|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
|
N/A - Not Applicable
|
|
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
778980-H
|
|
COMPANY NAME
|
:
|
PUNJ LLOYD OIL & GAS (MALAYSIA) SDN BHD
|
|
FORMER NAME
|
:
|
JANA JUBLI SDN BHD (30/08/2007)
|
|
INCORPORATION DATE
|
:
|
28/06/2007
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
LOT 6.05, KPMG TOWER, 8
FIRST AVENUE, BANDAR UTAMA, LEVEL 6, 47800
PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
MENARA AMCORP, 10TH FLOOR, SUIT 1006, 18 JALAN PERSIARAN BARAT,
46200 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
TEL.NO.
|
:
|
03-79555293
|
|
FAX.NO.
|
:
|
03-79555290
|
|
CONTACT PERSON
|
:
|
PRAVEEN KUMAR CHAND ( PROJECT DIRECTOR )
|
|
INDUSTRY CODE
|
:
|
74219
|
|
PRINCIPAL ACTIVITY
|
:
|
CONSTRUCTION
OF PIPELINE AND OIL AND GAS RELATED ENGINEERING SERVICES
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID
UP CAPITAL
|
:
|
MYR 750,000.00
DIVIDED INTO
ORDINARY SHARES 750,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR
650,728,655 [2011]
|
|
NET WORTH
|
:
|
MYR 86,014,796
[2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
200 [2012]
|
|
BANKER (S)
|
:
|
CIMB BANK
BHD
THE ROYAL BANK OF SCOTLAND
BHD
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
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) construction of
pipeline and oil and gas related engineering services.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the SC is PUNJ LLOYD PTE LTD, a
company incorporated in SINGAPORE.
The ultimate holding company of the SC is PUNJ LLOYD LIMITED (INDIA),
a company incorporated in INDIA.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
MR. NOR HISHAMMUDDIN BIN MOHD NORDIN +
|
39, JALAN BIRAI U8/66, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR, MALAYSIA.
|
660405-10-7783
A0408209
|
225,000.00
|
|
PUNJ LLOYD PTE LTD
|
60 ALEXANDRA TERRACE, 09-01 THE COMTECH, LOBBY A, 118502, SINGAPORE.
|
|
525,000.00
|
|
|
|
|
---------------
|
|
|
|
|
750,000.00
|
|
|
|
|
============
|
+ Also Director
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Company
|
(%)
|
As At
|
|
888132
|
PUNJ LLOYD SDN BHD
|
100
|
31/03/2011
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. TAI YIT CHAN
|
|
Address
|
:
|
56, JALAN SS 22/29, DAMANSARA JAYA, 47400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A1167797
|
|
New IC No
|
:
|
690118-10-6160
|
|
Date of Birth
|
:
|
18/01/1969
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
27/08/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
ATUL PUNJ
|
|
Address
|
:
|
10
PRITHVIRAJ ROAD, NEW DELHI 110011, INDIA.
|
|
IC / PP No
|
:
|
G2889410
|
|
|
|
|
|
Date of Birth
|
:
|
27/10/1957
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
29/08/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
PAWAN KUMAR GUPTA
|
|
Address
|
:
|
126 LUBURNUM SUSHANT LOK, PHASE I, SECTOR 28, GURGAON, HARYAN
122001, INDIA.
|
|
IC / PP No
|
:
|
Z1823656
|
|
|
|
|
|
Date of Birth
|
:
|
24/08/1952
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
27/08/2007
|
|
Remark
|
:
|
OLD PP: Z021862
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
PRAVEEN KUMAR CHAND KAUSHIK
|
|
Address
|
:
|
332G, SANCTUARY VILLA, 97000 BINTULU, SARAWAK, MALAYSIA.
|
|
IC / PP No
|
:
|
Z1800784
|
|
|
|
|
|
Date of Birth
|
:
|
07/07/1967
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
02/07/2008
|
|
Remark
|
:
|
OLD PP: Z1627358
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MR. NOR HISHAMMUDDIN BIN MOHD NORDIN
|
|
Address
|
:
|
39, JALAN BIRAI U8/66, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A0408209
|
|
New IC No
|
:
|
660405-10-7783
|
|
Date of Birth
|
:
|
05/04/1966
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
22/11/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
PRAVEEN KUMAR CHAND
|
|
|
Position
|
:
|
PROJECT DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
AJAY KHAJANCHI
|
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
ERNST & YOUNG
|
|
Auditor' Address
|
:
|
MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR DAMANSARA, DAMANSARA
HEIGHTS, LEVEL 23A, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. LIEW IRENE
|
|
|
IC / PP No
|
:
|
A1475711
|
|
|
New IC No
|
:
|
700227-10-5112
|
|
|
Address
|
:
|
LOT 32, JALAN KUARI, KAMPUNG CHERAS BARU, 56100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. TAI YIT CHAN
|
|
|
IC / PP No
|
:
|
A1167797
|
|
|
New IC No
|
:
|
690118-10-6160
|
|
|
Address
|
:
|
56, JALAN SS 22/29, DAMANSARA JAYA, 47400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
2)
|
Name
|
:
|
THE ROYAL BANK OF SCOTLAND
BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s).
|
ENCUMBRANCE (S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
23/09/2008
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM476,000,000.00
|
|
Description Of Property Affected
|
:
|
|
ALL ASSETS OF THE COMPANY
|
|
|
Name & Address Of Chargee
|
:
|
|
CIMB BANK BHD
|
|
BANGUNAN CIMB, JALAN SEMANTAN, DAMANSARA HEIGHTS, 5TH FLOOR, 50490
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 06/10/2008
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
23/09/2008
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM305,000,000.00
|
|
Description Of Property Affected
|
:
|
|
ALL ASSETS OF THE COMPANY
|
|
|
Name & Address Of Chargee
|
:
|
|
CIMB BANK BHD
|
|
BANGUNAN CIMB, JALAN SEMANTAN, DAMANSARA HEIGHTS, 5TH FLOOR, 50490
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 06/10/2008
|
|
Registered and Numbered 2 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
23/09/2008
|
|
Description Of Charge
|
:
|
|
ASSIGNMENT OF CONTRACT PROCEEDS
|
|
|
Amount Secured
|
:
|
RM476,000,000.00
|
|
Description Of Property Affected
|
:
|
|
ALL ASSETS OF THE COMPANY
|
|
|
Name & Address Of Chargee
|
:
|
|
CIMB BANK BHD
|
|
BANGUNAN CIMB, JALAN SEMANTAN, DAMANSARA HEIGHTS, 5TH FLOOR, 50490
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 06/10/2008
|
|
Registered and Numbered 3 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
25/11/2008
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
|
ALL THE COMPANY CASH DEPOSIT OF RM11,000,000
|
|
|
Name & Address Of Chargee
|
:
|
|
THE ROYAL BANK OF SCOTLAND
BHD
|
|
MENARA MAXIS, KUALA LUMPUR CITY CENTRE, LEVEL 1 & 9, 50088
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 15/12/2008
|
|
Registered and Numbered 4 In The Register of Charges
|
ENCUMBRANCE 5
|
Date of Creation
|
:
|
15/01/2010
|
|
Description Of Charge
|
:
|
|
MEMO OF DEPOSIT OF FIXED DEPOSIT RECEIPTS
|
|
|
Amount Secured
|
:
|
RM11,000,000.00
|
|
Description Of Property Affected
|
:
|
|
ALL MONIES STANDING TO THE CREDIT OF THE FIXED DEPOSIT STANDING TO
THE COMPANY NAME
|
|
|
Name & Address Of Chargee
|
:
|
|
CIMB BANK BHD
|
|
BANGUNAN CIMB, JALAN SEMANTAN, DAMANSARA HEIGHTS, 5TH FLOOR, 50490
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 05/02/2010
|
|
Registered and Numbered 5 In The Register of Charges
|
ENCUMBRANCE 6
|
Date of Creation
|
:
|
16/08/2011
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 6 In The Register of Charges
|
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.
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
|
|
|
|
|
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
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Services
|
:
|
|
CONSTRUCTION OF PIPELINE AND OIL AND GAS RELATED ENGINEERING
SERVICES
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
KENCANA PETROLEUM BHD
|
|
RAMUNIA FABRICATORS SDN BHD
|
|
SUMATEC RESOURCES BHD
|
|
TANJUNG OFFSHORE BHD
|
|
ZELAN BHD
|
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2012
|
2011
|
2010
|
2009
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
200
|
200
|
200
|
100
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) construction of pipeline
and oil and gas related engineering services.
The SC obtained project specific license with PETRONAS and the local
registration with "Construction Industry Development Board Malaysia
(CIDB)" under G7 category which is the highest category.
The SC's EPCC capabilities and expertise lie in:
* Onshore & Offshore Pipelines
* Tank and Terminals including fixed roof, cone roof, spherical, bullet and
cryogenic tanks
* Refinery Process packages
* Gas Processing Plants
* Power Plants including coal fired, combined cycle and nuclear
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC
indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-79555293
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
CAMP NO. 8, BINTULU-MIRI, COASTAL HIGHWAY, BINTULU SARAWAK
|
|
Current Address
|
:
|
MENARA AMCORP, 10TH FLOOR, SUIT 1006, 18 JALAN PERSIARAN BARAT,
46200 PETALING JAYA, SELANGOR, 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 SC refused to verify the address provided.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
54.17%
|
]
|
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
67.67%
|
]
|
|
|
|
|
|
|
|
|
|
|
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
|
[
|
7 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
25 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
99 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 unfavourable creditors' ratio could be due to the SC taking
advantage of the credit granted by its suppliers. However this may affect
the goodwill between the SC and its suppliers and the SC may inadvertently
have to pay more for its future supplies.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Unfavourable
|
[
|
0.64 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.68 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
|
:
|
Unfavourable
|
[
|
1.75 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was nil as it did not pay any interest
during the year. The SC was highly geared, thus it had a high financial
risk. The SC was dependent on loans to finance its business needs. In times
of economic downturn and / or high interest rate, the SC will become less
profitable and competitive than other firms in the same industry, which are
lowly geared. This is because the SC has to service the interest and to
repay the loan, which will erode part of its profits. The profits will
fluctuate depending on the SC's turnover and the interest it needs to pay.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
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's gearing level
was high and its going concern will be in doubt if there is no injection of
additional shareholders' funds in times of economic downturn and / or high
interest rates.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : STABLE
|
MALAYSIA ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.73
|
28.13
|
28.35
|
28.70
|
29.10
|
|
Gross Domestic Products ( % )
|
4.6
|
<0.5>
|
7.2
|
5.5
|
5.3
|
|
Domestic Demand ( % )
|
6.9
|
2.9
|
6.3
|
4.8
|
7.6
|
|
Private Expenditure ( % )
|
7.1
|
<2.7>
|
8.1
|
7.0
|
8.7
|
|
Consumption ( % )
|
8.4
|
0.7
|
6.7
|
6.3
|
7.1
|
|
Investment ( % )
|
1.5
|
<17.2>
|
17.7
|
16.2
|
15.9
|
|
Public Expenditure ( % )
|
6.5
|
5.2
|
3.8
|
7.6
|
4.7
|
|
Consumption ( % )
|
11.6
|
3.1
|
0.2
|
8.9
|
3.0
|
|
Investment ( % )
|
0.7
|
8.0
|
2.8
|
0.6
|
7.0
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
129,563
|
89,650
|
118,356
|
116,058
|
-
|
|
Government Finance ( MYR Million )
|
<34,462>
|
<28,450>
|
<40,482>
|
<45,511>
|
<43,021>
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
<4.7>
|
|
Inflation ( % Change in Composite CPI)
|
<3.3>
|
<5.2>
|
5.1
|
3.1
|
-
|
|
Unemployment Rate
|
3.7
|
4.5
|
3.9
|
3.3
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
388
|
331
|
329
|
415
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
1.91
|
2.87
|
2.20
|
3.50
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
13.24
|
11.08
|
15.30
|
14.80
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
5.53
|
6.30
|
6.60
|
-
|
|
Business Loans Disbursed( % )
|
11.6
|
10.5
|
14.7
|
15.3
|
-
|
|
Foreign Investment ( MYR Million )
|
23,261.4
|
22,156.8
|
22,517.9
|
23,546.1
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
41,599
|
41,578
|
44,148
|
-
|
-
|
|
Registration of New Companies ( % )
|
<4.0>
|
<0.1>
|
6.2
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
27,992
|
39,075
|
25,585
|
-
|
-
|
|
Liquidation of Companies ( % )
|
23.7
|
39.6
|
<34.5>
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
269,866
|
312,581
|
271,414
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
18,885
|
19,345
|
19,738
|
-
|
-
|
|
Business Dissolved ( % )
|
<7.6>
|
2.4
|
2.0
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
497.5
|
486.3
|
543.6
|
363.0
|
-
|
|
Cellular Phone Subscribers ( Million )
|
25.1
|
30.1
|
32.8
|
35.3
|
-
|
|
Tourist Arrival ( Million Persons )
|
21.5
|
23.6
|
24.6
|
25.3
|
-
|
|
Hotel Occupancy Rate ( % )
|
68.0
|
58.0
|
63.0
|
51.3
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
17.1
|
12.8
|
14.1
|
15.6
|
-
|
|
Bad Cheque Offenders (No.)
|
34,834
|
36,667
|
33,568
|
27,208
|
-
|
|
Individual Bankruptcy ( No.)
|
13,907
|
16,228
|
18,119
|
16,155
|
-
|
|
Individual Bankruptcy ( % )
|
5.1
|
16.7
|
11.7
|
<10.8>
|
-
|
|
INDUSTRIES ( % of Growth ):
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.6
|
0.4
|
2.1
|
4.7
|
4.1
|
|
Palm Oil
|
7.0
|
<1.1>
|
<3.4>
|
7.3
|
-
|
|
Rubber
|
<1.1>
|
<19.8>
|
9.9
|
6.4
|
-
|
|
Forestry & Logging
|
<1.5>
|
<5.9>
|
<3.3>
|
<4.7>
|
-
|
|
Fishing
|
4.0
|
5.5
|
5.6
|
2.8
|
-
|
|
Other Agriculture
|
5.9
|
9.0
|
7.9
|
8.5
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
393.0
|
413.7
|
508.4
|
634.1
|
-
|
|
% of Industry Non-Performing Loans
|
<2.0>
|
1.3
|
2.1
|
3.2
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<0.8>
|
<3.8>
|
0.2
|
<2.4>
|
2.5
|
|
Oil & Gas
|
12.7
|
2.1
|
0.5
|
<1.7>
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
36.0
|
44.2
|
49.7
|
46.5
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
1.3
|
<9.4>
|
11.4
|
5.6
|
4.5
|
|
Exported-oriented Industries
|
2.7
|
<19.0>
|
12.1
|
2.8
|
-
|
|
Electrical & Electronics
|
2.4
|
<30.3>
|
28.4
|
<4.9>
|
-
|
|
Rubber Products
|
4.2
|
<10.1>
|
25.3
|
15.4
|
-
|
|
Wood Products
|
<6.0>
|
<24.1>
|
20.1
|
<7.3>
|
-
|
|
Textiles & Apparel
|
1.9
|
<19.5>
|
<0.4>
|
14.8
|
-
|
|
Domestic-oriented Industries
|
9.9
|
<9.8>
|
16.3
|
6.3
|
-
|
|
Food, Beverages & Tobacco
|
9.5
|
0.2
|
3.0
|
4.2
|
-
|
|
Chemical & Chemical Products
|
1.4
|
<7.7>
|
16.2
|
5.6
|
-
|
|
Plastic Products
|
6.5
|
<9.1>
|
2.4
|
3.8
|
-
|
|
Iron & Steel
|
16.8
|
<32.7>
|
29.3
|
2.4
|
-
|
|
Fabricated Metal Products
|
14.7
|
<2.5>
|
14.9
|
25.2
|
-
|
|
Non-metallic Mineral
|
8.3
|
<15.5>
|
20.2
|
16.3
|
-
|
|
Transport Equipment
|
27.1
|
<13.5>
|
36.5
|
<9.4>
|
-
|
|
Paper & Paper Products
|
8.6
|
<5.0>
|
18.7
|
15.6
|
-
|
|
Crude Oil Refineries
|
7.8
|
0.2
|
<11.4>
|
9.3
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,729.4
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
|
% of Industry Non-Performing Loans
|
16.8
|
18.3
|
23.8
|
25.7
|
-
|
|
|
|
|
|
|
|
|
Construction
|
2.1
|
5.8
|
5.1
|
4.4
|
7.0
|
|
Industry Non-Performing Loans ( MYR Million )
|
4,149.8
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
|
% of Industry Non-Performing Loans
|
12.2
|
9.9
|
10.7
|
10.2
|
-
|
|
|
|
|
|
|
|
|
Services
|
7.3
|
2.6
|
6.5
|
6.4
|
6.5
|
|
Electric, Gas & Water
|
5.0
|
0.4
|
8.5
|
5.6
|
4.8
|
|
Transport, Storage & Communication
|
7.8
|
1.6
|
7.7
|
6.5
|
7.3
|
|
Wholesale, Retail, Hotel & Restaurant
|
10.0
|
2.8
|
4.7
|
5.2
|
6.9
|
|
Finance, Insurance & Real Estate
|
9.2
|
3.8
|
6.1
|
6.3
|
6.5
|
|
Government Services
|
8.6
|
2.0
|
6.7
|
7.6
|
5.6
|
|
Other Services
|
5.9
|
4.4
|
4.2
|
5.4
|
5.7
|
|
Industry Non-Performing Loans ( MYR Million )
|
8,281.4
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
|
% of Industry Non-Performing Loans
|
24.3
|
20.2
|
25.7
|
23.4
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate /
Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY ANALYSIS
|
MSIC CODE
|
|
74219 : Other architectural and engineering activities and related
technical consultancy service n.e.c.
|
|
|
|
|
INDUSTRY :
|
CONSTRUCTION
|
|
|
|
|
|
|
The construction sector will drive the national economy in 2012 by a
budgeted growth of 7%, much has to be done now to meet the target,
especially when the Malaysian construction industry is set to grow by a
bullish RM92 billion in 2012 from RM85 billion in 2010. Timely awards and
implementation of projects as per the 10th Malaysia Plan (10MP) and the
Economic Transformation Programme (ETP) from now will contribute positively
to the growth in 2012, as the projects require a gestation period in order
to generate impact to the economy.
|
|
The Master Builders Association of Malaysia (MBAM) is concerned that the
construction sector may underperform in 2011 if the sector's 4Q 2011
performance does not improve substantially. The construction sector had
seen only 3% growth in 3Q 2011. The sector grew by only 3.8% and 0.6% in
the first two quarters of 2011 respectively. The overall growth for 2010
was 5.3%.
|
|
Major building material producers, such as cement and steel manufacturers,
have been reporting lesser demands for the year to date. For projects
involving foreign direct investments (FDI) and domestic investors, the
timely issue of construction permits will further improve confidence of the
investors.
|
|
Rising building material costs are haunting construction companies again.
Local builders say construction costs may rise at a faster pace than
earnings, prompting players to seek greater liberty to import building
materials and equipment at lower tariffs. Construction cost could rise more
than 15% in 2012. For now, local builders can import steel products and
cement at zero import duties. But players are lamenting that import taxes
of 30% for other materials such as marble and tiles, are on the high side.
|
|
Rising expenses were stifling builders' profits as players were subject to
fixed-price contracts. There would be cost overruns, delays and a higher
risk of project failures when builders were unable to absorb the cost
increases.
|
|
A planned and progressive award of projects will reduce any abrupt increase
in demands for building materials and manpower which may jeopardise the
targeted growth due to temporary shortages in supply as well as preventing
unnecessary price increases which will burden contractors. The imminent
enactment of the proposed Construction Industry Payment and Adjudication
Act (CIPAA) will make the industry more healthy and sustainable for all
players of the industry.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
Incorporated in 2007, the SC is a private limited company, focusing
on construction of pipeline and oil and gas related engineering services.
The SC has been in business for about 5 years and it has slowly been
building up contact with its clients while competing in the industry.
However, it has yet to enjoy a stable market shares as it need to compete
many well established players in the same field. Strongly supported by its
established holding company from Singapore, the SC is expected to enjoy
timely financial and technical support should the needs arise.
|
|
Besides catering to the local market, the SC has ventured into Asia countries. We believe that this global approach
has minimised its commercial risk and better growth prospects can be
expected. The SC is a fairly large and rapidly growing company with 200
staff in its operations. Its business operation is considered stable. The
SC has a good management capability. Its capable management team has
enabled the SC to keep its business on going. Hence, the future prospect of
the SC is bright.
|
|
During the financial year 2011, the Group's pre-tax profit stood at RM63.51
million, given a turnover of RM650.72 million. The Group 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 Group possesses a weak liquidity position and we
believe that the Group may face some difficulties in meeting its short term
financial obligations. Moreover, the Group has a high liability ratio which
has placed the Group at high financial risk. Nevertheless, as the Group
maintain a comfortable net worth standing at RM86.01 million, we believe the
Group is able to enhance its business in the near term.
|
|
Investigation revealed that the SC's raw materials are sourced from both
local and overseas suppliers. Hence, the SC is subjected to currency
fluctuation risk and high operating costs.
|
|
The SC's payment habit is average. With its adequate working capital, the
SC should be able to pay its short term debts.
|
|
The industry shows an upward trend and this trend is likely to sustain in
the near future. With the promising outlook of the industry performance,
the SC business potential should be favourable.
|
|
Based on the above condition, we recommend that credit be granted to the SC
promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)
|
|
PUNJ LLOYD OIL
& GAS (MALAYSIA) SDN BHD
|
|
Financial Year End
|
31/03/2011
|
31/03/2010
|
31/03/2009
|
31/03/2008
|
|
Months
|
12
|
12
|
12
|
9
|
|
Consolidated Account
|
GROUP
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
TURNOVER
|
650,728,655
|
459,894,326
|
147,856,701
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
650,728,655
|
459,894,326
|
147,856,701
|
-
|
|
Costs of Goods Sold
|
<561,336,533>
|
<413,475,030>
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
89,392,122
|
46,419,296
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
63,514,741
|
46,587,028
|
18,802,495
|
<70,132>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
63,514,741
|
46,587,028
|
18,802,495
|
<70,132>
|
|
Taxation
|
<16,920,147>
|
<11,726,541>
|
<5,212,260>
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
46,594,594
|
34,860,487
|
13,590,235
|
<70,132>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
As previously reported
|
48,380,590
|
13,520,103
|
<70,132>
|
-
|
|
Prior year adjustment
|
<9,710,388>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
38,670,202
|
13,520,103
|
<70,132>
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
85,264,796
|
48,380,590
|
13,520,103
|
<70,132>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
85,264,796
|
48,380,590
|
13,520,103
|
<70,132>
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
Hire purchase
|
-
|
-
|
68,740
|
-
|
|
Revolving loans
|
-
|
-
|
102,982
|
-
|
|
|
|
----------------
|
----------------
|
|
|
|
|
-
|
171,722
|
|
BALANCE SHEET
|
PUNJ LLOYD OIL
& GAS (MALAYSIA) SDN BHD
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
FIXED ASSETS
|
51,331,907
|
19,306,893
|
5,877,928
|
-
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
Others
|
157,006,855
|
84,563,264
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
157,006,855
|
84,563,264
|
-
|
-
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
208,338,762
|
103,870,157
|
5,877,928
|
-
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
Stocks
|
12,208,803
|
14,078,354
|
5,734,234
|
-
|
|
Trade debtors
|
43,858,029
|
51,564,615
|
14,408,772
|
-
|
|
Other debtors, deposits & prepayments
|
24,152,923
|
12,811,623
|
7,383,447
|
-
|
|
Short term deposits
|
19,077,064
|
8,975,758
|
11,852,345
|
-
|
|
Amount due from related companies
|
-
|
-
|
45,587
|
-
|
|
Cash & bank balances
|
8,253,138
|
15,504,395
|
2,996,398
|
-
|
|
Amount owing by customer
|
126,776,804
|
42,183,884
|
-
|
-
|
|
Others
|
4,865,042
|
-
|
40,624,659
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
239,191,803
|
145,118,629
|
83,045,442
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
447,530,565
|
248,988,786
|
88,923,370
|
0
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
152,142,912
|
107,918,853
|
16,615,501
|
-
|
|
Other creditors & accruals
|
5,270,743
|
6,830,785
|
1,619,390
|
3,000
|
|
Hire purchase & lease creditors
|
1,430,459
|
1,540,042
|
1,192,556
|
-
|
|
Short term borrowings/Term loans
|
33,600,171
|
6,014,000
|
-
|
-
|
|
Other borrowings
|
115,000,000
|
64,000,000
|
20,000,000
|
-
|
|
Amounts owing to holding company
|
-
|
-
|
20,815,395
|
67,130
|
|
Amounts owing to related companies
|
-
|
-
|
6,610,906
|
-
|
|
Provision for taxation
|
-
|
10,793,665
|
5,276,972
|
-
|
|
Other liabilities
|
46,227,216
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
353,671,501
|
197,097,345
|
72,130,720
|
70,130
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
<114,479,698>
|
<51,978,716>
|
10,914,722
|
<70,130>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
93,859,064
|
51,891,441
|
16,792,650
|
<70,130>
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
750,000
|
750,000
|
750,000
|
2
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
750,000
|
750,000
|
750,000
|
2
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
85,264,796
|
48,380,590
|
13,520,103
|
<70,132>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
85,264,796
|
48,380,590
|
13,520,103
|
<70,132>
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
86,014,796
|
49,130,590
|
14,270,103
|
<70,130>
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
Hire purchase creditors
|
641,107
|
1,491,591
|
2,242,038
|
-
|
|
Deferred taxation
|
7,203,161
|
1,269,260
|
280,509
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
7,844,268
|
2,760,851
|
2,522,547
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
93,859,064
|
51,891,441
|
16,792,650
|
<70,130>
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL RATIO
|
PUNJ LLOYD OIL
& GAS (MALAYSIA) SDN BHD
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
27,330,202
|
24,480,153
|
14,848,743
|
0
|
|
Net Liquid Funds
|
27,330,202
|
24,480,153
|
14,848,743
|
0
|
|
Net Liquid Assets
|
<126,688,501>
|
<66,057,070>
|
5,180,488
|
<70,130>
|
|
Net Current Assets/(Liabilities)
|
<114,479,698>
|
<51,978,716>
|
10,914,722
|
<70,130>
|
|
Net Tangible Assets
|
93,859,064
|
51,891,441
|
16,792,650
|
<70,130>
|
|
Net Monetary Assets
|
<134,532,769>
|
<68,817,921>
|
2,657,941
|
<70,130>
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
150,671,737
|
73,045,633
|
23,434,594
|
0
|
|
Total Liabilities
|
361,515,769
|
199,858,196
|
74,653,267
|
70,130
|
|
Total Assets
|
447,530,565
|
248,988,786
|
88,923,370
|
0
|
|
Net Assets
|
93,859,064
|
51,891,441
|
16,792,650
|
<70,130>
|
|
Net Assets Backing
|
86,014,796
|
49,130,590
|
14,270,103
|
<70,130>
|
|
Shareholders' Funds
|
86,014,796
|
49,130,590
|
14,270,103
|
<70,130>
|
|
Total Share Capital
|
750,000
|
750,000
|
750,000
|
2
|
|
Total Reserves
|
85,264,796
|
48,380,590
|
13,520,103
|
<70,132>
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
Cash Ratio
|
0.08
|
0.12
|
0.21
|
0.00
|
|
Liquid Ratio
|
0.64
|
0.66
|
1.07
|
0.00
|
|
Current Ratio
|
0.68
|
0.74
|
1.15
|
0.00
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
7
|
11
|
14
|
0
|
|
Debtors Ratio
|
25
|
41
|
36
|
0
|
|
Creditors Ratio
|
99
|
95
|
41
|
0
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
1.75
|
1.49
|
1.64
|
0.00
|
|
Liabilities Ratio
|
4.20
|
4.07
|
5.23
|
<1.00>
|
|
Times Interest Earned Ratio
|
0.00
|
0.00
|
110.49
|
0.00
|
|
Assets Backing Ratio
|
125.15
|
69.19
|
0.00
|
0.00
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
9.76
|
10.13
|
12.72
|
0.00
|
|
Net Profit Margin
|
7.16
|
7.58
|
9.19
|
0.00
|
|
Return On Net Assets
|
67.67
|
89.78
|
112.99
|
100.00
|
|
Return On Capital Employed
|
66.65
|
87.19
|
105.50
|
100.00
|
|
Return On Shareholders' Funds/Equity
|
54.17
|
70.95
|
95.24
|
100.00
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
|