MIRA INFORM REPORT

 

 

Report Date :

06.05.2011

 

IDENTIFICATION DETAILS

 

Name :

FUTURE PRELUDE SDN BHD

 

 

Registered Office :

9, Jalan Bayu Tinggi 2a/Ks6, Taipan 2, Batu Unjur, 41200 Klang, Selangor

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

24.10.2005

 

 

Com. Reg. No.:

USD650,658.00

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Refining of Palm Oil And Manufacturing of Biodiesel.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD650,658.00

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXECUTIVE SUMMARY

 



 

REGISTRATION NO.

:

713598-K

COMPANY NAME

:

FUTURE PRELUDE SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

24/10/2005

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

9, JALAN BAYU TINGGI 2A/KS6, TAIPAN 2, BATU UNJUR, 41200 KLANG, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

11, JALAN SUNGAI PINANG 5/17, KSI TAMAN PERINDUSTRIAN PULAU INDAH, 42920 PELABUHAN KELANG, SELANGOR, MALAYSIA.

TEL.NO.

:

03-33267333

FAX.NO.

:

03-33267222

EMAIL

:

info@futureprelude.com.my

WEB SITE

:

www.futureprelude.com.my

CONTACT PERSON

:

SOW CHORNG YEE ( MANAGING DIRECTOR )

INDUSTRY CODE

:

15143

PRINCIPAL ACTIVITY

:

REFINING OF PALM OIL AND MANUFACTURING OF BIODIESEL

AUTHORISED CAPITAL

:

MYR 50,000,000.00 DIVIDED INTO 
ORDINARY SHARE 44,000,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 60,000,000.00 OF MYR 0.10 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 46,000,000.00 DIVIDED INTO 
ORDINARY SHARES 40,000,000 CASH OF MYR 1.00 EACH.
PREFERENCE SHARES 60,000,000 CASH OF MYR 0.10 EACH.

SALES

:

MYR 0 [2009]

NET WORTH

:

MYR 33,615,087 [2009]

STAFF STRENGTH

:

50 [2011]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

STRONG GROWTH

PROPOSED CREDIT LIMIT

:

USD650,658.00

 

 

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 of palm oil and manufacturing of biodiesel.

The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).




The major shareholder(s) of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

FAR EAST HOLDINGS BHD

SUITE 5, P O BOX 35, KOMPLEKS TERUNTUM, JALAN MAHKOTA, LEVEL 8, 25000 KUANTAN, PAHANG, MALAYSIA.

14809

46,200,000.00

PROSPER PALM OIL MILL SDN BHD

9, JALAN BAYU TINGGI 2A/KS6, TAIPAN 2, BATU UNJUR, 41200 KLANG, SELANGOR, MALAYSIA.

37206

30,800,000.00

AMANAH SAHAM MARA BHD

WISMA ASMB, 1A JALAN LUMUT, LEVEL 3 & 5, 50722 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

7240

9,000,000.00

ENUEN RESOURCES SDN BHD

48, JALAN BU 11/14, BANDAR UTAMA DAMANSARA, 47800 PETALING JAYA, SELANGOR, MALAYSIA.

759944

8,000,000.00

ENRICH GOLD CREATIONS SDN BHD

1101, BLOCK C, KELANA BUSINESS CENTRE, 97, JALAN SS7/2, 47301 PETALING JAYA, SELANGOR, MALAYSIA.

706465

6,000,000.00

 

 

 

---------------

 

 

 

100,000,000.00

 

 

 

============

+ Also Director

 

DIRECTORS

 



DIRECTOR 1

 

Name Of Subject

:

MR. TEE KIM TEE @ TEE CHING TEE

Address

:

BATU 20, JALAN TELOK DATOK, 42700 BANTING, SELANGOR, MALAYSIA.

IC / PP No

:

1496570

New IC No

:

480727-10-5379

Date of Birth

:

27/07/1948

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

22/12/2006

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MR. A KADIR BIN MD AMIN

Address

:

96, JALAN 10/142, TAMAN ORKID DESA, CHERAS, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

0020119

New IC No

:

480804-01-5423

Date of Birth

:

02/06/1947

 

 

 

Nationality

:

MALAYSIAN MALAY

Date of Appointment

:

11/06/2007

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

DATO' KAMARUDDIN BIN MOHAMMED

Address

:

126, JALAN DELIMA, TAMAN PERWIRA 1, GOMBAK, 53100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

0920595

New IC No

:

481124-06-5173

Date of Birth

:

24/11/1948

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

10/03/2006

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

MR. TEE CHENG HUA

Address

:

7, JALAN SS 26/16, 47301 PETALING JAYA, SELANGOR, MALAYSIA.

IC / PP No

:

4614917

New IC No

:

540601-10-5949

Date of Birth

:

01/06/1954

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

22/12/2006

 

 

 

 

DIRECTOR 5

 

Name Of Subject

:

MR. TAN KEH FENG

Address

:

46, JALAN SEMBILANG 2, KAWASAN TELOK PULAI, 41100 KLANG, SELANGOR, MALAYSIA.

IC / PP No

:

6775894

New IC No

:

620412-10-6627

Date of Birth

:

12/04/1962

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

17/03/2009

 

 

 

 

DIRECTOR 6

 

Name Of Subject

:

MR. SOW CHORNG YEE

Address

:

48, JALAN BU 11/14, BANDAR UTAMA DAMANSARA, 47800 PETALING JAYA, SELANGOR, MALAYSIA.

IC / PP No

:

A1865350

New IC No

:

710607-10-5949

Date of Birth

:

07/06/1971

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

26/12/2006

 

 

 

 

DIRECTOR 7

 

Name Of Subject

:

MR. TEE LIP JEN

Address

:

343, BATU 20, JALAN TELOK DATOK, 42700 BANTING, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

830525-10-5407

Date of Birth

:

25/05/1983

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

17/03/2009

Remark

:

ALT DIR TO TEE KIM TEE @ TEE CHING TEE

 

 

 

 

DIRECTOR 8

 

Name Of Subject

:

MRS. ASMIN BINTI YAHYA

Address

:

1, LORONG 1M, BANDAR INDERA MAHKOTA, 25200 KUANTAN, PAHANG, MALAYSIA.

IC / PP No

:

A1085400

New IC No

:

680803-03-5680

Date of Birth

:

03/08/1968

 

 

 

Nationality

:

MALAYSIAN MALAY

Date of Appointment

:

24/06/2010

 

 

 


MANAGEMENT

 

1)

Name of Subject

:

SOW CHORNG YEE

 

Position

:

MANAGING DIRECTOR

 

 

 

 

 

 

AUDITOR

 

 

Auditor

:

PARKER RANDALL THOMAS

Auditor' Address

:

A-37, JALAN TUN ISMAIL 2, SRI DAGANGAN 2, 25000 KUANTAN, PAHANG, MALAYSIA.

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

 

1)

Company Secretary

:

MR. PAUL IGNATIUS STANISLAUS

 

IC / PP No

:

1195610

 

New IC No

:

480731-10-5697

 

Address

:

138-H, JALAN KEMBOJA, TAMAN GEMBIRA, 41100 KLANG, SELANGOR, MALAYSIA.

 

 

 

 

 

2)

Company Secretary

:

MS. LIM KUI SUANG

 

IC / PP No

:

5619100

 

New IC No

:

580616-02-5788

 

Address

:

10, JALAN 8/24A, WANGSA MELAWATI, SETAPAK, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

 

 

3)

Company Secretary

:

MS. LIM KING HUA

 

IC / PP No

:

5647163

 

New IC No

:

581217-10-5670

 

Address

:

3 JALAN PALAS, SOUTHERN PARK, 41200 KLANG, SELANGOR, 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

Overseas

:

YES

 

 

 


CLIENTELE

 

Local

:

YES

Domestic Markets

:

MALAYSIA

Overseas

:

YES

 

 

 

Export Market

:

SOUTH AFRICA, KOREA

Credit Term

:

30 - 60 DAYS

 

 

 

 

 

 

Payment Mode

:

CHEQUES,TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

OPERATIONS

 

 

Products manufactured

:

PALM OIL AND BIODIESEL

 

 

 

Competitor(s)

:

FELDA IFFCO SDN BHD
KWANTAS OIL SDN BHD
LAM SOON (M) BHD
LAM SOON EDIBLE OILS SDN BHD
PALMAJU EDIBLE OIL SDN BHD

 

 

 

 

Total Number of Employees:

YEAR

2011

2010

 

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

50

42

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) refining of palm oil and manufacturing of biodiesel.

The SC is an integrated oleochemical company specialising in the production of several oleochemical products and biodiesel using sustainable palm oil as feedstock.

The SC produces the following products:

* Refined, Bleached and De-odorised Palm Oil (RBD PO)

* Refined, Bleached and De-odorised Palm Kernel Oil (RBD PKO)

* Palm Methyl Ester (PME or Biodiesel)

* Palm Kernel Methyl Ester (PKME)

* Glycerine (Tech Grade and Pharmaceutical Grade)

* Palm Fatty Acid Distillate (PFAD)

* Palm Kernel Fatty Acid Distillate (PKFAD)

* Palm Acid Oil (PAO)

 

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

:

0333267333

Current Telephone Number

:

03-33267333

Match

:

YES

 

 

 

Address Provided by Client

:

11, JALAN SUNGAI PINANG 5/17, KSI TAMAN PERINDUSTRIAN PULAU INDAH, 42920, PELABUHAN KELANG, SELANGOR.

Current Address

:

11, JALAN SUNGAI PINANG 5/17, KSI TAMAN PERINDUSTRIAN PULAU INDAH, 42920 PELABUHAN KELANG, SELANGOR, MALAYSIA.

Match

:

YES

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations

We contacted Ms Christine from the Human Resource Department. She provided some information on the SC.

We were informed that the SC has just started its production in July 2010.


FINANCIAL COMMENTS

 

The SC's turnover was nil during the year indicate that it was inactive. As a result, we are unable to comment on its financial performance.


Overall financial condition of the SC : N/A

 

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

15143 : Manufacture of refined 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

 

 


The SC was registered in 2005 as a private limited company. However, the SC has just started its production in July 2010. We noted that the SC is growing fast with a paid up capital of RM46 million. With a huge paid up capital, the SC is allowed to expand its business comfortably. Moreover, strongly supported by its well-established shareholders, the SC is expected to enjoy timely financial and technical support should the needs arise.


Although the SC has been in the business for a few years, it has established an extensive marketing network to support its business operation. Currently, the SC's customer's base has widen to cover South Africa and Korea. In line with the SC's global market penetration, it will likely help strengthen the SC's position in the market. Currently, the SC has a total work force of 50 employees in its operation. Overall, the management capability of the SC is average.


The SC's turnover figure was nil as it has yet to commence its business operation during the financial year ended 2009. Hence, we are unable to further comment on the SC's financial health.


Investigation revealed that the SC's raw materials are sourced from both local and overseas suppliers. Hence, the SC is subjected to currency fluctuation risk and high operating costs.


The palm oil industry continues to be attractive as government is encouraging the cultivation of palm oil areas which are suitable and will adopt sustainable agricultural practice. With the promising outlook of the industry performance, the SC business potential should be favourable. The SC however faces moderate business risk as it has to compete with many well established players in the same field.


In view of the above, we recommend credit be granted to the SC with close monitoring.

 

 

PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.

FUTURE PRELUDE SDN BHD

For The Year Ended 31-December-2009

 

 

 

 

 

 

2009

2008

2007

 

MYR

MYR

MYR

 

 

 

 

 

 

 

 

TURNOVER

0

0

0

 

==========

==========

==========

PROFIT/(LOSS) FROM OPERATIONS

<1,050,177>

<1,557,653>

<244,321>

 

 

 

 

 

------------

------------

------------

PROFIT/(LOSS) BEFORE TAXATION

<1,050,177>

<1,557,653>

<244,321>

Taxation

-

<85,120>

<28,300>


PROFIT/(LOSS) AFTER TAXATION

------------
<1,050,177>

------------
<1,642,773>

------------
<272,621>

 

 

 

 

 

 

 

 


PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

------------
<1,050,177>

------------
<1,642,773>

------------
<272,621>

 

 

 

 


PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS 
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD

------------
<1,050,177>

------------
<1,642,773>

------------
<272,621>

As previous reported

<1,919,122>

<276,349>

<3,728>

Prior year adjustment

584,386

-

-


As restated

------------
<1,334,736>

------------
<276,349>

------------
<3,728>

 

------------

------------

------------

PROFIT AVAILABLE FOR APPROPRIATIONS

<2,384,913>

<1,919,122>

<276,349>

 

 

 

 


RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD

------------
<2,384,913>
==========

------------
<1,919,122>
==========

------------
<276,349>
==========

RETAINED BY: The Company

<2,384,913>

<1,919,122>

<276,349>

 

------------
<2,384,913>
==========

------------
<1,919,122>
==========

------------
<276,349>
==========

INTEREST EXPENSE (as per notes to PL)

 

 

 

 

 

 

 

Hire purchase

3,504

-

-

 

------------
3,504
==========

------------
-
==========

------------
-
==========

 

 

 

 

 

 

BALANCE SHEET

 

 

FUTURE PRELUDE SDN BHD

As At 31-December-2009



 

 

 

 

 

2009

2008

2007

 

MYR

MYR

MYR

 

 

 

 

 

ASSET EMPLOYED:

 

 

 

FIXED ASSETS

80,222,379

41,081,248

8,689,540

 

 

 

 

 

TOTAL LONG TERM ASSETS

------------
80,222,379

------------
41,081,248

------------
8,689,540

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

Stocks

49,029

-

-

 

Other debtors, deposits & prepayments

365,435

1,391,569

629,677

 

Cash & bank balances

15,998,220

35,337,393

10,602,846

TOTAL CURRENT ASSETS


------------
16,412,684


------------
36,728,962


------------
11,232,523

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

Other creditors & accruals

2,918,198

525,000

25,470

 

Hire purchase & lease creditors

20,692

19,764

21,432

 

 

 

 

 

 

Provision for taxation

-

85,122

28,300

TOTAL CURRENT LIABILITIES

------------
2,938,890

------------
629,886

------------
75,202

NET CURRENT ASSETS/(LIABILITIES)

------------
13,473,794

------------
36,099,076

------------
11,157,321

TOTAL NET ASSETS

------------
93,696,173
==========

------------
77,180,324
==========

------------
19,846,861
==========

 

 

 

 

 

FINANCED BY:

 

 

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

Ordinary share capital

36,000,000

36,000,000

20,000,000

TOTAL SHARE CAPITAL

------------
36,000,000

------------
36,000,000

------------
20,000,000

RESERVES

 

 

 

 

Retain profit/(Accumulated loss) carried forward

<2,384,913>

<1,919,122>

<276,349>


TOTAL RESERVES

------------
<2,384,913>

------------
<1,919,122>

------------
<276,349>


SHAREHOLDERS' FUNDS/EQUITY


------------
33,615,087


------------
34,080,878


------------
19,723,651


LONG TERM & DEFERRED LIABILITIES & PROVISIONS

 

 

 

 

Hire purchase creditors

81,086

103,446

123,210

 

Redeemable Cumulative Preference Shares

60,000,000

42,996,000

-


TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS

------------
60,081,086

------------
43,099,446

------------
123,210

 

------------

------------

------------

 

93,696,173

77,180,324

19,846,861

 

==========

==========

==========

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

FUTURE PRELUDE SDN BHD

As At 31-December-2009



 

 

 

 

 

2009

2008

2007

 

MYR

MYR

MYR

 

 

 

 

 

 

 

 

 

 

TYPES OF FUNDS

 

 

 

 

Cash

15,998,220

35,337,393

10,602,846

 

Net Liquid Funds

15,998,220

35,337,393

10,602,846

 

Net Liquid Assets

13,424,765

36,099,076

11,157,321

 

Net Current Assets/(Liabilities)

13,473,794

36,099,076

11,157,321

 

Net Tangible Assets

93,696,173

77,180,324

19,846,861

 

Net Monetary Assets

<46,656,321>

<7,000,370>

11,034,111

 

 

 

 

 

BALANCE SHEET ITEMS

 

 

 

 

Total Borrowings

101,778

123,210

144,642

 

Total Liabilities

63,019,976

43,729,332

198,412

 

Total Assets

96,635,063

77,810,210

19,922,063

 

Net Assets

93,696,173

77,180,324

19,846,861

 

Net Assets Backing

33,615,087

34,080,878

19,723,651

 

Shareholders" Funds

33,615,087

34,080,878

19,723,651

 

Total Share Capital

36,000,000

36,000,000

20,000,000

 

Total Reserves

<2,384,913>

<1,919,122>

<276,349>

 

 

 

 

 

LIQUIDITY(Times)

 

 

 

 

Cash Ratio

5.44

56.10

140.99

 

Liquid Ratio

5.57

58.31

149.36

 

Current Ratio

5.58

58.31

149.36

 

 

 

 

 

WORKING CAPITAL CONTROL (Days)

 

 

 

 

Stock Ratio

0

0

0

 

Debtors Ratio

0

0

0

 

Creditors Ratio

0

0

0

 

 

 

 

 

SOLVENCY RATIOS (Times)

 

 

 

 

Gearing Ratio

0

0

0.01

 

Liabilities Ratio

1.87

1.28

0.01

 

Times Interest Earned Ratio

<298.71>

0

0

 

 

 

 

 

PERFORMANCE RATIO (%)

 

 

 

 

Operating Profit Margin

0

0

0

 

Net Profit Margin

0

0

0

 

Return On Net Assets

<1.12>

<2.02>

<1.23>

 

Return On Capital Employed

<1.12>

<2.02>

<1.23>

 

Return On Shareholders' Funds/Equity

<3.12>

<4.82>

<1.38>

 

Dividend Pay Out Ratio (Times)

0

0

0

 

 

 

 

 

NOTES TO ACCOUNTS

 

 

 

 

Contingent Liabilities

0.00

0.00

0.00

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.57

UK Pound

1

Rs.73.58

Euro

1

Rs.66.23

 

 

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.