MIRA INFORM REPORT
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Report Date : |
04.02.2012 |
IDENTIFICATION DETAILS
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Name : |
PADIBERAS NASIONAL BERHAD |
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Formerly Known As : |
SYARIKAT PADIBERAS NASIONAL BERHAD |
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Registered Office : |
Level 31, Menara HLA No. 3, Jalan Kia Peng, Kuala Lumpur, Wilayah Persekutuan, Zip/postal code 50450 |
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Country : |
Malaysia |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
14.04.1994 |
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Com. Reg. No.: |
295514-U |
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Legal Form : |
Public Company Limited By Shares |
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Line of Business : |
Procuring, processing, importing, exporting, purchasing, storing, packaging, distribution of rice, paddy and other grains, which include activities such as seed production, paddy farming, paddy procurement, paddy processing, rice processing and rice storage, distribution and marketing of rice, research and development on paddy seeds, rice and related products and investment holding. |
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No. of Employees : |
2,800 (Bernas Group) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 18,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Malaysia |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Identification details
Verified Address
Subject name : PADIBERAS NASIONAL BERHAD
Other style / Business name : BERNAS
Business address : Level 27, Menara HLA No. 3, Jalan Kia
Peng
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal code : 50450
Country : Malaysia
Tel : +60 3 21749777
Fax : +60 3 21611887
Email : information@bernas.com.my
Website : www.bernas.com.my
Registered address : Level 31, Menara HLA No. 3, Jalan Kia
Peng
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal code : 50450
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 14/04/1994
Legal form : Public Company Limited By Shares
Chief executive : Bakry bin Hamzah
Issued & paid up capital : MYR 470,401,501
Sales turnover : MYR 3,172,973,000 (Consolidated 12 months, 31/12/2010)
Net income : MYR 186,161,000 (Consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 2,402,133,000 (Consolidated 12 months, 31/12/2010)
Line of business :
Procuring, processing, importing,
exporting, purchasing, storing, packaging, distribution of rice, paddy and
other grains, which include activities such as seed production, paddy farming,
paddy procurement, paddy processing, rice processing and rice storage,
distribution and marketing of rice, research and development on paddy seeds,
rice and related products and investment holding.
Staff employed : 2,800 (Bernas Group)
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is progressing
Management experience : Management is adequately experienced
Financial performance : Financial performance is very good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No serious payment delays noted
Credit amount suggestion : USD 18,000,000
Credit amount asked : Not described.
Statutory details
Registry Data
Registration date : 14/04/1994
Legal form : Public Company Limited By Shares
Registration no : 295514-U
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : The Subject was established under the name SYARIKAT PADIBERAS
NASIONAL BERHAD and changed to the current style on 30-03-1995.
Change of legal form : None reported.
Management / directors
Key Management
Name : Bakry
bin Hamzah
Designation : Managing Director
Name : Ahmad
Tarmizi bin Mohamed Hariri
Designation : Chief Financial Officer
Name : Zurkarnain
bin Mohd Yusoff
Designation : Senior General Manager, International Business Sector
Name : Abdul
Rahman bin Mohd Nasri
Designation : Senior General Manager, Local Rice Business Sector
Name : Nasliza
binti Mohd Nasir
Designation : General Manager - Legal and Secretarial Division, Company
Secretary
Name : Sabrina
binti Yon
Designation : General Manager - Corporate Affairs
Division
Board of directors / other
appointments
Appointments
Name : Dato’
Wira Syed Abdul Jabbar bin Syed Hassan
Designation : Chairman
Identification no : 391208-02-5153
Appointment date : 10/07/06
Address : 23,
Jalan 7, Kemensah Heights
Ulu Klang
68000 Ampang
Selangor Darul Ehsan Malaysia
Biography : Y. Bhg.
Dato' Wira Syed Abdul Jabbar bin Syed Hassan has been Independent Non-Executive
Chairman of the Board of Padiberas Nasional Berhad since July 17, 2006. He
chairs the Executive, Nomination and Remuneration Committees of the Board. He
is also the Chairman of MMC Corporation Berhad, Tradewinds (M) Berhad,
Tradewinds Plantation Berhad, Aliran Ihsan Resources Berhad and MARDEC Berhad.
He sits on the Board of Star Publications (M) Berhad and KAF Discounts Berhad.
He was Chief Executive Officer of Kuala Lumpur Commodity Exchange from 1980 to
1996, the Executive Chairman of Malaysian Monetary Exchange from 1996 to
1998
and the Executive Chairman of the Commodity and Monetary
Exchange of
Malaysia from 1998 to 2000. He holds a Bachelor of Economics degree from University
of Western Australia and a Masters of Science degree in Marketing from
University of Newcastle-Upon Tyne, United Kingdom in 1971.
Name : Bakry bin Hamzah
Designation : Director
Identification no : 571019-08-6203
Appointment date : 14/09/05
Address : No. 16 Jalan Puncak Kiara 3
Desa Sri Hartamas
50480 Kuala Lumpur Wilayah Persekutuan Malaysia
Biography : Encik
Bakry bin Hamzah has been Managing Director and
Non-Independent
Executive Director of Padiberas Nasional Bhd since April 9, 2007. He is Member
of Executive and Tender Committees of the Board. He holds a Bachelor of Arts
(Hons) degree from University Malaya. He is also the Group Managing Director of
Tradewinds (M) Berhad and sits on the Board of Tradewinds Plantation Berhad. He
had held prominent positions in various companies including as the Chief
Executive Officer of Tradewinds (M) Berhad, the Managing Director of Central
Sugars Refinery Sdn. Bhd., the Director of MARDEC Berhad, the Director of
Oriental Food Industries Berhad, the Executive Director of Latitude Tree
Holding Berhad, the Head of Business Development in Aero Mutiara Sdn. Bhd., the
Operation Manager in Bukhary Holdings Sdn. Bhd. and Assistant Director of
Marketing in Lembaga Padi dan Beras Negara.
Name : Dato' Che Mohd Hashim bin Abdullah
Designation : Director
Identification no : 541008-03-5307
Appointment date : 16/02/11
Address : No. 2, Jalan P16/C Presint 16
62150 Putrajaya W.P. Putrajaya Malaysia
Biography : Dato'
Mohd Hashim bin Abdullah has been Non-Independent
Non-Executive Director of Padiberas Nasional Bhd since
February
16, 2011. He is
the Secretary General of the Ministry of Agriculture and Agro-based Industry.
He holds a Bachelor of Arts (Hons) degree from University Malaya and a Masters
degree in Political Science from Universiti Kebangsaan Malaysia (UKM). He
started his career as an Administrative and Diplomatic Officer, Dewan Bandaraya
Kuala Lumpur and subsequently served in various government agencies including
Ministry of Primary Industries, Ministry of Sports and Youth, and Ministry of
Entrepreneur and Co-operative Development.
Name : Dato' Dr. Mohd Irwan Serigar Abdullah
Designation : Director
Identification no : 570307-03-5529
Appointment date : 26/08/11
Address : 26, Jalan P14 A1/1
Presint 4
62050 Putrajaya W.P. Putrajaya Malaysia
Biography : Dato'
Dr. Mohd Irwan Serigar Abdullah serves as Non-Independent Non-Executive
Director of Padiberas Nasional Bhd. He was appointed on August 26, 2011. He has
B.A. (Honors) Population Studies from University of Malaya, Kuala Lumpur
(1979-82); M.Sc. Energy, Management and Policy from University of
Pennsylvania,Philadelphia USA (1993-94); Ph.D in Economics from International
Islamic University Kuala Lumpur. Malaysia (1999-2003); and Advanced Management
Program, 174 from Harvard Business School, Spring 2008. He is Deputy Secretary
General (Policy) of Ministry of Finance.
Name : Datuk
Azizan bin Ayob
Designation : Director
Identification no : 460714-02-5195
Appointment date : 30/09/03
Address : Lot No. 471
Off Jalan Chan Chin Mooi
Taman Tasik Titiwangsa
53200 Kuala Lumpur Wilayah Persekutuan Malaysia
Biography : Datuk
Azizan bin Ayob has been Non-Independent Non-Executive Director of Padiberas
Nasional Bhd since September 30, 2003. He is the Chairman of Tender Committee
and Member of Audit, Executive, Nomination and Remuneration Committees of the
Board. He holds a Bachelor of Arts (Hons) degree in Economics from University
Malaya and a Masters degree in Public Administration from University of
Southern California, USA. He is Director/Advisor of Commerce Dot.Com Sdn. Bhd.
A former public servant, his last position in public service was as the
Director General of the National Registration Department of Malaysia.
Name : Tuan
Syed Abu Bakar bin S Mohsin Almohdzar
Designation : Director
Identification no : 510104-03-5145
Appointment date : 22/11/05
Address : No.1 Lengkok Aminuddin Baki
Taman Tun Dr Ismail 60000 Kuala Lumpur
Wilayah Persekutuan Malaysia
Biography : Tuan Syed
Abu Bakar, a Malaysian, 60, joined the Board on 22
November 2005.
He is the Chairman of Audit Committee and a member of Tender and Nomination
Committees of the Board. Tuan Syed Abu Bakar is a member of the Chartered
Certified Accountant (FCCA, UK) and Malaysian Institute of Accountants (MIA).
He was the Managing Director of Tradewinds (M) Berhad from 1996 to 2004. Tuan
Syed Abu Bakar has no securities holdings in BERNAS or its subsidiaries.
Name : YB
Dato’ Abdul Rahman bin Datuk Haji Dahlan
Designation : Director
Identification no : 651124-12-5649
Appointment date : 15/10/02
Address : No.
1-1, Sutramas Condo
Jalan Dutamas Melati
Off Dutaraya Segambut
51200 Kuala
Lumpur Wilayah Persekutuan Malaysia
Biography : Y.B. Dato’
Abdul Rahman bin Dahlan has been Independent
Non-Executive Director of Padiberas Nasional Bhd since
October 15,
2002. He is
Member of Audit and Remuneration Committees of the Board. Currently, he is
Member Parliament of Kota Belud, Sabah and the Managing Director of H.R.P.M
Consulting (M) Sdn. Bhd. He holds a Bachelors degree in Economics and
Management from Sonoma State University, California State University System,
Rohnert Park, California, USA.
Name : Chuah
Seong Tat @ Chuah Chee Tat
Designation : Director
Identification no : 511117-02-5127
Appointment date : 11/02/10
Address : 2174-P,
Taman Tunku Habsah
06100 Alor Setar
Kedah
Malaysia
Biography : Encik
Chuah Seong Tat @ Chuah Chee Tat has been
Non-Independent
Non-Executive Director of Padiberas Nasional Bhd since February 11, 2010.He
holds a Bachelor of Applied Science (Honours) degree from Universiti Sains
Malaysia and a Master of Business Administration degree from the Australian
Graduate School of Management, University of New South Wales. He began his
career as an Engineer with American multinational semiconductor manufacturing
companies located in Malacca and Penang from 1976 to 1980. He left his
engineering career to pursue his Master of Business Administration degree in
Australia from 1981 to 1982. Upon returning from Australia, he had worked and
gained experience in merchant banking, stock broking, and trading. He had held
various senior positions in those years. Presently, he is Non-Independent
Non-Executive
Director of Tradewinds (M) Berhad and Tradewinds
Plantation Berhad. He is also a Director of Bukhary Sdn. Bhd., KHSB Marketing Sdn. Bhd. and Butterworth Coldstorage Sdn. Bhd.
Name : Nasliza binti Mohd Nasir
Designation : Company Secretary
Identification no : 691006-10-6080
Appointment date : 05/09/07
Address : No. 52, Jalan Nova U5/60
Subang Bestari
40150 Shah Alam Selangor Darul Ehsan Malaysia
Staff employed : 2,800
(Bernas Group)
Key Advisors
Auditors : MESSRS
HANAFIAH RASLAN & MOHAMAD Level 23A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
Bukit Damansara
50490 Kuala Lumpur
Malaysia
Share capital
Composition
Authorized Capital : MYR 1,000,000,001
No of shares : 1,000,000,000 Ordinary Shares / 1 Special Rights Redeemable Preference Share
Share par value : MYR 1
Issued capital : MYR 470,401,501
Paid up capital : MYR 470,401,501
Changed in capital : Issued capital of MRM 470,401,501.00 consist of 470,401,500 ordinary shares of
RM1.00 each and one (1) Special Rights Redeemable Preference Share of RM1.00.
ownership / shareholders
How listed : Major Shareholders Only
Composition
Shareholder name : TRADEWINDS (M) BERHAD
Address : Level 12, Menara HLA
No. 3, Jalan Kia Peng
50450 Kuala Lumpur
Malaysia
% of shares : 72.57%
Comments : TRADEWINDS (M) BERHAD is majority owned
by Tan Sri Syed Mokhtar Shah bin Syed Nor Al-Bukhary, Malaysian 8th richest
man. Forbes estimated his net worth in 2011 to be around USD 2.5 billion.
Related companies & corporate Affiliations
Structure
Name : TRADEWINDS (M) BERHAD
Affiliation type : Parent
Company
Address :
Level 12, Menara HLA No. 3, Jalan Kia
Peng
50450 Kuala Lumpur
Malaysia
Comments : Tradewinds (M) Berhad, through its
subsidiaries, engages in the sugar, plantation, and rice businesses. The
company’s activities include the manufacture and sale of refined sugar; and
cultivation of oil palm and production of crude palm oil, as well as processing
and sale of palm products. It is also involved in the procurement, collection,
processing, distribution, import, and export of rice, paddy, and other grains;
property development; Islamic securities transaction services; plantation
management and advisory services; technical support services; cultivation of
rubber; animal husbandry; agriculture contractor services; and paddy seed
production. The company has operations primarily in Malaysia, Indonesia,
Singapore, Hong Kong, and Australia. Tradewinds (M) Berhad is based in Kuala
Lumpur, Malaysia.
Name : BERAS CORPORATION SDN. BHD.
Affiliation type : Subsidiary
Address : Lot 2-8-2, 7th floor, Wisma San Hin Wawasan Plaza, Coastal Highway P.O. Box 13311, 88837 Kota KinabaluSabah
Malaysia
Comments : Processing and trading of rice.
Name : BERNAS
SEED PRO SDN. BHD. Affiliation type : Subsidiary
Address :
Kompleks Bernas Langgar
Langgar
Kedah, 06500
Malaysia
Comments :
Paddy seed production.
Name : JASMINE FOOD CORPORATION SDN. BHD.
Affiliation type : Subsidiary
Address :
Lot 5, Jalan Sejahtera 25/124
Seksyen 25
40000 Shah Alam, Selangor Darul Ehsan
Malaysia
Comments :
Trader, distributor and supplier of
rice.
Name : BERNAS PRODUCTION SDN. BHD.
Affiliation type : Subsidiary
Address :
Pejabat BERNAS Wilayah Utara
Level 4, Souq Al-Bukhary Commercial Centre
Jalan Langgar, Alor Setar
Kedah
Malaysia
Comments : Rice processing.
Name : YHL HOLDING SDN. BHD.
Affiliation type : Subsidiary
Address : No. 39-45, Jalan P4/6, Seksyen 4
Bandar Teknologi Kajang, Batu 18
Jalan Semenyih
Semenyih, 43500
Selangor Darul Ehsan
Malaysia
Comments : Investment holding.
Name : BERNAS DOMINALS SDN. BHD.
Affiliation type : Subsidiary
Address : Lot 958 Jalan Alor Setar, Batu 5
06550 Alor Star
Malaysia
Comments : Investment holding.
Name : BERNAS INTERNATIONAL TRADING LTD.
Affiliation type : Subsidiary
Address : Thailand
Comments : Processing and trading of rice and other
related food products.
Name : BERNAS OVERSEAS (L) LIMITED
Affiliation type : Subsidiary
Address : Labuan, Malaysia
Comments : Offshore investment holding company.
Name : UNITED MALAYAN FLOUR (1996) SDN. BHD.
Affiliation type : Associate
Address : 4826, Jalan Permatang Pauh
13400
Butterworth Pulau Pinang Malaysia
Comments : The Subject owns 45% of UNITED MALAYAN FLOUR(1996) SDN. BHD.
Manufacturing
and trading of wheat flour.
Related companies
and corporate affiliations comments
Other companies of the Bernas Group should be considered affiliates of the Subject
Bank & mortgages
Bank Details
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Name
of bank :
Address :
Account details : |
Deutsche Bank (Malaysia) Berhad Malaysia Current Account |
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Name
of bank :
Address :
Account details : |
Affin Bank Berhad Malaysia Current Account |
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Name
of bank :
Address :
Account details : |
Bank Islam (M) Berhad Malaysia Current Account |
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Name
of bank :
Address :
Account details : |
Bank Muamalat (M) Berhad Malaysia Current Account |
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Name
of bank :
Address :
Account details : |
HSBC Bank Malaysia Berhad Malaysia Current Account |
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Name
of bank :
Address :
Account details : |
Alliance Bank Malaysia Berhad Malaysia Current Account |
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Name
of bank :
Address :
Account details : |
Ambank (M) Berhad Malaysia Current Account |
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Name
of bank :
Address :
Account details : |
Malayan Banking Berhad Malaysia Current Account |
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Name
of bank :
Address :
Account details : |
RHB Bank Berhad Malaysia Current Account |
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Name
of bank :
Address : |
Standard Chartered Bank Malaysia Berhad Malaysia |
Account details : Current Account
Comments : It is generally not the policy of local
banks to provide credit status information to non related parties, however
interested parties would be advised to consult first with the Subject if
banker's references are required.
Mortgages
Total of Charge: 72,000,000.00
Date of Creation: 30-01-2009
Name of Chargee: AFFIN ISLAMIC BANK BERHAD
Charge Status: FULLY SATISFIED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
financial data
Description
Source of financial statement : Public
Record Sources
Financial statement date : 31/12/10
Type of accounts : Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.01 as of 03-02-2012
Summarized Financial Information
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Consolidation
type : |
Consolidated |
Consolidated |
Consolidated |
|
Currency : |
Malaysia, Ringgit (MYR) |
Malaysia, Ringgit (MYR) |
Malaysia, Ringgit (MYR) |
|
Denomination : |
(x1) One |
(x1) One |
(x1) One |
|
Date of
financial year end : |
30/09/11 |
31/12/10 |
31/12/09 |
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Length of
accounts : |
9 months |
12 months |
12 months |
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Sale turnover /
Income : |
2,550,905,000 |
3,172,973,000 |
3,259,876,000 |
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Profit before
tax : |
207,345,000 |
245,781,000 |
238,326,000 |
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Net income : |
150,702,000 |
186,161,000 |
179,537,000 |
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Non current
assets : |
703,243,000 |
686,304,000 |
641,262,000 |
|
Current assets : |
2,408,839,000 |
1,715,829,000 |
1,533,781,000 |
|
Inventories : |
870,370,000 |
583,877,000 |
552,929,000 |
|
Total assets : |
3,112,082,000 |
2,402,133,000 |
2,175,043,000 |
|
Current
liabilities : |
1,067,359,000 |
764,500,000 |
982,529,000 |
|
Non current
liabilities : |
868,807,000 |
495,077,000 |
104,241,000 |
|
Total
liabilities : |
1,936,166,000 |
1,259,577,000 |
1,086,770,000 |
|
Share equity : |
1,175,916,000 |
1,142,556,000 |
1,088,273,000 |
|
Retained earning : |
619,520,000 |
569,813,000 |
527,645,000 |
Comments : The consolidated financial information
above relates to the Subject and all its subsidiaries.
Operation details
Main activities :
The Subject is engaged in procuring,
processing, importing, exporting, purchasing, storing, packaging, distribution
of rice, paddy and other grains, which include activities such as seed
production, paddy farming, paddy procurement, paddy processing, rice processing
and rice storage, distribution and marketing of rice, research and development
on paddy seeds, rice and related products and investment holding.
Pursuant to the Privatisation Agreement between subject and
the
Government of Malaysia dated 12 January 1996 (“the
Privatisation
Agreement”), the subject shall also ensure the maintenance of the sufficient
supply of rice at reasonably fair and stable prices. The subject’s obligations
under the Privatisation Agreement also include the maintenance of the rice
stockpile, the distribution of paddy price subsidies to farmers on behalf of
the Government, the management of the Bumiputra Rice Millers Scheme and acting
as a buyer of last resort at the Guaranteed Minimum Price of paddy.
The Subject is a subsidiary of Tradewinds (M) Berhad.
Tradewinds (M)
Berhad engages in the sugar, plantation, and rice businesses. The company’s
activities include the manufacture and sale of refined sugar; and cultivation
of oil palm and production of crude palm oil, as well as processing and sale of
palm products. It is also involved in the procurement, collection, processing,
distribution, import, and export of rice, paddy, and other grains; property
development; Islamic securities transaction services; plantation management and
advisory services; technical support services; cultivation of rubber; animal
husbandry; agriculture contractor services; and paddy seed production. The
company has operations primarily in Malaysia, Indonesia, Singapore, Hong Kong
and Australia.
Product & services : Product:
- All kinds of paddy and rice
Services:
-Paddy Procurement
-Rice Processing, Retailing, Distribution & Marketing
- National Stockpile Management
- Seed & Farming
- Bumiputra Rice Millers Scheme Management
- Paddy Price Subsidies Management
Brand : Bernas, Jasmine
Purchases
Local : Yes
International : Mainly India, Thailand, Indonesia,
Vietnam
Sales
Local : Yes
International : Asia countries
Key events : 11 November 2011
The Company had
on 11 November 2011 entered into a Master Agreement with Jelapang Jati Sdn Bhd
(“Jelapang Jati”) and Ban Heng Bee Holdings Sdn Bhd (“BHBH”) for the proposed
increase of the Company?s equity holding from 20% to 49% in BHBH for a total
consideration of RM110.66 million which comprise of the following documents and
simultaneously executed:
i) A Share Swap Agreement for the disposal of the Company?s
entire
920,000
ordinary shares of RM1.00 each or equivalent to 40% equity interest in Serba
Wangi Sdn Bhd (“Serba Wangi”) to the existing Shareholder, BHBH which will be
satisfied through the allotment and issuance of 981,997 new ordinary shares of
RM1.00 each to the Company in BHBH for a consideration of RM36.0 million.
ii) Share Sale
Agreement for the acquisition by the Company of 409,165 ordinary shares of
RM1.00 each in BHBH from Jelapang Jati for a cash consideration of RM15.0
million.
iii) Subscription Agreement for the subscription by the
Company of
1,627,483 new ordinary
shares of RM1.00 each in BHBH for a cash consideration of RM59.7 million.
22 April 2011
On 22 April
2011, the Company received a letter dated 20 April 2011 from the Public Private
Partnership Unit under the Prime Minister's Department on the extension of the
BERNAS Agreement dated 12 January 1996 between the Government of Malaysia and
BERNAS where the Government has agreed to extend the BERNAS Agreement for a
period of 10 years commencing from 11 January 2011 to 10 January 2021 subject
to the term and conditions to be mutually agreed between both parties. The
Government has also agreed to grant an Interim Period of six (6) months from 11
January 2011 to 10 July 2011 ("Interim Period"). On 27 September
2011, the
Government has further extended the Interim Period commencing from 10 July 2011
until the finalisation of the terms and conditions of the new BERNAS Agreement
and the execution thereof.
8 March 2011
On 8 March
2011, the Company had signed a Memorandum of Understanding ("MOU")
with Lembaga Kemajuan Pertanian Muda ("MADA"). The MOU signed to
establish the principles of understanding to jointly undertake the commercial
activities of Entry Point Project ("EPP")
10: Scaling up and Strengthening Productivity of Paddy Farming in MADA Area under the National Key Economic Area ("NKEA") programme with a view to enter into a joint venture agreement, shareholders' agreement and other related agreements thereto, and to negotiate the terms and conditions of the Joint Venture Agreement and the Shareholders' Agreement and other related agreements to regulate the parties' and/or their related entities' obligations in undertaking the commercial activities of EPP 10.
The MOU shall be effective for a period of 12 months from the execution date and may be extended as mutually agreed by the parties or upon the execution of the Joint Venture Agreement and the Shareholders Agreement, whichever is earlier.
10 January 2011
On 10 January
2011, Subur Majubumi Sdn. Bhd. ("Subur Majubumi") and Berkat Beringin
Sdn. Bhd. ("Berkat Beringin"), wholly-owned subsidiaries of the
Company had entered into a Shareholders' Agreement with KNC Masyhur Sdn. Bhd.
("KNC Masyhur"). Berkat Beringin will be used as the joint venture
vehicle for the purpose of carrying out the business which involves paddy
procurement, drying and milling and rice processing and packaging.
Property & Assets
Premises : The Subject operates from group
headquarters located at the verified heading address consisting of
administrative office.
Branches : In addition, the Subject operates from
branch offices located at:
Pejabat BERNAS Wilayah Utara Level 4, Souq Al-Bukhary Commercial Centre, Jalan Langgar
5400 Alor Setar
Kedah
Malaysia
Tel: +60 4 7740100
Pejabat BERNAS Wilayah Timur
Lot PT 4154, Kawasan Perindustrian
Pengkalan Chepa II
Padang Tembak, Peti Surat 209
16100 Kota Bharu
Kelantan
Malaysia
Tel: +60 9 7714400
Lot 2-8-2, 7th floor, Wisma San Hin Wawasan Plaza, Coastal Highway P.O. Box 13311
88837 Kota Kinabalu
Sabah
Malaysia
Tel: +60 88 311541
No 96-M, Lot 2654-2656
Block 195 KNLD, Jalan Green
93150 Kuching Sarawak Malaysia
Tel: +60 82 243002
Other property : The Subject owns 32 rice mills located in
Malaysia. In addition the Subject owns 35 warehouse/ distribution centres
located in Malaysia.
Capital equipment : Total Group NBV of property, plant and equipment as of 30-09-2011 was MYR 401,509,000.
Summarized country risk
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$133.7 billion as of 13 January 2012
Gross domestic product - GDP : US$ 247.781 billion
GPP (Purchasing power parity) : 442.01 billion of International dollars
GDP per capita - current prices : US$ 8,624
GDP - composition by sector : agriculture: 9.4% industry: 40.9% services: 49.7%
Inflation 2008: 5.4%
2009: 0.6%
2010: 1.7%
Unemployment 2008 : 3.3 %
2009 : 3.6 %
2010: 3.3 %
Public debt
(General Government gross
debt as a % GDP) 2008:
42.8 %
2009: 55.4 %
2010: 54.2%
Government bond
ratings Standard
& Poor's: A-/Stable/A-2
Moody's rating: A3
Moody's outlook: STA
Market value of publicly traded shares US$ 420 billion
Largest
companies in the country : CIMB Group Holdings (Banking), Sime
Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga
Nasional(Utilities), Petronas Chemicals, Maxis Berhad
Trade & Competitiveness Overview
Total exports US$210.3
billion
Exports commodities electronic
equipment, petroleum and liquefied natural gas, wood and
wood products, palm oil, rubber, textiles,
chemicals
Total imports US$156.2
billion
Imports commodities electronics,
machinery, petroleum products, plastics, vehicles, iron and
steel products, chemicals
Export - major
partners US
15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%,
HongKong 4.6%
Import - major
partners Japan
13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%,
Thailand 5.3%, South Korea 4.9%, Germany
4.6%, Indonesia 4.2%
FDI Inflows 2007:
US$8,538 million
2008: US$7,318 million
2009: US$1,381 million
FDI Outflows 2007:
US$11,280 million
2008: US$14,988 million
2009: US$8,038 million
Best countries for
doing business 21 out of 183
countries
Global
competitiveness ranking 26
(ranking by country on a basis of 133, the first is the best)
Country and Population Overview
Total population :
28.23 million
Total area :
329,847 km2
Capital : Kuala Lumpur
Currency : Malaysia Ringgits (MYR)
Internet
users as % of total population : 57.61%
Payment history
Purchase Term
International : L/C, Prepayment, Document against
payment, Credit up to 120 days
Sales Term
International : L/C, Document against payment, Credit
up to 120 days
Trade Reference/ Payment Behaviour
Comments : As local and international trade
references were not supplied, the Subject's payment track record history cannot
be appropriately determined but based on our research, payments are believed to
be met without delay.
Investigation Note
Sources : Interviews and material provided by the
Subject
: Other
official and local business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.96 |
|
UK Pound |
1 |
Rs.77.47 |
|
Euro |
1 |
Rs.64.39 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.