|
Report Date : |
28.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
GAMALUX SDN. BHD. |
|
|
|
|
Registered Office : |
NO.32B,Jalan ss 2/66, Petaling Jaya, Selangor Darul
Ehsan., 47300 petaling Jaya, Selangor, |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
18.08.1994 |
|
|
|
|
Com. Reg. No.: |
312176-X |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Dealer of palm oil |
|
|
|
|
No. of Employees |
10 [2014] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Malaysia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 32% of government revenue in 2013. Bank Negara 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 earlier raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays
|
Source
: CIA |
|
REGISTRATION NO. |
: |
312176-X |
||||
|
COMPANY NAME |
: |
GAMALUX SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
18/08/1994 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
NO.32B,JALAN SS 2/66, PETALING JAYA, SELANGOR DARUL EHSAN., 47300 PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
NO 101B, PERSIARAN PEGAGA TAMAN BAYU PERDANA, 41200 KLANG, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-33248011 |
||||
|
FAX.NO. |
: |
03-33248016 |
||||
|
CONTACT PERSON |
: |
SAEED HAMID ( DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
46202 |
||||
|
PRINCIPAL ACTIVITY |
: |
DEALER OF PALM OIL |
||||
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00
DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 3,000,000.00
DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
N/A |
||||
|
NET WORTH |
: |
N/A |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
10 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
N/A |
||||
|
PAYMENT |
: |
N/A |
||||
|
MANAGEMENT CAPABILITY |
: |
WEAK |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MATURE |
||||
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) dealer of palm oil.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 5,000,000.00 |
MYR 3,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
USMAN AHMED + |
NO.3,JALAN HAKISAN 8/7, SHAH ALAM, SELANGOR, MALAYSIA. |
DV1154751 |
1,000,000.00 |
33.33 |
|
SAEED AHMED + |
NO 3,JALAN HAKISAN 8/7, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
BQ1151083 |
750,000.00 |
25.00 |
|
MR. VAPPAN A/L SAMINATHAN |
NO. 316, BLOCK C, TAMAN JALAN KEM, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. |
590701-10-5423 5702117 |
749,999.00 |
25.00 |
|
NASEEM AKHTAR SAEED AHMAD |
NO.3,JALAN HAKISAN 8/7, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
A898863 |
500,001.00 |
16.67 |
|
|
|
|
--------------- |
------ |
|
|
|
|
3,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
EJAZ BHATTI |
|
|
|
|
|
IC / PP No |
: |
BU3176561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
26/06/1996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
SARA SAEED |
|
Address |
: |
NO. 3, JALAN HAKISAN 8/7,, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
AD5976113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment |
: |
20/01/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
SALMAN SAEED |
|
Address |
: |
98, TAMAN JASON PHASE 2, JALAN TUN HUSSEIN ONN, 97000 BINTULU, SARAWAK, MALAYSIA. |
|
IC / PP No |
: |
AG5975003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment |
: |
27/09/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
SAEED AHMED |
|
Address |
: |
NO 3,JALAN HAKISAN 8/7, 40000 SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
BQ1151083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
06/09/1994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
USMAN AHMED |
|
Address |
: |
NO.3,JALAN HAKISAN 8/7, SHAH ALAM, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
DV1154751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
N/A |
|
Date of Appointment |
: |
15/07/2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
SAEED HAMID |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
|
Auditor |
: |
M.S.TAN & CO. |
|
Auditor' Address |
: |
36B,JALAN SS 2/66, PETALING JAYA, SELANGOR, SELANGOR, MALAYSIA. |
|
|
|
|
|
1) |
Company Secretary |
: |
MR. TAN LIM KUAN |
|
|
IC / PP No |
: |
4520426 |
|
|
New IC No |
: |
530409-07-5621 |
|
|
Address |
: |
NO.68, JALAN PJS 10/7, SUBANG JAYA, 46000 PETALING JAYA, SELANGOR, MALAYSIA. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING 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 againt 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.
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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The Subject refused to disclose its suppliers.
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
Goods Traded |
: |
PALM OIL
|
|
|
|
|
|
|
|
Competitor(s) |
: |
FELDA MARKETING SERVICES SDN BHD
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2010 |
|
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
10 |
3 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) dealer of palm oil.
The Subject sells palm oil.
The Subject however refused to disclose further information on its operation.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-33248011 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
N/A |
|
Current Address |
: |
NO 101B, PERSIARAN PEGAGA TAMAN BAYU PERDANA, 41200 KLANG, SELANGOR, MALAYSIA. |
|
Match |
: |
N/A |
|
|
|
|
|
Latest Financial Accounts |
: |
NO |
Other Investigations
we contacted one of the staff from the Subject and he provided some
information.
FINANCIAL ANALYSIS
|
|
No latest financial accounts are available at the Registry Office, thus we are not able to comment on the Subject's financial performance. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : N/A |
||||||
|
MALAYSIA ECONOMIC / INDUSTRY OUTLOOK |
|
Major Economic Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic Products ( % ) |
(0.5) |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private Expenditure ( % ) |
(2.7) |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
(17.2) |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public Expenditure ( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
(1.2) |
|
Investment ( % ) |
8.0 |
2.8 |
(0.3) |
15.9 |
4.2 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
(28,450) |
(40,482) |
(45,511) |
(42,297) |
(39,993) |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(4.8) |
(5.6) |
(5.4) |
(4.5) |
(4.0) |
|
Inflation ( % Change in Composite CPI) |
(5.2) |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
(0.1) |
6.2 |
3.0 |
(0.0) |
- |
|
Liquidation of Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
(34.5) |
417.8 |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
- |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
- |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
- |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.4 |
2.1 |
5.9 |
0.6 |
2.4 |
|
Palm Oil |
(1.1) |
(3.4) |
10.8 |
(2.8) |
- |
|
Rubber |
(19.8) |
9.9 |
6.1 |
(0.6) |
- |
|
Forestry & Logging |
(5.9) |
(3.3) |
(7.6) |
(2.2) |
- |
|
Fishing |
5.5 |
5.6 |
2.1 |
(0.7) |
- |
|
Other Agriculture |
9.0 |
7.9 |
7.1 |
6.4 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
413.7 |
508.4 |
634.1 |
- |
- |
|
% of Industry Non-Performing Loans |
1.3 |
2.1 |
3.2 |
- |
- |
|
|
|
|
|
|
|
|
Mining |
(3.8) |
0.2 |
(5.7) |
1.5 |
2.7 |
|
Oil & Gas |
2.1 |
0.5 |
(1.7) |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
44.2 |
49.7 |
46.5 |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
(9.4) |
11.4 |
4.7 |
4.2 |
4.9 |
|
Exported-oriented Industries |
(19.0) |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
(30.3) |
28.4 |
(4.9) |
1.6 |
- |
|
Rubber Products |
(10.1) |
25.3 |
15.4 |
3.6 |
- |
|
Wood Products |
(24.1) |
20.1 |
(4.9) |
4.6 |
- |
|
Textiles & Apparel |
(19.5) |
(0.4) |
14.8 |
(7.1) |
- |
|
Domestic-oriented Industries |
(9.8) |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.2 |
- |
- |
|
Chemical & Chemical Products |
(7.7) |
16.2 |
5.5 |
9.9 |
- |
|
Plastic Products |
(9.1) |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
(32.7) |
29.3 |
2.4 |
- |
- |
|
Fabricated Metal Products |
(2.5) |
14.9 |
25.2 |
- |
- |
|
Non-metallic Mineral |
(15.5) |
20.2 |
27.1 |
6.6 |
- |
|
Transport Equipment |
(13.5) |
36.5 |
(10.4) |
13.7 |
- |
|
Paper & Paper Products |
(5.0) |
18.7 |
14.8 |
(7.8) |
- |
|
Crude Oil Refineries |
0.2 |
(11.4) |
9.3 |
- |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,007.3 |
6,217.5 |
6,537.2 |
- |
- |
|
% of Industry Non-Performing Loans |
18.3 |
23.8 |
25.7 |
- |
- |
|
|
|
|
|
|
|
|
Construction |
5.8 |
5.1 |
4.4 |
15.5 |
11.2 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,241.8 |
4,038.5 |
3,856.9 |
- |
- |
|
% of Industry Non-Performing Loans |
9.9 |
10.7 |
10.2 |
- |
- |
|
|
|
|
|
|
|
|
Services |
2.6 |
6.5 |
6.4 |
5.5 |
5.6 |
|
Electric, Gas & Water |
0.4 |
8.5 |
5.6 |
4.8 |
- |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.3 |
- |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
6.9 |
- |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.3 |
6.5 |
- |
|
Government Services |
2.0 |
6.7 |
7.6 |
5.6 |
- |
|
Other Services |
4.4 |
4.2 |
5.4 |
5.7 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
* Estimate / Preliminary |
|
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** Forecast |
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INDUSTRY ANALYSIS
|
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MSIC CODE |
|
|
46202 : Wholesale of palm oil |
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INDUSTRY : |
PALM OIL |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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OVERALL INDUSTRY OUTLOOK : Mature |
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CREDIT RISK EVALUATION &
RECOMMENDATION
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PROFIT AND LOSS ACCOUNT
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THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
GAMALUX SDN. BHD. |
|
Financial Year End |
2006-12-31 |
2005-12-31 |
2004-12-31 |
2003-12-31 |
2002-12-31 |
|
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 |
SUMMARY |
SUMMARY |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
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|
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|
TURNOVER |
8,899,527 |
9,256,889 |
12,629,651 |
27,999,219 |
18,078,242 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
8,899,527 |
9,256,889 |
12,629,651 |
27,999,219 |
18,078,242 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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|
PROFIT/(LOSS) FROM OPERATIONS |
(16,355) |
(53,808) |
(4,054,191) |
20,450 |
(41,249) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(16,355) |
(53,808) |
(4,054,191) |
20,450 |
(41,249) |
|
Taxation |
10,505 |
(32,000) |
(15,000) |
(30,000) |
(24,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(5,850) |
(85,808) |
(4,069,191) |
(9,550) |
(65,249) |
|
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
(5,850) |
(85,808) |
(4,069,191) |
(9,550) |
(65,249) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
(5,850) |
(85,808) |
(4,069,191) |
(9,550) |
(65,249) |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
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As previously reported |
(4,446,875) |
(4,361,067) |
(291,876) |
(282,326) |
(217,077) |
|
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
(4,446,875) |
(4,361,067) |
(291,876) |
(282,326) |
(217,077) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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PROFIT AVAILABLE FOR APPROPRIATIONS |
(4,452,725) |
(4,446,875) |
(4,361,067) |
(291,876) |
(282,326) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(4,452,725) |
(4,446,875) |
(4,361,067) |
(291,876) |
(282,326) |
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============= |
============= |
============= |
============= |
============= |
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GAMALUX SDN. BHD. |
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ASSETS EMPLOYED: |
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FIXED ASSETS |
172,995 |
268,039 |
425,502 |
528,662 |
731,511 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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TOTAL LONG TERM ASSETS |
172,995 |
268,039 |
425,502 |
528,662 |
731,511 |
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TOTAL CURRENT ASSETS |
3,958,259 |
7,206,140 |
5,250,076 |
5,698,677 |
8,487,341 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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TOTAL ASSET |
4,131,254 |
7,474,179 |
5,675,578 |
6,227,339 |
9,218,852 |
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============= |
============= |
============= |
============= |
============= |
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TOTAL CURRENT LIABILITIES |
5,509,921 |
8,842,293 |
6,926,206 |
3,437,159 |
7,313,461 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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NET CURRENT ASSETS/(LIABILITIES) |
(1,551,662) |
(1,636,153) |
(1,676,130) |
2,261,518 |
1,173,880 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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TOTAL NET ASSETS |
(1,378,667) |
(1,368,114) |
(1,250,628) |
2,790,180 |
1,905,391 |
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============= |
============= |
============= |
============= |
============= |
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SHARE CAPITAL |
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Ordinary share capital |
3,000,000 |
3,000,000 |
3,000,000 |
3,000,000 |
2,000,000 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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TOTAL SHARE CAPITAL |
3,000,000 |
3,000,000 |
3,000,000 |
3,000,000 |
2,000,000 |
|
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|
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|
Retained profit/(loss) carried forward |
(4,452,725) |
(4,446,875) |
(4,361,067) |
(291,876) |
(282,326) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
(4,452,725) |
(4,446,875) |
(4,361,067) |
(291,876) |
(282,326) |
|
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|
|
|
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|
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|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
(1,452,725) |
(1,446,875) |
(1,361,067) |
2,708,124 |
1,717,674 |
|
|
|
|
|
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TOTAL LONG TERM LIABILITIES |
74,058 |
78,761 |
110,439 |
82,056 |
187,717 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
(1,378,667) |
(1,368,114) |
(1,250,628) |
2,790,180 |
1,905,391 |
|
|
============= |
============= |
============= |
============= |
============= |
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GAMALUX SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
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|
Net Liquid Assets |
(1,551,662) |
(1,636,153) |
(1,676,130) |
2,261,518 |
1,173,880 |
|
Net Current Assets/(Liabilities) |
(1,551,662) |
(1,636,153) |
(1,676,130) |
2,261,518 |
1,173,880 |
|
Net Tangible Assets |
(1,378,667) |
(1,368,114) |
(1,250,628) |
2,790,180 |
1,905,391 |
|
Net Monetary Assets |
(1,625,720) |
(1,714,914) |
(1,786,569) |
2,179,462 |
986,163 |
|
|
|
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BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Liabilities |
5,583,979 |
8,921,054 |
7,036,645 |
3,519,215 |
7,501,178 |
|
Total Assets |
4,131,254 |
7,474,179 |
5,675,578 |
6,227,339 |
9,218,852 |
|
Net Assets |
(1,378,667) |
(1,368,114) |
(1,250,628) |
2,790,180 |
1,905,391 |
|
Net Assets Backing |
(1,452,725) |
(1,446,875) |
(1,361,067) |
2,708,124 |
1,717,674 |
|
Shareholders' Funds |
(1,452,725) |
(1,446,875) |
(1,361,067) |
2,708,124 |
1,717,674 |
|
Total Share Capital |
3,000,000 |
3,000,000 |
3,000,000 |
3,000,000 |
2,000,000 |
|
Total Reserves |
(4,452,725) |
(4,446,875) |
(4,361,067) |
(291,876) |
(282,326) |
|
|
|
|
|
|
|
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Current Ratio |
0.72 |
0.81 |
0.76 |
1.66 |
1.16 |
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Liabilities Ratio |
(3.84) |
(6.17) |
(5.17) |
1.30 |
4.37 |
|
Assets Backing Ratio |
(0.46) |
(0.46) |
(0.42) |
0.93 |
0.95 |
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
(0.18) |
(0.58) |
(32.10) |
0.07 |
(0.23) |
|
Net Profit Margin |
(0.07) |
(0.93) |
(32.22) |
(0.03) |
(0.36) |
|
Return On Net Assets |
1.19 |
3.93 |
324.17 |
0.73 |
(2.16) |
|
Return On Capital Employed |
1.19 |
3.93 |
324.17 |
0.73 |
(2.16) |
|
Return On Shareholders' Funds/Equity |
0.40 |
5.93 |
298.97 |
(0.35) |
(3.80) |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.14 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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|
|
|
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 |
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|
-- |
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.