|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
310913-T
|
|
COMPANY NAME
|
:
|
BP ASIA PACIFIC (MALAYSIA) SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
08/08/1994
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
QUILL 7, 9, JALAN STESEN SENTRAL 5, KUALA LUMPUR SENTRAL, LEVEL 22,
50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LEVEL 22, QUILL 7 NO 9, JALAN SENTRAL 5 KUALA LUMPUR SENTRAL, 50470
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-22727272
|
|
FAX.NO.
|
:
|
03-22726868
|
|
CONTACT PERSON
|
:
|
YEOH LEAN IMM ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
51411
|
|
PRINCIPAL ACTIVITY
|
:
|
MARKETERS OF PETROLEUM AND PETROLEUM RELATED PRODUCTS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
60,000,000.00 DIVIDED INTO
ORDINARY SHARE 600,000.00 OF MYR 100.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
47,800,200.00 DIVIDED INTO
ORDINARY SHARES 478,002 CASH OF MYR 100.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 42,395,722 [2010]
|
|
NET WORTH
|
:
|
MYR 8,767,181 [2010]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
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) marketers of petroleum and
petroleum related products.
The SC is not
listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate
holding company of the SC is BP ASIA PACIFIC HOLDINGS LTD, a company
incorporated in UNITED KINGDOM.
The ultimate
holding company of the SC is BP P.L.C, a company incorporated in UNITED
KINGDOM.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
BP ASIA PACIFIC HOLDINGS LTD
|
CHERTSEY ROAD, SUNBURY ON THAMES MIDDLESEX, TW16 7BP, ENGLAND.
|
1094398
|
478,002.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
478,002.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. YEOH LEAN IMM
|
|
Address
|
:
|
A-3-7, AVANT COURT, SRI SENTOSA, 6 1/2 MILES, JALAN KLANG LAMA,
58200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
6129537
|
|
New IC No
|
:
|
610423-07-5628
|
|
Date of Birth
|
:
|
23/04/1961
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/03/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
SEAN ZAHID PLANT
|
|
Address
|
:
|
1, LORONG PJU 7/22E, MUTIARA DAMANSARA, 47810 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
761326526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
N/A
|
|
Date of Appointment
|
:
|
08/05/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. LIEW CHEE SENG
|
|
Address
|
:
|
6, JALAN USJ 5/1A, UEP SUBANG JAYA, 47600 SUBANG JAYA, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
A2528757
|
|
New IC No
|
:
|
730608-14-5369
|
|
Date of Birth
|
:
|
08/06/1973
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
20/04/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of Subject
|
:
|
YEOH LEAN IMM
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
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. CHIN NGEOK MUI
|
|
|
IC / PP No
|
:
|
7311328
|
|
|
New IC No
|
:
|
640423-10-7826
|
|
|
Address
|
:
|
3, JALAN IBU KOTA 4, TAMAN IBU KOTA, GOMBAK, 53100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. CHEN BEE LING
|
|
|
IC / PP No
|
:
|
A2824767
|
|
|
New IC No
|
:
|
740719-06-5256
|
|
|
Address
|
:
|
B-3-3A, PANGSAPURI IMPIAN, OFF JALAN PIPIT, BANDAR PUCHONG JAYA,
47100 PUCHONG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
No Banker found in our databank.
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
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
|
[
|
X
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
WORLDWIDE
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
PETROLEUM AND PETROLEUM RELATED PRODUCTS
|
|
|
|
|
|
Competitor(s)
|
:
|
BOUSTEAD
PETROLEUM MARKETING SDN BHD
KEMAMAN BITUMEN COMPANY SDN BHD
PETRONAS DAGANGAN BHD
SANBUMI HOLDINGS BHD
SHELL TIMUR SDN BHD
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)
SMALL & MEDIUM ENTERPRISE
MALAYSIAN INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI)
CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2008
|
|
|
|
|
GROUP
|
0
|
|
|
|
|
|
|
|
|
|
COMPANY
|
N/A
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) marketers of petroleum
and petroleum related products.
The SC's lubricants business is concentrated on the higher margin sectors of
automotive lubricants, especially in the consumer sector with a strong
presence in the marine and industrial business markets.
It supplies fuel at about 1,200 airports in 90 countries and also presents at
about 1,000 ports around the world.
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
|
:
|
03-22727272
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
LEVEL 22, QUILL 7 NO 9, JALAN SENTRAL 5 KUALA LUMPUR
SENTRAL,50470,KUALA LUMPUR,WILAYAH PERSEKUTUAN.
|
|
Current Address
|
:
|
LEVEL 22, QUILL 7 NO 9, JALAN SENTRAL 5 KUALA LUMPUR SENTRAL, 50470
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the Finance Department. She provided some
information on the SC.
The SC refused to disclose its number of employees.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Decreased
|
[
|
11.58%
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
<74.79%>
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
<24.73%>
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
<14.02%>
|
]
|
|
|
|
|
|
|
|
|
|
|
The lower turnover could be due to the intense market
competition.The SC could be more efficient in controlling its operating
costs and had managed to reduce its losses during the year. The SC's unfavourable
returns on shareholders' funds indicate the management's inefficiency in
utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
1 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
7 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
As the SC is a service oriented company, the SC does not need to
keep stocks. The favourable debtors' days could be due to the good credit
control measures implemented by the SC. The SC had a favourable creditors'
ratio as evidenced by its favourable collection days. The SC could be
taking advantage of the cash discounts and also wanting to maintain
goodwill with its creditors.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.80 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.80 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the SC in order
to assure its creditors of its ability to meet short term obligations and
the SC was in a good liquidity position. Thus, we believe the SC is able to
meet all its short term obligations as and when they fall due.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Nil
|
[
|
0.00 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was nil as it did not pay any interest
during the year. The SC had no gearing and hence it had virtually no
financial risk. The SC was financed by its shareholders' funds and
internally generated fund. During the economic downturn, the SC, having a
zero gearing, will be able to compete better than those which are highly
geared in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Although the SC's turnover decreased, its losses also decreased
during the year. This could be the result of more efficient control in its
operating costs. The SC was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the SC should be able to repay its short term
obligations. The SC did not make any interest payment during the year. The
SC was dependent on its shareholders' funds to finance its business needs.
The SC was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The SC has good
chance of getting loans, if the needs arises.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : FAIR
|
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
|
|
51411 : Wholesale of petrol, diesel, lubricants, etc.
|
|
|
|
|
INDUSTRY :
|
TRADING
|
|
|
|
The wholesale and retail trade sector grew 7.1% in the first half of the
year 2011 supported by strong consumer spending amid favourable labour
market conditions and sustained disposable income. This was reflected in
the higher distributive trade index which increased 15.9%, with wholesale
and retail trade indices increasing 19.2% and 7.8%, respectively.
|
|
It is anticipated that the retail industry will grow 6.0 per cent in the
year 2012.
|
|
Malaysia's retail sector for 2011 is expected to grow 6 per cent or RM81.59
billion worth of retail sales, similar to the year 2010, due to concerns of
high oil prices, declining purchasing power and high cost of doing
business. The Middle East and North Africa civil wars have caused the world
oil prices to climb. This has led to further rise in the cost of running
retail businesses, especially in terms of transportation cost. Many
retailers have no choice but to pass the increased cost to end consumers.
At the same time, natural disasters (tsunamis, floods, droughts, snow
storms, tornadoes and earthquakes) that occurred in all parts of the world
has also led to a shortage in the supply of food and raw materials. The
phenomenon has pushed retail prices up.In addition, the continual removal
of government subsidies since 2010 has pushed inflation upwards.
Consequently, rising prices of retail goods contributed to an expectation
of moderate performance.
|
|
During the first seven months of 2011, other consumption indicators such as
imports of consumption goods and credit card spending increased 12.8% and
11.8%, respectively. Sales of motor vehicles declined 3% on account of
supply chain disruptions following devastating March 2011 earthquake and
tsunami in Japan.
|
|
Growth of the sector is anticipated to remain encouraging with ongoing
efforts by the Government to increase its contribution to the economy.
Major initiatives include increasing the number of large format stores such
as hypermarkets, superstores and departmental stores are carried out to
boost the economy.
|
|
Meanwhile, the Government has introduced the Retail Shop Transformation
(TUKAR) programme. Under this programme, selected large format retailers
will assist small retailers to improve their premises and layout which
include attractive product display shelves, enhanced lighting and
point-of-sales system to manage product inventory,
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
Incorporated in 1994, the SC is a Private Limited company, focusing on
marketers of petroleum and petroleum related products. Having been in the
industry for over a decade, the SC has achieved a certain market share and
has built up a satisfactory reputation in the market. Presently, the issued
and paid up capital of the SC stands at MYR 47,800,200.
|
|
Over the years, the SC has penetrated into both the local and overseas
market. The SC has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the SC to further
enhance its business in the near term. Overall, we regard that the SC's
management capability is average. This indicates that the SC has greater
potential to improve its business performance and raising income for the
SC.
|
|
Due to the challenging market conditions, the SC's business performance
seems to be deteriorating and losses incurred. The SC has generated an
unfavourable return on shareholders' funds indicating that the management
was inefficient in utilising its funds to generate return. However, the SC
is in good liquidity position with its current liabilities well covered by
it current assets. Hence, it has sufficient working capital to meet its
short term financial obligations. 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. Given a positive net worth standing at MYR 8,767,181,
the SC should be able to maintain its business in the near terms.
|
|
Having a strong assets backing, the SC possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The SC's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency
on deliveries from a number of key suppliers and insufficient quantities of
its raw materials. Overall the SC has a good control over its resources.
|
|
Overall, the SC's payment habit is good as the SC has a good credit control
and it could be taking advantage of the cash discounts while maintaining a
good reputation with its creditors.
|
|
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. However, we are of the opinion that there are a large
number of other companies in the same industry. In another word, we believe
that the SC faces stiff competitions from other local players.
|
|
In view of the above, we recommend credit be granted to the SC with close
monitoring.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
BP ASIA
PACIFIC (MALAYSIA) SDN BHD
|
|
Financial Year End
|
31/12/2010
|
31/12/2009
|
|
Months
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
|
|
|
|
|
TURNOVER
|
42,395,722
|
47,948,422
|
|
|
----------------
|
----------------
|
|
Total Turnover
|
42,395,722
|
47,948,422
|
|
|
----------------
|
----------------
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
<2,028,519>
|
<8,047,381>
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
<2,028,519>
|
<8,047,381>
|
|
Taxation
|
<139,565>
|
<1,562,656>
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
<2,168,084>
|
<9,610,037>
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
<2,168,084>
|
<9,610,037>
|
|
Extraordinary items
|
-
|
<252,125>
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
|
<2,168,084>
|
<9,862,162>
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
As previously reported
|
<39,791,350>
|
<29,929,188>
|
|
|
----------------
|
----------------
|
|
As restated
|
<39,791,350>
|
<29,929,188>
|
|
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
<41,959,434>
|
<39,791,350>
|
|
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
<41,959,434>
|
<39,791,350>
|
|
|
=============
|
=============
|
|
|
|
|
BALANCE SHEET
|
BP ASIA
PACIFIC (MALAYSIA) SDN BHD
|
|
ASSETS EMPLOYED:
|
|
|
|
FIXED ASSETS
|
2,905,576
|
10,724,969
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
Deferred assets
|
1,261,285
|
1,000,220
|
|
Others
|
-
|
169,026,458
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
1,261,285
|
170,026,678
|
|
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
4,166,861
|
180,751,647
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
Trade debtors
|
157,668
|
150,245
|
|
Other debtors, deposits & prepayments
|
731,920
|
516,730
|
|
Amount due from related companies
|
21,300,726
|
27,370,942
|
|
Cash & bank balances
|
796,043
|
9,867,133
|
|
Others
|
123,411
|
65,200,103
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
23,109,768
|
103,105,153
|
|
|
----------------
|
----------------
|
|
TOTAL ASSET
|
27,276,629
|
283,856,800
|
|
|
=============
|
=============
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
770,776
|
335,540
|
|
Other creditors & accruals
|
5,397,633
|
9,921,773
|
|
Amounts owing to holding company
|
-
|
312,823
|
|
Amounts owing to related companies
|
6,636,617
|
662,402
|
|
Provision for taxation
|
-
|
460,649
|
|
Other liabilities
|
-
|
66,145,413
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
12,805,026
|
77,838,600
|
|
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
10,304,742
|
25,266,553
|
|
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
14,471,603
|
206,018,200
|
|
|
=============
|
=============
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
45,700,200
|
45,700,200
|
|
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
45,700,200
|
45,700,200
|
|
|
|
|
|
RESERVES
|
|
|
|
Retained profit/(loss) carried forward
|
<41,959,434>
|
<39,791,350>
|
|
Others
|
5,026,415
|
3,972,887
|
|
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
<36,933,019>
|
<35,818,463>
|
|
|
|
|
|
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
8,767,181
|
9,881,737
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
Retirement benefits provision
|
5,704,422
|
6,110,005
|
|
Others
|
-
|
190,026,458
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
5,704,422
|
196,136,463
|
|
|
----------------
|
----------------
|
|
|
14,471,603
|
206,018,200
|
|
|
=============
|
=============
|
|
|
|
|
FINANCIAL RATIO
|
BP ASIA
PACIFIC (MALAYSIA) SDN BHD
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
796,043
|
9,867,133
|
|
Net Liquid Funds
|
796,043
|
9,867,133
|
|
Net Liquid Assets
|
10,304,742
|
25,266,553
|
|
Net Current Assets/(Liabilities)
|
10,304,742
|
25,266,553
|
|
Net Tangible Assets
|
14,471,603
|
206,018,200
|
|
Net Monetary Assets
|
4,600,320
|
<170,869,910>
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
0
|
0
|
|
Total Liabilities
|
18,509,448
|
273,975,063
|
|
Total Assets
|
27,276,629
|
283,856,800
|
|
Net Assets
|
14,471,603
|
206,018,200
|
|
Net Assets Backing
|
8,767,181
|
9,881,737
|
|
Shareholders' Funds
|
8,767,181
|
9,881,737
|
|
Total Share Capital
|
45,700,200
|
45,700,200
|
|
Total Reserves
|
<36,933,019>
|
<35,818,463>
|
|
LIQUIDITY (Times)
|
|
|
|
Cash Ratio
|
0.06
|
0.13
|
|
Liquid Ratio
|
1.80
|
1.32
|
|
Current Ratio
|
1.80
|
1.32
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
0
|
0
|
|
Debtors Ratio
|
1
|
1
|
|
Creditors Ratio
|
7
|
3
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
|
Liabilities Ratio
|
2.11
|
27.73
|
|
Times Interest Earned Ratio
|
0.00
|
0.00
|
|
Assets Backing Ratio
|
30.28
|
431.00
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
<4.78>
|
<16.78>
|
|
Net Profit Margin
|
<5.11>
|
<20.04>
|
|
Return On Net Assets
|
<14.02>
|
<3.91>
|
|
Return On Capital Employed
|
<14.02>
|
<3.91>
|
|
Return On Shareholders' Funds/Equity
|
<24.73>
|
<97.25>
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|