|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
359584-V
|
|
COMPANY NAME
|
:
|
FELDA PALM INDUSTRIES SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
14/09/1995
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
BALAI FELDA, JALAN GURNEY 1, LEVEL 3, 54000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
BALAI FELDA, 4TH FLOOR, JALAN GURNEY 1, 54000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-26928066
|
|
FAX.NO.
|
:
|
03-26928820
|
|
WEB SITE
|
:
|
www.feldaholdings.com
|
|
CONTACT PERSON
|
:
|
RAZUKI ( PERSONAL ASSISTANT )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
15142
|
|
PRINCIPAL ACTIVITY
|
:
|
PROCESSING OF CRUDE PALM OIL
|
|
AUTHORISED CAPITAL
|
:
|
MYR
202,000,000.00 DIVIDED INTO
ORDINARY SHARE 202,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR
202,000,000.00 DIVIDED INTO
ORDINARY SHARES 3 CASH AND 201,999,997 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 7,716,766,000 [2009]
|
|
NET WORTH
|
:
|
MYR 1,696,511,000 [2009]
|
|
M1000 OVERALL RANKING
|
:
|
36[2009]
|
|
M1000 INDUSTRY RANKING
|
:
|
4[2009]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
18,000 [2011]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD50,552,572
|
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 of crude palm
oil.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According to the Malaysia 1000 publication, the SC's ranking are as
follows:
|
|
|
|
|
|
|
|
|
YEAR
|
2009
|
2008
|
2005
|
2004
|
|
|
OVERALL RANKING
|
36
|
59
|
32
|
47
|
|
|
INDUSTRY RANKING
|
4
|
4
|
2
|
2
|
|
The immediate holding company of the SC is
FELDA HOLDINGS BERHAD, a company incorporated in MALAYSIA.
The ultimate holding company of the SC is KOPERASI PERMODALAN FELDA BERHAD, a
company incorporated in MALAYSIA.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
FELDA HOLDINGS BHD
|
BALAI FELDA, JALAN GURNEY 1, 3RD FLOOR, 54000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
358158
|
145,442,924.00
|
|
KOPERASI PERMODALAN FELDA BHD
|
WISMA FELDA, JALAN PERUMAHAN GURNEY, 50400 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
56,557,076.00
|
|
|
|
|
---------------
|
|
|
|
|
202,000,000.00
|
|
|
|
|
============
|
+ Also Director
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Company
|
(%)
|
As At
|
|
353786
|
FELDA KERNEL PRODUCTS SDN BHD
|
83.3
|
31/12/2009
|
|
|
|
|
|
|
|
353930
|
FELDA VEGETABLE OIL PRODUCTS SDN BHD
|
66.7
|
31/12/2009
|
|
|
|
|
|
|
|
|
24499
|
FELDA OIL PRODUCTS SDN BHD
|
66
|
31/12/2009
|
|
|
|
|
|
|
|
|
353807
|
FELDA MARKETING SERVICES SDN BHD
|
51
|
31/12/2009
|
|
|
|
|
|
|
|
|
23120
|
DELIMA OIL PRODUCTS SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
DATO' KASAH BIN AHWAL
|
|
Address
|
:
|
14, JALAN MELATI, GOMBAK SETIA, 53100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
4152359
|
|
New IC No
|
:
|
501006-05-5447
|
|
Date of Birth
|
:
|
06/10/1950
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
02/01/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. JACOB BIN KASOLAN
|
|
Address
|
:
|
4694, TAMAN RIA 5, KILOMETER 6, JALAN UTARA BARU, 91000 TAWAU,
SABAH, MALAYSIA.
|
|
IC / PP No
|
:
|
H0063049
|
|
New IC No
|
:
|
570220-12-5759
|
|
Date of Birth
|
:
|
20/02/1957
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
04/01/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. MEGAT DZIAUDDIN BIN MEGAT MAHMUD
|
|
Address
|
:
|
64, LENGKOK ZAABA, TAMAN TUN DR ISMAIL, 60000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
1697459
|
|
New IC No
|
:
|
460203-08-5057
|
|
Date of Birth
|
:
|
03/02/1946
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
01/02/2006
|
|
|
|
|
|
Qualification
|
:
|
HE IS AN ECONOMICS GRADUATE OF THE QUEENS UNIVERSITY OF BELFAST
|
|
Working Experience
|
:
|
HE IS ALSO A BOARD MEMBER OF SEVERAL OF THE GROUP SUBSIDIARIES HE
HAD PREVIOUSLY SERVED AS A TREASURY ACCOUNTANT IN THE ACCOUNTANT GENERAL'S
DEPARTMENT, FINANCE MANAGER WITH THE BANK SIMPANAN NASIONAL & GENERAL
MANAGER INVESTMENT WITH ARAB-MALAYSIAN MERCHANT BANK BHD
|
|
Other Info
|
:
|
HE FELLOW OF THE INSTITUTE OF CHARTERED ACCOUNTANTS IN IRELAND &
A REGISTERED ACCOUNTANT WITH THE MALAYSIAN INSTITUTE OF ACCOUNTANTS
|
DIRECTOR 4
|
Name Of Subject
|
:
|
DATO' DZULKIFLI BIN ABD WAHAB
|
|
Address
|
:
|
8, JALAN AU 5C/2, LEMBAH KERAMAT, HULU KELANG, 54200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
4768712
|
|
New IC No
|
:
|
550428-05-5333
|
|
Date of Birth
|
:
|
28/04/1955
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
09/04/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MR. ABDUL AZIZ BIN ZAKARIA
|
|
Address
|
:
|
38, JALAN PAWANG, 54000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
4429377
|
|
New IC No
|
:
|
410125-05-5083
|
|
Date of Birth
|
:
|
25/01/1941
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
01/02/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject
|
:
|
MR. MAHBOB BIN ABDULLAH
|
|
Address
|
:
|
59, JALAN SETIARAYA, BUKIT DAMANSARA, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
4017028
|
|
New IC No
|
:
|
440608-05-5085
|
|
Date of Birth
|
:
|
08/06/1944
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
01/02/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 7
|
Name Of Subject
|
:
|
TAN SRI MOHD ISA BIN ABDUL SAMAD
|
|
Address
|
:
|
PT 41191, JALAN BBN 8/78, NILAI SPRING VILLAS, 71900 LABU, NEGERI
SEMBILAN, MALAYSIA.
|
|
IC / PP No
|
:
|
2731109
|
|
New IC No
|
:
|
491114-04-5151
|
|
Date of Birth
|
:
|
14/11/1949
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
08/02/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 8
|
Name Of Subject
|
:
|
DATO' SABRI BIN AHMAD
|
|
Address
|
:
|
108, JALAN ATHINAHAPAN 2, TAMAN TUN DR ISMAIL, 60000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
1690635
|
|
New IC No
|
:
|
470520-08-5519
|
|
Date of Birth
|
:
|
20/05/1947
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
15/07/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 9
|
Name Of Subject
|
:
|
DATO' ROSNI BINTI ZAHARI
|
|
Address
|
:
|
CASA RINI LOT, JALAN MARAN, 28000 TEMERLOH, PAHANG, MALAYSIA.
|
|
IC / PP No
|
:
|
6261716
|
|
New IC No
|
:
|
610411-03-5338
|
|
Date of Birth
|
:
|
11/04/1961
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
15/01/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
RAZUKI
|
|
|
Position
|
:
|
PERSONAL ASSISTANT
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
ISMAIL HASAN
|
|
|
Position
|
:
|
CEO
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
ISA ABDUL SAMAD
|
|
|
Position
|
:
|
CHAIRMAN
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
MAT NOOR SATIGE
|
|
|
Position
|
:
|
MARKETING MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS
|
|
Auditor' Address
|
:
|
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR CENTRAL, LEVEL 10, 50706
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. WONG SIEW YEEN
|
|
|
IC / PP No
|
:
|
A1529478
|
|
|
New IC No
|
:
|
700305-05-5166
|
|
|
Address
|
:
|
3, JALAN SS 15/5E, 47500 SUBANG JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. ABDUL AZIZ @ MAZATUL AISHAH BTE AZIZ
|
|
|
IC / PP No
|
:
|
A1757901
|
|
|
New IC No
|
:
|
701207-05-5108
|
|
|
Address
|
:
|
14, LORONG AU 3/12C, TAMAN KERAMAT, 53200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
|
|
|
|
|
|
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 0-30 Days
|
[
|
X
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
45%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
55%
|
|
Export Market
|
:
|
CHINA, INDIA, PAKISTAN, MIDDLE EAST
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
CRUDE PALM OIL & PALM KERNEL
|
|
|
|
|
|
|
Award
|
:
|
1 ) MS ISO
14001 Year :2006
2 ) QS-9000 / ISO 9002 Year :2006
3 ) MS ISO 9001 : 2000 Year :2006
4 ) MS ISO 14001 Year :2005
5 ) MS ISO 9001 : 2000 Year :2005
6 ) MS ISO 14001 Year :2004
7 ) MS ISO 9001 : 2000 Year :2004
8 ) MS ISO 14001 Year :2003
9 ) MS ISO 9001 : 2000 Year :2002
10 ) MS ISO 14001 Year :2001
|
|
|
|
|
|
Competitor(s)
|
:
|
UNITATA BHD
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Production Capacity
|
:
|
13.0 million tonnes per year
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
2008
|
|
|
|
|
GROUP
|
18,000
|
18,000
|
7,267
|
7,267
|
|
|
|
|
|
|
COMPANY
|
6,140
|
6,300
|
6,200
|
5,819
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) processing of crude palm
oil.
Besides that the SC also involved in the purchasing and processing of Fresh
Fruit Bunches (FFB).
The SC is involved in processing the oil palm fruit bunches mainly from Felda
schemes and estates to produce crude palm oil and palm kernel.
The SC is the biggest contributor to the Felda Group and underpins its
plantation activities.
The SC has mills located throughout Malaysia including in Sabah and Sarawak.
The SC's refineries mills equipped with the-state-of-the-art facilities. The
SC's production machineries are semi and automated.
The SC has their own R & D division and it emphasisis 5 pronged;
1) Converting waste into products of commercial value
2) Developing new technologies for waste treatment
3) Developing new applications & uses for product produce by the SC
4) Developing new ideas and technologies for pollution treatment
5) Developing new process technologies in the palm industries
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
|
:
|
0326928066
|
|
Current Telephone Number
|
:
|
03-26928066
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
BALAI FELDA, 4TH FLOOR, JALAN GURNEY 1, 54000, KUALA LUMPUR, WILAYAH
PERSEKUTUAN.
|
|
Current Address
|
:
|
BALAI FELDA, 4TH FLOOR, JALAN GURNEY 1, 54000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contected one of the SC staff from Human Resource Department Mis Farah and
she provided some information regarding to the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Erratic
|
[
|
2007 - 2009
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2007 - 2009
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
17.37%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
20.34%
|
]
|
The fluctuating turnover reflects the fierce competition among the existing and
new market players. The dip in profit could be due to the stiff market
competition which reduced the SC's profit margin. The SC's management had
generated acceptable return for its shareholders using its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
22 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
1 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
3 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
|
:
|
Favourable
|
[
|
1.18 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.68 Times
|
]
|
A minimum liquid ratio of 1 should be maintained by the SC in order to assure
its creditors of its ability to meet short term obligations and the SC was in
a good liquidity position. Thus, we believe the SC is able to meet all its
short term obligations as and when they fall due.
Solvency
|
Interest Cover
|
:
|
Favourable
|
[
|
588.67 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.10 Times
|
]
|
The interest cover showed that the SC was able to service the interest. The
favourable interest cover could indicate that the SC was making enough profit
to pay for the interest accrued. The SC was lowly geared thus it had a low
financial risk. The SC was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the SC
being a lowly geared company, will be able to compete better than those
companies which are highly geared in the same industry.
Overall
Assessment:
The SC recorded
lower profits as its turnover showed a erratic trend. The SC's management was
unable to control its costs efficiently as its profit showed a downward
trend. The SC was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the SC should be able to repay its short term obligations. With the
favourable interest cover, the SC could be able to service all the accrued
interest without facing any difficulties. The SC as a lowly geared company,
will be more secured compared to those highly geared companies. It has the
ability to meet all its long term obligations.
Overall financial condition of the SC : STABLE
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.17
|
27.73
|
28.31
|
28.88
|
29.13
|
|
Gross Domestic Products ( % )
|
6.3
|
4.6
|
<0.5>
|
6.9
|
5.8
|
|
Domestic Demand ( % )
|
9.0
|
6.9
|
2.9
|
4.6
|
4.8
|
|
Private Expenditure ( % )
|
8.6
|
7.1
|
<2.7>
|
8.1
|
7.0
|
|
Consumption ( % )
|
9.0
|
8.4
|
0.7
|
6.7
|
6.3
|
|
Investment ( % )
|
7.1
|
1.5
|
<17.2>
|
15.2
|
10.2
|
|
Public Expenditure ( % )
|
10.1
|
6.5
|
5.2
|
3.8
|
2.8
|
|
Consumption ( % )
|
10.8
|
11.6
|
3.1
|
0.2
|
4.6
|
|
Investment ( % )
|
9.3
|
0.7
|
8.0
|
8.3
|
0.6
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
100,340
|
129,563
|
89,650
|
118,356
|
116,058
|
|
Government Finance ( MYR Million )
|
<19,948>
|
<34,462>
|
<28,450>
|
<40,482>
|
-
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<3.2>
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
|
Inflation ( % Change in Composite CPI)
|
2.0
|
<3.3>
|
<5.2>
|
5.1
|
-
|
|
Unemployment Rate
|
3.2
|
3.7
|
4.5
|
3.9
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
336
|
388
|
331
|
394
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
3.04
|
1.91
|
2.87
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
13.30
|
13.24
|
11.08
|
15.30
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
6.72
|
5.53
|
5.70
|
-
|
|
Business Loans Disbursed( % )
|
9.1
|
11.6
|
10.5
|
14.7
|
-
|
|
Foreign Investment ( MYR Million )
|
33,426.0
|
23,261.4
|
22,156.8
|
22,517.9
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
43,337
|
41,599
|
41,578
|
-
|
-
|
|
Registration of New Companies ( % )
|
13.2
|
<4.0>
|
<0.1>
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
22,629
|
27,992
|
39,075
|
-
|
-
|
|
Liquidation of Companies ( % )
|
161.5
|
23.7
|
39.6
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
227,410
|
269,866
|
312,581
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
20,431
|
18,885
|
19,345
|
-
|
-
|
|
Business Dissolved ( % )
|
<61.4>
|
<7.6>
|
2.4
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
442.9
|
497.5
|
319.4
|
369.7
|
-
|
|
Cellular Phone Subscribers ( Million )
|
23.3
|
25.1
|
30.1
|
32.8
|
-
|
|
Tourist Arrival ( Million Persons )
|
20.9
|
21.5
|
23.6
|
24.0
|
25.0
|
|
Hotel Occupancy Rate ( % )
|
70
|
68
|
58
|
63
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
20.1
|
17.1
|
12.8
|
15.1
|
-
|
|
Bad Cheque Offenders (No.)
|
30,004
|
34,834
|
-
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
13,238
|
13,907
|
-
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
<2.6>
|
5.1
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.1
|
3.6
|
0.4
|
3.4
|
4.5
|
|
Palm Oil
|
<0.6>
|
7.0
|
<1.1>
|
1.3
|
-
|
|
Rubber
|
1.0
|
<1.1>
|
<19.8>
|
9.9
|
-
|
|
Forestry & Logging
|
2.8
|
<1.5>
|
<5.9>
|
<1.3>
|
-
|
|
Fishing
|
5.2
|
4.0
|
5.5
|
4.1
|
-
|
|
Other Agriculture
|
7.0
|
5.9
|
9.0
|
6.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
487.3
|
393.0
|
413.7
|
508.4
|
-
|
|
% of Industry Non-Performing Loans
|
1.1
|
<2.0>
|
1.3
|
2.1
|
-
|
|
|
|
|
|
|
|
|
Mining
|
3.3
|
<0.8>
|
<3.8>
|
1.0
|
2.9
|
|
Oil & Gas
|
2.2
|
12.7
|
2.1
|
4.9
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
42.2
|
36.0
|
44.2
|
49.7
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
3.1
|
1.3
|
<9.4>
|
10.8
|
6.7
|
|
Exported-oriented Industries
|
<1.9>
|
2.7
|
<19.0>
|
12.1
|
-
|
|
Electrical & Electronics
|
3.0
|
2.4
|
<30.3>
|
27.4
|
-
|
|
Rubber Products
|
8.0
|
4.2
|
<10.1>
|
25.3
|
-
|
|
Wood Products
|
3.3
|
<6.0>
|
<24.1>
|
19.7
|
-
|
|
Textiles & Apparel
|
<10.1>
|
1.9
|
<19.5>
|
<1.3>
|
-
|
|
Domestic-oriented Industries
|
5.3
|
9.9
|
<9.8>
|
16.3
|
-
|
|
Food, Beverages & Tobacco
|
5.6
|
9.5
|
0.2
|
3.0
|
-
|
|
Chemical & Chemical Products
|
9.2
|
1.4
|
<7.7>
|
20.4
|
-
|
|
Plastic Products
|
<3.6>
|
6.5
|
<9.1>
|
2.4
|
-
|
|
Iron & Steel
|
17.5
|
16.8
|
<32.7>
|
30.0
|
-
|
|
Fabricated Metal Products
|
26.2
|
14.7
|
<2.5>
|
14.9
|
-
|
|
Non-metallic Mineral
|
6.6
|
8.3
|
<15.5>
|
20.2
|
-
|
|
Transport Equipment
|
<19.0>
|
27.1
|
<13.5>
|
36.5
|
-
|
|
Paper & Paper Products
|
14.9
|
8.6
|
<5.0>
|
20.5
|
-
|
|
Crude Oil Refineries
|
8.6
|
7.8
|
0.2
|
<11.4>
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,366.2
|
5,729.4
|
6,007.3
|
6,217.5
|
-
|
|
% of Industry Non-Performing Loans
|
14.1
|
16.8
|
18.3
|
23.8
|
-
|
|
|
|
|
|
|
|
|
Construction
|
4.6
|
2.1
|
5.8
|
4.9
|
4.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,116.7
|
4,149.8
|
3,241.8
|
4,038.5
|
-
|
|
% of Industry Non-Performing Loans
|
11.3
|
12.2
|
9.9
|
10.7
|
-
|
|
|
|
|
|
|
|
|
Services
|
9.7
|
7.3
|
2.6
|
6.5
|
5.3
|
|
Electric, Gas & Water
|
4.6
|
5.0
|
0.4
|
8.5
|
5.6
|
|
Transport, Storage & Communication
|
7.60
|
7.80
|
1.60
|
7.15
|
7.55
|
|
Wholesale, Retail, Hotel & Restaurant
|
11.6
|
10.0
|
2.8
|
4.7
|
5.2
|
|
Finance, Insurance & Real Estate
|
10.7
|
9.2
|
3.8
|
6.0
|
5.2
|
|
Government Services
|
4.6
|
8.6
|
2.0
|
6.7
|
1.9
|
|
Other Services
|
5.0
|
5.9
|
4.4
|
4.2
|
5.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
10,207.8
|
8,281.4
|
6,631.3
|
7,384.6
|
-
|
|
% of Industry Non-Performing Loans
|
22.6
|
24.3
|
20.2
|
25.7
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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
|
|
|
|
|
|
|
Inventory levels and the La Nina weather patterns will determine the price
of palm oil, which hit a 30-month high on 13 December 2010 while Crude palm
oil (CPO) for February delivery rose RM89 to close at RM3,722. The prices
expect to be firm over the next few months on sustained demand due to
end-year festivities and the coming Chinese New Year holidays despite
Malaysian plantations going into a production down-cycle after hitting a
peak in October.
|
|
Inventory in November 2010, which stood at 1.63 million tonnes, was 15.4%
lower than a year ago. Besides, wetter weather conditions going into the
first quarter of 2011 as a result of the La Nina weather patterns could
still affect the planting season and therefore prices going forward.
|
|
The CPO prices to be firm over the next few months on sustained demand due
to end-year festivities and will hover around the RM3,000 to RM3,500 levels
by the middle of year 2011.
|
|
According to the Malaysian Palm Oil Board, CPO production in November, at
1.45 million tonnes, was 8.6% lower than a year ago and 10.8% down from
October, where there was a recovery despite the weather conditions, while
year-to-date, it was 1.8% weaker than last year. While exports registered a
slight 0.1% decline from a year ago, it recovered on a month-on-month basis
and year-to-date, was up 4.8% compared to the same period in year 2009.
|
|
Inventories would depend on demand and the weather. The weather conditions
would be like six months down the road but the current weather conditions
were not normal. It's not normal to see the flooding that we've seen in the
northern part of the peninsula or the extreme cold conditions in Europe.
|
|
In a report that the November data was the worst November performance since
2005. While investors should watch out for softening prices starting from
mid-2011, there is no any urgency to underweight the sector at this point
in time as palm oil price should remain relatively firm given that the
supply tightness will persist in the next few months.
|
|
The house's average CPO price expectation of RM2,700 per tonne for next
year on expectations of a potential bumper harvest in the second-half while
for 2010, the CPO price was on track to hit an average price of RM2,700.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 1995 as a private limited company, the SC is principally
engaged in processing crude palm oil. Having been in the industry for over
a decade and backed by its its well-established holding company, the SC has
achieved a certain market share and has built up a good reputation in the
market. With a large issued and paid up capital of RM202 million, the SC is
allowed to expand its business comfortably. With these favourable
conditions, the SC has minimised its risk in the industry compared to other
players.
|
|
Its good reputation built up over the years has given the SC an edge when
competing in the industry. In order to further grow the business, the SC
has ventured into the overseas markets. The SC's receptiveness towards
globalization has led to its growth and sales to Middle East, China, India
and Pakistan. Such wide market coverage has minimised its business risk and
its future growth prospect remains bright. Beside, the SC has been
accredited with several awards in the past few years and we believe that
these awards have enabled the SC to compete better other rivals in the same
field. The Group is expanding its business and this is well proven by the
increasing number of employees to 18,000. The Group's management structure
is well organised and its management capability is regarded as good.
|
|
As at 2009, the SC has reported total turnover and pre-tax profit of RM7.7
billion and RM359.06 million respectively. Return on shareholders' funds of
the SC was at an acceptable range which indicated that the management was
efficient in utilising its funds to generate income. The SC was in good
liquidity position with its current liabilities well covered by its current
assets. Hence, it has sufficient working capital to meet its short term
financial obligations. A low liabilities ratio has minimised the SC's financial
risk. Furthermore, given a positive net worth standing at RM1.69 billion,
the SC should be able to maintain its business in the near terms.
|
|
The SC might be exposed to the forex risk as some of its raw materials are
sourced from overseas suppliers. With its long presence in the market, it
should have developed a strong supplier. Thus, it eliminates the risk of
dependency on deliveries from a number of key suppliers and insufficient
quantities of its raw materials.
|
|
Based on the historical financial data, we concluded that the SC's payment
habit is prompt. The SC had a favourable creditors' ratio as evidenced by
its favourable collection days.
|
|
This industry shows an upward trend and this trend is very likely to
sustain in the near future. Nonetheless, the SC is still faces competition
from local and foreign players in the industry. With the SC's favourable
conditions, it should have acquired competitive edge from its competitors.
|
|
In view of the above favourable condition, we recommend a large amount credit
be proceeded to the SC promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
FELDA PALM
INDUSTRIES SDN BHD
|
|
For The Year
Ended 31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
7,716,766,000
|
10,322,803,000
|
6,673,561,935
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
359,065,000
|
419,819,000
|
535,090,134
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
359,065,000
|
419,819,000
|
535,090,134
|
|
Taxation
|
<64,298,000>
|
<93,885,000>
|
<47,233,162>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
294,767,000
|
------------
325,934,000
|
------------
487,856,972
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
294,767,000
|
------------
325,934,000
|
------------
487,856,972
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
294,767,000
|
------------
325,934,000
|
------------
487,856,972
|
|
As previous reported
|
1,135,657,000
|
1,011,521,000
|
730,108,391
|
|
|
|
|
|
|
As restated
|
------------
1,135,657,000
|
------------
1,011,521,000
|
------------
730,108,391
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,430,424,000
|
1,337,455,000
|
1,217,965,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
<151,500,000>
|
<201,798,000>
|
<206,444,000>
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
1,278,924,000
==========
|
------------
1,135,657,000
==========
|
------------
1,011,521,363
==========
|
|
RETAINED BY: The Company
|
1,278,924,000
|
1,135,657,000
|
1,011,521,363
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
1,278,924,000
==========
|
------------
1,135,657,000
==========
|
------------
1,011,521,363
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
Term loan
|
-
|
1,305,000
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short term borrowings
|
611,000
|
5,742,000
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
611,000
==========
|
------------
7,047,000
==========
|
------------
-
==========
|
|
|
|
|
|
BALANCE SHEET
|
FELDA PALM INDUSTRIES
SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
817,854,000
|
601,360,000
|
556,438,408
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
Subsidiary companies
|
178,943,000
|
137,075,000
|
129,415,111
|
|
|
Associated companies
|
41,452,000
|
41,452,000
|
41,451,625
|
|
|
|
|
|
|
|
|
Investment properties
|
4,025,000
|
3,226,000
|
3,420,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid lease payments
|
80,015,000
|
75,947,000
|
184,933,252
|
|
Jointly controlled entity
|
510,000
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
304,945,000
|
------------
257,700,000
|
------------
359,220,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
1,122,799,000
|
------------
859,060,000
|
------------
915,658,930
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
473,404,000
|
329,015,000
|
517,891,829
|
|
|
|
|
|
|
|
|
Trade debtors
|
25,191,000
|
142,165,000
|
41,919,094
|
|
|
Other debtors, deposits & prepayments
|
16,421,000
|
21,971,000
|
4,097,853
|
|
|
Short term deposits
|
370,000,000
|
303,000,000
|
216,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from holding company
|
-
|
184,933,000
|
139,792,057
|
|
|
Amount due from subsidiary companies
|
401,081,000
|
296,658,000
|
801,867,648
|
|
|
Amount due from related companies
|
177,871,000
|
229,701,000
|
412,062,300
|
|
|
Amount due from associated company
|
42,000
|
-
|
-
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
88,425,000
|
111,977,000
|
18,319,884
|
|
|
|
|
|
|
|
|
Tax recoverable
|
36,984,000
|
-
|
5,795,469
|
|
|
Asset held for sale
|
9,240,000
|
3,000,000
|
6,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
1,598,659,000
|
------------
1,622,420,000
|
------------
2,164,246,134
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
57,164,000
|
34,532,000
|
90,302,567
|
|
|
Other creditors & accruals
|
269,808,000
|
190,063,000
|
121,357,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short term borrowings/Term loans
|
170,000,000
|
-
|
8,424,009
|
|
|
Other borrowings
|
-
|
-
|
245,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to holding companies
|
3,892,000
|
2,087,000
|
3,166,210
|
|
|
Amounts owing to subsidiary companies
|
5,125,000
|
4,507,000
|
5,214,946
|
|
|
Amounts owing to related companies
|
49,319,000
|
84,844,000
|
1,120,473,152
|
|
|
Amounts owing to associated companies
|
-
|
24,000
|
-
|
|
|
|
|
|
|
|
|
Provision for taxation
|
-
|
38,395,000
|
13,874,873
|
|
|
|
|
|
|
|
|
amount due to FELDA
|
397,973,000
|
540,964,000
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
953,281,000
|
------------
895,416,000
|
------------
1,607,813,139
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
645,378,000
|
------------
727,004,000
|
------------
556,432,995
|
|
TOTAL NET ASSETS
|
------------
1,768,177,000
==========
|
------------
1,586,064,000
==========
|
------------
1,472,091,925
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
202,000,000
|
202,000,000
|
202,000,000
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
202,000,000
|
------------
202,000,000
|
------------
202,000,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
Share premium
|
215,587,000
|
215,587,000
|
215,586,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
1,278,924,000
|
1,135,657,000
|
1,011,521,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
1,494,511,000
|
------------
1,351,244,000
|
------------
1,227,108,320
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
1,696,511,000
|
------------
1,553,244,000
|
------------
1,429,108,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
Long term loans
|
-
|
-
|
13,185,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred taxation
|
62,181,000
|
32,820,000
|
29,797,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit plan
|
9,485,000
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
71,666,000
|
------------
32,820,000
|
------------
42,983,605
|
|
|
------------
|
------------
|
------------
|
|
|
1,768,177,000
|
1,586,064,000
|
1,472,091,925
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
FELDA PALM
INDUSTRIES SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
458,425,000
|
414,977,000
|
234,319,884
|
|
|
Net Liquid Funds
|
288,425,000
|
414,977,000
|
225,895,875
|
|
|
Net Liquid Assets
|
171,974,000
|
397,989,000
|
38,541,166
|
|
|
Net Current Assets/(Liabilities)
|
645,378,000
|
727,004,000
|
556,432,995
|
|
|
Net Tangible Assets
|
1,768,177,000
|
1,586,064,000
|
1,472,091,925
|
|
|
Net Monetary Assets
|
100,308,000
|
365,169,000
|
<4,442,439>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
170,000,000
|
0
|
266,609,753
|
|
|
Total Liabilities
|
1,024,947,000
|
928,236,000
|
1,650,796,744
|
|
|
Total Assets
|
2,721,458,000
|
2,481,480,000
|
3,079,905,064
|
|
|
Net Assets
|
1,768,177,000
|
1,586,064,000
|
1,472,091,925
|
|
|
Net Assets Backing
|
1,696,511,000
|
1,553,244,000
|
1,429,108,320
|
|
|
Shareholders" Funds
|
1,696,511,000
|
1,553,244,000
|
1,429,108,320
|
|
|
Total Share Capital
|
202,000,000
|
202,000,000
|
202,000,000
|
|
|
Total Reserves
|
1,494,511,000
|
1,351,244,000
|
1,227,108,320
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.48
|
0.46
|
0.15
|
|
|
Liquid Ratio
|
1.18
|
1.44
|
1.02
|
|
|
Current Ratio
|
1.68
|
1.81
|
1.35
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
22
|
12
|
28
|
|
|
Debtors Ratio
|
1
|
5
|
2
|
|
|
Creditors Ratio
|
3
|
1
|
5
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0.10
|
0
|
0.19
|
|
|
Liabilities Ratio
|
0.60
|
0.60
|
1.16
|
|
|
Times Interest Earned Ratio
|
588.67
|
60.57
|
0
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
4.65
|
4.07
|
8.02
|
|
|
Net Profit Margin
|
3.82
|
3.16
|
7.31
|
|
|
Return On Net Assets
|
20.34
|
26.91
|
36.35
|
|
|
Return On Capital Employed
|
18.56
|
26.91
|
36.14
|
|
|
Return On Shareholders' Funds/Equity
|
17.37
|
20.98
|
34.14
|
|
|
Dividend Pay Out Ratio (Times)
|
0.51
|
0.62
|
0.42
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
11,237,000.00
|
0.00
|
|
|
|
|
|
|
|
