|
Report Date : |
18.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRISTAR GLOBAL
SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 1207, 12th Floor, Kompleks
Selangor, Jalan Sultan, 50000 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
03.11.2000 |
|
|
|
|
Com. Reg. No.: |
530920-D |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Trader of Commodities, Palm Oil and Palm
Oil Derived Products |
|
|
|
|
No of Employees : |
10 |
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 : |
Regular |
|
|
|
|
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. |
: |
530920-D |
||||
|
COMPANY NAME |
: |
TRISTAR GLOBAL SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
03/11/2000 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
SUITE 1207, 12TH FLOOR, KOMPLEKS SELANGOR, JALAN SULTAN, 50000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
3-11, BLOCK B, PHILEO DAMANSARA II, NO. 15, JALAN 16/11, OFF JALAN
DAMANSARA, 46350 PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-79587166 |
||||
|
FAX.NO. |
: |
03-79585166 |
||||
|
CONTACT PERSON |
: |
DIVAKARAN ( DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
46202 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF COMMODITIES, PALM OIL AND PALM
OIL DERIVED PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 525,007.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 184,958,103 [2011] |
||||
|
NET WORTH |
: |
MYR 1,644,507 [2011] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
10 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MATURE |
||||
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) trading of commodities, palm oil and palm oil derived products.
The Subject is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
01/07/2013 |
MYR 1,000,000.00 |
MYR 525,007.00 |
|
15/02/2013 |
MYR 500,000.00 |
MYR 350,005.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MR. DIVAKARAN A/L NADARAJAN + |
2B-1805, MAWWELL TOWERS, GASING HEIGHTS,
10, JALAN 5/58C, 46000 PETALING JAYA, SELANGOR, MALAYSIA. |
640110-08-6163 |
210,001.00 |
40.00 |
|
MR. ABRAHAM THOMAS + |
A-08-06, VISTA KIARA CONDOMINIUM, 7, JALAN
1/61A, BUKIT KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
591205-75-5069 |
157,503.00 |
30.00 |
|
MR. SOSHEEL KUMAR A/L TATHRAM SHARMA + |
NO.1, JALAN TEMPINIS 4, ( LUCKY GARDENS ),
BANGSAR BARU, 59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
520518-10-5253 |
157,503.00 |
30.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
525,007.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR
1
|
Name Of Subject |
: |
MS. SHAMSIAH BINTI SAMLI |
|
Address |
: |
NO. 15, JALAN AU 20/2, TAMAN DESA KERAMAT,
AMPANG, 54200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
690506-10-6226 |
|
Date of Birth |
: |
06/05/1969 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
03/11/2000 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. ABRAHAM THOMAS |
|
Address |
: |
A-08-06, VISTA KIARA CONDOMINIUM, 7, JALAN
1/61A, BUKIT KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
591205-75-5069 |
|
Date of Birth |
: |
05/12/1959 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
23/03/2006 |
DIRECTOR
3
|
Name Of Subject |
: |
MR. SOSHEEL KUMAR A/L TATHRAM SHARMA |
|
Address |
: |
NO.1, JALAN TEMPINIS 4, ( LUCKY GARDENS ),
BANGSAR BARU, 59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
520518-10-5253 |
|
Date of Birth |
: |
18/05/1952 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
03/11/2000 |
DIRECTOR
4
|
Name Of Subject |
: |
MR. DIVAKARAN A/L NADARAJAN |
|
Address |
: |
2B-1805, MAWWELL TOWERS, GASING HEIGHTS,
10, JALAN 5/58C, 46000 PETALING JAYA, SELANGOR, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
640110-08-6163 |
|
Date of Birth |
: |
10/01/1964 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
23/03/2006 |
|
1) |
Name of Subject |
: |
DIVAKARAN |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
LLYDS.EARLE.PANICKER |
|
Auditor' Address |
: |
SUITE 1.00, WISMA YAKIN, JALAN MASJID
INDIA, 6TH FLOOR, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. KHAW BEE LING |
|
|
|
|
|
|
|
New IC No |
: |
630722-10-6154 |
|
|
Address |
: |
39, JALAN HUJAN EMAS 4, OVERSEAS UNION
GARDEN, 58200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
MS. MADONNA A/P A M FRANCIS |
|
|
|
|
|
|
|
New IC No |
: |
580924-10-5026 |
|
|
Address |
: |
NO 3 JALAN DUA, TAMAN SRI BUKIT, JALAN
BUKIT, 43000 KAJANG, SELANGOR, MALAYSIA. |
Banking
relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
No
encumbrance was found in our databank at the time of investigation.
* A check has been conducted in
our databank against the Subject 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
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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The
Subject refused to disclose its suppliers.
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
X |
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
EUROPE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
PALM OIL AND PALM OIL DERIVED PRODUCTS
|
|
|
|
|
|
|
|
Member(s) / Affiliate(s) |
: |
MALAYSIA FOOD & BEVERAGE INDUSTRY |
|
|
|
|
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
|
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
|
|
|
|
|
|
|
COMPANY |
10 |
10 |
10 |
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is principally
engaged in the (as a / as an) trading of commodities, palm oil and palm oil
derived products.
The Subject is a Malaysian private equity
company specializing in the export and physical trade of palm oil and
derivative products.
The Subject supplies the
products according to its customers' orders.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-79587166 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
3-11, BLOCK B, PHILEO DAMANSARA II, NO.
15, JALAN 16/11, OFF JALAN DAMANSARA 46350 PETALING JAYA, SELANGOR DARUL
EHSAN |
|
Current Address |
: |
3-11, BLOCK B, PHILEO DAMANSARA II, NO.
15, JALAN 16/11, OFF JALAN DAMANSARA, 46350 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
NO |
Other Investigations
we contacted one of the staff from the Subject and she
provided some information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2007 - 2011 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2007 - 2011 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
15.54% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
18.19% |
] |
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.The Subject's profit fell sharply because of the high
operating costs incurred. The Subject's management had generated acceptable
return for its shareholders using its assets.
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
36 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
34 Days |
] |
|
As the Subject is a service oriented
company, the Subject does not need to keep 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 |
[ |
1.09 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.09 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 |
: |
Favourable |
[ |
30.39 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.17 Times |
] |
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject
was able to service the interest. The favourable interest cover could indicate
that the Subject was making enough profit to pay for the interest accrued. The
Subject was lowly geared thus it had a low financial risk. The Subject was
mainly financed by its shareholders' funds and internally generated funds. In
times of economic slowdown / downturn, the Subject being a lowly geared
company, will be able to compete better than those companies which are highly
geared in the same industry.
|
Overall
Assessment : |
|
Although the Subject'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
Subject's profit margin. 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. With the favourable interest cover, the Subject could be able to
service all the accrued interest without facing any difficulties. The Subject
as a lowly geared company, will be more secured compared to those highly
geared companies. It has the ability to meet all its long term obligations. |
Overall financial condition of the Subject
: STABLE
|
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 |
|||||
|
|
|
|
|
|
|
|
MSIC CODE |
|
|
46202 : Wholesale of palm oil |
|
|
|
|
|
INDUSTRY : |
PALM OIL |
|
|
|
|
|
|
|
Oil palm is one of the main drivers of Malaysia's agriculture sector
where it has accounting for 71% of its agricultural land bank. Malaysia is
the one of the biggest producers and exporters of palm oil prodcuts in the
growing global need for oils and fats. The palm oil industry is expected to
grow about 7.1% over the next 10 years where it is driven by new plantation
expansion, venture of large plantation companies into high potential
downstream activities such as processed food, biodiesel, second generation
biofuel and oleochemicals. Malaysia currently accounts for 39 % of world palm
oil production and 44% of world exports. Taken into account of other oils
& fats produced in the country, Malaysia accounts for 12% and 27% of the
world's total production and exports of oils and fats. Being one of the
biggest producers and exporters of palm oil and palm oil products, Malaysia
has an important role to play in fulfilling the growing global need for oils
and fats sustainably. |
|
|
|
|
|
In year 2013, the production of crude palm oil is envisaged to rebound
2.5% to 18.9 million tonnes on account of expanded matured areas to 4.44
million hectares. However Malaysian palm oil’s supply and demand for February
2013 with palm oil stocks continued to be lower for the consecutive two
months at 2.444 million tonnes, a decrease of 5.23% from January 2013 and was
slightly above the average estimation at 2.42 million tonnes. The exports in
February 2013 fell 13.98% to 1.398 million tonnes while the palm oil
production reduced 19.15% to 1.296 million tonnes. The palm oil production
would be expected to be in dismal as the oil palm had entered a low yield
cycle currently. |
|
|
|
|
|
According to the 2013 Budget, the palm oil sector contracted 8.6%
during the first half of the year 2012 due to the less favourable weather
conditions and natural production down cycle that constrained the output of
fresh fruit bunches. However, the yield is expected to improve in the later
part of the year, with the subsector registering a smaller contraction of
2.8% in 2012. Total planted areas of oil palm increased substantially by
77,106 hectares to five million hectares as at end-June 2012. Of the total
planted areas, 28.4% or 1.5 million hectares are located in Sabah. With the
acceleration of planting activity, total planted areas are expected to
increase to 5.1 million hectares in 2012. |
|
|
|
|
|
According to the Performance Management and Delivery Unit (Pemandu),
the Palm Oil National Key Economic Area (NKEA), Malaysia's most important
commodity is expected to contribute from RM125 billion to RM178 billion to
the Gross National Income (GNI) and create about 41,600 jobs by 2020, with
the government's focus on eight Entry Point Projects (EPPs). As part of the
government's efforts to accelerate the country's replanting and new planting
programme and manage stock levels, the government has allocated an additional
RM432 million as funds for independent smallholders' replanting and new
planting initiatives in 2013. According to Pemandu, the government will also
accelerate the replanting of oil palm by plantations and smallholders as well
as new planting by independent smallholders to 130,000 ha. and raise the area
complying with best practices by an additional 200,000 ha. in 2013. |
|
|
|
|
|
However, the future performance of the industry is unpredictable as
with many factors that can give impact to the industry is still unknown.
Nationally, the sentiments seem positive, internationally there are mixed
signals but with the current growth rate, an expected increase in demand, a
recovering global economy, analysts and industry sources are reckoning that
the bull may be able to hold the bear back. |
|
|
|
|
|
Under the palm oil National Key Economic Areas (NKEAs) in 2011, the
launches of the Oil Palm Replanting and New Planting Smallholders Schemes
ware improved the smallholders agricultural practices in 2012.The oil
extraction rate is set to improve to 21.05% in three-year from 2012 to low of
19.70% as 1.35 more. |
|
|
|
|
|
In driving speedier harvesting of oil palm fruits, the government has
introduced the RM1,000 discount scheme to encourage the use of motorised
sickle called Cantas and diamond blade sharpeners to enhance the palm oil
industry. MPOB appointed 100 enforcement officers to visit mills to ensure
the only good quality crops are processed. Since 2007, the palm oil industry
has grown at an average of 14.5 per cent annualy until 2012. If the momentum
is maitained for next 5 to 8 years, malaysia will achive its target of two
million of hecters palm oil. |
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : Mature |
|
Incorporated in 2000, the Subject is a Private Limited
company, focusing on trading of commodities, palm oil and palm oil derived
products. Having been in the industry for over a decade, the Subject 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. The
Subject is considered as a medium size company with issued and paid up capital
standing at MYR 525,007.
Over the years, the Subject has penetrated into
both the local and overseas market. The Subject has positioned itself in the
global market and is competing in the industry. Its stable clientele base will
enable the Subject to further enhance its business in the near term. Being a
small company, the Subject's business operation is supported by 10 employees.
Overall, we regard that the Subject's management capability is average.
Financially, the Subject 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 Subject was at an
acceptable range which indicated that the management was efficient in utilising
its funds to generate income. The Subject is in good liquidity position with
its current liabilities well covered by it current assets. Hence, it has
sufficient working capital to meet its short term financial obligations. Being
a lowly geared company, the Subject is exposed to low financial risk as it is
mainly dependent on its internal funds to finance its business needs. Given a
positive net worth standing at MYR 1,644,507, the Subject should be able to
maintain its business in the near terms.
Having a strong assets backing, the Subject
possesses latent assets as collateral for further financial extension. Hence,
it has good chance of getting loans if the needs arises.
Overall, the Subject's payment habit is good as
the Subject has a good credit control and it could be taking advantage of the
cash discounts while maintaining a good reputation with its creditors.
The industry has reached its optimum level and
is generally stable. It is saturated and very competitive. Thus, the Subject's
growth prospect is very much depends on its capacity in sustaining its
performance in the market.
Based on the above condition, we recommend
credit be granted to the Subject normally.
|
HE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
TRISTAR GLOBAL
SDN. BHD. |
|
Financial Year End |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
2007-12-31 |
|
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 |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
184,958,103 |
169,396,491 |
3,626,525 |
11,589,144 |
10,177,428 |
|
Other Income |
216,449 |
47,668 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
185,174,552 |
169,444,159 |
3,626,525 |
11,589,144 |
10,177,428 |
|
Costs of Goods Sold |
(183,729,380) |
(167,804,206) |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
1,445,172 |
1,639,953 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
333,116 |
1,021,119 |
223,999 |
8,979 |
196,554 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
333,116 |
1,021,119 |
223,999 |
8,979 |
196,554 |
|
Taxation |
(77,588) |
(222,359) |
(43,600) |
- |
(2,248) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
255,528 |
798,760 |
180,399 |
8,979 |
194,306 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
1,038,974 |
240,214 |
59,815 |
50,836 |
(143,470) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
1,038,974 |
240,214 |
59,815 |
50,836 |
(143,470) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
1,294,502 |
1,038,974 |
240,214 |
59,815 |
50,836 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
1,294,502 |
1,038,974 |
240,214 |
59,815 |
50,836 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Hire purchase |
6,201 |
- |
- |
- |
- |
|
Term loan / Borrowing |
5,132 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
11,333 |
- |
- |
- |
- |
|
|
============= |
|
|
|
|
|
TRISTAR GLOBAL
SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
320,000 |
9,215 |
691 |
2,090 |
4,733 |
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
- |
- |
- |
- |
0 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
320,000 |
9,215 |
691 |
2,090 |
4,733 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Trade debtors |
18,430,952 |
24,276,505 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
17,729 |
357,420 |
- |
- |
- |
|
Amount due from director |
188,506 |
199,511 |
- |
- |
- |
|
Cash & bank balances |
742,215 |
994,054 |
- |
- |
- |
|
Others |
60,385 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
19,439,787 |
25,827,490 |
900,368 |
796,808 |
721,757 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
19,759,787 |
25,836,705 |
901,059 |
798,898 |
726,490 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
17,239,528 |
23,628,133 |
- |
- |
- |
|
Other creditors & accruals |
589,053 |
695,690 |
- |
- |
- |
|
Hire purchase & lease creditors |
37,423 |
- |
- |
- |
- |
|
Provision for taxation |
- |
123,515 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
17,866,004 |
24,447,338 |
310,840 |
539,078 |
475,649 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
1,573,783 |
1,380,152 |
589,528 |
257,730 |
246,108 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
1,893,783 |
1,389,367 |
590,219 |
259,820 |
250,841 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
350,005 |
350,005 |
350,005 |
200,005 |
200,005 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
350,005 |
350,005 |
350,005 |
200,005 |
200,005 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
1,294,502 |
1,038,974 |
240,214 |
59,815 |
50,836 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
1,294,502 |
1,038,974 |
240,214 |
59,815 |
50,836 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
1,644,507 |
1,388,979 |
590,219 |
259,820 |
250,841 |
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
|
Hire purchase creditors |
247,534 |
- |
- |
- |
- |
|
Deferred taxation |
1,742 |
388 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
249,276 |
388 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,893,783 |
1,389,367 |
590,219 |
259,820 |
250,841 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TRISTAR GLOBAL
SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
742,215 |
994,054 |
- |
- |
- |
|
Net Liquid Funds |
742,215 |
994,054 |
- |
- |
- |
|
Net Liquid Assets |
1,573,783 |
1,380,152 |
589,528 |
257,730 |
246,108 |
|
Net Current Assets/(Liabilities) |
1,573,783 |
1,380,152 |
589,528 |
257,730 |
246,108 |
|
Net Tangible Assets |
1,893,783 |
1,389,367 |
590,219 |
259,820 |
250,841 |
|
Net Monetary Assets |
1,324,507 |
1,379,764 |
589,528 |
257,730 |
246,108 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
284,957 |
0 |
- |
- |
- |
|
Total Liabilities |
18,115,280 |
24,447,726 |
310,840 |
539,078 |
475,649 |
|
Total Assets |
19,759,787 |
25,836,705 |
901,059 |
798,898 |
726,490 |
|
Net Assets |
1,893,783 |
1,389,367 |
590,219 |
259,820 |
250,841 |
|
Net Assets Backing |
1,644,507 |
1,388,979 |
590,219 |
259,820 |
250,841 |
|
Shareholders' Funds |
1,644,507 |
1,388,979 |
590,219 |
259,820 |
250,841 |
|
Total Share Capital |
350,005 |
350,005 |
350,005 |
200,005 |
200,005 |
|
Total Reserves |
1,294,502 |
1,038,974 |
240,214 |
59,815 |
50,836 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.04 |
0.04 |
- |
- |
- |
|
Liquid Ratio |
1.09 |
1.06 |
- |
- |
- |
|
Current Ratio |
1.09 |
1.06 |
2.90 |
1.48 |
1.52 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
0 |
0 |
- |
- |
- |
|
Debtors Ratio |
36 |
52 |
- |
- |
- |
|
Creditors Ratio |
34 |
51 |
- |
- |
- |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.17 |
0.00 |
- |
- |
- |
|
Liabilities Ratio |
11.02 |
17.60 |
0.53 |
2.07 |
1.90 |
|
Times Interest Earned Ratio |
30.39 |
0.00 |
- |
- |
- |
|
Assets Backing Ratio |
5.41 |
3.97 |
1.69 |
1.30 |
1.25 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
0.18 |
0.60 |
6.18 |
0.08 |
1.93 |
|
Net Profit Margin |
0.14 |
0.47 |
4.97 |
0.08 |
1.91 |
|
Return On Net Assets |
18.19 |
73.50 |
37.95 |
3.46 |
78.36 |
|
Return On Capital Employed |
17.84 |
73.50 |
37.95 |
3.46 |
78.36 |
|
Return On Shareholders' Funds/Equity |
15.54 |
57.51 |
30.56 |
3.46 |
77.46 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
- |
- |
- |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.35 |
|
|
1 |
Rs. 100.21 |
|
Euro |
1 |
Rs. 83.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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.