MIRA
INFORM REPORT
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Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
MM VITAOILS SDN BHD |
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Registered Office : |
419, Block A, Kelana Business Centre, 97 Jalan Ss 7/2, Kelana Jaya, 47301 Petaling Jaya, Selangor |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20/07/1996 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of Edible Oil Products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
* Adopted
abbreviations : SC - Subject Company ( the company enquired
by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 394937-P
COMPANY NAME : MM VITAOILS SDN BHD
FORMER NAME : NALURI PESONA SDN BHD (22-07-2002)
INCORPORATION DATE : 20/07/1996
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 419, BLOCK A, KELANA BUSINESS CENTRE, 97 JALAN SS
7/2, KELANA JAYA, 47301 PETALING JAYA, SELANGOR,
MALAYSIA.
BUSINESS ADDRESS : LOT 3, PERSIARAN PERUSAHAAN, SECTION 23, 40300
SHAH ALAM, SELANGOR, MALAYSIA.
TEL NO : 03 - 55488122
FAX NO : 03 - 55489122
EMAIL : enquiries@mmvitaoils.com.my
WEB SITE : www.mmvitaoils.com.my
CONTACT PERSON : DINA TA'LIB (GENERAL MANAGER)
INDUSTRY CODE : 15149
PRINCIPAL ACTIVITY : MANUFACTURING OF EDIBLE OIL PRODUCTS
AUTHORISED CAPITAL : MYR10,000,000.00 DIVIDED INTO ORDINARY SHARE
9,000,000 OF MYR1.00 EACH.
PREFERENCE SHARE 1,000,000 OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR6,785,000.00 DIVIDED INTO ORDINARY SHARE
6,685,002 CASH AND 99,998 OTHERWISE OF MYR1.00
EACH.
SALES : MYR56,990,015 [2006]
NET WORTH : MYR17,172,648 [2006]
STAFF STRENGTH : 80 [2007]
BANKER (S) : MALAYAN BANKING BHD
: MALAYSIAN INTERNATIONAL MERCHANT BANKERS BHD
: EXPORT-IMPORT BANK OF MALAYSIA BHD
: MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : FAIR
PAYMENT : N/A
MANAGEMENT CAPABILITY : GOOD
COMMERCIAL RISK : LOW
CURRENCY EXPOSURE : HIGH
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : STRONG GROWTH
HISTORY / BACKGROUND
The SC 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 SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) manufacturing of edible oil products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is not qualified to be one of the Top Corporate Performers in the Malaysia 1000 (M1000) publication, a directory jointly published by Companies Commission of Malaysia (The Registrar Office), Minister of Domestic Trade and Consumer Affairs and our publication arm, BASIS Publications House Sdn Bhd.
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
MR. MAZLAN BIN MUHAMMAD 57, JALAN ANGGERIK VANDA 31/168, KOTA 5949473 4,406,998
+ KEMUNING,
40460 SHAH ALAM, SELANGOR, 600718-03-5501
MALAYSIA.
SINDORA BHD JOHOR
CORPORATION, MENARA JOHOR 13418 2,375,000
CORPORATION,
KOTARAYA, 13TH FLOOR,
80000
JOHOR BAHRU, JOHOR, MALAYSIA.
MS. HAYATI BTE JANTAN + 57, JALAN ANGGERIK VANDA 31/168, KOTA 6974492 3,002
KEMUNING,
40460 SHAH ALAM, SELANGOR, 630406-71-5476
MALAYSIA.
--------------------
6,785,000
===========
+
Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. MAZLAN BIN MUHAMMAD
Address : 57, JALAN ANGGERIK VANDA 31/168, KOTA KEMUNING, 40460
SHAH ALAM, SELANGOR, MALAYSIA.
IC / PP No. : 5949473
New IC No : 600718-03-5501
Date of Birth : 18/07/1960
Nationality : MALAYSIAN MALAY
Date of Appointment : 29/01/1999
DIRECTOR 2
Name of Subject : MS. HAYATI BTE JANTAN
Address : 57, JALAN ANGGERIK VANDA 31/168, KOTA KEMUNING, 40460
SHAH ALAM, SELANGOR, MALAYSIA.
IC / PP No. : 6974492
New IC No : 630406-71-5476
Date of Birth : 06/04/1963
Nationality : MALAYSIAN MALAY
Date of Appointment : 15/09/1999
DIRECTOR 3
Name of Subject : MR. MUHAMAD BIN JANTAN
Address : 44, JALAN SUNGAI ARA 4, DESA ARA, 11900 BAYAN LEPAS,
PULAU PINANG, MALAYSIA.
IC / PP No. : 5635305
New IC No : 550915-04-5183
Date of Birth : 15/09/1955
Nationality : MALAYSIAN MALAY
Date of Appointment : 17/12/2002
DIRECTOR 4
Name of Subject : HJ ROZAN BIN MOHD SA'AT
Address : 112, JALAN PADI MALINJA 2, BANDAR BARU UDA, 81200 JOHOR
BAHRU, JOHOR, MALAYSIA.
IC / PP No. : 5709211
New IC No : 590902-01-5301
Date of Birth : 02/09/1959
Nationality : MALAYSIAN MALAY
Date of Appointment : 01/07/2005
DIRECTOR 5
Name of Subject : MR. RAMLAN BIN JUKI
Address : 40, JALAN GAYA 18, TAMAN GAYA, 81800 ULU TIRAM, JOHOR, MALAYSIA.
IC / PP No. : 7434417
New IC No : 640711-01-5467
Date of Birth : 11/07/1964
Nationality : MALAYSIAN MALAY
Date of Appointment : 01/01/2006
DIRECTOR 6
Name of Subject : DATUK HARON BIN SIRAJ
Address : 108, JALAN AU 5C/6, LEMBAH KERAMAT, 54200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No. : 2776675
New IC No : 441229-01-5045
Date of Birth : 29/12/1944
Nationality : MALAYSIAN MALAY
Date of Appointment : 15/05/2006
Qualification : BACHELOR OF ARTS WITH HONOURS FOR ECONOMICS FROM THE
UNIVERSITY OF MANCHESTER, UNITED KINGDOM. MASTERS DEGREE
IN DEVELOPMENT ECONOMICS AT WILLIAMS COLLEGE, USA IN 1974.
Working Experience : HE STARTED AS AN ASSISTANT CONTROLLER WITH THE MINISTRY OF
COMMERCE AND INDUSTRY FROM 1969 TO 1971. HE SERVED AS THE
PRINCIPAL ASSISTANT SECRETARY IN THE MINISTRY OF PRIMARY
INDUSTRIES. HE WAS PROMOTED TO UNDER SECRETARY IN THE
MINISTRY OF PRIMARY INDUSTRIES AND SERVED THE MINISTRY
BETWEEN 1975 TO 1980. HE JOINED THE MINISTRY OF
INTERNATIONAL TRADE AND INDUSTRY AND SERVED IN VARIOUS
DIRECTORSHIP POSITIONS AND WAS APPOINTED AS DEPUTY
SECRETARY-GENERAL (TRADE) IN 1990. HE THEN PROCEEDED TO
SERVE AS PERMANENT REPRESENTATIVE OF MALAYSIA IN THE
UNITED NATIONS AND OTHER INTERNATIONAL ORGANISATIONS AND
SPECIALISED AGENCIES IN GENEVA, SWITZERLAND BETWEEN 1992
AND 1996. HE WAS APPOINTED AS THE SECRETARY-GENERAL OF THE
MINISTRY OF PRIMARY INDUSTRIES WHERE HE SERVED UNTIL 2000.
IN JANUARY 2001, HE WAS APPOINTED AS CEO OF THE MALAYSIAN
PALM OIL PROMOTION COUNCIL WHERE HE CONTINUES TO SERVE
UNTIL THE PRESENT DAYS.
Other Info : PJN 4
MANAGEMENT
1) Name of Subject : DINA TA'LIB
Position : GENERAL MANAGER
2) Name of Subject : MAZLAN BIN MUHAMMAD
Position : MANAGING DIRECTOR
3) Name of Subject : ABDUL JALIH NOORDIN
Position : PRODUCTION MANAGER
4) Name of Subject : NORITA IBRAHIM
Position : FINANCE MANAGER
5) Name of Subject : MAZRUL MUHAMMAD
Position : TRADING MANAGER
6) Name of Subject : ALINA ABDULLAH
Position : HUMAN RESOURCE MANAGER
AUDITOR
Auditor : SHAMSIR JASANI GRANT THORNTON
Auditors' Address : FABER IMPERIAL COURT, LEVEL 11-1, 50250 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
COMPANY SECRETARY
1) Company Secretary : MR. MUHAMMAD HAFIDZ BIN NURUDDIN
IC / PP No. : 4524498
New IC No. : 531101-08-7065
Address : 3, JALAN 11/3C, 40100 SHAH ALAM, SELANGOR, MALAYSIA.
Date of Appointment : 01/07/2006
BANKING
Banking relations are maintained principally with :
1) Banker Name : MALAYAN BANKING BHD
2) Banker Name : MALAYSIAN INTERNATIONAL MERCHANT BANKERS BHD
3) Banker Name : EXPORT-IMPORT BANK OF MALAYSIA BHD
4) Banker Name : MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BHD
The SC enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s).
ENCUMBRANCE (S)
ENCUMBRANCE 1
Date of Creation : 03 Nov 2000
Description of Charge : MEMO OF DEPOSIT, LETTER OF SET OFF & LETTER OF
GUARANTEE
Amount Secured : RM 25,000.00
Description of Property Affected : FDR
Name & Address of Chargee : MALAYAN BANKING BHD
57, 59 & 61, JALAN USJ 9/5S, 47620 SUBANG JAYA,
SELANGOR, MALAYSIA.
Form 40 Dated 07 Feb 2001
Registered and Numbered 2 In The Register of Charges
ENCUMBRANCE 2
Date of Creation : 20 Feb 2006
Description of Charge : N/A
Amount Secured : RM 70,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYSIAN INTERNATIONAL MERCHANT BANKERS BHD
Form 40 Dated
Registered and Numbered 8 In The Register of Charges
ENCUMBRANCE 3
Date of Creation : 02 Feb 2007
Description of Charge : N/A
Amount Secured : RM 70,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : EQUITY TRUST (MALAYSIA) BHD
Form 40 Dated
Registered and Numbered 9 In The Register of Charges
LEGAL CHECK AGAINST THE SC
* A check has been conducted in our databank against the SC whether the subject has been
involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia
back dated since 1900.
No legal action was found in our databank.
No winding up petition was found in our data bank
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : YES
Overseas : YES
CLIENTELE
Local : YES Percentage : 5%
Domestic Markets : MALAYSIA.
Overseas : YES Percentage : 95%
Export Market : AUSTRALIA, BANGLADESH, CANADA, CHINA, NEW ZEALAND, MONGOLIA,
PAKISTAN, PHILIPPINES, ROMANIA, RUSSIA, SOUTH KOREA, SRI LANKA,
SUDAN, TAIWAN, THAILAND, UNITED STATES, UNITED KINGDOM,
UZBEKISTAN, VIETNAM, AFRICA, EUROPE.
Credit Term : AS AGREED.
Payment Mode : TELEGRAPHIC TRANSFER (TT) , CHEQUES , LETTER OF CREDIT (LC).
Type of Customer : DISTRIBUTORS , DEALERS , AGENTS.
OPERATIONS
Products Manufactured : EDIBLE OIL PRODUCTS
Brand Name : BLOSSOMMM, GOLDEN TREAT, MERVELLOSO, PALMAS,
QUALITASTE, RISE & SHINE, SERIMAS ETC
Award : SMALL MEDIUM BUSINESSES (SMB) EXPORT EXCELLENCE
AWARD BY SMI ASSOCIATION OF MALAYSIA Year : 2005
EXCELLENCE BRAND OF ASIA PACIFIC ENTREPRENEUR
EXCELLENCE AWARD Year : 2005
GOLDEN BULL AWARD Year : 2005
CERTIFICATE OF MERITS BY MINISTRY OF INTERNATIONAL
TRADE AND INDUSTRY (MITI) Year : 2004
Competitor(s) : CENTRAL EDIBLE OIL SDN BHD
MEWAHOLEO INDUSTRIES SDN BHD
PALM-OLEO SDN BHD
SMALLHOLDERS EDIBLE OIL SDN BHD
SOON SOON OILMILLS SDN BHD
Member(s) / Affiliate(s) : FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 80
Branch : NO
RECENT DEVELOPMENT
29 NOVEMBER 2007
THE success of MM Vitaoils Sdn Bhd, which specializes in downstream quality edible oil products, is testimony of the vision and strategies of its founder, Mazlan Muhammad. The SC’s biggest success is the recognition of our overseas buyers for our quality products, which has resulted in SC penetrating 57 countries," said Mazlan, who is MM Vitaoils managing director. Mazlan said 99 per cent of the company ’s revenue last year was from exports to countries in Europe, Africa, Commonwealth Independent States, the Middle East and Southeast Asia." Our main market is Europe, accounting for 35 per cent of revenue," he said. For this year, SC is looking at healthier revenue growth contributed by additional market segments. Mazlan expects the company to register 40 per cent growth in revenue to RM80 million, with exports to 60 countries. Last year, it recorded RM56.9 million revenue. Meanwhile, SC is aggressively training its marketers to bring its products to a wider international market. The company also plans to install new machinery and packaging lines. Today, SC has the most modern plant in Malaysia with a combined capacity of 12,000 tonnes a month, with the advantage of packing products in different packaging, working in collaboration with the Malaysian Palm Oil Board.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
Telephone Number Provided By Client : N/A
Current Telephone Number : 03-55488122
Match : N/A
Address Provided By Client : PLOT 3, PERSIARAN PERUSAHAAN, SECTION 23,
40306, SHAH ALAM, SELANGOR.
Current Address : LOT 3, PERSIARAN PERUSAHAAN, SECTION 23,
40300 SHAH ALAM, SELANGOR, MALAYSIA.
Match : YES
Latest Financial Accounts : YES
Other Investigations
We conducted an interview with Ms Azira from the SC's Human Resource Department. She revealed some information pertaining to the SC.
FINANCIAL COMMENTS
The financial summary of the SC in Year 2006 showed that it was financially FAIR. The SC has generated a favourable return on its shareholders' funds, indicating that the SC was efficient in utilizing its shareholders' funds to generate favourable returns. Besides that, the SC was in good liquidity position with its current liabilities well covered by its current assets. With its net current assets, the SC should be able to repay its short term obligations. The SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected.
Overall financial condition of the SC: FAIR
COMMENTS
Incorporated in 1996, as a private limited company, the SC is principally engaged in the manufacturing of edible oil products such as cooking oil, margarine, pastry margarine, vegetable ghee and others. With its long track record in the business, the SC should have established good relationship with its customers to keep its business going on. Having a paid up capital of RM6.79 million, the SC should be able to further enhance its business. Overall, the SC's business position in the market is stable.
Despite the challenging market conditions, the SC's business has been growing steadily in both local and international market. Currently, exports contribute to approximately 95% of the SC's revenue. The SC's receptiveness towards globalization has led to its growth and sales to Europe, China, Australia and others. Such a wide market coverage has well diversified its business risk and the future prospect of the SC is bright. To date, the SC has a steady workforce of 80 personnel and its capable management team has enabled the SC to compete with its rivals.
For the financial year 2006, the SC reported pre-tax profit of RM2.72 million based on its turnover of RM59.99 million. With the favourable profitability, the SC has generated a favourable return on shareholders' funds, indicating that the SC was efficient in utilising its funds to generate return. Moreover, the SC is in a good liquidity position as it has a sufficient working capital to meet its short term obligations. A high liabilities ratio has placed the SC at high financial risk. The overall financial performance of the SC is fair. A networth of RM17.17 million enables the SC to maintain its business in the near term.
We noted that the SC's supplies are sourced locally and also imported from overseas countries. Thus, it eliminates the risk of dependency on deliveries from a number of key suppliers and shortage quantities of its raw materials or other necessary components.
Based on our database, there are no legal suit against the SC.
The industry shows an upward trend and this trend is very likely to sustain in the near term. The improvement of economic condition has encouraged demand on the SC's products as its products are recognized as necessity products for food industry.
In view of the above, we recommend credit be granted to the SC promptly.
THE FINANCIAL STATEMENTS WERE
PREPARED
IN ACCORDANCE WITH MALAYSIA
ACCOUNTING
STANDARD.
PROFIT AND LOSS ACCOUNT
MM
VITAOILS SDN BHD
31-December-2006
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Turnover 56,990,015.00
Operating
Revenue 0.00
----------------------------
Profit
/ (Loss) Before Tax 2,718,304.00
----------------------------
Profit
/ (Loss) After Tax 2,025,804.00
Extraordinary
Item 0.00
Minority
Interest 0.00
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Profit/(Loss)
Attributable to Shareholders 2,025,804.00
----------------------------
Prior
Period Adjustment 0.00
Net
Dividend 0.00
Transferred
To/From Reserved 0.00
Others 0.00
----------------------------
Unappropriated
Profit/(Loss) Brought Forward 2,406,844.00
----------------------------
Unappropriated
Profit/(Loss) Carried Forward 4,432,648.00
================
BALANCE SHEET
MM
VITAOILS SDN BHD
31-December-2006
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Fixed
Assets 19,038,951.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 40,545,871.00
Intangible
Assets 0.00
Other
Assets 856,362.00
----------------------------
Total
Assets 60,441,184.00
================
Working
Capital 37,639,965.00
Issued Capital 6,785,000.00
Paid
Up Capital 6,785,000.00
Share
Premium & Reserved 5,955,000.00
Unappropriated
Profit/(Loss) 4,432,648.00
----------------------------
Shareholder's
Fund/Equity 17,172,648.00
----------------------------
Current
Liabilities 2,905,906.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 40,362,630.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 60,441,184.00
================
Contingent
Liabilities 0.00
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)