MIRA INFORM REPORT

 

 

Report Date :

01.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SAWIT KINABALU EDIBLE OILS SDN. BHD.

 

 

Registered Office :

Jalan Kelapa Sawit Off KM 4 Jalan Tuaran Kota Kinabalu Sabah 88300

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

04.03.2005

 

 

Com. Reg. No.:

683172-M

 

 

Legal Form :

Private Company Limited By Shares

 

 

Line of Business :

The Subject is a dormant company that was previously engaged in trading of crude palm oil, palm kernel and refined palm oil products

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

IDENTIFICATION DETAILS

 

 

Verified Address

 

Subject name                :           SAWIT KINABALU EDIBLE OILS SDN. BHD.

 

Business address          :           Jalan Kelapa Sawit

Off KM 4 Jalan Tuaran

 

Town                             :           Kota Kinabalu

Province                        :           Sabah

Zip/postal code              :           88300

Country                         :           Malaysia

 

Tel                                :           +60 88 235811

 

Fax                               :           +60 88 233779

 

Website                        :           www.sawitkinabalu.com.my

 

 

Registered address        :           Jalan Kelapa Sawit

Off KM 4 Jalan Tuaran

 

Town                             :           Kota Kinabalu

Province                        :           Sabah

Zip/postal code              :           88300

Country                         :           Malaysia

 

Comments                    :           The Subject is now a dormant company and the Subject's business has been taken over by Kunak Refinery Sdn. Bhd., a company within the Sawit Kinabalu group since May 2009. We contacted Ms. Yvonne Lim, Finance Manager of the Subject and she confirms the status of the Subject.

 

 

SUMMARY DETAILS

 

Executive Summary

 

Date founded or registered          :   04/03/2005

 

Legal form                                 :   Private Company Limited By Shares

 

Chief executive                          :   Stella Ambrose

 

Issued & paid up capital             :   MYR 100,000

 

Sales turnover                            :   MYR 0 (Non-consolidated 12 months, 31/12/2010)

 

Net income                                :   MYR -2,007,263 (Non-consolidated 12 months, 31/12/2010)

Total fixed assets                       :   MYR 8,534,296 (Non-consolidated 12 months, 31/12/2010)

Line of business             :   The Subject is a dormant company that was previously engaged in trading of crude palm oil, palm kernel and refined palm oil products.

 

Staff employed                                                                        :   Nil (Subject)

 

 

CREDIT RISK OPINION

 

Company Analysis

 

Country risk                               :   Country risk is minimal

 

Operation trend                          :   Operational trend is stalled (dormant)

Management experience :   Management is reasonably experienced

Financial performance                :   Financial performance is deteriorating

Organization structure                :   Organizational structure is acceptable

Detrimental                    :   No detrimental records found

Payment history                                    :   No payment delays noted

Credit amount suggestion           :   Fully secured terms.

Credit amount asked                  :   Not described.

Comments                                                                              :   It is strictly advisable to conduct all business dealing on prepayment of L/C basis due to the Subject's dormant status.

 

 

STATUTORY DETAILS

 

Registry Data

 

Registration date            :   04/03/2005

 

Legal form                     :   Private Company Limited By Shares

 

Registration no              683172-M

 

Registered authority       :   Companies Commission of Malaysia

Registry status              :   Dormant

Previous name               :   None reported.

 Change of legal form      :   None reported.

 

 

MANAGEMENT / DIRECTORS

 

Key Management

 

Name                :           Stella Ambrose

 

Designation       :           Director

 

Name                :           Mary Ku Mei Li

 

Designation    :                       Director

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

 

Name                            :           Mary Ku Mei Li

Designation                   :           Director and Company Secretary

Identification no              :           520331-12-5158

Appointment date           :           04/03/05

Address                        :           No. 7, Taman Baru

Jalan Damai, Luyang

88400 Kota Kinabalu

Sabah

Malaysia

 

Name                            :           Masri Bin Pudin

Designation                   :           Director

Identification no              :           570913-12-5161

Appointment date           :           20/01/10

Address                        :           P.O. Box 24L Kampung Kelanahan

89600 Papar Sabah Malaysia

 

Name                            :           Ismail B. Hj Salkilan

Designation                   :           Director

Identification no              :           600509-12-5623

Appointment date           :           16/11/07

Address                        :           Kampung Teguli

Putatan

88827 Kota Kinabalu

Sabah

Malaysia

 

Name                            :           Stella Ambrose

Designation                   :           Director

Identification no              :           720718-12-5626

Appointment date           :           20/01/10

 

Address                                  :                       Kampung Nagapas

Papar

89600 Kota Kinabalu

Sabah

Malaysia

 

Staff employed               :           Nil (Subject)

 

 

Key Advisors

 

 

Auditors                        :           ERNST & YOUNG

Level 23A, Menara Milenium

Jalan Damanlela

Pusat Bandar Damansara

Kuala Lumpur 50490

Malaysia

 

 

SHARE CAPITAL

 

Composition

 

Authorized Capital          :   MYR 100,000

 

No of shares                  :   100,000 Ordinary Shares

 

Share par value              :   MYR 1

 

Issued capital                :   MYR 100,000

 

Paid up capital                                                :   MYR 100,000

 

 

OWNERSHIP / SHAREHOLDERS

 

How listed                     :   Full List

 

Composition

Shareholder name          :   RIKAWORTH SDN. BHD.

Address                        :   Jalan Kelapa Sawit

Off KM 4 Jalan Tuaran

88300 Kota Kinabalu

Sabah

Malaysia

 

No. of shares                 :   100,000 Ordinary Shares

 

% of shares                            :   100%

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

Structure

Name                :   SAWIT KINABALU SDN BHD

Affiliation type    :   Ultimate Holding Company

Address            :   Jalan Kelapa Sawit

Off KM 4 Jalan Tuaran

88300 Kota Kinabalu

Sabah

Malaysia

 

Comments        :   The company is an investment holding company mainly involved palm oil industry. The company is 100% owned by the Chief Minister, State of Sabah, Malaysia.

 

 

Name                :   RIKAWORTH SDN. BHD.

Affiliation type    :   Parent Company

Address            :   Jalan Kelapa Sawit

Off KM 4 Jalan Tuaran

88300 Kota Kinabalu

Sabah

Malaysia

 

Comments        :   Investment Holding. Sawit Kinabalu Sdn Bhd is a premier investment arm of the

State Government of Sabah in the oil palm industry.

 

 

Name                :   KUNAK MILL SDN. BHD.

Affiliation type    :   Sister Company

Address            :   Jalan Kelapa Sawit

Off KM 4 Jalan Tuaran

88300 Kota Kinabalu

Sabah

Malaysia

 

Comments        :   Provision of management services.

 

 

Name                :   SAWIT KINABALU FARM PRODUCTS SDN. BHD.

Affiliation type    :   Sister Company

Address            :   Jalan Apas, Batu 24

Tawau 91009

Sabah

Malaysia

Comments        :   Operation of cattle farming activities.

 

Name                :   BORNEO SAMUDERA SDN. BHD.

Affiliation type    :   Sister Company

Address            :   Jalan Kelapa Sawit

Off KM 4 Jalan Tuaran

88300 Kota Kinabalu

Sabah

Malaysia

 

Comments        :   Oil palm cultivation and production, sale of palm oil produce.

 

 

Name                :   BAGAHAK PLANTATION SDN. BHD.

Affiliation type    :   Sister Company

Address            :   Bagahak Estate, KM 1.5

Jalan Silam

Lahad Datu 91111

Sabah

Malaysia

 

Comments        :   Oil palm cultivation.

 

 

Name                :   SANDAU MILL SDN. BHD.

Affiliation type    :   Sister Company

Address            :   Bagahak Estate, KM 1.5

Jalan Silam

Lahad Datu 91111

Sabah

Malaysia

 

Comments        :   Operation of palm oil mills.

 

 

Name                :   TAWAU BULKING INSTALLATION SDN. BHD.

Affiliation type    :   Sister Company

Address            :   Km 2. 4, Tanjung Batu Laut Road

Tawau 91009

Sabah

Malaysia

Comments        :   Operation of bulking installation for oil palm related products.

 

Name                :   OSCAR KINABALU SDN. BHD.

Affiliation type    :   Sister Company

Address            :   Bagahak Estate, KM 1.5

Jalan Silam

Lahad Datu 91111

Sabah

Malaysia

 

Comments        :   Oil palm cultivation.

 

Name                :   MINYAK BERJAYA SDN. BHD.

Affiliation type    :   Sister Company

Address            :   Jalan Kelapa Sawit

Off KM 4 Jalan Tuaran

88300 Kota Kinabalu

Sabah

Malaysia

 

Comments      :   Property investment and rental of commercial shop lots.

 

Related companies and corporate affiliations comments :   Other companies of the Sawit Kinabalu Group should be considered affiliates of the Subject.

 

 

BANK & MORTGAGES

 

Bank Details

 

Name of bank    :   Malayan Banking Berhad

Address            :   Malaysia

Account details  :   Current Account

 

 

Name of bank    :   HSBC Bank Malaysia Berhad

Address            :   Malaysia

Account details  :   Current Account

 

 

Comments        :   It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

 

Mortgages     :   None reported.

 

Legal Fillings

 

Bankruptcy fillings          :   None reported.

Court judgements           :   None reported.

Tax liens                       :   None reported.

Others                          :   None reported.

 

 

FINANCIAL DATA

 

Description

 

Source of financial statement               :   Commercial Registry Filings

 

Financial statement date                     :   31/12/10

 

Type of accounts                                :   Full audited

 

Currency                                            :   Malaysia, Ringgit (MYR)

 

Exchange rate                                    :   1 USD = MYR 3.18 as of 29-11-2011

 

Summarized Financial Information

Consolidation type                                                                                   :   Non Consolidated                Non Consolidated               Group Consolidated Currency                                                                                                                  :   Malaysia, Ringgit (MYR)       Malaysia, Ringgit (MYR)     Malaysia,

Ringgit (MYR)

Denomination                                                                                           :   (x1) One                             (x1) One                            (x1) One

Date of financial year end                                                                        :   31/12/10                             31/12/09                            31/12/09

 

Length of accounts                                                                                  :   12 months                           12 months                         12 months

 

Sale turnover / Income                                                                             :   0                                        260,837,325                       1,003,251,714

 

Gross profit                                                                                              :   0                                        1,207,255

 

Operating profit                                   :   -1,465,685                                                              -2,747,504                                                                  70,944,222

 

Profit before tax                                  :

-1,465,685

-2,958,292

76,056,512

Net income                                        :

-2,007,263

-2,955,636

51,955,584

Non current assets                             :

0

33,312

987,240,011

Current assets                                    :

8,534,296

10,623,073

657,462,867

Inventories                                          :

0

0

132,100,779

Total assets                                       :

8,534,296

10,656,385

1,644,702,878

Current liabilities                                 :

862,429

977,255

120,457,591

Non current liabilities                           :

0

0

152,163,008

Total liabilities                                    :

862,429

977,255

272,620,599

Share equity                                       :

7,671,867

9,679,130

1,372,082,279

Retained earning                                 :

7,571,867

9,579,130

823,082,279

 

Comments                    :   The non-consolidated financial information above relates to the Subject only.

 

The group’s consolidated financial information above relates to the Subject’s Ultimate Holding Company Sawit Kinabalu Sdn Bhd and all its subsidiaries which include the Subject.

 

The Subject did not record any turnover figure for financial year end 31-12-2010 as the Subject is a dormant company since May 2009.

 

OPERATION DETAILS

 

Main activities                :   The Subject is a dormant company that was previously engaged in trading of crude palm oil, palm kernel and refined palm oil products.

 

The Subject is part of the Sawit Kinabalu Sdn Bhd which is a premier investment arm of the State Government of Sabah in the oil palm industry.

 

Sawit Kinabalu Group main business activities are cultivating, processing, procuring and trading of oil palm products such as Fresh Fruit Bunches (FFB), Crude Palm Oil (CPO) and Palm Kernel (PK).

 

 

Purchases

 

Local    :   None. International     :   None.

 

 

Sales

 

Local    :   None. International     :   None.

 

 

Property & Assets

 

 

Premises          :   The Subject operates from group headquarters located at the verified heading address consisting of administrative office.

Branches        :   None reported.

 

 

SUMMARIZED COUNTRY RISK

 

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          :   Central Bank of Malaysia

 

Reserve of foreign exchange & gold         :   US$ 135.0 billion as of 15 November 2011

 

Gross domestic product - GDP               :   US$ 247.781 billion

 

GPP (Purchasing power parity)               :   442.01 billion of International dollars

 

GDP per capita - current prices               :   US$ 8,624

 

GDP - composition by sector                  :   agriculture: 9.4% industry: 40.9% services: 49.7%

 

Inflation                                                 :   2008: 5.4%

2009: 0.6%

2010: 1.7%

 

Unemployment rate                                :   2008: 3.3%

2009: 3.6%

2010: 3.3%

 

 

Public debt

(General Government gross debt as a % GDP) :   2008: 42.8%

2009: 55.4%

2010: 54.2%

 

 

Government bond ratings                        :   Standard & Poor's: A-/Stable/A-2

Moody's rating: A3

Moody's outlook: STA

 

Market value of publicly traded shares:   US$420 billion

 

 

Largest companies in the country            :   CIMB Group Holdings (Banking), Sime Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga Nasional(Utilities), Petronas Chemicals, Maxis Berhad

 

 

Trade & Competitiveness Overview

 

 

Total exports                             :   US$210.3 billion

 

Exports commodities                 :   electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals

 

Total imports                             :   US$156.2 billion

 

Imports commodities                  :   electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals

 

Export - major partners               :   US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%, Hong

Kong 4.6%

 

Import - major partners               :   Japan 13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%, Thailand 5.3%, South Korea 4.9%, Germany 4.6%, Indonesia 4.2%

 

FDI Inflows                                :   2007: US$8,538 million

2008: US$7,318 million

2009: US$1,381 million

 

FDI Outflows                              :   2007: US$11,280 million

2008: US$14,988 million

2009: US$8,038 million

 

Best countries for doing business            :   21 out of 183 countries

 

Global competitiveness ranking               :   26 (ranking by country on a basis of 133, the first is the best)

 

Country and Population Overview

 

Total population             :   28.23 million

 

Total area                      :   329,847 km2

 

Capital                          :   Kuala Lumpur

 

Currency                                 :   Malaysia Ringgits (MYR)

 

Internet users as % of total population:   57.61%

 

 

PAYMENT HISTORY

 

 

Purchase Term

 

Local                                                 :   None

 

International                                       :   None

 

 

Sales Term

 

Local                                                 :   None

 

International                                       :   None

 

 

Trade Reference/ Payment

Behaviour

 

Comments                                         :   As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

 

Investigation Note

 

Sources                                             :   Interviews and material provided by the Subject

 

:   Other official and local business sources

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.16

UK Pound

1

Rs.81.29

Euro

1

Rs.69.47

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.