|
Report No. : |
343618 |
|
Report Date : |
05.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
IFFCO (S.E.A.) SDN. BHD. |
|
|
|
|
Registered Office : |
Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, 1, Leboh Ampang,
50100 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
15.12.2000 |
|
|
|
|
Com. Reg. No.: |
534996-V |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is engaged in the trading of palm oils & vegetable oil. |
|
|
|
|
No. of Employees : |
52 [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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.
The NAJIB administration 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. Gross exports of goods and services constitute more than 80% of GDP. The oil and gas sector supplied about 29% of government revenue in 2014. As an oil and gas exporter, Malaysia has previously 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 strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is trying to lessen its dependence on state oil producer Petronas.
Bank Negara Malaysia (the central bank) maintains healthy foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. In order to attract increased investment, NAJIB 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. |
: |
534996-V |
||||
|
COMPANY NAME |
: |
IFFCO (S.E.A.) SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
15/12/2000 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
SUITE 1005, 10TH FLOOR, WISMA HAMZAH-KWONG HING, 1, LEBOH AMPANG,
50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT A & B, TOWER 2, ETIQA TWINS, 11, JALAN PINANG, LEVEL 22, 50450
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-21742020 |
||||
|
FAX.NO. |
: |
03-21760355 |
||||
|
WEB SITE |
: |
WWW.IFFCO.COM |
||||
|
CONTACT PERSON |
: |
PURNENDU RAJESHWAR THAKORE ( CEO ) |
||||
|
INDUSTRY CODE |
: |
46202 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF PALM OILS & VEGETABLE OIL |
||||
|
AUTHORISED CAPITAL |
: |
MYR 10,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 10,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 1,009,447,920 [2014] |
||||
|
NET WORTH |
: |
MYR 23,251,680 [2014] |
||||
|
STAFF STRENGTH |
: |
52 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
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) trading of palm
oils & vegetable oil.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the Subject is IFFCO SINGAPORE PTE.
LTD., a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
20/11/2014 |
MYR 10,000,000.00 |
MYR 10,000,000.00 |
|
15/02/2013 |
MYR 10,000,000.00 |
MYR 7,000,000.00 |
|
13/06/2011 |
MYR 10,000,000.00 |
MYR 4,670,000.00 |
|
22/02/2008 |
MYR 500,000.00 |
MYR 350,000.00 |
|
26/02/2001 |
MYR 100,000.00 |
MYR 100,000.00 |
|
15/12/2000 |
MYR 100,000.00 |
MYR 2.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
IFFCO SINGAPORE PTE. LTD. |
78, SHENTON WAY, 26-02A, 079120, SINGAPORE. |
200602677 |
10,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
10,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc No |
Shareholding |
Last Updated |
|
AMFIS MIDDLE EAST (FZE) |
N/A |
XLZ00215335 |
N/A |
09/06/2011 |
|
AMFIS MIDDLE EAST (FZE) LIMITED LIABILITY EST. |
N/A |
XLZ000015436 |
350,000.00 |
26/07/2010 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
SYED RIZWAN AHMED |
|
Address |
: |
VILLA NO.1, PLOT NO.14, AL FISHT AREA, SHARQ STREET, SHARJAH, UAE,
UNITED ARAB EMIRATES. |
|
IC / PP No |
: |
BD1158066 |
|
Nationality |
: |
PAKISTANI |
|
Date of Appointment |
: |
02/02/2010 |
DIRECTOR 2
|
Name Of Subject |
: |
PURNENDU RAJESHWAR THAKORE |
|
Address |
: |
12-03, TARA CONDO, 33, JALAN AMPANG HILIR, 55000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
L3460909 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
18/01/2010 |
DIRECTOR 3
|
Name Of Subject |
: |
KETAN MOTILAL DOSHI |
|
Address |
: |
1802, AL SHAHD TOWER, AL QASBA, AL KHAN LAGOON, SHARJAH, U.A.E, UNITED
ARAB EMIRATES. |
|
IC / PP No |
: |
Z2052406 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
13/02/2012 |
DIRECTOR 4
|
Name Of Subject |
: |
VISHNAMPET NATARAJAN SWAMINATHAN |
|
Address |
: |
B-30-06, SUASANA SENTRAL LOFT CONDOMINIUM, JALAN STESEN SENTRAL 5,
50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
Z2834279 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
13/02/2012 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
PURNENDU RAJESHWAR THAKORE |
|
Position |
: |
CEO |
|
AUDITOR
|
|
Auditor |
: |
ATAREK KAMIL IBRAHIM & CO. |
|
Auditor' Address |
: |
89-2, JALAN WANGSA DELIMA 5, PUSAT BANDAR WANGSA MAJU (KLSC), 53300
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. WON SWEE HWAN |
|
IC / PP No |
: |
A0331878 |
|
|
New IC No |
: |
660207-10-6712 |
|
|
Address |
: |
2, JALAN LANG PERUT PUTIH 9, KEPONG BARU, 52100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MR. JASNI BIN ABDUL JALIL |
|
IC / PP No |
: |
7007140 |
|
|
New IC No |
: |
630309-07-5323 |
|
|
Address |
: |
47, JALAN SUNGAI CONGKAK 32/43, BUKIT RIMAU, 40460 SHAH ALAM,
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 |
24/04/2008 |
TRADE FINANCING GENERAL AGREEMENT |
HSBC BANK MALAYSIA BERHAD |
- |
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 |
Percentage |
: |
80% |
|
Overseas |
: |
YES |
Percentage |
: |
20% |
|
Import Countries |
: |
ASIA |
|||
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 |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
EGYPT |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
PALM OILS & VEGETABLE OILS |
|
|
Product Brand Name |
: |
|
|
|
Ownership of premises |
: |
LEASED/RENTED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2012 |
2011 |
2010 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
52 |
20 |
20 |
20 |
20 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of palm oils
& vegetable oil.
The Subject is under IFFCO Group of Companies, which is based in United Arab
Emirates.
The Subject acts as a buying house of refined vegetable oils for its related
companies in overseas.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
0321742020 |
|
Current Telephone Number |
: |
03-21742020 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
LOT A & B, TOWER 2, ETIQA TWINS, 11, JALAN PINANG, LEVEL
22,50450,KUALA LUMPUR,WILAYAH PERSEKUTUAN. |
|
Current Address |
: |
LOT A & B, TOWER 2, ETIQA TWINS, 11, JALAN PINANG, LEVEL 22, 50450
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information on the Subject.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
24.56% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
32.08% |
] |
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.The
higher profit could be attributed to the increase in turnover. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
35 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
19 Days |
] |
|
|
As the Subject is a service oriented company, the Subject does not
need to keep stocks. The favourable debtors' days could be due to the good
credit control measures implemented by the Subject. 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 |
[ |
1.20 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.20 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 |
: |
Favourable |
[ |
277.39 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was making
enough profit to pay for the interest accrued. 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 : |
||||||
|
Generally, the Subject's performance has improved with higher turnover
and profit. 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. With
the favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. 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 : STABLE |
||||||
|
|
||||||
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 |
3.2 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
2.9 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
4.00 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
6.85 |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
56.0 |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
43,486.6 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
49,144 |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
6.1 |
- |
|
Liquidation of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
21,753 |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
(17.7) |
- |
|
Registration of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
332,723 |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
1.0 |
- |
|
Business Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
21,436 |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
18.0 |
- |
|
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 |
63.2 |
- |
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
13.5 |
- |
|
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) |
- |
- |
3.0 |
- |
|
Other Mining |
- |
- |
- |
46.6 |
- |
|
Industry Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.4 |
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 |
1.4 |
- |
|
Plastic Products |
3.8 |
- |
- |
2.7 |
- |
|
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 |
- |
- |
13.0 |
- |
|
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 |
|
|
46202 : Wholesale of palm 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) |
|
IFFCO (S.E.A.) SDN. BHD. |
|
Financial Year End |
2014-06-30 |
2013-06-30 |
2012-06-30 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
6 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
1,009,447,920 |
451,751,889 |
434,726,344 |
1,202,467,529 |
846,717,492 |
|
Other Income |
1,327,013 |
577,434 |
681,822 |
1,698,602 |
145,106 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
1,010,774,933 |
452,329,323 |
435,408,166 |
1,204,166,131 |
846,862,598 |
|
Costs of Goods Sold |
(993,715,003) |
(436,103,637) |
(429,565,368) |
(1,191,064,004) |
(838,261,107) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
17,059,930 |
16,225,686 |
5,842,798 |
13,102,127 |
8,601,491 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
7,799,221 |
5,634,210 |
1,273,043 |
4,038,997 |
1,502,036 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
7,799,221 |
5,634,210 |
1,273,043 |
4,038,997 |
1,502,036 |
|
Taxation |
(2,088,567) |
(278,855) |
(322,331) |
(1,114,292) |
(423,874) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
5,710,654 |
5,355,355 |
950,712 |
2,924,705 |
1,078,162 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
10,541,026 |
5,185,671 |
4,234,959 |
1,310,254 |
232,092 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
10,541,026 |
5,185,671 |
4,234,959 |
1,310,254 |
232,092 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
16,251,680 |
10,541,026 |
5,185,671 |
4,234,959 |
1,310,254 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
16,251,680 |
10,541,026 |
5,185,671 |
4,234,959 |
1,310,254 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
28,218 |
33,505 |
477,062 |
- |
1,221,250 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
28,218 |
33,505 |
477,062 |
- |
1,221,250 |
|
|
============= |
============= |
============= |
- |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
933,686 |
447,276 |
221,398 |
315,207 |
188,083 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
933,686 |
447,276 |
221,398 |
315,207 |
188,083 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
IFFCO (S.E.A.) SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
5,127,734 |
4,871,101 |
2,775,587 |
2,819,707 |
2,217,455 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
5,127,734 |
4,871,101 |
2,775,587 |
2,819,707 |
2,217,455 |
|
Trade debtors |
97,953,446 |
89,740,524 |
17,788,342 |
32,444,673 |
245,069,268 |
|
Other debtors, deposits & prepayments |
6,127,529 |
4,546,798 |
4,344,838 |
3,940,240 |
1,202,336 |
|
Short term deposits |
- |
- |
1,610,058 |
2,100,000 |
- |
|
Amount due from related companies |
- |
1,529,543 |
- |
- |
- |
|
Cash & bank balances |
10,459,316 |
8,082,380 |
24,461,377 |
17,496,989 |
9,438,208 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
114,540,291 |
103,899,245 |
48,204,615 |
55,981,902 |
255,709,812 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
119,668,025 |
108,770,346 |
50,980,202 |
58,801,609 |
257,927,267 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
51,430,874 |
47,352,052 |
428,393 |
4,346,324 |
165,254,979 |
|
Other creditors & accruals |
43,538,229 |
43,004,038 |
36,117,281 |
41,718,602 |
11,027,037 |
|
Bill & acceptances payable |
- |
- |
- |
- |
78,639,307 |
|
Amounts owing to holding company |
- |
- |
- |
18,936 |
96,987 |
|
Amounts owing to related companies |
3,355 |
- |
848,386 |
326,733 |
- |
|
Provision for taxation |
292,503 |
584,836 |
569,083 |
324,667 |
23,000 |
|
Other liabilities |
- |
- |
- |
- |
997,896 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
95,264,961 |
90,940,926 |
37,963,143 |
46,735,262 |
256,039,206 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
19,275,330 |
12,958,319 |
10,241,472 |
9,246,640 |
(329,394) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
24,403,064 |
17,829,420 |
13,017,059 |
12,066,347 |
1,888,061 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
7,000,000 |
7,000,000 |
7,000,000 |
7,000,000 |
350,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
7,000,000 |
7,000,000 |
7,000,000 |
7,000,000 |
350,000 |
|
Retained profit/(loss) carried forward |
16,251,680 |
10,541,026 |
5,185,671 |
4,234,959 |
1,310,254 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
16,251,680 |
10,541,026 |
5,185,671 |
4,234,959 |
1,310,254 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
23,251,680 |
17,541,026 |
12,185,671 |
11,234,959 |
1,660,254 |
|
Deferred taxation |
1,151,384 |
288,394 |
831,388 |
831,388 |
227,807 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
1,151,384 |
288,394 |
831,388 |
831,388 |
227,807 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
24,403,064 |
17,829,420 |
13,017,059 |
12,066,347 |
1,888,061 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
IFFCO (S.E.A.) SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
10,459,316 |
8,082,380 |
26,071,435 |
19,596,989 |
9,438,208 |
|
Net Liquid Funds |
10,459,316 |
8,082,380 |
26,071,435 |
19,596,989 |
(69,201,099) |
|
Net Liquid Assets |
19,275,330 |
12,958,319 |
10,241,472 |
9,246,640 |
(329,394) |
|
Net Current Assets/(Liabilities) |
19,275,330 |
12,958,319 |
10,241,472 |
9,246,640 |
(329,394) |
|
Net Tangible Assets |
24,403,064 |
17,829,420 |
13,017,059 |
12,066,347 |
1,888,061 |
|
Net Monetary Assets |
18,123,946 |
12,669,925 |
9,410,084 |
8,415,252 |
(557,201) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
7,827,439 |
5,667,715 |
1,750,105 |
4,038,997 |
2,723,286 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
8,761,125 |
6,114,991 |
1,971,503 |
4,354,204 |
2,911,369 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
78,639,307 |
|
Total Liabilities |
96,416,345 |
91,229,320 |
38,794,531 |
47,566,650 |
256,267,013 |
|
Total Assets |
119,668,025 |
108,770,346 |
50,980,202 |
58,801,609 |
257,927,267 |
|
Net Assets |
24,403,064 |
17,829,420 |
13,017,059 |
12,066,347 |
1,888,061 |
|
Net Assets Backing |
23,251,680 |
17,541,026 |
12,185,671 |
11,234,959 |
1,660,254 |
|
Shareholders' Funds |
23,251,680 |
17,541,026 |
12,185,671 |
11,234,959 |
1,660,254 |
|
Total Share Capital |
7,000,000 |
7,000,000 |
7,000,000 |
7,000,000 |
350,000 |
|
Total Reserves |
16,251,680 |
10,541,026 |
5,185,671 |
4,234,959 |
1,310,254 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.11 |
0.09 |
0.69 |
0.42 |
0.04 |
|
Liquid Ratio |
1.20 |
1.14 |
1.27 |
1.20 |
1.00 |
|
Current Ratio |
1.20 |
1.14 |
1.27 |
1.20 |
1.00 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
0 |
0 |
0 |
0 |
0 |
|
Debtors Ratio |
35 |
73 |
15 |
10 |
106 |
|
Creditors Ratio |
19 |
40 |
0 |
1 |
72 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
47.37 |
|
Liabilities Ratio |
4.15 |
5.20 |
3.18 |
4.23 |
154.35 |
|
Times Interest Earned Ratio |
277.39 |
169.16 |
3.67 |
0 |
2.23 |
|
Assets Backing Ratio |
3.49 |
2.55 |
1.86 |
1.72 |
5.39 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.77 |
1.25 |
0.29 |
0.34 |
0.18 |
|
Net Profit Margin |
0.57 |
1.19 |
0.22 |
0.24 |
0.13 |
|
Return On Net Assets |
32.08 |
31.79 |
13.44 |
33.47 |
144.24 |
|
Return On Capital Employed |
32.08 |
31.79 |
13.44 |
33.47 |
144.24 |
|
Return On Shareholders' Funds/Equity |
24.56 |
30.53 |
7.80 |
26.03 |
64.94 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.