|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
79537-A
|
|
COMPANY NAME
|
:
|
SIME DARBY FUTURES TRADING SDN BHD
|
|
FORMER NAME
|
:
|
MANPOWER DEVELOPMENT CORPORATION (MALAYSIA) SDN BHD (14/09/1985)
|
|
INCORPORATION DATE
|
:
|
28/12/1981
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
WISMA COSPLANT 1, 2 JALAN SS 16/4, 4TH FLOOR, 47500 SUBANG JAYA,
SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
WISMA SIME DARBY, 19TH FLR, JALAN RAJA LAUT, 50350 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-26004888
|
|
FAX.NO.
|
:
|
03-27112571
|
|
CONTACT PERSON
|
:
|
JASNI MOHAMED ( GENERAL MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
51212
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF CRUDE PALM OIL AND PALM OIL PRODUCTS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
50,000,000.00 DIVIDED INTO
ORDINARY SHARE 50,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
50,000,000.00 DIVIDED INTO
ORDINARY SHARES 50,000,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 1,560,440,670 [2010]
|
|
NET WORTH
|
:
|
MYR 8,531,577 [2010]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
100 [2011]
|
|
|
|
LITIGATION
|
:
|
TRACED
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD645,083.00
|
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 crude palm oil
and palm oil products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is SIME DARBY PLANTATION SDN BHD, a
company incorporated in MALAYSIA.
The ultimate holding company of the SC is SIME DARBY BERHAD, a company
incorporated in MALAYSIA.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
SIME DARBY PLANTATION SDN BHD
|
WISMA COSPLANT 1, 2 JALAN SS 16/4, 4TH FLOOR, 47500 SUBANG JAYA,
SELANGOR, MALAYSIA.
|
647766
|
50,000,000.00
|
|
|
|
|
---------------
|
|
|
|
|
50,000,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. MOHD HAIRUL BIN ABDUL HAMID
|
|
Address
|
:
|
4, JALAN PLATINUM 7/43D, SECTION 7, 40000 SHAH ALAM, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
A1655091
|
|
New IC No
|
:
|
700729-10-6369
|
|
Date of Birth
|
:
|
29/07/1970
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
25/09/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. JASNI BIN MUHAMAD
|
|
Address
|
:
|
7, JALAN PJU 1A/24B, ARA DAMANSARA, 47301 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
6169529
|
|
New IC No
|
:
|
610323-03-5135
|
|
Date of Birth
|
:
|
23/03/1961
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
28/02/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
JASNI MOHAMED
|
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
SANDEEP SINGH
|
|
|
Position
|
:
|
SENIOR MARKETING MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
MARTIN D'SILVA
|
|
|
Position
|
:
|
HEAD OF BRAND COMMMUNICATION
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS
|
|
Auditor' Address
|
:
|
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR CENTRAL, P O BOX 10192, LEVEL
10, 50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. AZRIN NASHIHA BINTI ABDUL AZIZ
|
|
|
IC / PP No
|
:
|
A1987809
|
|
|
New IC No
|
:
|
720603-08-5564
|
|
|
Address
|
:
|
2, JALAN TUN TEJA 35/24, ALAM IMPIAN, 40470 SHAH ALAM, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
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 against the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
|
LEGAL ACTION
|
|
|
|
|
|
Code No
|
:
|
22
|
Case No
|
:
|
1645
|
|
Year
|
:
|
2008
|
Place
|
:
|
KUALA LUMPUR
|
|
Court
|
:
|
HIGH COURT
|
|
|
|
|
Solicitor
|
:
|
SKRINE
|
|
|
|
|
Plaintiff
|
:
|
ALAMI VEGETABLE OIL PRODUCTS SDN BHD
|
|
|
|
|
Defendants
|
:
|
|
SIME DARBY FUTURES TRADING SDN BHD (79537)
|
|
WISMA COSPLANT 1, 2 JLN SS 16/4, 14TH FLR, 47500 SUBANG JAYA,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
2,652,864.00
|
|
|
|
|
|
|
|
|
|
Nature of Claim
|
:
|
CONTRACT BREACH
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
Please check with creditors for confirmation as alleged debts may
have been paid since recorded or are being disputed. The person wo has been
sued has the same name as the subject. However, we are unable to determine
whether the person sued is the one and the same person.
|
|
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
|
Percentage
|
:
|
40%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
|
|
|
|
|
|
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
|
Percentage
|
:
|
40%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Export Market
|
:
|
ASIA, MIDDLE EAST, EUROPE
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
PALM OIL INDUSTRIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
PALM OIL PRODUCTS
|
|
|
|
|
|
Competitor(s)
|
:
|
AMBROSIA SDN
BHD
CARGILL SPECIALTY OILS & FATS SDN BHD
FELDA IFFCO TRADING SDN BHD
LEGEND EXPORTS SDN BHD
MITSHUBISHI CORPORATION
|
|
|
|
|
|
Ownership of
premises
|
:
|
LEASED/RENTED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
2008
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
100
|
100
|
100
|
75
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of crude palm oil
and palm oil products.
The SC is part of the Sime Darby Group which its dealing in trading and
marketing of the palm oil products.
We were informed that the SC's products are divided into two categories as
palm products and lauric products.
The SC's Palm products are Fresh fruit bunches (FFB), Crude palm oil, Crude
palm olein, Refined Bleached Deodorised Palm Olein,
Refined Bleached Deodorised Palm Oil, Refined Bleached Deodorised Palm
Stearin, Palm Fatty Acid Distillate, Palm Acid Oil and etc.
The SC's Lauric products are Palm kernel, Crude palm kernel oil, Refined
Bleached Deodorised Palm Kernel Olein, Refined Bleached Deodorised Palm
Kernel Oil, Refined Bleached Deodorised Palm Kernel Stearin, Palm Kernel
Fatty Acid Distillate and etc.
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
|
:
|
0326004888
|
|
Current Telephone Number
|
:
|
03-26004888
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
WISMA SIME DARBY, 19TH FLR, JALAN RAJA LAUT, 50350, KUALA LUMPUR,
WILAYAH PERSEKUTUAN.
|
|
Current Address
|
:
|
WISMA SIME DARBY, 19TH FLR, JALAN RAJA LAUT, 50350 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the SC staff from Sales Department and he provided some
information regarding to the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Erratic
|
[
|
2008 - 2010
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2008 - 2010
|
]
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
32.70%
|
]
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
44.07%
|
]
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players. The management had succeeded in turning the SC into a
profit making company. The profit could be due to better control of its
operating costs and efficiency in utilising its resources. Generally the SC
was profitable. The favourable return on shareholders' funds and return on
net assets indicate that the SC's management was efficient in utilising the
assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
34 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
17 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
0 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
|
:
|
Unfavourable
|
[
|
0.73 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.01 Times
|
]
|
A low liquid ratio means that the SC may be facing working capital
deficiency. If the SC 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 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's
turnover showed a volatile trend but its losses were lower when compared to
the previous corresponding period. This could suggest that the SC was more
efficient in its operating cost control and was more competitive. Due to its
weak liquidity position, the SC 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 SC. 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
|
|
51212 : Wholesale of palm oil
|
|
|
|
|
INDUSTRY :
|
PALM OIL
|
|
|
|
|
|
|
Inventory levels and the La Nina weather patterns will determine the price
of palm oil, which hit a 30-month high on 13 December 2010 while Crude palm
oil (CPO) for February delivery rose RM89 to close at RM3,722. The prices
expect to be firm over the next few months on sustained demand due to
end-year festivities and the coming Chinese New Year holidays despite
Malaysian plantations going into a production down-cycle after hitting a
peak in October.
|
|
Inventory in November 2010, which stood at 1.63 million tonnes, was 15.4%
lower than a year ago. Besides, wetter weather conditions going into the
first quarter of 2011 as a result of the La Nina weather patterns could
still affect the planting season and therefore prices going forward.
|
|
The CPO prices to be firm over the next few months on sustained demand due
to end-year festivities and will hover around the RM3,000 to RM3,500 levels
by the middle of year 2011.
|
|
According to the Malaysian Palm Oil Board, CPO production in November, at
1.45 million tonnes, was 8.6% lower than a year ago and 10.8% down from
October, where there was a recovery despite the weather conditions, while
year-to-date, it was 1.8% weaker than last year. While exports registered a
slight 0.1% decline from a year ago, it recovered on a month-on-month basis
and year-to-date, was up 4.8% compared to the same period in year 2009.
|
|
Inventories would depend on demand and the weather. The weather conditions
would be like six months down the road but the current weather conditions
were not normal. It's not normal to see the flooding that we've seen in the
northern part of the peninsula or the extreme cold conditions in Europe.
|
|
In a report that the November data was the worst November performance since
2005. While investors should watch out for softening prices starting from
mid-2011, there is no any urgency to underweight the sector at this point
in time as palm oil price should remain relatively firm given that the
supply tightness will persist in the next few months.
|
|
The house's average CPO price expectation of RM2,700 per tonne for next
year on expectations of a potential bumper harvest in the second-half while
for 2010, the CPO price was on track to hit an average price of RM2,700.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 1981 as a private limited company, the SC is principally
engaged in the trading of crude palm oil and palm oil products. Its
impressive track record shows that the SC has been able to keep its
business going despite the passing of three decades of highs and lows in
the local economy. We noted that the SC has increased its share capital
from RM2 million to RM50 million thereby giving the SC additional funds to
finance its future business needs. Besides, strongly supported by its
holding company, the SC is expected to enjoy timely financial and technical
support should the needs arise.
|
|
About 60% of the SC's products are exported to countries like Asia, Middle
East and Europe countries while the remaining are absorbed by the local
market. Such a wide geographical spread has well diversified its business
risk should there be a slowdown in the local economy. Thereby it will
increase its ability to compete in the market. To date, the SC has a total
workforce of 100 employees in its business operations. The SC's management
structure is well organised and its management capability is regarded as
good.
|
|
During the financial year under review, the SC's turnover continued on an
upward momentum, reaching RM1,560,44 million in 2010 compared to RM541.26
million previously. Correspondingly, its pre-tax profit rose to RM3.75
million. This was achieved on the back of stronger performance of higher
turnover. Based on the higher profitability, the SC has generated a
favourable return based on its existing shareholders' funds which indicated
that the management was efficient in utilising its funds to generate
income. However, the SC possesses a weak liquidity position and we believe
that the SC may face some difficulties in meeting its short term financial
obligations. Nevertheless, 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.
|
|
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 palm oil industry continues to be attractive as government is
encouraging the cultivation of palm oil areas which are suitable and will
adopt sustainable agricultural practice. With the promising outlook of the
industry performance, the SC business potential should be favourable.
Moreover, as the SC is long presence in the market, it should have acquired
competitive edge against other players in the same fields.
|
|
In view of the above favourable condition, we recommend credit be proceeded
to the SC with favourable term.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
SIME DARBY
FUTURES TRADING SDN BHD
|
|
For The Year
Ended 30-June-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
1,560,440,670
|
541,265,523
|
660,052,083
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
3,759,688
|
<12,635,169>
|
17,260,234
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
3,759,688
|
<12,635,169>
|
17,260,234
|
|
Taxation
|
<970,117>
|
3,161,160
|
<4,442,140>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
2,789,571
|
------------
<9,474,009>
|
------------
12,818,094
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
2,789,571
|
------------
<9,474,009>
|
------------
12,818,094
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
2,789,571
|
------------
<9,474,009>
|
------------
12,818,094
|
|
As previous reported
|
3,742,006
|
13,216,015
|
397,921
|
|
|
|
|
|
|
As restated
|
------------
3,742,006
|
------------
13,216,015
|
------------
397,921
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
6,531,577
|
3,742,006
|
13,216,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
6,531,577
==========
|
------------
3,742,006
==========
|
------------
13,216,015
==========
|
|
RETAINED BY: The Company
|
6,531,577
|
3,742,006
|
13,216,015
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
6,531,577
==========
|
------------
3,742,006
==========
|
------------
13,216,015
==========
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET
|
SIME DARBY
FUTURES TRADING SDN BHD
|
|
As At
30-June-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deffered assets
|
1,110,166
|
2,080,283
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
1,110,166
|
------------
2,080,283
|
------------
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
1,110,166
|
------------
2,080,283
|
------------
-
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
143,370,990
|
72,147,963
|
96,891,018
|
|
|
|
|
|
|
|
|
Trade debtors
|
71,967,420
|
79,225,466
|
187,614,685
|
|
|
Other debtors, deposits & prepayments
|
22,636,433
|
3,077,961
|
2,609,337
|
|
|
Short term deposits
|
-
|
-
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from holding company
|
-
|
67,599,460
|
113,510,161
|
|
|
|
|
|
|
|
|
Amount due from related companies
|
241,435,785
|
337,280,730
|
309,489,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
32,280,373
|
22,844,386
|
245,777
|
|
|
|
|
|
|
|
|
Tax recoverable
|
986,700
|
480,600
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
512,677,701
|
------------
582,656,566
|
------------
715,360,258
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
-
|
6,110,473
|
23,160,642
|
|
|
Other creditors & accruals
|
4,666,896
|
5,233,486
|
1,022,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to holding companies
|
279,465,738
|
-
|
-
|
|
|
|
|
|
|
|
|
Amounts owing to related companies
|
221,123,656
|
567,650,884
|
672,157,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
-
|
-
|
3,803,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
505,256,290
|
------------
578,994,843
|
------------
700,144,243
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
7,421,411
|
------------
3,661,723
|
------------
15,216,015
|
|
TOTAL NET ASSETS
|
------------
8,531,577
==========
|
------------
5,742,006
==========
|
------------
15,216,015
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
2,000,000
|
2,000,000
|
2,000,000
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
2,000,000
|
------------
2,000,000
|
------------
2,000,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
6,531,577
|
3,742,006
|
13,216,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
6,531,577
|
------------
3,742,006
|
------------
13,216,015
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
8,531,577
|
------------
5,742,006
|
------------
15,216,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
|
8,531,577
|
5,742,006
|
15,216,015
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
SIME DARBY
FUTURES TRADING SDN BHD
|
|
As At
30-June-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
32,280,373
|
22,844,386
|
5,245,777
|
|
|
Net Liquid Funds
|
32,280,373
|
22,844,386
|
5,245,777
|
|
|
Net Liquid Assets
|
<135,949,579>
|
<68,486,240>
|
<81,675,003>
|
|
|
Net Current Assets/(Liabilities)
|
7,421,411
|
3,661,723
|
15,216,015
|
|
|
Net Tangible Assets
|
8,531,577
|
5,742,006
|
15,216,015
|
|
|
Net Monetary Assets
|
<135,949,579>
|
<68,486,240>
|
<81,675,003>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
0
|
|
|
Total Liabilities
|
505,256,290
|
578,994,843
|
700,144,243
|
|
|
Total Assets
|
513,787,867
|
584,736,849
|
715,360,258
|
|
|
Net Assets
|
8,531,577
|
5,742,006
|
15,216,015
|
|
|
Net Assets Backing
|
8,531,577
|
5,742,006
|
15,216,015
|
|
|
Shareholders" Funds
|
8,531,577
|
5,742,006
|
15,216,015
|
|
|
Total Share Capital
|
2,000,000
|
2,000,000
|
2,000,000
|
|
|
Total Reserves
|
6,531,577
|
3,742,006
|
13,216,015
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.06
|
0.04
|
0.01
|
|
|
Liquid Ratio
|
0.73
|
0.88
|
0.88
|
|
|
Current Ratio
|
1.01
|
1.01
|
1.02
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
34
|
49
|
54
|
|
|
Debtors Ratio
|
17
|
53
|
104
|
|
|
Creditors Ratio
|
0
|
4
|
13
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0
|
0
|
0
|
|
|
Liabilities Ratio
|
59.22
|
100.83
|
46.01
|
|
|
Times Interest Earned Ratio
|
0
|
0
|
0
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
0.24
|
<2.33>
|
2.61
|
|
|
Net Profit Margin
|
0.18
|
<1.75>
|
1.94
|
|
|
Return On Net Assets
|
44.07
|
<220.05>
|
113.43
|
|
|
Return On Capital Employed
|
44.07
|
<220.05>
|
113.43
|
|
|
Return On Shareholders' Funds/Equity
|
32.70
|
<164.99>
|
84.24
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
