|
Report No. : |
338192 |
|
Report Date : |
01.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
BP ASIA PACIFIC (MALAYSIA) SDN. BHD. |
|
|
|
|
Registered Office : |
Axiata Tower, 9, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, Level 26, 50470 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
08.08.1994 |
|
|
|
|
Com. Reg. No.: |
310913-T |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the trading of petroleum and petroleum related
products. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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. |
: |
310913-T |
||||
|
COMPANY NAME |
: |
BP ASIA PACIFIC (MALAYSIA) SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
08/08/1994 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
AXIATA TOWER, 9, JALAN STESEN SENTRAL 5, KUALA LUMPUR SENTRAL, LEVEL
26, 50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
AXIATA TOWER, 9, JALAN STESEN SENTRAL 5, KUALA LUMPUR SENTRAL, LEVEL
26, 50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-22727272/22727009 |
||||
|
FAX.NO. |
: |
03-22726868 |
||||
|
CONTACT PERSON |
: |
YEOH LEAN IMM ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
46611 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF PETROLEUM AND PETROLEUM RELATED PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 60,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 47,800,200.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 628,937,000 [2013] |
||||
|
NET WORTH |
: |
MYR 4,206,000 [2013] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY
/ BACKGROUND
|
The Subject is a private limited company and is allowed to have a
minimum of one and a maximum of forty-nine shareholders. As a private limited
company, the Subject must have at least two directors. A private limited
company is a separate legal entity from its shareholders. As a separate legal
entity, the Subject is capable of owning assets, entering into contracts, sue
or be sued by other companies. The liabilities of the shareholders are to the
extent of the equity they have taken up and the creditors cannot claim on
shareholders' personal assets even if the Subject is insolvent. The Subject is
governed by the Companies Act, 1965 and the company must file its annual
returns, together with its financial statements with the Registrar of
Companies.
The Subject is principally engaged in the (as a / as an) trading of
petroleum and petroleum related products.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the Subject is BP ASIA PACIFIC HOLDINGS
LIMITED, a company incorporated in UNITED KINGDOM.
The ultimate holding company of the Subject is BP P.L.C, a company
incorporated in UNITED KINGDOM.
Share Capital History
|
Date |
Authorised Shared Capital |
Issue & Paid Up Capital |
|
30/06/2014 |
MYR 60,000,000.00 |
MYR 47,800,200.00 |
|
29/01/2010 |
MYR 50,000,000.00 |
MYR 45,700,200.00 |
|
12/01/2010 |
MYR 50,000,000.00 |
MYR 38,000,200.00 |
|
20/06/2008 |
MYR 50,000,000.00 |
MYR 37,500,200.00 |
|
12/02/2008 |
MYR 50,000,000.00 |
MYR 22,000,200.00 |
|
30/05/2007 |
MYR 50,000,000.00 |
MYR 18,000,200.00 |
|
01/06/2006 |
MYR 50,000,000.00 |
MYR 11,000,200.00 |
|
31/12/1998 |
MYR 5,000,000.00 |
MYR 3,000,200.00 |
|
01/09/1994 |
MYR 100,000.00 |
MYR 200.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
BP ASIA PACIFIC HOLDINGS LIMITED |
1, HARBOURFRONT AVENUE, 02-01, KEPPEL BAY TOWER, 098632, UNITED
KINGDOM. |
XLZ000008681 |
478,002.00 |
100.00 |
|
--------------- |
------ |
|||
|
478,002.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. YANG KUOH SIONG |
|
Address |
: |
18, LORONG RAHIM KAJAI 13, TAMAN TUN DR ISMAIL, 60000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
A0736236 |
|
New IC No |
: |
670619-05-5383 |
|
Date of Birth |
: |
19/06/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
12/10/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
MS. YEOH LEAN IMM |
|
Address |
: |
A-3-7, AVANT COURT, SRI SENTOSA 6 1/2 MILE, JALAN KLANG LAMA, 58200
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC / PP No |
: |
6129537 |
|
New IC No |
: |
610423-07-5628 |
|
Date of Birth |
: |
23/04/1961 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/03/2010 |
DIRECTOR 3
|
Name Of Subject |
: |
MS. CHUAH HOOI LEE |
|
Address |
: |
215, SEASONS VILLAS, 1983, HUAMU ROAD, PUDONG, SHANGHAI, 201204,
CHINA. |
|
IC / PP No |
: |
A2676763 |
|
New IC No |
: |
740514-06-5308 |
|
Date of Birth |
: |
14/05/1974 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
01/07/2014 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
YEOH LEAN IMM |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
ERNST & YOUNG |
|
Auditor' Address |
: |
MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR DAMANSARA, LEVEL 23A,
50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. CHIN NGEOK MUI |
|
IC / PP No |
: |
7311328 |
|
|
New IC No |
: |
640423-10-7826 |
|
|
Address |
: |
3, JALAN IBU KOTA EMPAT, TAMAN IBU KOTA, GOMBAK, 53100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
2) |
Company Secretary |
: |
MS. CHEN BEE LING |
|
New IC No |
: |
740719-06-5256 |
|
|
Address |
: |
B-3-3A, PANGSAPURI IMPIAN, OFF JALAN PIPIT, BANDAR PUCHONG JAYA, 47100
PUCHONG, SELANGOR, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the Subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
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 |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
PETROLEUM AND PETROLEUM RELATED PRODUCTS |
|
|
Member(s) / Affiliate(s) |
: |
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM) SMALL & MEDIUM ENTERPRISE MALAYSIAN INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI) CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM) |
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of petroleum
and petroleum related products.
The Subject's lubricants business is concentrated on the higher margin sectors
of automotive lubricants, especially in the consumer sector with a strong
presence in the marine and industrial business markets.
It supplies fuel at about 1,200 airports in 90 countries and also presents at
about 1,000 ports around the world.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-22727272/22727009 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
LEVEL 26 AXIATA TOWER NO 9, JALAN STESEN SENTRA 5 KUALA LUMPUR SENTRAL
50470 KUALA LUMPUR |
|
Current Address |
: |
AXIATA TOWER, 9, JALAN STESEN SENTRAL 5, KUALA LUMPUR SENTRAL, LEVEL
26, 50470 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.
She refused to disclose the Subject's number of employees.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(94.48%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(25.39%) |
] |
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the
years.Higher losses before tax during the year could be due to the higher operating
costs incurred. The Subject's unfavourable returns on shareholders' funds
indicate the management's inefficiency in utilising its assets to generate
returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
50 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
0 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 |
: |
Acceptable |
[ |
0.91 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.91 Times |
] |
|
|
The Subject's liquid ratio was slightly low. This could indicate that
the Subject's working capital was slightly deficient. The Subject will have
to improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
(2.16 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject incurred losses in the year. It did not generate
sufficient income to service its interest. If the situation does not
improve, the Subject may be vulnerable to default in servicing the interest.
The Subject had no gearing and hence it had virtually no financial risk. The
Subject was financed by its shareholders' funds and internally generated
fund. During the economic downturn, the Subject, having a zero gearing, will
be able to compete better than those which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the Subject's turnover increased its profits however showed a
reverse trend. The losses could be due to the management's failure to maintain
its competitiveness in the market. The Subject's liquidity was at an
acceptable range. If the Subject is able to obtain further short term
financing, it should be able to meet all its short term obligations. The
Subject's interest cover was negative, indicating that it did not generate
sufficient income to service its interest. If its result does not show
impressive improvements or succeed obtaining short term financing or capital
injection, it may not be able to service its interest and repay the loans.
The Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
Overall financial condition of the Subject : LIMITED |
||||||
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 |
|
|
46611 : Wholesale of petrol, diesel, lubricants |
|
|
INDUSTRY : |
TRADING |
|
The wholesale and retail trade is expected to increase 7.1% in 2015
(2014: 7.7%) driven by strong domestic consumption and higher tourist
arrivals following the Malaysia Year of Festivals 2015. Besides, in 2014, the
wholesale and retail trade subsector is expected to increase 7.7% (2013:
6.4%) supported by strong domestic consumption. |
|
|
According to Retail Group Malaysia (RGM), the pharmacy and personal
care sub-sector had slow growth rate of 2.6% for the first quarter of 2014,
while "other specialty stores" grew at a rate of 3.5%. During the
first quarter of 2014, fashion and fashion accessories recorded a sustainable
growth of 6.3% as compared with the same period last year (3.6%). |
|
|
The retail segment increased 10.1% (January - June 2013: 7.1%)
attributed to brisk sales in retail outlets such as hypermarkets and
large-scale superstores. Since the launch of the Small Retailer
Transformation programme (TUKAR) in January 2011 up to end-July 2014, 1,761
small retailer stores (end-July 2013: 1,381) have been modernized to improve
their competitiveness. In addition, the strong growth of the retail segment
was supported by 1Malaysia Unified Sales held from 29 June 2014 to 1
September 2014 to attract foreign and local tourists to shop in Malaysia.
Meanwhile, the wholesale segment expanded 8.2% (January - June 2013: 4.9%)
due to higher sales of non-agricultural intermediate products, such as
petrol, diesel, lubricants and household goods. Furthermore, food and
beverage outlets, laundry outlets, car wash centres, abd health and beauty
outlets took a hit from the water rationing in the Klang Valley since
February this year. |
|
|
On the other hand, in 2014, Malaysia's total trade is expected to grow
5.2% to RM1.44 trillion (2013: 4.5%; RM1.37 trillion) underpinned by recovery
in key advanced economies, resilient regional demand, and partly due to the
base effect arising from sluggish exports in the corresponding period last
year. Gross exports are anticipated to expand 6% to RM762.8 billion while
import decreased 4.3% to RM677.2 billion (2013: 2.4%; RM719.8 billion; 7%; RM
649.1 billion). Consequently, the trade surplus is expected to be higher at
RM85.6 billion or 7.9% of GDP in 2014 (2013: RM70.7 billion; 7.2%). |
|
|
Furthermore, gross exports rebounded by 10.7% to RM441.3 billion
during the first seven months of 2014 (January - July 2013: -2.8%; RM398.5
billion), with manufactured and mining exports rising at a double digit pace
of 11.4% and 12.5%. Shipment of agriculture products grew at a slower pace of
2.7%, primarily due to lower receipts of crude rubber (-24.6%) while export
growth of other commodities remained steady. Consequently, exports of
manufactured and mining products are expected to grow 6.1% and 6.4% in 2014
(2013: 5.1%; 3.3%). Meanwhile, agriculture exports are expected to rebound
sharply by 4.5% in 2014 (2013: -14.4%) despite moderating commodity prices.
Malaysia's top 3 trading partners are China, Singapore, and Japan. |
|
|
Over 60% of Gross Domestic Product (GDP) is contributed by domestic
consumption. Therefore the wholesale and retail sector plays a crucial role
in driving Malaysia's growth over the next decade despite the ongoing global
economic slowdown. By 2020, Malaysia's wholesale and retail sector is
expected to boost the country's total Gross National Income (GNI) by RM156
billion, creating 454,190 new jobs. |
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS) |
|
BP ASIA PACIFIC (MALAYSIA) SDN. BHD. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
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 |
SUMMARY |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
628,937,000 |
365,507,000 |
18,956,006 |
42,395,722 |
47,948,422 |
|
Other Income |
66,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
629,003,000 |
365,507,000 |
18,956,006 |
42,395,722 |
47,948,422 |
|
Costs of Goods Sold |
(602,140,000) |
(339,343,000) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
26,863,000 |
26,164,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(3,562,000) |
(1,153,000) |
(1,028,240) |
(2,028,519) |
(8,047,381) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(3,562,000) |
(1,153,000) |
(1,028,240) |
(2,028,519) |
(8,047,381) |
|
Taxation |
(412,000) |
(460,000) |
(203,877) |
(139,565) |
(1,562,656) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(3,974,000) |
(1,613,000) |
(1,232,117) |
(2,168,084) |
(9,610,037) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
(3,974,000) |
(1,613,000) |
(1,232,117) |
(2,168,084) |
(9,610,037) |
|
Extraordinary items |
- |
- |
- |
- |
(252,125) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
(3,974,000) |
(1,613,000) |
(1,232,117) |
(2,168,084) |
(9,862,162) |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(43,922,000) |
(43,191,551) |
(41,959,434) |
(39,791,350) |
(29,929,188) |
|
Prior year adjustment |
- |
882,551 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(43,922,000) |
(42,309,000) |
(41,959,434) |
(39,791,350) |
(29,929,188) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(47,896,000) |
(43,922,000) |
(43,191,551) |
(41,959,434) |
(39,791,350) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(47,896,000) |
(43,922,000) |
(43,191,551) |
(41,959,434) |
(39,791,350) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
- |
- |
- |
2,500 |
2,352 |
|
Loan from holding company |
- |
- |
- |
912,967 |
7,370,939 |
|
Others |
1,127,000 |
721,000 |
- |
496,286 |
480,371 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,127,000 |
721,000 |
- |
1,411,753 |
7,853,662 |
|
|
============= |
============= |
- |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
790,000 |
720,000 |
- |
2,155,785 |
1,450,175 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
790,000 |
720,000 |
- |
2,155,785 |
1,450,175 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
BP ASIA PACIFIC (MALAYSIA) SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
2,354,000 |
1,887,000 |
2,421,661 |
2,905,576 |
10,724,969 |
|
Deferred assets |
1,237,000 |
1,390,000 |
- |
1,261,285 |
1,000,220 |
|
Others |
- |
- |
- |
- |
169,026,458 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,237,000 |
1,390,000 |
- |
1,261,285 |
170,026,678 |
|
Others |
16,931,000 |
15,734,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
16,931,000 |
15,734,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
20,522,000 |
19,011,000 |
2,421,661 |
4,166,861 |
180,751,647 |
|
Stocks |
- |
10,803,000 |
- |
- |
- |
|
Trade debtors |
85,959,000 |
94,433,000 |
- |
157,668 |
150,245 |
|
Other debtors, deposits & prepayments |
350,000 |
394,000 |
- |
731,920 |
516,730 |
|
Amount due from related companies |
22,941,000 |
31,067,000 |
- |
21,300,726 |
27,370,942 |
|
Cash & bank balances |
3,634,000 |
6,805,000 |
- |
796,043 |
9,867,133 |
|
Others |
285,000 |
310,000 |
- |
123,411 |
65,200,103 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
113,169,000 |
143,812,000 |
15,434,655 |
23,109,768 |
103,105,153 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
133,691,000 |
162,823,000 |
17,856,316 |
27,276,629 |
283,856,800 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
673,000 |
626,000 |
- |
770,776 |
335,540 |
|
Other creditors & accruals |
5,561,000 |
5,364,000 |
- |
5,397,633 |
9,921,773 |
|
Amounts owing to holding company |
- |
- |
- |
- |
312,823 |
|
Amounts owing to related companies |
117,866,000 |
142,469,000 |
- |
6,636,617 |
662,402 |
|
Provision for taxation |
- |
- |
- |
- |
460,649 |
|
Other liabilities |
- |
- |
- |
- |
66,145,413 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
124,100,000 |
148,459,000 |
4,226,384 |
12,805,026 |
77,838,600 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(10,931,000) |
(4,647,000) |
11,208,271 |
10,304,742 |
25,266,553 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
9,591,000 |
14,364,000 |
13,629,932 |
14,471,603 |
206,018,200 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
47,751,000 |
47,751,000 |
45,700,200 |
45,700,200 |
45,700,200 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
47,751,000 |
47,751,000 |
45,700,200 |
45,700,200 |
45,700,200 |
|
RESERVES |
|||||
|
Share premium |
- |
- |
5,155,209 |
- |
- |
|
Exchange equalisation/fluctuation reserve |
490,000 |
57,000 |
- |
- |
- |
|
Retained profit/(loss) carried forward |
(47,896,000) |
(43,922,000) |
(43,191,551) |
(41,959,434) |
(39,791,350) |
|
Employee share option reserve |
5,460,000 |
5,331,000 |
- |
- |
- |
|
Others |
(1,599,000) |
(1,191,000) |
- |
5,026,415 |
3,972,887 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(43,545,000) |
(39,725,000) |
(38,036,342) |
(36,933,019) |
(35,818,463) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
4,206,000 |
8,026,000 |
7,663,858 |
8,767,181 |
9,881,737 |
|
Retirement benefits provision |
5,196,000 |
6,170,000 |
- |
5,704,422 |
6,110,005 |
|
Others |
189,000 |
168,000 |
- |
- |
190,026,458 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
5,385,000 |
6,338,000 |
5,966,074 |
5,704,422 |
196,136,463 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
9,591,000 |
14,364,000 |
13,629,932 |
14,471,603 |
206,018,200 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
BP ASIA PACIFIC (MALAYSIA) SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
3,634,000 |
6,805,000 |
- |
796,043 |
9,867,133 |
|
Net Liquid Funds |
3,634,000 |
6,805,000 |
- |
796,043 |
9,867,133 |
|
Net Liquid Assets |
(10,931,000) |
(15,450,000) |
11,208,271 |
10,304,742 |
25,266,553 |
|
Net Current Assets/(Liabilities) |
(10,931,000) |
(4,647,000) |
11,208,271 |
10,304,742 |
25,266,553 |
|
Net Tangible Assets |
(7,340,000) |
(1,370,000) |
13,629,932 |
14,471,603 |
206,018,200 |
|
Net Monetary Assets |
(16,316,000) |
(21,788,000) |
5,242,197 |
4,600,320 |
(170,869,910) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(2,435,000) |
(432,000) |
- |
(616,766) |
(193,719) |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(1,645,000) |
288,000 |
- |
1,539,019 |
1,256,456 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
- |
0 |
0 |
|
Total Liabilities |
129,485,000 |
154,797,000 |
10,192,458 |
18,509,448 |
273,975,063 |
|
Total Assets |
133,691,000 |
162,823,000 |
17,856,316 |
27,276,629 |
283,856,800 |
|
Net Assets |
9,591,000 |
14,364,000 |
13,629,932 |
14,471,603 |
206,018,200 |
|
Net Assets Backing |
4,206,000 |
8,026,000 |
7,663,858 |
8,767,181 |
9,881,737 |
|
Shareholders' Funds |
4,206,000 |
8,026,000 |
7,663,858 |
8,767,181 |
9,881,737 |
|
Total Share Capital |
47,751,000 |
47,751,000 |
45,700,200 |
45,700,200 |
45,700,200 |
|
Total Reserves |
(43,545,000) |
(39,725,000) |
(38,036,342) |
(36,933,019) |
(35,818,463) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.03 |
0.05 |
- |
0.06 |
0.13 |
|
Liquid Ratio |
0.91 |
0.90 |
- |
1.80 |
1.32 |
|
Current Ratio |
0.91 |
0.97 |
3.65 |
1.80 |
1.32 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
0 |
11 |
- |
0 |
0 |
|
Debtors Ratio |
50 |
94 |
- |
1 |
1 |
|
Creditors Ratio |
0 |
1 |
- |
7 |
3 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
- |
0 |
0 |
|
Liabilities Ratio |
30.79 |
19.29 |
1.33 |
2.11 |
27.73 |
|
Times Interest Earned Ratio |
(2.16) |
(0.60) |
- |
(0.44) |
(0.02) |
|
Assets Backing Ratio |
(0.15) |
(0.03) |
0.30 |
0.32 |
4.51 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(0.57) |
(0.32) |
(5.42) |
(4.78) |
(16.78) |
|
Net Profit Margin |
(0.63) |
(0.44) |
(6.50) |
(5.11) |
(20.04) |
|
Return On Net Assets |
(25.39) |
(3.01) |
(7.54) |
(4.26) |
(0.09) |
|
Return On Capital Employed |
(9.18) |
(1.44) |
(7.54) |
(4.26) |
(0.09) |
|
Return On Shareholders' Funds/Equity |
(94.48) |
(20.10) |
(16.08) |
(24.73) |
(97.25) |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
- |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
- |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.26 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.74.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.