|
Report Date : |
10.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
OREN HYDROCARBONS FAR EAST SDN. BHD. |
|
|
|
|
Registered Office : |
43-M, Jalan Thambypillai, Off Jalan Tun Sambanthan, 50470 Kuala
Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
30.08.2012 |
|
|
|
|
Com. Reg. No.: |
1015441-U |
|
|
|
|
Legal Form : |
Private Limited (Limited by Share) |
|
|
|
|
Line of Business : |
Subject is engaged is the Oil and Gas Hydrocarbons Industries |
|
|
|
|
No. of Employees : |
50 [2014] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself
since the 1970s from a producer of raw materials into an emerging multi-sector
economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve
high-income status by 2020 and to move farther up the value-added production
chain by attracting investments in Islamic finance, high technology industries,
biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a
series of projects and policy measures intended to accelerate the country's
economic growth. The government has also taken steps to liberalize some
services sub-sectors. The NAJIB administration also is continuing efforts to
boost domestic demand and reduce the economy's dependence on exports.
Nevertheless, exports - particularly of electronics, oil and gas, palm oil and
rubber - remain a significant driver of the economy. As an oil and gas
exporter, Malaysia has profited from higher world energy prices, although the
rising cost of domestic gasoline and diesel fuel, combined with 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. |
: |
1015441-U |
|
COMPANY NAME |
: |
OREN HYDROCARBONS FAR EAST SDN. BHD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
30/08/2012 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
43-M, JALAN THAMBYPILLAI, OFF JALAN TUN SAMBANTHAN, 50470 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
UNIT A-16-1,TOWER A, MENARA UOA BANGSAR, JALAN BANGSAR UTAMA, LEVEL
16, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
TEL.NO. |
: |
03-22020260 |
|
FAX.NO. |
: |
N/A |
|
CONTACT PERSON |
: |
RIZWAN AHMAD ( DIRECTOR ) |
|
INDUSTRY CODE |
: |
96099 |
|
PRINCIPAL ACTIVITY |
: |
OIL AND GAS HYDROCARBONS INDUSTRIES |
|
AUTHORISED CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
|
SALES |
: |
N/A |
|
NET WORTH |
: |
MYR 350,051 [2013] |
|
STAFF STRENGTH |
: |
50 [2014] |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
N/A |
|
PAYMENT |
: |
N/A |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
POOR |
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
HISTORY
/ BACKGROUND
|
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) oil and gas hydrocarbons industries.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the Subject is OREN HYOCARBONS PVT. LTD., a company incorporated in INDIA.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
20/09/2013 |
MYR 1,000,000.00 |
MYR 500,000.00 |
|
15/02/2013 |
MYR 1,000,000.00 |
MYR 350,000.00 |
|
03/09/2012 |
MYR 1,000,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
OREN HYOCARBONS PVT. LTD. |
28/2B, SARAVANA STREET, T.NAGAR, CHENNAI, TAMIL NADU - 6000017, INDIA. |
U73100TN1990PTC01941 |
500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
RIZWAN AHMAD |
|
Address |
: |
28/2B, SARAVANA STREET T NAGAR, CHENNAI, TAMIL NADU, 60001, INDIA. |
|
IC / PP No |
: |
Z2407336 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
11/10/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
MAHABOOB SUBHANANI MOHAMED ALI |
|
Address |
: |
47/39, BURMA COLONY, PAVALI ROAD, VIRUDHUNAGAR - 626001, TAMIL NADU,
INDIA. |
|
IC / PP No |
: |
Z2134699 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
11/10/2012 |
DIRECTOR 3
|
Name Of Subject |
: |
RAMESH KRISHNAMOORTHY |
|
Address |
: |
F1, ADISH ANJANEYA FLATS, PLOT 2, TANSI NAGAR EXTN, OFF 17TH STREET,
CHENNAI, 60064, INDIA. |
|
IC / PP No |
: |
Z2393814 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
11/10/2013 |
DIRECTOR 4
|
Name Of Subject |
: |
MS. ZURALIZA BINTI ZULKIFLI |
|
Address |
: |
4, JALAN 12, TAMAN SENTOSA, 43100 HULU LANGAT, SELANGOR, MALAYSIA. |
|
New IC No |
: |
830327-13-5154 |
|
Date of Birth |
: |
27/03/1983 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
30/08/2012 |
DIRECTOR 5
|
Name Of Subject |
: |
MR. S. NADARAJAH |
|
Address |
: |
378, JALAN 5/54, PETALING GARDEN, 46000 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
IC / PP No |
: |
5648064 |
|
New IC No |
: |
590218-10-6469 |
|
Date of Birth |
: |
18/02/1959 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
30/08/2012 |
DIRECTOR 6
|
Name Of Subject |
: |
MR. JOSEPH EDWARD |
|
Address |
: |
21, JALAN BU 11/15, BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
IC / PP No |
: |
7139503 |
|
New IC No |
: |
630731-10-7159 |
|
Date of Birth |
: |
31/07/1963 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
16/05/2013 |
DIRECTOR 7
|
Name Of Subject |
: |
SOUNDARARAJAN RAMASWAMY |
|
Address |
: |
G-B SAFIRE SBI OFFICES COLONY, CANTONMENT TRICHY - 620001, TAMIL NADU
INDIA, INDIA. |
|
IC / PP No |
: |
Z2717806 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
05/02/2013 |
|
1) |
Name of Subject |
: |
RIZWAN AHMAD |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
JAYASANGAR & CO |
|
Auditor' Address |
: |
3-5, 30, JALAN THAMBAPILLAI, BRICKFIELDS, 3RD FLOOR, 50470 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. S. NADARAJAH |
|
IC / PP No |
: |
5648064 |
|
|
New IC No |
: |
590218-10-6469 |
|
|
Address |
: |
378, JALAN 5/54, PETALING GARDEN, 46000 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
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.
No blacklisted record & debt collection case was found in our defaulters' databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
CLIENTELE
|
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Products manufactured |
: |
|
||
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
50 |
||||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) oil and gas
hydrocarbons industries.
The Subject refused to disclosed its operation.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that:
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-22020260 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
NO 43-M, JALAN THAMBYPILLAI, OFF JALAN TUN SAMBANTHAN, 50470, KUALA
LUMPUR,WILAYAH PERSEKUTUAN. |
|
Current Address |
: |
UNIT A-16-1,TOWER A, MENARA UOA BANGSAR, JALAN BANGSAR UTAMA, LEVEL
16, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and collect some information.
The address provided belongs to registered address.
The Subject refused to disclosed its bankers.
FINANCIAL
ANALYSIS
|
|
The Subject's turnover was nil during the year indicate that it was inactive. As a result, we are unable to comment on its financial performance. |
||||||
|
Overall financial condition of the Subject : N/A |
||||||
|
Major Economic Indicators: |
2010 |
2011 |
2012 |
2013 |
2014** |
|
Population ( Million) |
28.35 |
28.70 |
29.30 |
29.80 |
30.30 |
|
Gross Domestic Products ( % ) |
7.2 |
5.1 |
5.6 |
5.3 |
6.0 |
|
Domestic Demand ( % ) |
6.3 |
8.2 |
9.4 |
5.6 |
6.4 |
|
Private Expenditure ( % ) |
8.1 |
8.2 |
8.0 |
7.4 |
7.9 |
|
Consumption ( % ) |
6.7 |
7.1 |
1.0 |
5.7 |
6.5 |
|
Investment ( % ) |
17.7 |
12.2 |
11.7 |
13.3 |
12.0 |
|
Public Expenditure ( % ) |
3.8 |
8.4 |
13.3 |
1.2 |
2.3 |
|
Consumption ( % ) |
0.2 |
16.1 |
11.3 |
(1.2) |
2.1 |
|
Investment ( % ) |
2.8 |
(0.3) |
15.9 |
4.2 |
2.6 |
|
Balance of Trade ( MYR Million ) |
118,356 |
116,058 |
106,300 |
110,700 |
52,314 |
|
Government Finance ( MYR Million ) |
(40,482) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(5.6) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
|
Inflation ( % Change in Composite CPI) |
5.1 |
3.1 |
1.6 |
2.5 |
3.3 |
|
Unemployment Rate |
3.9 |
3.3 |
3.2 |
3.0 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
329 |
415 |
427 |
- |
417 |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
2.20 |
3.50 |
2.20 |
- |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
15.30 |
14.80 |
14.70 |
- |
- |
|
Average Base Lending Rate ( % ) |
6.30 |
6.60 |
6.53 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
14.7 |
15.3 |
32.2 |
- |
- |
|
Foreign Investment ( MYR Million ) |
22,517.9 |
23,546.1 |
26,230.4 |
38,238.0 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
44,148 |
45,455 |
45,441 |
46,321 |
- |
|
Registration of New Companies ( % ) |
6.2 |
3.0 |
(0.0) |
1.9 |
- |
|
Liquidation of Companies ( No. ) |
25,585 |
132,476 |
- |
- |
- |
|
Liquidation of Companies ( % ) |
(34.5) |
417.8 |
- |
- |
- |
|
Registration of New Business ( No. ) |
271,414 |
284,598 |
324,761 |
329,895 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business Dissolved ( No. ) |
19,738 |
20,121 |
- |
- |
- |
|
Business Dissolved ( % ) |
2.0 |
1.9 |
- |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
543.6 |
535.1 |
552.2 |
- |
- |
|
Cellular Phone Subscribers ( Million ) |
32.8 |
35.3 |
38.5 |
43.0 |
- |
|
Tourist Arrival ( Million Persons ) |
24.6 |
24.7 |
25.0 |
25.7 |
- |
|
Hotel Occupancy Rate ( % ) |
63.0 |
60.6 |
62.4 |
62.6 |
- |
|
Credit Cards Spending ( % ) |
14.1 |
15.6 |
12.6 |
- |
- |
|
Bad Cheque Offenders (No.) |
33,568 |
32,627 |
26,982 |
28,876 |
- |
|
Individual Bankruptcy ( No.) |
18,119 |
19,167 |
19,575 |
21,984 |
- |
|
Individual Bankruptcy ( % ) |
11.7 |
5.8 |
2.1 |
12.3 |
- |
|
INDUSTRIES ( % of Growth ): |
2010 |
2011 |
2012 |
2013 |
2014** |
|
Agriculture |
2.4 |
5.8 |
1.0 |
2.1 |
3.8 |
|
Palm Oil |
(3.4) |
10.8 |
(0.3) |
2.6 |
- |
|
Rubber |
9.9 |
6.1 |
(7.9) |
(10.1) |
- |
|
Forestry & Logging |
(3.3) |
(7.6) |
(4.5) |
(7.8) |
- |
|
Fishing |
5.6 |
2.1 |
4.3 |
1.6 |
- |
|
Other Agriculture |
7.9 |
7.1 |
6.4 |
8.2 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
508.4 |
634.1 |
- |
- |
- |
|
% of Industry Non-Performing Loans |
2.1 |
3.2 |
- |
- |
- |
|
Mining |
(0.3) |
(5.4) |
1.4 |
0.9 |
(0.8) |
|
Oil & Gas |
0.5 |
(1.7) |
- |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
49.7 |
46.5 |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
0.1 |
- |
- |
- |
|
Manufacturing # |
11.9 |
4.7 |
4.8 |
3.4 |
6.6 |
|
Exported-oriented Industries |
12.1 |
4.1 |
6.5 |
3.3 |
5.6 |
|
Electrical & Electronics |
28.4 |
(4.0) |
12.7 |
6.9 |
13.3 |
|
Rubber Products |
25.3 |
20.7 |
3.0 |
11.7 |
(0.3) |
|
Wood Products |
20.1 |
(5.1) |
8.7 |
(2.7) |
5.1 |
|
Textiles & Apparel |
(0.4) |
13.2 |
(7.1) |
(2.6) |
11.5 |
|
Domestic-oriented Industries |
16.3 |
10.7 |
1.7 |
6.8 |
9.4 |
|
Food, Beverages & Tobacco |
3.0 |
4.8 |
2.7 |
3.6 |
6.1 |
|
Chemical & Chemical Products |
16.2 |
10.0 |
10.8 |
5.6 |
- |
|
Plastic Products |
2.4 |
3.8 |
- |
- |
- |
|
Iron & Steel |
29.3 |
2.2 |
(6.6) |
5.0 |
0.1 |
|
Fabricated Metal Products |
14.9 |
21.8 |
13.8 |
9.9 |
2.9 |
|
Non-metallic Mineral |
20.2 |
12.1 |
2.9 |
(2.0) |
5.4 |
|
Transport Equipment |
36.5 |
12.0 |
3.4 |
13.8 |
22.9 |
|
Paper & Paper Products |
18.7 |
9.5 |
3.1 |
1.8 |
4.7 |
|
Crude Oil Refineries |
(11.4) |
9.3 |
- |
- |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,217.5 |
6,537.2 |
- |
- |
- |
|
% of Industry Non-Performing Loans |
23.8 |
25.7 |
- |
- |
- |
|
Construction |
11.4 |
4.7 |
18.6 |
10.9 |
10.0 |
|
Industry Non-Performing Loans ( MYR Million ) |
4,038.5 |
3,856.9 |
- |
- |
- |
|
% of Industry Non-Performing Loans |
10.7 |
10.2 |
- |
- |
- |
|
Services |
7.4 |
7.0 |
6.4 |
5.9 |
6.2 |
|
Electric, Gas & Water |
7.8 |
3.5 |
4.4 |
4.2 |
3.6 |
|
Transport, Storage & Communication |
7.7 |
6.5 |
7.1 |
7.3 |
7.5 |
|
Wholesale, Retail, Hotel & Restaurant |
4.7 |
5.2 |
4.7 |
5.9 |
6.9 |
|
Finance, Insurance & Real Estate |
6.10 |
6.90 |
9.70 |
3.70 |
4.65 |
|
Government Services |
5.9 |
12.4 |
9.4 |
8.3 |
6.1 |
|
Other Services |
4.4 |
5.1 |
3.9 |
5.1 |
4.8 |
|
Industry Non-Performing Loans ( MYR Million ) |
7,384.6 |
6,825.2 |
- |
- |
- |
|
% of Industry Non-Performing Loans |
25.7 |
23.4 |
- |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production Index |
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INDUSTRY
ANALYSIS
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MSIC CODE |
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96099 : Other service activities n.e.c. |
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INDUSTRY : |
ECONOMY |
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The country's gross domestic product (GDP) expanded by 6.4% in the 4th
quarter ended Dec 31 2012 on a year-on-year basis driven by sustained domestic
demand and high investment growth. For the full year 2012, the GDP growth hit
5.6%, well above the government’s revised forecast of 4.5%-5.0% made in year
2011. Despite the weak and uncertain global economic conditions, there is
remarkable optimism that Malaysia's economy could still continue to grow at a
relatively healthy pace. The government has, in fact, targeted a gross
domestic product (GDP) growth rate of between 4.5% and 5.5% for 2013. This is
quite an encouraging growth rate, and an achievable one at that, according to
most economists. |
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Additionally, tepid economic growth in advanced economies and the
slowdown of emerging economies especially in China and India, point to
weakening global economic prospects. The deterioration in the external
environment and correction in commodity prices are expected to weigh on
Malaysia’s export performance during the second half of 2012. Nevertheless,
the vibrant domestic demand is expected to be sustained during the second
half of 2012, supported by both public and private sectors amid conducive
financial market conditions, stable prices and a favourable labour market.
The external sector provided little support with exports showing a slower
pace of decrease in 4th quarter of year 2012 to -1.5%, while imports also
decreased by -0.9% resulting in an actual increase in the level of net
exports compared to 3rd quarter of year 2012, although growth remained
negative relative to 4th quarter of year 2012. |
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Domestic demand will be the main driver of the Malaysian economy
supported by private and public sector expenditure. Growth in private
consumption is expected to be buoyed by stable employment and income coupled
with lower inflation. The salary revision and bonus for civil servants, cash
assistance under Bantuan Rakyat 1Malaysia (BR1M), reward to the Federal Land
Development Authority (FELDA) settlers and other cash payments to assist
various groups supported private consumption. Private investment is envisaged
to drive economic growth over the medium term, underpinned by the ongoing
implementation of the Economic Transformation Programme (ETP) and vibrant
construction activity. Growth in private investment will be broad-based in
line with positive investors’ confidence and strong domestic demand. Public
investment will be largely led by the Non-Financial Public Enterprises’
(NFPEs) capital spending on oil and gas (O&G), telecommunications and
transportrelated industries. The Investment expenditure was about evenly
divided between structures and machinery & equipment, but the former
category showed continued strong growth at 25.0% over the 4th quarter ended
Dec 31 2011, while growth in the latter category slowed to 7.6% from 22.3% in
3rd quarter ended Sept 30 2012. |
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Growth was broad based with all major sectors registering increases.
The only subsectors that posted declines were the textile manufacturing and
forestry and logging activities. The construction sector posted the strongest
growth, hitting 15% on the year 2012, not surprising given the spate of major
projects and related private sector property investment over the year.
Besides, the agriculture sectors had a slightly grew at 0.6% while the
manufacturing and mining industries continued growth at 4.2% and 1.5%
respectively. The service sector had drop to 5.5%. However, according to the
Minister of Finance, the agriculture and construction sectors are projected
to expand 2.4% and 11.2% respectively while the manufacturing and the mining
industries are forecast to grow 4.9% and 2.7& respectively. Meanwhile,
the service sector is expected to grow 5.6%. |
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With domestic demand remaining robust and signs of improvement in the
external sector, there are far less grounds for an interest rate cut, unlike
in the rest of the region where growth has, with the exception of Thailand,
been less than impressive. High capacity utilisation, strong credit growth
and the need to rein in household debt are all mitigating factors against an
easing of policy. Meanwhile, in maintaining the balance between economic
growth and inflationary pressures in Malaysia, it is expected that interest
rates in the country will remain stable through 2013. The benchmark overnight
policy rate (OPR) currently stands at 3%, which has been supportive of the
country's economic growth amid a low inflation environment with consumer
price index (CPI) growing at less than 2% in 2012. But with price pressures
expected to pick up in year 2014, with CPI expected to increase around 2% to
3%, some economists expect the OPR to likely be raised by 25 basis points to
3.25% in the second half of year 2014. |
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In conclusion, the outlook for the Malaysian economy is going to be challenging,
with the ongoing global economic slowdown in view of the debt crisis in
Europe and the weakening of the US economy. Besdies, the loss of growth
momentum in Malaysia will continue and become serious enough to sidetrack the
country from its long-term development goals. Thus, nominal Gross National
Income (GNI) per capita is expected to increase 6.4% to RM32,947 in year
2013. In terms of Public-Private Partnership (PPP) Facilitation Fund, per
capita income is expected to grow 4.4% to reach USD16,368. |
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OVERALL INDUSTRY OUTLOOK : Marginal Growth |
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CREDIT RISK EVALUATION &
RECOMMENDATION
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Over the years, the Subject has penetrated
into both the local and overseas market. The Subject has positioned itself in
the global market and is competing in the industry. Its stable clientele base
will enable the Subject to further enhance its business in the near term. The
Subject is operating on a medium scale and it has approximately 50 employees
in its business operations. Overall, we regard that the Subject's management
capability is average. This indicates that the Subject has greater potential
to improve its business performance and raising income for the Subject. The Subject has generated an unfavourable
return on shareholders' funds indicating that the management was inefficient
in utilising its funds to generate return. The Subject is in good liquidity
position with its current liabilities well covered by it current assets.
Hence, it has sufficient working capital to meet its short term financial
obligations. Being a zero geared company, the Subject virtually has no financial
risk as it is mainly dependent on its internal funds to finance its business. Without a strong assets backing, the
Subject may face difficulties in getting loans for its future expansion and
continued growth. 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.
Overall the Subject has a good control over its resources. The industry has reached its maturity
stage and only enjoying a marginal growth. The steady growth of the country's
economy will further enhance the industry activities. Thus, the Subject's
future performance is very much depend on its marketing strategies in order
to retain its position in the market. Based on the above condition, we recommend
credit be granted to the Subject normally. |
PROFIT
AND LOSS ACCOUNT
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THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
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OREN HYDROCARBONS
FAR EAST SDN. BHD. |
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Financial Year End |
2013-03-31 |
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Months |
7 |
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Consolidated Account |
Company |
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Audited Account |
YES |
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Unqualified Auditor's Report (Clean Opinion) |
YES |
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Financial Type |
FULL |
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Currency |
MYR |
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Other Income |
723 |
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Total Turnover |
723 |
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PROFIT/(LOSS) FROM OPERATIONS |
124 |
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PROFIT/(LOSS) BEFORE TAXATION |
124 |
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Taxation |
(73) |
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PROFIT/(LOSS) AFTER TAXATION |
51 |
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PROFIT AVAILABLE FOR APPROPRIATIONS |
51 |
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RETAINED PROFIT/(LOSS) CARRIED FORWARD |
51 |
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============= |
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OREN
HYDROCARBONS FAR EAST SDN. BHD. |
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Other debtors, deposits & prepayments |
194,444 |
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Cash & bank balances |
185,913 |
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TOTAL CURRENT ASSETS |
380,357 |
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TOTAL ASSET |
380,357 |
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Other creditors & accruals |
30,233 |
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Provision for taxation |
73 |
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TOTAL CURRENT LIABILITIES |
30,306 |
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NET CURRENT ASSETS/(LIABILITIES) |
350,051 |
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TOTAL NET ASSETS |
350,051 |
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SHARE CAPITAL |
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Ordinary share capital |
350,000 |
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TOTAL SHARE CAPITAL |
350,000 |
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Retained profit/(loss) carried forward |
51 |
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TOTAL RESERVES |
51 |
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SHAREHOLDERS' FUNDS/EQUITY |
350,051 |
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350,051 |
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OREN
HYDROCARBONS FAR EAST SDN. BHD. |
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TYPES OF FUNDS |
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Cash |
185,913 |
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Net Liquid Funds |
185,913 |
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Net Liquid Assets |
350,051 |
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Net Current Assets/(Liabilities) |
350,051 |
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Net Tangible Assets |
350,051 |
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Net Monetary Assets |
350,051 |
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BALANCE SHEET ITEMS |
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Total Borrowings |
0 |
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Total Liabilities |
30,306 |
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Total Assets |
380,357 |
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Net Assets |
350,051 |
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Net Assets Backing |
350,051 |
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Shareholders' Funds |
350,051 |
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Total Share Capital |
350,000 |
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Total Reserves |
51 |
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LIQUIDITY (Times) |
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Cash Ratio |
6.13 |
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Liquid Ratio |
12.55 |
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Current Ratio |
12.55 |
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WORKING CAPITAL CONTROL (Days) |
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Stock Ratio |
0 |
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Debtors Ratio |
0 |
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Creditors Ratio |
0 |
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SOLVENCY RATIOS (Times) |
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Gearing Ratio |
0.00 |
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Liabilities Ratio |
0.09 |
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Times Interest Earned Ratio |
0.00 |
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Assets Backing Ratio |
1.00 |
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PERFORMANCE RATIO (%) |
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Operating Profit Margin |
0.00 |
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Net Profit Margin |
0.00 |
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Return On Net Assets |
0.04 |
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Return On Capital Employed |
0.04 |
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Return On Shareholders' Funds/Equity |
0.01 |
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Dividend Pay Out Ratio (Times) |
0.00 |
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NOTES TO ACCOUNTS |
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Contingent Liabilities |
0 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.52 |
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1 |
Rs.97.39 |
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Euro |
1 |
Rs.76.16 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.