MIRA INFORM REPORT
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Report Date : |
15.09.2011 |
IDENTIFICATION DETAILS
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Name : |
KL-KEPONG SABAH SDN. BHD. |
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Formerly Known As : |
PLANTATION MILLS SDN BHD |
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Registered Office : |
C/O Kuala Lumpur Kepong Berhad Wisma Taiko 1 Jalan S.P.Seenivasagam, Ipoh, Perak, Zip/Postal Code 30000 |
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Country : |
Malaysia |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
05.10.1978 |
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Com. Reg. No.: |
42262-A |
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Legal Form : |
Private
Limited Company Limited By Shares |
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Line of Business : |
Cultivation of oil palm & processing and marketing of oil palm products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
5,500,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Malaysia |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Identification details
Verified Address
Subject
name KL-KEPONG
(SABAH) SDN. BHD.
Business
address KDC Complex
Mile 42, Tawau-Semporna Highway
Town Tawau
Province Sabah
Zip/postal
code 91009
Country Malaysia
Tel +60
89 975111 / 975222
Fax +60
89 975445
Email kdc@klk.com.my
Website www.klk.com.my
Registered
address C/o KUALA LUMPUR KEPONG
BERHAD Wisma Taiko
1 Jalan S.P.Seenivasagam
Town Ipoh
Province Perak
Zip/postal
code 30000
Country Malaysia
Postal
address Locked
Bag No. 3
Town Tawau
Province Sabah
Zip/postal
code 91009
Country Malaysia
Summary details
Executive Summary
Date
founded or registered : 05/10/1978
Legal
form : Private
Limited Company Limited By Shares
Chief
executive : Kin
Chen Cheah
Issued
& paid up capital :
MYR 21,000,000
Sales turnover : MYR 693,963,000 (Non-consolidated 12 months, 30/09/2010)
Net income : MYR 140,148,000 (Non-consolidated 12 months, 30/09/2010)
Total fixed assets : MYR 476,094,000 (Non-consolidated 12 months, 30/09/2010)
Line of business : Cultivation of oil palm &
processing and marketing of oil palm products.
Staff employed : 400 (Subject) 25,000 (KLK Group)
Credit risk opinion
Company Analysis
Country
risk : Country
risk is minimal
Operation
trend : Operational
trend is progressing
Management
experience : Management is adequately experienced
Financial
performance : Financial
performance is good
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental records found
Payment
history : No
payment delays noted
Credit
amount suggestion : USD 5,500,000
Credit amount asked : Not described.
Comments : Larger credit can still be considered. The Subject is well positioned in the
market and the financial stability of the group is positive.
Statutory details
Registry Data
Registration date : 05/10/1978
Legal form : Private Limited Company Limited By
Shares
Registration no 42262-A
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : The Subject was established under the
name HAP PLANTATION MILLS SDN BHD and changed to current style on 05-05-1986.
Change of legal form : None reported.
Management / directors
Key Management
Name : Kin Chen Cheah
Designation : General Manager
Name : Vemalu
Designation : Mill 1 Manager
Name : Lau Dun Woei
Designation : Mill 2 Manager
Board of directors / other
appointments
Appointments
Name : Lim Kiam Chye
Designation : Director
Identification
no : 500504-04-5239
Appointment
date : 08/06/99
Address : 3 Persiaran Gopeng 9
Taman Golf
31350 Ipoh Perak Malaysia
Name : Eyu Teong Po
Designation : Director
Identification
no : 550204-03-5077
Appointment
date : 07/12/09
Address : Lot 3787 Kampung Jelatok
Tepi Sungai
17500 Tanah Merah
Kelantan
Malaysia
Name : Leong Sean Meng
Designation : Director
Identification
no : 581219-08-5319
Appointment
date : 15/07/11
Address : 9 Hala Bandar Baru Tambun 17
Desa Tambun Indah
31400 Ipoh Perak Malaysia
Name : Cheah Lee Ngo
Designation : Company Secretary
Identification
no : 531108-08-6110
Appointment
date : 23/09/09
Address : 45, Behind BP Petrol Station
Off Jln Besar
31100 Sg. Siput (U) Perak
Malaysia
Name : Yap Miow Kien
Designation : Company Secretary
Identification
no : 681220-05-5334
Appointment
date : 23/09/09
Address : 12, Lingkaran Meru Valley 1A
Lakeview Villa, Meru Valley Golf Resort
Jalan Bukit Meru
30020 Ipoh Perak Malaysia
Staff
employed : 400
(Subject) 25,000 (KLK Group)
Key Advisors
Auditors : KPMG
KPMG Tower
8 First Avenue
Bandar Utama, 47800 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Share capital
Composition
Authorized Capital : MYR 25,000,000
No of shares : 25,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 21,000,000
Paid up capital : MYR 21,000,000
ownership / shareholders
How listed : Full List
Composition
Shareholder name KUALA LUMPUR KEPONG BERHAD
Address Wisma Taiko
1 Jalan S.P.Seenivasagam
Ipoh 30000
Perak
Malaysia
No. of shares 21,000,000 Ordinary Shares
% of shares 100%
Related companies & corporate Affiliations
Structure
Name : KUALA LUMPUR KEPONG BERHAD Affiliation
type :
Parent Company
Address : Wisma Taiko
1 Jalan S.P.Seenivasagam
Ipoh 30000
Perak
Malaysia
Comments : KUALA LUMPUR KEPONG BERHAD (“KLK”), a
company
incorporated in Malaysia,
employs under its Group more than 25,000 employees worldwide. It is listed on
the Main Market of Bursa Malaysia Securities Berhad and has a market
capitalisation of approximately RM18.1 billion as at 30 September 2010. KLK is
Started as a
plantation company more than 100 years ago, plantations (oil palm and rubber)
still lead as KLK’s core business activity. The Group has a plantation land
bank of more than 250,000 hectares in
Indonesia
(Belitung, Sumatra and Kalimantan). Since the 1990s, the Group has diversify
into resource-based manufacturing (oleochemicals, derivatives and specialty
chemicals), property development and retailing (personal care products,
toiletries and foods) with a worldwide operational and retailing presence.
Name CRABTREE & EVELYN (MALAYSIA) SDN BHD
Affiliation type Sister Company
Address Level 8, Menara KLK No. 1, Jalan PJU 7/6
Mutiara Damansara
47810 Petaling Jaya Selangor Darul Ehsan Malaysia
Comments Retailing of toiletries.
Name KL-KEPONG PROPERTY DEVELOPMENT SDN. BHD.
Affiliation type Sister Company
Address Suite 1A-1, Level 1, Menara KLK No. 1, Jalan PJU 7/6
Mutiara Damansara
47810 Petaling Jaya Selangor Darul Ehsan Malaysia
Comments : Property development.
Name KL-KEPONG
OLEOMAS SDN. BHD.
Affiliation type Sister
Company
Address No.
25, Jalan Sungai Pinang 5/18
Fasa 2D, Taman Perindustrian Pulau Indah
42920 Pelabuhan Klang Selangor Darul Ehsan
Malaysia
Comments : Manufacturing of fatty alcohol and
methyl esters.
Name : PALM-OLEO (KLANG) SDN. BHD.
Affiliation type : Sister Company
Address : Lot 1, Solok Waja 3
Bukit Raja Industrial Estate
41070 Klang
Selangor Darul Ehsan
Comments : Manufacturing of oleochemicals.
Name : KSP MANUFACTURING SDN. BHD.
Affiliation type : Sister Company
Address : Lot 1245, Kundang Industrial Estate
48020 Rawang Selangor Darul Ehsan Malaysia
Comments : Manufacturing of soap noodles.
Name : KLK EMMERICH GMBH
Affiliation type : Sister Company
Address : Steintor 9
46446 Emmerich
Germany
Comments : Manufacturing of fatty.
Name : KLK BIOENERGY SDN. BHD.
Affiliation type : Sister Company
Address : No. 11, Jalan Utas 15/7
40200 Shah Alam Selangor Darul Ehsan Malaysia
Comments : Manufacturing of methyl esters.
Name : KL-KEPONG COUNTRY HOMES SDN BHD
Affiliation type : Sister Company
Address : Suite 1A-1, Level 1, Menara KLK
No. 1 Jalan PJU 7/6, Mutiara Damansara
47810 Petaling Jaya Selangor Darul Ehsan Malaysia
Comments : Property development.
Name : PALM OLEO SDN. BHD.
Affiliation type : Sister Company
Address : Lot 1245, Kundang Industrial Estate
Rawang
48020 Selangor Darul Ehsan
Malaysia
Comments : Manufacturer of fatty acid and glycerine.
Related companies and corporate affiliations comments
Other companies of the Kuala Lumpur Kepong Berhad Group
should be considered affiliates of the Subject. We are unable to list all the
associated companies within the group therefore we have enclosed an attachment
to this report
Bank & mortgages
Bank Details
Name of
bank :
HSBC Bank Malaysia Berhad
Address :
Malaysia
Account
details :
Current Account
Name of
bank :
CIMB Bank Berhad
Address :
Malaysia
Account
details :
Current Account
Name of
bank :
Malayan Banking 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
Total of Charge: 16,000,000
Date of Creation: 31-03-1982
Name of Chargee: HSBC Bank Malaysia Berhad
Charge Status: FULLY SATISFIED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
financials
Description
Source of financial statement : Commercial
Registry Filings
Financial statement date : 30/09/10
Type of accounts : Full audited
Currency :
Exchange rate : 1 USD = MYR 3.13 as of 21/09/2011
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 : |
30/09/10 |
30/09/09 |
30/09/10 |
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Length of
accounts : |
12 months |
12 months |
12 months |
|
|
693,963,000 |
567,744,000 |
7,490,626,000 |
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Gross profit : |
|
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2,183,007,000 |
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Operating profit : |
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|
1,403,702,000 |
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Profit before
tax : |
188,073,000 |
45,158,000 |
1,382,832,000 |
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Net income : |
140,148,000 |
31,207,000 |
1,067,270,000 |
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Non current
assets : |
414,418,000 |
419,725,000 |
5,768,470,000 |
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Current assets : |
61,676,000 |
53,856,000 |
3,395,061,000 |
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Inventories : |
|
|
1,287,939,000 |
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Total assets : |
476,094,000 |
473,581,000 |
9,163,531,000 |
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Current
liabilities : |
238,405,000 |
374,958,000 |
1,269,726,000 |
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Non current
liabilities : |
2,576,000 |
3,658,000 |
1,568,456,000 |
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Total
liabilities : |
240,981,000 |
378,616,000 |
2,838,182,000 |
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Share equity : |
235,113,000 |
94,965,000 |
6,325,349,000 |
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Retained earning : |
214,113,000 |
73,965,000 |
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Operation details
Main activities :
The Subject's main activities are
cultivation of oil palm & processing and marketing of oil palm products.
The Subject is
part of Kuala Lumpur Kepong Berhad (KLK), which is engaged in the business of
producing and processing palm products and natural rubber on its plantations.
The Company’s subsidiaries are engaged in the business of plantation,
manufacturing, retailing, property development and investment holding. The
Company has a plantation land bank of more than 250,000 hectares in
Purchases
Local : Yes
International : South East Asia
Sales
Local : Yes
International : Worldwide
Property & Assets
Premises : The Subject operates from premises
located at the verified
heading
address consisting of production facilities, warehouse and
administrative
office.
Branches : In addition the Subject operates from a group headquarters located at:
Wisma Taiko,
1, Jalan S. P. Seenivasagam
30000 Ipoh
Perak Darul Ridzuan
Malaysia
Tel: +60 5 2417844
Fax: +60 5 2535018
Summarized country risk
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of
Reserve of foreign exchange & gold :
US$136.3 billion as of 29 August 2011
Gross domestic product - GDP : US$ 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: 55.2%
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 : Kulaa Lumpur
Currency : Malaysia Ringgits (MYR)
Internet
users as % of total population
: 57.61%
Payment history
Purchase Term
International : L/C, Credit up to 120 days
Sales Term
Local : Prepayment, Credit up to 120 days
International : L/C, Prepayment, Credit up to 120 days
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.47.89 |
|
UK Pound |
1 |
Rs.75.31 |
|
Euro |
1 |
Rs.65.64 |
RATING EXPLANATIONS
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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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.