|
Report No. : |
323607 |
|
Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
BUMI ARMADA BERHAD |
|
|
|
|
Registered Office : |
Menara Perak, 24, Jalan Perak, Level 21, 50450 Kuala Lumpur, Wilayah
Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
12.12.1995 |
|
|
|
|
Com. Reg. No.: |
370398-X |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in marine transportation, tanker operation, support
service to the offshore oil & gas companies & investment holding |
|
|
|
|
No. of Employee : |
2000 - GROUP [2015] |
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. Falling global oil prices in the second half of 2014 have shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. 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. Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|
REGISTRATION NO. |
: |
370398-X |
||||
|
COMPANY NAME |
: |
BUMI ARMADA BERHAD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
12/12/1995 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PUBLIC |
||||
|
LISTED STATUS |
: |
YES |
||||
|
LISTED DATE |
: |
21/07/2011 |
||||
|
REGISTERED ADDRESS |
: |
MENARA PERAK, 24, JALAN PERAK, LEVEL 21, 50450 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
MENARA PERAK, 24 JALAN PERAK, LEVEL 21, 50450 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-21715799 |
||||
|
FAX.NO. |
: |
03-21635799 |
||||
|
EMAIL |
: |
BUMIARMADA@BUMIARMADA.COM |
||||
|
WEB SITE |
: |
WWW.BUMIARMADA.COM |
||||
|
CONTACT PERSON |
: |
CHAN CHEE BENG ( CEO ) |
||||
|
INDUSTRY CODE |
: |
501 64200 |
||||
|
PRINCIPAL ACTIVITY |
: |
MARINE TRANSPORTATION, TANKER OPERATION, SUPPORT SERVICE TO THE
OFFSHORE OIL & GAS COMPANIES & INVESTMENT HOLDING |
||||
|
AUTHORISED CAPITAL |
: |
MYR 2,000,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,173,253,868.80 DIVIDED INTO |
||||
|
SALES |
: |
MYR 2,397,339,000 [2014] |
||||
|
NET WORTH |
: |
MYR 6,717,525,000 [2014] |
||||
|
M1000 OVERALL RANKING |
: |
483[2011] |
||||
|
M1000 INDUSTRY RANKING |
: |
5[2011] |
||||
|
STAFF STRENGTH |
: |
2000 - GROUP [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
||||
HISTORY / BACKGROUND
|
As a public limited company, the Subject must have at least one
shareholder but there is no limit on the maximum number of shareholders. The Subject
must have at least two directors. A public 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, suing or be sued by other
companies. The liabilities of the shareholders are only up 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 must file in its annual return, together with its
financial statements with the Registrar of Companies. In Malaysia, all the
companies seeking listing on the Bursa Malaysia (Malaysia Stock Exchange) must
be public limited companies.
The Subject is principally engaged in the (as a / as an) marine
transportation, tanker operation, support service to the offshore oil & gas
companies & investment holding.
The Subject was listed on the Main Board of Bursa Malaysia Securities
Bhd on 21/07/2011
|
According to the Malaysia 1000 publication, the Subject's ranking are
as follows: |
|
||||
|
|||||
|
YEAR |
2011 |
2009 |
2005 |
2004 |
|
|
OVERALL RANKING |
483 |
891 |
553 |
411 |
|
|
INDUSTRY RANKING |
5 |
9 |
9 |
6 |
|
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
02/01/2015 |
MYR 2,000,000,000.00 |
MYR 1,173,253,868.80 |
|
26/11/2014 |
MYR 2,000,000,000.00 |
MYR 586,626,940.00 |
|
20/10/2014 |
MYR 2,000,000,000.00 |
MYR 586,528,540.00 |
|
21/05/2014 |
MYR 800,000,000.00 |
MYR 586,493,540.00 |
|
16/04/2014 |
MYR 800,000,000.00 |
MYR 586,434,740.00 |
|
21/02/2014 |
MYR 800,000,000.00 |
MYR 586,360,180.00 |
|
22/01/2014 |
MYR 800,000,000.00 |
MYR 586,318,180.00 |
|
18/12/2013 |
MYR 800,000,000.00 |
MYR 586,309,180.00 |
|
15/11/2013 |
MYR 800,000,000.00 |
MYR 586,269,580.00 |
|
11/10/2013 |
MYR 800,000,000.00 |
MYR 586,248,220.00 |
|
20/09/2013 |
MYR 800,000,000.00 |
MYR 586,218,220.00 |
|
16/08/2013 |
MYR 800,000,000.00 |
MYR 586,025,220.00 |
|
01/07/2013 |
MYR 800,000,000.00 |
MYR 586,023,120.00 |
|
06/06/2013 |
MYR 800,000,000.00 |
MYR 585,948,720.00 |
|
02/05/2013 |
MYR 800,000,000.00 |
MYR 585,914,420.00 |
|
16/04/2012 |
MYR 800,000,000.00 |
MYR 585,692,320.00 |
The major shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
OBJEKTIF BERSATU SDN. BHD. |
MALAYSIA |
585367A |
2,048,288,000.00 |
34.92 |
|
EMPLOYEES PROVIDENT FUND BOARD |
MALAYSIA |
- |
525,777,900.00 |
8.96 |
|
AMANAHRAYA TRUSTEES BERHAD FOR SKIM AMANAH SAHAM BUMIPUTERA |
MALAYSIA |
766894T |
448,386,600.00 |
7.64 |
|
CITIGROUP NOMINEES (TEMPATAN) SDN BHD FOR EMPLOYEES PROVIDENT FUND
BOARD |
MALAYSIA |
- |
394,955,800.00 |
6.73 |
|
CIMSEC NOMINEES (TEMPATAN) SDN BHD FOR CIMB FOR OMBAK DAMAI SDN BHD |
- |
- |
298,603,000.00 |
5.09 |
|
KARISMA MESRA SDN. BHD. |
MALAYSIA |
585153K |
236,278,650.00 |
4.03 |
|
AMANAHRAYA TRUSTEE BERHAD FOR AMANAH SAHAM WAWASAN 2020 |
- |
- |
146,934,400.00 |
2.50 |
|
CIMSEC NOMINEES (TEMPATAN) SDN BHD FOR CIMB BANK FOR OMBAK DAMAI SDN
BHD |
- |
- |
116,000,000.00 |
1.98 |
|
HSBC NOMINEES (ASING) SDN BHD FOR EXEMPT AN FOR J.P. MORGAN CHASE
BANK, NATIONAL ASSOCIATION (U.S.A |
- |
- |
113,830,801.00 |
1.94 |
|
KUMPULAN WANG PERSARAAN (DIPERBADANAN) |
- |
00005112 |
104,280,100.00 |
1.78 |
|
MR. CHAN CHEE BENG + |
3, JALAN TR 6/1, TROPICANA GOLF & COUNTRY CLUB, 47410 PETALING
JAYA, SELANGOR, MALAYSIA. |
550823-02-5505 4849655 |
2,511,200.00 |
0.04 |
|
MR. SAIFUL AZNIR BIN SHAHABUDIN + |
8B-2-3A, SRI MURNI CONDOMINIUM, 8, LORONG KOTA EMPAT, BUKIT LEDANG,
50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
591102-02-5311 5876414 |
1,626,000.00 |
0.03 |
|
ALEXANDRA ELISABETH JOHANNA MARIA SCHAAPVELD + |
JACOB OBRECHTSTRAAR, 67, 1071, KJ AMSTERDAM, THE, NETHERLANDS. |
NXKF280D8 |
900,000.00 |
0.02 |
|
RAVI SHANKAR SRINIVASAN + |
- |
- |
432,000.00 |
0.01 |
|
TUNKU ALI REDHAUDDIN IBNI TUANKU MUHRIZ + |
ISTANA MUNARAH, JALAN TUN DR ISMAIL, 70200 SEREMBAN, NEGERI SEMBILAN,
MALAYSIA. |
770426-14-5823 |
20,000.00 |
0.00 |
|
REMAINING SHAREHOLDERS |
- |
- |
1,427,444,893.00 |
24.33 |
|
--------------- |
------ |
|||
|
5,866,269,344.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
1051626X |
MALAYSIA |
BUMI ARMADA CAPITAL MALAYSIA SDN. BHD. |
100.00 |
31/12/2014 |
|
263230V |
MALAYSIA |
BUMI ARMADA ENGINEERING SDN. BHD. |
100.00 |
31/12/2014 |
|
165839T |
MALAYSIA |
BUMI ARMADA AUTOMATION INTERNATIONAL SDN. BHD. |
100.00 |
31/12/2014 |
|
703842M |
MALAYSIA |
OFFSHORE MARINE VENTURES SDN. BHD. |
100.00 |
31/12/2014 |
|
33546P |
MALAYSIA |
BUMI ARMADA NAVIGATION SDN. BHD. |
95.00 |
31/12/2014 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. SHAHARUL REZZA BIN HASSAN |
|
Address |
: |
2, JALAN PUNCAK KIARA 3, KIARA VIEW SRI HARTAMAS, 50480 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A1820000 |
|
New IC No |
: |
710610-01-5565 |
|
Date of Birth |
: |
10/06/1971 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/06/2003 |
DIRECTOR 2
|
Name Of Subject |
: |
MS. MAUREEN TOH SIEW GUAT |
|
Address |
: |
10-7, SUTRAMAS, 3, JALAN DUTAMAS MELATI, OFF JALAN DUTAMAS RAYA SEGAMBUT,
51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A0315765 |
|
New IC No |
: |
660329-04-5014 |
|
Date of Birth |
: |
29/03/1966 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
23/04/2014 |
DIRECTOR 3
|
Name Of Subject |
: |
SHAPOORJI PALLONJI MISTRY |
|
Address |
: |
, MALAYSIA. |
|
Nationality |
: |
IRISH |
|
Date of Appointment |
: |
27/10/2014 |
DIRECTOR 4
|
Name Of Subject |
: |
TUNKU ALI REDHAUDDIN IBNI TUANKU MUHRIZ |
|
Address |
: |
ISTANA MUNARAH, JALAN TUN DR ISMAIL, 70200 SEREMBAN, NEGERI SEMBILAN,
MALAYSIA. |
|
New IC No |
: |
770426-14-5823 |
|
Date of Birth |
: |
26/04/1977 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
17/01/2013 |
DIRECTOR 5
|
Name Of Subject |
: |
RAVI SHANKAR SRINIVASAN |
DIRECTOR 6
|
Name Of Subject |
: |
ALEXANDRA ELISABETH JOHANNA MARIA SCHAAPVELD |
|
Address |
: |
JACOB OBRECHTSTRAAR, 67, 1071, KJ AMSTERDAM, THE, NETHERLANDS. |
|
IC / PP No |
: |
NXKF280D8 |
|
Date of Appointment |
: |
08/06/2011 |
DIRECTOR 7
|
Name Of Subject |
: |
MR. SAIFUL AZNIR BIN SHAHABUDIN |
|
Address |
: |
8B-2-3A, SRI MURNI CONDOMINIUM, 8, LORONG KOTA EMPAT, BUKIT LEDANG,
50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
5876414 |
|
New IC No |
: |
591102-02-5311 |
|
Date of Birth |
: |
02/11/1959 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/12/2006 |
DIRECTOR 8
|
Name Of Subject |
: |
MR. CHAN CHEE BENG |
|
Address |
: |
3, JALAN TR 6/1, TROPICANA GOLF & COUNTRY CLUB, 47410 PETALING
JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
4849655 |
|
New IC No |
: |
550823-02-5505 |
|
Date of Birth |
: |
23/08/1955 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/06/2003 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
CHAN CHEE BENG |
|
Position |
: |
CEO |
|
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor' Address |
: |
1 SENTRAL, JALAN RAKYAT, KUALA LUMPUR SENTRAL, LEVEL 10, 50706 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. NOOR HAMIZA BINTI ABD HAMID |
|
IC / PP No |
: |
A2769848 |
|
|
New IC No |
: |
740610-08-5974 |
|
|
Address |
: |
4, MAHSURI APARTMENT, JALAN SETIAWANGSA 13, TAMAN SETIAWANGSA, 54200
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
CIMB BANK BHD |
|
2) |
Name |
: |
MALAYAN BANKING BHD |
|
3) |
Name |
: |
OCBC BANK (MALAYSIA) BHD |
|
4) |
Name |
: |
SUMITOMO MITSUI BANKING CORPORATION F.K.A THE SUMITOMO BANK, LIMITED |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
30/06/2008 |
FOREIGN CURRENCY |
KUWAIT FINANCE HOUSE (MALAYSIA) BERHAD |
- |
Unsatisfied |
|
2 |
31/03/2009 |
SINKING FUND ACCOUNT CHARGE |
CIMB BANK BERHAD |
MYR 150,000,000.00 |
Unsatisfied |
|
3 |
13/05/2009 |
N/A |
MALAYAN BANKING BHD |
MYR 313,500,000.00 |
Satisfied |
|
4 |
22/07/2009 |
SINKING FUND ACCOUNT CHARGE |
CIMB BANK BERHAD |
MYR 5,000,000.00 |
Unsatisfied |
|
5 |
01/10/2009 |
1ST PARENT SECURITY |
SUMITOMO MITSUI BANKING CORPORATION |
USD 190,000,000.00 |
Unsatisfied |
|
6 |
06/04/2010 |
N/A |
MALAYAN BANKING BHD |
MYR 525,000,000.00 |
Satisfied |
|
7 |
16/06/2010 |
FOREIGN CURRENCY |
OCBC BANK (MALAYSIA) BHD |
- |
Unsatisfied |
|
8 |
01/12/2011 |
FOREIGN CURRENCY |
SUMITOMO MITSUI BANKING CORPORATION |
- |
Unsatisfied |
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 |
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 |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Services |
: |
|
|||||
|
Award |
: |
|
|||||
|
Competitor(s) |
: |
|
|||||
|
Member(s) / Affiliate(s) |
: |
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) |
|||||
|
Ownership of premises |
: |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
2000 |
1800 |
1,500 |
1,500 |
1,180 |
||||
|
100 |
100 |
100 |
100 |
||||||
|
Branch |
: |
|
|
|
No of Branches |
: |
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) marine transportation,
tanker operation, support service to the offshore oil & gas companies &
investment holding.
Bumi Armada Berhad was incorporated in December 1995 as a public limited
company (under the Companies Act, 1965), and the Bumi Armada group of companies
include diversified subsidiaries as well as joint venture companies.
The Group is the largest owner and operator of offshore support vessels in
Malaysia and is an established and trusted service partner in the oil and gas
industry.
It has established a strong position in FPSO systems, a growing Transport &
Installation business and competency in management of large projects.
The Group's core business activity is marine transportation and support
services.
The Group provides marine transportation and support, as well as engineering
and maintenance services for companies operating in the oil and gas industry
and related petrochemical sectors.
Besides that the Group is also growing in FPSO and Brownfield Installation, and
currently serve clients in South East Asia, Australia and Africa.
The Group has invested USD 320 million in a programme "Steel on
Water" which will see the delivery of 20 new DP II capable vessels from
mid 2007 to 2009. The first vessel in this programme - Armada Tuah 100,
Malaysia's first DP-2 built vessel - has started work for Murphy Oil in the
Kikeh field.
The Group owns and operates close to 50 offshore support vessels.
With the expanding capabilities spread across offices, shore bases, and over 40
vessels, they confident of further growth in enhancing their support to the oil
and gas industry and opening up greater horizons for both clients and
stakeholders.
RECENT DEVELOPMENT
|
16 April 2015
Pursuant to Paragraph 9.19(23) of the Main Market Listing Requirements of Bursa
Malaysia Securities Berhad, Bumi Armada Berhad (“Bumi Armada” or the
"Company") wishes to announce that it has on 10 April 2015
incorporated a wholly-owned subsidiary in the British Virgin Islands under the
name of Bumi Armada Marine Holdings Limited (“BAMHL”).
The authorised capital of BAMHL is USD50,000 comprising 50,000 ordinary shares
of USD1.00 each, of which 10,000 ordinary shares have been issued upon incorporation.
The intended principal business activity of BAMHL is investment holding.
14 April 2015
Bumi Armada Berhad (“Bumi Armada”) is pleased to announce that its wholly owned
subsidiaries, Armada Floating Gas Storage Malta Ltd (“AFG Storage”) and Armada
Floating Gas Services Malta Ltd (“AFG Services”), have, yesterday late evening
(London time), entered into agreements with ElectroGas Malta Limited (“EGM”)
for the conversion, supply and operations and maintenance, respectively, of one
floating storage unit (“FSU”) for the project relating to the construction and
operation of an LNG receiving terminal located at Delimara, Malta
(collectively, “Contracts”). The effective date of the Contracts is 13 April
2015.
The Contracts are for a firm period of eighteen (18) years and two (2) months.
The estimated aggregate value of the Contracts is approximately USD300 million
(equivalent to approximately RM1.1 billion).
The FSU is expected to commence operations in the Delimara, Malta in 2016.
April 1, 2014
Bumi Armada Bhd has won its largest floating production, storage and offloading
vessel (FPSO) job to date for a deepwater oilfield offshore Angola valued at
US$2.9bil (RM9.5bil), with the conversion alone likely to cost some US$1.5bil
(RM4.91bil). This exceeds the US$1bil (RM3.27bil) in capital expenditure
(capex) Bumi Armada is expected to charge for the Kraken FPSO, which it had
clinched last November.
The offshore services provider told the stock exchange yesterday it had secured
a letter of intent (LOI) for the charter, operation and maintenance of an FPSO
tanker facility with mooring system from Italian state-owned oil and gas firm
Eni SpA. The contract was awarded to a consortium of Bumi Armada Offshore
Holdings Ltd and Angoil Bumi JV Lda for Block 15/06, East Hub in Angola. Block
15/06 is operated by Eni Angola with a 35% interest, SSI Fifteen Ltd (25%),
Sonangol P&P (30%), Falcon Oil Holdings Angola SA (5%) and Statoil Angola
Block 15/06 (5%).
Bumi Armada said the LOI was an interim agreement that would allow it to start
engineering and procurement work immediately ahead of the final award. The
commercial terms and final details are expected to be hammered out within four
months of the effective date of the LOI, which was March 28, 2014.
“If Eni Angola terminates the LOI during the LOI period, the contractor will be
compensated on the basis of documented costs up to an agreed maximum amount,”
Bumi Armada said. Bumi Armada Offshore is a wholly-owned unit of Bumi Armada
and incorporated in the Republic of the Marshall Islands. Angoil Bumi JV,
meanwhile, is a joint venture between Bumi Armada Offshore, Angoil Exploracao
Petrolifera SA and Cosmarg Limitada.
Bumi Armada had been cited as the favourite to bag the Angola FPSO over rival
Saipem, a subsidiary of Eni, as the Italian oilfield services firm was believed
to be pulling out of the FPSO game, reports said.The job from Eni boosted Bumi
Armada’s firm order book by a whopping 72% to RM22.7bil from RM13.2bil, an
analyst from Hong Leong Investment Bank (HLIB) Research told StarBiz. Its fleet
of FPSOs also increases to eight, cementing the group’s fifth place on the
league table of the world’s top FPSO players.
Shares of Bumi Armada jumped at the news, gaining 4% to a high of RM4.07 before
paring gains to close unchanged at RM3.91. Some 10.62 million shares changed
hands in the counter. Analysts said the Angola contract, given its size, was a
re-rating catalyst for Bumi Armada, whose shares had sagged 2.98% since the
beginning of the year. The FPSO charter was likely to be split into a 12 and
eight-year term for the firm and extension periods, respectively, said the HLIB
Research analyst. Alex Goh of AmResearch noted that Bumi Armada has a 100%
stake in the higher-value bareboat charter portion of the project, and 49% of
the operation and maintenance.
This means Bumi Armada will retain all of the capex, estimated at US$1.5bil,
earmarked for the conversion of the FPSO, according to analysts. A bareboat
charter is an arrangement for the hiring of a ship or boat without crew or
provisions. An analyst from Alliance Research pointed out that operating
margins for the Angola project should range between 30% and 40%, matching its
historical returns. Bumi Armada said the award was seen contributing to its
earnings from the current financial year ending Dec 31, 2014 onwards.
The FPSO’s first oil is scheduled for end-October 2016. It will be Bumi
Armada’s first conversion of a very large crude carrier-sized tanker, which is
typically about 500m in length. The company has nominated the Armada Ali for
the job. “The LOI is our second large (capex of more than US$1bil) FPSO award
in six months and underscores our successful migration into the large-project
FPSO sector,” Bumi Armada executive director and chief executive officer Hassan
Basma said in a statement. “This is the second time Eni has turned to Bumi
Armada for an FPSO in West Africa and we will continue to collaborate with our
tried-and-tested value-chain, as we have done in the past, to successfully
deliver this project for our repeat customer.
“The FPSO will be delivered in 31 months and will take Bumi Armada’s fleet to
eight, moving us into the top-tier of global FPSO players.” The group also said
in a separate statement that it had secured a syndicated bridge loan of
US$750mil (RM2.45bil) from Oversea-Chinese Banking Corp Ltd, Maybank
International Labuan Branch, Sumitomo Mitsui Banking Corp Singapore Branch,
United Overseas Bank Ltd, Export-Import Bank of Malaysia Bhd and Korea
Development Bank Singapore Branch for its unit Armada Kraken Pte Ltd. The debt
will be used to part-finance and reimburse all costs and expenses related to
the acquisition, conversion, refurbishment, mobilisation, transport, hook-up
and mooring and installation of the Kraken FPSO. The facility is to be
refinanced by long-term project financing in due course.
24 December 2013
Bumi Armada Bhd has signed two contracts worth a total value of RM4.6 billion
(US$1.4 billion) from EnQuest Heather Ltd to deploy, operate and manage a
floating production, storage and offloading vessel (FPSO) at the Kraken field
in the United Kingdom (UK) sector of the North Sea. The signing of the
contracts follow the execution of a previously announced letter of interim
agreement.
Armada Kraken Pte Ltd, Bumi Armada's Singapore subsidiary, signed the bareboat
charter contract with EnQuest Heather, EnQuest ENS Ltd, First Oil and Gas Ltd,
Nautical Petroleum Ltd and Nautical Petroleum AG as field partners, led by
EnQuest Heather as field operator on Dec 20, 2013.
Bumi Armada UK Ltd, Bumi Armada's UK subsidiary, signed a reimbursable contract
for the operations and management of the Kraken FPSO with EnQuest Heather. Both
contracts run simultaneously for a fixed period of eight years, with options
for 17 annual extensions. Its group CEO and executive director Hassan Basma
said the Kraken oil field development is one of the largest new oil fields in
the UK sector of the North Sea, and amongst the largest investment announced
for this sector in 2013.
Approximately 140 million barrels of heavy oil are expected to be extracted
from the Kraken oil field, over a 25-year life. The North Sea has some 20
billion barrels of recoverable heavy oil yet to be explored.
"We've already commenced work on the project on Sept 27 2013, following
the execution of the previously announced letter of interim agreement (LOIA)
and we look forward to working closely with our clients and value chain
suppliers to successfully deliver our first North Sea FPSO to the Kraken oil
field in 2016," he said in a statement yesterday.
Bumi Armada will be using a recently built ice-class tanker for this FPSO
conversion. The FPSO will have a storage capacity of 600,000 barrels.
The group is one of the the top three FPSO owner-operators by market
capitalisation in the world, and has successfully delivered four FPSOs in Asia
and Africa, with a fifth due for Australia soon under a strict safety case
regime and highly regulated environment not dissimilar to those existing in the
UK sector of the North Sea.
Dec 4, 2013
Bumi Armada Bhd has bagged a RM844 million (US$262 million) contract from
Russia's Lukoil-Nizhnevolzhskneft Ltd to provide three ice-class vessels to
service offshore platforms in the Filanovsky field in the Caspian Sea.
Each contract is for a period of 10 years and extensions of up to 20 years with
an estimated aggregate value of RM1.56 billion, if the extension options are
fully exercised.An interim contract of about RM59 million was also signed for
the provision of two support vessels and one rescue vessel to be delivered in
November next year for deployment pending delivery of the purpose built
ice-class vessels.Bumi Armada executive director and chief executive director
Hassan Basma said the contracts reinforce the consolidation of its business in
the Caspian region and strengthens its market position."It is Bumi
Armada's first entry into the Russian Offshore Support Vessel (OSV) sector and
our first in building ice-class vessels to complement our OSV fleet of some 50
vessels," he said after the contract signing ceremony yesterday
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-21715799 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
MENARA PERAK, 24 JALAN PERAK, LEVEL 21,50450,KUALA LUMPUR,WILAYAH
PERSEKUTUAN. |
|
Current Address |
: |
MENARA PERAK, 24 JALAN PERAK, LEVEL 21, 50450 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 21st May 2015 we contacted one of the staff from the Subject and he provided
some information.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
3.26% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
3.37% |
] |
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.The
Subject's profit fell sharply because of the high operating costs incurred.
The unfavourable return on shareholders' funds could indicate that the
Subject was inefficient in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
107 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
149 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The Subject's debtors ratio was
high. The Subject should tighten its credit control and improve its
collection period. The unfavourable creditors' ratio could be due to the
Subject taking advantage of the credit granted by its suppliers. However this
may affect the goodwill between the Subject and its suppliers and the Subject
may inadvertently have to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
2.28 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.28 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 |
: |
Acceptable |
[ |
4.12 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.92 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no sharp
fall in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and
repay the loans. The Subject's gearing was slightly high. The Subject is
utilising the leverage concept to fund its expansion. However, the high
gearing has added financial risks to the Subject. It will be more vulnerable
in times of economy downturn. |
||||||
|
Overall Assessment : |
||||||
|
Although the Subject's turnover had increased, its profits had
declined over the same corresponding period. This could be due to the stiffer
market competition and / or higher operating costs which lowered the Subject's
profit margin. 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 had an acceptable interest cover. If there is no
sudden sharp increase in interest rate or fall in the Subject's profit, we do
believe the Subject is able to generate sufficient cash flow to service its
interest payment. The Subject's gearing was slightly high and its financial
risk was also high. If no plans are made to reduce its gearing, the Subject's
performance may deteriorate in the coming year. |
||||||
|
Overall financial condition of the Subject
: LIMITED |
||||||
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
|
|
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 |
|||||
|
# Based On Manufacturing Production Index |
|||||
INDUSTRY
ANALYSIS
|
|
MSIC CODE |
|
|
501 : Sea and coastal water transport |
|
|
64200 : Activities of investment holding companies |
|
|
INDUSTRY : |
TRANSPORTATION |
|
In 2015, the transport and storage subsector is expected to growth by
4.7% due to the implementation of Government Transformation Programme (GTP)
and the Economic Transformation Programme (ETP). On the other hand, for 2014,
due to resilient domestic economic activity and improving global trade, the
transport and storage subsector is expected to grow 5%. |
|
|
Moreover, the land transport segment continued to record positive
growth of 6.2% during the first half of 2014 supported by higher freight
transported by road in line with improvement in trade-related activity. The
opening of Penang Second Bridge in March 2014 saw a healthy number of
vehicles using it to avoid traffic congestion. However, the increase in
passenger volume for bus services was only 1.9% over the first six months in
2014 (January - July 2013: 6%). |
|
|
Meanwhile, total rail ridership in the Klang Valley increased 5.9%
passengers due to improved service efficiency and increased frequencies. The 2.14KM
extension of Express Rail Link (ERL) from KLIA to KLIA2 will also increase
rail ridership. However, KTM Intercity Service contracted 18% because of the
fewer number of coaches in operation due to maintenance issues. Other than
that, The Electric Train Service (ETS) ridership on the Kuala Lumpur - Ipoh
route increased 11.7% supported by higher demand. |
|
|
During the first half in 2014, the air transport segment expanded 4.9%
supported by higher tourist arrivals and domestic passengers amid continuous
promotion of travel packages with competitive fares by airlines. The air
passenger segment continued to record positive with total passenger traffic
at airports nationwide increasing 10.3% during the first seven moths of 2014. |
|
|
According to Budget 2015, to improve the public transport system, the
Government will introduce the programmes included providing intercity bus
services to those residing outside Kuala Lumpur (KL) but work in KL, provide
Electric Train Service (ETS) for Ipoh-Butterworth route starting April 2015,
and upgrade stage bus services in several states (Kuching, Ipoh, Seremban,
Kuala Terengganu and Kangar) through a contracting system with existing bus
companies. The budget 2015 for transportation sector includes RM9 billion
development allocation for a LRT extension project from Bandar Utama to Shah
Alam and Klang, and RM23 billion for a second MRT line from Selayang to
Putrajaya. Government also will allocate RM5.3 billion for the construction
of Sungai Besi - Ulu Klang Expressway (SUKE), RM5 billion for West Coast
Expressway from Taiping to Banting, RM4.2 billion for construction of
Damansara - Shah Alam Highway (DASH), and RM1.6 billion for construction of
Eastern Klang Valley Expressway (EKVE). |
|
|
Additionally, improving urban public transport (UPT) is one of the
National Key Result Areas (NKRAs) under the Government Transformation
Programme (GTP). The aim is to improve the overall availability and
efficiency of UPT, including enhancing connectivity, providing an integrated
system and ensuring adequate facilities. Because of the improvement to UPT in
the Klang Valley, the public transport modal share has increased from 17% in
2010 to 21% in 2013. The programme covers improvement for Bus Services (RapidKL,
Bus Expressway Transit (BET), Bus Rapid Transit (BRT), bus stops), Rail
System (KTM, LRT, KL Monorail, Express Rail Link (ERL), MRT, Park n' Ride),
and Taxi Services. |
|
|
The Klang Valley Mass Transit Project (KVMRT) is one of the
improvements to do for UPT and it may boost the growth of transportation
sector. The Sungai Buloh - Kajang (SBK) line has started construction in
2012. The first phase of SBK Line from Sungai Buloh to Semantan will be
operational on 31 December 2016, while the second phase from Semantan to
Kajang will be operational on 31 July 2017. |
|
|
Furthermore, the Bus Rapid Transit (BRT) aims to create a dedicated
bus right-of-way at main corridors and is a specialized form of bus priority services
to meet the high level of passenger demand by incorporating aspects of mass
transit. One of the BRT corridors is the Kuala Lumpur - Klang corridor,
covering a distance of 34KM, and will pass through Federal Highway, Jalan
Syed Putra, and Jalan Tun Sambanthan. The KL-Klang BRT is estimated to save
more than one hour of daily travelling time for 600,000 passengers, and is
expected to be completed in 2017. |
|
|
In order to improve taxi services, the Centralized Taxi Services
System (CTSS) will be launched in 2015. It is a technology infrastructure to
monitor taxi services. It integrates and enhances the existing booking
system. It is targeted to raise the success rate of meeting passenger
bookings. Besides, a new business model for taxis has been introduced to
increase the take-home income for taxi drivers by reducing their operating
cost. Under the Taxi 1Malaysia project, licenses will be offered to
individual drivers. The Land Public Transport Commission (SPAD) has launched
a fleet of new taxis known as Teksi 1Malaysia (TEKS1M). Through the TEKS1M
initiative, 1,000 new Proton Exora will be deployed in 2014. |
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth |
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
Financial Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
2,397,339,000 |
2,073,004,000 |
1,659,184,000 |
1,543,896,000 |
1,241,383,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
2,397,339,000 |
2,073,004,000 |
1,659,184,000 |
1,543,896,000 |
1,241,383,000 |
|
Costs of Goods Sold |
(1,713,260,000) |
(1,322,720,000) |
(972,503,000) |
(883,095,000) |
(636,272,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
684,079,000 |
750,284,000 |
686,681,000 |
660,801,000 |
605,111,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
309,182,000 |
479,973,000 |
468,617,000 |
435,890,000 |
384,694,000 |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES |
- |
- |
- |
- |
(1,428,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
309,182,000 |
479,973,000 |
468,617,000 |
435,890,000 |
383,266,000 |
|
Taxation |
(84,817,000) |
(44,875,000) |
(80,599,000) |
(70,559,000) |
(32,511,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
224,365,000 |
435,098,000 |
388,018,000 |
365,331,000 |
350,755,000 |
|
Minority interests |
(5,675,000) |
(3,907,000) |
(2,190,000) |
(5,659,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
218,690,000 |
431,191,000 |
385,828,000 |
359,672,000 |
350,755,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
218,690,000 |
431,191,000 |
385,828,000 |
359,672,000 |
350,755,000 |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
1,941,522,000 |
1,601,227,000 |
1,288,611,000 |
971,190,000 |
623,898,000 |
|
Prior year adjustment |
- |
- |
- |
390,000 |
(3,463,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
1,941,522,000 |
1,601,227,000 |
1,288,611,000 |
971,580,000 |
620,435,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
2,160,212,000 |
2,032,418,000 |
1,674,439,000 |
1,331,252,000 |
971,190,000 |
|
TRANSFER TO RESERVES - General |
250,000 |
84,000 |
- |
(9,699,000) |
- |
|
CAPITALISATION FOR BONUS ISSUES |
- |
- |
- |
(32,942,000) |
- |
|
DIVIDENDS - Ordinary (paid & proposed) |
(95,311,000) |
(90,980,000) |
(73,212,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
2,065,151,000 |
1,941,522,000 |
1,601,227,000 |
1,288,611,000 |
971,190,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
99,153,000 |
97,455,000 |
123,411,000 |
109,186,000 |
82,425,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
99,153,000 |
97,455,000 |
123,411,000 |
109,186,000 |
82,425,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
476,050,000 |
416,756,000 |
355,994,000 |
326,835,000 |
248,418,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
476,050,000 |
416,756,000 |
355,994,000 |
326,835,000 |
248,418,000 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
8,459,781,000 |
5,871,084,000 |
4,734,845,000 |
4,201,167,000 |
3,714,989,000 |
|
Investments |
405,178,000 |
271,787,000 |
170,700,000 |
151,258,000 |
13,577,000 |
|
Deferred assets |
13,743,000 |
40,993,000 |
8,121,000 |
3,811,000 |
4,190,000 |
|
Others |
273,031,000 |
481,746,000 |
567,045,000 |
418,125,000 |
292,256,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
691,952,000 |
794,526,000 |
745,866,000 |
573,194,000 |
310,023,000 |
|
Goodwill on consolidation |
- |
1,411,000 |
1,411,000 |
1,411,000 |
1,411,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
- |
1,411,000 |
1,411,000 |
1,411,000 |
1,411,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
9,151,733,000 |
6,667,021,000 |
5,482,122,000 |
4,775,772,000 |
4,026,423,000 |
|
Stocks |
4,830,000 |
5,559,000 |
10,750,000 |
1,550,000 |
1,123,000 |
|
Trade debtors |
704,439,000 |
447,632,000 |
332,150,000 |
320,637,000 |
189,643,000 |
|
Other debtors, deposits & prepayments |
139,837,000 |
254,091,000 |
130,254,000 |
82,392,000 |
36,193,000 |
|
Short term deposits |
2,940,679,000 |
621,313,000 |
427,591,000 |
1,174,111,000 |
24,384,000 |
|
Amount due from associated companies |
149,438,000 |
109,048,000 |
48,782,000 |
27,682,000 |
25,123,000 |
|
Cash & bank balances |
362,568,000 |
13,225,000 |
72,909,000 |
73,305,000 |
253,300,000 |
|
Amount owing by customer |
136,605,000 |
36,421,000 |
15,835,000 |
53,205,000 |
- |
|
Others |
861,761,000 |
655,355,000 |
409,366,000 |
427,588,000 |
239,278,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
5,300,157,000 |
2,142,644,000 |
1,447,637,000 |
2,160,470,000 |
769,044,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
14,451,890,000 |
8,809,665,000 |
6,929,759,000 |
6,936,242,000 |
4,795,467,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
699,416,000 |
362,872,000 |
228,463,000 |
120,068,000 |
227,376,000 |
|
Other creditors & accruals |
557,241,000 |
187,230,000 |
142,928,000 |
183,627,000 |
220,734,000 |
|
Hire purchase & lease creditors |
68,000 |
184,000 |
170,000 |
382,000 |
402,000 |
|
Bank overdraft |
- |
- |
- |
- |
28,421,000 |
|
Short term borrowings/Term loans |
987,416,000 |
713,954,000 |
503,319,000 |
457,620,000 |
488,204,000 |
|
Other borrowings |
30,707,000 |
471,701,000 |
111,488,000 |
- |
881,121,000 |
|
Other liabilities & accruals |
- |
- |
161,000 |
- |
- |
|
Amounts owing to related companies |
- |
- |
- |
- |
1,711,000 |
|
Amounts owing to associated companies |
18,598,000 |
15,379,000 |
- |
- |
- |
|
Provision for taxation |
25,541,000 |
28,925,000 |
16,831,000 |
27,644,000 |
10,825,000 |
|
Other liabilities |
7,523,000 |
13,264,000 |
33,265,000 |
10,749,000 |
36,412,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
2,326,510,000 |
1,793,509,000 |
1,036,625,000 |
800,090,000 |
1,895,206,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
2,973,647,000 |
349,135,000 |
411,012,000 |
1,360,380,000 |
(1,126,162,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
12,125,380,000 |
7,016,156,000 |
5,893,134,000 |
6,136,152,000 |
2,900,261,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
1,173,253,000 |
586,318,000 |
585,834,000 |
585,692,000 |
63,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,173,253,000 |
586,318,000 |
585,834,000 |
585,692,000 |
63,000,000 |
|
RESERVES |
|||||
|
Share premium |
3,137,730,000 |
1,764,614,000 |
1,756,045,000 |
1,753,586,000 |
10,898,000 |
|
Capital reserve |
- |
- |
- |
6,561,000 |
311,000 |
|
Revaluation reserve |
- |
- |
- |
- |
390,000 |
|
Exchange equalisation/fluctuation reserve |
352,580,000 |
51,713,000 |
(195,829,000) |
(99,115,000) |
(171,254,000) |
|
General reserve |
(50,077,000) |
20,278,000 |
(1,181,000) |
(7,317,000) |
- |
|
Retained profit/(loss) carried forward |
2,065,151,000 |
1,941,522,000 |
1,601,227,000 |
1,288,611,000 |
971,190,000 |
|
Others |
6,562,000 |
(7,786,000) |
3,770,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
5,511,946,000 |
3,770,341,000 |
3,164,032,000 |
2,942,326,000 |
811,535,000 |
|
MINORITY INTEREST |
32,326,000 |
23,576,000 |
17,145,000 |
14,697,000 |
567,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
6,717,525,000 |
4,380,235,000 |
3,767,011,000 |
3,542,715,000 |
875,102,000 |
|
Long term loans |
3,065,113,000 |
2,591,347,000 |
2,052,866,000 |
2,559,826,000 |
2,019,890,000 |
|
Other long term borrowings |
2,109,589,000 |
- |
- |
- |
- |
|
Hire purchase creditors |
56,000 |
128,000 |
209,000 |
422,000 |
819,000 |
|
Deferred taxation |
58,870,000 |
38,623,000 |
57,017,000 |
17,415,000 |
1,786,000 |
|
Others |
174,227,000 |
5,823,000 |
16,031,000 |
15,774,000 |
2,664,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
5,407,855,000 |
2,635,921,000 |
2,126,123,000 |
2,593,437,000 |
2,025,159,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
12,125,380,000 |
7,016,156,000 |
5,893,134,000 |
6,136,152,000 |
2,900,261,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
TYPES OF FUNDS |
|||||
|
Cash |
3,303,247,000 |
634,538,000 |
500,500,000 |
1,247,416,000 |
277,684,000 |
|
Net Liquid Funds |
3,303,247,000 |
634,538,000 |
500,500,000 |
1,247,416,000 |
249,263,000 |
|
Net Liquid Assets |
2,968,817,000 |
343,576,000 |
400,262,000 |
1,358,830,000 |
(1,127,285,000) |
|
Net Current Assets/(Liabilities) |
2,973,647,000 |
349,135,000 |
411,012,000 |
1,360,380,000 |
(1,126,162,000) |
|
Net Tangible Assets |
12,125,380,000 |
7,014,745,000 |
5,891,723,000 |
6,134,741,000 |
2,898,850,000 |
|
Net Monetary Assets |
(2,439,038,000) |
(2,292,345,000) |
(1,725,861,000) |
(1,234,607,000) |
(3,152,444,000) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
6,192,949,000 |
3,777,314,000 |
2,668,052,000 |
3,018,250,000 |
3,418,857,000 |
|
Total Liabilities |
7,734,365,000 |
4,429,430,000 |
3,162,748,000 |
3,393,527,000 |
3,920,365,000 |
|
Total Assets |
14,451,890,000 |
8,809,665,000 |
6,929,759,000 |
6,936,242,000 |
4,795,467,000 |
|
Net Assets |
12,125,380,000 |
7,016,156,000 |
5,893,134,000 |
6,136,152,000 |
2,900,261,000 |
|
Net Assets Backing |
6,717,525,000 |
4,380,235,000 |
3,767,011,000 |
3,542,715,000 |
875,102,000 |
|
Shareholders' Funds |
6,717,525,000 |
4,380,235,000 |
3,767,011,000 |
3,542,715,000 |
875,102,000 |
|
Total Share Capital |
1,173,253,000 |
586,318,000 |
585,834,000 |
585,692,000 |
63,000,000 |
|
Total Reserves |
5,511,946,000 |
3,770,341,000 |
3,164,032,000 |
2,942,326,000 |
811,535,000 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
1.42 |
0.35 |
0.48 |
1.56 |
0.15 |
|
Liquid Ratio |
2.28 |
1.19 |
1.39 |
2.70 |
0.41 |
|
Current Ratio |
2.28 |
1.19 |
1.40 |
2.70 |
0.41 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
1 |
1 |
2 |
0 |
0 |
|
Debtors Ratio |
107 |
79 |
73 |
76 |
56 |
|
Creditors Ratio |
149 |
100 |
86 |
50 |
130 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.92 |
0.86 |
0.71 |
0.85 |
3.91 |
|
Liabilities Ratio |
1.15 |
1.01 |
0.84 |
0.96 |
4.48 |
|
Times Interest Earned Ratio |
4.12 |
5.93 |
4.80 |
4.99 |
5.65 |
|
Assets Backing Ratio |
10.33 |
11.96 |
10.06 |
10.47 |
46.01 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
12.90 |
23.15 |
28.24 |
28.23 |
30.87 |
|
Net Profit Margin |
9.12 |
20.80 |
23.25 |
23.30 |
28.26 |
|
Return On Net Assets |
3.37 |
8.23 |
10.05 |
8.88 |
16.06 |
|
Return On Capital Employed |
3.36 |
8.20 |
10.01 |
8.86 |
15.89 |
|
Return On Shareholders' Funds/Equity |
3.26 |
9.84 |
10.24 |
10.15 |
40.08 |
|
Dividend Pay Out Ratio (Times) |
0.44 |
0.21 |
0.19 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.