MIRA
INFORM REPORT
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Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
CARGILL PALM PRODUCTS SDN BHD |
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Formerly Known As : |
KUPAK SDN BHD |
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Registered Office : |
Menara Tm, Off Jalan Pantai Baru, Level 47, 59200 Kuala Lumpur,
Wilayah Persekutuan |
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Country : |
Malaysia |
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Financials (as on) : |
31.05.2007 |
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Date of Incorporation : |
24.02.1979 |
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Com. Reg. No.: |
45493-W |
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Legal Form : |
Private Limited |
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Line of Business : |
Processing, Refining, Fractionating and Marketing of Palm 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 : |
Exists |
EXECUTIVE
SUMMARY
REGISTRATION NO. : 45493-W
COMPANY NAME : CARGILL PALM PRODUCTS SDN BHD
FORMER NAME : KUPAK SDN BHD (17/05/1996)
INCORPORATION DATE : 24/02/1979
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED
LISTED STATUS : NO
REGISTERED ADDRESS : MENARA TM, OFF JALAN PANTAI BARU, LEVEL 47, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
BUSINESS ADDRESS : NO 167 JALAN KEM, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.
TEL.NO. : 03-31653888
FAX.NO. : 03-31686546
WEB SITE : www.cargill.com.my
CONTACT PERSON : WONG UNG KWONG ( GENERAL MANAGER )
INDUSTRY CODE : 15143
PRINCIPAL ACTIVITY : PROCESSING, REFINING, FRACTIONATING & MARKETING OF PALM OIL PRODUCTS
AUTHORISED CAPITAL : MYR 22,000,000.00 DIVIDED INTO
ORDINARY
SHARE 22,000,000.00 OF MYR 1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR 22,000,000.00
DIVIDED INTO
ORDINARY
SHARES 20,900,000 CASH AND 1,100,000 OTHERWISE
OF MYR 1.00 EACH.
SALES : MYR 1,766,014,000 [2007]
NET WORTH : MYR 63,058,000 [2007]
STAFF STRENGTH : 300 [2008]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : TRACED
FINANCIAL CONDITION : FAIR
PAYMENT : AVERAGE
MANAGEMENT CAPABILITY : GOOD
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : LOW
GENERAL REPUTATION : GOOD
INDUSTRY OUTLOOK : MARGINAL 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) processing, refining,
fractionating & marketing of palm 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 immediate holding company of the SC is CARGILL HOLDINGS (MALAYSIA) SDN BHD,
a company incorporated in MALAYSIA.
The ultimate holding company of the SC is CARGILL INC, a company incorporated
in UNITED STATES.
The major shareholder(s) of the SC are shown as follows :
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Name |
Address |
IC/PP/Loc No |
Shareholding |
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CARGILL HOLDINGS (MALAYSIA) SDN BHD |
MENARA TM, OFF JALAN PANTAI BARU, LEVEL 47, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
217426 |
22,000,000.00 |
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--------------- |
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22,000,000.00 |
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============ |
+ Also Director
DIRECTORS
DIRECTOR 1
Name Of Subject : MR. WONG UNG KWONG
Address : 80, JALAN NILAM 25, BANDAR BUKIT TINGGI 2, 41200 KLANG, SELANGOR, MALAYSIA.
IC / PP No : K0736335
New IC No : 590611-12-5463
Date of Birth : 11/06/1959
Nationality : MALAYSIAN CHINESE
Date of Appointment : 01/10/1997
DIRECTOR 2
Name Of Subject : MS. YONG KWA JIUN
Address : B9-5, SUASANA SENTRAL CONDOMINIUM, JALAN STESEN SENTRAL 5, 50470 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No : A0860526
New IC No : 671218-10-5786
Date of Birth : 18/12/1967
Nationality : MALAYSIAN CHINESE
Date of Appointment : 28/01/2004
MANAGEMENT
1) Name of Subject : WONG UNG KWONG
Position : GENERAL MANAGER
2) Name of Subject : CHAI BOEY WAH
Position : FINANCIAL CONTROLLER
3) Name of Subject : HALEN TAN
Position : HUMAN RESOURCE MANAGER
AUDITOR
Auditor : KPMG
Auditor' Address : WISMA KPMG, JALAN DUNGUN, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
COMPANY SECRETARIES
1) Company Secretary : MS. SAW BEE LEAN
IC / PP No : 5165841
New IC No : 570711-07-5952
Address : 91, JALAN SS 22/39, DAMANSARA JAYA, 47400 PETALING JAYA, SELANGOR, MALAYSIA.
Date of Appointment : 01/10/2003
2) Company Secretary : MS. IRENE LIEW IRENE
IC / PP No : A1475711
New IC No : 700227-10-5112
Address : LOT 32, JALAN KUARI, KAMPUNG CHERAS BARU, 56100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
Date of Appointment : 01/09/2004
BANKING
Banking relations are maintained principally with :
1) Name : MALAYAN BANKING BHD
The SC enjoys normal banking routine with above mentioned banker(s). No adverse record was found during our investigation.
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST 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.
LEGAL
ACTION
Code No : 0 Case No : 163
Year : 1984 Place : KUALA LUMPUR
Court : HIGH COURT
Plaintiff : SOON SENG PALM OIL SDN
Defendants : KUPAK SDN BHD
Remark : SAR6/5/87
Code
No : 31 Case
No : 42
Year : 1986 Place : KUALA
LUMPUR
Court : HIGH COURT
Plaintiff : SOCOIL CORPORATION BHD
Defendants : KUPAK SDN BHD
& 4 ORS
Remark : CT LIST 9.9.87
NOTE: Please check with creditors for confirmation as alleged debts may
have been paid since recorded or are being disputed. The person wo has been
sued has the same name as the subject. However, we are unable to determine
whether the person sued is the one and the same person.
No winding up petition was found in our databank
PAYMENT RECORD
SOURCES OF RAW MATERIALS:
Local : YES Percentage : 100%
Overseas : NO Percentage : 0%
The SC 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 [ ] Good [ ] Average [ X ]
Fair [ ] Poor [ ]
CLIENTELE
Local : YES
Domestic Markets : MALAYSIA
Overseas : YES
Export Market : ASIA, EUROPE, MIDDLE EAST
Credit Term : AS AGREED
Payment Mode : CHEQUES,TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC)
Type of Customer : FOOD MANUFACTURERS,PALM OIL INDUSTRIES
OPERATIONS
Products manufactured : PALM OIL PRODUCTS
Competitor(s) : GOLDEN JOMALINA FOOD INDUSTRIES SDN BHD
KWANTAS OIL SDN BHD
LAM SOON (M) BHD
LAM SOON EDIBLE OILS SDN BHD
PALMAJU EDIBLE OIL SDN BHD
Ownership of premises : OWNED
Total Number of Employees:
YEAR 2008 2007 2006
GROUP N/A N/A N/A
COMPANY 300 169 166
Branch : NO
Other Information:
The SC is principally engaged in the (as a / as an) processing, refining,
fractionating & marketing of palm oil products.
The SC's products range includes as follows:
* Refined, Bleached & Deodorised (RBD) Palm Oil
* RBD Palm Olein
* RBD Palm Stearin
* Neutralised Bleached (NB) Palm Stearin
* Palm Fatty Acid Distillate
* Palm Acid Oil etc
We were informed that the SC's Headquarters is based in Kuala Lumpur.
Besides that the SC has another manufacturing plant located in Kuantan, Pahang.
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA)database,
but no latest development was noted in our investigation.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
Telephone Number Provided By Client : N/A
Current Telephone Number : 03-31653888
Match : N/A
Address Provided by Client : 167 JALAN KEM 42000 PORT KLANG SELANGOR
Current Address : NO 167 JALAN KEM, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.
Match : YES
Latest Financial Accounts : YES
Other Investigations
We conducted an interview with Ms Maziah
from the SC's Admin Department. She revealed some information pertaining to the
SC.
FINANCIAL COMMENTS
Profitability:
Turnover :Increased [21.85%]
Profit/(Loss) Before Tax :Increased [408.44%]
Return on Shareholder Funds :Favourable [69.06%]
Return on Net Assets :Favourable [100.04%]
The higher turnover could be attributed to the favourable market condition and
the SC could be gaining the market share progressively. The higher profit could
be attributed to the increase in turnover. Generally the SC was profitable. The
favourable return on shareholders' funds and return on net assets indicate that
the SC's management was efficient in utilising the assets to generate returns.
Working Capital Control:
Stock Ratio : Favourable [ 31 Days]
Debtors Ratio : Favourable [ 23 Days]
Creditors Ratio : Favourable [ 17 Days]
The SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the SC. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days. The
SC could be taking advantage of the cash discounts and also wanting to maintain
goodwill with its creditors.
Liquidity:
Liquid Ratio : Unfavourable [ 0.58 Times ]
Current Ratio : Unfavourable [ 0.97 Times ]
A low liquid ratio means that the SC may be facing working capital deficiency.
If the SC cannot obtain additional financing or injection of fresh capital, it
may face difficulties in meeting its short term obligations.
Solvency
Interest Cover : Acceptable [ 6.02 Times ]
Gearing Ratio : Favourable [ 0.00 Times ]
The SC's interest cover was slightly low. If there is no sharp fall in its profit
or sudden increase in the interest rates, we believe the SC is able to generate
sufficient income to service its interest and repay the loans. The SC had no
gearing and hence it had virtually no financial risk. The SC was financed by
its shareholders' funds and internally generated fund. During the economic
downturn, the SC, having a zero gearing, will be able to compete better than
those which are highly geared in the same industry.
Overall Accessment:
Generally, the SC's performance has improved with higher
turnover and profit. Due to its weak liquidity position, the SC will be faced
with problems in meeting all its short term obligations if no short term loan
is obtained or additional capital injected into the SC. The SC had an
acceptable interest cover. If there is no sudden sharp increase in interest
rate or fall in the SC's profit, we do believe the SC is able to generate
sufficient cash flow to service its interest payment. The SC was a zero gearing
company, it was solely dependant on its shareholders to provide funds to
finance its business. The SC has good chance of getting loans, if the needs
arises.
Overall financial condition of the SC : FAIR
ECONOMIC / INDUSTRY OUTLOOK
Major Economic
Indicators: 2004 2005 2006 2007* 2008**
Population ( Million) 25.58 26.13 26.64 27.17 27.73
Gross Domestic Products
( % ) 7.1 5.3 5.8 6.0 6.5
Domestic Demand ( % ) 7.5 7.3 7.0 9.0 6.8
Private Expenditure ( %
) 13.1 9.5 7.0 8.6 8.2
Consumption ( % ) 10.5 9.2 7.1 9.0 7.9
Investment ( % ) 25.8 8.5 7.0 7.1 9.5
Public Expenditure ( %
) <2.1> 3.6 6.8 10.1 3.2
Consumption ( % ) 6.0 5.4 5.0 10.8 5.5
Investment ( % ) <8.7> 1.9 8.9 9.3 0.5
Balance of Trade ( MYR Million ) 80,663 99,760 108,192 99,965 99,599
Government Finance ( MYR Million ) <19,419> <18,684> <19,109> <19,948> <20,933>
Government Finance to
GDP / Fiscal Deficit ( % ) <4.3> <3.8> <3.3> <3.2> <3.1>
Inflation ( % Change in Composite CPI) 1.4 3.1 3.9 4.0 4.0
Unemployment Rate 3.5 3.5 3.4 3.5 3.3
Net International Reserves ( MYR Billion ) 254 266 290 - -
Average Risk-Weighted Capital Adequacy Ratio ( % ) 13.84 13.63 12.91 - -
Average 3 Months of
Non-performing Loans ( % ) 8.46 6.74 5.41 - -
Average Base Lending Rate ( % ) 5.99 6.00 6.61 - -
Business Loans Disbursed( % ) 10.5 8.7 <2.5> - -
Foreign Investment ( MYR Million ) 13,143.9 17,882.9 20,228.0 - -
Consumer Loans ( % ) - - - - -
Registration of New
Companies ( No. ) 38,580 37,474 38,293 - -
Registration of New Companies ( % ) 6.8 <2.9> 2.2 - -
Liquidation of
Companies ( No. ) 3,334 3,069 8,647 - -
Liquidation of Companies ( % ) <15.8> <7.9> 181.8 - -
Registration of New
Business ( No. ) 189,206 193,095 216,147 - -
Registration of New Business ( % ) 4.6 2.1 11.9 - -
Business Dissolved (
No. ) 51,301 73,355 52,879 - -
Business Dissolved ( % ) 7.0 43.0 <27.9> - -
Sales of New Passenger Cars (' 000 Unit ) 380.6 400.8 374.1 - -
Cellular Phone Subscribers ( Million ) 14.6 18.5 19.5 21.3 -
Tourist Arrival ( Million Persons ) 15.7 16.7 17.5 20.1 -
Hotel Occupancy Rate ( % ) 60.8 63.6 64.8 - -
Credit Cards Spending ( % ) 19.3 13.9 15.4 - -
Bad Cheque Offenders (No.) 70,465 57,316 36,555 - -
Individual Bankruptcy ( No.) 16,251 15,868 13,596 - -
Individual Bankruptcy ( % ) 31.6 <2.4> <14.3> - -
INDUSTRIES ( % of
Growth ): 2004 2005 2006 2007* 2008**
Agriculture 5.0 2.5 5.3 3.1 3.5
Palm Oil 3.9 7.1 5.8 <0.6> -
Rubber 16.5 <2.9> 12.6 1.0 -
Forestry & Logging 4.3 2.0 <0.4> 2.8 -
Fishing 5.5 <0.4> 9.3 5.2 -
Other Agriculture 2.4 3.2 5.3 7.0 -
Industry Non-Performing
Loans ( MYR Million ) 620.3 563.7 516.5 487.3 0
% of Industry
Non-Performing Loans 1.38 1.19 1.06 1.08 0
Mining 3.9 0.8 <0.4> 3.3 4.0
Oil & Gas 4.5 1.6 4.6 - -
Other Mining <8.0> <1.0> 5.1 - -
Industry Non-performing
Loans ( MYR Million ) 62.6 68.8 55.4 42.2 -
% of Industry
Non-performing Loans 0.1 0.1 0.1 0.1 -
Manufacturing # 9.8 5.1 7.3 3.1 3.8
Exported-oriented
Industries 15.5 3.0 11.1 <1.9> -
Electrical & Electronics 17.8 3.6 13.4 3.0 -
Rubber Products 14.8 2.4 0.4 8.0 -
Wood Products 12.7 0.9 0.7 3.3 -
Textiles & Apparel <11.7> <4.4> 12.6 <10.1> -
Domestic-oriented
Industries 9.7 6.9 5.0 5.3 -
Food, Beverages & Tobacco 3.8 7.7 4.8 5.6 -
Chemical & Chemical Products 14.6 6.9 1.7 9.2 -
Plastic Products 13.5 18.6 21.3 <3.6> -
Iron & Steel 2.7 <6.7> <6.9> 17.5 -
Fabricated Metal Products 29.2 <7.5> 20.0 26.2 -
Non-metallic Mineral <4.8> <6.0> <1.9> 6.6 -
Transport Equipment 8.6 10.4 5.3 <19.0> -
Paper & Paper Products 2.3 4.6 4.1 14.9 -
Crude Oil Refineries <2.4> 8.2 12.1 8.6 -
Industry Non-Performing
Loans ( MYR Million ) 7,765.4 6,035.6 6,181.3 6,366.2 -
% of Industry
Non-Performing Loans 17.3 12.7 12.7 14.1 -
Construction <1.5> <1.6> <0.5> 5.2 6.3
Industry Non-Performing
Loans ( MYR Million ) 5,547.7 5,172.7 5,527.3 5,116.7 -
% of Industry
Non-Performing Loans 12.4 10.9 11.4 11.3 -
Services 6.8 6.6 7.2 9.0 8.6
Electric, Gas & Water 8.1 5.5 5.2 4.6 5.0
Transport, Storage & Communication 8.5 6.3 5.2 7.6 7.8
Wholesale, Retail, Hotel & Restaurant 7.1 8.0 7.1 11.6 10.0
Finance, Insurance & Real Estate 6.3 7.0 7.7 10.7 9.2
Government Services 6.5 7.6 9.8 4.6 8.6
Other Services 4.9 5.0 4.7 5.0 5.9
Industry Non-Performing
Loans ( MYR Million ) 8,913.7 8,716.8 11,593.2 10,207.8 -
% of Industry
Non-Performing Loans 19.9 18.4 23.9 22.6 -
* Estimate / Preliminary
** Forecast
# Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
INDUSTRY COMMENTS
MSIC
CODE
15143 : Manufacture of refined palm oil
INDUSTRY: PALM OIL
Malaysia's palm oil price is the global benchmark, it surged 68% last year to
become the biggest riser among agricultural commodities in 2007. Together with
Indonesia, whose production numbers may have been slightly higher than
Malaysia, both countries contributed for almost 90% of the global palm oil
supply.
Based on the research, it citied that the local CPO price for January -
November of 2007 averaged RM2,475 per tonne and the expected prices for the
remaining months to hover around RM2,800 to RM3,000 per tonne. It is mainly due
to lower than expected transport costs and did not affect its international CPO
price assumption.
According to Malaysia Palm Oil Board (MPOB), palm oil inventories in Malaysia
rose to 1.8million tonnes, an increase for the sixth straight month. Hence,
palm oil output is expected to come off in the coming month due to seasonal
factors. Flooding in some parts of Malaysia might disrupt harvesting in certain
palm oil estates.
Exports of palm oil fell 7.8% month-on-month to 1.23 million tonnes as the
consumers might be holding back their purchases of palm oil in view of the
higher prices. Besides, demand for palm oil may have slowed down after the
festive season.
Prices of the palm oil is likely to remain on the upward trend due to the
rising demand for palm oil which has a great variety of application such as
cooking, making soap and blended with fossil fuel to make biodiesel.
An Integrated Pests Management (IPM) system which costs RM5 million was
launched in December 2007 by MPOB to protect Malaysia's main commodity from
suffering serious losses due to bagworm outbreaks. The three common species
such as metisa plana, pteroma pendula and mahasena corbetti which might destroy
palm oil trees if left unchecked.
The IPM combines the strengths of biological agents and beneficial bacteria and
it could be used as a long term effort to control the bagworm population in
palm oil plantations throughout Malaysia.
OVERALL
INDUSTRY OUTLOOK : Marginal Growth
COMMENTS
The SC was established in 1979 as a private limited company and principally
engaged in the processing, refining, fractionating and marketing of palm oil.
This impressive track record shows that the SC has been able to keep its business
going despite the passing of almost three decades of highs and lows in the
local economy. With a large issued and paid up capital of RM22,000,000 and
strong backing from its established holding company, the SC enjoys timely
financial assistance should the needs arise. With these favourable conditions,
the SC has minimised its risk in the industry compared to other players.
Over the years, the SC has established an extensive clientele base in the
market. Besides catering to the local market, the SC has penetrated into other
countries such as Asia, Europe and Middle East. With the contribution of both
local and overseas customers, the SC is likely to be exposed to lower
commercial risk. Hence, we believe that the SC has better business expansion opportunities
in the future. Headed by Wong Ung Kwong, the SC is a large entity with a work
force of 300. Overall the management capability of the SC is good.
During the financial year under review, its turnover continued on an upward
momentum, reaching RM1.77 billion. Correspondingly, its pre-tax profit rose by
408.44% from RM11.09 million to RM56.40 million. Due to the higher profit, the
SC has generated a favourable return based on its existing shareholders' funds
which indicated that the management was efficient in utilising its funds to
generate income. Being a zero geared company, the SC is virtually has no
financial risk as it is mainly dependent on its internal funds to finance its
business needs. However, a weak liquidity position shows that the SC may face
working capital deficiency in meeting its short term financial obligations if
no fresh capital are injected into the SC. Nevertheless, given a healthy net
worth standing at RM63.06 million, the SC should be able to maintain its
business in the near terms.
We noted that the SC only imports its products from local suppliers. Without
being involved in any import and export activities, the SC does not face
foreign exchange risk. The SC should have built up its rapport with its
suppliers through its years of establishment. Hence it should have no problems
in getting its raw materials when required.
Based on our financial historical data, we concluded that the SC overall
payment habit is average.
The potential growth for the industry is marginal and it is quite competitive.
It is much dependent on the SC's capacity in sustaining its performance in the
market. As the SC is long presence in the market, it should have acquired
competitive edge against other players in the same fields.
Based on the above condition, we recommend a fairly large amount of credit be
granted to the SC promptly.
PROFIT AND LOSS
ACCOUNT
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
MALAYSIA ACCOUNTING STANDARD.
CARGILL PALM PRODUCTS SDN BHD
For The Year Ended 31-May-2007
2007 2006
MYR MYR
TURNOVER 1,766,014,000 1,449,340,000
========== ==========
PROFIT/(LOSS) FROM OPERATIONS 56,401,000 11,093,000
------------ ------------
PROFIT/(LOSS) BEFORE TAXATION 56,401,000 11,093,000
Taxation <12,850,000> <2,392,000>
PROFIT/(LOSS) AFTER TAXATION ------------
43,551,000 ------------
8,701,000
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS ------------
43,551,000 ------------
8,701,000
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD ------------
43,551,000 ------------
8,701,000
As previous reported <2,493,000> <11,194,000>
As restated ------------
<2,493,000> ------------
<11,194,000>
------------ ------------
PROFIT AVAILABLE FOR APPROPRIATIONS 41,058,000 <2,493,000>
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD ------------
41,058,000
========== ------------
<2,493,000>
==========
RETAINED BY: The Company 41,058,000 <2,493,000>
------------ ------------
41,058,000 <2,493,000>
========== ==========
INTEREST EXPENSE (as per notes to PL)
Other interest expenses 11,239,000 8,311,000
------------ ------------
11,239,000 8,311,000
========== ==========
BALANCE
SHEET
CARGILL PALM PRODUCTS SDN BHD
As At 31-May-2007
|
|
|
|
|
|
2007 |
2006 |
|
|
MYR |
MYR |
|
|
|
|
|
ASSET EMPLOYED: |
|
|
|
FIXED ASSETS |
81,046,000 |
71,968,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
|
Deffered assets |
- |
5,630,000 |
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
------------ |
------------ |
|
TOTAL LONG TERM ASSETS |
------------ |
------------ |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
Stocks |
148,706,000 |
80,206,000 |
|
Trade debtors |
112,093,000 |
89,772,000 |
|
Other debtors, deposits & prepayments |
5,016,000 |
5,723,000 |
|
|
|
|
|
Amount due from holding company |
15,009,000 |
- |
|
Amount due from related companies |
91,110,000 |
23,387,000 |
|
Cash & bank balances |
813,000 |
1,258,000 |
|
TOTAL CURRENT ASSETS |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Trade creditors |
83,863,000 |
45,879,000 |
|
Other creditors & accruals |
21,722,000 |
19,656,000 |
|
Amounts owing to holding companies |
- |
73,993,000 |
|
Amounts owing to related companies |
42,556,000 |
2,004,000 |
|
Provision for taxation |
2,667,000 |
- |
|
foreign currency trade financing |
232,151,000 |
84,816,000 |
|
local currency trade financing |
- |
30,000,000 |
|
advances from customers |
3,223,000 |
2,089,000 |
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
------------ |
------------ |
|
NET CURRENT ASSETS/(LIABILITIES) |
------------ |
------------ |
|
TOTAL NET ASSETS |
------------ |
------------ |
|
|
|
|
|
FINANCED BY: |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
22,000,000 |
22,000,000 |
|
|
|
|
|
TOTAL SHARE CAPITAL |
------------ |
------------ |
|
|
|
|
|
RESERVES |
|
|
|
Retain profit/(Accumulated loss) carried forward |
41,058,000 |
<2,493,000> |
|
|
------------ |
------------ |
|
|
|
|
|
|
|
|
|
Deferred taxation |
4,553,000 |
- |
|
|
------------ |
------------ |
|
|
------------ |
------------ |
|
|
67,611,000 |
19,507,000 |
|
|
========== |
========== |
FINANCIAL RATIOS
CARGILL PALM PRODUCTS SDN BHD
As At 31-May-2007
2007 2006
MYR MYR
TYPES
OF FUNDS
Cash 813,000 1,258,000
Net Liquid Funds 813,000 1,258,000
Net Liquid Assets <162,141,000> <138,297,000>
Net Current Assets/(Liabilities) <13,435,000> <58,091,000>
Net Tangible Assets 67,611,000 19,507,000
Net Monetary Assets <166,694,000> <138,297,000>
BALANCE
SHEET ITEMS
Total Borrowings 0 0
Total Liabilities 390,735,000 258,437,000
Total Assets 453,793,000 277,944,000
Net Assets 67,611,000 19,507,000
Net Assets Backing 63,058,000 19,507,000
Shareholders" Funds 63,058,000 19,507,000
Total Share Capital 22,000,000 22,000,000
Total Reserves 41,058,000 <2,493,000>
LIQUIDITY(Times)
Cash Ratio 0 0
Liquid Ratio 0.58 0.46
Current Ratio 0.97 0.78
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 31 20
Debtors Ratio 23 23
Creditors Ratio 17 12
SOLVENCY
RATIOS (Times)
Gearing Ratio 0 0
Liabilities Ratio 6.20 13.25
Times Interest Earned Ratio 6.02 2.33
PERFORMANCE
RATIO (%)
Operating Profit Margin 3.19 0.77
Net Profit Margin 2.47 0.60
Return On Net Assets 100.04 99.47
Return On Capital Employed 100.04 99.47
Return On Shareholders' Funds/Equity 69.06 44.60
Dividend Pay Out Ratio (Times) 0 0
NOTES
TO ACCOUNTS
Contingent Liabilities 0.00 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%)