|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
32313-V
|
|
COMPANY NAME
|
:
|
PAN-CENTURY EDIBLE OILS SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
01/04/1977
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
TWO IOI SQUARE, IOI RESORT, 62502 PUTRAJAYA, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 240, JALAN TIMAH 3, PASIR GUDANG INDUSTRIAL ESTATE, 81700 PASIR
GUDANG, JOHOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
07-2511580/81
|
|
FAX.NO.
|
:
|
07-2511434/2514621
|
|
EMAIL
|
:
|
info@pancentury.com
|
|
WEB SITE
|
:
|
www.pancentury.com
|
|
CONTACT PERSON
|
:
|
LEE SING HIN ( PRESIDENT )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
15142 2411 2429
|
|
PRINCIPAL ACTIVITY
|
:
|
REFINING AND PROCESSING CRUDE PALM OIL, SOAP NOODLES AND GLYCERIN
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
40,000,000.00 DIVIDED INTO
ORDINARY SHARE 40,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
20,250,000.00 DIVIDED INTO
ORDINARY SHARES 5,400,000 CASH AND 14,850,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 1,568,638,742 [2005]
|
|
NET WORTH
|
:
|
MYR 200,418,244 [2005]
|
|
M1000 OVERALL RANKING
|
:
|
170[2005]
|
|
M1000 INDUSTRY RANKING
|
:
|
15[2005]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
380 [2008]
|
|
|
|
|
LITIGATION
|
:
|
TRACED
|
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
|
PAYMENT
|
:
|
N/A
|
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE 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 and processing
crude palm oil, soap noodles and glycerin.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is 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.
|
According to the Malaysia 1000 publication, the SC's ranking are as
follows:
|
|
|
|
|
|
|
YEAR
|
2005
|
2004
|
|
|
OVERALL RANKING
|
170
|
219
|
|
|
INDUSTRY RANKING
|
15
|
14
|
|
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
PYRMONT INVEST
& TRADE INC
|
TREUCO GESELLCHAFT, DR STUDER & CO, P. O. BOX 562, CH 8027, ZURICH,
SWITZERLAND.
|
|
6,415,750.00
|
|
TRADE KNOT
INVESTORS INC
|
CALLE ACQUILINO DE LA GUARDIA, 8 PANAMA, PANAMA.
|
|
3,361,650.00
|
|
SARAWAK
INVESTMENT LTD
|
80, BROAD STREET, MONROVIA, LIBERIA.
|
|
2,176,125.00
|
|
GOLDEN
FOUNDATION
|
|
|
1,680,825.00
|
|
KILIMACH CORPORATION
|
SUITE 6307, VIA ESPANA, 200 PANAMA 5, PANAMA.
|
|
1,680,825.00
|
|
PEARL FOUNDATION
|
C/O ADMINISTRAL ANSLAH, AUSTRASSE 27, FL 9490, VADUZ, LIECHTEN
STEIN, SWITZERLAND.
|
|
1,680,825.00
|
|
TRAPTI TRADING
& INVESTMENT LTD
|
PO BIRLAGVAM
NAGDA, 456-331, INDIA.
|
|
1,500,000.00
|
|
TURQUOISE
INVESTMENTS & FINANCE LTD
|
INDUSTRY
HOUSE, 159 CHURCHGATE, RECLAMATION, GROUND FLOOR, 400 020, BOMBAY, INDIA.
|
|
1,254,000.00
|
|
CHELLAM
HOLDINGS SDN BHD
|
UNIT 10.2A, MENARA
TJB, JALAN SYED MOHAMED MUFTI, LEVEL 10, JOHOR BHARU, JOHOR, MALAYSIA.
|
144715
|
350,000.00
|
|
DR.N
CHANDRASEKHARAN
|
PO BOX 105,
81800 ULU TIRAM, JOHOR, MALAYSIA.
|
3178906
|
150,000.00
|
|
|
|
|
---------------
|
|
|
|
|
20,250,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. LEE YEOW SENG
|
|
Address
|
:
|
5, JALAN BEVERLY UTAMA, IOI RESORT, 62502 PUTRAJAYA, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
781223-14-5501
|
|
Date of Birth
|
:
|
23/12/1978
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
26/01/2007
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. LEE SING HIN
|
|
Address
|
:
|
33, JALAN SERINDIT 9, KAWASAN 17, TAMAN ENG HUN, 41150 KLANG,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
7861867
|
|
New IC No
|
:
|
480412-10-5569
|
|
Date of Birth
|
:
|
12/04/1948
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
26/01/2007
|
|
|
|
|
|
Qualification
|
:
|
DIP CHARTERED INSTITUTE OF MARKETING, UK
|
|
Working Experience
|
:
|
JOINED GOLD COIN (M) BHD FROM 1978-1995 & HIS LAST POSTING WAS
AN ACTING GM
|
DIRECTOR 3
|
Name Of Subject
|
:
|
DATO' LEE YEOW CHOR
|
|
Address
|
:
|
6, JALAN BEVERLY UTAMA, IOI RESOR, 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
|
:
|
26/01/2007
|
|
|
|
|
|
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.
|
DIRECTOR 4
|
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
|
:
|
26/01/2007
|
|
|
|
|
|
Working Experience
|
:
|
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 5
|
Name Of Subject
|
:
|
TAN SRI DATO' LEE SHIN CHENG @ LEE LEONG
|
|
Address
|
:
|
5, JALAN BEVERLY UTAMA, IOI RESORT, 62502 PUTRAJAYA, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
3593425
|
|
New IC No
|
:
|
390603-10-5263
|
|
Date of Birth
|
:
|
03/06/1939
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
26/01/2007
|
|
|
|
|
|
Qualification
|
:
|
HONORARY DOCTORATE DEGREE IN AGRICULTURE (PUTRA MALAYSIA UNIVERSITY)
|
|
Working Experience
|
:
|
HE IS AN ENTREPRENEUR WITH CONSIDERABLE EXPERIENCE IN THE PLANTATION
AND PROPERTY DEVELOPMENT INDUSTRIES. HE IS ALSO PROVIDING HIS ADVICE AND
GUIDANCE TO A LARGE NUMBER OF INDUSTRY GROUPINGS, ASSOCIATIONS AND SOCIAL
ORGANISATIONS.
|
|
Other Info
|
:
|
HE WAS BESTOWED THE SINGULAR HONOUR OF FIABCI MALAYSIA PROPERTY MAN OF
THE YEAR 2001 AWARD. HE SERVES AS A BOARD MEMBER OF PUTRA MALAYSIA
UNIVERSITY, THE ADVISER TO THE KL & SELANGOR CHINESE CHAMBER OF
COMMERCE AND INDUSTRY, A COUNCIL MEMBER OF MALAYSIAN PALM OIL ASSOCIATION
(MPOA), A MEMBER OF MALAYSIA-CHINA BUSINESS COUNCIL, THE HONORARY PRESIDENT
OF ASSOCIATION OF ENG CHOON SOCIETIES OF MALAYSIA AND FEDERATION OF HOKKIEN
ASSOCIATION OF MALAYSIA.
|
DIRECTOR 6
|
Name Of Subject
|
:
|
MR. YONG CHIN FATT
|
|
Address
|
:
|
35, JALAN ARA SD 7/4A, BANDAR SRI DAMANSARA, 52200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
5138325
|
|
New IC No
|
:
|
570411-01-6125
|
|
Date of Birth
|
:
|
11/04/1957
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
26/01/2007
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
LEE SING HIN
|
|
|
Position
|
:
|
PRESIDENT
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
NICOLOUS CHAN
|
|
|
Position
|
:
|
MARKETING MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
S JENARTHAN
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
TAN BOON TEE
|
|
|
Position
|
:
|
OPERATIONS MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
DELOITTE KASSIMCHAN
|
|
Auditor' Address
|
:
|
UPTOWN 1, 1 JALAN SS 21/58, DAMANSARA UPTOWN, LEVEL 19, 47400
PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
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
|
:
|
26/01/2007
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. LEE AI LENG
|
|
|
IC / PP No
|
:
|
A0256824
|
|
|
New IC No
|
:
|
651116-05-5038
|
|
|
Address
|
:
|
323, JALAN BK 2/7, BANDAR KINRARA, 47100 PUCHONG, SELANGOR,
MALAYSIA.
|
|
|
Date of Appointment
|
:
|
26/01/2007
|
|
|
|
|
|
|
|
|
|
|
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
|
:
|
1668
|
|
|
|
|
|
|
Year
|
:
|
2006
|
Place
|
:
|
KUALA LUMPUR
|
|
|
|
|
|
|
Court
|
:
|
HIGH COURT
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
SATIVALE MATHEW ARUN
|
|
|
|
|
|
|
|
|
|
Plaintiff
|
:
|
AAVANTI
INDUSTRIES PTE LTD
LUSHING TRADERS PTE LTD
PT PERKEBUNAN NUSANTARA
|
|
|
|
|
Defendants
|
:
|
|
PAN CENTURY EDIBLE OILS SDN BHD (32313)
|
|
LOT 240, JLN TIMAH 3, PASIR GUDANG INDUSTRIAL ESTATE, 81700 PASIR
GUDANG, JOHOR, MALAYSIA.
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
0.00
|
|
|
|
|
|
|
|
|
|
Nature of Claim
|
:
|
DAMAGES
|
|
|
|
|
|
|
|
|
|
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
|
Percentage
|
:
|
40%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Import Countries
|
:
|
ASIA
|
The SC refused to furnish us with the suppliers' names. Without the financial
accounts, we are not able to comment on the SC's payment habit.
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
GERMANY, HONG KONG,
INDIA, JAPAN, NEW ZEALAND, PAKISTAN, PHILIPPINES, SINGAPORE, SWITZERLAND,
THAILAND, UNITED ARAB EMIRATES, UNITED KINGDOM, MIDDLE EAST
|
|
Credit Term
|
:
|
60 - 90 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
LETTER OF CREDIT (LC),CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CUSTOMER(S)
|
:
|
|
1) ENRICO SDN BHD
|
|
2) SOCTEK EDIBLE OILS SDN BHD
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
OIL REFINERY PRODUCTS & SPECIALTY PRODUCTS
|
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
|
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)
|
|
SMI ASSOCIATION OF MALAYSIA
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Production Capacity
|
:
|
|
1 million tonnes of refined products and 120,000MT of specialty
productsincluding soap noodles per year.
|
|
|
Shifts
|
:
|
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
380
|
320
|
279
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) refining and processing crude
palm oil, soap noodles and glycerin.
The SC is a long established leading player in palm oil related products and
activities, comprising mainly of Refinery, Soap Noodles and Oleochemical.
It is a wholly owned member under IOI Group, a very successful and dynamic
conglomerate with major interests in Plantations, Properties, Leisures,
Oleochemical and Specialty Fats.
The SC and Pan Century Oleochemicals Sdn Bhd, are together, one of the
largest single-location, vertically integrated palm oil refinery and
oleochemical complexes in the world, with an annual installed capacity of
over a million tonnes.
The SC produces two categories of products as stated below:
* Oil Refinery products - RBD palm oil, RBD Olein, RBD Stearin and PFAD.
* Specialty products - palm fatty acid distillate, spilt fatty acid for soap
blend,distilled fatty acid for soap blend, hydrogenated palm oil,
hydrogenated palm stearin, rubber grade stearic acid, soap
noodles/toilet/laundry/extra white(off white cream), USP glycerine and any
other specialty fat for soap noodle.
Today, the SC operates 7 plants at a single location consisting of physical
refining (2500 tons per day), fractionation (2000 tons per day),
hydrogenation (100 tons perdays), soap noodles (170 tons per days) and glycerine
(30 tons per day).
The SC's soap noodles are packed using a robotised packing system either in
25kg net lined paper bags or 750kg nett jumbo bags.
According to the SC, all palm oil related products and intermediates are
produced in-house to maintain the highest quality and on-time delivery
schedules.
The SC's plants are high-tech, world class plants equipped with modern
instrumentation, processing control and the state-of-the-art technology
facilities at the production site.
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
|
:
|
60 7 2511580/2511581 (5 LINE)
|
|
Current Telephone Number
|
:
|
07-2511580/81
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 240, JALAN TIMAH 3 PASIR GUDANG INDUSTRIAL ESTATE, 81700 PASIR,
GUDANG, JOHOR
|
|
Current Address
|
:
|
LOT 240, JALAN TIMAH 3, PASIR GUDANG INDUSTRIAL ESTATE, 81700 PASIR
GUDANG, JOHOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
NO
|
|
On 28th August 2008, we contacted the SC's Company Secretary, Ms. Lee for
the latest financial accounts dated 30th September 2006. However she
rejected our request in view of the confidentiality of the information.
|
|
|
Other Investigations
We conducted an interview with Ms Malini
from the SC's Admin Department. She revealed some information pertaining to
the SC.
FINANCIAL
COMMENTS
The SC's latest available
financial accounts with the Registrar of Companies are for the year 2005
only. We are of the opinion that the financial accounts are outdated and our
comment on the SC's financial is restricted thereto.
Overall financial condition of the SC : N/A
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
|
6.3
|
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
|
6.0
|
|
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
|
3.4
|
|
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
|
6.0
|
|
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
|
1.8
|
|
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
|
5.5
|
|
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
|
7.7
|
|
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
|
|
2411 : Manufacture of basic chemicals, except fertilizers and
nitrogen compounds
|
|
2429 : Manufacture of other chemical products n.e.c.
|
|
|
|
|
INDUSTRY :
|
PALM OIL
|
|
|
|
|
|
|
In July 2008, Malaysia's Crude Palm Oil (CPO) production rose by 6.2%
month-on-month (mom) to 1.56million tonnes, while exports rose by 25.2% mom
to 1.4million tonnes. Despite the rise in the production, stock levels fell
from 2.03million tonnes to 1.97million tonnes in July, as a result of the
increase in exports. The main mom rise in exports came from Bangladesh,
China, India, Jordan,
|
|
Europe, Singapore, Turkey and United Arab Emirates. However, this was
offset by a drop in exports to Iran, Pakistan and United States.
|
|
On a year-on-year (yoy) basis, CPO production for the year-to-date (YTD) rose
by 21.5%, due to a rise in matured hectarage, while exports rose 16.4%. The
main rise in exports was to China, Bangladesh, India, Japan, Pakistan,
Turkey, United States, United Arab Emirates and Ukraine. On the other hand,
this was slightly offset by a decline to Europe, Vietnam, Iran and Egypt.
|
|
Going forward, the production is expected to pick up speed in the coming
peak production months, while exports would also rise, heading towards the
festive seasons. Besides, the stock levels are expected to remain at close
to the 2million tonne mark in the medium term.
|
|
Nonetheless, the industry is facing inherent risks which include a
convincing reversal in crude oil price trend resulting in reversal of CPO
and other vegetable oil price trend, weather abnormalities resulting in
excess or shortage of vegetable oil. Aside by that, other risks such as
increased emphasis on implementation global biofuel mandates and trans-fat
policies, a quick global economic recovery, resulting in higher than
expected demand for vegetable oils have to be taken into consideration.
|
|
In support of the falling CPO prices, the Plantation Industry Minister has
recently discussed about the issue of using palm oil surpluses to produce
biodiesel. At present, the production of biodiesel is feasible at the
current levels, which would obviously attract renewed demand for vegetable
oils from biodiesel producers. Hence, it helps to support prices at above
RM2,000/tonne in the longer term. However, due to the volatility of both
crude oil and CPO prices, Malaysian government may not officially implement
a mandated biodiesel policy until the direction of the prices is clearer.
|
|
Despite the significant drop in all vegetable oil prices over the last few
weeks, which has seen soya oil
|
|
prices coming off from highs recorded in beg-July by 14.5% to current
level, rapeseed oil prices by 13.9% and CPO prices by a larger 20.4%, CPO
continues to trade at a relatively wide discount to soya oil and rapeseed
oil. Hence, this could potentially result in large declines in soya oil and
rapeseed oil prices against CPO in the near term.
|
|
CPO prices assumed to be RM3,300/tonne for 2008, RM2,900/tonne for 2009 and
RM2,700/tonne for 2010. Crude oil prices are expected to remain a volatile
trigger, while demand uncertainties could also persist for the rest of 2008
and 2009. Post-2009 and into 2010, CPO prices are expected to trade lower
due to the more fundamental reason of a rise in CPO supply coming from
Indonesia, additional plantation land starts coming into maturity.
|
|
However, CPO prices would be limited to RM2,500/tonne in the medium term
and RM2,000/tonne in the long term due to the downside risk. These downside
limits would be held up until and unless global biofuel policies are
completely scrapped, resulting in a reversal in the structural change in
the industry in the past five years. If CPO and other vegetable oil prices
continue on a downward trend, it would become more attractive to the
biofuel sector, which would shore up demand, keeping prices above the
RM2,000/tonne mark in the long term.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
COMMENTS
|
Established in 1977 as a private limited company, the SC is principally engaged
in refining, processing of crude palm oil, soap noodle and glycerine. With
its long presence in the industry coupled with its vast experiences in the
business, the SC should have built up a certain goodwill with its client
over times. With RM20.25 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.
|
|
Our investigation revealed that the SC serves both local and overseas
clients. We noted that the SC's products are well accepted in Germany,
India and etc. Such a wide geographical spread has made the SC's business
less vulnerable to the local events and benefited the SC in terms of higher
earnings. Hence, the SC's business risk is low. The SC is headed by the
President, Lee Sing Hin and assisted by 380 staff. Overall the management
of the SC is average.
|
|
The SC's latest available financial accounts with the Registrar of
Companies are for the year 2005 only. We are of the opinion that the
financial accounts are outdated and our comment on the SC's financial is
restricted thereto.
|
|
We noted that 60% of the SC's supplies are imported from overseas countries
and the remaining 40% are obtained locally. Being involved in import and
export activities, the SC is subjected to currency fluctuation risk.
|
|
The industry continues to grow and the growth prospect is bright. This has
created ample business opportunities for the SC to expand and stabilise its
business. With the SC's strong capital background, it has a competitive
edge against other players in the same field.
|
|
In view of the above, we recommend credit be granted to the SC normally.
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA
ACCOUNTING STANDARD.
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
PAN-CENTURY EDIBLE OILS SDN BHD
|
|
30-09-2005
|
|
Consolidated Accounts
|
:
|
YES
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Turnover
|
1,568,638,742.00
|
|
Operating Revenue
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Before Tax
|
25,067,005.00
|
|
|
---------------------
|
|
|
|
Profit/(Loss) After Tax
|
25,067,005.00
|
|
Extraordinary Item
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Attributable to Shareholders
|
25,067,005.00
|
|
|
---------------------
|
|
|
|
Prior Period Adjustment
|
0.00
|
|
Net Dividend
|
3,037,500.00
|
|
Transferred To/From Reserved
|
0.00
|
|
Others
|
0.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Brought Forward
|
158,138,739.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Carried Forward
|
180,168,244.00
|
|
|
================
|
|
|
|
BALANCE SHEET
|
|
PAN-CENTURY EDIBLE OILS SDN BHD
|
|
30-09-2005
|
|
Consolidated Accounts
|
:
|
YES
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Fixed Assets
|
114,873,532.00
|
|
Total Investment
|
47,991,683.00
|
|
Amount Owing By
|
0.00
|
|
Current Assets
|
140,498,332.00
|
|
Intangible Assets
|
0.00
|
|
Other Assets
|
<1,000,000.00>
|
|
|
---------------------
|
|
Total Assets
|
302,363,547.00
|
|
|
================
|
|
|
|
|
Working Capital
|
38,553,029.00
|
|
|
|
|
Issued Capital
|
20,250,000.00
|
|
Paid Up Capital
|
20,250,000.00
|
|
Share Premium & Reserved
|
0.00
|
|
Unappropriated Profit/(Loss)
|
180,168,244.00
|
|
|
---------------------
|
|
Shareholder's Fund/Equity
|
200,418,244.00
|
|
|
---------------------
|
|
|
|
Current Liabilities
|
101,945,303.00
|
|
Amount Owing To
|
0.00
|
|
Long-term and Deferred Liabilities
|
0.00
|
|
Share Application Account
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Total Equity Liability
|
302,363,547.00
|
|
|
================
|
|
|
|
|
Contingent Liabilities
|
0.00
|
CONSOLIDATED PROFIT AND LOSS
ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
PAN-CENTURY
EDIBLE OILS SDN BHD
|
|
For The Year
Ended 30-09-2004
|
|
|
2004
|
|
|
MYR
|
|
|
|
|
TURNOVER
|
1,436,764,600
|
|
|
=========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
13,591,500
|
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES
|
978,467
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
14,569,967
|
|
Taxation
|
<70>
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
-------------
14,569,897
|
|
As previous reported
|
146,606,342
|
|
|
-------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
161,176,239
|
|
|
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
<3,037,500>
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
-------------
158,138,739
==========
|
|
RETAINED BY: The Company
|
158,138,739
|
|
|
|
|
|
-------------
158,138,739
==========
|
|
|
|
|
Bank overdraft
|
686,815
|
|
|
--------------
686,815
===========
|
CONSOLIDATED BALANCE SHEET
|
PAN-CENTURY
EDIBLE OILS SDN BHD
|
|
As At
30-09-2004
|
|
|
2004
|
|
|
MYR
|
|
ASSET EMPLOYED:
|
|
|
FIXED ASSETS
|
94,399,500
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
Investments
|
42,945,544
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
42,945,544
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
137,345,044
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
Stocks
|
63,572,289
|
|
|
|
|
Trade debtors
|
56,849,482
|
|
Other debtors, deposits & prepayments
|
519,194
|
|
Amount due from associated company
|
1,810,924
|
|
|
|
|
Cash & bank balances
|
4,247,777
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
126,999,666
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
Trade creditors
|
38,310,480
|
|
Other creditors & accruals
|
22,808,989
|
|
|
|
|
Bank overdraft
|
4,202,177
|
|
|
|
|
Other borrowings
|
20,634,325
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
85,955,971
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
41,043,695
|
|
TOTAL NET ASSETS
|
------------
178,388,739
==========
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
Ordinary share capital
|
20,250,000
|
|
|
|
|
TOTAL SHARE CAPITAL
|
20,250,000
------------
|
|
RESERVES
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
158,138,739
|
|
|
|
|
TOTAL RESERVES
|
------------
158,138,739
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
178,388,739
|
|
|
------------
|
|
|
178,388,739
|
|
|
==========
|
|
|
|
|
CONSOLIDATED FINANCIAL RATIOS
|
PAN-CENTURY
EDIBLE OILS SDN BHD
|
|
As At
30-09-2004
|
|
|
2004
|
|
|
MYR
|
|
TYPES OF FUNDS
|
|
|
Cash
|
4,247,777
|
|
Net Liquid Funds
|
45,600
|
|
Net Liquid Assets
|
<22,528,594>
|
|
Net Current Assets/(Liabilities)
|
41,043,695
|
|
Net Tangible Assets
|
178,388,739
|
|
Net Monetary Assets
|
<22,528,594>
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
Total Borrowings
|
24,836,502
|
|
Total Liabilities
|
85,955,971
|
|
Total Assets
|
264,344,710
|
|
Net Assets
|
178,388,739
|
|
Net Assets Backing
|
178,388,739
|
|
Shareholders" Funds
|
178,388,739
|
|
Total Share Capital
|
20,250,000
|
|
Total Reserves
|
158,138,739
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
Cash Ratio
|
0.05
|
|
Liquid Ratio
|
0.74
|
|
Current Ratio
|
1.48
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
Stock Ratio
|
16
|
|
Debtors Ratio
|
14
|
|
Creditors Ratio
|
10
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
Gearing Ratio
|
0.14
|
|
Liabilities Ratio
|
0.48
|
|
Times Interest Earned Ratio
|
22.21
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
Operating Profit Margin
|
1.01
|
|
Net Profit Margin
|
1.01
|
|
Return On Net Assets
|
8.55
|
|
Return On Capital Employed
|
8.36
|
|
Return On Shareholders'
Funds/Equity
|
8.17
|
|
Dividend Pay Out Ratio (Times)
|
0.21
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
Contingent Liabilities
|
0.00
|
|
|
|
|
|
