|
|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
N/A - Not Applicable
|
|
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
856697-V
|
|
COMPANY NAME
|
:
|
TTSJ TRADING SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
13/05/2009
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
40-B, JALAN LUMUT, KOMPLEKS DAMAI, 2ND
FLOOR, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 53, 1ST FLOOR, DAMAI COMPLEX, JALAN
DATUK HAJI EUSOFF, OFF JALAN IPOH, 53000 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
TEL.NO.
|
:
|
03-40503374
|
|
FAX.NO.
|
:
|
03-40423103
|
|
CONTACT PERSON
|
:
|
MUHAMMAD SHARIQ ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
46202
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF COMMODITY PRODUCTS SUCH AS
PALM OIL
|
|
AUTHORISED CAPITAL
|
:
|
MYR 1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 1,000,000.00 DIVIDED INTO
ORDINARY SHARES 1,000,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 1,270,583 [2012]
|
|
NET WORTH
|
:
|
MYR 858,528 [2012]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
5 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY / BACKGROUND
The SC is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As
a private limited company, the SC must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a
separate legal entity, the SC is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the SC is
insolvent. The SC is governed by the Companies Act, 1965 and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The SC is principally engaged in the (as a
/ as an) trading of commodity products such as palm oil.
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
|
(%)
|
|
MUHAMMAD SHARIQ ATHAR QURESHI +
|
APARTMENT 4-15, PANGSAPURI SRI BANDAR, 30,
LORONG KASIPILLAY, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
AG4914802
|
350,000.00
|
35.00
|
|
SULTANA RAHMAT +
|
APARTMENT 4-15, PANGSAPURI SRI BANDAR,
30, LORONG KASIPILLAY, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
KH363160
|
50,000.00
|
5.00
|
|
MR. RAJAVIJAYAN A/L THUVENGADAM
|
23/3422, JALAN WATERFALL, GREENPARK,
48000 RAWANG, SELANGOR, MALAYSIA.
|
640929-08-5353
|
600,000.00
|
60.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
1,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MUHAMMAD ABU MUSHARRAF
|
|
Address
|
:
|
1-1A, JALAN PANDAN PERDANA, CHERAS, 56100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
AB0846831
|
|
|
|
|
|
Date of Birth
|
:
|
10/06/1963
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
13/05/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
SULTANA RAHMAT
|
|
Address
|
:
|
APARTMENT 4-15, PANGSAPURI SRI BANDAR,
30, LORONG KASIPILLAY, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
KH363160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
05/07/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MUHAMMAD SHARIQ ATHAR QURESHI
|
|
Address
|
:
|
APARTMENT 4-15, PANGSAPURI SRI BANDAR,
30, LORONG KASIPILLAY, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
AG4914802
|
|
|
|
|
|
Date of Birth
|
:
|
08/08/1961
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
13/05/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
MUHAMMAD SHARIQ
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
ARI & CO.
|
|
Auditor' Address
|
:
|
24-4-2, JALAN 4/50, DIOMAND SQUARE
BUSINESS CENTRE, JALAN GOMBAK BATU 31/2,, 53000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. SUBRAMANIAM A/L KANDASAMY
|
|
|
|
|
|
|
|
New IC No
|
:
|
430228-08-5259
|
|
|
Address
|
:
|
9, JALAN SIBU 7, TAMAN WAHYU, JALAN IPOH,
68100 BATU CAVES, SELANGOR, 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
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
The SC refused to disclose its suppliers.
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
|
[
|
X
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA, MIDDLE
EAST
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
COMMODITY PRODUCTS SUCH AS PALM OIL
|
|
|
|
|
|
Competitor(s)
|
:
|
AMBROSIA SDN BHD
FELDA MARKETING SERVICES SDN. BHD.
PACIFIC OILS & FATS INDUSTRIES SDN BHD
PALMBASE (M) SDN BHD
SIME DARBY FUTURES TRADING SDN BHD
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2013
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
5
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of commodity
products such as palm oil.
The SC mainly sells palm oil.
The SC however refused to disclose further information on its operation.
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
60 10 2595692
|
|
Current Telephone Number
|
:
|
03-40503374
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Address Provided by Client
|
:
|
OFFICE LOT 53, 1ST FLOOR, DAMI COMPLEX,
JALAN DATUK HAJI EUOSUFF OFF
|
|
Current Address
|
:
|
LOT 53, 1ST FLOOR, DAMAI COMPLEX, JALAN
DATUK HAJI EUSOFF, OFF JALAN IPOH, 53000 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 address provided is incomplete and incorrect.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
14.52%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
14.64%
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's management had generated
acceptable return for its shareholders using its assets.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
10 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
55 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
21 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 as
evidenced by its favourable collection days. The SC could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
10.99 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
11.45 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 :
|
|
|
|
|
|
|
|
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 :
STRONG
|
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
|
|
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 inthe 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.
|
|
According to MPOB ( Malaysian Palm Oil Board ) statistics in May/June
2012,imports of processed palm oil continue to rise from 88,000 tonnes (May
2012) and 112,000 tonnes (June 2012).Due to the biological stress on oil
palm trees and following by the bumper harvest in 2011, Oil production is
expected to decline at the end of 2012. The number of palm oil mills in operation
in the malaysia has increased from 53 (Dec 31, 2011) to 55 (second quarter
2012), with another 14 new mills at various stages of construction.
|
|
The outlook for the palm oil industry is bright, with its price range
between RM3,100 and RM3,840 per tonne in first quarter 2012.This is
equivalent to about 26.6 % of the global oils and fats trade. Furthemore,
at the end of 2012, the demand and the price of palm oil are expected to be
increased due to the adverse weather conditions of the production soy bean
in South America is expected to be declined by 3 to 5% at the end of 2012.
|
|
The unfreezing of India's base import price of refined palm olein is
expected to cause insignificant impact to Malaysian refiners as they have
already established other downstream markets for their refined crude palm
oil (CPO) exports. Furthermore, Malaysia has produced 18.91 million tonnes
or 37.65% of the total palm oil production on 2011 and it has accounted for
17.99 million tonnes or 46.27% of the world exports.
|
|
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 : Average Growth
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
Incorporated in 2009, the SC is a Private Limited company, focusing on
trading of commodity products such as palm oil. The SC has been in business
for less than 5 years and it has slowly been building up contact with its
clients while competing in the industry. However, it has yet to enjoy a
stable market shares as it need to compete many well established players in
the same field. Presently, the issued and paid up capital of the SC stands
at RM1 million.
|
|
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. Being a small company, the SC's
business operation is supported by 5 employees. Overall, we regard that the
SC's management capability is average.
|
|
Return on shareholders' funds of the SC was at an acceptable range which
indicated that the management was efficient in utilising its funds to
generate income. The SC is in good liquidity position with its current
liabilities well covered by it current assets. Hence, it has sufficient
working capital to meet its short term financial obligations. Being a zero
geared company, the SC virtually has no financial risk as it is mainly
dependent on its internal funds to finance its business. Given a positive
net worth standing at MYR 858,528, the SC should be able to maintain its
business in the near terms.
|
|
We regard that the SC's overall payment habit is prompt. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days.
|
|
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
normally.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
|
|
TTSJ TRADING SDN BHD
|
|
Financial Year End
|
31/05/2012
|
|
Months
|
12
|
|
Consolidated Account
|
Company
|
|
Audited Account
|
YES
|
|
Unqualified Auditor's Report (Clean
Opinion)
|
YES
|
|
Financial Type
|
FULL
|
|
Currency
|
MYR
|
|
|
|
|
TURNOVER
|
1,270,583
|
|
|
----------------
|
|
Total Turnover
|
1,270,583
|
|
|
----------------
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
125,706
|
|
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
125,706
|
|
Taxation
|
<1,015>
|
|
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
124,691
|
|
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
As previously reported
|
<266,163>
|
|
|
----------------
|
|
As restated
|
<266,163>
|
|
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
<141,472>
|
|
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
<141,472>
|
|
|
=============
|
|
|
|
BALANCE SHEET
|
ASSETS EMPLOYED:
|
|
|
FIXED ASSETS
|
38,759
|
|
|
|
|
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
38,759
|
|
|
|
|
CURRENT ASSETS
|
|
|
Stocks
|
36,092
|
|
Trade debtors
|
190,628
|
|
Other debtors, deposits & prepayments
|
5,000
|
|
Amount due from director
|
628,053
|
|
Cash & bank balances
|
38,445
|
|
|
----------------
|
|
TOTAL CURRENT ASSETS
|
898,218
|
|
|
----------------
|
|
TOTAL ASSET
|
936,977
|
|
|
=============
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
Trade creditors
|
72,184
|
|
Other creditors & accruals
|
5,250
|
|
Provision for taxation
|
1,015
|
|
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
78,449
|
|
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
819,769
|
|
|
----------------
|
|
TOTAL NET ASSETS
|
858,528
|
|
|
=============
|
|
|
|
|
SHARE CAPITAL
|
|
|
Ordinary share capital
|
1,000,000
|
|
|
----------------
|
|
TOTAL SHARE CAPITAL
|
1,000,000
|
|
|
|
|
RESERVES
|
|
|
Retained profit/(loss) carried forward
|
<141,472>
|
|
|
----------------
|
|
TOTAL RESERVES
|
<141,472>
|
|
|
|
|
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
858,528
|
|
|
|
|
|
----------------
|
|
|
858,528
|
|
|
=============
|
|
|
|
FINANCIAL RATIO
|
TYPES OF FUNDS
|
|
|
Cash
|
38,445
|
|
Net Liquid Funds
|
38,445
|
|
Net Liquid Assets
|
783,677
|
|
Net Current Assets/(Liabilities)
|
819,769
|
|
Net Tangible Assets
|
858,528
|
|
Net Monetary Assets
|
783,677
|
|
BALANCE SHEET ITEMS
|
|
|
Total Borrowings
|
0
|
|
Total Liabilities
|
78,449
|
|
Total Assets
|
936,977
|
|
Net Assets
|
858,528
|
|
Net Assets Backing
|
858,528
|
|
Shareholders' Funds
|
858,528
|
|
Total Share Capital
|
1,000,000
|
|
Total Reserves
|
<141,472>
|
|
LIQUIDITY (Times)
|
|
|
Cash Ratio
|
0.49
|
|
Liquid Ratio
|
10.99
|
|
Current Ratio
|
11.45
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
Stock Ratio
|
10
|
|
Debtors Ratio
|
55
|
|
Creditors Ratio
|
21
|
|
SOLVENCY RATIOS (Times)
|
|
|
Gearing Ratio
|
0.00
|
|
Liabilities Ratio
|
0.09
|
|
Times Interest Earned Ratio
|
0.00
|
|
Assets Backing Ratio
|
0.86
|
|
PERFORMANCE RATIO (%)
|
|
|
Operating Profit Margin
|
9.89
|
|
Net Profit Margin
|
9.81
|
|
Return On Net Assets
|
14.64
|
|
Return On Capital Employed
|
14.64
|
|
Return On Shareholders' Funds/Equity
|
14.52
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
Contingent Liabilities
|
0
|
|