|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
452754-A
|
|
COMPANY NAME
|
:
|
CCM AGRICULTURE SDN BHD
|
|
FORMER NAME
|
:
|
ORINEUM CORPORATION SDN BHD (10/06/2005)
|
|
INCORPORATION DATE
|
:
|
12/11/1997
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
MENARA PNB, 201-A, JALAN TUN RAZAK, 13TH FLOOR, 50400 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT. 3121 & 3122, BLOCK 26. KEMENA LAND DISTRICT TANJUNG
KIDURONG, 97000 BINTULU, SARAWAK, MALAYSIA.
|
|
TEL.NO.
|
:
|
086-251932
|
|
FAX.NO.
|
:
|
086-251918
|
|
WEB SITE
|
:
|
www.ccm.com.my
|
|
CONTACT PERSON
|
:
|
MAHMOOD BIN YOUP ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
24120
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING & MARKETING OF FERTILIZER
|
|
AUTHORISED CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 300,000.00
DIVIDED INTO
ORDINARY SHARES 2 CASH AND 299,998 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 189,965,000 [2009]
|
|
NET WORTH
|
:
|
MYR <755,000> [2009]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
100 [2011]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
HIGH
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
NIL
|
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) manufacturing &
marketing of fertilizer.
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
|
|
CHEMICAL COMPANY OF MALAYSIA BHD
|
MENARA PNB, 201A JALAN TUN RAZAK, 13TH FLOOR, 50400 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
5136
|
300,000.00
|
|
|
|
|
---------------
|
|
|
|
|
300,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. MAHMOOD BIN YOUP
|
|
Address
|
:
|
29, JALAN SERAMBI U8/30, TAMAN BUKIT JELUTONG, 40150 SHAH ALAM,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
6867997
|
|
New IC No
|
:
|
621121-08-5955
|
|
Date of Birth
|
:
|
21/11/1962
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
01/01/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. ABD RAHMAN BIN ABDULLAH THANI
|
|
Address
|
:
|
16, JALAN BU 12/9, BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
650110-08-5311
|
|
Date of Birth
|
:
|
10/01/1965
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
30/11/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
MAHMOOD BIN YOUP
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG
|
|
Auditor' Address
|
:
|
KPMG TOWER, 8, 1FIRST AVENUE, BANDAR UTAMA, 47800 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. ROSNAH BINTI MAHAT
|
|
|
|
|
|
|
|
New IC No
|
:
|
670117-10-6320
|
|
|
Address
|
:
|
73, JALAN AU 5D/1, LEMBAH KERAMAT, 54200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MR. MOHAMMAD NAZRI BIN AB RAHIM
|
|
|
IC / PP No
|
:
|
A1113877
|
|
|
New IC No
|
:
|
681125-01-5713
|
|
|
Address
|
:
|
570, TAMAN BAHAGIA, JALAN ABDUL RAHMAN, 84000 MUAR, JOHOR, 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
|
|
Import Countries
|
:
|
ASIA
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
ANCOM BHD
CCM FERTILIZERS SDN BHD
FPM SDN BHD
IMASPRO CORPORATION BHD
MALAYSIAN NPK FERTILIZER SDN BHD
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2011
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
100
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing &
marketing of fertilizer.
The SC manufactures fertilizers for plantations and other crops.
The SC supplies the products for oil palm estates, rubber estates and others.
The SC supplies the products according to its customers' orders.
PROJECTS
No projects found in our databank
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA)database,
but no latest development was noted in our investigation.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
086-251932
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT PT 200, PERSIARAN, SELANGOR 40000 SHAH ALAN SELANGOR DARULEHAN
CITY NAME
|
|
Current Address
|
:
|
LOT. 3121 & 3122, BLOCK 26. KEMENA LAND DISTRICT TANJUNG
KIDURONG, 97000 BINTULU, SARAWAK, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the Admin Department. She provided some
information on the SC>
The address provided belongs to the SC's related company CCM Fertilizers Sdn
Bhd.
FINANCIAL COMMENTS
The financial
summary of the SC in Year 2009 showed that it was financially POOR. The SC
has generated an unfavourable return on its shareholders' funds, indicating
that the SC did not generate an acceptable amount of profits based on its
existing shareholders' funds. Due to its weak liquidity position, the SC will
be face with problems in meeting all its short term obligations if no short
term loan is obtained or additional capital injected into the SC. The SC has high
liabilities ratio and it may face financial difficulties if no additional
capital is injected.
Overall financial condition of the SC : POOR
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
|
|
24120 : Manufacture of fertilizers and nitrogen compounds
|
|
|
|
|
INDUSTRY :
|
CHEMICAL
|
|
The chemicals industry is one of Malaysia's key industries, catering not
only for its own national requirements but also exporting to a number of
countries worldwide. The Malaysian chemicals and chemical products industry
has become the second largest contributor to the manufactured exports
sector, after the electrical and electronics industry.
|
|
The chemicals industry is important in Malaysia on account of the nation's
substantial oil and gas feedstock. The Chemicals Industries Council of
Malaysia (CICM) was established in 1978 as an industry group under the
aegis of the Federation of Malaysian Manufacturers, to focus on the development
of the chemicals industry. The primary objective of the CICM was to
organise the chemicals industry in Malaysia into a cohesive group to
represent Malaysia's interest at the ASEAN Chemicals Industries Club
(ACIC).
|
|
The Malaysian chemicals industry witnessed 37% growth in domestic sales
value in 2004 and sustained solid growth up until mid-2008. It expanded
rapidly and had been forecast to reach sales figures of MYR60,816mn by
2009.
|
|
Malaysia's balance of trade for the year January to December 2008 was
MYR114,883mn. In the first five months of 2008, total trade was 11.2% up on
the same period last year. These impressive figures were short-lived
however, with significant decreases observed in the latter half of 2008 and
early 2009, due to the impact of global economic crisis. The Industrial
Production Index (IPI) in January 2009 was 20.2 % lower than it was in
January 2008, following a sharp decline of 15.9% in December 2008.
|
|
The biggest drop was witnessed by chemicals and chemical products, which
saw output contract by 29.9%. This is partly because the chemicals industry
tends to be more sensitive to the economic cycle and so fares
disproportionately badly in recessions.
|
|
Total exports are down from MYR100,115mn (US$27,858.48mn) in January-February
2008 to MYR77,856mn (US$21,662mn) in the same period of 2009. Similarly,
there has been a fall in imports, with total incoming sales falling from
MYR81,289mn (US$22,617mn) in January-February 2008 to MYR57,778mn
(US$16,705mn) in January-February 2009.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 1997 as a private limited company, the SC is
principally engaged in the manufacturing and marketing of fertilizer.
Having been in the industry for over a decade, the SC has achieved a
certain market share and has built up a satisfactory reputation in the
market. With a paid up capital of RM300,000, the SC should put more efforts
on its business to gain higher market share while competing aggressively in
the market.
|
|
At present, local market remains the SC's biggest market. It depends solely
on the sales in the domestic market to achieve profitability. Any adverse
developments in the economic environment and uncertainties in Malaysia
could materially and adversely affect the business prospects of the SC. As
such, its business risk is high compared to export oriented companies.
Besides, being a loss making company indicates that the SC faces
difficulties in the market. Currently, the SC has a total work force of 100
employees in its operation. Overall, the management capability of the SC is
average.
|
|
In year 2009, the SC has recorded a turnover of RM189.96 million and it has
suffered pre-tax losses of RM5.59 million. Due to these losses, the SC has
generated an unfavourable return on shareholders' funds indicating that the
management was inefficient in utilising its funds to generate return. The
high gearing ratio clearly implied that the SC was supported by more debt
than equity. Thus, the SC is exposed to high financial risk. The SC's
unfavourable financial performance has wiped out its shareholders' funds to
a deficit of RM755,000. Therefore, the SC as a going concern is much
dependent on its ability to generate sufficient cash flow and obtain
additional financing to meet its future obligations.
|
|
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 industry remains robust with continuing strong global demand for its
products. However, the SC does not take any advantage from this favourable
condition as it is making losses. The SC should adopt more competitive
strategies to retain its business position in the market.
|
|
In view of above and due to its red shareholders' fund, we do not recommend
any credit be granted to the SC.
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA
ACCOUNTING STANDARD.
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
CCM AGRICULTURE SDN BHD
|
|
31-December-2009
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Turnover
|
189,965,000.00
|
|
Operating Revenue
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Before Tax
|
<5,595,000.00>
|
|
|
---------------------
|
|
|
|
Profit/(Loss) After Tax
|
<4,397,000.00>
|
|
Extraordinary Item
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Attributable to Shareholders
|
<4,397,000.00>
|
|
|
---------------------
|
|
|
|
Prior Period Adjustment
|
0.00
|
|
Net Dividend
|
0.00
|
|
Transferred To/From Reserved
|
0.00
|
|
Others
|
0.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Brought Forward
|
3,342,000.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Carried Forward
|
<1,055,000.00>
|
|
|
================
|
|
|
|
BALANCE SHEET
|
|
CCM AGRICULTURE SDN BHD
|
|
31-December-2009
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Fixed Assets
|
45,603,000.00
|
|
Total Investment
|
0.00
|
|
Amount Owing By
|
0.00
|
|
Current Assets
|
20,472,000.00
|
|
Intangible Assets
|
0.00
|
|
Other Assets
|
0.00
|
|
|
---------------------
|
|
Total Assets
|
66,075,000.00
|
|
|
================
|
|
|
|
|
Working Capital
|
4,931,000.00
|
|
|
|
|
Issued Capital
|
300,000.00
|
|
Paid Up Capital
|
300,000.00
|
|
Share Premium & Reserved
|
0.00
|
|
Unappropriated Profit/(Loss)
|
<1,055,000.00>
|
|
|
---------------------
|
|
Shareholder's Fund/Equity
|
<755,000.00>
|
|
|
---------------------
|
|
|
|
Current Liabilities
|
15,541,000.00
|
|
Amount Owing To
|
0.00
|
|
Long-term and Deferred Liabilities
|
51,289,000.00
|
|
Share Application Account
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Total Equity Liability
|
66,075,000.00
|
|
|
================
|
|
|
|
|
Contingent Liabilities
|
0.00
|
|
|
|
