|
|
|
MIRA INFORM REPORT
|
Report No. : |
489819 |
|
Report Date : |
09.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
DORTEK SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 19-02d, 19th Floor, Menara Zurich, 15,
Jalan Dato' Abdullah Tahir, 80300 Johor Bahru, Johor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.03.2016 |
|
|
|
|
Date of Incorporation : |
01.04.2010 |
|
|
|
|
Com. Reg. No.: |
896925-V |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
(as a / as an) manufacturing & trading of hygienic door system. |
|
|
|
|
No. of Employees : |
30 [2018]
|
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, an upper middle-income country, has transformed itself since the
1970s from a producer of raw materials into a multi-sector economy. Under
current Prime Minister NAJIB, Malaysia is attempting to achieve high-income
status by 2020 and to move further up the value-added production chain by
attracting investments in high technology, knowledge-based industries and
services. NAJIB's Economic Transformation Program 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. Domestic demand continues to
anchor economic growth, supported mainly by private consumption, which accounts
for 53% of GDP. Nevertheless, exports - particularly of electronics, oil and
gas, and palm oil - remain a significant driver of the economy. In 2015, gross
exports of goods and services were equivalent to 73% of GDP. The oil and gas
sector supplied about 22% of government revenue in 2015, down significantly
from prior years amid a decline in commodity prices and diversification of
government revenues. Malaysia has embarked on a fiscal reform program aimed at
achieving a balanced budget by 2020, including rationalization of subsidies and
the 2015 introduction of a 6% value added tax. Sustained low commodity prices
throughout the period not only strained government finances, but also shrunk
Malaysia’s current account surplus and weighed heavily on the Malaysian
ringgit, which was among the region’s worst performing currencies during
2013-17. The ringgit hit new lows following the US presidential election amid a
broader selloff of emerging market assets.
Bank Negara Malaysia (the central bank) maintains adequate foreign
exchange reserves; a well-developed regulatory regime has limited Malaysia's
exposure to riskier financial instruments, although it remains vulnerable to
volatile global capital flows. In order to increase Malaysia’s competitiveness,
Prime Minister 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, policies that favor and advance
the economic condition of ethnic Malays.
Malaysia signed the 12-nation Trans-Pacific Partnership (TPP) free trade
agreement in February 2016, although the future of the TPP remains unclear
following the US withdrawal from the agreement. Along with nine other ASEAN
members, Malaysia established the ASEAN Economic Community in 2015, which aims
to advance regional economic integration.
|
Source
: CIA |
Note
Due to negative networth, we do not recommend any credit limit to the company.
EXECUTIVE SUMMARY
|
|
REGISTRATION NO. |
: |
896925-V |
||||
|
GST NO. |
: |
000542998528 |
||||
|
COMPANY NAME |
: |
DORTEK SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
01/04/2010 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
SUITE 19-02D, 19TH FLOOR, MENARA ZURICH,
15, JALAN DATO' ABDULLAH TAHIR, 80300 JOHOR BAHRU, JOHOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
NO 5, JALAN DESA TROPIKA 1/3 TAMAN PERINDUSTRIAN
TROPIKA, 81800 ULU TIRAM, JOHOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
07-8616233 |
||||
|
FAX.NO. |
: |
07-8612322 |
||||
|
WEB SITE |
: |
WWW.DORTEK.COM |
||||
|
CONTACT PERSON |
: |
ALAN PAUL O'KEANE ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
31 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING & TRADING OF HYGIENIC
DOOR SYSTEM. |
||||
|
AUTHORISED CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 6,965,324 [2016] |
||||
|
NET WORTH |
: |
MYR (555,156) [2016] |
||||
|
STAFF STRENGTH |
: |
30 [2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
SLOW |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
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 shall have a minimum one director. 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 & trading of hygienic door system.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the Subject
is DORTEK LIMITED, a company incorporated in IRELAND.
Former Address(es)
|
Address |
As At Date |
|
SUITE 18-03, 18TH FLOOR, MENARA ZURICH, 15,
JALAN DATO' ABDULLAH TAHIR, 80300, JOHOR, MALAYSIA |
22/02/2015 |
|
SUITE 6.1A, LEVEL 6, MENARA PELANGI, JALAN
KUNING, TAMAN PELANGI, 80400, JOHOR, MALAYSIA |
23/12/2014 |
|
UPPER PENTHOUSE, WISMA RKT, 2, JALAN RAJA
ABDULLAH, OFF JALAN SULTAN ISMAIL, 50300, WILAYAH PERSEKUTUAN, MALAYSIA |
29/06/2011 |
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
09/09/2010 |
MYR 500,000.00 |
MYR 500,000.00 |
|
01/04/2010 |
MYR 100,000.00 |
MYR 10.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MICHAEL JOHN GLANVILLE + |
14, HALL ROAD SPROATELY HULL, EAST
YORKSHIRE, HUII 4PX, UNITED KINGDOM. |
511021899 |
50,000.00 |
10.00 |
|
DORTEK LIMITED |
NORTH QUAY, WICKLOO TOWN, COUNTRY WICKLOW
IRELAND |
83901 |
450,000.00 |
90.00 |
|
--------------- |
------ |
|||
|
500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
ANTHONY BRIABN FENTON |
|
Address |
: |
NORTHWOOD RISE ROAD, SKIRLAUGHT, HULL, HU
11 5BH, UNITED KINGDOM. |
|
IC / PP No |
: |
533125905 |
|
Date of Birth |
: |
16/02/1944 |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
01/04/2010 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
896925V |
DORTEK SDN. BHD. |
Director |
01/04/2010 |
0.00 |
- |
MYR(577,408.00) |
2016 |
- |
25/01/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
ALPHONSUS M O'MARA |
|
Address |
: |
MONTE ALVERNO, SORRENTO ROAD DALKEY, CO
DUBLIN, IRELAND. |
|
IC / PP No |
: |
PT1355952 |
|
Date of Birth |
: |
17/09/1944 |
|
Nationality |
: |
IRISH |
|
Date of Appointment |
: |
01/04/2010 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
896925V |
DORTEK SDN. BHD. |
Director |
01/04/2010 |
0.00 |
- |
MYR(577,408.00) |
2016 |
- |
25/01/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
ALAN PAUL O'KEANE |
|
Address |
: |
CRANNMOR BURREN WAY, BALLYVAUGHAN CO CLARE,
IRELAND. |
|
IC / PP No |
: |
LB0055796 |
|
Date of Birth |
: |
06/05/1965 |
|
Nationality |
: |
IRISH |
|
Date of Appointment |
: |
01/04/2010 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
896925V |
DORTEK SDN. BHD. |
Director |
01/04/2010 |
0.00 |
- |
MYR(577,408.00) |
2016 |
- |
25/01/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
MS. NURUL SA'ADAH BINTI LEMON |
|
Address |
: |
1, JALAN HUJONG, KAMPUNG MELAYU MAJIDEE,
81100 JOHOR BAHRU, JOHOR, MALAYSIA. |
|
New IC No |
: |
890428-01-6052 |
|
Date of Birth |
: |
28/04/1989 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/09/2015 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
see below |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
896925V |
DORTEK SDN. BHD. |
Director |
15/09/2015 |
0.00 |
- |
MYR(577,408.00) |
2016 |
- |
25/01/2018 |
INTEREST IN BUSINESS
|
No |
Local No |
Business |
Designation |
App Date |
Shareholding (%) |
Status |
As At |
|
1 |
JM0684430W |
NY SERVICES |
PARTNERSHIP |
30/03/2014 |
50.00 |
- |
26/12/2017 |
DIRECTOR 5
|
Name Of Subject |
: |
MS. NORAZYAN BINTI JAMALUDIN |
|
Address |
: |
2H, JALAN STULANG BARU, STULANG BARU, 81100
JOHOR BAHRU, JOHOR, MALAYSIA. |
|
New IC No |
: |
901217-01-6176 |
|
Date of Birth |
: |
17/12/1990 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/09/2015 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
see below |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
896925V |
DORTEK SDN. BHD. |
Director |
15/09/2015 |
0.00 |
- |
MYR(577,408.00) |
2016 |
- |
25/01/2018 |
INTEREST IN BUSINESS
|
No |
Local No |
Business |
Designation |
App Date |
Shareholding (%) |
Status |
As At |
|
1 |
JM0684430W |
NY SERVICES |
PARTNERSHIP |
30/03/2014 |
50.00 |
- |
26/12/2017 |
DIRECTOR 6
|
Name Of Subject |
: |
MICHAEL JOHN GLANVILLE |
|
Address |
: |
14, HALL ROAD SPROATELY HULL, EAST
YORKSHIRE, HUII 4PX, UNITED KINGDOM. |
|
IC / PP No |
: |
511021899 |
|
Date of Birth |
: |
13/05/1968 |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
01/04/2010 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
896925V |
DORTEK SDN. BHD. |
Director |
01/04/2010 |
50,000.00 |
10.00 |
MYR(577,408.00) |
2016 |
- |
25/01/2018 |
FORMER DIRECTOR(S)
|
|
Name |
Address |
IC/PP No |
Appointed Date |
Withdrawn Date |
|
YAP CHIN ONN |
7 JALAN BUKIT INDAH 1/10, TAMAN BUKIT
INDAH, AMPANG, SELANGOR, MALAYSIA |
520420-10-5685 |
01/04/2010 |
31/05/2011 |
|
KHALID BIN MUHAMMAD HUSSAIN S. |
3, JALAN 17/21G,, PETALING JAYA, SELANGOR,
MALAYSIA |
371102-02-5157 |
01/04/2010 |
31/05/2011 |
|
ZARINA BINTI AHMAD |
25, JALAN SETIA 4/15,, TAMAN SETIA
TROPIKA,, JOHOR BAHRU, JOHOR, MALAYSIA |
700117-08-5894 |
31/05/2011 |
24/12/2014 |
|
LEONG SIEW FOONG |
NO. 3, JALAN BAYAM,, TAMAN KOTA BESAR,,
KOTA TINGGI, JOHOR, MALAYSIA |
671205-10-5330 |
31/05/2011 |
24/12/2014 |
|
TAN MUI ENG |
BLK C, UNIT #03-02, ALOHA TOWERS
CONDOMINIUM 1, JALAN KOLAM AIR, JOHOR BAHRU, JOHOR, MALAYSIA |
531220-01-5806 |
08/12/2014 |
15/09/2015 |
|
TEO SOO HONG |
34 JALAN SONGKIT 1, TAMAN SENTOSA, JOHOR
BAHRU, JOHOR, MALAYSIA |
570919-01-5246 |
08/12/2014 |
15/09/2015 |
Note : The above information was generated
from our database.
MANAGEMENT
|
|
1) |
Name of Subject |
: |
ALAN PAUL O'KEANE |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
OK YAU & HOWYONG |
|
Auditor' Address |
: |
9A, JALAN KUNDANG 2, TAMAN BUKIT PASIR,
83000 BATU PAHAT, JOHOR, MALAYSIA. |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. TEO MONG NGUAN |
|
IC / PP No |
: |
3447304 |
|
|
New IC No |
: |
490423-01-5197 |
|
|
Address |
: |
4, JALAN DATO SULAIMAN, TAMAN CENTURY,
80250 JOHOR BAHRU, 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 - SUBJECT COMPANY AS A DEFENDANT
|
* A check has been conducted in our databank against the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors that
have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
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 |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2018 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
30 |
||||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing & trading
of hygienic door system..
The Subject manufactures specialist GRP Doors, Hygienic Doors, Cleanroom Doors
and others.
The products are used in hospitals, supermarkets, residentials and
others.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
078616233 |
|
Current Telephone Number |
: |
07-8616233 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
5, JALAN DESA TROPIKA 1/3, TAMAN PERINDUSTRIAN
CEMERLANG 818000, ULU TIRAM JOHOR |
|
Current Address |
: |
NO 5, JALAN DESA TROPIKA 1/3 TAMAN
PERINDUSTRIAN TROPIKA, 81800 ULU TIRAM, JOHOR, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
The address provided is as per stated in the report.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
104.01% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
149.95% |
] |
|
|
The fluctuating turnover reflects the fierce
competition among the existing and new market players.The Subject incurred
losses during the year due to the inefficient control of its operating costs.
Although the Subject's returns showed positive figures it is not reflective
of the true situation. The Subject incurred losses during the year and its
shareholders' funds have turned red. The positive returns on shareholders'
funds is the result of losses divided by negative shareholders' funds. The
Subject's management was inefficient in utilising the assets to generate
returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
70 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
13 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
21 Days |
] |
|
|
The Subject could be incurring higher
holding cost. As its capital was tied up in stocks, it could face liquidity
problems. The favourable debtors' days could be due to the good credit control
measures implemented by the Subject. The Subject had a favourable creditors'
ratio where the Subject could be taking advantage of the cash discounts and
also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.59 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.75 Times |
] |
|
|
A low liquid ratio means that the Subject
may be facing working capital deficiency. If the Subject cannot obtain additional
financing or injection of fresh capital, it may face difficulties in meeting
its short term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover was nil as it
did not pay any interest during the year. The Subject had no gearing and
hence it had virtually no financial risk. The Subject was financed by its shareholders'
funds and internally generated fund. During the economic downturn, the
Subject, having a zero gearing, will be able to compete better than those
which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's losses increased but its
turnover showed a fluctuating trend. This indicate the Subject was
slowly losing its market share due to its competitors. Due to its weak liquidity
position, the Subject will be faced with problems in meeting all its short
term obligations if no short term loan is obtained or additional capital
injected into the Subject. The Subject did not make any interest payment
during the year. The Subject was dependent on its shareholders' funds to
finance its business needs. The Subject was a zero gearing company, it was
solely dependant on its shareholders to provide funds to finance its
business. The Subject has good chance of getting loans, if the needs arises. |
||||||
|
Overall financial condition of the Subject
: POOR |
||||||
|
|
||||||
MALAYSIA ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators: |
2014 |
2015 |
2016 |
2017* |
2018** |
|
Population ( Million) |
30.0 |
31.0 |
31.6 |
32.1 |
32.9 |
|
Gross Domestic Products ( % ) |
6.0 |
4.6 |
4.2 |
5.3 |
5.4 |
|
Domestic Demand ( % ) |
6.4 |
6.2 |
4.3 |
6.3 |
6.4 |
|
Private Expenditure ( % ) |
7.9 |
6.9 |
7.8 |
7.4 |
7.3 |
|
Consumption ( % ) |
6.5 |
6.1 |
5.1 |
6.9 |
6.8 |
|
Investment ( % ) |
12.0 |
8.1 |
10.0 |
9.3 |
8.9 |
|
Public Expenditure ( % ) |
2.3 |
4.2 |
3.3 |
5.3 |
5.5 |
|
Consumption ( % ) |
2.1 |
4.3 |
2.0 |
2.7 |
1.3 |
|
Investment ( % ) |
2.6 |
(1.0) |
1.1 |
3.4 |
3.8 |
|
Balance of Trade ( MYR Million ) |
82,480 |
91,577 |
88,145 |
94,593 |
96,993 |
|
Government Finance ( MYR Million ) |
(37,414) |
(37,194) |
(38,401) |
(39,887) |
(39,790) |
|
Government Finance to GDP / Fiscal Deficit
( % ) |
(3.4) |
(3.2) |
(3.1) |
(3.0) |
(2.8) |
|
Inflation ( % Change in Composite CPI) |
3.2 |
4.0 |
2.1 |
3.5 |
3.0 |
|
Unemployment Rate |
2.9 |
3.1 |
3.4 |
3.4 |
3.3 |
|
Net International Reserves ( MYR Billion ) |
417 |
390 |
391 |
- |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
4.00 |
3.50 |
- |
- |
- |
|
Average 3 Months of Non-performing Loans (
% ) |
2.10 |
2.00 |
1.90 |
- |
- |
|
Average Base Lending Rate ( % ) |
6.85 |
6.79 |
6.81 |
6.73 |
- |
|
Business Loans Disbursed( % ) |
18.6 |
2.2 |
- |
- |
- |
|
Foreign Investment ( MYR Million ) |
43,486.6 |
43,435.0 |
- |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
49,203 |
45,658 |
43,255 |
- |
- |
|
Registration of New Companies ( % ) |
6.1 |
(7.2) |
(5.3) |
- |
- |
|
Liquidation of Companies ( No. ) |
11,099 |
7,066 |
- |
- |
- |
|
Liquidation of Companies ( % ) |
(19.5) |
(36.3) |
- |
- |
- |
|
Registration of New Business ( No. ) |
332,723 |
364,230 |
376,720 |
- |
- |
|
Registration of New Business ( % ) |
1.0 |
9.0 |
3.0 |
- |
- |
|
Business Dissolved ( No. ) |
21,436 |
- |
- |
- |
- |
|
Business Dissolved ( % ) |
18.0 |
- |
- |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
588.3 |
591.3 |
514.6 |
527.8 |
- |
|
Cellular Phone Subscribers ( Million ) |
44.0 |
44.2 |
44.0 |
- |
- |
|
Tourist Arrival ( Million Persons ) |
27.4 |
25.7 |
30.2 |
30.1 |
- |
|
Hotel Occupancy Rate ( % ) |
63.6 |
58.8 |
61.2 |
- |
- |
|
Credit Cards Spending ( % ) |
5.8 |
6.8 |
6.3 |
- |
- |
|
Bad Cheque Offenders (No.) |
- |
- |
- |
- |
- |
|
Individual Bankruptcy ( No.) |
22,351 |
18,457 |
- |
- |
- |
|
Individual Bankruptcy ( % ) |
1.7 |
(17.4) |
- |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2014 |
2015 |
2016 |
2017* |
2018** |
|
Agriculture |
2.0 |
1.3 |
(5.1) |
5.6 |
2.4 |
|
Palm Oil |
6.7 |
7.0 |
(12.7) |
11.8 |
- |
|
Rubber |
(10.4) |
(11.0) |
(6.3) |
10.8 |
- |
|
Forestry & Logging |
(4.2) |
(7.2) |
(3.0) |
(15.0) |
- |
|
Fishing |
2.7 |
2.1 |
2.2 |
0.2 |
- |
|
Other Agriculture |
6.2 |
6.0 |
5.1 |
2.4 |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
303.8 |
343.7 |
420.3 |
- |
- |
|
% of Industry Non-Performing Loans |
1.4 |
1.5 |
1.8 |
- |
- |
|
Mining |
3.3 |
5.3 |
2.2 |
0.5 |
0.9 |
|
Oil & Gas |
3.0 |
3.5 |
4.5 |
- |
- |
|
Other Mining |
46.6 |
47.1 |
42.6 |
- |
- |
|
Industry Non-performing Loans ( MYR Million
) |
63.5 |
180.1 |
190.0 |
- |
- |
|
% of Industry Non-performing Loans |
0.3 |
0.8 |
0.8 |
- |
- |
|
Manufacturing # |
6.1 |
4.9 |
4.4 |
5.5 |
5.3 |
|
Exported-oriented Industries |
7.1 |
6.5 |
4.3 |
6.5 |
- |
|
Electrical & Electronics |
11.8 |
9.2 |
6.8 |
9.3 |
- |
|
Rubber Products |
(1.3) |
5.1 |
5.0 |
6.9 |
- |
|
Wood Products |
7.8 |
7.0 |
7.8 |
7.3 |
- |
|
Textiles & Apparel |
10.8 |
7.5 |
7.5 |
7.4 |
- |
|
Domestic-oriented Industries |
7.7 |
4.7 |
3.4 |
6.2 |
- |
|
Food, Beverages & Tobacco |
6.1 |
8.9 |
7.5 |
11.0 |
- |
|
Chemical & Chemical Products |
1.4 |
3.5 |
4.5 |
3.5 |
- |
|
Plastic Products |
2.7 |
3.9 |
5.1 |
- |
- |
|
Iron & Steel |
2.8 |
1.6 |
2.2 |
- |
- |
|
Fabricated Metal Products |
2.8 |
4.6 |
5.6 |
4.6 |
- |
|
Non-metallic Mineral |
6.9 |
6.8 |
6.3 |
5.4 |
- |
|
Transport Equipment |
14.4 |
5.2 |
(3.1) |
4.7 |
- |
|
Paper & Paper Products |
4.7 |
3.2 |
5.4 |
5.8 |
- |
|
Crude Oil Refineries |
13.0 |
14.3 |
13.7 |
- |
- |
|
Industry Non-Performing Loans ( MYR Million
) |
5,730.8 |
4,243.7 |
4,214.1 |
- |
- |
|
% of Industry Non-Performing Loans |
25.6 |
19.0 |
18.5 |
- |
- |
|
Construction |
11.7 |
8.2 |
7.4 |
7.6 |
7.5 |
|
Industry Non-Performing Loans ( MYR Million
) |
1,666.4 |
1,638.0 |
1,793.9 |
- |
- |
|
% of Industry Non-Performing Loans |
7.5 |
7.3 |
7.9 |
- |
- |
|
Services |
6.6 |
5.1 |
5.6 |
5.9 |
5.8 |
|
Electric, Gas & Water |
3.8 |
3.6 |
5.4 |
2.5 |
2.6 |
|
Transport, Storage & Communication |
7.70 |
7.55 |
6.85 |
7.35 |
7.30 |
|
Wholesale, Retail, Hotel & Restaurant |
7.70 |
6.65 |
6.65 |
7.05 |
6.65 |
|
Finance, Insurance & Real Estate |
5.15 |
2.90 |
4.70 |
5.70 |
5.90 |
|
Government Services |
6.3 |
4.0 |
4.9 |
4.4 |
4.5 |
|
Other Services |
4.8 |
4.7 |
4.8 |
5.3 |
5.3 |
|
Industry Non-Performing Loans ( MYR Million
) |
5,373.5 |
6,806.6 |
7,190.6 |
- |
- |
|
% of Industry Non-Performing Loans |
24.1 |
30.5 |
31.5 |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production
Index |
|||||
INDUSTRY ANALYSIS
|
|
MSIC CODE |
|
|
31 : MANUFACTURE OF FURNITURE |
|
|
INDUSTRY : |
FURNITURE & FIXTURES |
|
Ranked as the 10th largest exporter of
furniture in the world, Malaysia exports around 80% of its production. With large
markets in US, Japan and Australia, Malaysia has a strong position in the
global furniture industry. Increasing demand for Malaysian furniture products
coupled with innovation in the industry will ensure the growth of the
Malaysian furniture industry. |
|
|
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 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. |
|
|
The furniture industry contributes
significantly to the total exports of timber and timber products, with
exports valued at RM9.53 billion in 2016, an increase of 4.2% compared to
2015. In 2016, the export of wooden furniture, in particular was valued at
RM7.56 billion, an increase of 4.2% compared to 2015. This sector is
envisaged to contribute RM16 billion to the country’s export earnings by
2020. He said, he is confident that the export performance of furniture
products will continue to improve in the coming years. |
|
|
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. |
|
|
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) |
|
DORTEK SDN. BHD. |
|
Financial Year End |
2016-03-31 |
2015-03-31 |
2014-03-31 |
2013-03-31 |
2012-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
6,965,324 |
7,501,858 |
6,314,221 |
8,119,536 |
1,843,670 |
|
Other Income |
- |
- |
- |
- |
176,306 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
6,965,324 |
7,501,858 |
6,314,221 |
8,119,536 |
2,019,976 |
|
Costs of Goods Sold |
(5,964,729) |
(5,594,171) |
(4,741,685) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
1,000,595 |
1,907,687 |
1,572,536 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(832,443) |
1,601,183 |
(542,809) |
1,227,861 |
(674,089) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(832,443) |
1,601,183 |
(542,809) |
1,227,861 |
(674,089) |
|
Taxation |
255,035 |
(250,788) |
32,174 |
(171,549) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(577,408) |
1,350,395 |
(510,635) |
1,056,312 |
(674,089) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(477,748) |
(1,828,143) |
(1,317,508) |
(2,373,820) |
(1,699,731) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(477,748) |
(1,828,143) |
(1,317,508) |
(2,373,820) |
(1,699,731) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(1,055,156) |
(477,748) |
(1,828,143) |
(1,317,508) |
(2,373,820) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(1,055,156) |
(477,748) |
(1,828,143) |
(1,317,508) |
(2,373,820) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Hire purchase |
- |
- |
695 |
2,211 |
3,727 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
- |
695 |
2,211 |
3,727 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
334,003 |
714,347 |
691,023 |
668,859 |
635,070 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
334,003 |
714,347 |
691,023 |
668,859 |
635,070 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
DORTEK SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
1,388,052 |
1,648,966 |
2,237,673 |
2,882,192 |
3,415,883 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Deferred assets |
12,537 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
12,537 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,400,589 |
1,648,966 |
2,237,673 |
2,882,192 |
3,415,883 |
|
CURRENT ASSETS |
|||||
|
Stocks |
1,223,045 |
1,641,507 |
1,589,778 |
496,027 |
797,386 |
|
Contract work-in-progress |
109,612 |
328,191 |
265,427 |
817,713 |
62,995 |
|
Trade debtors |
245,424 |
- |
- |
180,146 |
223,000 |
|
Other debtors, deposits & prepayments |
477,569 |
258,486 |
266,071 |
258,905 |
241,037 |
|
Amount due from holding company |
- |
- |
- |
53,720 |
50,202 |
|
Amount due from subsidiary companies |
- |
- |
- |
4,699,111 |
- |
|
Amount due from related companies |
3,449,602 |
4,203,675 |
2,660,594 |
- |
- |
|
Cash & bank balances |
214,818 |
25,283 |
19,547 |
21,387 |
50,057 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
5,720,070 |
6,457,142 |
4,801,417 |
6,527,009 |
1,424,677 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
7,120,659 |
8,106,108 |
7,039,090 |
9,409,201 |
4,840,560 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
347,924 |
669,721 |
429,034 |
286,122 |
73,692 |
|
Other creditors & accruals |
382,798 |
191,550 |
266,647 |
179,247 |
151,923 |
|
Hire purchase & lease creditors |
- |
- |
- |
27,417 |
31,017 |
|
Amounts owing to holding company |
6,472,126 |
5,707,834 |
6,195,534 |
6,101,926 |
4,553,159 |
|
Amounts owing to subsidiary companies |
- |
- |
- |
3,460,448 |
1,877,172 |
|
Amounts owing to related companies |
334,402 |
1,179,687 |
1,369,242 |
- |
- |
|
Provision for taxation |
138,565 |
51,175 |
- |
19,383 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
7,675,815 |
7,799,967 |
8,260,457 |
10,074,543 |
6,686,963 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(1,955,745) |
(1,342,825) |
(3,459,040) |
(3,547,534) |
(5,262,286) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Hire purchase creditors |
- |
- |
- |
- |
27,417 |
|
Deferred taxation |
- |
283,889 |
106,776 |
152,166 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
- |
283,889 |
106,776 |
152,166 |
27,417 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
(555,156) |
22,252 |
(1,328,143) |
(817,508) |
(1,873,820) |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
(1,055,156) |
(477,748) |
(1,828,143) |
(1,317,508) |
(2,373,820) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(1,055,156) |
(477,748) |
(1,828,143) |
(1,317,508) |
(2,373,820) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
(555,156) |
22,252 |
(1,328,143) |
(817,508) |
(1,873,820) |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
DORTEK SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
214,818 |
25,283 |
19,547 |
21,387 |
50,057 |
|
Net Liquid Funds |
214,818 |
25,283 |
19,547 |
21,387 |
50,057 |
|
Net Liquid Assets |
(3,178,790) |
(2,984,332) |
(5,048,818) |
(4,043,561) |
(6,059,672) |
|
Net Current Assets/(Liabilities) |
(1,955,745) |
(1,342,825) |
(3,459,040) |
(3,547,534) |
(5,262,286) |
|
Net Tangible Assets |
(555,156) |
22,252 |
(1,328,143) |
(817,508) |
(1,873,820) |
|
Net Monetary Assets |
(3,178,790) |
(3,268,221) |
(5,155,594) |
(4,195,727) |
(6,087,089) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(832,443) |
1,601,183 |
(542,114) |
1,230,072 |
(670,362) |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
(498,440) |
2,315,530 |
148,909 |
1,898,931 |
(35,292) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
27,417 |
58,434 |
|
Total Liabilities |
7,675,815 |
8,083,856 |
8,367,233 |
10,226,709 |
6,714,380 |
|
Total Assets |
7,120,659 |
8,106,108 |
7,039,090 |
9,409,201 |
4,840,560 |
|
Net Assets |
(555,156) |
22,252 |
(1,328,143) |
(817,508) |
(1,873,820) |
|
Net Assets Backing |
(555,156) |
22,252 |
(1,328,143) |
(817,508) |
(1,873,820) |
|
Shareholders' Funds |
(555,156) |
22,252 |
(1,328,143) |
(817,508) |
(1,873,820) |
|
Total Share Capital |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
Total Reserves |
(1,055,156) |
(477,748) |
(1,828,143) |
(1,317,508) |
(2,373,820) |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(7.15) |
18.81 |
(22.23) |
340.40 |
- |
|
Proft/(Loss) Before Tax |
(151.99) |
394.98 |
(144.21) |
282.15 |
60.34 |
|
Proft/(Loss) After Tax |
(142.76) |
364.45 |
(148.34) |
256.70 |
60.34 |
|
Total Assets |
(12.16) |
15.16 |
(25.19) |
94.38 |
18.60 |
|
Total Liabilities |
(5.05) |
(3.39) |
(18.18) |
52.31 |
27.14 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.03 |
0 |
0 |
0 |
0.01 |
|
Liquid Ratio |
0.59 |
0.62 |
0.39 |
0.60 |
0.09 |
|
Current Ratio |
0.75 |
0.83 |
0.58 |
0.65 |
0.21 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
70 |
96 |
107 |
59 |
170 |
|
Debtors Ratio |
13 |
0 |
0 |
8 |
44 |
|
Creditors Ratio |
21 |
44 |
33 |
13 |
15 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
(0.03) |
(0.03) |
|
Liabilities Ratio |
(13.83) |
363.29 |
(6.30) |
(12.51) |
(3.58) |
|
Times Interest Earned Ratio |
0 |
0 |
(780.02) |
556.34 |
(179.87) |
|
Assets Backing Ratio |
(1.11) |
0.04 |
(2.66) |
(1.64) |
(3.75) |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(11.95) |
21.34 |
(8.60) |
15.12 |
(36.56) |
|
Net Profit Margin |
(8.29) |
18.00 |
(8.09) |
13.01 |
(36.56) |
|
Return On Net Assets |
149.95 |
7,195.68 |
40.82 |
(150.47) |
35.78 |
|
Return On Capital Employed |
149.95 |
523.02 |
44.39 |
(192.82) |
36.93 |
|
Return On Shareholders' Funds/Equity |
104.01 |
6,068.65 |
38.45 |
(129.21) |
35.97 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.16 |
|
|
1 |
INR 89.19 |
|
Euro |
1 |
INR 78.75 |
|
MYR |
1 |
INR 16.41 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.