|
|
|
MIRA INFORM REPORT
|
Report No. : |
495995 |
|
Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
BLUSH FASHION
SDN. BHD. |
|
|
|
|
Registered Office : |
Block E, 25-6-1, 6th Floor, Jalan Semarak
Api 2, Diamond Square, Off Jalan Gombak, 53000 Kuala Lumpur, Wilayah
Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
01.12.2003 |
|
|
|
|
Com. Reg. No.: |
635562-T |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of textiles and garments. |
|
|
|
|
No. of Employees : |
Not Available |
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
EXECUTIVE SUMMARY
|
|
REGISTRATION NO. |
: |
635562-T |
||||
|
GST NO. |
: |
001721794560 |
||||
|
COMPANY NAME |
: |
BLUSH FASHION SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
01/12/2003 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
BLOCK E, 25-6-1, 6TH FLOOR, JALAN SEMARAK
API 2, DIAMOND SQUARE, OFF JALAN GOMBAK, 53000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
7 JALAN APOLLO U5/194, BANDAR PINGGIRAN
SUBANG, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-78425250 |
||||
|
FAX.NO. |
: |
03-78425260 |
||||
|
CONTACT PERSON |
: |
MANEETA KAUR KATARI A/P JASPAL SINGH (
DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
47711 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF TEXTILES AND GARMENTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 700,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 10,559,103 [2017] |
||||
|
NET WORTH |
: |
MYR 4,733,375 [2017] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
TRACED |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
SLOW |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
HIGH |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
||||
HISTORY / BACKGROUND
|
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders.
As a private limited company, the Subject 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) trading of textiles and garments.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
Former Address(es)
|
Address |
As At Date |
|
LOT NO.114,JLN PJS 3/5, TAMAN MEDAN,7TH MILE,
OLD KLANG ROAD, 46000, SELANGOR, MALAYSIA |
15/02/2013 |
|
25-6-1, 6TH FLOOR, JALAN 3/50, DIAMOND
SQUARE, OFF JALAN GOMBAK, 53000, WILAYAH PERSEKUTUAN, MALAYSIA |
20/12/2016 |
|
NO.42B,JALAN MERLIMAU, OFF JALAN KENANGA, 55200,
WILAYAH PERSEKUTUAN, MALAYSIA |
N/A |
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
21/03/2009 |
MYR 1,000,000.00 |
MYR 700,000.00 |
|
25/04/2006 |
MYR 500,000.00 |
MYR 300,000.00 |
|
29/12/2004 |
MYR 100,000.00 |
MYR 100,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. JASDEEP SINGH KATARI A/L JASPAL SINGH + |
20, LORONG KEMARIS 4, BUKIT BANDARAYA, 59100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
760422-14-5587 A3527188 |
350,000.00 |
50.00 |
|
MS. MANEETA KAUR KATARI A/P JASPAL SINGH + |
20, LORONG KEMARIS 4, BUKIT BANDARAYA,
59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
731110-07-5660 A2627665 |
350,000.00 |
50.00 |
|
--------------- |
------ |
|||
|
700,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. JASDEEP SINGH KATARI A/L JASPAL SINGH |
|
Address |
: |
20, LORONG KEMARIS 4, BUKIT BANDARAYA,
59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A3527188 |
|
New IC No |
: |
760422-14-5587 |
|
Date of Birth |
: |
22/04/1976 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/12/2003 |
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 |
91066K |
BINA SRI BAKTI SDN. BHD. |
Director |
22/04/2000 |
0.00 |
- |
MYR(721,828.00) |
1996 |
- |
23/02/2018 |
|
2 |
635562T |
BLUSH FASHION SDN. BHD. |
Director |
01/12/2003 |
350,000.00 |
50.00 |
MYR276,432.00 |
2017 |
- |
23/02/2018 |
|
3 |
1130355H |
JAZZNCO SDN. BHD. |
Director |
05/02/2015 |
100,001.00 |
50.00 |
MYR(720,969.00) |
2017 |
- |
23/02/2018 |
|
4 |
387872D |
SINARBLITZ SDN. BHD. |
Director |
20/02/1998 |
50,000.00 |
50.00 |
- |
2017 |
- |
23/02/2018 |
|
5 |
773150H |
STANDARD INTELLECTUAL SDN. BHD. |
Director |
18/05/2007 |
1.00 |
50.00 |
MYR107,365.00 |
2017 |
- |
23/02/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
MS. MANEETA KAUR KATARI A/P JASPAL SINGH |
|
Address |
: |
20, LORONG KEMARIS 4, BUKIT BANDARAYA,
59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A2627665 |
|
New IC No |
: |
731110-07-5660 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/12/2003 |
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 |
91066K |
BINA SRI BAKTI SDN. BHD. |
Director |
24/12/2004 |
0.00 |
- |
MYR(721,828.00) |
1996 |
- |
23/02/2018 |
|
2 |
635562T |
BLUSH FASHION SDN. BHD. |
Director |
01/12/2003 |
350,000.00 |
50.00 |
MYR276,432.00 |
2017 |
- |
23/02/2018 |
|
3 |
634758D |
DINESH SINGH MEDICAL SERVICES SDN. BHD. |
Director |
18/03/2004 |
1.00 |
50.00 |
MYR(7,098.00) |
2017 |
- |
23/02/2018 |
|
4 |
1130355H |
JAZZNCO SDN. BHD. |
Director |
05/02/2015 |
100,001.00 |
50.00 |
MYR(720,969.00) |
2017 |
- |
23/02/2018 |
|
5 |
387872D |
SINARBLITZ SDN. BHD. |
Director |
20/02/1998 |
50,000.00 |
50.00 |
- |
2017 |
- |
23/02/2018 |
|
6 |
773150H |
STANDARD INTELLECTUAL SDN. BHD. |
Director |
18/05/2007 |
1.00 |
50.00 |
MYR107,365.00 |
2017 |
- |
23/02/2018 |
|
7 |
392524A |
TSB EXPORT SDN. BHD. |
Director |
24/02/1999 |
1.00 |
0.00004 |
- |
2017 |
- |
23/02/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
MANEETA KAUR KATARI A/P JASPAL SINGH |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
S P TAN & SUNDAR |
|
Auditor' Address |
: |
SUITE 12B-22, LEVEL 12B, WISMA ZELAN 1,
JALAN TASIK PERMAISURI 2, BANDAR TUN RAZAK, CHERAS, 56000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. PALANIAPPAN A/L KASIVISVANATHAN |
|
IC / PP No |
: |
5735705 |
|
|
New IC No |
: |
470531-71-5125 |
|
|
Address |
: |
196, JALAN A4, TAMAN MELAWATI, 53100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MR. MANIVANNAN MEYYAPPA |
|
New IC No |
: |
651208-75-5015 |
|
|
Address |
: |
32, JALAN SAMBAU 17, TAMAN BAYU EMAS, 41200
KLANG, SELANGOR, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
OCBC BANK (MALAYSIA) BHD |
|
2) |
Name |
: |
PUBLIC BANK BHD |
|
3) |
Name |
: |
UNITED OVERSEAS BANK (MALAYSIA) BHD |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
19/05/2006 |
N/A |
UNITED OVERSEAS BANK (MALAYSIA) BERHAD. |
MYR 140,000.00 |
Satisfied |
|
2 |
19/05/2006 |
N/A |
UNITED OVERSEAS BANK (MALAYSIA) BERHAD. |
MYR 140,000.00 |
Satisfied |
|
3 |
19/05/2006 |
N/A |
UNITED OVERSEAS BANK (MALAYSIA) BERHAD. |
MYR 140,000.00 |
Satisfied |
|
4 |
19/05/2006 |
N/A |
UNITED OVERSEAS BANK (MALAYSIA) BERHAD. |
MYR 745,000.00 |
Satisfied |
|
5 |
05/07/2007 |
N/A |
OCBC BANK (MALAYSIA) BERHAD |
- |
Satisfied |
|
6 |
05/07/2007 |
N/A |
OCBC BANK (MALAYSIA) BERHAD |
- |
Satisfied |
|
7 |
03/01/2008 |
FACILITIES AGREEMENT, DEED OF ASSIGNMENT
& POWER OF ATTORNEY ALL DATED 3RD JAN 2008 |
PUBLIC BANK BERHAD |
- |
Unsatisfied |
|
8 |
08/10/2008 |
1ST LEGAL CHARGE UNDER NATIONAL CODE DATED
22.09.2008 |
PUBLIC BANK BERHAD |
- |
Satisfied |
|
9 |
10/11/2009 |
N/A |
ALLIANCE BANK MALAYSIA BERHAD |
- |
Unsatisfied |
|
10 |
10/11/2009 |
N/A |
ALLIANCE BANK MALAYSIA BERHAD |
- |
Unsatisfied |
|
11 |
10/11/2009 |
FACILITY AGREEMENT |
ALLIANCE BANK MALAYSIA BERHAD |
- |
Unsatisfied |
|
12 |
19/06/2017 |
1ST PARTY 1ST LEGAL CHARGE |
RHB BANK BERHAD |
- |
Unsatisfied |
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.
There is/are PENDING litigation case(s) on the Subject in our database as
below:
- 1 case(s) filed in year 2017
According to the Credit Reporting Agencies Act 2010, consent from the Subject
is required for the disclosure of this credit information. In order to have the
consent from the Subject, we need to serve a notice to the Subject by disclose
the following according to the Act Section 23(1) :
1) Enquirer or Company who request for this credit information.
2) Contact person of Enquirer
3) Purpose of this credit information being used.
4) Contact person of the Subject.
We shall appreciate if you can furnish us the above in order for us to serve a
notice or inform the Subject accordingly. Otherwise, we are prohibited to
disclose this credit information if there is no consent from the Subject
according to the Act Section 24(1)(a).
No winding up petition was found in our affiliate's company 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 |
: |
INDIA,PAKISTAN |
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 |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
X |
] |
Poor >120 Days |
[ |
] |
||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CASH |
|||
|
Type of Customer |
: |
AGENTS,WALK IN CUSTOMERS,END USERS |
|||
OPERATIONS
|
|
Goods Traded |
: |
TEXTILES AND GARMENTS |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
5 |
||||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of textiles
and garments.
The Subject offers a wide range of ready-made garments including indian
tradisional dress such as punjabi dress, silk saree, wedding saree, dinner
saree, chudithar, lenga, salwar kameez and etc.
We were informed that the Subject has various designs, types, materials,
colours of garments.
The Subject has its own show room located at the same premises to display the
garments.
The Subject is equipped with more than 200 types of garments.
RECENT DEVELOPMENT
|
We have checked with the Malaysian National News Agency's (BERNAMA) database,
but no latest development was noted in our investigation.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
603-78425250 |
|
Current Telephone Number |
: |
03-78425250 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
7, JALAN APOLLO U5/194, BANDAR PINGGIRAN
SUBANG 40150 SHAH ALAM SEELANGOR DARUL EHSAN |
|
Current Address |
: |
7 JALAN APOLLO U5/194, BANDAR PINGGIRAN SUBANG,
40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We have contacted one of the staff from the Subject and she provided some
information.
The address is as per stated in the report.
The Subject refused to disclose its number of employees.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2013 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2013 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
5.84% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
18.10% |
] |
|
|
The fluctuating turnover reflects the fierce
competition among the existing and new market players.The Subject's
management have been efficient in controlling its operating costs. The
unfavourable return on shareholders' funds could indicate that the Subject
was inefficient in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
98 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
167 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
67 Days |
] |
|
|
The Subject could be incurring higher
holding cost. As its capital was tied up in stocks, it could face liquidity
problems. The Subject's debtors ratio was high. The Subject should tighten its
credit control and improve its collection period. The unfavourable creditors'
ratio could be due to the Subject taking advantage of the credit granted by
its suppliers. However this may affect the goodwill between the Subject and
its suppliers and the Subject may inadvertently have to pay more for its
future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.70 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.95 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 |
: |
Unfavourable |
[ |
1.79 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.57 Times |
] |
|
|
The Subject's interest cover was low. If
its profits fall or when interest rate rises, it may not be able to
meet all its interest payment. 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 : |
||||||
|
Although the turnover was erratic, the
Subject had maintained a steady growth in its profit. This indicate the management's
efficiency in controlling its costs and profitability. 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. If there is a fall in the Subject's profit
or any increase in interest rate, the Subject may not be able to generate
sufficient cash-flow to service its interest. 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: |
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 |
|
|
47711 : Retail sale of articles of
clothing, articles of fur and clothing accessories |
|
|
INDUSTRY : |
TRADING |
|
Malaysia's retail sales will likely grow 3.7%
in 2017, slower than previously estimated 3.9%, as consumer sentiment remains
weak amid rising cost of living in Southeast Asia's third largest economy. |
|
|
The cut in forecast was the second of such revision
by Retail Group Malaysia, a retail consulting firm, from an initial target of
5% retail sales expansion pace in 2017. The estimate follows a survey of
members of Malaysia Retailers Association on their second quarter performance
and outlook for the year. Retail sales grew 1.7% in 2016. |
|
|
According to Retail Group Malaysia (RGM),
Malaysian retailers have seen the sales expanded 4.9 % from April to June
2017, reversing a dismal performance in first three months 2017. For the
first six months 2016, the retail sale growth rate was 2.5 %. However, the
businesses in the next three months are not optimistic, estimating an average
growth rate of 2.9 %. The department stores cum supermarket operators are
expecting to return to red with a contraction of 2.5 %. Similarly, the
department store operators expect their businesses to dip with a negative 1.5
%. |
|
|
The rise of purchasing power will continue
to fall behind the increase in prices of retail goods. More retail goods are expected
to raise prices because of higher fuel prices in recent months. |
|
|
The wholesale trade sub-sector index
increased 5.9 % to 165.9 points year-on-year (y-o-y) driven mainly by other
specialised wholesale (7.5 %), wholesale of agricultural raw materials and
livestock (7.3 %) and wholesale of machinery, equipment and supplies (6.2 %). |
|
|
Over 60% of Gross Domestic Product (GDP) is
contributed by domestic consumption. Therefore the wholesale and retail
sector plays a crucial role in driving Malaysia's growth over the next decade
despite the ongoing global economic slowdown. By 2020, Malaysia's wholesale
and retail sector is expected to boost the country's total Gross National
Income (GNI) by RM156 billion, creating 454,190 new jobs. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
BLUSH FASHION SDN. BHD. |
|
Financial Year End |
2017-03-31 |
2016-03-31 |
2015-03-31 |
2014-03-31 |
2013-03-31 |
|
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 |
10,559,103 |
6,595,607 |
8,393,416 |
11,263,228 |
12,355,403 |
|
Other Income |
- |
- |
- |
165,702 |
188,836 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
10,559,103 |
6,595,607 |
8,393,416 |
11,428,930 |
12,544,239 |
|
Costs of Goods Sold |
- |
- |
(6,538,284) |
(9,124,405) |
(10,253,500) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
- |
- |
1,855,132 |
2,304,525 |
2,290,739 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
379,430 |
323,081 |
88,351 |
42,319 |
74,386 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
379,430 |
323,081 |
88,351 |
42,319 |
74,386 |
|
Taxation |
(102,998) |
(112,764) |
(67,701) |
(60,161) |
(70,165) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
276,432 |
210,317 |
20,650 |
(17,842) |
4,221 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
3,756,943 |
2,030,409 |
2,009,759 |
2,027,601 |
2,023,380 |
|
Prior year adjustment |
- |
1,516,217 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
3,756,943 |
3,546,626 |
2,009,759 |
2,027,601 |
2,023,380 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
4,033,375 |
3,756,943 |
2,030,409 |
2,009,759 |
2,027,601 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
4,033,375 |
3,756,943 |
2,030,409 |
2,009,759 |
2,027,601 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
49,508 |
52,981 |
50,529 |
51,121 |
36,967 |
|
Bankers' acceptance |
357,133 |
209,520 |
110,320 |
125,974 |
100,109 |
|
Hire purchase |
- |
- |
30,385 |
15,017 |
18,458 |
|
Lease interest |
17,721 |
19,689 |
- |
- |
- |
|
Term loan / Borrowing |
32,547 |
40,948 |
47,849 |
48,758 |
55,672 |
|
Trust receipts |
- |
- |
- |
27,027 |
69,245 |
|
Others |
20,574 |
18,517 |
7,895 |
4,624 |
5,115 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
477,483 |
341,655 |
246,978 |
272,521 |
285,566 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
286,667 |
290,973 |
208,445 |
273,207 |
279,101 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
286,667 |
290,973 |
208,445 |
273,207 |
279,101 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
BLUSH FASHION SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
2,736,893 |
3,007,890 |
4,394,529 |
4,590,636 |
4,535,506 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Investment properties |
3,164,976 |
2,958,388 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
3,164,976 |
2,958,388 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
5,901,869 |
5,966,278 |
4,394,529 |
4,590,636 |
4,535,506 |
|
CURRENT ASSETS |
|||||
|
Stocks |
2,827,207 |
4,085,090 |
2,783,986 |
3,135,366 |
3,084,494 |
|
Trade debtors |
4,839,435 |
2,902,834 |
2,734,784 |
4,469,874 |
5,274,515 |
|
Other debtors, deposits & prepayments |
1,923,356 |
417,669 |
623,821 |
55,672 |
49,942 |
|
Amount due from related companies |
1,000,634 |
321,001 |
- |
- |
- |
|
Amount due from director |
- |
- |
- |
- |
73,418 |
|
Cash & bank balances |
12,730 |
223,442 |
142,760 |
6,290 |
9,803 |
|
Others |
- |
- |
9,354 |
14,175 |
673 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
10,603,362 |
7,950,036 |
6,294,705 |
7,681,377 |
8,492,845 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
16,505,231 |
13,916,314 |
10,689,234 |
12,272,013 |
13,028,351 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
1,935,820 |
2,363,852 |
398,274 |
594,090 |
1,369,110 |
|
Other creditors & accruals |
73,778 |
75,417 |
2,208,824 |
2,823,751 |
2,866,240 |
|
Hire purchase & lease creditors |
128,552 |
122,715 |
83,483 |
101,065 |
88,150 |
|
Bank overdraft |
522,902 |
718,432 |
502,312 |
1,010,567 |
997,553 |
|
Short term borrowings/Term loans |
138,705 |
143,036 |
134,848 |
165,516 |
165,516 |
|
Bill & acceptances payable |
6,077,669 |
4,422,793 |
3,079,000 |
3,146,000 |
2,806,063 |
|
Amounts owing to related companies |
83,470 |
2,613 |
- |
- |
- |
|
Amounts owing to director |
- |
- |
643,224 |
640,595 |
940,691 |
|
Provision for taxation |
27,852 |
55,172 |
- |
- |
- |
|
Other liabilities |
2,144,565 |
661,161 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
11,133,313 |
8,565,191 |
7,049,965 |
8,481,584 |
9,233,323 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(529,951) |
(615,155) |
(755,260) |
(800,207) |
(740,478) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Long term loans |
349,800 |
485,634 |
625,586 |
727,433 |
841,622 |
|
Lease obligations |
200,642 |
329,194 |
281,726 |
- |
- |
|
Hire purchase creditors |
- |
- |
- |
353,237 |
225,805 |
|
Deferred taxation |
88,101 |
79,352 |
1,548 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
638,543 |
894,180 |
908,860 |
1,080,670 |
1,067,427 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
4,733,375 |
4,456,943 |
2,730,409 |
2,709,759 |
2,727,601 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
700,000 |
700,000 |
700,000 |
700,000 |
700,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
700,000 |
700,000 |
700,000 |
700,000 |
700,000 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
4,033,375 |
3,756,943 |
2,030,409 |
2,009,759 |
2,027,601 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
4,033,375 |
3,756,943 |
2,030,409 |
2,009,759 |
2,027,601 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
4,733,375 |
4,456,943 |
2,730,409 |
2,709,759 |
2,727,601 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
BLUSH FASHION SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
12,730 |
223,442 |
142,760 |
6,290 |
9,803 |
|
Net Liquid Funds |
(6,587,841) |
(4,917,783) |
(3,438,552) |
(4,150,277) |
(3,793,813) |
|
Net Liquid Assets |
(3,357,158) |
(4,700,245) |
(3,539,246) |
(3,935,573) |
(3,824,972) |
|
Net Current Assets/(Liabilities) |
(529,951) |
(615,155) |
(755,260) |
(800,207) |
(740,478) |
|
Net Tangible Assets |
4,733,375 |
4,456,943 |
2,730,409 |
2,709,759 |
2,727,601 |
|
Net Monetary Assets |
(3,995,701) |
(5,594,425) |
(4,448,106) |
(5,016,243) |
(4,892,399) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
664,736 |
335,329 |
314,840 |
359,952 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
1,143,580 |
955,709 |
543,774 |
588,047 |
639,053 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
7,418,270 |
6,221,804 |
4,706,955 |
5,503,818 |
5,124,709 |
|
Total Liabilities |
11,771,856 |
9,459,371 |
7,958,825 |
9,562,254 |
10,300,750 |
|
Total Assets |
16,505,231 |
13,916,314 |
10,689,234 |
12,272,013 |
13,028,351 |
|
Net Assets |
4,733,375 |
4,456,943 |
2,730,409 |
2,709,759 |
2,727,601 |
|
Net Assets Backing |
4,733,375 |
4,456,943 |
2,730,409 |
2,709,759 |
2,727,601 |
|
Shareholders' Funds |
4,733,375 |
4,456,943 |
2,730,409 |
2,709,759 |
2,727,601 |
|
Total Share Capital |
700,000 |
700,000 |
700,000 |
700,000 |
700,000 |
|
Total Reserves |
4,033,375 |
3,756,943 |
2,030,409 |
2,009,759 |
2,027,601 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
60.09 |
(21.42) |
(25.48) |
(8.84) |
(9.10) |
|
Proft/(Loss) Before Tax |
17.44 |
265.68 |
108.77 |
(43.11) |
(65.62) |
|
Proft/(Loss) After Tax |
31.44 |
918.48 |
215.74 |
(522.70) |
(96.49) |
|
Total Assets |
33.77 |
30.19 |
(12.90) |
(5.81) |
20.79 |
|
Total Liabilities |
25.47 |
18.85 |
(16.77) |
(7.17) |
27.76 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0 |
0.03 |
0.02 |
0 |
0 |
|
Liquid Ratio |
0.70 |
0.45 |
0.50 |
0.54 |
0.59 |
|
Current Ratio |
0.95 |
0.93 |
0.89 |
0.91 |
0.92 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
98 |
226 |
121 |
102 |
91 |
|
Debtors Ratio |
167 |
161 |
119 |
145 |
156 |
|
Creditors Ratio |
67 |
131 |
22 |
24 |
49 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.57 |
1.40 |
1.72 |
2.03 |
1.88 |
|
Liabilities Ratio |
2.49 |
2.12 |
2.91 |
3.53 |
3.78 |
|
Times Interest Earned Ratio |
1.79 |
1.95 |
1.36 |
1.16 |
1.26 |
|
Assets Backing Ratio |
6.76 |
6.37 |
3.90 |
3.87 |
3.90 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
3.59 |
4.90 |
1.05 |
0.38 |
0.60 |
|
Net Profit Margin |
2.62 |
3.19 |
0.25 |
(0.16) |
0.03 |
|
Return On Net Assets |
18.10 |
14.91 |
12.28 |
11.62 |
13.20 |
|
Return On Capital Employed |
14.23 |
10.73 |
7.94 |
6.42 |
7.37 |
|
Return On Shareholders' Funds/Equity |
5.84 |
4.72 |
0.76 |
(0.66) |
0.15 |
|
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 64.92 |
|
|
1 |
INR 90.23 |
|
Euro |
1 |
INR 80.54 |
|
MYR |
1 |
INR 16.56 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
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.