|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FELDA MARKETING SERVICES SDN BHD |
|
|
|
|
Registered Office : |
Balai Felda, Jalan Gurney 1, 3rd Floor, 54000 Kuala Lumpur, Wilayah
Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
03.08.1995 |
|
|
|
|
Com. Reg. No.: |
353807-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of Palm Oil Products |
|
|
|
|
No. of Employees : |
60 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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. 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 more than 40% of government revenue. The 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 |
|
REGISTRATION NO. |
: |
353807-M |
|
COMPANY NAME |
: |
FELDA MARKETING SERVICES SDN BHD |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
03/08/1995 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
BALAI FELDA, JALAN GURNEY 1, 3RD FLOOR, 54000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
BALAI FELDA, 5TH FLOOR, JALAN GURNEY 1, 54000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
TEL.NO. |
: |
03-26005888 / 26922996 |
|
FAX.NO. |
: |
03-26913426 / 3050 |
|
WEB SITE |
: |
www.felda.net.my |
|
CONTACT PERSON |
: |
EHSAN BAHAUDIN ( CEO ) |
|
INDUSTRY CODE |
: |
46202 |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF PALM OIL PRODUCTS |
|
AUTHORISED CAPITAL |
: |
MYR 25,000,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 17,000,000.00 DIVIDED INTO |
|
SALES |
: |
MYR 681,786,184 [2011] |
|
NET WORTH |
: |
MYR 176,687,279 [2011] |
|
STAFF STRENGTH |
: |
60 [2013] |
|
BANKER (S) |
: |
MALAYAN BANKING BHD |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
NIL |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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 palm oil
products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is FELDA PALM INDUSTRIES SDN
BHD, a company incorporated in MALAYSIA.
The ultimate holding company of the SC is KOPERASI PERMODALAN FELDA
BERHAD, a company incorporated in MALAYSIA.
The penultimate holding company of the SC is FELDA HOLDINGS BERHAD, a
company incorporated in MALAYSIA.
The major shareholder(s) of the SC are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
FELDA PALM INDUSTRIES SDN BHD |
BALAI FELDA, JALAN GURNEY SATU, 3RD FLOOR, 54000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
359584 |
8,670,000.00 |
51.00 |
|
KOPERASI PERMODALAN FELDA BERHAD |
BANGUNAN BLOK J, ANJUNG FELDA, JALAN MAKTAB, 54000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
8,330,000.00 |
49.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
17,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. DZULKIFLI BIN ABD WAHAB |
|
Address |
: |
NO.8 JALAN AU 5C/2, LEMBAH KERAMAT, HULU KLANG, 54200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
New IC No |
: |
550428-05-5333 |
|
Date of Birth |
: |
28/04/1955 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
04/01/2010 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. R SHARIFUDDIN HIZAN BIN R ZAINAL ABIDIN |
|
Address |
: |
NO. 7, LORONG 7A, TAMAN SRI UKAY, 68000 AMPANG, SELANGOR, MALAYSIA. |
|
New IC No |
: |
460121-08-5395 |
|
Date of Birth |
: |
21/01/1946 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/01/2008 |
DIRECTOR 3
|
Name Of Subject |
: |
DATO' SABRI BIN AHMAD, DATO` |
|
Address |
: |
NO 108, JALAN ATHINAHAPAN DUA, TAMAN TUN DR.ISMAIL, 60000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
New IC No |
: |
470520-08-5519 |
|
Date of Birth |
: |
20/05/1947 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
15/07/2010 |
DIRECTOR 4
|
Name Of Subject |
: |
MR. HANAPI BIN SUHADA |
|
Address |
: |
345, JALAN SERI PAGI 7, TAMAN SERI PAGI, 70400 SEREMBAN, NEGERI
SEMBILAN, MALAYSIA. |
|
IC / PP No |
: |
5209218 |
|
New IC No |
: |
570515-05-5575 |
|
Date of Birth |
: |
15/05/1957 |
|
Nationality |
: |
MALAYSIAN MALAY |
|
Date of Appointment |
: |
04/01/2010 |
DIRECTOR 5
|
Name Of Subject |
: |
MR. RAMLI BIN PUTIH |
|
Address |
: |
NO 35,JALAN DAHLIA 1, NILAI IMPIAN, 71800 NILAI, NEGERI SEMBILAN,
MALAYSIA. |
|
New IC No |
: |
530916-02-5231 |
|
Date of Birth |
: |
16/09/1953 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/02/2006 |
DIRECTOR 6
|
Name Of Subject |
: |
MR. SUHAIMI BIN ZAINUDDIN |
|
Address |
: |
21,JALAN 15, TAMAN GOMBAK, 68100 BATU CAVES, SELANGOR, MALAYSIA. |
|
New IC No |
: |
540621-08-5041 |
|
Date of Birth |
: |
21/06/1954 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
03/01/2007 |
DIRECTOR 7
|
Name Of Subject |
: |
MR. MEGAT DZIAUDDIN BIN MEGAT MAHMUD |
|
Address |
: |
64,LENGKOK ZAABA, TAMAN TUN DR.ISMAIL, 60000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
New IC No |
: |
460203-08-5057 |
|
Date of Birth |
: |
03/02/1946 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/02/2006 |
DIRECTOR 8
|
Name Of Subject |
: |
MR. SARCHU BIN SAWAL |
|
Address |
: |
26,JALAN G2, TAMAN MELAWATI, 53100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
New IC No |
: |
490129-01-5495 |
|
Date of Birth |
: |
29/01/1949 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
03/01/2007 |
DIRECTOR 9
|
Name Of Subject |
: |
MR. KHAMIS BIN MOHAMED SOM |
|
Address |
: |
NO.7262,TAMAN SERI SETIA, GOMBAK, ., 53100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
New IC No |
: |
490524-01-5313 |
|
Date of Birth |
: |
24/05/1949 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
14/12/1995 |
|
1) |
Name of Subject |
: |
EHSAN BAHAUDIN |
|
|
Position |
: |
CEO |
|
|
|
|
|
|
2) |
Name of Subject |
: |
SITI AISHAH ABD RAHMAN |
|
|
Position |
: |
FINANCE MANAGER |
|
|
|
|
|
|
3) |
Name of Subject |
: |
MOHD IDRIS ISMAIL |
|
|
Position |
: |
GENERAL MANAGER |
|
|
|
|
|
|
4) |
Name of Subject |
: |
MOHD GHAZALI ISMAIL |
|
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor' Address |
: |
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR SENTRAL, PO BOX 10192, LEVEL
10, 50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. IDA SURYATI BINTI AB RAHIM |
|
|
New IC No |
: |
720404-03-5740 |
|
|
Address |
: |
NO.20 JALAN TERATAK U8/95B, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR,
MALAYSIA. |
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. |
No encumbrance was found in our databank at the time of investigation.
* 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.
* 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.
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Overseas |
: |
NO |
Percentage |
: |
0% |
The SC's products are sourced from Felda Group of Companies.
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 |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
Percentage |
: |
30% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
Percentage |
: |
70% |
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES,TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC) |
|||
|
Goods Traded |
: |
PALM OIL PRODUCTS
|
|||||
|
Award |
: |
1 ) MS ISO 9001 : 2000 Year :2003
|
|||||
|
Competitor(s) |
: |
AMBROSIA SDN BHD
|
|||||
|
Ownership of premises |
: |
OWNED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
|
|
|
|
|
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
|
COMPANY |
60 |
60 |
60 |
66 |
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of palm oil
products.
We were informed that the SC acts as the marketing arm of the Felda Group of
Companies.
The SC involved in the sales of palm products and trades in physicals and paper
futures.
It offers a wide range of products includes as follows:
* Crude Palm Oil
* Crude Palm Olein
* RBD Palm Oil
* RBD Palm Olein
* RBD Palm Stearin
* Palm Fatty Acid Distillate
* Crude Palm Kernel Oil
* RBD Palm Kernel Oil
* Palm Kernels
* Palm Kernels Expeller
Besides that the SC has a Regional Sales Office based in London, United
Kingdom.
No projects found in our databank
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
0326005888 / 26922996 |
|
Current Telephone Number |
: |
03-26005888 / 26922996 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
BALAI FELDA, 5TH FLOOR,JALAN GURNEY 1,54000,KUALA LUMPUR,WILAYAH
PERSEKUTUAN. |
|
Current Address |
: |
BALAI FELDA, 5TH FLOOR, JALAN GURNEY 1, 54000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
Match |
: |
N/A |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 9th January 2013 we contacted one of the staff from the Accounts Department.
She provided some information on the SC.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2008 - 2011 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2008 - 2011 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
10.24% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
13.81% |
] |
|
|
|
|
|
|
|
|
|
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years.The SC's
profit fell sharply because of the high operating costs incurred. The SC's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
91 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
16 Days |
] |
|
|
|
|
|
|
|
|
|
|
As the SC is a service oriented company, the SC does not need to keep
stocks. The SC's debtors ratio was high. The SC should tighten its credit control
and improve its collection period. 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 |
[ |
1.42 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.42 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 |
: |
Acceptable |
[ |
0.83 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was nil as it did not pay any interest during
the year. The SC's gearing was slightly high. The SC is utilising the
leverage concept to fund its expansion. However, the high gearing has added
financial risks to the SC. It will be more vulnerable in times of economy
downturn. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Although the SC's turnover had increased, its profits had declined over
the same corresponding period. This could be due to the stiffer market
competition and / or higher operating costs which lowered the SC's profit
margin. 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's gearing was
slightly high and its financial risk was also high. If no plans are made to
reduce its gearing, the SC's performance may deteriorate in the coming year. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : STABLE |
||||||
|
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 |
|||||
|
MSIC CODE |
|
|
46202 : Wholesale of palm oil |
|
|
INDUSTRY : |
PALM OIL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
Incorporated in 1995, the SC is a Private Limited company, focusing on trading
of palm oil products. Having been in the industry for 18 years, 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 holding company 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 established an extensive clientele base in the
market. Besides catering to the local market, the SC has penetrated into other
countries. With the contribution of both local and overseas customers, the SC
is likely to be exposed to lower commercial risk. Hence, we believe that the SC
has better business expansion opportunities in the future. Being a moderate
size company, the SC has a total workforce of 60 employees in its business
operations. Overall, we regard that the SC's management capability is average.
Financially, the SC registered a higher turnover compared to previous year.
However, its profits showed a reverse trend. The lower profit achieved was a
result of higher operating cost and increased competition. 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. The gearing level of the SC is slightly high, therefore
it faces moderate financial risk. However, given a positive net worth standing
at MYR 176,687,279, the SC should be able to maintain its business in the near
terms.
We noted that the SC's supplies are solely sourced from local market. Being
highly dependent on a limited number of suppliers could lead to delays, lost of
revenue and increased costs if such resources become unavailable or shortage.
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 promptly.
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
FELDA MARKETING SERVICES SDN BHD
|
Financial Year
End |
31/12/2011 |
31/12/2010 |
31/12/2009 |
31/12/2008 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
681,786,184 |
537,532,265 |
395,302,384 |
182,972,168 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
681,786,184 |
537,532,265 |
395,302,384 |
182,972,168 |
|
Costs of Goods Sold |
<652,495,952> |
<506,374,301> |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
29,290,232 |
31,157,964 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
24,474,211 |
78,081,873 |
16,025,658 |
6,594,708 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
24,474,211 |
78,081,873 |
16,025,658 |
6,594,708 |
|
Taxation |
<6,388,475> |
<4,261,932> |
<6,673,066> |
<4,631,552> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
18,085,736 |
73,819,941 |
9,352,592 |
1,963,156 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
116,668,955 |
63,093,405 |
60,115,813 |
89,772,657 |
|
Prior year adjustment |
- |
<7,463,625> |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
116,668,955 |
55,629,780 |
60,115,813 |
89,772,657 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
134,754,691 |
129,449,721 |
69,468,405 |
91,735,813 |
|
DIVIDENDS - Ordinary (paid & proposed) |
<5,100,000> |
<12,780,766> |
<6,375,000> |
<31,620,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
129,654,691 |
116,668,955 |
63,093,405 |
60,115,813 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
FELDA MARKETING SERVICES SDN BHD
ASSETS EMPLOYED:
|
FIXED ASSETS |
1,155,747 |
744,132 |
765,821 |
1,266,481 |
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
Subsidiary companies |
- |
- |
- |
5,577,956 |
|
Associated companies |
20,000 |
20,000 |
29,020,442 |
29,020,442 |
|
Investment properties |
829,320 |
878,934 |
928,547 |
4 |
|
Deferred assets |
- |
881,340 |
1,132,706 |
1,867,703 |
|
Others |
95,198,041 |
90,203,320 |
2,925,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
96,047,361 |
91,983,594 |
34,006,695 |
36,466,105 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
97,203,108 |
92,727,726 |
34,772,516 |
37,732,586 |
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Short term quoted/unquoted investments |
- |
- |
- |
14,300 |
|
Stocks |
- |
- |
31,813,597 |
8,391,290 |
|
Trade debtors |
169,060,158 |
111,313,782 |
66,965,214 |
135,765,152 |
|
Other debtors, deposits & prepayments |
969,593 |
12,359,509 |
15,275,625 |
393,792 |
|
Short term deposits |
57,882,464 |
36,463,288 |
71,750,110 |
47,352,208 |
|
Amount due from holding company |
30,617,385 |
6,151,489 |
4,869,460 |
4,351,954 |
|
Amount due from related companies |
5,253,990 |
4,532,801 |
39,928,640 |
5,607,610 |
|
Amount due from associated companies |
2,410,074 |
3,158,000 |
- |
- |
|
Cash & bank balances |
3,795,950 |
20,952,911 |
27,394,607 |
5,265,771 |
|
Others |
2,253,489 |
- |
1,718,459 |
14,498,755 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
272,243,103 |
194,931,780 |
259,715,712 |
221,640,832 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
369,446,211 |
287,659,506 |
294,488,228 |
259,373,418 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Trade creditors |
29,145,569 |
10,091,245 |
31,673,050 |
6,611,642 |
|
Other creditors & accruals |
5,698,240 |
4,055,848 |
13,521,619 |
10,126,722 |
|
Short term borrowings/Term loans |
147,134,575 |
104,114,084 |
134,331,537 |
112,584,000 |
|
Other liabilities & accruals |
1,062,679 |
5,719,950 |
- |
- |
|
Amounts owing to holding company |
3,789,370 |
- |
- |
- |
|
Amounts owing to related companies |
5,443,533 |
4,544,878 |
9,233,329 |
14,705,653 |
|
Dividends payable/proposed |
- |
- |
- |
12,750,000 |
|
Other liabilities |
- |
324,786 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
192,273,966 |
128,850,791 |
188,759,535 |
156,778,017 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
79,969,137 |
66,080,989 |
70,956,177 |
64,862,815 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
177,172,245 |
158,808,715 |
105,728,693 |
102,595,401 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share capital |
17,000,000 |
17,000,000 |
17,000,000 |
17,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
17,000,000 |
17,000,000 |
17,000,000 |
17,000,000 |
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
Share premium |
25,479,588 |
25,479,588 |
25,479,588 |
25,479,588 |
|
Retained profit/(loss) carried forward |
129,654,691 |
116,668,955 |
63,093,405 |
60,115,813 |
|
Others |
4,553,000 |
<441,721> |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
159,687,279 |
141,706,822 |
88,572,993 |
85,595,401 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
176,687,279 |
158,706,822 |
105,572,993 |
102,595,401 |
|
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
|
Deferred taxation |
404,031 |
- |
- |
- |
|
Retirement benefits provision |
- |
- |
155,700 |
- |
|
Others |
80,935 |
101,893 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
484,966 |
101,893 |
155,700 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
177,172,245 |
158,808,715 |
105,728,693 |
102,595,401 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
Contingent Liabilities |
2,000,000 |
2,000,000 |
5,000,000 |
5,000,000 |
FELDA MARKETING SERVICES SDN BHD
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
61,678,414 |
57,416,199 |
99,144,717 |
52,617,979 |
|
Net Liquid Funds |
61,678,414 |
57,416,199 |
99,144,717 |
52,617,979 |
|
Net Liquid Assets |
79,969,137 |
66,080,989 |
39,142,580 |
56,471,525 |
|
Net Current Assets/(Liabilities) |
79,969,137 |
66,080,989 |
70,956,177 |
64,862,815 |
|
Net Tangible Assets |
177,172,245 |
158,808,715 |
105,728,693 |
102,595,401 |
|
Net Monetary Assets |
79,484,171 |
65,979,096 |
38,986,880 |
56,471,525 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
Total Borrowings |
147,134,575 |
104,114,084 |
134,331,537 |
112,584,000 |
|
Total Liabilities |
192,758,932 |
128,952,684 |
188,915,235 |
156,778,017 |
|
Total Assets |
369,446,211 |
287,659,506 |
294,488,228 |
259,373,418 |
|
Net Assets |
177,172,245 |
158,808,715 |
105,728,693 |
102,595,401 |
|
Net Assets Backing |
176,687,279 |
158,706,822 |
105,572,993 |
102,595,401 |
|
Shareholders' Funds |
176,687,279 |
158,706,822 |
105,572,993 |
102,595,401 |
|
Total Share Capital |
17,000,000 |
17,000,000 |
17,000,000 |
17,000,000 |
|
Total Reserves |
159,687,279 |
141,706,822 |
88,572,993 |
85,595,401 |
|
LIQUIDITY (Times) |
|
|
|
|
|
Cash Ratio |
0.32 |
0.45 |
0.53 |
0.34 |
|
Liquid Ratio |
1.42 |
1.51 |
1.21 |
1.36 |
|
Current Ratio |
1.42 |
1.51 |
1.38 |
1.41 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
0 |
0 |
29 |
17 |
|
Debtors Ratio |
91 |
76 |
62 |
271 |
|
Creditors Ratio |
16 |
7 |
29 |
13 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
Gearing Ratio |
0.83 |
0.66 |
1.27 |
1.10 |
|
Liabilities Ratio |
1.09 |
0.81 |
1.79 |
1.53 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
|
Assets Backing Ratio |
10.42 |
9.34 |
6.22 |
6.04 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
3.59 |
14.53 |
4.05 |
3.60 |
|
Net Profit Margin |
2.65 |
13.73 |
2.37 |
1.07 |
|
Return On Net Assets |
13.81 |
49.17 |
15.16 |
6.43 |
|
Return On Capital Employed |
13.81 |
49.17 |
15.16 |
6.43 |
|
Return On Shareholders' Funds/Equity |
10.24 |
46.51 |
8.86 |
1.91 |
|
Dividend Pay Out Ratio (Times) |
0.28 |
0.17 |
0.68 |
16.11 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
Contingent Liabilities |
2,000,000 |
2,000,000 |
5,000,000 |
5,000,000 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.