|
Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BP ASIA PACIFIC
(MALAYSIA) SDN. BHD. |
|
|
|
|
Registered Office : |
Level 22, Quill 7, 9, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470
Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
08.08.1994 |
|
|
|
|
Com. Reg. No.: |
310913-T |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Engaged in trading of petroleum and petroleum related products |
|
|
|
|
No of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
|
With financials |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
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 |
A2 |
A2 |
|
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 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. |
: |
310913-T |
|
COMPANY NAME |
: |
BP ASIA PACIFIC
(MALAYSIA) SDN. BHD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
08/08/1994 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
LEVEL 22, QUILL 7, 9, JALAN STESEN SENTRAL
5, KUALA LUMPUR SENTRAL, 50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
LEVEL 22, QUILL 7, 9, JALAN STESEN SENTRAL
5, KUALA LUMPUR SENTRAL, 50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
TEL.NO. |
: |
03-22727272 |
|
FAX.NO. |
: |
03-22726868 |
|
CONTACT PERSON |
: |
YEOH LEAN IMM ( DIRECTOR ) |
|
INDUSTRY CODE |
: |
46611 |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF PETROLEUM AND PETROLEUM RELATED
PRODUCTS |
|
AUTHORISED CAPITAL |
: |
MYR 60,000,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 47,800,200.00 DIVIDED INTO |
|
SALES |
: |
N/A |
|
NET WORTH |
: |
N/A |
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
N/A |
|
PAYMENT |
: |
N/A |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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 petroleum and petroleum related products.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the Subject is BP ASIA PACIFIC HOLDINGS LIMITED, a company incorporated in UNITED KINGDOM.
The ultimate holding company of the Subject is BP P.L.C, a company incorporated in UNITED KINGDOM.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
15/02/2013 |
MYR 60,000,000.00 |
MYR 47,800,200.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
BP ASIA PACIFIC HOLDINGS LIMITED |
CHERTSEY ROAD, SUNBURYON THAMES, MIDDLESEX, TW16 7BP ENGLAND, UNITED KINGDOM. |
XLZ000008681 |
478,002.00 |
100.00 |
|
--------------- |
------ |
|||
|
478,002.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. LIEW CHEE SENG |
|
Address |
: |
NO. 6, JALAN USJ 5/1A, 47600 SUBANG JAYA,
SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A2528757 |
|
New IC No |
: |
730608-14-5369 |
|
Date of Birth |
: |
08/06/1973 |
|
Nationality |
: |
MALAYSIAN CHINESE |
|
Date of Appointment |
: |
20/04/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. YANG KUOH SIONG |
|
Address |
: |
NO. 18 LORONG RAHIM KAJAI 13, TAMAN TUN DR
ISMAIL, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A0736236 |
|
New IC No |
: |
670619-05-5383 |
|
Date of Birth |
: |
19/06/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
12/10/2012 |
DIRECTOR 3
|
Name Of Subject |
: |
MS. YEOH LEAN IMM |
|
Address |
: |
A-3-7 AVANT COURT, SRI SENTOSA 6 1/2 MILE,
JALAN KLANG LAMA, 58200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
6129537 |
|
New IC No |
: |
610423-07-5628 |
|
Date of Birth |
: |
23/04/1961 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/03/2010 |
DIRECTOR 4
|
Name Of Subject |
: |
SEAN ZAHID PLANT |
|
Address |
: |
NO.35, VILLA MANJA, JALAN MANJA 2, BANDAR
MANJALARA, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
761326526 |
|
Nationality |
: |
N/A |
|
Date of Appointment |
: |
08/05/2012 |
|
1) |
Name of Subject |
: |
YEOH LEAN IMM |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
ERNST & YOUNG |
|
Auditor' Address |
: |
LEVEL 23A, MENARA MILENIUM, JALAN DAMANLELA,
PUSAT BANDAR DAMANSARA, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. CHIN NGEOK MUI |
|
New IC No |
: |
640423-10-7826 |
|
|
Address |
: |
NO.3 ,JALAN IBU KOTA EMPAT, TAMAN IBU
KOTA, GOMBAK, 53100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. CHEN BEE LING |
|
New IC No |
: |
740719-06-5256 |
|
|
Address |
: |
B-3-3A PANGSAPURI IMPIAN, OFF JALAN PIPIT,
BANDAR PUCHONG JAYA, 47100 PUCHONG, SELANGOR, MALAYSIA. |
|
No Banker found in our databank.
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 |
: |
YES |
|
Overseas |
: |
YES |
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
PETROLEUM AND PETROLEUM RELATED PRODUCTS |
|
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM) SMALL & MEDIUM ENTERPRISE MALAYSIAN INTERNATIONAL CHAMBER OF
COMMERCE AND INDUSTRY (MICCI) CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA
(CICM) |
|
|
Branch |
: |
NO |
Other
Information:
The Subject is
principally engaged in the (as a / as an) trading of petroleum and petroleum
related products.
The Subject's lubricants business is concentrated on the higher margin sectors
of automotive lubricants, especially in the consumer sector with a strong
presence in the marine and industrial business markets.
It supplies fuel at about 1,200 airports in 90 countries and also presents at
about 1,000 ports around the world.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-22727272 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
LEVEL 22, QUILL 7 NO 9, JALAN SENTRAL 5
KUALA LUMPUR SENTRAL,50470,KUALA LUMPUR,WILAYAH PERSEKUTUAN. |
|
Current Address |
: |
LEVEL 22, QUILL 7, 9, JALAN STESEN SENTRAL
5, KUALA LUMPUR SENTRAL, 50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
NO |
Other
Investigations
we contacted one of the staff from the Subject and she provided some
information.
She refused to disclose the Subject's number of employees.
|
The Subject's latest financial accounts
are up to 2010 which is out dated in our opinion. Therefore, our comment on
the Subject financial performance is restricted thereto. |
||||||
|
Overall
financial condition of the Subject : N/A |
||||||
|
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 |
|
|
46611 : Wholesale of petrol, diesel, lubricants |
|
|
INDUSTRY : |
TRADING |
|
According to the Retail Group Malaysia (RGM), the wholesale and retail
trade sector forecast to grow to 6% in year 2013. During the first quarter of
year 2013, RGM is estimating the retail industry to grow 6.9%. Many retailers
have been enjoying better sales since the government handed out cash from
mid-January of 2013 under the second round of Bantuan Rakyat 1Malaysia to
more than 12 million Malaysians. Bookstores and related retail stores have
also started enjoying rising sales since the RM250 1Malaysia Book Voucher was
distributed to 1.3 million private and public university students. Besides,
since early February 2013, handphone traders and retailers selling smartphone
accessories have started to benefit from the RM200 rebate on smartphones for
1.5 million young adults aged between 21 and 30 years with a monthly income
of not more than RM3,000. |
|
|
The wholesale and retail trade sector grew 6.1% in the first half of
the year 2012 driven by strong domestic consumption and the increasing number
of large format stores operating in Malaysia, including 180 foreign
hypermarkets, superstores and departmental stores as at end of August 2012.
In addition, other indicators such as imports of consumption goods were
higher by 15.2%. |
|
|
In 2012, the wholesale and retail trade sector growth to 5.5% driven
by higher consumption which benefited from Government initiatives under the 2012
Budget such as BR1M, Baucar Buku 1Malaysia (BB1M) and the RM100 assistance
for all primary and secondary school students. The performance of the sector
will also be supported by ongoing efforts to modernise the retail segment
under the ETP. In 2012, 500 retail shops and 50 workshops are targeted to be
modernised under the Retail Shop Transformation (TUKAR) and Automotive
Workshop Modernisation (ATOM) programmes, respectively. As at end of July
2012, 95 workshops have been modernised, surpassing the yearly target, while
393 retail shops have been modernised. |
|
|
Growth of the sector is anticipated to remain encouraging with ongoing
efforts by the Government to increase its contribution to the economy. Major
initiatives include increasing the number of large format stores such as
hypermarkets, superstores and departmental stores are carried out to boost
the economy. |
|
|
Over 60% of Gross Domestic Product (GDP) is contributed by domestic consumption,
therefore the wholesale and retail sector plays a crucial role in driving
Malaysia's growth over the next decade despite the ongoing global economic
slowdown. By 2020, Malaysia's wholesale and retail sector is expected to
boost the country's total Gross National Income (GNI) by RM156 billion,
creating 454,190 new jobs. |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
Incorporated in 1994, the Subject is a Private
Limited company, focusing on trading of petroleum and petroleum related
products. With 2 decades of experience in the business, the Subject has
fairly rich experiences in the business and has achieved a certain market
share. Having strong support from its shareholder has enabled the Subject to
remain competitive despite the challenging business environment. The Subject
is a large entity with strong capital position.
No latest financial accounts were filed
with the Registry office during our inspection. Therefore, our comment on the
Subject's overall financial performance are restricted thereto. The Subject's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency on
deliveries from a number of key suppliers and insufficient quantities of its
raw materials. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry. Nonetheless,
the Subject should adopt better competitive strategies in order to sustain
its business position and to compete with other well established players in
the same industry. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
BP ASIA PACIFIC
(MALAYSIA) SDN. BHD. |
|
Financial Year End |
2010-12-31 |
2009-12-31 |
2008-12-31 |
2007-12-31 |
2006-12-31 |
|
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 |
42,395,722 |
47,948,422 |
33,145,942 |
30,511,436 |
38,739,735 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
42,395,722 |
47,948,422 |
33,145,942 |
30,511,436 |
38,739,735 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(2,028,519) |
(8,047,381) |
(2,273,129) |
(4,612,398) |
(8,421,740) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(2,028,519) |
(8,047,381) |
(2,273,129) |
(4,612,398) |
(8,421,740) |
|
Taxation |
(139,565) |
(1,562,656) |
(1,183,028) |
(296,509) |
(1,679,574) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(2,168,084) |
(9,610,037) |
(3,456,157) |
(4,908,907) |
(10,101,314) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
(2,168,084) |
(9,610,037) |
(3,456,157) |
(4,908,907) |
(10,101,314) |
|
Extraordinary items |
- |
(252,125) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
(2,168,084) |
(9,862,162) |
(3,456,157) |
(4,908,907) |
(10,101,314) |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(39,791,350) |
(29,929,188) |
(26,473,031) |
(21,564,124) |
(11,462,810) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(39,791,350) |
(29,929,188) |
(26,473,031) |
(21,564,124) |
(11,462,810) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(41,959,434) |
(39,791,350) |
(29,929,188) |
(26,473,031) |
(21,564,124) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(41,959,434) |
(39,791,350) |
(29,929,188) |
(26,473,031) |
(21,564,124) |
|
============= |
============= |
============= |
============= |
============= |
|
|
BP ASIA PACIFIC
(MALAYSIA) SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
2,905,576 |
10,724,969 |
7,297,655 |
8,084,336 |
5,948,705 |
|
Deferred assets |
1,261,285 |
1,000,220 |
- |
- |
- |
|
Others |
- |
169,026,458 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,261,285 |
170,026,678 |
- |
- |
256,296,022 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
4,166,861 |
180,751,647 |
7,297,655 |
8,084,336 |
262,244,727 |
|
Trade debtors |
157,668 |
150,245 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
731,920 |
516,730 |
- |
- |
- |
|
Amount due from related companies |
21,300,726 |
27,370,942 |
- |
- |
- |
|
Cash & bank balances |
796,043 |
9,867,133 |
- |
- |
- |
|
Others |
123,411 |
65,200,103 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
23,109,768 |
103,105,153 |
345,408,037 |
370,271,749 |
148,670,346 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
27,276,629 |
283,856,800 |
352,705,692 |
378,356,085 |
410,915,073 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
770,776 |
335,540 |
- |
- |
- |
|
Other creditors & accruals |
5,397,633 |
9,921,773 |
- |
- |
- |
|
Amounts owing to holding company |
- |
312,823 |
- |
- |
- |
|
Amounts owing to related companies |
6,636,617 |
662,402 |
- |
- |
- |
|
Provision for taxation |
- |
460,649 |
- |
- |
- |
|
Other liabilities |
- |
66,145,413 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
12,805,026 |
77,838,600 |
198,978,712 |
181,070,670 |
139,012,100 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
10,304,742 |
25,266,553 |
146,429,325 |
189,201,079 |
9,658,246 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
14,471,603 |
206,018,200 |
153,726,980 |
197,285,415 |
271,902,973 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
45,700,200 |
45,700,200 |
34,500,200 |
18,000,200 |
11,000,200 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
45,700,200 |
45,700,200 |
34,500,200 |
18,000,200 |
11,000,200 |
|
Retained profit/(loss) carried forward |
(41,959,434) |
(39,791,350) |
(29,929,188) |
(26,473,031) |
(21,564,124) |
|
Others |
5,026,415 |
3,972,887 |
2,714,100 |
1,722,895 |
1,300,113 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(36,933,019) |
(35,818,463) |
(27,215,088) |
(24,750,136) |
(20,264,011) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
8,767,181 |
9,881,737 |
7,285,112 |
(6,749,936) |
(9,263,811) |
|
Retirement benefits provision |
5,704,422 |
6,110,005 |
- |
- |
- |
|
Others |
- |
190,026,458 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
5,704,422 |
196,136,463 |
146,441,868 |
204,035,351 |
281,166,784 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
14,471,603 |
206,018,200 |
153,726,980 |
197,285,415 |
271,902,973 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
BP ASIA PACIFIC
(MALAYSIA) SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
796,043 |
9,867,133 |
- |
- |
- |
|
Net Liquid Funds |
796,043 |
9,867,133 |
- |
- |
- |
|
Net Liquid Assets |
10,304,742 |
25,266,553 |
146,429,325 |
189,201,079 |
9,658,246 |
|
Net Current Assets/(Liabilities) |
10,304,742 |
25,266,553 |
146,429,325 |
189,201,079 |
9,658,246 |
|
Net Tangible Assets |
14,471,603 |
206,018,200 |
153,726,980 |
197,285,415 |
271,902,973 |
|
Net Monetary Assets |
4,600,320 |
(170,869,910) |
(12,543) |
(14,834,272) |
(271,508,538) |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
- |
- |
- |
|
Total Liabilities |
18,509,448 |
273,975,063 |
345,420,580 |
385,106,021 |
420,178,884 |
|
Total Assets |
27,276,629 |
283,856,800 |
352,705,692 |
378,356,085 |
410,915,073 |
|
Net Assets |
14,471,603 |
206,018,200 |
153,726,980 |
197,285,415 |
271,902,973 |
|
Net Assets Backing |
8,767,181 |
9,881,737 |
7,285,112 |
(6,749,936) |
(9,263,811) |
|
Shareholders' Funds |
8,767,181 |
9,881,737 |
7,285,112 |
(6,749,936) |
(9,263,811) |
|
Total Share Capital |
45,700,200 |
45,700,200 |
34,500,200 |
18,000,200 |
11,000,200 |
|
Total Reserves |
(36,933,019) |
(35,818,463) |
(27,215,088) |
(24,750,136) |
(20,264,011) |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.06 |
0.13 |
- |
- |
- |
|
Liquid Ratio |
1.80 |
1.32 |
- |
- |
- |
|
Current Ratio |
1.80 |
1.32 |
1.74 |
2.04 |
1.07 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
0 |
0 |
- |
- |
- |
|
Debtors Ratio |
1 |
1 |
- |
- |
- |
|
Creditors Ratio |
7 |
3 |
- |
- |
- |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
0.00 |
0.00 |
- |
- |
- |
|
Liabilities Ratio |
2.11 |
27.73 |
47.41 |
(57.05) |
(45.36) |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
- |
- |
- |
|
Assets Backing Ratio |
0.32 |
4.51 |
4.46 |
10.96 |
24.72 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
(4.78) |
(16.78) |
(6.86) |
(15.12) |
(21.74) |
|
Net Profit Margin |
(5.11) |
(20.04) |
(10.43) |
(16.09) |
(26.07) |
|
Return On Net Assets |
(14.02) |
(3.91) |
(1.48) |
(2.34) |
(3.10) |
|
Return On Capital Employed |
(14.02) |
(3.91) |
(1.48) |
(2.34) |
(3.10) |
|
Return On Shareholders' Funds/Equity |
(24.73) |
(97.25) |
(47.44) |
72.73 |
109.04 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
- |
- |
- |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
UK Pound |
1 |
Rs.101.32 |
|
Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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.