|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Menara City One, Letter Box CP5-01, 3, Jalan Munshi Abdullah, Level 5,
50100 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
21.06.2011 |
|
|
|
|
Com. Reg. No.: |
949580-P |
|
|
|
|
Legal Form : |
Private Limited (Limited By Shares) |
|
|
|
|
Line of Business : |
Trading of Palm Oil |
|
|
|
|
No. of Employees : |
5 [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 : |
Slow |
|
|
|
|
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. |
: |
949580-P |
||||
|
COMPANY NAME |
: |
PUNJAB OIL PRODUCTS (M) SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
21/06/2011 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
MENARA CITY ONE, LETTER BOX CP5-01, 3, JALAN MUNSHI ABDULLAH, LEVEL 5,
50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
260-A, JALAN 4D, KAMPUNG BARU SUBANG, SUBANG, 40150 SHAH ALAM,
SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-80275082 |
||||
|
FAX.NO. |
: |
03-77341414 |
||||
|
CONTACT PERSON |
: |
NOSHEEN NAEEM ( DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
46202 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF PALM OIL |
||||
|
AUTHORISED CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 1,566,572 [2012] |
||||
|
NET WORTH |
: |
MYR 868,778 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
5 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
WEAK |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
HIGH |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MATURE |
||||
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) trading of palm oil.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital
History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
15/02/2013 |
MYR 1,000,000.00 |
MYR 1,000,000.00 |
|
04/11/2011 |
MYR 1,000,000.00 |
MYR 500,000.00 |
|
21/06/2011 |
MYR 1,000,000.00 |
MYR 4.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. MOHAMMAD NAEEM + |
12, 5/17 JALAN SEPAH PUTRI, SEKSYEN 5, KOTA DAMANSARA, 47810 PETALING
JAYA, SELANGOR, MALAYSIA. |
AR9951473 |
250,000.00 |
25.00 |
|
MR. NOSHEEN NAEEM + |
12, 5/17 JALAN SEPAH PUTRI, SEKSYEN 5, KOTA DAMANSARA, 47810 PETALING
JAYA, SELANGOR, MALAYSIA. |
KH287924 |
250,000.00 |
25.00 |
|
AYUB MUHAMMAD + |
HOUSE P 204, ABUBAKAR ROAD, BEHIND MOSQUE ABULKHALID, SAEED COLONY 1,
FAISALABAD 38000, PAKISTAN. |
AH1132682 |
250,000.00 |
25.00 |
|
MUHAMMAD TAHIR |
HOUSE 32, BLOCK Z, STREET 13, MADINA TOWN, FAISALABAD 38000, PAKISTAN. |
AD7123892 |
250,000.00 |
25.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
1,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
AYUB MUHAMMAD |
|
Address |
: |
HOUSE P 204, ABUBAKAR ROAD, BEHIND MOSQUE ABULKHALID, SAEED COLONY 1,
FAISALABAD 38000, PAKISTAN. |
|
IC / PP No |
: |
AH1132682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
PAKISTANI |
|
Date of Appointment |
: |
21/06/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MR. NOSHEEN NAEEM |
|
Address |
: |
12, 5/17 JALAN SEPAH PUTRI, SEKSYEN 5, KOTA DAMANSARA, 47810 PETALING
JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
KH287924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment |
: |
21/06/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MR. MOHAMMAD NAEEM |
|
Address |
: |
12, 5/17 JALAN SEPAH PUTRI, SEKSYEN 5, KOTA DAMANSARA, 47810 PETALING
JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
AR9951473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment |
: |
21/06/2011 |
|
1) |
Name of Subject |
: |
NOSHEEN NAEEM |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
WSJ & CO |
|
Auditor' Address |
: |
MENARA CITY ONE, LETTER BOX CP5-01, 3, JALAN MUNSHI ABDULLAH, LEVEL 6,
50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MR. M RAMANATHAN A/L S M MEYYAPPAN |
|
|
IC / PP No |
: |
6057502 |
|
|
New IC No |
: |
600923-10-6815 |
|
|
Address |
: |
15, JALAN DATO ABDUL AZIZ 14/29, 46100 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
ALLIANCE BANK MALAYSIA BHD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
MALAYAN BANKING BHD |
No encumbrance was found in our databank at the time of investigation.
* 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.
* 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 |
: |
N/A |
|
|
|
|
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|
|
|
|
|
|
|
|
|
|
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
N/A |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
PALM OIL
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2012 |
|
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
5 |
0 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The
Subject is principally engaged in the (as a / as an) trading of palm oil.
The Subject refused to disclose its operation.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
0380275082 |
|
Current Telephone Number |
: |
03-80275082 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
NW3A-30,COVA SQUARE JALAN
TEKNOLOGI,PJU5,KOTA DAMANSARA 47810, PJ SELAN-GOR,MALAYSIA |
|
Current Address |
: |
260-A, JALAN 4D, KAMPUNG BARU SUBANG,
SUBANG, 40150 SHAH ALAM, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
The Subject is not aware of the address provided.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
(0.00%) |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
(1,324.24%) |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(14.11%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(13.74%) |
] |
|
|
|
|
|
|
|
|
|
|
The higher turnover could be attributed to the favourable market
condition.Higher losses before tax during the year could be due to the higher
operating costs incurred. The Subject's unfavourable returns on shareholders'
funds indicate the management's inefficiency in utilising its assets to
generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
46 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
82 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
60 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The high debtors' ratio could
indicate that the Subject was weak in its credit control. However, the
Subject could also giving longer credit periods to its customers in order to
boost its sales or to capture / retain its market share. The Subject had a
favourable creditors' ratio where the Subject could be taking advantage of
the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
2.20 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.66 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations and
the Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
(37.19 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject incurred losses in the year. It did not generate
sufficient income to service its interest. If the situation does not improve,
the Subject may be vulnerable to default in servicing the interest. The
Subject had no gearing and hence it had virtually no financial risk. The
Subject was financed by its shareholders' funds and internally generated
fund. During the economic downturn, the Subject, having a zero gearing, will
be able to compete better than those which are highly geared in the same
industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Although the Subject's turnover increased its profits however showed a
reverse trend. The losses could be due to the management's failure to
maintain its competitiveness in the market. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. The Subject's interest cover was negative, indicating
that it did not generate sufficient income to service its interest. If its
result does not show impressive improvements or succeed obtaining short term
financing or capital injection, it may not be able to service its interest
and repay the loans. The Subject was a zero gearing company, it was solely
dependant on its shareholders to provide funds to finance its business. The
Subject has good chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : LIMITED |
||||||
|
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 |
28,876 |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
21,984 |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
12.3 |
|
INDUSTRIES ( % of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.1 |
2.4 |
5.8 |
1.3 |
2.1 |
|
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 |
(6.5) |
(0.3) |
(5.4) |
1.0 |
0.7 |
|
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 # |
(9.0) |
11.9 |
4.7 |
4.8 |
3.5 |
|
Exported-oriented Industries |
(19.0) |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
(30.3) |
28.4 |
(4.0) |
12.7 |
18.6 |
|
Rubber Products |
(10.1) |
25.3 |
20.7 |
3.0 |
8.2 |
|
Wood Products |
(24.1) |
20.1 |
(5.1) |
8.7 |
(3.1) |
|
Textiles & Apparel |
(19.5) |
(0.4) |
13.2 |
(7.1) |
(2.6) |
|
Domestic-oriented Industries |
(9.8) |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.8 |
2.7 |
3.6 |
|
Chemical & Chemical Products |
(7.7) |
16.2 |
10.0 |
10.8 |
(0.7) |
|
Plastic Products |
(9.1) |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
(32.7) |
29.3 |
2.2 |
(6.6) |
3.4 |
|
Fabricated Metal Products |
(2.5) |
14.9 |
21.8 |
13.8 |
12.2 |
|
Non-metallic Mineral |
(15.5) |
20.2 |
12.1 |
2.9 |
(0.4) |
|
Transport Equipment |
(13.5) |
36.5 |
12.0 |
3.4 |
13.8 |
|
Paper & Paper Products |
(5.0) |
18.7 |
9.5 |
3.1 |
2.3 |
|
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 |
6.2 |
11.4 |
4.7 |
18.6 |
10.9 |
|
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 |
2.9 |
7.4 |
7.1 |
6.4 |
5.9 |
|
Electric, Gas & Water |
1.4 |
7.8 |
3.5 |
4.4 |
4.2 |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.1 |
7.3 |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
4.7 |
5.9 |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.9 |
9.7 |
3.7 |
|
Government Services |
3.4 |
5.9 |
12.4 |
9.4 |
8.3 |
|
Other Services |
3.8 |
4.4 |
5.1 |
3.9 |
5.1 |
|
Industry Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing Production Index |
|||||
|
MSIC CODE |
|
|
46202 : Wholesale of palm oil |
|
|
|
|
|
INDUSTRY : |
PALM OIL |
|
|
|
|
|
|
|
Oil palm is one of the main drivers of Malaysia's agriculture sector
where it has accounting for 71% of its agricultural land bank. Malaysia is the
one of the biggest producers and exporters of palm oil prodcuts in the
growing global need for oils and fats. The palm oil industry is expected to
grow about 7.1% over the next 10 years where it is driven by new plantation
expansion, venture of large plantation companies into high potential
downstream activities such as processed food, biodiesel, second generation
biofuel and oleochemicals. Malaysia currently accounts for 39 % of world palm
oil production and 44% of world exports. Taken into account of other oils
& fats produced in the country, Malaysia accounts for 12% and 27% of the
world's total production and exports of oils and fats. Being one of the
biggest producers and exporters of palm oil and palm oil products, Malaysia
has an important role to play in fulfilling the growing global need for oils
and fats sustainably. |
|
|
|
|
|
In year 2013, the production of crude palm oil is envisaged to rebound
2.5% to 18.9 million tonnes on account of expanded matured areas to 4.44
million hectares. However Malaysian palm oil’s supply and demand for February
2013 with palm oil stocks continued to be lower for the consecutive two
months at 2.444 million tonnes, a decrease of 5.23% from January 2013 and was
slightly above the average estimation at 2.42 million tonnes. The exports in
February 2013 fell 13.98% to 1.398 million tonnes while the palm oil
production reduced 19.15% to 1.296 million tonnes. The palm oil production
would be expected to be in dismal as the oil palm had entered a low yield
cycle currently. |
|
|
|
|
|
According to the 2013 Budget, the palm oil sector contracted 8.6%
during the first half of the year 2012 due to the less favourable weather
conditions and natural production down cycle that constrained the output of
fresh fruit bunches. However, the yield is expected to improve in the later
part of the year, with the subsector registering a smaller contraction of
2.8% in 2012. Total planted areas of oil palm increased substantially by
77,106 hectares to five million hectares as at end-June 2012. Of the total
planted areas, 28.4% or 1.5 million hectares are located in Sabah. With the
acceleration of planting activity, total planted areas are expected to
increase to 5.1 million hectares in 2012. |
|
|
|
|
|
According to the Performance Management and Delivery Unit (Pemandu),
the Palm Oil National Key Economic Area (NKEA), Malaysia's most important
commodity is expected to contribute from RM125 billion to RM178 billion to
the Gross National Income (GNI) and create about 41,600 jobs by 2020, with
the government's focus on eight Entry Point Projects (EPPs). As part of the
government's efforts to accelerate the country's replanting and new planting
programme and manage stock levels, the government has allocated an additional
RM432 million as funds for independent smallholders' replanting and new
planting initiatives in 2013. According to Pemandu, the government will also
accelerate the replanting of oil palm by plantations and smallholders as well
as new planting by independent smallholders to 130,000 ha. and raise the area
complying with best practices by an additional 200,000 ha. in 2013. |
|
|
|
|
|
However, the future performance of the industry is unpredictable as
with many factors that can give impact to the industry is still unknown. Nationally,
the sentiments seem positive, internationally there are mixed signals but
with the current growth rate, an expected increase in demand, a recovering
global economy, analysts and industry sources are reckoning that the bull
may be able to hold the bear back. |
|
|
|
|
|
Under the palm oil National Key Economic Areas (NKEAs) in 2011, the
launches of the Oil Palm Replanting and New Planting Smallholders Schemes
ware improved the smallholders agricultural practices in 2012.The oil
extraction rate is set to improve to 21.05% in three-year from 2012 to low of
19.70% as 1.35 more. |
|
|
|
|
|
In driving speedier harvesting of oil palm fruits, the government has
introduced the RM1,000 discount scheme to encourage the use of motorised
sickle called Cantas and diamond blade sharpeners to enhance the palm oil
industry. MPOB appointed 100 enforcement officers to visit mills to ensure
the only good quality crops are processed. Since 2007, the palm oil industry
has grown at an average of 14.5 per cent annualy until 2012. If the momentum
is maitained for next 5 to 8 years, malaysia will achive its target of two
million of hecters palm oil. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Mature |
|
Established in 2011, the Subject is a Private Limited company, focusing on
trading of palm oil. The Subject has been in business for less than 5 years and
it has slowly been building up contact with its clients while competing in the
industry. However, it has yet to enjoy a stable market shares as it need to
compete many well established players in the same field. With a paid up capital
of MYR 1,000,000, the Subject has greater opportunities to expand its business
when the needs arise. Under the control of its directors, we considered that
the Subject's business position in the market is much dependent on their
abilities.
Investigation revealed that the Subject
concentrates only on the local market. In this regard, the Subject's commercial
risk is high. Any adverse changes to the local economy might have a negative
impact on the Subject's business performance. Being a small company, the
Subject's business operation is supported by only 5 employees. Overall, we
regard that the Subject's management capability is weak. Without capable
management, the Subject is unlikely to be successful and often contribute to
unacceptable levels of accountability. Weak management can affect productivity,
profitability, sales growth and ultimately can result in the failure of a business.
Despite the higher turnover, the Subject suffered pre-tax losses which
reflected a highly competitive business environment. 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 payment habit is average. With
its adequate working capital, the Subject should be able to pay its short term
debts.
The industry has reached its optimum level
and is generally stable. It is saturated and very competitive. Thus, the
Subject's growth prospect is very much depends on its capacity in sustaining
its performance in the market.
In view of the above, we recommend credit be
granted to the Subject with close monitoring.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
PUNJAB OIL
PRODUCTS (M) SDN. BHD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
MYR |
MYR |
|
|
|
|
|
TURNOVER |
1,566,572 |
- |
|
|
---------------- |
---------------- |
|
Total Turnover |
1,566,572 |
- |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(122,613) |
(8,609) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(122,613) |
(8,609) |
|
Taxation |
0 |
- |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(122,613) |
(8,609) |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
(8,609) |
- |
|
|
---------------- |
---------------- |
|
As restated |
(8,609) |
- |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(131,222) |
(8,609) |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(131,222) |
(8,609) |
|
|
============= |
============= |
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
Others |
3,211 |
- |
|
|
---------------- |
---------------- |
|
|
3,211 |
- |
|
|
============= |
|
|
PUNJAB OIL PRODUCTS
(M) SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
166,358 |
- |
|
|
|
|
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
166,358 |
- |
|
|
|
|
|
Stocks |
195,623 |
- |
|
Trade debtors |
350,200 |
- |
|
Other debtors, deposits & prepayments |
19,000 |
- |
|
Amount due from director |
493,407 |
492,427 |
|
Cash & bank balances |
67,202 |
- |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
1,125,432 |
492,427 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
1,291,790 |
492,427 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Trade creditors |
256,302 |
- |
|
Other creditors & accruals |
44,838 |
1,036 |
|
Amounts owing to director |
121,872 |
- |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
423,012 |
1,036 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
702,420 |
491,391 |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
868,778 |
491,391 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
1,000,000 |
500,000 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
1,000,000 |
500,000 |
|
|
|
|
|
Retained profit/(loss) carried forward |
(131,222) |
(8,609) |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
(131,222) |
(8,609) |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
868,778 |
491,391 |
|
|
|
|
|
|
---------------- |
---------------- |
|
|
868,778 |
491,391 |
|
|
============= |
============= |
|
PUNJAB OIL
PRODUCTS (M) SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
Cash |
67,202 |
0 |
|
Net Liquid Funds |
67,202 |
0 |
|
Net Liquid Assets |
506,797 |
491,391 |
|
Net Current Assets/(Liabilities) |
702,420 |
491,391 |
|
Net Tangible Assets |
868,778 |
491,391 |
|
Net Monetary Assets |
506,797 |
491,391 |
|
BALANCE SHEET ITEMS |
|
|
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
423,012 |
1,036 |
|
Total Assets |
1,291,790 |
492,427 |
|
Net Assets |
868,778 |
491,391 |
|
Net Assets Backing |
868,778 |
491,391 |
|
Shareholders' Funds |
868,778 |
491,391 |
|
Total Share Capital |
1,000,000 |
500,000 |
|
Total Reserves |
(131,222) |
(8,609) |
|
LIQUIDITY (Times) |
|
|
|
Cash Ratio |
0.16 |
0.00 |
|
Liquid Ratio |
2.20 |
475.32 |
|
Current Ratio |
2.66 |
475.32 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
Stock Ratio |
46 |
0 |
|
Debtors Ratio |
82 |
0 |
|
Creditors Ratio |
60 |
0 |
|
SOLVENCY RATIOS (Times) |
|
|
|
Gearing Ratio |
0.00 |
0.00 |
|
Liabilities Ratio |
0.49 |
0.00 |
|
Times Interest Earned Ratio |
(37.19) |
0.00 |
|
Assets Backing Ratio |
0.87 |
0.98 |
|
PERFORMANCE RATIO (%) |
|
|
|
Operating Profit Margin |
(7.83) |
0.00 |
|
Net Profit Margin |
(7.83) |
0.00 |
|
Return On Net Assets |
(13.74) |
(1.75) |
|
Return On Capital Employed |
(13.74) |
(1.75) |
|
Return On Shareholders' Funds/Equity |
(14.11) |
(1.75) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.