|
Report Date : |
23.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIME DARBY FUTURES TRADING SDN BHD |
|
|
|
|
Formerly Known As : |
Manpower Development Corporation |
|
|
|
|
Registered Office : |
Main Block, Plantation Tower, 2, Jalan Pju 1a/7, Ara Damansara, Level
10, 47301 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
28.12.1981 |
|
|
|
|
Com. Reg. No.: |
79537-A |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Trading of Crude Palm Oil and Palm Oil Products |
|
|
|
|
No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy''s dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 35% of government revenue in 2011. Bank Negera Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia''s exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests
|
Source : CIA |
|
HISTORY / BACKGROUND
The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies. The SC is principally engaged in the (as a / as an) trading of crude
palm oil and palm oil products. The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is SIME DARBY PLANTATION SDN.
BHD., a company incorporated in MALAYSIA. The ultimate holding company of the SC is SIME DARBY BERHAD, a company
incorporated in MALAYSIA. The major shareholder(s) of the SC are
shown as follows :
+ Also Director DIRECTORS
DIRECTOR 1
DIRECTOR 2
DIRECTOR 3
MANAGEMENT
BANKING
ENCUMBRANCE (S)
LEGAL CHECK AGAINST SC
DEFAULTER CHECK AGAINST SC
PAYMENT RECORD
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
PALM OIL
PRODUCTS
|
||
|
|
|
|
||
|
Competitor(s) |
: |
EURO FIDELITY
SDN BHD
|
||
|
|
|
|
||
|
Ownership of
premises |
: |
LEASED/RENTED
|
|
Total Number
of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
100 |
150 |
100 |
100 |
100 |
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of crude palm oil
and palm oil products.
The SC is part of the Sime Darby Group which its dealing in trading and
marketing of the palm oil products.
We were informed that the SC's products are divided into two categories as
palm products and lauric products.
The SC's Palm products are Fresh fruit bunches (FFB), Crude palm oil, Crude
palm olein, Refined Bleached Deodorised Palm Olein,
Refined Bleached Deodorised Palm Oil, Refined Bleached Deodorised Palm
Stearin, Palm Fatty Acid Distillate, Palm Acid Oil and etc.
The SC's Lauric products are Palm kernel, Crude palm kernel oil, Refined
Bleached Deodorised Palm Kernel Olein, Refined Bleached Deodorised Palm
Kernel Oil, Refined Bleached Deodorised Palm Kernel Stearin, Palm Kernel
Fatty Acid Distillate and etc.
The products offered by the SC range from bulk produce to bulk & packed
refined products and specialized refined products, which includes other
edible oils, sustainable palm products (RSPO)and International Sustainable
Carbon Certified Certification (ISCC) products.
Latest fresh investigations carried out on the SC indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
03-78484000 |
|
Match |
: |
N/A |
|
|
|
|
|
Address
Provided by Client |
: |
LEVEL 7 MAIN BLOCK
PLANTATION TOWER NO 2 JALAN PJAU 1A/7 ARA DAMANSARA 47301 PETALING JAYA
SELANGOR DARUL EHSAN |
|
Current
Address |
: |
LEVEL 7, MAIN
BLOCK, PLANTATION TOWER 2, JALAN PJU 1A/7 ARA DAMANSARA, 47301 PETALING
JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
On 6th December 2013 we contacted one of the staff from the SC and she
provided some information on the SC.
The address provided is incorrect.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on
Shareholder Funds |
: |
Favourable |
[ |
43.15% |
] |
|
|
Return on Net
Assets |
: |
Favourable |
[ |
42.84% |
] |
|
|
|
|
|
|
|
|
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The higher profit could be attributed to the increase in
turnover. 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 |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
37 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
|
|
|
|
|
|
|
|
The SC's stocks
were moving fast thus reducing its holding cost. This had reduced funds
being tied up in stocks. The favourable debtors' days could be due to the
good credit control measures implemented by the SC. The SC had a favourable
creditors' ratio where the SC could be taking advantage of the cash
discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.29 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.29 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
turnover was erratic, the SC had maintained a steady growth in its profit.
This indicate the management's efficiency in controlling its costs and
profitability. 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 : STABLE |
||||||
|
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 |
|||||
|
|
|
|
|
|
|
|
MSIC CODE |
|
|
46202 :
Wholesale of palm oil |
|
|
|
|
|
INDUSTRY : |
PALM OIL |
|
|
|
|
|
|
|
Oil palm is
one of the main drivers of Malaysia's agriculture sector where it has
accounting for 71% of its agricultural land bank. Malaysia is the one of
the biggest producers and exporters of palm oil prodcuts in the growing global
need for oils and fats. The palm oil industry is expected to grow about
7.1% over the next 10 years where it is driven by new plantation expansion,
venture of large plantation companies into high potential downstream
activities such as processed food, biodiesel, second generation biofuel and
oleochemicals. Malaysia currently accounts for 39 % of world palm oil
production and 44% of world exports. Taken into account of other oils &
fats produced in the country, Malaysia accounts for 12% and 27% of the
world's total production and exports of oils and fats. Being one of the
biggest producers and exporters of palm oil and palm oil products, Malaysia
has an important role to play in fulfilling the growing global need for
oils and fats sustainably. |
|
|
|
|
|
In year 2013,
the production of crude palm oil is envisaged to rebound 2.5% to 18.9
million tonnes on account of expanded matured areas to 4.44 million
hectares. However Malaysian palm oil’s supply and demand for February 2013
with palm oil stocks continued to be lower for the consecutive two months
at 2.444 million tonnes, a decrease of 5.23% from January 2013 and was
slightly above the average estimation at 2.42 million tonnes. The exports
in February 2013 fell 13.98% to 1.398 million tonnes while the palm oil
production reduced 19.15% to 1.296 million tonnes. The palm oil production
would be expected to be in dismal as the oil palm had entered a low yield
cycle currently. |
|
|
|
|
|
According to the
2013 Budget, the palm oil sector contracted 8.6% during the first half of
the year 2012 due to the less favourable weather conditions and natural
production down cycle that constrained the output of fresh fruit bunches.
However, the yield is expected to improve in the later part of the year,
with the subsector registering a smaller contraction of 2.8% in 2012. Total
planted areas of oil palm increased substantially by 77,106 hectares to
five million hectares as at end-June 2012. Of the total planted areas,
28.4% or 1.5 million hectares are located in Sabah. With the acceleration
of planting activity, total planted areas are expected to increase to 5.1
million hectares in 2012. |
|
|
|
|
|
According to
the Performance Management and Delivery Unit (Pemandu), the Palm Oil
National Key Economic Area (NKEA), Malaysia's most important commodity is
expected to contribute from RM125 billion to RM178 billion to the Gross
National Income (GNI) and create about 41,600 jobs by 2020, with the
government's focus on eight Entry Point Projects (EPPs). As part of the
government's efforts to accelerate the country's replanting and new
planting programme and manage stock levels, the government has allocated an
additional RM432 million as funds for independent smallholders' replanting
and new planting initiatives in 2013. According to Pemandu, the government
will also accelerate the replanting of oil palm by plantations and
smallholders as well as new planting by independent smallholders to 130,000
ha. and raise the area complying with best practices by an additional
200,000 ha. in 2013. |
|
|
|
|
|
However, the
future performance of the industry is unpredictable as with many factors
that can give impact to the industry is still unknown. Nationally, the
sentiments seem positive, internationally there are mixed signals but with
the current growth rate, an expected increase in demand, a recovering global
economy, analysts and industry sources are reckoning that the bull may be
able to hold the bear back. |
|
|
|
|
|
Under the palm
oil National Key Economic Areas (NKEAs) in 2011, the launches of the Oil
Palm Replanting and New Planting Smallholders Schemes ware improved the
smallholders agricultural practices in 2012.The oil extraction rate is set
to improve to 21.05% in three-year from 2012 to low of 19.70% as 1.35 more.
|
|
|
|
|
|
In driving
speedier harvesting of oil palm fruits, the government has introduced the
RM1,000 discount scheme to encourage the use of motorised sickle called
Cantas and diamond blade sharpeners to enhance the palm oil industry. MPOB
appointed 100 enforcement officers to visit mills to ensure the only good
quality crops are processed. Since 2007, the palm oil industry has grown at
an average of 14.5 per cent annualy until 2012. If the momentum is
maitained for next 5 to 8 years, malaysia will achive its target of two
million of hecters palm oil. |
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : Mature |
|
|
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
SIME DARBY
FUTURES TRADING SDN BHD |
|
Financial Year
End |
2012-06-30 |
2011-06-30 |
2010-06-30 |
2009-06-30 |
2008-06-30 |
|
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 |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
1,554,185,071 |
1,798,242,589 |
1,560,440,670 |
541,265,523 |
660,052,083 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
1,554,185,071 |
1,798,242,589 |
1,560,440,670 |
541,265,523 |
660,052,083 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
42,040,186 |
31,874,870 |
3,759,688 |
<12,635,169> |
17,260,234 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
BEFORE TAXATION |
42,040,186 |
31,874,870 |
3,759,688 |
<12,635,169> |
17,260,234 |
|
Taxation |
299,666 |
<7,988,624> |
<970,117> |
3,161,160 |
<4,442,140> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER
TAXATION |
42,339,852 |
23,886,246 |
2,789,571 |
<9,474,009> |
12,818,094 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
31,291,970 |
6,531,577 |
3,742,006 |
13,216,015 |
397,921 |
|
Prior year
adjustment |
- |
874,147 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
31,291,970 |
7,405,724 |
3,742,006 |
13,216,015 |
397,921 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
73,631,822 |
31,291,970 |
6,531,577 |
3,742,006 |
13,216,015 |
|
DIVIDENDS - Ordinary
(paid & proposed) |
<22,500,000> |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
51,131,822 |
31,291,970 |
6,531,577 |
3,742,006 |
13,216,015 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SIME DARBY
FUTURES TRADING SDN BHD |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Deferred
assets |
1,794,017 |
2,260,853 |
1,110,166 |
2,080,283 |
- |
|
Others |
32 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS |
1,794,049 |
2,260,853 |
1,110,166 |
2,080,283 |
- |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG
TERM ASSETS |
1,794,049 |
2,260,853 |
1,110,166 |
2,080,283 |
- |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
72,741 |
12,070,789 |
143,370,990 |
72,147,963 |
96,891,018 |
|
Trade debtors |
157,423,698 |
21,964,208 |
71,967,420 |
79,225,466 |
187,614,685 |
|
Other debtors,
deposits & prepayments |
2,313,211 |
329,381 |
22,636,433 |
3,077,961 |
2,609,337 |
|
Short term
deposits |
- |
- |
- |
- |
5,000,000 |
|
Amount due
from holding company |
110,170,324 |
125,563,131 |
- |
67,599,460 |
113,510,161 |
|
Amount due
from related companies |
135,475,373 |
159,038,795 |
241,435,785 |
337,280,730 |
309,489,280 |
|
Cash &
bank balances |
15,846,316 |
25,245,707 |
32,280,373 |
22,844,386 |
245,777 |
|
Others |
6,752,493 |
38,033 |
986,700 |
480,600 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT
ASSETS |
428,054,156 |
344,250,044 |
512,677,701 |
582,656,566 |
715,360,258 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
429,848,205 |
346,510,897 |
513,787,867 |
584,736,849 |
715,360,258 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade
creditors |
- |
840,446 |
- |
6,110,473 |
23,160,642 |
|
Other
creditors & accruals |
6,449,379 |
3,966,057 |
4,666,896 |
5,233,486 |
1,022,717 |
|
Amounts owing
to holding company |
- |
- |
279,465,738 |
- |
- |
|
Amounts owing
to related companies |
312,783,683 |
253,686,952 |
221,123,656 |
567,650,884 |
672,157,596 |
|
Provision for
taxation |
1,649,781 |
5,646,689 |
- |
- |
3,803,288 |
|
Other
liabilities |
10,843,528 |
1,078,783 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT
LIABILITIES |
331,726,371 |
265,218,927 |
505,256,290 |
578,994,843 |
700,144,243 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT
ASSETS/(LIABILITIES) |
96,327,785 |
79,031,117 |
7,421,411 |
3,661,723 |
15,216,015 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET
ASSETS |
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share
capital |
50,000,000 |
50,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE
CAPITAL |
50,000,000 |
50,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained
profit/(loss) carried forward |
51,131,822 |
31,291,970 |
6,531,577 |
3,742,006 |
13,216,015 |
|
Others |
<3,009,988> |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
48,121,834 |
31,291,970 |
6,531,577 |
3,742,006 |
13,216,015 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS'
FUNDS/EQUITY |
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
|
============= |
============= |
============= |
============= |
============= |
|
SIME DARBY
FUTURES TRADING SDN BHD |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
15,846,316 |
25,245,707 |
32,280,373 |
22,844,386 |
5,245,777 |
|
Net Liquid
Funds |
15,846,316 |
25,245,707 |
32,280,373 |
22,844,386 |
5,245,777 |
|
Net Liquid
Assets |
96,255,044 |
66,960,328 |
<135,949,579> |
<68,486,240> |
<81,675,003> |
|
Net Current
Assets/(Liabilities) |
96,327,785 |
79,031,117 |
7,421,411 |
3,661,723 |
15,216,015 |
|
Net Tangible
Assets |
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
Net Monetary
Assets |
96,255,044 |
66,960,328 |
<135,949,579> |
<68,486,240> |
<81,675,003> |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total
Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
331,726,371 |
265,218,927 |
505,256,290 |
578,994,843 |
700,144,243 |
|
Total Assets |
429,848,205 |
346,510,897 |
513,787,867 |
584,736,849 |
715,360,258 |
|
Net Assets |
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
Net Assets
Backing |
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
Shareholders'
Funds |
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
Total Share
Capital |
50,000,000 |
50,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
Total Reserves |
48,121,834 |
31,291,970 |
6,531,577 |
3,742,006 |
13,216,015 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.05 |
0.10 |
0.06 |
0.04 |
0.01 |
|
Liquid Ratio |
1.29 |
1.25 |
0.73 |
0.88 |
0.88 |
|
Current Ratio |
1.29 |
1.30 |
1.01 |
1.01 |
1.02 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
0 |
2 |
34 |
49 |
54 |
|
Debtors Ratio |
37 |
4 |
17 |
53 |
104 |
|
Creditors
Ratio |
0 |
0 |
0 |
4 |
13 |
|
SOLVENCY
RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities
Ratio |
3.38 |
3.26 |
59.22 |
100.83 |
46.01 |
|
Times Interest
Earned Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Assets Backing
Ratio |
1.96 |
1.63 |
4.27 |
2.87 |
7.61 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating
Profit Margin |
2.70 |
1.77 |
0.24 |
<2.33> |
2.61 |
|
Net Profit
Margin |
2.72 |
1.33 |
0.18 |
<1.75> |
1.94 |
|
Return On Net
Assets |
42.84 |
39.21 |
44.07 |
<220.05> |
113.43 |
|
Return On
Capital Employed |
42.84 |
39.21 |
44.07 |
<220.05> |
113.43 |
|
Return On Shareholders'
Funds/Equity |
43.15 |
29.38 |
32.70 |
<164.99> |
84.24 |
|
Dividend Pay
Out Ratio (Times) |
0.53 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.101.82 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.