|
Report No. : |
314773 |
|
Report Date : |
01.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIME DARBY PLANTATION (SARAWAK) SDN BHD |
|
|
|
|
Registered Office : |
Main Block, Plantation Tower, 2, Jalan Pju 1a/7, Ara Damansara, Level 10,
47301 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
06.03.1989 |
|
|
|
|
Com. Reg. No.: |
179365-M |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is engaged in the manufacturing of palm oil and palm kernel. |
|
|
|
|
No. of Employee : |
Not available |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
179365-M |
||||
|
COMPANY NAME |
: |
SIME DARBY PLANTATION (SARAWAK) SDN BHD |
||||
|
FORMER NAME |
: |
GOLDEN HOPE PLANTATIONS (SARAWAK) SDN BHD (01/07/2008) |
||||
|
INCORPORATION DATE |
: |
06/03/1989 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
MAIN BLOCK, PLANTATION TOWER, 2, JALAN PJU 1A/7, ARA DAMANSARA, LEVEL 10,
47301 PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
KM 52, JALAN BINTULU MIRI, TAMAN RAJAWALI COMPLEX, P.O BOX 673, 97000
BINTULU, SARAWAK, MALAYSIA. |
||||
|
TEL.NO. |
: |
086-327687/326800 |
||||
|
FAX.NO. |
: |
N/A |
||||
|
EMAIL |
: |
PLANTATIONCCD@SIMEDARBY.COM |
||||
|
CONTACT PERSON |
: |
RENAKA A/P RAMACHANDRAN ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
10403 |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF PALM OIL AND PALM KERNEL |
||||
|
AUTHORISED CAPITAL |
: |
MYR 100,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 25,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 346,317,591 [2014] |
||||
|
NET WORTH |
: |
MYR 537,997,364 [2014] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
NO COMPLAINTS |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
MATURE |
||||
HISTORY
/ BACKGROUND
|
The Subject is a
private limited company and is allowed to have a minimum of one and a maximum of
forty-nine shareholders. As a private limited company, the Subject must have at
least two directors. A private limited company is a separate legal entity from
its shareholders. As a separate legal entity, the Subject is capable of owning
assets, entering into contracts, sue or be sued by other companies. The
liabilities of the shareholders are to the extent of the equity they have taken
up and the creditors cannot claim on shareholders' personal assets even if the
Subject is insolvent. The Subject is governed by the Companies Act, 1965 and
the company must file its annual returns, together with its financial
statements with the Registrar of Companies.
The Subject is
principally engaged in the (as a / as an) manufacturing of palm oil and palm
kernel.
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 100,000,000.00 |
MYR 25,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SIME DARBY PLANTATION SDN. BHD. |
MAIN BLOCK PLANTATION TOWER, 2 JALAN PJU 1A/7, ARA DAMANSARA, LEVEL 10,
47301 PETALING JAYA, SELANGOR, MALAYSIA. |
647766V |
25,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
25,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. MOHAMAD HELMY BIN OTHMAN BASHA |
|
Address |
: |
20, JALAN BIRAI U8/70, BUKIT JELUTONG, 40150 SHAH ALAM, SELANGOR,
MALAYSIA. |
|
New IC No |
: |
670113-10-6235 |
|
Date of Birth |
: |
13/01/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
27/11/2007 |
DIRECTOR 2
|
Name Of Subject |
: |
MS. RENAKA A/P RAMACHANDRAN |
|
Address |
: |
19, JALAN ENDAH 6/7, 46000 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A0821952 |
|
New IC No |
: |
671005-10-6080 |
|
Date of Birth |
: |
05/10/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
24/08/2011 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. FRANKI A/L ANTHONY DASS |
|
Address |
: |
3, JALAN 3/66, SECTION 3, 46000 PETALING JAYA, SELANGOR, MALAYSIA. |
|
New IC No |
: |
561002-07-5533 |
|
Date of Birth |
: |
02/10/1956 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
24/08/2011 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
RENAKA A/P RAMACHANDRAN |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name of Subject |
: |
AZLIN |
|
Position |
: |
ADMIN MANAGER |
|
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor' Address |
: |
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR CENTRAL, P.O.BOX 10192, LEVEL
15, 50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. AZRIN NASHIHA BINTI ABDUL AZIZ |
|
IC / PP No |
: |
A1987809 |
|
|
New IC No |
: |
720603-08-5564 |
|
|
Address |
: |
15, JALAN DM 3B, DESA MOCCIS, SELANGOR, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
HSBC BANK MALAYSIA BHD |
ENCUMBRANCE
(S)
|
|
|||||
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
|
1 |
13/01/1994 |
N/A |
ARABMALAYSIAN MERCHANT BANK BERHAD |
MYR 6,700,000.00 |
Satisfied |
|
|
2 |
19/01/1994 |
N/A |
ARABMALAYSIAN MERCHANT BANK BHD |
MYR 3,300,000.00 |
Satisfied |
|
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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose it's suppliers.
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
N/A |
|||
|
Type of Customer |
: |
PALM OIL INDUSTRIES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of palm
oil and palm kernel.
The Subject is engage in manufacturing of palm oil and palm kernel.
The Subject's group upstream produces about 2.3 million tonnes or 4 per cent of
the world’s crude palm oil (CPO) output annually, of which about 93% or 2.14
million tonnes are Certified Sustainable Palm Oil (CSPO).
Its annual output of palm kernel is about 0.52 million tonnes, out of which
0.49 million tonnes are Certified Sustainable Palm Kernel (CSPK).
However, The Subject's group downstream manufacturing and distribution of oils
and fats products, oleochemicals and palm oil-based biodiesel, as well as fast
moving consumer goods.
The company’s downstream operations, where refining of Crude Palm Oil (CPO) is
undertaken for edible oils and fats products, oleochemicals and biodiesel, as well
as its marketing activities are present in 16 countries.
The Subject's group operation include the development of oil palm plantations,
cultivation of oil palm, management of estates, milling of fresh fruit bunches
(FFB) for CPO and CPKO.
The Subject's group business philosophy in the manufacturing of a comprehensive
range of palm oil-based products is to maintain the highest quality at all
times.
This has ensured the Company an edge in its selling proposition and sets the
Subject apart from the competition.
CURRENT
INVESTIGATION
|
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
086-327687/326800 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
LEVEL 7 MAIN BLOCK PLANTATION TOWER, NO. 2, JALAN PJU 1A/7, ARA
DAMANSARA 47301 PETALING JAYA SELANGOR DARULK EHSAN MALAYSIA |
|
Current Address |
: |
KM 52, JALAN BINTULU MIRI, TAMAN RAJAWALI COMPLEX, P.O BOX 673, 97000
BINTULU, SARAWAK, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 26th March 2015, we contacted one of the staff from the Subject and he
provided some information.
The address provided belongs to the Subject's Headquarters.
The Subject refused to disclose its number of employees and fax number.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
10.58% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
12.86% |
] |
|
|
The Subject's management had generated acceptable return for its
shareholders using its assets. |
||||||
|
Liquidity |
||||||
|
Current Ratio |
: |
Favourable |
[ |
10.31 Times |
] |
|
|
The Subject was in good liquidity position with its current
liabilities well covered by its current assets. With its net
current assets, the Subject should be able to repay its short term
obligations. |
||||||
|
Solvency |
||||||
|
Liability Ratio |
: |
Favourable |
[ |
0.12 Times |
] |
|
|
A low liabilities ratio has minimised the Subject's financial risk. |
||||||
|
Overall Assessment : |
||||||
|
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 has a low liabilities ratio. It's liabilities were low and was not
vulnerable to the financial risk. |
||||||
|
Overall financial condition of the Subject : STRONG |
||||||
|
Major Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population ( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption ( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment ( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption ( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment ( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
Balance of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation ( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.3 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
3.0 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
- |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
- |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
- |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
- |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
- |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
- |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
- |
- |
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
- |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
- |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
- |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
- |
- |
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
- |
- |
|
Bad Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES ( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry & Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil & Gas |
(1.7) |
- |
- |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.6 |
5.5 |
|
Exported-oriented Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical & Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles & Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food, Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical & Chemical Products |
10.0 |
10.8 |
5.6 |
- |
- |
|
Plastic Products |
3.8 |
- |
- |
- |
- |
|
Iron & Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper & Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude Oil Refineries |
9.3 |
- |
- |
- |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,856.9 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric, Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport, Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale, Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance, Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
% of Industry Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
INDUSTRY
ANALYSIS
|
|
MSIC CODE |
|
|
10403 : Manufacture of palm kernel oil |
|
|
INDUSTRY : |
PALM OIL |
|
According to the Malaysian Palm Oil Council (MPOC), Malaysia currently
accounts for 39% of world palm oil production and 44% of world exports in
year 2014. Malaysia is also one of the biggest producers and exporters of oil
palm and palm oil products. In the last 5 years until year 2014, Malaysia
earned between RM50 billion and RM70 billion a year from palm oil exports. |
|
|
Besides, the ongoing implementation of Entry Point Projects (EPPs)
under the National Key Economic Area (NKEA) on palm oil to enhance
productivity of upstream and downstream activities will further boost the
palm oil sector. Thus, palm oil sector is expected to grow 6.7% in 2014
(2013: 2.6%). Moreover, the total oil palm planted areas increased 2.8% to 5.3
million hectares as at end-June 2014 (end-June 2013: 5.2 million hectares)
following the opening of 30,544 hectares of cultivated areas mainly in Sabah
and Sarawak. Other than that, the production of palm oil is expected to
growth by 1.6% (19.52 million tonnes) in year 2014, compared to 19.22 million
tonnes in year 2013. |
|
|
According to Kenanga Research, the estimated average crude palm oil
(CPO) price for 2014 and 2015 is between RM2,100 and RM2,500 per tonne due to
lower inventory estimate by end-2015. The estimated prices also lifted by
factors such as biofuel demand and petroleum price level. But, the average
price of crude palm oil (CPO) strengthened to RM2,542 per tonne during the
first eight months of 2014 (January - August 2013: Rm2,309 per tonne).
However, with production rising in the second quarter coupled with high
inventory level (end-August 2014: 2.1 million tonnes), the price of CPO
moderated to RM2,162 per tonne as at end-August 2014, and hitting a five-year
low of RM1,914 per tonne in Sept 2014 as stockpiles surged to a more than 1
year high above 2 million tonnes. The moderation in CPO prices was also due
to a surge in global supplies of edible oil, particularly the bumper harvest
of soybean in the US. |
|
|
Over the total exports of major products in year 2013, palm oil
accounts 6.4% of share in the total exports. During the first seven months of
2014, export receipts of palm oil rebounded by 4.9% to RM25.8 billion
(January - July 2013: -21.9%, RM 24.6 billion) due to higher export prices
averaging RM 2,703 per tonne (January - July 2013: Rm 2,456 per tonne). As a
measure to reduce the high inventory due to strong output, the Government has
exempted export tax on CPO until December 2014. The Government's move to
extend the export duty exemption for crude palm oil (CPO) has received
positive reaction from industry players. The chairman of Malaysian Palm Oil
Board (MPOB) said the move provided a stable effect on the CPO market prices. |
|
|
In Budget 2015, there is an allocation of RM41 million for
smallholders to plant and replant oil palm. The incentives for commodities
announced in Budget 2015 will help alleviate the problems faced by the
industry, especially the poor prices for rubber and palm oil. |
|
|
According to the Minister of Plantation Industries and Commodities,
the Malaysian government will increase the amount of palm oil based
bio-diesel in the national diesel supply mix from November 2014, in a move
that will also help to increase consumption of crude palm oil (CPO) and
reduce stockpile levels of the commodity. The implementation of the B7 blend
will also increase the use palm oil which prices have softened due to
oversupply in the market. According to the Malaysian Palm Oil Council (MPOC),
CPO prices are expected to improve to between RM2,100 and RM2,500 in year
2015, lifted by factors such as biofuel demand from the B7 programme. CIMB
Research estimates that the rollout could raise the country's palm oil demand
by 263,000-390,000 tonnes per annum, or 1-2% of the total palm oil production
in 2013. |
|
|
OVERALL INDUSTRY OUTLOOK : Mature |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
SIME DARBY
PLANTATION (SARAWAK) SDN BHD |
|
Financial Year End |
2014-06-30 |
|
Months |
12 |
|
Consolidated Account |
Company |
|
Audited Account |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
|
Financial Type |
SUMMARY |
|
Currency |
MYR |
|
TURNOVER |
346,317,591 |
|
---------------- |
|
|
Total Turnover |
346,317,591 |
|
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
72,667,290 |
|
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
72,667,290 |
|
Taxation |
(15,762,265) |
|
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
56,905,025 |
|
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
As previously reported |
512,368,022 |
|
---------------- |
|
|
As restated |
512,368,022 |
|
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
569,273,047 |
|
TRANSFER TO RESERVES - General |
(525,683) |
|
DIVIDENDS - Ordinary (paid & proposed) |
(55,750,000) |
|
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
513,523,047 |
|
============= |
|
BALANCE
SHEET
|
|
SIME DARBY
PLANTATION (SARAWAK) SDN BHD |
|
ASSETS EMPLOYED: |
|
|
FIXED ASSETS |
225,103,770 |
|
---------------- |
|
|
TOTAL LONG TERM ASSETS |
225,103,770 |
|
TOTAL CURRENT ASSETS |
376,414,642 |
|
---------------- |
|
|
TOTAL ASSET |
601,518,412 |
|
============= |
|
|
TOTAL CURRENT LIABILITIES |
36,498,472 |
|
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
339,916,170 |
|
---------------- |
|
|
TOTAL NET ASSETS |
565,019,940 |
|
============= |
|
|
SHARE CAPITAL |
|
|
Ordinary share capital |
25,000,000 |
|
---------------- |
|
|
TOTAL SHARE CAPITAL |
25,000,000 |
|
Retained profit/(loss) carried forward |
513,523,047 |
|
---------------- |
|
|
TOTAL RESERVES |
512,997,364 |
|
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
537,997,364 |
|
TOTAL LONG TERM LIABILITIES |
27,022,576 |
|
---------------- |
|
|
565,019,940 |
|
|
============= |
|
FINANCIAL
RATIO
|
|
SIME DARBY
PLANTATION (SARAWAK) SDN BHD |
|
TYPES OF FUNDS |
|
|
Net Liquid Assets |
339,916,170 |
|
Net Current Assets/(Liabilities) |
339,916,170 |
|
Net Tangible Assets |
565,019,940 |
|
Net Monetary Assets |
312,893,594 |
|
BALANCE SHEET ITEMS |
|
|
Total Liabilities |
63,521,048 |
|
Total Assets |
601,518,412 |
|
Net Assets |
565,019,940 |
|
Net Assets Backing |
537,997,364 |
|
Shareholders' Funds |
537,997,364 |
|
Total Share Capital |
25,000,000 |
|
Total Reserves |
512,997,364 |
|
LIQUIDITY (Times) |
|
|
Current Ratio |
10.31 |
|
SOLVENCY RATIOS (Times) |
|
|
Liabilities Ratio |
0.12 |
|
Assets Backing Ratio |
22.60 |
|
PERFORMANCE RATIO (%) |
|
|
Operating Profit Margin |
20.98 |
|
Net Profit Margin |
16.43 |
|
Return On Net Assets |
12.86 |
|
Return On Capital Employed |
12.86 |
|
Return On Shareholders' Funds/Equity |
10.58 |
|
Dividend Pay Out Ratio (Times) |
0.98 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.