|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
32587-A
|
|
COMPANY NAME
|
:
|
IOI LODERS CROKLAAN OILS SDN BHD
|
|
FORMER NAME
|
:
|
SOCTEK SDN BHD (07/10/2004)
|
|
INCORPORATION DATE
|
:
|
25/04/1977
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
TWO IOI SQUARE, IOI RESORT, 62502 PUTRAJAYA, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
PLO 8 & 9, JALAN TIMAH, PASIR GUDANG INDUSTRIAL
ESTATE, 81700 PASIR GUDANG, JOHOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
07-2511716
|
|
FAX.NO.
|
:
|
07-2511798
|
|
CONTACT PERSON
|
:
|
LEE YEOW CHOR ( EXECUTIVE DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
15142
|
|
PRINCIPAL ACTIVITY
|
:
|
REFINING & SALE OF PALM OIL
|
|
AUTHORISED CAPITAL
|
:
|
MYR 50,000,000.00
DIVIDED INTO
ORDINARY SHARE 50,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP
CAPITAL
|
:
|
MYR 20,000,000.00
DIVIDED INTO
ORDINARY SHARES 20,000,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 689,562,097 [2007]
|
|
NET WORTH
|
:
|
MYR 68,305,138 [2007]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
318 [2008]
|
|
|
|
LITIGATION
|
:
|
TRACED
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
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) refining & sale of
palm oil.
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 LODERS CROKLAAN GROUP B.V., a
company incorporated in NETHERLANDS.
The ultimate holding company of the SC is IOI CORPORATION BHD, a company
incorporated in MALAYSIA.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
LODERS CROKLAAN GROUP B.V.
|
HOGEWEG 1, 1521, AZ WORMERVEER, NETHERLANDS.
|
|
20,000,000.00
|
|
|
|
|
---------------
|
|
|
|
|
20,000,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
DATO' YEO HOW
|
|
Address
|
:
|
12, JALAN 13, TAMAN UNITED, OFF JALAN KLANG LAMA, 58200
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
4982725
|
|
New IC No
|
:
|
560718-07-5593
|
|
Date of Birth
|
:
|
18/07/1956
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
22/07/2004
|
|
Working Experience
|
:
|
HE IS PRINCIPALLY RESPONSIBLE FOR OVERSEEING THE
FINANCIAL MANAGEMENT OF THE GROUP. HE HAS CONSIDERABLE EXPERIENCE IN
CORPORATE FINANCE AND GENERAL MANAGEMENT. HE HAS BEEN WITH THE IOI GROUP
FOR THE PAST 21 YEARS AND PRIOR TO JOINING THE IOI GROUP IN 1983, HE HAS
WITH A PUBLIC ACCOUNTING FIRM FOR THE 5 YEARS. HE IS ALSO THE GROUP
EXECUTIVE DIRECTOR (FINANCE & CORPORATE AFFAIRS).
|
|
Other Info
|
:
|
HE IS A CERTIFIED PUBLIC ACCOUNTANT AND A MEMBER OF THE
MALAYSIAN INSTITUTE OF ACCOUNTANTS AND ALSO A COUNCIL MEMBER OF THE
MALAYSIAN INSTITUE OF CERTIFIED PUBLIC ACCOUNTANTS (MICPA).
|
DIRECTOR 2
|
Name Of Subject
|
:
|
DATO' LEE YEOW CHOR
|
|
Address
|
:
|
6, JALAN BAVERLY UTAMA, IOI RESORT, 62502 PUTRAJAYA,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
A0579701
|
|
New IC No
|
:
|
661129-10-5443
|
|
Date of Birth
|
:
|
29/11/1966
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
22/07/2004
|
|
|
|
|
|
Qualification
|
:
|
LLB (HONS) KING'S COLLEGE, UNIVERSITY OF LONDON & WAS
CALLED AS A BARRISTER AT GRAY'S INN. HE ALSO HOLDS A POSTGRADUATE DIPLOMA
IN FINANCE AND ACCOUNTING FROM THE LONDON SCHOOL OF ECONOMICS.
|
|
Working Experience
|
:
|
AS A GROUP EXECUTIVE DIRECTOR, HE IS ACTIVELY INVOLVED
IN OVERSEEING THE VARIOUS BUSINESS OPERATIONS OF THE GROUP. PRIOR TO
JOINING THE IOI GROUP, HE SERVED IN VARIOUS CAPACITIES IN THE ATTORNEY
GENERAL'S CHAMBERS AND JUDICIARY DEPARTMENT FOR APPROXIMATELY FOR 4 YEARS.
HIS LAST POSTING AT THE JUDICIARY DEPARTMENT WAS A MAGISTRATE. CURRENTLY
SERVES AS THE NATIONAL SECRETARY-GENERAL OF THE MALAYSIA REAL ESTATE &
HOUSING DEVELOPERS' ASSOCIATION (REHDA).
|
|
Other Info
|
:
|
HE IS A COUNCIL MEMBER OF THE MALAYSIAN PALM OIL
ASSOCIATION (MPOA) AND A COUNCIL MEMBER OF THE MALAYSIAN ASSOCIATION OF
HOTEL OWNERS.
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
LEE YEOW CHOR
|
|
|
Position
|
:
|
EXECUTIVE DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
PATRICIA EE
|
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
SVENT BRICKS SORENSON
|
|
|
Position
|
:
|
SALES MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
CHAN CHONG CHER
|
|
|
Position
|
:
|
PRODUCTION MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
BDO BINDER
|
|
Auditor' Address
|
:
|
MENARA UNI ASIA, 1008 JALAN SULTAN ISMAIL, 12TH FLOOR,
50000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. LEE AI LENG
|
|
|
IC / PP No
|
:
|
A0256824
|
|
|
New IC No
|
:
|
651116-05-5038
|
|
|
Address
|
:
|
323, JALAN BK 2/7, BANDAR KINRARA, 58200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
Date of Appointment
|
:
|
08/09/2004
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. YAP CHON YOKE
|
|
|
IC / PP No
|
:
|
5305936
|
|
|
New IC No
|
:
|
580106-10-5550
|
|
|
Address
|
:
|
40, JALAN SS 2/100, 47300 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
|
Date of Appointment
|
:
|
08/09/2004
|
|
|
|
|
|
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
|
:
|
22
|
Case No
|
:
|
158
|
|
Year
|
:
|
2001
|
Place
|
:
|
KUALA LUMPUR
|
|
Court
|
:
|
HIGH COURT
|
|
|
|
|
Solicitor
|
:
|
SHEARN DELAMORE & CO
|
|
|
|
|
Solicitor Ref
|
:
|
SD 2297919 (KSM)
|
|
|
|
|
Plaintiff
|
:
|
THE DEVELOPMENT BANK OF SINGAPORE LTD
|
|
|
|
|
Defendants
|
:
|
|
SOCTEK SDN BHD (32587)
|
|
SUITE 15.01, KOMPLEKS ANTARABANGSA, JLN SULTAN ISMAIL,
15TH FLR, 50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
1,040,084.56
|
|
|
|
|
|
|
|
|
|
Nature of Claim
|
:
|
US DOLLAR
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
LIST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Code No
|
:
|
22
|
Case No
|
:
|
1188
|
|
|
|
|
|
|
Year
|
:
|
2001
|
Place
|
:
|
KUALA LUMPUR
|
|
|
|
|
|
|
Court
|
:
|
HIGH COURT
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
ADNAN SUNDRA & LOW
|
|
|
|
|
|
|
|
|
|
Solicitor Ref
|
:
|
DARA/LS/20010158/FMP
|
|
|
|
|
|
|
|
|
|
Plaintiff
|
:
|
DARA-LAM SOON SDN BHD
|
|
|
|
|
Defendants
|
:
|
|
SOCTEK SDN BHD (32587)
|
|
11-2 JLN 1/57A, BT 3, JLN IPOH, 51200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
496,879.05
|
|
|
|
|
|
|
|
|
|
Nature of Claim
|
:
|
GDS SOLD & DELIVERED
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
LIST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Overseas
|
:
|
YES
|
|
|
|
|
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
|
:
|
JAPAN, EUROPE, ASIA
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
FOOD MANUFACTURERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
ASIATIC SDC SDN BHD
|
|
KECK SENG (MALAYSIA) BHD
|
|
PAN-CENTURY EDIBLE OILS SDN BHD
|
|
SARAWAK OIL PALMS BHD
|
|
UNITATA BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of
Employees:
|
|
YEAR
|
2008
|
2007
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
318
|
300
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) refining & sale of
palm oil.
We were informed that the SC is under the IOI Group of Companies.
Besides that the SC's Headquaters is located in Putrajaya.
The SC produces palm based specialty fats and fractions to the food industry.
The SC utilises the advanced automated and semi-automated machineries to
ensure production of high quality products.
PROJECTS
No projects found in our databank
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
|
:
|
07-2511716
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
PLO 8 & 9, JALAN TIMAH, PASIR GUDANG INDUSTRIAL
ESTATE, 81700 PASIR GUDANG, JOHOR.
|
|
Current Address
|
:
|
PLO 8 & 9, JALAN TIMAH, PASIR GUDANG INDUSTRIAL
ESTATE, 81700 PASIR GUDANG, JOHOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We
conducted an interview with one of the staff from the SC's Admin Department.
She revealed some information pertaining to the SC.
FINANCIAL
COMMENTS
The
financial summary of the SC in Year 2007 showed that it was financially FAIR.
Return on shareholders' funds of the SC was high indicating that the SC was
efficient in utilising its shareholders' funds to generate favourable
returns. The SC was in good liquidity position with its current liabilities
well covered by its current assets. With its current net 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
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
|
|
15142 : Manufacture of crude 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
|
Established in 1977, the SC is principally engaged in the refining and sale
of palm oil. Its long presence in the industry coupled with its vast
expericens has enabled the SC to remain competitive. With RM20 million in
issued and paid up capital, the SC has the potential of capturing a higher
market shares as it is competing aggressively in the market.
|
|
In order to further grow the business, the SC has broaden its reach and
penetrated into the global market. At present, the SC's revenue is derived
from overseas markets such as Japan, Europe and ASIA countries. The wider
range of its market segments has benefited the SC in terms of higher
earnings and minimised its business risk. Operating on a large scale, the
SC has approximately 300 employees in its operation. The SC's management team
is headed by its Executive Director, Lee Yeow Chor and overall the
management capability of the SC is good.
|
|
Based on the latest financial year 2007, the SC posted pre-tax profit of
RM22.56 million and its turnover stood at RM689.56 million. Return on shareholders'
funds of the SC was high indicating that the SC was efficient in utilising
its shareholders' funds to generate favourable returns. Good cash flow
management has enabled the SC to meet its short term obligations. However
the SC posted a high liability ratio indicating that the SC faces high
financial risk. Given a healthy net worth standing at RM68.3 million, the
SC should be able to maintain its business in the near terms.
|
|
Investigation revealed that the SC's raw materials are sourced from both
local and overseas suppliers. Hence, the SC is subjected to currency
fluctuation risk and high operating costs.
|
|
Based on our financial historical data, we concluded that the SC's 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.
|
|
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
|
|
IOI LODERS CROKLAAN OILS SDN BHD
|
|
30-June-2007
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Turnover
|
689,562,097.00
|
|
Operating Revenue
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Before Tax
|
22,556,090.00
|
|
|
---------------------
|
|
|
|
Profit/(Loss) After Tax
|
20,335,265.00
|
|
Extraordinary Item
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Attributable to Shareholders
|
20,335,265.00
|
|
|
---------------------
|
|
|
|
Prior Period Adjustment
|
0.00
|
|
Net Dividend
|
0.00
|
|
Transferred To/From Reserved
|
0.00
|
|
Others
|
147,041.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Brought Forward
|
<1,495,498.00>
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Carried Forward
|
18,986,808.00
|
|
|
================
|
|
|
|
BALANCE SHEET
|
|
IOI LODERS CROKLAAN OILS SDN BHD
|
|
30-June-2007
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Fixed Assets
|
105,647,571.00
|
|
Total Investment
|
6,000,000.00
|
|
Amount Owing By
|
0.00
|
|
Current Assets
|
222,584,301.00
|
|
Intangible Assets
|
0.00
|
|
Other Assets
|
28,906,812.00
|
|
|
---------------------
|
|
Total Assets
|
363,138,684.00
|
|
|
================
|
|
|
|
|
Working Capital
|
140,674,564.00
|
|
|
|
|
Issued Capital
|
20,000,000.00
|
|
Paid Up Capital
|
20,000,000.00
|
|
Share Premium & Reserved
|
29,318,330.00
|
|
Unappropriated Profit/(Loss)
|
18,986,808.00
|
|
|
---------------------
|
|
Shareholder's Fund/Equity
|
68,305,138.00
|
|
|
---------------------
|
|
|
|
Current Liabilities
|
81,909,737.00
|
|
Amount Owing To
|
0.00
|
|
Long-term and Deferred Liabilities
|
212,923,809.00
|
|
Share Application Account
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Total Equity Liability
|
363,138,684.00
|
|
|
================
|
|
|
|
|
Contingent Liabilities
|
0.00
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
IOI LODERS
CROKLAAN OILS SDN BHD
|
|
For The Year
Ended 30-June-2006
|
|
|
|
|
|
2006
|
|
|
MYR
|
|
|
|
|
|
|
|
TURNOVER
|
585,862,064
|
|
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
15,699,108
|
|
|
|
|
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
15,699,108
|
|
Taxation
|
5,391,000
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
21,090,108
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
21,090,108
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
21,090,108
|
|
As previous reported
|
<23,063,940>
|
|
|
|
|
As restated
|
------------
<23,063,940>
|
|
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
<1,973,832>
|
|
|
|
|
TRANSFER TO RESERVES - General
|
478,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
<1,495,498>
==========
|
|
RETAINED BY: The Company
|
<1,495,498>
|
|
|
|
|
|
|
|
|
------------
<1,495,498>
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
|
banker's acceptance
|
500,391
|
|
|
|
|
|
------------
500,391
==========
|
|
|
|
|
IOI LODERS
CROKLAAN OILS SDN BHD
|
|
As At
30-June-2006
|
|
|
|
|
|
2006
|
|
|
MYR
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
FIXED ASSETS
|
104,210,682
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
Subsidiary companies
|
6,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deffered assets
|
17,345,000
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
23,345,000
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
127,555,682
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
Stocks
|
78,686,943
|
|
|
|
|
Trade debtors
|
62,915,388
|
|
Other debtors,
deposits & prepayments
|
5,809,849
|
|
Short term deposits
|
8,560,000
|
|
|
|
|
|
|
|
Amount due from
related companies
|
18,724,155
|
|
|
|
|
|
|
|
Cash & bank
balances
|
685,327
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
175,381,662
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
Trade creditors
|
10,323,521
|
|
Other creditors
& accruals
|
23,313,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bill &
acceptances payable
|
30,277,000
|
|
|
|
|
|
|
|
Amounts owing to
subsidiary companies
|
12,849,043
|
|
Amounts owing to
related companies
|
29,471,652
|
|
|
|
|
|
|
|
Provision for
taxation
|
43,264
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
106,277,574
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
69,104,088
|
|
TOTAL NET ASSETS
|
------------
196,659,770
==========
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
Ordinary share
capital
|
15,600,000
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
15,600,000
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
revaluation reserve
|
22,802,332
|
|
|
|
|
|
|
|
General reserve
|
6,000,000
|
|
|
|
|
Retain
profit/(Accumulated loss) carried forward
|
<1,495,498>
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
27,306,834
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
42,906,834
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
Retirement benefits
provision
|
1,987,677
|
|
|
|
|
|
|
|
amount owing to ultimate
holding company
|
151,765,259
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
153,752,936
|
|
|
------------
|
|
|
196,659,770
|
|
|
==========
|
|
|
|
FINANCIAL RATIOS
|
IOI LODERS
CROKLAAN OILS SDN BHD
|
|
As At
30-June-2006
|
|
|
|
|
|
2006
|
|
|
MYR
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
Cash
|
9,245,327
|
|
Net Liquid Funds
|
9,245,327
|
|
Net Liquid Assets
|
<9,582,855>
|
|
Net Current
Assets/(Liabilities)
|
69,104,088
|
|
Net Tangible Assets
|
196,659,770
|
|
Net Monetary Assets
|
<163,335,791>
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
Total Borrowings
|
0
|
|
Total Liabilities
|
260,030,510
|
|
Total Assets
|
302,937,344
|
|
Net Assets
|
196,659,770
|
|
Net Assets Backing
|
42,906,834
|
|
Shareholders"
Funds
|
42,906,834
|
|
Total Share Capital
|
15,600,000
|
|
Total Reserves
|
27,306,834
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
Cash Ratio
|
0.09
|
|
Liquid Ratio
|
0.91
|
|
Current Ratio
|
1.65
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
Stock Ratio
|
49
|
|
Debtors Ratio
|
39
|
|
Creditors Ratio
|
6
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
Gearing Ratio
|
0
|
|
Liabilities Ratio
|
6.06
|
|
Times Interest
Earned Ratio
|
32.37
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
Operating Profit
Margin
|
2.68
|
|
Net Profit Margin
|
3.60
|
|
Return On Net Assets
|
8.24
|
|
Return On Capital
Employed
|
8.24
|
|
Return On
Shareholders' Funds/Equity
|
49.15
|
|
Dividend Pay Out
Ratio (Times)
|
0
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
Contingent
Liabilities
|
0.00
|
|
|
|
|
|
