|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
310913-T
|
|
COMPANY NAME
|
:
|
BP ASIA PACIFIC (MALAYSIA) SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
08/08/1994
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
LEVEL 22, QUILL 7, 9, JALAN STESEN SENTRAL 5, KUALA LUMPUR SENTRAL,
50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LEVEL 22, QUILL 7 NO 9, JALAN SENTRAL 5 KUALA LUMPUR SENTRAL, 50470
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-22727272
|
|
FAX.NO.
|
:
|
03-22726868
|
|
CONTACT PERSON
|
:
|
YEOH LEAN IMM ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
46611
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF PETROLEUM AND PETROLEUM RELATED PRODUCTS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
60,000,000.00 DIVIDED INTO
ORDINARY SHARE 600,000.00 OF MYR 100.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
47,800,200.00 DIVIDED INTO
ORDINARY SHARES 478,002 CASH OF MYR 100.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 42,395,722 [2010]
|
|
NET WORTH
|
:
|
MYR 8,767,181 [2010]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
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 petroleum and petroleum
related products.
The SC is not
listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate
holding company of the SC is BP ASIA PACIFIC HOLDINGS LIMITED, a company
incorporated in UNITED KINGDOM.
The ultimate
holding company of the SC is BP P.L.C, a company incorporated in UNITED
KINGDOM.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
BP ASIA PACIFIC HOLDINGS LIMITED
|
CHERTSEY ROAD, SUNBURYON THAMES, MIDDLESEX,, TW16 7BP ENGLAND,
FOREIGN
|
XLZ000008681
|
478,002.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
478,002.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. LIEW CHEE SENG
|
|
Address
|
:
|
NO. 6 JALAN USJ 5/1A, UEP SUBANG JAYA, 47600 SUBANG JAYA, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
730608-14-5369
|
|
Date of Birth
|
:
|
08/06/1973
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
20/04/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. YANG KUOH SIONG
|
|
Address
|
:
|
NO. 18 LORONG RAHIM KAJAI 13, TAMAN TUN DR ISMAIL, 60000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
670619-05-5383
|
|
Date of Birth
|
:
|
19/06/1967
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
12/10/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MS. YEOH LEAN IMM
|
|
Address
|
:
|
A-3-7 AVANT COURT, SRI SENTOSA 6 1/2 MILE, JALAN KLANG LAMA, 58200
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
610423-07-5628
|
|
Date of Birth
|
:
|
23/04/1961
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
01/03/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
SEAN ZAHID PLANT
|
|
Address
|
:
|
NO. 1, LORONG PJU 7/22E, MUTIARA DAMANSARA, 47810 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
761326526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
N/A
|
|
Date of Appointment
|
:
|
08/05/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of Subject
|
:
|
YEOH LEAN IMM
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
ERNST & YOUNG
|
|
Auditor' Address
|
:
|
LEVEL 23A, MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR DAMANSARA,
DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. CHIN NGEOK MUI
|
|
|
IC / PP No
|
:
|
7311328
|
|
|
New IC No
|
:
|
640423-10-7826
|
|
|
Address
|
:
|
3, JALAN IBU KOTA EMPAT, TAMAN IBU KOTA, GOMBAK, 53100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. CHEN BEE LING
|
|
|
IC / PP No
|
:
|
A2824767
|
|
|
New IC No
|
:
|
740719-06-5256
|
|
|
Address
|
:
|
B-3-3A, PANGSAPURI IMPIAN, OFF JALAN PIPIT, BANDAR PUCHONG JAYA,
47100 PUCHONG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
No Banker found in our databank.
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
WORLDWIDE
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
PETROLEUM AND PETROLEUM RELATED PRODUCTS
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)
SMALL & MEDIUM ENTERPRISE
MALAYSIAN INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI)
CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of petroleum and
petroleum related products.
The SC's lubricants business is concentrated on the higher margin sectors of
automotive lubricants, especially in the consumer sector with a strong
presence in the marine and industrial business markets.
It supplies fuel at about 1,200 airports in 90 countries and also presents at
about 1,000 ports around the world.
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-22727272
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
LEVEL 22 QUILL 7 NO 9 JALAN STESEN SENTRAL 5 KULALUMPUR SENTRAL
50470 KUALA LUMPUR
|
|
Current Address
|
:
|
LEVEL 22, QUILL 7 NO 9, JALAN SENTRAL 5 KUALA LUMPUR SENTRAL, 50470
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
NO
|
|
We have contacted the SC's Accountant and its Company Secretary for the
latest financial accounts. However they have rejected our request in view
of the confidentiality of the documents.
|
|
|
Other Investigations
We contacted one of the staff from the Finance Department. She provided some
information on the SC.
The SC refused to disclose its number of employees.
FINANCIAL ANALYSIS
|
The SC's latest financial accounts are up to 2010 which is out dated
in our opinion. Therefore, our comment on the SC financial performance is
restricted thereto.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : N/A
|
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
|
|
46611 : Wholesale of petrol, diesel, lubricants
|
|
|
|
|
INDUSTRY :
|
TRADING
|
|
|
|
|
|
|
According to the Retail Group Malaysia (RGM), the wholesale and
retail trade sector forecast to grow to 6% in year 2013. During the first
quarter of year 2013, RGM is estimating the retail industry to grow 6.9%.
Many retailers have been enjoying better sales since the government handed
out cash from mid-January of 2013 under the second round of Bantuan Rakyat
1Malaysia to more than 12 million Malaysians. Bookstores and related retail
stores have also started enjoying rising sales since the RM250 1Malaysia
Book Voucher was distributed to 1.3 million private and public university
students. Besides, since early February 2013, handphone traders and
retailers selling smartphone accessories have started to benefit from the
RM200 rebate on smartphones for 1.5 million young adults aged between 21
and 30 years with a monthly income of not more than RM3,000.
|
|
|
|
The wholesale and retail trade sector grew 6.1% in the first half of
the year 2012 driven by strong domestic consumption and the increasing
number of large format stores operating in Malaysia, including 180 foreign
hypermarkets, superstores and departmental stores as at end of August 2012.
In addition, other indicators such as imports of consumption goods were
higher by 15.2%.
|
|
|
|
In 2012, the wholesale and retail trade sector growth to 5.5% driven
by higher consumption which benefited from Government initiatives under the
2012 Budget such as BR1M, Baucar Buku 1Malaysia (BB1M) and the RM100
assistance for all primary and secondary school students. The performance
of the sector will also be supported by ongoing efforts to modernise the
retail segment under the ETP. In 2012, 500 retail shops and 50 workshops
are targeted to be modernised under the Retail Shop Transformation (TUKAR)
and Automotive Workshop Modernisation (ATOM) programmes, respectively. As at
end of July 2012, 95 workshops have been modernised, surpassing the yearly
target, while 393 retail shops have been modernised.
|
|
|
|
Growth of the sector is anticipated to remain encouraging with
ongoing efforts by the Government to increase its contribution to the
economy. Major initiatives include increasing the number of large format
stores such as hypermarkets, superstores and departmental stores are
carried out to boost the economy.
|
|
|
|
Over 60% of Gross Domestic Product (GDP) is contributed by domestic
consumption, therefore the wholesale and retail sector plays a crucial role
in driving Malaysia's growth over the next decade despite the ongoing
global economic slowdown. By 2020, Malaysia's wholesale and retail sector
is expected to boost the country's total Gross National Income (GNI) by
RM156 billion, creating 454,190 new jobs.
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1994, the SC is a Private Limited company, focusing on
trading of petroleum and petroleum related products. Having been in the
industry for over a decade, the SC has achieved a certain market share and
has built up a satisfactory reputation in the market. It should have
received supports from its regular customers. Having strong support from
its shareholder has enabled the SC to remain competitive despite the
challenging business environment. The SC is a large entity with strong
capital position.
Over the years, the SC has penetrated into both the local and overseas
market. The SC has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the SC to further
enhance its business in the near term. Overall, we regard that the SC's
management capability is average. This indicates that the SC has greater
potential to improve its business performance and raising income for the
SC.
No latest financial accounts were filed with the Registry office during our
inspection. Therefore, our comment on the SC's overall financial performance
are restricted thereto.
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.
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.
Due to the unavailability of the SC's latest financial information, we
recommend credit be granted to the SC with close monitoring.
|
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
BP ASIA
PACIFIC (MALAYSIA) SDN. BHD.
|
|
Financial Year End
|
31/12/2010
|
31/12/2009
|
31/12/2008
|
31/12/2007
|
31/12/2006
|
|
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
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
42,395,722
|
47,948,422
|
33,145,942
|
30,511,436
|
38,739,735
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
42,395,722
|
47,948,422
|
33,145,942
|
30,511,436
|
38,739,735
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
<2,028,519>
|
<8,047,381>
|
<2,273,129>
|
<4,612,398>
|
<8,421,740>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
<2,028,519>
|
<8,047,381>
|
<2,273,129>
|
<4,612,398>
|
<8,421,740>
|
|
Taxation
|
<139,565>
|
<1,562,656>
|
<1,183,028>
|
<296,509>
|
<1,679,574>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
<2,168,084>
|
<9,610,037>
|
<3,456,157>
|
<4,908,907>
|
<10,101,314>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
<2,168,084>
|
<9,610,037>
|
<3,456,157>
|
<4,908,907>
|
<10,101,314>
|
|
Extraordinary items
|
-
|
<252,125>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
|
<2,168,084>
|
<9,862,162>
|
<3,456,157>
|
<4,908,907>
|
<10,101,314>
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
<39,791,350>
|
<29,929,188>
|
<26,473,031>
|
<21,564,124>
|
<11,462,810>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
<39,791,350>
|
<29,929,188>
|
<26,473,031>
|
<21,564,124>
|
<11,462,810>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
<41,959,434>
|
<39,791,350>
|
<29,929,188>
|
<26,473,031>
|
<21,564,124>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
<41,959,434>
|
<39,791,350>
|
<29,929,188>
|
<26,473,031>
|
<21,564,124>
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
BALANCE SHEET
|
BP ASIA
PACIFIC (MALAYSIA) SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
2,905,576
|
10,724,969
|
7,297,655
|
8,084,336
|
5,948,705
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Deferred assets
|
1,261,285
|
1,000,220
|
-
|
-
|
-
|
|
Others
|
-
|
169,026,458
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
1,261,285
|
170,026,678
|
-
|
-
|
256,296,022
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
4,166,861
|
180,751,647
|
7,297,655
|
8,084,336
|
262,244,727
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Trade debtors
|
157,668
|
150,245
|
-
|
-
|
-
|
|
Other debtors, deposits & prepayments
|
731,920
|
516,730
|
-
|
-
|
-
|
|
Amount due from related companies
|
21,300,726
|
27,370,942
|
-
|
-
|
-
|
|
Cash & bank balances
|
796,043
|
9,867,133
|
-
|
-
|
-
|
|
Others
|
123,411
|
65,200,103
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
23,109,768
|
103,105,153
|
345,408,037
|
370,271,749
|
148,670,346
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
27,276,629
|
283,856,800
|
352,705,692
|
378,356,085
|
410,915,073
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
770,776
|
335,540
|
-
|
-
|
-
|
|
Other creditors & accruals
|
5,397,633
|
9,921,773
|
-
|
-
|
-
|
|
Amounts owing to holding company
|
-
|
312,823
|
-
|
-
|
-
|
|
Amounts owing to related companies
|
6,636,617
|
662,402
|
-
|
-
|
-
|
|
Provision for taxation
|
-
|
460,649
|
-
|
-
|
-
|
|
Other liabilities
|
-
|
66,145,413
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
12,805,026
|
77,838,600
|
198,978,712
|
181,070,670
|
139,012,100
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
10,304,742
|
25,266,553
|
146,429,325
|
189,201,079
|
9,658,246
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
14,471,603
|
206,018,200
|
153,726,980
|
197,285,415
|
271,902,973
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
45,700,200
|
45,700,200
|
34,500,200
|
18,000,200
|
11,000,200
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
45,700,200
|
45,700,200
|
34,500,200
|
18,000,200
|
11,000,200
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
<41,959,434>
|
<39,791,350>
|
<29,929,188>
|
<26,473,031>
|
<21,564,124>
|
|
Others
|
5,026,415
|
3,972,887
|
2,714,100
|
1,722,895
|
1,300,113
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
<36,933,019>
|
<35,818,463>
|
<27,215,088>
|
<24,750,136>
|
<20,264,011>
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
8,767,181
|
9,881,737
|
7,285,112
|
<6,749,936>
|
<9,263,811>
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Retirement benefits provision
|
5,704,422
|
6,110,005
|
-
|
-
|
-
|
|
Others
|
-
|
190,026,458
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
5,704,422
|
196,136,463
|
146,441,868
|
204,035,351
|
281,166,784
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
14,471,603
|
206,018,200
|
153,726,980
|
197,285,415
|
271,902,973
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
BP ASIA PACIFIC
(MALAYSIA) SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
796,043
|
9,867,133
|
-
|
-
|
-
|
|
Net Liquid Funds
|
796,043
|
9,867,133
|
-
|
-
|
-
|
|
Net Liquid Assets
|
10,304,742
|
25,266,553
|
146,429,325
|
189,201,079
|
9,658,246
|
|
Net Current Assets/(Liabilities)
|
10,304,742
|
25,266,553
|
146,429,325
|
189,201,079
|
9,658,246
|
|
Net Tangible Assets
|
14,471,603
|
206,018,200
|
153,726,980
|
197,285,415
|
271,902,973
|
|
Net Monetary Assets
|
4,600,320
|
<170,869,910>
|
<12,543>
|
<14,834,272>
|
<271,508,538>
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
-
|
-
|
-
|
|
Total Liabilities
|
18,509,448
|
273,975,063
|
345,420,580
|
385,106,021
|
420,178,884
|
|
Total Assets
|
27,276,629
|
283,856,800
|
352,705,692
|
378,356,085
|
410,915,073
|
|
Net Assets
|
14,471,603
|
206,018,200
|
153,726,980
|
197,285,415
|
271,902,973
|
|
Net Assets Backing
|
8,767,181
|
9,881,737
|
7,285,112
|
<6,749,936>
|
<9,263,811>
|
|
Shareholders' Funds
|
8,767,181
|
9,881,737
|
7,285,112
|
<6,749,936>
|
<9,263,811>
|
|
Total Share Capital
|
45,700,200
|
45,700,200
|
34,500,200
|
18,000,200
|
11,000,200
|
|
Total Reserves
|
<36,933,019>
|
<35,818,463>
|
<27,215,088>
|
<24,750,136>
|
<20,264,011>
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.06
|
0.13
|
-
|
-
|
-
|
|
Liquid Ratio
|
1.80
|
1.32
|
-
|
-
|
-
|
|
Current Ratio
|
1.80
|
1.32
|
1.74
|
2.04
|
1.07
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
0
|
0
|
-
|
-
|
-
|
|
Debtors Ratio
|
1
|
1
|
-
|
-
|
-
|
|
Creditors Ratio
|
7
|
3
|
-
|
-
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
-
|
-
|
-
|
|
Liabilities Ratio
|
2.11
|
27.73
|
47.41
|
<57.05>
|
<45.36>
|
|
Times Interest Earned Ratio
|
0.00
|
0.00
|
-
|
-
|
-
|
|
Assets Backing Ratio
|
0.32
|
4.51
|
4.46
|
10.96
|
24.72
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
<4.78>
|
<16.78>
|
<6.86>
|
<15.12>
|
<21.74>
|
|
Net Profit Margin
|
<5.11>
|
<20.04>
|
<10.43>
|
<16.09>
|
<26.07>
|
|
Return On Net Assets
|
<14.02>
|
<3.91>
|
<1.48>
|
<2.34>
|
<3.10>
|
|
Return On Capital Employed
|
<14.02>
|
<3.91>
|
<1.48>
|
<2.34>
|
<3.10>
|
|
Return On Shareholders' Funds/Equity
|
<24.73>
|
<97.25>
|
<47.44>
|
72.73
|
109.04
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
-
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|
|
|
|