|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
80474-V
|
|
COMPANY NAME
|
:
|
PETRONAS CHEMICALS MARKETING SDN BHD
|
|
FORMER NAME
|
:
|
MALAYSIAN INTERNATIONAL TRADING CORPORATION SDN BHD (30/05/2011)
|
|
INCORPORATION DATE
|
:
|
28/01/1982
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
TOWER 1, PETRONAS TWIN TOWERS, KUALA LUMPUR CITY CENTRE, 50088 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
PETRONAS TWIN
TOWERS, TOWER 1, 15TH FLOOR, KUALA LUMPUR CITY CENTRE, 50088 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-20514224
|
|
FAX.NO.
|
:
|
03-20514943
|
|
CONTACT PERSON
|
:
|
MAHMAD ZAHRI ( CEO )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
51499
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF PETROCHEMICAL PLASTIC RAW MATERIALS & GENERAL
MERCHANDISE PRODUCTS
|
|
AUTHORISED CAPITAL
|
:
|
MYR
200,000,000.00 DIVIDED INTO
ORDINARY SHARE 100,000,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 1,000,000.00 OF MYR 100.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR
12,500,005.00 DIVIDED INTO
ORDINARY SHARES 12,500,005 CASH OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 7,546,310,000 [2010]
|
|
NET WORTH
|
:
|
MYR 418,184,000 [2010]
|
|
M1000 OVERALL RANKING
|
:
|
29[2009]
|
|
M1000 INDUSTRY RANKING
|
:
|
8[2009]
|
|
STAFF STRENGTH
|
:
|
350 [2011]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD7,346,254
|
HISTORY / BACKGROUND
The SC 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 SC must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a separate
legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) trading of petrochemical
plastic raw materials & general merchandise products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the SC's ranking are as
follows:
|
|
|
|
|
|
|
YEAR
|
2009
|
2008
|
2005
|
|
|
OVERALL RANKING
|
29
|
24
|
35
|
|
|
INDUSTRY RANKING
|
8
|
9
|
8
|
|
The immediate holding company of the SC is
PETROLIAM NASIONAL BERHAD (PETRONAS), a company incorporated in MALAYSIA.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
PETROLIAM NASIONAL BHD (PETRONAS)
|
TOWER 1, PETRONAS TWIN TOWERS, KUALA LUMPUR CITY CENTRE, 50088 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
20076
|
12,500,005.00
|
|
|
|
|
---------------
|
|
|
|
|
12,500,005.00
|
|
|
|
|
============
|
+ Also Director
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Company
|
(%)
|
As At
|
|
258505
|
MALAYSIAN INTERNATIONAL TRADING CORPORATION (JAPAN) SDN BHD
|
100
|
31/03/2010
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. NURAINI BINTI ISMAIL
|
|
Address
|
:
|
1, JALAN PEKAKA 8/17, SECTION 8, KOTA DAMANSARA, 47810 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
7026802
|
|
New IC No
|
:
|
620910-03-5390
|
|
Date of Birth
|
:
|
10/09/1962
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
27/04/2009
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. SAMSUDIN BIN MISKON
|
|
Address
|
:
|
DL 49, JALAN NILAM, JALAN BUKIT AMPANG, 68000 AMPANG, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
6012702
|
|
New IC No
|
:
|
601110-01-5435
|
|
Date of Birth
|
:
|
10/11/1960
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
01/08/2005
|
DIRECTOR 3
|
Name Of Subject
|
:
|
DATO' TENGKU MAHAMAD BIN TENGKU MAHAMUT
|
|
Address
|
:
|
13, JALAN MEMANAH 13/55K, LAMAN SERI, SECTION 13, 40100 SHAH ALAM,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
4716064
|
|
New IC No
|
:
|
541227-11-5227
|
|
Date of Birth
|
:
|
27/12/1954
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
23/09/1999
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MS. WAN SHAMILAH BTE WAN MUHAMMAD SAIDI
|
|
Address
|
:
|
10, JALAN PJU 1A/26D, ARA DAMANSARA, 47301 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
A1707233
|
|
New IC No
|
:
|
701117-03-5410
|
|
Date of Birth
|
:
|
17/11/1970
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
03/08/2010
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MR. KAMARUDIN BIN ZAKARIA
|
|
Address
|
:
|
4785, JALAN OZ 33, OZANA VILLAS, BUKIT KATIL, 75450 AIR KEROH,
MELAKA, MALAYSIA.
|
|
IC / PP No
|
:
|
4621670
|
|
New IC No
|
:
|
540602-03-5153
|
|
Date of Birth
|
:
|
02/06/1954
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
23/10/2007
|
DIRECTOR 6
|
Name Of Subject
|
:
|
MR. MD ARIF BIN MAHMOOD
|
|
Address
|
:
|
4, JALAN DUTA U1/12A, SECTION U1, GLENHILL, 40150 SHAH ALAM,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
6925898
|
|
New IC No
|
:
|
621119-01-5659
|
|
Date of Birth
|
:
|
19/11/1962
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
01/04/2009
|
DIRECTOR 7
|
Name Of Subject
|
:
|
MS. NIK FAIZANIRA BTE NIK MOHAMED AFFANDI
|
|
Address
|
:
|
4, JALAN BIDAI U8/22B, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
740623-10-5858
|
|
Date of Birth
|
:
|
23/06/1974
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
03/08/2010
|
|
|
|
|
DIRECTOR 8
|
Name Of Subject
|
:
|
MR. MAHMAD ZAHRI BIN MAHZAN
|
|
Address
|
:
|
18, JALAN CEMPAKA 27, TAMAN CEMPAKA, 68000 AMPANG, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
6979318
|
|
New IC No
|
:
|
630301-08-5279
|
|
Date of Birth
|
:
|
01/03/1963
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
03/08/2010
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
MAHMAD ZAHRI
|
|
|
Position
|
:
|
CEO
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
ZAIDA
|
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
HANIM
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
AIMI IZYAN
|
|
|
Position
|
:
|
EXECUTIVE
|
AUDITOR
|
Auditor
|
:
|
KPMG DESA MEGAT & CO
|
|
Auditor' Address
|
:
|
KPMG TOWER, 8 FIRST AVENUE, BANDAR UTAMA, LEVEL 10, 47800 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. MUHAMMAD ISA BIN OTHMAN
|
|
|
IC / PP No
|
:
|
5545812
|
|
|
New IC No
|
:
|
590115-10-5383
|
|
|
Address
|
:
|
27, JALAN AU 5 D/2B, OFF JALAN PERMATA 9, TAMAN PERMATA, ULU KELANG,
53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
|
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC 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 SC
* We have checked through the SC 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 since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
Import Countries
|
:
|
JAPAN,VIETNAM,PHILIPPINES,CHINA,EUROPE
|
The SC 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
|
[
|
X
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
AUSTRALIA, INDIA, ASIA, MIDDLE EAST
|
|
Credit Term
|
:
|
30 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
DEALERS,MANUFACTURING INDUSTRIES
|
|
|
|
|
|
|
|
|
CUSTOMER(S)
|
:
|
|
OPERATIONS
|
Goods Traded
|
:
|
PETROCHEMICALS, PLASTIC RAW MATERIALS AND OTHERS
|
|
|
|
|
|
Competitor(s)
|
:
|
IDEMITSU
CHEMICALS (M) SDN BHD
KZH RESOURCES SDN BHD
MARUBENI KABUSHIKI KAISHA_(MARUBENI CORPORATION)
TEXCHEM RESOURCES BHD
TITAN TRADING CORP. SDN BHD
|
|
|
|
|
|
Member(s) /
Affiliate(s)
|
:
|
MALAYSIAN
PLASTICS MANUFACTURERS ASSOCIATION (MPMA)
|
|
|
|
|
|
Ownership of
premises
|
:
|
LEASED/RENTED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
COMPANY
|
350
|
350
|
300
|
300
|
400
|
337
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of petrochemical
plastic raw materials & general merchandise products.
The SC offers a wide range of products including:-
* Polymers
* Polypropylene - PP is used to produce automotive parts, appliances,
film,fiber and filaments.
* High Density Polyethylene - HDPE is used for blown film moulding, injection
moulding, film, pipe conduit, sheet, wire and cable. It is produced in pallet
form.
* Linear Low Density Polyethylene - LLDPE is used for variety of derivatives
through film, extrusion coating, injection molding, rotational molding, using
octane and butanes co-polymers. It is produced in pallet form.
* Polyvinyl Chloride - PVC is used in the production of pipe, flooring, wire
& cable, building construction, home furnishing, film & sheet and
automotive parts.It is produced in powder form.
* Low Density Polyethylene - LDPE is used for injection moulding, film, pipe
conduit, wire and cable.
* Chemicals - Basic & Intermediate Chemicals : Aromatics, Olefins,
Oxygenates, fertilisers and agrochemicals
* Agricultural Products: Rice, Rubber, Palm Oil, Crude Coconut Oil and etc.
As a wholly owned subsidiary of Petronas, the SC holds all the marketing
rights to all of Petronas' polymer plants.
Over the last 20 years, the SC has been actively supporting Petronas core
business globally via counter-trade arrangement, tolling arrangement and
third-party trading.
MITCO Japan Sdn Bhd (MJSB), is a wholly-owned subsidiary of Malaysian
International Trading Corporation (MITCO), a wholly-owned subsidiary of
PETRONAS, the National Oil Corporation of Malaysia.
As the procurement arm of PETRONAS, MITCO Japan has been an integral part of
the national oil corporation's expansion drive and vision by fulfilling the
procurement needs of the PETRONAS Group in Malaysia as well as its
international operations overseas.
PROJECTS
No projects found in our databank
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 SC
indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-20514224
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
PETRONAS TWIN TOWERS KUALA LUMPUR CITY CENTRE 50088 KUALA LUMPUR
|
|
Current Address
|
:
|
PETRONAS TWIN TOWERS, TOWER 1, 15TH FLOOR, KUALA LUMPUR CITY CENTRE,
50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC and she provided some information
on the SC.
The address provided is incomplete.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Erratic
|
[
|
2008 - 2010
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2008 - 2010
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
14.93%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
12.48%
|
]
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players. The SC's profit fell sharply because of the high
operating costs incurred. The SC's management had generated acceptable return
for its shareholders using its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
0 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
32 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
21 Days
|
]
|
The SC'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 SC. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days.
The SC could be taking advantage of the cash discounts and also wanting to
maintain goodwill with its creditors.
Liquidity:
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.18 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.19 Times
|
]
|
A minimum liquid ratio of 1 should be maintained by the SC in order to assure
its creditors of its ability to meet short term obligations and the SC was in
a good liquidity position. Thus, we believe the SC is able to meet all its
short term obligations as and when they fall due.
Solvency
|
Interest Cover
|
:
|
Nil
|
[
|
0.00 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
The SC's interest cover was nil as it did not pay any interest during the
year. The SC had no gearing and hence it had virtually no financial risk. The
SC was financed by its shareholders' funds and internally generated fund.
During the economic downturn, the SC, having a zero gearing, will be able to
compete better than those which are highly geared in the same industry.
Overall Assessment:
The SC recorded
lower profits as its turnover showed a erratic trend. The SC's management was
unable to control its costs efficiently as its profit showed a downward
trend. The SC was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the SC should be able to repay its short term obligations. The SC did
not make any interest payment during the year. The SC was dependent on its
shareholders' funds to finance its business needs. The SC was a zero gearing
company, it was solely dependant on its shareholders to provide funds to
finance its business. The SC has good chance of getting loans, if the needs
arises.
Overall financial condition of the SC : FAIR
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.17
|
27.73
|
28.31
|
28.88
|
29.13
|
|
Gross Domestic Products ( % )
|
6.3
|
4.6
|
<0.5>
|
6.9
|
5.8
|
|
Domestic Demand ( % )
|
9.0
|
6.9
|
2.9
|
4.6
|
4.8
|
|
Private Expenditure ( % )
|
8.6
|
7.1
|
<2.7>
|
8.1
|
7.0
|
|
Consumption ( % )
|
9.0
|
8.4
|
0.7
|
6.7
|
6.3
|
|
Investment ( % )
|
7.1
|
1.5
|
<17.2>
|
15.2
|
10.2
|
|
Public Expenditure ( % )
|
10.1
|
6.5
|
5.2
|
3.8
|
2.8
|
|
Consumption ( % )
|
10.8
|
11.6
|
3.1
|
0.2
|
4.6
|
|
Investment ( % )
|
9.3
|
0.7
|
8.0
|
8.3
|
0.6
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
100,340
|
129,563
|
89,650
|
118,356
|
116,058
|
|
Government Finance ( MYR Million )
|
<19,948>
|
<34,462>
|
<28,450>
|
<40,482>
|
-
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<3.2>
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
|
Inflation ( % Change in Composite CPI)
|
2.0
|
<3.3>
|
<5.2>
|
5.1
|
-
|
|
Unemployment Rate
|
3.2
|
3.7
|
4.5
|
3.9
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
336
|
388
|
331
|
394
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
3.04
|
1.91
|
2.87
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
13.30
|
13.24
|
11.08
|
15.30
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
6.72
|
5.53
|
5.70
|
-
|
|
Business Loans Disbursed( % )
|
9.1
|
11.6
|
10.5
|
14.7
|
-
|
|
Foreign Investment ( MYR Million )
|
33,426.0
|
23,261.4
|
22,156.8
|
22,517.9
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
43,337
|
41,599
|
41,578
|
-
|
-
|
|
Registration of New Companies ( % )
|
13.2
|
<4.0>
|
<0.1>
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
22,629
|
27,992
|
39,075
|
-
|
-
|
|
Liquidation of Companies ( % )
|
161.5
|
23.7
|
39.6
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
227,410
|
269,866
|
312,581
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
20,431
|
18,885
|
19,345
|
-
|
-
|
|
Business Dissolved ( % )
|
<61.4>
|
<7.6>
|
2.4
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
442.9
|
497.5
|
319.4
|
369.7
|
-
|
|
Cellular Phone Subscribers ( Million )
|
23.3
|
25.1
|
30.1
|
32.8
|
-
|
|
Tourist Arrival ( Million Persons )
|
20.9
|
21.5
|
23.6
|
24.0
|
25.0
|
|
Hotel Occupancy Rate ( % )
|
70
|
68
|
58
|
63
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
20.1
|
17.1
|
12.8
|
15.1
|
-
|
|
Bad Cheque Offenders (No.)
|
30,004
|
34,834
|
-
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
13,238
|
13,907
|
-
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
<2.6>
|
5.1
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.1
|
3.6
|
0.4
|
3.4
|
4.5
|
|
Palm Oil
|
<0.6>
|
7.0
|
<1.1>
|
1.3
|
-
|
|
Rubber
|
1.0
|
<1.1>
|
<19.8>
|
9.9
|
-
|
|
Forestry & Logging
|
2.8
|
<1.5>
|
<5.9>
|
<1.3>
|
-
|
|
Fishing
|
5.2
|
4.0
|
5.5
|
4.1
|
-
|
|
Other Agriculture
|
7.0
|
5.9
|
9.0
|
6.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
487.3
|
393.0
|
413.7
|
508.4
|
-
|
|
% of Industry Non-Performing Loans
|
1.1
|
<2.0>
|
1.3
|
2.1
|
-
|
|
|
|
|
|
|
|
|
Mining
|
3.3
|
<0.8>
|
<3.8>
|
1.0
|
2.9
|
|
Oil & Gas
|
2.2
|
12.7
|
2.1
|
4.9
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
42.2
|
36.0
|
44.2
|
49.7
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
3.1
|
1.3
|
<9.4>
|
10.8
|
6.7
|
|
Exported-oriented Industries
|
<1.9>
|
2.7
|
<19.0>
|
12.1
|
-
|
|
Electrical & Electronics
|
3.0
|
2.4
|
<30.3>
|
27.4
|
-
|
|
Rubber Products
|
8.0
|
4.2
|
<10.1>
|
25.3
|
-
|
|
Wood Products
|
3.3
|
<6.0>
|
<24.1>
|
19.7
|
-
|
|
Textiles & Apparel
|
<10.1>
|
1.9
|
<19.5>
|
<1.3>
|
-
|
|
Domestic-oriented Industries
|
5.3
|
9.9
|
<9.8>
|
16.3
|
-
|
|
Food, Beverages & Tobacco
|
5.6
|
9.5
|
0.2
|
3.0
|
-
|
|
Chemical & Chemical Products
|
9.2
|
1.4
|
<7.7>
|
20.4
|
-
|
|
Plastic Products
|
<3.6>
|
6.5
|
<9.1>
|
2.4
|
-
|
|
Iron & Steel
|
17.5
|
16.8
|
<32.7>
|
30.0
|
-
|
|
Fabricated Metal Products
|
26.2
|
14.7
|
<2.5>
|
14.9
|
-
|
|
Non-metallic Mineral
|
6.6
|
8.3
|
<15.5>
|
20.2
|
-
|
|
Transport Equipment
|
<19.0>
|
27.1
|
<13.5>
|
36.5
|
-
|
|
Paper & Paper Products
|
14.9
|
8.6
|
<5.0>
|
20.5
|
-
|
|
Crude Oil Refineries
|
8.6
|
7.8
|
0.2
|
<11.4>
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,366.2
|
5,729.4
|
6,007.3
|
6,217.5
|
-
|
|
% of Industry Non-Performing Loans
|
14.1
|
16.8
|
18.3
|
23.8
|
-
|
|
|
|
|
|
|
|
|
Construction
|
4.6
|
2.1
|
5.8
|
4.9
|
4.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,116.7
|
4,149.8
|
3,241.8
|
4,038.5
|
-
|
|
% of Industry Non-Performing Loans
|
11.3
|
12.2
|
9.9
|
10.7
|
-
|
|
|
|
|
|
|
|
|
Services
|
9.7
|
7.3
|
2.6
|
6.5
|
5.3
|
|
Electric, Gas & Water
|
4.6
|
5.0
|
0.4
|
8.5
|
5.6
|
|
Transport, Storage & Communication
|
7.60
|
7.80
|
1.60
|
7.15
|
7.55
|
|
Wholesale, Retail, Hotel & Restaurant
|
11.6
|
10.0
|
2.8
|
4.7
|
5.2
|
|
Finance, Insurance & Real Estate
|
10.7
|
9.2
|
3.8
|
6.0
|
5.2
|
|
Government Services
|
4.6
|
8.6
|
2.0
|
6.7
|
1.9
|
|
Other Services
|
5.0
|
5.9
|
4.4
|
4.2
|
5.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
10,207.8
|
8,281.4
|
6,631.3
|
7,384.6
|
-
|
|
% of Industry Non-Performing Loans
|
22.6
|
24.3
|
20.2
|
25.7
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate /
Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
51499 : Wholesale of other intermediate products, waste and scrap
n.e.c.
|
|
|
|
|
INDUSTRY :
|
CHEMICAL
|
|
|
|
|
|
|
The chemicals industry is one of Malaysia's key industries, catering not
only for its own national requirements but also exporting to a number of
countries worldwide. The Malaysian chemicals and chemical products industry
has become the second largest contributor to the manufactured exports
sector, after the electrical and electronics industry.
|
|
The chemicals industry is important in Malaysia on account of the nation's
substantial oil and gas feedstock. The Chemicals Industries Council of
Malaysia (CICM) was established in 1978 as an industry group under the
aegis of the Federation of Malaysian Manufacturers, to focus on the
development of the chemicals industry. The primary objective of the CICM
was to organise the chemicals industry in Malaysia into a cohesive group to
represent Malaysia's interest at the ASEAN Chemicals Industries Club
(ACIC).
|
|
The Malaysian chemicals industry witnessed 37% growth in domestic sales
value in 2004 and sustained solid growth up until mid-2008. It expanded
rapidly and had been forecast to reach sales figures of MYR60,816mn by
2009.
|
|
Malaysia's balance of trade for the year January to December 2008 was
MYR114,883mn. In the first five months of 2008, total trade was 11.2% up on
the same period last year. These impressive figures were short-lived
however, with significant decreases observed in the latter half of 2008 and
early 2009, due to the impact of global economic crisis. The Industrial
Production Index (IPI) in January 2009 was 20.2 % lower than it was in
January 2008, following a sharp decline of 15.9% in December 2008.
|
|
The biggest drop was witnessed by chemicals and chemical products, which
saw output contract by 29.9%. This is partly because the chemicals industry
tends to be more sensitive to the economic cycle and so fares
disproportionately badly in recessions.
|
|
Total exports are down from MYR100,115mn (US$27,858.48mn) in
January-February 2008 to MYR77,856mn (US$21,662mn) in the same period of
2009. Similarly, there has been a fall in imports, with total incoming
sales falling from MYR81,289mn (US$22,617mn) in January-February 2008 to
MYR57,778mn (US$16,705mn) in January-February 2009.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
Established in 1982, the SC is principally engaged in the trading of
petrochemical plastic raw materials and general merchandise products. With
its long track record in the business, the SC should have built up good
reputation and image among its clients and suppliers. Presently, the SC has
a paid up capital of RM12.5 million. Such a large amount of paid up capital
has allowed the SC to capture higher market shares as it is competing
aggressively in the market. Being backed by Petroliam Nasional Bhd, a
reputed company, the SC's growth prospect is bright and its business
position in the market is stable.
|
|
Apart from supplying its products to the local market, the SC exports its
products to overseas countries such as Australia, India, Asia and Middle
East countries. Its ability to penetrate into the global market has
benefited the SC in terms of higher profitability and well diversified its
business risk. Hence, better growth prospect can be expected. Being a large
entity, the SC has a steady workforce of 350 personnel to support its
business operations. Its future prospects seem to be fairly good as its
business operations are running relatively stable. The SC has a good
management capability. Its capable management team has enabled the SC to
keep its business on going.
|
|
During the financial year ended 2010, the SC's turnover dropped from RM8.15
bilion to RM7.54 billion which led to lower pre-tax profit of RM52.17
million. Return on shareholders' funds of the SC was at an acceptable range
which indicated that the management was efficient in utilising its funds to
generate income. The SC managed to maintain an adequate liquidity level,
indicating that the SC has the ability to meet its financial obligations.
Besides, being a zero geared company, the SC virtually has no financial
risk as it is mainly dependent on its internal funds to finance its
business needs. Given a comfortable net worth of RM418.18 million, the SC
should be able to maintain its business in near term.
|
|
The SC might be exposed to the forex risk as some of its raw materials are
sourced from overseas suppliers. With its long presence in the market, it
should have developed a strong supplier. Thus, it eliminates the risk of
dependency on deliveries from a number of key suppliers and insufficient
quantities of its raw materials.
|
|
Based on the historical financial data, we concluded that the SC's payment
habit is prompt. The SC had a favourable creditors' ratio as evidenced by
its favourable collection days. The SC is clear of litigation.
|
|
The industry is rapidly growing and continue to be attractive in the near
terms. We believe that the SC has the potential of capturing a higher market
share in line with the tremendous growth in the industry. Moreover, the SC
has competitive edge against other players in the same field due to its
long establishment and strong capital background.
|
|
In view of the above, we recommend credit be granted to the SC promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
PETRONAS
CHEMICALS MARKETING SDN BHD
|
|
For The Year
Ended 31-March-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
7,546,310,000
|
8,153,583,000
|
7,952,958,000
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
52,179,000
|
90,623,000
|
52,578,000
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
52,179,000
|
90,623,000
|
52,578,000
|
|
Taxation
|
10,235,000
|
<16,478,000>
|
<11,562,000>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
62,414,000
|
------------
74,145,000
|
------------
41,016,000
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
62,414,000
|
------------
74,145,000
|
------------
41,016,000
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
62,414,000
|
------------
74,145,000
|
------------
41,016,000
|
|
As previous reported
|
192,380,000
|
120,268,000
|
79,252,000
|
|
Prior year adjustment
|
-
|
<1,433,000>
|
-
|
|
As restated
|
------------
192,380,000
|
------------
118,835,000
|
------------
79,252,000
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
254,794,000
|
192,980,000
|
120,268,000
|
|
|
|
|
|
|
TRANSFER TO RESERVES - General
|
<640,000>
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
254,154,000
==========
|
------------
192,980,000
==========
|
------------
120,268,000
==========
|
|
RETAINED BY: The Company
|
254,154,000
|
192,980,000
|
120,268,000
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
254,154,000
==========
|
------------
192,980,000
==========
|
------------
120,268,000
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
Other interest expenses
|
-
|
508,000
|
1,349,000
|
|
|
|
|
|
|
|
------------
-
==========
|
------------
508,000
==========
|
------------
1,349,000
==========
|
|
|
|
|
|
BALANCE SHEET
|
PETRONAS
CHEMICALS MARKETING SDN BHD
|
|
As At
31-March-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
386,000
|
490,000
|
734,000
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
Subsidiary companies
|
210,000,000
|
210,000,000
|
210,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deffered assets
|
1,758,000
|
-
|
-
|
|
Loan to subsidiary
|
-
|
20,000,000
|
50,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
211,758,000
|
------------
230,000,000
|
------------
260,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
212,144,000
|
------------
230,490,000
|
------------
260,734,000
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
7,655,000
|
-
|
30,881,000
|
|
|
|
|
|
|
|
|
Trade debtors
|
662,714,000
|
474,715,000
|
591,354,000
|
|
|
Other debtors, deposits & prepayments
|
13,477,000
|
1,240,000
|
5,178,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits with financial institution
|
256,208,000
|
211,115,000
|
283,769,000
|
|
|
|
|
|
|
|
|
Amount due from subsidiary companies
|
252,000
|
144,000
|
-
|
|
|
Amount due from related companies
|
342,288,000
|
177,407,000
|
336,117,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
3,336,000
|
1,972,000
|
5,503,000
|
|
|
|
|
|
|
|
|
Tax recoverable
|
15,586,000
|
-
|
2,575,000
|
|
|
Derivative assets
|
-
|
2,733,000
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
1,301,516,000
|
------------
869,326,000
|
------------
1,255,377,000
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
427,726,000
|
222,736,000
|
358,053,000
|
|
|
Other creditors & accruals
|
3,170,000
|
3,233,000
|
3,539,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to holding companies
|
3,726,000
|
4,217,000
|
4,560,000
|
|
|
|
|
|
|
|
|
Amounts owing to related companies
|
660,854,000
|
474,506,000
|
804,847,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
-
|
5,914,000
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
1,095,476,000
|
------------
710,606,000
|
------------
1,170,999,000
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
206,040,000
|
------------
158,720,000
|
------------
84,378,000
|
|
TOTAL NET ASSETS
|
------------
418,184,000
==========
|
------------
389,210,000
==========
|
------------
345,112,000
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
12,500,000
|
12,500,000
|
12,500,000
|
|
|
Preference share capital
|
3,000,000
|
3,640,000
|
4,240,000
|
|
TOTAL SHARE CAPITAL
|
------------
15,500,000
|
------------
16,140,000
|
------------
16,740,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
Share premium
|
147,290,000
|
178,650,000
|
208,050,000
|
|
|
Capital reserve
|
1,240,000
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
254,154,000
|
192,980,000
|
120,268,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
402,684,000
|
------------
371,630,000
|
------------
328,318,000
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
418,184,000
|
------------
387,770,000
|
------------
345,058,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred taxation
|
-
|
1,440,000
|
54,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
-
|
------------
1,440,000
|
------------
54,000
|
|
|
------------
|
------------
|
------------
|
|
|
418,184,000
|
389,210,000
|
345,112,000
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
PETRONAS
CHEMICALS MARKETING SDN BHD
|
|
As At
31-March-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
3,336,000
|
1,972,000
|
5,503,000
|
|
|
Net Liquid Funds
|
3,336,000
|
1,972,000
|
5,503,000
|
|
|
Net Liquid Assets
|
198,385,000
|
158,720,000
|
53,497,000
|
|
|
Net Current Assets/(Liabilities)
|
206,040,000
|
158,720,000
|
84,378,000
|
|
|
Net Tangible Assets
|
418,184,000
|
389,210,000
|
345,112,000
|
|
|
Net Monetary Assets
|
198,385,000
|
157,280,000
|
53,443,000
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
0
|
|
|
Total Liabilities
|
1,095,476,000
|
712,046,000
|
1,171,053,000
|
|
|
Total Assets
|
1,513,660,000
|
1,099,816,000
|
1,516,111,000
|
|
|
Net Assets
|
418,184,000
|
389,210,000
|
345,112,000
|
|
|
Net Assets Backing
|
418,184,000
|
387,770,000
|
345,058,000
|
|
|
Shareholders" Funds
|
418,184,000
|
387,770,000
|
345,058,000
|
|
|
Total Share Capital
|
15,500,000
|
16,140,000
|
16,740,000
|
|
|
Total Reserves
|
402,684,000
|
371,630,000
|
328,318,000
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0
|
0
|
0
|
|
|
Liquid Ratio
|
1.18
|
1.22
|
1.05
|
|
|
Current Ratio
|
1.19
|
1.22
|
1.07
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
0
|
0
|
1
|
|
|
Debtors Ratio
|
32
|
21
|
27
|
|
|
Creditors Ratio
|
21
|
10
|
16
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0
|
0
|
0
|
|
|
Liabilities Ratio
|
2.62
|
1.84
|
3.39
|
|
|
Times Interest Earned Ratio
|
0
|
179.39
|
39.98
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
0.69
|
1.11
|
0.66
|
|
|
Net Profit Margin
|
0.83
|
0.91
|
0.52
|
|
|
Return On Net Assets
|
12.48
|
23.41
|
15.63
|
|
|
Return On Capital Employed
|
12.48
|
23.41
|
15.63
|
|
|
Return On Shareholders' Funds/Equity
|
14.93
|
19.12
|
11.89
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
|
|
