|
Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIME DARBY FUTURES TRADING SDN BHD |
|
|
|
|
Formerly Known As : |
Manpower Development Corporation |
|
|
|
|
Registered Office : |
Main Block, Plantation Tower, 2, Jalan Pju 1A/7, Ara Damansara, Level
10, 47301 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
28.12.1981 |
|
|
|
|
Com. Reg. No.: |
79537-A |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Trading of Crude Palm Oil and Palm Oil Products |
|
|
|
|
No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 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 |
|
HISTORY / BACKGROUNDThe SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies. The SC is principally engaged in the (as a / as an) trading of crude
palm oil and palm oil products. The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is SIME DARBY PLANTATION SDN.
BHD., a company incorporated in MALAYSIA. The ultimate holding company of the SC is SIME DARBY BERHAD, a company
incorporated in MALAYSIA. The major shareholder(s) of the SC are
shown as follows :
+ Also Director DIRECTORS
DIRECTOR 1
DIRECTOR 2
DIRECTOR 3
MANAGEMENT
BANKING
ENCUMBRANCE (S)
LEGAL CHECK AGAINST SC
DEFAULTER CHECK AGAINST SC
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 |
: |
ASIA |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
PALM OIL
PRODUCTS
|
||
|
|
|
|
||
|
Competitor(s) |
: |
EURO FIDELITY
SDN BHD
|
||
|
|
|
|
||
|
Ownership of
premises |
: |
LEASED/RENTED
|
|
Total Number
of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
100 |
150 |
100 |
100 |
100 |
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of crude palm oil
and palm oil products.
The SC is part of the Sime Darby Group which its dealing in trading and
marketing of the palm oil products.
We were informed that the SC's products are divided into two categories as
palm products and lauric products.
The SC's Palm products are Fresh fruit bunches (FFB), Crude palm oil, Crude
palm olein, Refined Bleached Deodorised Palm Olein,
Refined Bleached Deodorised Palm Oil, Refined Bleached Deodorised Palm Stearin, Palm Fatty Acid Distillate, Palm Acid Oil and etc.
The SC's Lauric products are Palm kernel, Crude palm kernel oil, Refined
Bleached Deodorised Palm Kernel Olein, Refined Bleached Deodorised Palm
Kernel Oil, Refined Bleached Deodorised Palm Kernel Stearin, Palm Kernel
Fatty Acid Distillate and etc.
The products offered by the SC range from bulk produce to bulk & packed refined products and specialized refined products, which includes other edible oils, sustainable palm products (RSPO)and International Sustainable Carbon Certified Certification (ISCC) products.
Latest fresh investigations carried out on the SC indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
03-78484000 |
|
Match |
: |
N/A |
|
|
|
|
|
Address
Provided by Client |
: |
LEVEL 7 MAIN BLOCK PLANTATION TOWER NO 2 JALAN PJAU 1A/7 ARA
DAMANSARA 47301 PETALING JAYA SELANGOR DARUL EHSAN |
|
Current
Address |
: |
LEVEL 7, MAIN BLOCK, PLANTATION TOWER 2, JALAN PJU 1A/7 ARA
DAMANSARA, 47301 PETALING JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the SC and she provided some information
on the SC.
The address provided is incorrect.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2008 - 2012 |
] |
|
|
Return on
Shareholder Funds |
: |
Favourable |
[ |
43.15% |
] |
|
|
Return on Net
Assets |
: |
Favourable |
[ |
42.84% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players. The higher profit could be attributed to
the increase in turnover. Generally the SC was profitable. The favourable return
on shareholders' funds and return on net assets indicate that the SC's
management was efficient in utilising the assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working
Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
37 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
|
|
|
|
|
|
|
|
The SC's stocks were moving fast thus reducing its holding cost. This
had reduced funds being tied up in stocks. The favourable debtors' days
could be due to the good credit control measures implemented by the SC. The
SC had a favourable creditors' ratio where the SC could be taking advantage
of the cash discounts and also wanting to maintain goodwill with its
creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.29 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.29 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the SC in order
to assure its creditors of its ability to meet short term obligations and
the SC was in a good liquidity position. Thus, we believe the SC is able to
meet all its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was nil as it did not pay any interest
during the year. The SC had no gearing and hence it had virtually no
financial risk. The SC was financed by its shareholders' funds and
internally generated fund. During the economic downturn, the SC, having a
zero gearing, will be able to compete better than those which are highly
geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
Although the turnover was erratic, the SC had maintained a steady
growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. The SC was in good liquidity
position with its total current liabilities well covered by its total
current assets. With its current net assets, the SC should be able to repay
its short term obligations. The SC did not make any interest payment during
the year. The SC was dependent on its shareholders' funds to finance its
business needs. The SC was a zero gearing company, it was solely dependant
on its shareholders to provide funds to finance its business. The SC has
good chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall
financial condition of the SC : 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 products 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 oleo chemicals. 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 |
|
|
Over the years, the SC has penetrated
into both the local and overseas market. The SC has positioned itself in
the global market and is competing in the industry. Its stable clientele
base will enable the SC to further enhance its business in the near term.
Being a moderate size company, the SC has a total workforce of 100
employees in its business operations. The SC has a good management
capability. Its capable management team has enabled the SC to keep its
business on going. Hence, the future prospect of the SC is bright. Despite the lower turnover, the SC's
pre-tax profit have increased compared to the previous year. The higher
profit could be due to better control of its operating costs and efficiency
in utilising its resources. Based on the higher profitability, the SC has
generated a favourable return based on its existing shareholders' funds
which indicated that the management was efficient in utilising its funds to
generate income. The SC is in good liquidity position with its current liabilities
well covered by it current assets. Hence, it has sufficient working capital
to meet its short term financial obligations. Being a zero geared company,
the SC virtually has no financial risk as it is mainly dependent on its
internal funds to finance its business. Given a positive net worth standing
at MYR 98,121,834, the SC should be able to maintain its business in the
near terms. The SC'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. Overall the SC has a good control over its resources. The industry has reached its optimum
level and is generally stable. It is saturated and very competitive. Thus,
the SC'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 SC promptly. |
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
SIME DARBY
FUTURES TRADING SDN BHD |
|
Financial Year
End |
2012-06-30 |
2011-06-30 |
2010-06-30 |
2009-06-30 |
2008-06-30 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
1,554,185,071 |
1,798,242,589 |
1,560,440,670 |
541,265,523 |
660,052,083 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
1,554,185,071 |
1,798,242,589 |
1,560,440,670 |
541,265,523 |
660,052,083 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
42,040,186 |
31,874,870 |
3,759,688 |
<12,635,169> |
17,260,234 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
BEFORE TAXATION |
42,040,186 |
31,874,870 |
3,759,688 |
<12,635,169> |
17,260,234 |
|
Taxation |
299,666 |
<7,988,624> |
<970,117> |
3,161,160 |
<4,442,140> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
AFTER TAXATION |
42,339,852 |
23,886,246 |
2,789,571 |
<9,474,009> |
12,818,094 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously
reported |
31,291,970 |
6,531,577 |
3,742,006 |
13,216,015 |
397,921 |
|
Prior year
adjustment |
- |
874,147 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
31,291,970 |
7,405,724 |
3,742,006 |
13,216,015 |
397,921 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
73,631,822 |
31,291,970 |
6,531,577 |
3,742,006 |
13,216,015 |
|
DIVIDENDS -
Ordinary (paid & proposed) |
<22,500,000> |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
51,131,822 |
31,291,970 |
6,531,577 |
3,742,006 |
13,216,015 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SIME DARBY
FUTURES TRADING SDN BHD |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Deferred
assets |
1,794,017 |
2,260,853 |
1,110,166 |
2,080,283 |
- |
|
Others |
32 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS |
1,794,049 |
2,260,853 |
1,110,166 |
2,080,283 |
- |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG
TERM ASSETS |
1,794,049 |
2,260,853 |
1,110,166 |
2,080,283 |
- |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
72,741 |
12,070,789 |
143,370,990 |
72,147,963 |
96,891,018 |
|
Trade debtors |
157,423,698 |
21,964,208 |
71,967,420 |
79,225,466 |
187,614,685 |
|
Other debtors,
deposits & prepayments |
2,313,211 |
329,381 |
22,636,433 |
3,077,961 |
2,609,337 |
|
Short term
deposits |
- |
- |
- |
- |
5,000,000 |
|
Amount due
from holding company |
110,170,324 |
125,563,131 |
- |
67,599,460 |
113,510,161 |
|
Amount due
from related companies |
135,475,373 |
159,038,795 |
241,435,785 |
337,280,730 |
309,489,280 |
|
Cash &
bank balances |
15,846,316 |
25,245,707 |
32,280,373 |
22,844,386 |
245,777 |
|
Others |
6,752,493 |
38,033 |
986,700 |
480,600 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT
ASSETS |
428,054,156 |
344,250,044 |
512,677,701 |
582,656,566 |
715,360,258 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
429,848,205 |
346,510,897 |
513,787,867 |
584,736,849 |
715,360,258 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade
creditors |
- |
840,446 |
- |
6,110,473 |
23,160,642 |
|
Other
creditors & accruals |
6,449,379 |
3,966,057 |
4,666,896 |
5,233,486 |
1,022,717 |
|
Amounts owing
to holding company |
- |
- |
279,465,738 |
- |
- |
|
Amounts owing
to related companies |
312,783,683 |
253,686,952 |
221,123,656 |
567,650,884 |
672,157,596 |
|
Provision for
taxation |
1,649,781 |
5,646,689 |
- |
- |
3,803,288 |
|
Other
liabilities |
10,843,528 |
1,078,783 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT
LIABILITIES |
331,726,371 |
265,218,927 |
505,256,290 |
578,994,843 |
700,144,243 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT
ASSETS/(LIABILITIES) |
96,327,785 |
79,031,117 |
7,421,411 |
3,661,723 |
15,216,015 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET
ASSETS |
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share
capital |
50,000,000 |
50,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE
CAPITAL |
50,000,000 |
50,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained
profit/(loss) carried forward |
51,131,822 |
31,291,970 |
6,531,577 |
3,742,006 |
13,216,015 |
|
Others |
<3,009,988> |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
48,121,834 |
31,291,970 |
6,531,577 |
3,742,006 |
13,216,015 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
|
============= |
============= |
============= |
============= |
============= |
|
SIME DARBY
FUTURES TRADING SDN BHD |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
15,846,316 |
25,245,707 |
32,280,373 |
22,844,386 |
5,245,777 |
|
Net Liquid
Funds |
15,846,316 |
25,245,707 |
32,280,373 |
22,844,386 |
5,245,777 |
|
Net Liquid
Assets |
96,255,044 |
66,960,328 |
<135,949,579> |
<68,486,240> |
<81,675,003> |
|
Net Current
Assets/(Liabilities) |
96,327,785 |
79,031,117 |
7,421,411 |
3,661,723 |
15,216,015 |
|
Net Tangible
Assets |
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
Net Monetary
Assets |
96,255,044 |
66,960,328 |
<135,949,579> |
<68,486,240> |
<81,675,003> |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total
Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
331,726,371 |
265,218,927 |
505,256,290 |
578,994,843 |
700,144,243 |
|
Total Assets |
429,848,205 |
346,510,897 |
513,787,867 |
584,736,849 |
715,360,258 |
|
Net Assets |
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
Net Assets
Backing |
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
Shareholders'
Funds |
98,121,834 |
81,291,970 |
8,531,577 |
5,742,006 |
15,216,015 |
|
Total Share
Capital |
50,000,000 |
50,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
Total Reserves |
48,121,834 |
31,291,970 |
6,531,577 |
3,742,006 |
13,216,015 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.05 |
0.10 |
0.06 |
0.04 |
0.01 |
|
Liquid Ratio |
1.29 |
1.25 |
0.73 |
0.88 |
0.88 |
|
Current Ratio |
1.29 |
1.30 |
1.01 |
1.01 |
1.02 |
|
WORKING
CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
0 |
2 |
34 |
49 |
54 |
|
Debtors Ratio |
37 |
4 |
17 |
53 |
104 |
|
Creditors
Ratio |
0 |
0 |
0 |
4 |
13 |
|
SOLVENCY
RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities
Ratio |
3.38 |
3.26 |
59.22 |
100.83 |
46.01 |
|
Times Interest
Earned Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Assets Backing
Ratio |
1.96 |
1.63 |
4.27 |
2.87 |
7.61 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating
Profit Margin |
2.70 |
1.77 |
0.24 |
<2.33> |
2.61 |
|
Net Profit
Margin |
2.72 |
1.33 |
0.18 |
<1.75> |
1.94 |
|
Return On Net
Assets |
42.84 |
39.21 |
44.07 |
<220.05> |
113.43 |
|
Return On
Capital Employed |
42.84 |
39.21 |
44.07 |
<220.05> |
113.43 |
|
Return On
Shareholders' Funds/Equity |
43.15 |
29.38 |
32.70 |
<164.99> |
84.24 |
|
Dividend Pay
Out Ratio (Times) |
0.53 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.71 |
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 |
|
-- |
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.