|
Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
QL FEED SDN. BHD. |
|
|
|
|
Formerly Known As : |
QL DISTRIBUTION SDN BHD |
|
|
|
|
Registered Office : |
16A, Jalan Astaka U8/83, Bukit Jelutong, 40150 Shah Alam, Selangor, |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
16.05.2001 |
|
|
|
|
Com. Reg. No.: |
547781-V |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is principally engaged in the distribution of
animal feed raw material and food grain |
|
|
|
|
No. of Employees : |
40 [2014] |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC
OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 35% of government revenue in 2011. Bank Negera Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests
|
Source
: CIA |
|
REGISTRATION NO. |
: |
547781-V |
||||
|
COMPANY NAME |
: |
QL FEED SDN. BHD. |
||||
|
FORMER NAME |
: |
QL DISTRIBUTION SDN BHD
(22/05/2007) |
||||
|
INCORPORATION DATE |
: |
16/05/2001 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
16A, JALAN ASTAKA U8/83, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
16A, JALAN ASTAKA U8/83, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-78012282 |
||||
|
FAX.NO. |
: |
03-78012226 |
||||
|
WEB SITE |
: |
WWW.QL.COM.MY |
||||
|
CONTACT PERSON |
: |
CHIA SONG KUN ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
46902 |
||||
|
PRINCIPAL ACTIVITY |
: |
DISTRIBUTION OF ANIMAL FEED RAW MATERIAL AND FOOD GRAIN |
||||
|
AUTHORISED CAPITAL |
: |
MYR 50,000,000.00
DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 26,000,000.00
DIVIDED INTO |
||||
|
SALES |
: |
MYR 950,196,000 [2013] |
||||
|
NET WORTH |
: |
MYR 76,309,000 [2013] |
||||
|
M1000 OVERALL RANKING |
: |
517[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
2[2011] |
||||
|
STAFF STRENGTH |
: |
40 [2014] |
||||
|
||||||
|
LITIGATION |
: |
TRACED |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY
/ BACKGROUND
|
The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) distribution of animal feed raw material and food grain.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the Subject's ranking are as follows: |
|||
|
YEAR |
2011 |
2009 |
|
|
OVERALL RANKING |
517 |
568 |
|
|
INDUSTRY RANKING |
2 |
3 |
|
The immediate holding company of the Subject is QL FEEDINGSTUFFS SDN. BHD., a company incorporated in MALAYSIA.
The ultimate holding company of the Subject is QL RESOURCES BERHAD, a company incorporated in MALAYSIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 50,000,000.00 |
MYR 26,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
QL FEEDINGSTUFFS SDN. BHD. |
16A, JALAN ASTAKA U8/83, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
147366A |
26,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
26,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. CHIA SEONG POW |
|
Address |
: |
19, JALAN KELAB GOLF 13/3, SEKSYEN 13, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
4863224 |
|
New IC No |
: |
550909-10-6285 |
|
Date of Birth |
: |
09/09/1955 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/06/2001 |
|
Qualification |
: |
DIP IN BUILDING TECHNOLOGY FROM TUANKU ABDUL RAHMAN COLLEGE |
|
Profile |
: |
MORE THAN 15 YEARS OF EXPERIENCE IN THE LIVESTOCK & FOOD INDUSTRY COVERING LAYER FARMING, MANUFACTURING, TRADING & SHIPPING |
DIRECTOR 2
|
Name Of Subject |
: |
MR. CHIA SONG SWA |
|
Address |
: |
8, JALAN SETIA NUSANTARA U13/19B, SETIA ECO PARK, SETIA ALAM, SECTION U13, 40170 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
5886688 |
|
New IC No |
: |
600215-10-5723 |
|
Date of Birth |
: |
15/02/1960 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
24/05/2007 |
|
Qualification |
: |
DEGREE IN CHEMISTRY & STATISTICS FROM UNIVERSITY OF CAMPBELL |
|
Profile |
: |
MGTE TRAINEE AT GENTING BHD FROM 1984-1986 JOINED QL RESOURCES AS A SALES EXE IN 1987 12 YEARS EXPERIENCE IN FEED RAW MATERIAL DISTRIBUTION |
DIRECTOR 3
|
Name Of Subject |
: |
MR. CHIA SONG KUN |
|
Address |
: |
17, JALAN KELAB GOLF 13/3, SEKSYEN 13, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
2301518 |
|
New IC No |
: |
491208-10-6007 |
|
Date of Birth |
: |
08/12/1949 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/06/2001 |
|
Qualification |
: |
B.SC (HONOURS) IN MATHEMATICS, UM IN 1972 & M.B.A., UM IN 1988. |
|
Profile |
: |
TUTOR IN UM IN 1973 & LECTURER AT ITM FOR 11 YEARS UNTIL 1984 INCORPORATE CBG HOLDING SDN BHD IN 1984 TO COMMENCE THE BUSS OF DISTRIBUTING FISHMEAL & OTHER FEED-MEAL RAW MATERIALS |
|
Other Info |
: |
ACTIVE IN KLANG CHINESE CHAMBER OF COMMERCE & INDUSTRY WHERE HEAD OF THE COMMERCE COMMITTEE SINCE EARLY 1999 |
DIRECTOR 4
|
Name Of Subject |
: |
MR. CHIA MAK HOOI |
|
Address |
: |
29, JALAN KUBAH U8/59, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A0187626 |
|
New IC No |
: |
650605-08-6113 |
|
Date of Birth |
: |
05/06/1965 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/06/2003 |
|
Qualification |
: |
DEGREE IN ACCOUNTING & FINANCE FROM ARIZONA STATE UNIVERSITY IN 1988 |
|
Profile |
: |
WITH LOCAL AUDIT FIRM IN LOS ANGELASFOR 1 YEAR JOINED CONCEPT ENTERPRISES INC. USA AS AN ASSISTANT ACCOUNTANT FOR 2 YEARS JOINED QL FEEDINGSTUFFS SDN BHD AS FINANCE MANAGER IN 1991 |
|
1) |
Name of Subject |
: |
CHIA SONG KUN |
|
Position |
: |
MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
CHIA SONG SWA |
|
Position |
: |
SALES DIRECTOR |
|
|
3) |
Name of Subject |
: |
JOSK SUI |
|
Position |
: |
HEAD OF HUMAN RESOURCE |
|
|
4) |
Name of Subject |
: |
YVONNE NG |
|
Position |
: |
GENERAL SECRETARY |
|
AUDITOR
|
|
Auditor |
: |
KPMG |
|
Auditor' Address |
: |
KPMG TOWER, 8, FIRST AVENUE, BANDAR UTAMA, LEVEL 10, 47800 PETALING JAYA, SELANGOR, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. NG GEOK PING |
|
IC / PP No |
: |
A1165996 |
|
|
New IC No |
: |
681230-10-6772 |
|
|
Address |
: |
29, JALAN MERBUK 3, BANDAR PUCHONG JAYA, 47100 PUCHONG, SELANGOR, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. WEE PEK SAW |
|
IC / PP No |
: |
A2781595 |
|
|
New IC No |
: |
740710-03-5050 |
|
|
Address |
: |
37, JALAN BP14/3, BANDAR BUKIT PUCHONG 2, 47120 PUCHONG, SELANGOR, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
RHB BANK BHD |
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LEGAL
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
|
LEGAL ACTION |
|
||||||||||||
|
|||||||||||||
|
Code No |
: |
22 |
Case No |
: |
1061 |
||||||||
|
Year |
: |
2004 |
Place |
: |
KUALA LUMPUR |
||||||||
|
Court |
: |
HIGH COURT |
|||||||||||
|
Solicitor |
: |
CHEW BIMAN & CO |
|||||||||||
|
Solicitor Tel. No. |
: |
03-20787544/5712 |
|||||||||||
|
Plaintiff |
: |
MOM MARKETING SDN BHD |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Amount Claimed |
: |
3000000.62 |
|||||||||||
|
Nature of Claim |
: |
GDS SOLD & DELIVERED |
|||||||||||
|
Remark |
: |
LIST |
|||||||||||
|
NOTE: |
Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person. |
|
No winding up petition was found in our databank |
||
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject 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% |
The Subject 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 |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
30 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
END USERS,RETAIL |
|||
OPERATIONS
|
|
Goods Traded |
: |
ANIMAL FEED RAW MATERIALS AND FOOD GRAIN |
|||||
|
Competitor(s) |
: |
DANBERG (M) SDN. BHD. |
|||||
|
Member(s) / Affiliate(s) |
: |
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) MALAYSIA FOOD & BEVERAGE INDUSTRY |
|||||
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
40 |
40 |
40 |
35 |
33 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) distribution of animal
feed raw material and food grain.
We were informed that the Subject is under the QL Resources Group of Companies.
The QL Group is a diversified agri-based group of companies. The Group is
principally involved in marine products manufacturing, integrated livestock
farming and oil palm related activities.
According to the Subject, it offers a wide range of raw materials for animal
feed.
The products are including corn, fish meal, soya bean and others.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-78012282 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
16 A JALAN ASTAKA U8/83 BUKIT JELUTONG 40150 SHAH ALAM SELANGOR DARUL EHSAN |
|
Current Address |
: |
16A, JALAN ASTAKA U8/83, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
we contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
32.33% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
48.68% |
] |
|
|
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
14 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
32 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
2 Days |
] |
|
|
The Subject'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 Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.20 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.38 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Acceptable |
[ |
6.93 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.24 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay. |
||||||
|
Overall Assessment : |
||||||
|
Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject's gearing 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 Subject : FAIR |
||||||
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 |
INDUSTRY
ANALYSIS
|
|
MSIC CODE |
|
|
46902 : Wholesale of animal/pet food |
|
|
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
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
QL FEED SDN. BHD. |
|
Financial Year End |
2013-03-31 |
2012-03-31 |
2011-03-31 |
2010-03-31 |
2009-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
950,196,000 |
794,157,000 |
792,339,000 |
677,882,757 |
635,430,045 |
|
Other Income |
3,546,000 |
3,672,000 |
2,116,000 |
7,902,161 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
953,742,000 |
797,829,000 |
794,455,000 |
685,784,918 |
635,430,045 |
|
Costs of Goods Sold |
(911,517,000) |
(773,941,000) |
(749,747,000) |
(650,438,943) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
42,225,000 |
23,888,000 |
44,708,000 |
35,345,975 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
31,787,000 |
15,482,000 |
36,345,000 |
29,223,794 |
16,308,091 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
31,787,000 |
15,482,000 |
36,345,000 |
29,223,794 |
16,308,091 |
|
Taxation |
(7,114,000) |
(3,091,000) |
(8,135,000) |
(5,217,275) |
(3,416,438) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
24,673,000 |
12,391,000 |
28,210,000 |
24,006,519 |
12,891,653 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
24,573,000 |
26,286,000 |
1,006,986 |
(14,910,733) |
(25,332,386) |
|
Prior year adjustment |
- |
- |
11,014 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
24,573,000 |
26,286,000 |
1,018,000 |
(14,910,733) |
(25,332,386) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
49,246,000 |
38,677,000 |
29,228,000 |
9,095,786 |
(12,440,733) |
|
DIVIDENDS - Ordinary (paid & proposed) |
(6,822,000) |
(14,104,000) |
(2,942,000) |
(8,088,800) |
(2,470,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
42,424,000 |
24,573,000 |
26,286,000 |
1,006,986 |
(14,910,733) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
2,000 |
1,000 |
1,000 |
1,037 |
22,721 |
|
Bankers' acceptance |
5,213,000 |
4,726,000 |
- |
- |
- |
|
Loan from holding company |
98,000 |
31,000 |
61,000 |
65,152 |
- |
|
Revolving loans |
49,000 |
- |
- |
- |
- |
|
Others |
- |
- |
3,217,000 |
2,486,494 |
6,213,194 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
5,362,000 |
4,758,000 |
3,279,000 |
2,552,683 |
6,235,915 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
QL FEED SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
1,127,000 |
2,684,000 |
3,096,000 |
3,750,015 |
9,261,021 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
- |
- |
- |
2 |
- |
|
Investment properties |
612,000 |
867,000 |
1,147,000 |
1,300,376 |
6,260,623 |
|
Deferred assets |
29,000 |
65,000 |
559,000 |
573,000 |
894,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
641,000 |
932,000 |
1,706,000 |
1,873,378 |
7,154,623 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,768,000 |
3,616,000 |
4,802,000 |
5,623,393 |
16,415,644 |
|
CURRENT ASSETS |
|||||
|
Short term quoted/unquoted investments |
- |
11,496,000 |
13,483,000 |
- |
- |
|
Stocks |
35,472,000 |
30,097,000 |
39,516,000 |
34,321,646 |
33,547,345 |
|
Trade debtors |
83,706,000 |
51,441,000 |
130,734,000 |
34,307,088 |
36,002,586 |
|
Other debtors, deposits & prepayments |
1,864,000 |
1,948,000 |
2,066,000 |
1,568,950 |
4,787,081 |
|
Short term deposits |
- |
2,901,000 |
6,000,000 |
7,000,384 |
11,242,949 |
|
Amount due from holding company |
14,545,000 |
6,409,000 |
6,405,000 |
2,106,456 |
- |
|
Amount due from subsidiary companies |
- |
- |
1,682,000 |
2,240 |
- |
|
Amount due from related companies |
116,235,000 |
72,742,000 |
1,110,000 |
55,348,500 |
49,163,241 |
|
Cash & bank balances |
19,791,000 |
18,030,000 |
15,194,000 |
6,329,351 |
7,417,920 |
|
Others |
345,000 |
919,000 |
37,000 |
40,248,250 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
271,958,000 |
195,983,000 |
216,227,000 |
181,232,865 |
142,161,122 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
273,726,000 |
199,599,000 |
221,029,000 |
186,856,258 |
158,576,766 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
5,135,000 |
2,181,000 |
17,058,000 |
7,346,188 |
7,587,089 |
|
Other creditors & accruals |
1,931,000 |
1,225,000 |
1,013,000 |
909,195 |
1,090,882 |
|
Bill & acceptances payable |
170,974,000 |
127,708,000 |
139,324,000 |
113,480,257 |
105,566,555 |
|
Amounts owing to holding company |
5,528,000 |
- |
185,000 |
- |
- |
|
Amounts owing to related companies |
11,919,000 |
9,738,000 |
29,000 |
11,712,167 |
8,880,724 |
|
Provision for taxation |
1,930,000 |
- |
2,924,000 |
1,850,000 |
1,035,716 |
|
Other liabilities |
- |
- |
210,000 |
413,730 |
320,975 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
197,417,000 |
140,852,000 |
160,743,000 |
135,711,537 |
124,481,941 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
74,541,000 |
55,131,000 |
55,484,000 |
45,521,328 |
17,679,181 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
76,309,000 |
58,747,000 |
60,286,000 |
51,144,721 |
34,094,825 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
26,000,000 |
26,000,000 |
26,000,000 |
26,000,000 |
26,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
26,000,000 |
26,000,000 |
26,000,000 |
26,000,000 |
26,000,000 |
|
RESERVES |
|||||
|
Share premium |
8,000,000 |
8,000,000 |
8,000,000 |
8,000,000 |
8,000,000 |
|
General reserve |
(115,000) |
174,000 |
- |
- |
- |
|
Retained profit/(loss) carried forward |
42,424,000 |
24,573,000 |
26,286,000 |
1,006,986 |
(14,910,733) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
50,309,000 |
32,747,000 |
34,286,000 |
9,006,986 |
(6,910,733) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
76,309,000 |
58,747,000 |
60,286,000 |
35,006,986 |
19,089,267 |
|
LONG TERM LIABILITIES |
|||||
|
Others |
- |
- |
- |
16,137,735 |
15,005,558 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
- |
- |
- |
16,137,735 |
15,005,558 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
76,309,000 |
58,747,000 |
60,286,000 |
51,144,721 |
34,094,825 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
QL FEED SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
19,791,000 |
20,931,000 |
21,194,000 |
13,329,735 |
18,660,869 |
|
Net Liquid Funds |
(151,183,000) |
(106,777,000) |
(118,130,000) |
(100,150,522) |
(86,905,686) |
|
Net Liquid Assets |
39,069,000 |
25,034,000 |
15,968,000 |
11,199,682 |
(15,868,164) |
|
Net Current Assets/(Liabilities) |
74,541,000 |
55,131,000 |
55,484,000 |
45,521,328 |
17,679,181 |
|
Net Tangible Assets |
76,309,000 |
58,747,000 |
60,286,000 |
51,144,721 |
34,094,825 |
|
Net Monetary Assets |
39,069,000 |
25,034,000 |
15,968,000 |
(4,938,053) |
(30,873,722) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
171,023,000 |
127,708,000 |
139,324,000 |
113,480,257 |
105,566,555 |
|
Total Liabilities |
197,417,000 |
140,852,000 |
160,743,000 |
151,849,272 |
139,487,499 |
|
Total Assets |
273,726,000 |
199,599,000 |
221,029,000 |
186,856,258 |
158,576,766 |
|
Net Assets |
76,309,000 |
58,747,000 |
60,286,000 |
51,144,721 |
34,094,825 |
|
Net Assets Backing |
76,309,000 |
58,747,000 |
60,286,000 |
35,006,986 |
19,089,267 |
|
Shareholders' Funds |
76,309,000 |
58,747,000 |
60,286,000 |
35,006,986 |
19,089,267 |
|
Total Share Capital |
26,000,000 |
26,000,000 |
26,000,000 |
26,000,000 |
26,000,000 |
|
Total Reserves |
50,309,000 |
32,747,000 |
34,286,000 |
9,006,986 |
(6,910,733) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.10 |
0.15 |
0.13 |
0.10 |
0.15 |
|
Liquid Ratio |
1.20 |
1.18 |
1.10 |
1.08 |
0.87 |
|
Current Ratio |
1.38 |
1.39 |
1.35 |
1.34 |
1.14 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
14 |
14 |
18 |
18 |
19 |
|
Debtors Ratio |
32 |
24 |
60 |
18 |
21 |
|
Creditors Ratio |
2 |
1 |
8 |
4 |
4 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
2.24 |
2.17 |
2.31 |
3.24 |
5.53 |
|
Liabilities Ratio |
2.59 |
2.40 |
2.67 |
4.34 |
7.31 |
|
Times Interest Earned Ratio |
6.93 |
4.25 |
12.08 |
12.45 |
3.62 |
|
Assets Backing Ratio |
2.93 |
2.26 |
2.32 |
1.97 |
1.31 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
3.35 |
1.95 |
4.59 |
4.31 |
2.57 |
|
Net Profit Margin |
2.60 |
1.56 |
3.56 |
3.54 |
2.03 |
|
Return On Net Assets |
48.68 |
34.45 |
65.73 |
62.13 |
66.12 |
|
Return On Capital Employed |
48.65 |
34.45 |
65.73 |
62.13 |
66.12 |
|
Return On Shareholders' Funds/Equity |
32.33 |
21.09 |
46.79 |
68.58 |
67.53 |
|
Dividend Pay Out Ratio (Times) |
0.28 |
1.14 |
0.10 |
0.34 |
0.19 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.