|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
80474-V
|
|
COMPANY NAME
|
:
|
PETRONAS CHEMICALS MARKETING SDN BHD
|
|
FORMER NAME
|
:
|
MALAYSIAN INTERNATIONAL TRADING
CORPORATION SDN. BHD. (30/05/2011)
|
|
INCORPORATION DATE
|
:
|
28/01/1982
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
TOWER 1, PETRONAS TWIN TOWERS, KUALA
LUMPUR CITY CENTRE, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
TOWER 2, PETRONAS TWIN TOWERS, KUALA LUMPUR
CITY CENTRE, LEVEL 21, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-23313018
|
|
FAX.NO.
|
:
|
03-23314079
|
|
CONTACT PERSON
|
:
|
HAPIZ ( PRESIDENT )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
46691
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF PETROCHEMICAL AND GENERAL MERCHANDISE PRODUCTS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 200,000,000.00 DIVIDED INTO
ORDINARY SHARE 100,000,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 1,000,000.00 OF MYR 100.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 12,500,005.00 DIVIDED INTO
ORDINARY SHARES 12,500,005 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 8,388,906,000 [2011]
|
|
NET WORTH
|
:
|
MYR 115,717,000 [2011]
|
|
M1000 OVERALL RANKING
|
:
|
42[2011]
|
|
M1000 INDUSTRY RANKING
|
:
|
8[2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
400 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
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) trading of petrochemical and general merchandise products.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
|
According to the Malaysia 1000
publication, the SC's ranking are as follows:
|
|
|
|
|
|
|
|
|
YEAR
|
2011
|
2009
|
2008
|
2005
|
|
|
OVERALL RANKING
|
42
|
29
|
24
|
35
|
|
|
INDUSTRY RANKING
|
8
|
8
|
9
|
8
|
|
The immediate holding company of the SC is
PETRONAS CHEMICALS GROUP BERHAD, a company incorporated in MALAYSIA.
The ultimate holding company of the SC is PETROLIAM
NASIONAL BERHAD, a company incorporated in MALAYSIA.
The major
shareholder(s) of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
PETRONAS CHEMICALS GROUP BERHAD
|
TOWER 1, PETRONAS TWIN TOWERS, KUALA LUMPUR
CITY CENTRE, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
459830
|
12,500,005.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
12,500,005.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. ABD HAPIZ BIN ABDULLAH
|
|
Address
|
:
|
24,JALAN SERUNAI 2, TAMAN KLANG JAYA,
41200 KLANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
581007-10-6261
|
|
Date of Birth
|
:
|
07/10/1958
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MS. WAN SHAMILAH BINTI WAN MUHAMMAD SAIDI
|
|
Address
|
:
|
10,JALAN PJU 1A/26D, ARA DAMANSARA, 47301
PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
701117-03-5410
|
|
Date of Birth
|
:
|
17/11/1970
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
03/08/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. MOHD FARID BIN MOHD ADNAN
|
|
Address
|
:
|
58,JALAN TERATAK U8/95E, BUKIT JELUTONG,
40150 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
620826-08-6267
|
|
Date of Birth
|
:
|
26/08/1962
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
13/10/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. YUSA' BIN HASSAN
|
|
Address
|
:
|
2 JALAN SUASA 7/1L, SEKSYEN 7, 40000 SHAH
ALAM, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
630318-01-5701
|
|
Date of Birth
|
:
|
18/03/1963
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
13/10/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MR. MUHAMMAD SHAH BIN ALI
|
|
Address
|
:
|
2 JALAN BU 7/1, BANDAR UTAMA , 47400
PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
610924-01-5893
|
|
Date of Birth
|
:
|
24/09/1961
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
02/02/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
HAPIZ
|
|
|
Position
|
:
|
PRESIDENT
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG DESA MEGAT & CO
|
|
Auditor' Address
|
:
|
KPMG TOWER 8, FIRST AVENUE, BANDA UTAMA ,
47800 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MUHAMMAD ISA BIN OTHMAN
|
|
|
|
|
|
|
|
New IC No
|
:
|
590115-10-5383
|
|
|
Address
|
:
|
27, JALAN AU 5D/2B, OFF JALAN PERMATA 9,
TAMAN PERMATA, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with
above mentioned banker(s). No adverse record was found during our
investigation.
|
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
|
Percentage
|
:
|
40%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Import Countries
|
:
|
JAPAN,EUROPE,CHINA,PHILIPPINES
|
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
|
:
|
AUSTRALIA
INDIA
ASIA
MIDDLE EAST
|
|
Credit Term
|
:
|
30 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
CHEQUESTELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
PETROCHEMICALS, PLASTIC RAW MATERIALS AND
OTHERS
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
MALAYSIAN PLASTICS MANUFACTURERS
ASSOCIATION (MPMA)
|
|
|
|
|
|
Ownership of premises
|
:
|
LEASED/RENTED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
COMPANY
|
400
|
400
|
350
|
350
|
300
|
300
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of petrochemical
and general merchandise products.
The SC offers a wide range of products including:
1) Polymers
2) Polypropylene - PP is used to produce automotive parts, appliances,
film,fiber and filaments.
3) High Density Polyethylene - HDPE is used for blown film moulding,
injection moulding, film, pipe conduit, sheet, wire and cable. It is produced
in pallet form.
4) Linear Low Density Polyethylene - LLDPE is used for variety of derivatives
through film, extrusion coating, injection molding, rotational molding, using
octane and butanes co-polymers. It is produced in pallet form.
5) Polyvinyl Chloride - PVC is used in the production of pipe, flooring, wire
& cable, building construction, home furnishing, film & sheet and
automotive parts.It is produced in powder form.
6) Low Density Polyethylene - LDPE is used for injection moulding, film, pipe
conduit, wire and cable.
7) Chemicals - Basic & Intermediate Chemicals : Aromatics, Olefins,
Oxygenates, fertilisers and agrochemicals
8) Agricultural Products: Rice, Rubber, Palm Oil, Crude Coconut Oil and etc.
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
|
:
|
03-23313018
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
LEVEL 15 TOWER 1, PETRONAS TWIN TOWERS,
KUALA LUMPUR CITY CENTRE,
|
|
Current Address
|
:
|
TOWER 2, PETRONAS TWIN TOWERS, KUALA
LUMPUR CITY CENTRE, LEVEL 21, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
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
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2008 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2008 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
70.01%
|
]
|
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
92.17%
|
]
|
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.The SC's
management have been efficient in controlling its operating costs.
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.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Current Ratio
|
:
|
Acceptable
|
[
|
1.07 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC has an adequate 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
|
:
|
Unfavourable
|
[
|
11.70 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC has high liabilities ratio and it
may face financial difficulties if no additional capital is injected.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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's liabilities
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 :
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
|
|
46691 : Wholesale of industrial chemicals
|
|
|
|
|
INDUSTRY :
|
MANUFACTURING
|
|
|
|
|
|
|
The manufacturing sector is expected to be driven by higher value-added
activities in Malaysia.The GDP growth for first quarter 2012 indicating
manufacturing maintain its growth of 4.5%, similar to year 2011.Malaysia
recorded a 12% jump in approved investments in the manufacturing sector in
the first quarter of 2012 compared with the corresponding period 2011.
According to Federation of Malaysian Manufacturers (FMM), manufacturing
sector expected to improve in the third quarter 2012 despite concerns over external
developments and the rising cost of production.
|
|
The rubber products sub-sector is expected to remain resilient supported by
continuous improvements in medical and healthcare standards in emerging
markets as well as demand from niche markets such as the oil and gas sector
for rubber hoses. Malaysia rubber exports are forecast to grow at 10%, at
the end of 2012 driven by global demand for medical gloves as well as
rubber tyres and tubes.Rubber glove exports make up 70 % of total rubber
shipments in Malaysia due to hospitals and clinics place more intrest on
rising health and hygiene awareness.
|
|
The Malaysia government has growth target of 6.5% for wood based furniture
where estimated to reach up to RM53 billion by year 2020.The government
providing pioneer status for tax exemption and investment tax allowance for
this industry as a boost up step towards produce good quality product and
to meet the world demand.
|
|
Chemical production are expected to show 6.2% in year 2012 and 7.5 % in year
2013 inline with Malaysia as one of the largest contributor in world
Chemicals & Chemical industries.
|
|
According to Malaysian Iron and Steel Industry Federation, first half of
2012 would remain weak for the local steel industry due to eurozone crisis,
slowdown in China's economy and less robust construction activities in the
developed countries. At first quarter 2012, the average local steel price
is trading atRM2,300 per tonne compared with the average international
price of US$740 (RM2,331) per tonne.
|
|
According to the Department of Statistics, Malaysia during the first
quarter 2012, the manufacturing output increased due to activities in major
sub-sectors such as petroleum, chemical, rubber and plastic products (10.5
%), and non-metallic mineral products, basic metal and fabricated metal
products (3.9 %). Meanwhile, it's also announced that the manufacturing
sector's sales grew by 10 % in May 2012 to record RM52.5 billion compared
with RM47.7 billion in May 2011. The Industrial Production Index (IPI )
increased 7.6 % in May (2012) due to increases in manufacturing (6.5 %).
|
|
Tax and non-tax incentives provided by goverment encourage manufacturers to
move up the value chain of manufacturing industry. The new growth
initiatives by goverment in the manufacturing sector such as solar and
medial services can be important drivers of growth apart from helping to
diversify the manufacturing base and contributing to the resilience of the
sector.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1982, the SC is a Private Limited company, focusing on
trading of petrochemical and general merchandise products. The SC has been in
business for over two decades. It has built up a strong clientele base and
good reputation will enable the SC to further enhance its business in the
near term. The SC is expected to enjoy a stable market shares. The SC is
well backed by a listed company shareholders which would stimulate further
growth for the SC. Hence, the potential growth of the SC is positive. The
SC is a large entity with strong capital position. We are confident with
the SC's business and its future growth prospect.
|
|
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. The SC is a fairly large and rapidly
growing company with over 400 staff in its operations 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.
|
|
Despite the lower turnover, the SC's pre-tax profit have increased compared
to the previous year. The higher profit could be due to better control of
its operating costs and efficiency in utilising its resources. Based on the
higher profitability, the SC 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. The SC managed to
maintain an adequate liquidity level, indicating that the SC has the ability
to meet its financial obligations. The SC has high liabilities ratio and it
may face financial difficulties if no additional capital is injected. Given
a positive net worth standing at MYR 115,717,000, 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. Hence, the SC is expected to benefit from the favourable
outlook of the industry.
|
|
Based on the above condition, 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)
|
|
PETRONAS CHEMICALS MARKETING SDN BHD
|
|
Financial Year End
|
31/12/2011
|
31/03/2011
|
31/03/2010
|
31/03/2009
|
31/03/2008
|
|
Months
|
9
|
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
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
8,388,906,000
|
9,452,210,000
|
7,546,310,000
|
8,153,583,000
|
7,952,958,000
|
|
Other Income
|
-
|
27,842,000
|
17,339,000
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
8,388,906,000
|
9,480,052,000
|
7,563,649,000
|
8,153,583,000
|
7,952,958,000
|
|
Costs of Goods Sold
|
-
|
<9,307,498,000>
|
<7,439,459,000>
|
<8,040,850,000>
|
<7,850,502,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
-
|
172,554,000
|
124,190,000
|
112,733,000
|
102,456,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
106,658,000
|
90,174,000
|
52,179,000
|
90,623,000
|
52,578,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
106,658,000
|
90,174,000
|
52,179,000
|
90,623,000
|
52,578,000
|
|
Taxation
|
<25,650,000>
|
<23,649,000>
|
10,235,000
|
<16,478,000>
|
<11,562,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
81,008,000
|
66,525,000
|
62,414,000
|
74,145,000
|
41,016,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
17,679,000
|
254,154,000
|
192,980,000
|
120,268,000
|
79,252,000
|
|
Prior year adjustment
|
-
|
-
|
<600,000>
|
<1,433,000>
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
17,679,000
|
254,154,000
|
192,380,000
|
118,835,000
|
79,252,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
98,687,000
|
320,679,000
|
254,794,000
|
192,980,000
|
120,268,000
|
|
- General
|
-
|
<3,000,000>
|
<640,000>
|
-
|
-
|
|
DIVIDENDS - Ordinary (paid &
proposed)
|
-
|
<300,000,000>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
98,687,000
|
17,679,000
|
254,154,000
|
192,980,000
|
120,268,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to
P&L)
|
|
|
|
|
|
|
Others
|
-
|
-
|
-
|
508,000
|
1,349,000
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
|
|
|
-
|
508,000
|
1,349,000
|
BALANCE
SHEET
|
PETRONAS CHEMICALS MARKETING SDN BHD
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
14,911,000
|
237,000
|
386,000
|
490,000
|
734,000
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Subsidiary companies
|
-
|
-
|
210,000,000
|
210,000,000
|
210,000,000
|
|
Deferred assets
|
-
|
77,000
|
1,758,000
|
-
|
-
|
|
Others
|
-
|
-
|
-
|
20,000,000
|
50,000,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
-
|
77,000
|
211,758,000
|
230,000,000
|
260,000,000
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
14,911,000
|
314,000
|
212,144,000
|
230,490,000
|
260,734,000
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
-
|
20,239,000
|
7,655,000
|
-
|
30,881,000
|
|
Trade debtors
|
-
|
1,299,044,000
|
662,714,000
|
474,715,000
|
591,354,000
|
|
Other debtors, deposits & prepayments
|
-
|
3,726,000
|
13,477,000
|
1,240,000
|
5,178,000
|
|
Deposits with financial institutions
|
-
|
344,496,000
|
256,208,000
|
211,115,000
|
283,769,000
|
|
Amount due from subsidiary companies
|
-
|
-
|
252,000
|
144,000
|
-
|
|
Amount due from related companies
|
-
|
-
|
342,288,000
|
177,407,000
|
336,117,000
|
|
Cash & bank balances
|
-
|
2,390,000
|
3,336,000
|
1,972,000
|
5,503,000
|
|
Others
|
-
|
-
|
15,586,000
|
2,733,000
|
2,575,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
1,454,412,000
|
1,669,895,000
|
1,301,516,000
|
869,326,000
|
1,255,377,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
1,469,323,000
|
1,670,209,000
|
1,513,660,000
|
1,099,816,000
|
1,516,111,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
-
|
187,210,000
|
427,726,000
|
222,736,000
|
358,053,000
|
|
Other creditors & accruals
|
-
|
1,516,000
|
3,170,000
|
3,233,000
|
3,539,000
|
|
Amounts owing to holding company
|
-
|
94,496,000
|
3,726,000
|
4,217,000
|
4,560,000
|
|
Amounts owing to related companies
|
-
|
1,343,502,000
|
660,854,000
|
474,506,000
|
804,847,000
|
|
Provision for taxation
|
-
|
8,280,000
|
-
|
5,914,000
|
-
|
|
Other liabilities
|
-
|
496,000
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
1,353,606,000
|
1,635,500,000
|
1,095,476,000
|
710,606,000
|
1,170,999,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
100,806,000
|
34,395,000
|
206,040,000
|
158,720,000
|
84,378,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
115,717,000
|
34,709,000
|
418,184,000
|
389,210,000
|
345,112,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
12,500,000
|
12,500,000
|
12,500,000
|
12,500,000
|
12,500,000
|
|
Preference share capital
|
-
|
-
|
3,000,000
|
3,640,000
|
4,240,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
12,500,000
|
12,500,000
|
15,500,000
|
16,140,000
|
16,740,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Share premium
|
290,000
|
290,000
|
147,290,000
|
178,650,000
|
208,050,000
|
|
Capital reserve
|
4,240,000
|
4,240,000
|
1,240,000
|
-
|
-
|
|
Retained profit/(loss) carried forward
|
98,687,000
|
17,679,000
|
254,154,000
|
192,980,000
|
120,268,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
103,217,000
|
22,209,000
|
402,684,000
|
371,630,000
|
328,318,000
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
115,717,000
|
34,709,000
|
418,184,000
|
387,770,000
|
345,058,000
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Deferred taxation
|
-
|
-
|
-
|
1,440,000
|
54,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
-
|
-
|
-
|
1,440,000
|
54,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
115,717,000
|
34,709,000
|
418,184,000
|
389,210,000
|
345,112,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
PETRONAS CHEMICALS MARKETING SDN BHD
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
-
|
2,390,000
|
3,336,000
|
1,972,000
|
5,503,000
|
|
Net Liquid Funds
|
-
|
2,390,000
|
3,336,000
|
1,972,000
|
5,503,000
|
|
Net Liquid Assets
|
100,806,000
|
14,156,000
|
198,385,000
|
158,720,000
|
53,497,000
|
|
Net Current Assets/(Liabilities)
|
100,806,000
|
34,395,000
|
206,040,000
|
158,720,000
|
84,378,000
|
|
Net Tangible Assets
|
115,717,000
|
34,709,000
|
418,184,000
|
389,210,000
|
345,112,000
|
|
Net Monetary Assets
|
100,806,000
|
14,156,000
|
198,385,000
|
157,280,000
|
53,443,000
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
-
|
0
|
0
|
0
|
0
|
|
Total Liabilities
|
1,353,606,000
|
1,635,500,000
|
1,095,476,000
|
712,046,000
|
1,171,053,000
|
|
Total Assets
|
1,469,323,000
|
1,670,209,000
|
1,513,660,000
|
1,099,816,000
|
1,516,111,000
|
|
Net Assets
|
115,717,000
|
34,709,000
|
418,184,000
|
389,210,000
|
345,112,000
|
|
Net Assets Backing
|
115,717,000
|
34,709,000
|
418,184,000
|
387,770,000
|
345,058,000
|
|
Shareholders' Funds
|
115,717,000
|
34,709,000
|
418,184,000
|
387,770,000
|
345,058,000
|
|
Total Share Capital
|
12,500,000
|
12,500,000
|
15,500,000
|
16,140,000
|
16,740,000
|
|
Total Reserves
|
103,217,000
|
22,209,000
|
402,684,000
|
371,630,000
|
328,318,000
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
-
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Liquid Ratio
|
-
|
1.01
|
1.18
|
1.22
|
1.05
|
|
Current Ratio
|
1.07
|
1.02
|
1.19
|
1.22
|
1.07
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
-
|
1
|
0
|
0
|
1
|
|
Debtors Ratio
|
-
|
50
|
32
|
21
|
27
|
|
Creditors Ratio
|
-
|
7
|
21
|
10
|
17
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
-
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Liabilities Ratio
|
11.70
|
47.12
|
2.62
|
1.84
|
3.39
|
|
Times Interest Earned Ratio
|
-
|
0.00
|
0.00
|
179.39
|
39.98
|
|
Assets Backing Ratio
|
9.26
|
2.78
|
33.45
|
31.14
|
27.61
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
1.27
|
0.95
|
0.69
|
1.11
|
0.66
|
|
Net Profit Margin
|
0.97
|
0.70
|
0.83
|
0.91
|
0.52
|
|
Return On Net Assets
|
92.17
|
259.80
|
12.48
|
23.41
|
15.63
|
|
Return On Capital Employed
|
92.17
|
259.80
|
12.48
|
23.41
|
15.63
|
|
Return On Shareholders' Funds/Equity
|
70.01
|
191.66
|
14.93
|
19.12
|
11.89
|
|
Dividend Pay Out Ratio (Times)
|
-
|
4.51
|
0.00
|
0.00
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
-
|
0
|
0
|
0
|
0
|
|