|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
257674-P
|
|
COMPANY NAME
|
:
|
CIMB FUTURES SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
05/02/1993
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
5TH FLOOR, BANGUNAN CIMB, JALAN SEMANTAN, DAMANSARA HEIGHTS, 50490
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
10TH FLOOR, BANGUNAN CIMB JALAN SEMANTAN DAMANSARA HEIGHTS, 50490
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-20848888
|
|
FAX.NO.
|
:
|
03-20946368
|
|
WEB SITE
|
:
|
WWW.CIMB.COM
|
|
CONTACT PERSON
|
:
|
DAVID TAN CHOON BENG ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
66129
|
|
PRINCIPAL ACTIVITY
|
:
|
PRODUCTS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR 10,000,000.00
DIVIDED INTO
ORDINARY SHARE 10,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
10,000,000.00 DIVIDED INTO
ORDINARY SHARES 9,000,000 CASH AND 1,000,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 7,319,559 [2012]
|
|
NET WORTH
|
:
|
MYR 19,520,995 [2012]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
N/A
|
|
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) products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
CIMB INVESTMENT BANK BERHAD
|
5TH. FLR., BANGUNAN CIMB, JALAN SEMANTAN, DAMANSARA HEIGHTS, 50490
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
18417M
|
10,000,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
10,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. DAVID TAN CHOON BENG
|
|
Address
|
:
|
A-5-1, BLOCK A, KEN DAMANSARA 1, JALAN SS 2/72, 47300 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
700529-01-5657
|
|
Date of Birth
|
:
|
29/05/1970
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
02/08/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. CHEW KER CHEE
|
|
Address
|
:
|
NO.9 JALAN PJU 3/12C, DAMANSARA INDAH RESORT HOMES, 47410 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
560330-10-5979
|
|
Date of Birth
|
:
|
30/03/1956
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
22/09/2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MS. JULIA BINTI HASHIM
|
|
Address
|
:
|
NO 12 JLN SETIAKASIH ENAM, DAMANSARA HEIGHTS, 50490 K LUMPUR,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
660125-10-5038
|
|
Date of Birth
|
:
|
25/01/1966
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
02/08/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. ONG WAI BOON
|
|
Address
|
:
|
36, JALAN PERLAK 5, SRI PETALING, 57000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
680322-10-6679
|
|
Date of Birth
|
:
|
22/03/1968
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
10/05/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
RAMLIE BIN MOHAMAT KAMSARI
|
|
Address
|
:
|
NO:2A JALAN CAMAR 4/21A, VILLA DAMANSARA, KOTA DAMANSARA PJU 5,
47810 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
S7121704C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
24/01/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
DAVID TAN CHOON BENG
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS
|
|
Auditor' Address
|
:
|
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR CENTRAL, P O BOX 10192, LEVEL
15, 50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. ROSSAYA BINTI MOHD NASHIR
|
|
|
IC / PP No
|
:
|
A1019235
|
|
|
New IC No
|
:
|
680530-03-5844
|
|
|
Address
|
:
|
21 JALAN SETIABAKTI, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
No Banker found in our databank.
ENCUMBRANCE (S)
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
1
|
09/11/1998
|
N/A
|
BUMIPUTRA-COMMERCE BANK BHD
|
MYR 12,000,000.00
|
Unsatisfied
|
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
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
The SC is a service provider and it does not deal with trade suppliers.
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Services
|
:
|
|
TRADING & INVESTMENT IN OPTIONS, FINANCIAL FUTURES &
DERIVATIVE PRODUCTS
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) products.
The SC offers execution and clearing services for futures and option products
(FKLI,FCPO) traded on Bursa Malaysia Derivatives Berhad.
It serves both retail and institutional clients and is ranked among the top 3
trading participants on Bursa Malaysia Derivatives.
The SC's services are as follows:
* Brokerage, Intermediary Service
* Financial Services
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
0603 20848888
|
|
Current Telephone Number
|
:
|
03-20848888
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
10TH FLOOR BANGUNAN CIMB JALAN SEMANTAN DAMANSARA HEIGHTS 50490
KUALA LUMPUR
|
|
Current Address
|
:
|
10TH FLOOR, BANGUNAN CIMB JALAN SEMANTAN DAMANSARA HEIGHTS, 50490
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
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 disclose its number of employees.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2008 - 2012
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2008 - 2012
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
9.70%
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
8.81%
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's turnover increased steadily as the demand for its products
/ services increased due to the goodwill built up over the years.The higher
profit could be attributed to the increase in turnover. The unfavourable return
on shareholders' funds could indicate that the SC was inefficient in
utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
13.01 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC was in good liquidity position with its current liabilities
well covered by its current assets. With its net current assets, the SC
should be able to repay its short term obligations.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Liability Ratio
|
:
|
Favourable
|
[
|
0.63 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A low liabilities ratio has minimised the SC's financial risk.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Generally, the SC's performance has improved with higher turnover
and profit. 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
has a low liabilities ratio. It's liabilities were low and was not
vulnerable to the financial risk.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : STRONG
|
MALAYSIA ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2009
|
2010
|
2011
|
2012*
|
2013**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
28.13
|
28.35
|
28.70
|
29.30
|
29.80
|
|
Gross Domestic Products ( % )
|
<0.5>
|
7.2
|
5.1
|
5.6
|
5.3
|
|
Domestic Demand ( % )
|
2.9
|
6.3
|
8.2
|
9.4
|
5.6
|
|
Private Expenditure ( % )
|
<2.7>
|
8.1
|
8.2
|
8.0
|
7.4
|
|
Consumption ( % )
|
0.7
|
6.7
|
7.1
|
1.0
|
5.7
|
|
Investment ( % )
|
<17.2>
|
17.7
|
12.2
|
11.7
|
13.3
|
|
Public Expenditure ( % )
|
5.2
|
3.8
|
8.4
|
13.3
|
1.2
|
|
Consumption ( % )
|
3.1
|
0.2
|
16.1
|
11.3
|
<1.2>
|
|
Investment ( % )
|
8.0
|
2.8
|
<0.3>
|
15.9
|
4.2
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
89,650
|
118,356
|
116,058
|
106,300
|
110,700
|
|
Government Finance ( MYR Million )
|
<28,450>
|
<40,482>
|
<45,511>
|
<42,297>
|
<39,993>
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<4.8>
|
<5.6>
|
<5.4>
|
<4.5>
|
<4.0>
|
|
Inflation ( % Change in Composite CPI)
|
<5.2>
|
5.1
|
3.1
|
1.6
|
2.5
|
|
Unemployment Rate
|
4.5
|
3.9
|
3.3
|
3.2
|
3.0
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
331
|
329
|
415
|
427
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
2.87
|
2.20
|
3.50
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
11.08
|
15.30
|
14.80
|
14.70
|
-
|
|
Average Base Lending Rate ( % )
|
5.53
|
6.30
|
6.60
|
6.53
|
-
|
|
Business Loans Disbursed( % )
|
10.5
|
14.7
|
15.3
|
32.2
|
-
|
|
Foreign Investment ( MYR Million )
|
22,156.8
|
22,517.9
|
23,546.1
|
26,230.4
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
41,578
|
44,148
|
45,455
|
45,441
|
-
|
|
Registration of New Companies ( % )
|
<0.1>
|
6.2
|
3.0
|
<0.0>
|
-
|
|
Liquidation of Companies ( No. )
|
39,075
|
25,585
|
132,476
|
-
|
-
|
|
Liquidation of Companies ( % )
|
39.6
|
<34.5>
|
417.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
312,581
|
271,414
|
284,598
|
324,761
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
19,345
|
19,738
|
20,121
|
-
|
-
|
|
Business Dissolved ( % )
|
2.4
|
2.0
|
1.9
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
486.3
|
543.6
|
535.1
|
552.2
|
-
|
|
Cellular Phone Subscribers ( Million )
|
30.1
|
32.8
|
35.3
|
38.5
|
-
|
|
Tourist Arrival ( Million Persons )
|
23.6
|
24.6
|
24.7
|
25.0
|
-
|
|
Hotel Occupancy Rate ( % )
|
58.0
|
63.0
|
60.6
|
62.4
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
12.8
|
14.1
|
15.6
|
12.6
|
-
|
|
Bad Cheque Offenders (No.)
|
36,667
|
33,568
|
32,627
|
26,982
|
-
|
|
Individual Bankruptcy ( No.)
|
16,228
|
18,119
|
19,167
|
19,575
|
-
|
|
Individual Bankruptcy ( % )
|
16.7
|
11.7
|
5.8
|
2.1
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2009
|
2010
|
2011
|
2012*
|
2013**
|
|
|
|
|
|
|
|
|
Agriculture
|
0.4
|
2.1
|
5.9
|
0.6
|
2.4
|
|
Palm Oil
|
<1.1>
|
<3.4>
|
10.8
|
<2.8>
|
-
|
|
Rubber
|
<19.8>
|
9.9
|
6.1
|
<0.6>
|
-
|
|
Forestry & Logging
|
<5.9>
|
<3.3>
|
<7.6>
|
<2.2>
|
-
|
|
Fishing
|
5.5
|
5.6
|
2.1
|
<0.7>
|
-
|
|
Other Agriculture
|
9.0
|
7.9
|
7.1
|
6.4
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
413.7
|
508.4
|
634.1
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
1.3
|
2.1
|
3.2
|
-
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<3.8>
|
0.2
|
<5.7>
|
1.5
|
2.7
|
|
Oil & Gas
|
2.1
|
0.5
|
<1.7>
|
-
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
44.2
|
49.7
|
46.5
|
-
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
-
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
<9.4>
|
11.4
|
4.7
|
4.2
|
4.9
|
|
Exported-oriented Industries
|
<19.0>
|
12.1
|
2.8
|
4.1
|
-
|
|
Electrical & Electronics
|
<30.3>
|
28.4
|
<4.9>
|
1.6
|
-
|
|
Rubber Products
|
<10.1>
|
25.3
|
15.4
|
3.6
|
-
|
|
Wood Products
|
<24.1>
|
20.1
|
<4.9>
|
4.6
|
-
|
|
Textiles & Apparel
|
<19.5>
|
<0.4>
|
14.8
|
<7.1>
|
-
|
|
Domestic-oriented Industries
|
<9.8>
|
16.3
|
6.5
|
8.6
|
-
|
|
Food, Beverages & Tobacco
|
0.2
|
3.0
|
4.2
|
-
|
-
|
|
Chemical & Chemical Products
|
<7.7>
|
16.2
|
5.5
|
9.9
|
-
|
|
Plastic Products
|
<9.1>
|
2.4
|
3.8
|
-
|
-
|
|
Iron & Steel
|
<32.7>
|
29.3
|
2.4
|
-
|
-
|
|
Fabricated Metal Products
|
<2.5>
|
14.9
|
25.2
|
-
|
-
|
|
Non-metallic Mineral
|
<15.5>
|
20.2
|
27.1
|
6.6
|
-
|
|
Transport Equipment
|
<13.5>
|
36.5
|
<10.4>
|
13.7
|
-
|
|
Paper & Paper Products
|
<5.0>
|
18.7
|
14.8
|
<7.8>
|
-
|
|
Crude Oil Refineries
|
0.2
|
<11.4>
|
9.3
|
-
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
18.3
|
23.8
|
25.7
|
-
|
-
|
|
|
|
|
|
|
|
|
Construction
|
5.8
|
5.1
|
4.4
|
15.5
|
11.2
|
|
Industry Non-Performing Loans ( MYR Million )
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
9.9
|
10.7
|
10.2
|
-
|
-
|
|
|
|
|
|
|
|
|
Services
|
2.6
|
6.5
|
6.4
|
5.5
|
5.6
|
|
Electric, Gas & Water
|
0.4
|
8.5
|
5.6
|
4.8
|
-
|
|
Transport, Storage & Communication
|
1.6
|
7.7
|
6.5
|
7.3
|
-
|
|
Wholesale, Retail, Hotel & Restaurant
|
2.8
|
4.7
|
5.2
|
6.9
|
-
|
|
Finance, Insurance & Real Estate
|
3.8
|
6.1
|
6.3
|
6.5
|
-
|
|
Government Services
|
2.0
|
6.7
|
7.6
|
5.6
|
-
|
|
Other Services
|
4.4
|
4.2
|
5.4
|
5.7
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
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
|
|
66129 : Other financial and commodity futures brokers and dealers
|
|
|
|
|
INDUSTRY :
|
FINANCIAL SERVICES
|
|
|
|
|
|
|
The outlook for the financial services industry, particularly in the
insurance sector, is positive as Malaysia's increasing population and
rising disposable income will result in more people requiring financial
services.
|
|
|
|
According to Ministry of Finance, Malaysia's financial services
sector forcasted to grow 5.2% to the country's real gross domestic product
at the year 2013. This sector targeted to raise Malaysia's total gross
national income (GNI) from RM121.5 billion to RM180.2 billion and create
275,400 jobs by 2020. The domestic private banking industry is expected to
continue its double-digit growth rates over the 2012-2015.
|
|
|
|
The insurance sector is forecast to see substantial growth in the
next 2013-2016 as continued diversification, consolidation and international
activity spur rising premiums and uptake of new services. Moderate GDP
growth for the rest of the year, however, could pose a challenge to growth
as the effects of a weakening global economy trickle down to private
consumers. Gross direct premiums are expected to reach RM17.5billion in
2015.
|
|
|
|
At the end of July 2012, total loans outstanding increased 13% to
RM1,073.1 billion largely for the purchase of residential properties and
working capital, accounting for 27% and 24.7% respectively. The growth in
net interest income of the banking system is expected to be complemented by
higher fee-based income. The subsector is also anticipated to benefit from
the growing Islamic banking market. As at end-July 2012, Islamic financing
grew 19.3% to RM294.2 billion and accounted for 26.6% of total loans by the
banking system. Meanwhile, stockbroking activity increased with a higher
volume of share transactions at 18.4% to 222.2 billion units. In the
insurance segment, life and general insurance are anticipated to further
contribute to the growth of the subsector supported by an increase in new
life insurance, and motor insurance policies.
|
|
|
|
The Government and Bank Negara would be assisting banks to establish
meaningful presence in priority markets and expand beyond Asean through the
acquisition of banking assets. With the insurance market in the process of
dynamic change, due to rising demand and regulatory changes that aim both
to increase solidity and allow greater international participation,
consolidation, diversification and the rise of the takaful segment.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1993, the SC is a Private Limited company, focusing on
trading & investment in options, financial futures & derivative
products. With its long presence in the industry coupled with its vast
experiences in the business, the SC should have built up certain goodwill
with its clients over times. Having a strong shareholders' backing , the SC
has the advantage to compete with its rivals and it is expected to enjoy
timely financial assistance should the needs arise. The SC has strong
capital position. We are confident with the SC's business and its future
growth prospect.
Over the years, the SC should have build up its clientele base and received
supports from its regular customers. Investigation revealed that the SC's
interest lies mostly in the local market. Thus, any adverse changes to the
local economy might have a negative impact on the SC's business
performance. 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.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. The SC has generated an
unfavourable return on shareholders' funds indicating that the management
was inefficient in utilising its funds to generate return. 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. A low liabilities ratio has minimised the SC's
financial risk. Given a positive net worth standing at MYR 19,520,995, the
SC should be able to maintain its business in the near terms.
The SC is a service provider and it does not deal with trade suppliers.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the SC is expected to benefit from the favourable
outlook of the industry.
Based on the above condition and strong financial position, we recommend
credit be granted to the SC promptly.
|
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
CIMB FUTURES SDN. BHD.
|
|
Financial Year End
|
31/12/2012
|
31/12/2011
|
31/12/2010
|
31/12/2009
|
31/12/2008
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
7,319,559
|
4,777,432
|
3,504,934
|
3,951,157
|
5,638,226
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
7,319,559
|
4,777,432
|
3,504,934
|
3,951,157
|
5,638,226
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
2,600,608
|
1,312,751
|
1,186,755
|
1,394,161
|
2,040,362
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
2,600,608
|
1,312,751
|
1,186,755
|
1,394,161
|
2,040,362
|
|
Taxation
|
<707,784>
|
<339,664>
|
<351,232>
|
<365,321>
|
<555,771>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
1,892,824
|
973,087
|
835,523
|
1,028,840
|
1,484,591
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
8,628,171
|
7,655,084
|
6,819,561
|
5,749,414
|
4,264,823
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
8,628,171
|
7,655,084
|
6,819,561
|
5,749,414
|
4,264,823
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
10,520,995
|
8,628,171
|
7,655,084
|
6,778,254
|
5,749,414
|
|
TRANSFER TO RESERVES - General
|
-
|
-
|
-
|
41,307
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
10,520,995
|
8,628,171
|
7,655,084
|
6,819,561
|
5,749,414
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
BALANCE SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
143,366
|
39,699
|
89,584
|
159,665
|
245,429
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
2,200,000
|
-
|
-
|
2,200,000
|
2,200,000
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
2,343,366
|
39,699
|
89,584
|
2,359,665
|
2,445,429
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
29,440,669
|
127,318,236
|
102,485,883
|
71,646,280
|
146,605,719
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
31,784,035
|
127,357,935
|
102,575,467
|
74,005,945
|
149,051,148
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
2,263,040
|
109,729,764
|
85,920,383
|
58,186,384
|
127,260,427
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
27,177,629
|
17,588,472
|
16,565,500
|
13,459,896
|
19,345,292
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
29,520,995
|
17,628,171
|
16,655,084
|
15,819,561
|
21,790,721
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
9,000,000
|
9,000,000
|
9,000,000
|
9,000,000
|
9,000,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
9,000,000
|
9,000,000
|
9,000,000
|
9,000,000
|
9,000,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Share premium
|
-
|
-
|
-
|
-
|
41,307
|
|
Retained profit/(loss) carried forward
|
10,520,995
|
8,628,171
|
7,655,084
|
6,819,561
|
5,749,414
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
10,520,995
|
8,628,171
|
7,655,084
|
6,819,561
|
5,790,721
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
19,520,995
|
17,628,171
|
16,655,084
|
15,819,561
|
14,790,721
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
TOTAL LONG TERM LIABILITIES
|
10,000,000
|
-
|
-
|
-
|
7,000,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
29,520,995
|
17,628,171
|
16,655,084
|
15,819,561
|
21,790,721
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Net Liquid Assets
|
27,177,629
|
17,588,472
|
16,565,500
|
13,459,896
|
19,345,292
|
|
Net Current Assets/(Liabilities)
|
27,177,629
|
17,588,472
|
16,565,500
|
13,459,896
|
19,345,292
|
|
Net Tangible Assets
|
29,520,995
|
17,628,171
|
16,655,084
|
15,819,561
|
21,790,721
|
|
Net Monetary Assets
|
17,177,629
|
17,588,472
|
16,565,500
|
13,459,896
|
12,345,292
|
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Liabilities
|
12,263,040
|
109,729,764
|
85,920,383
|
58,186,384
|
134,260,427
|
|
Total Assets
|
31,784,035
|
127,357,935
|
102,575,467
|
74,005,945
|
149,051,148
|
|
Net Assets
|
29,520,995
|
17,628,171
|
16,655,084
|
15,819,561
|
21,790,721
|
|
Net Assets Backing
|
19,520,995
|
17,628,171
|
16,655,084
|
15,819,561
|
14,790,721
|
|
Shareholders' Funds
|
19,520,995
|
17,628,171
|
16,655,084
|
15,819,561
|
14,790,721
|
|
Total Share Capital
|
9,000,000
|
9,000,000
|
9,000,000
|
9,000,000
|
9,000,000
|
|
Total Reserves
|
10,520,995
|
8,628,171
|
7,655,084
|
6,819,561
|
5,790,721
|
|
|
|
|
|
|
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Current Ratio
|
13.01
|
1.16
|
1.19
|
1.23
|
1.15
|
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Liabilities Ratio
|
0.63
|
6.22
|
5.16
|
3.68
|
9.08
|
|
Assets Backing Ratio
|
3.28
|
1.96
|
1.85
|
1.76
|
2.42
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
35.53
|
27.48
|
33.86
|
35.28
|
36.19
|
|
Net Profit Margin
|
25.86
|
20.37
|
23.84
|
26.04
|
26.33
|
|
Return On Net Assets
|
8.81
|
7.45
|
7.13
|
8.81
|
9.36
|
|
Return On Capital Employed
|
8.81
|
7.45
|
7.13
|
8.81
|
9.36
|
|
Return On Shareholders' Funds/Equity
|
9.70
|
5.52
|
5.02
|
6.50
|
10.04
|
|
|
|
|
|
|
|
|