30.58 |
44.36 |
50.17 |
|
Return
On Shareholders' Funds/Equity |
(7.81) |
16.35 |
24.08 |
32.80 |
40.33 |
|
Dividend
Pay Out Ratio (Times) |
2.32 |
0.76 |
0.08 |
0.18 |
0.09 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
- |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.97 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.38 |
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.