MIRA INFORM REPORT
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Report Date : |
04.01.2012 |
IDENTIFICATION DETAILS
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Name : |
UNITATA BERHAD |
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Registered Office : |
Jendarata Estate, Teluk Intan, Perak Darul Ridzuan, Zip/postal code 36009 |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.05.1971 |
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Com. Reg. No.: |
10769-H |
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Legal Form : |
Unlisted Public Company Limited By Shares |
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Line of Business : |
Refining of palm oil, manufacturing edible oils, fats, soap products, cocoa butter substitute and trading in crude palm oil and palm kernel products |
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No. of Employees : |
130 employees (Subject); 6,995 employees (United Plantations Group) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 12,000,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
|
Off-credit |
D |
Identification details
Verified Address
Subject name : UNITATA BERHAD
Business address : Jendarata Estate
Town : Teluk Intan
Province : Perak Darul Ridzuan
Zip/postal code : 36009
Country : Malaysia
Tel : +60 5 6411511
Fax : +60 5 6411760
Email : unitata@tm.net.my
Website : www.unitedplantations.com
Registered address : Jendarata Estate
Town : Teluk Intan
Province : Perak Darul Ridzuan
Zip/postal code : 36009
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 27/05/1971
Legal form : Unlisted Public Company Limited By Shares
Chief executive : Dato’ Carl Bek-Nielsen
Issued & paid up capital : MYR 39,000,000
Sales turnover : MYR 526,056,632 (Non-consolidated 12 months, 31/12/2010)
Net income : MYR 16,200,716 (Non-consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 230,491,931 (Non-consolidated 12 months, 31/12/2010)
Line of business : Refining of palm oil, manufacturing edible oils, fats, soap products, cocoa
butter substitute and trading in crude palm oil and palm kernel products.
Staff employed : 130 employees (Subject); 6,995 employees (United Plantations Group)
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is booming
Management experience : Management is adequately experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is consistent
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 12,000,000
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 : 27/05/1971
Legal form : Unlisted Public Company Limited By
Shares
Registration no 10769-H
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal form : The Subject changed its legal form from
a Private Company Limited By Shares to a Unlisted Public Company Limited By
Shares on 27-11-1979.
Management / directors
Key Management
Name : Dato’ Carl Bek-Nielsen
Designation : Managing Director
Name : Kerk Choon Keng
Designation : Group Manager, Commerce
Name : Jugdev Singh Dhillon
Designation : Plant Manager
Name : Dr. Premakumari Nair
Designation : Chief Research & Quality Controller
Board of directors / other
appointments
Appointments
Name : Dato’ Carl Bek-Nielsen
Designation : Director
Identification
no : 730310-10-5751
Appointment
date : 23/06/01
Address : C/o UNITATA BERHAD Jendarata Estate
36009 Teluk
Intan Perak Darul Ridzuan Malaysia
Biography : Dato’
Carl Bek-Nielsen, Vice Chairman, born in 1973, is a Danish citizen with a Permanent
Resident status in Malaysia. He is the
Executive Director (Corporate Affairs) of United Plantations Berhad and
Director In-Charge of Unitata Berhad.
Graduated with
a B.Sc. degree in Agricultural Science from the Royal Veterinary and
Agricultural University of Denmark in
1997. He also holds a Malaysian Private Pilot License.
Started his
career with the Company in 1993 as a Cadet Planter which included a stint in
United International Enterprises (M) Sdn. Bhd.
Left Malaysia in 1994 to pursue his tertiary education in Denmark and
upon successful completion of his university education in 1998 he returned to
resume his career as a Corporate Affairs Officer with the Company. Promoted to
his present position of Executive Director (Corporate Affairs) on 1 March 2000,
appointed Vice Chairman on 8 March 2002 and Director In-Charge of Unitata Berhad, a subsidiary of the
Company on 9 November 2004.
He was first
appointed director of the Company on 1 January 2000. Dato’ Carl Bek-Nielsen is
the Chairman of United International Enterprises Limited (UIEL), a public
listed company on the NASDAQ OMX Copenhagen A/S and Vice Chairman of Aarhus
Karlshamn AB (AAK), a public listed company on the NASDAQ OMX Stockholm AB.
In 2008, he was
conferred the Darjah Dato’ Paduka Mahkota Perak (DPMP) which carries the title “ Dato’ ” by Duli
Yang Maha Mulia Paduka Seri, Sultan Perak Darul Ridzuan, Sultan Azlan
Muhibbuddin Shah Ibni Almarhum Sultan Yussuf Izzuddin Shah Ghafarullahu-Lah.
He is a Council
Member of MPOA and MPOC and Chairman of the Main R&D Committee of the MPOA.
He is also the Chairman of the MPOC Regional Marketing Committee for Europe.
Dato’ Carl Bek-Nielsen is currently serving as a member of the Programme Advisory
Committee to the Malaysian Palm Oil Board (MPOB).
He is brother of Mr. Martin Bek-Nielsen, Executive Director
(Finance and Marketing) and a Board representative of the Company’s two major
shareholders, UIEL and Maximum Vista Sdn. Bhd.
Name : Martin
Lauge Bek-Nielsen
Designation : Director
Identification no : 750502-86-5059
Appointment date : 06/12/04
Address : C/o UNITATA BERHAD Jendarata Estate
36009 Teluk
Intan Perak Darul Ridzuan Malaysia
Biography : Mr.
Martin Bek-Nielsen, born in 1975, is a Danish citizen with a Permanent Resident
status in Malaysia. He is Executive Director (Finance and Marketing) of United
Plantations Berhad and Commercial Director, Unitata Berhad.
Graduated from the Royal Danish Agricultural University of
Copenhagen in 1999 with a B.Sc. degree in Agricultural
Economics.
Received his
initial training in 1994 as a Cadet Planter in United Plantations Berhad and
thereafter in United International Enterprises (M) Sdn. Bhd (UIEM). Left
Malaysia in 1995 to pursue his tertiary education in Denmark and after his
graduation in 1999 he returned to Malaysia to take up the position of Corporate
Affairs Officer. In 2001 he was appointed to the position of Executive Director
and on 20
February 2003
was promoted to his current position of Executive Director (Finance and
Marketing). On 9 November 2004 he was appointed Commercial Director of Unitata
Berhad, a subsidiary company of United Plantations Berhad.
During the
period 1995 – 1996 he was in the National Service of Denmark under the sole
pure armoured regiment of the Danish Army, “Jutish Dragon Regiment”.
He was first
appointed to the Board on 29 August 2000. Mr. Martin Bek-Nielsen is Deputy
Chairman of United International Enterprises Limited (UIEL), a public listed
company on the NASDAQ OMX Copenhagen A/S and a Director of AarhusKarlshamn AB
(AAK), a public listed company on the NASDAQ OMX Stockholm AB.
Currently he is the Chairman of the Malaysian Palm Oil
Association
(MPOA) Working Committee-Marketing and Promotion.
He is the
brother of Dato’ Carl Bek-Nielsen, Vice Chairman and Executive Director
(Corporate Affairs) and is a Board representative of the Company’s two major
shareholders, UIEL and Maximum Vista Sdn. Bhd.
Name : Ganapathy A/L Appalanaidu
Designation : Company Secretary
Identification no : 550817-10-5971
Appointment date : 20/07/05
Address : C/o UNITATA BERHAD Jendarata Estate 36009 Teluk Intan Perak Darul Ridzuan
Malaysia
Staff employed : 130
employees (Subject); 6,995 employees (United Plantations Group)
Key Advisors
Auditors : ERNST
& YOUNG
Level 23A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
Kuala Lumpur 50490
Malaysia
Share capital
Composition
Authorized Capital :
MYR 200,000,000
No of shares : 199,000,000 Ordinary Shares /
100,000,000 Redeemable Cumulative Convertible
Preference Shares
Share par value : MYR 1 for Ordinary Share / MYR 0.01 for
Redeemable Cumulative Convertible
Preference Shares
Issued capital : MYR 39,000,000
Paid up capital : MYR 39,000,000
Changed in capital : The Subject increased its share capital
from MYR 100,000,000 to MYR
200,000,000 on 02-04-2011.
ownership / shareholders
How listed : Full List
Composition
Shareholder name : UNITED PLANTATIONS BERHAD
Address : Jendarata Estate 36009 Teluk Intan Perak Darul Ridzuan Malaysia
No. of shares : 38,000,000 Ordinary Shares / 100,000,000 Redeemable Cumulative Convertible
Preference Shares
% of shares : 100%
Related companies & corporate Affiliations
Structure
Name : UNITED PLANTATIONS BERHAD
Affiliation type : Parent Company
Address : Jendarata Estate, 36009 Teluk Intan Perak Darul Ridzuan Malaysia
Comments : United Plantations Berhad, together
with its subsidiaries, engages in the cultivation and processing of oil palm
and coconut on its plantations. It refines palm oil; manufactures edible oils,
fats, soap products, and cocoa butter substitutes; trades crude palm oil and
palm kernel products; and sells fruit bunches, coconuts, and bananas. The
company also engages in the shipping, forwarding, handling, and storage of
vegetable oil and molasses; and provision of management services. It operates
primarily in Malaysia, Indonesia, Europe, and the United States. The company
was founded in 1906 and is headquartered in Teluk Intan, Malaysia.
The company is
listed on the Bursa Malaysia Securities Berhad and Nasdaq OMX Copenhagen A/S.
Name : PT. SURYA SAWIT SEJATI
Affiliation type : Sister Company
Address : Indonesia
Comments : Oil palm cultivation and processing in Indonesia.
Name : PT. SAWIT SEBERANG SEBERANG
Affiliation type : Sister Company
Address : Indonesia
Comments : Oil palm cultivation.
Name : BERTA SERVICES SDN. BHD.
Affiliation type : Sister Company
Address : LG Lot 8, Hotel Equatorial
Jalan Sultan Ismail
50250 Kuala Lumpur
Malaysia
Comments : Investment holding company.
Name :
BERNAM ADVISORY SERVICES SDN. BHD.
Affiliation type : Sister
Company
Address : LG Lot 8, Hotel Equatorial
Jalan Sultan Ismail
50250 Kuala Lumpur
Malaysia
Comments : Investment holding company.
Name :
BUTTERWORTH BULKING INSTALLATION SDN.
BHD.
Affiliation type : Sister Company
Address : 4536 Deep Water Wharf, 12100
Butterworth Pulau Pinang Malaysia
Comments : Handling, storage, shipping and forwarding of vegetable oil and molasses.
Name : BERNAM BAKERY SDN. BHD. Affiliation type : Associate
Address : Jendarata Estate 36009 Teluk Intan, Perak Darul Ridzuan, Malaysia
Name : BERNAM AGENCIES SDN. BHD.
Affiliation type : Sister Company
Address : 4536 Deep Water Wharf, 12100 Butterworth Pulau Pinang Malaysia
Comments : Investment holding company.
Name : UNITED INTERNATIONAL ENTERPRISES (M) SDN. BHD.
Affiliation type : Sister Company
Address : Malaysia
Comments : Dormant company.
Name : KAPAL BERNAM SDN. BHD.
Affiliation type : Sister Company
Address : Malaysia
Comments : Dormant company.
Related companies
and corporate affiliations comments
Other companies of the United Plantations Group should be considered affiliates of the Subject.
Bank & mortgages
Bank Details
Name of
bank :
Standard Chartered Bank Malaysia Berhad
Address :
Malaysia
Account
details :
Current Account
Name of
bank :
Maybank Berhad
Address :
Malaysia
Account
details :
Current Account
Name of
bank :
HSBC Bank Malaysia Berhad
Address :
Malaysia
Account
details :
Current Account
Comments : It is generally not the policy of local
banks to provide credit status information to non related parties, however
interested parties would be advised to consult first with the Subject if banker's
references are required.
Mortgages: None
reported.
Legal Fillings
Bankruptcy fillings :
None reported.
Court judgements :
None reported.
Tax liens : None reported.
Others :
None reported.
financial data
Description
Source of financial statement : Commercial
Registry Filings
Financial statement date : 31/12/10
Type of accounts : Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.16 as of 02-01-2012
Summarized Financial Information
Consolidation type : Non Consolidated Non
Consolidated Group Consolidated
Currency : Malaysia, Ringgit (MYR) Malaysia, Ringgit (MYR) Malaysia,
Ringgit
(MYR)
Denomination : (x1) One (x1)
One (x1) One
Date
of financial year end : 31/12/10 31/12/09 31/12/10
|
Length of
accounts : |
12 months |
12 months |
12 months |
|
Sale turnover /
Income : |
526,056,632 |
271,322,593 |
969,163,000 |
|
Operating profit : |
16,531,376 |
894,720 |
338,492,000 |
|
Profit before
tax : |
16,200,716 |
1,243,446 |
349,460,000 |
|
Net income : |
16,200,716 |
1,243,446 |
264,707,000 |
|
Non current
assets : |
108,502,393 |
96,172,468 |
1,269,813,000 |
|
Current assets : |
121,989,538 |
135,229,201 |
736,347,000 |
|
Inventories : |
63,109,741 |
82,604,977 |
140,220,000 |
|
Total assets : |
230,491,931 |
231,401,669 |
2,006,160,000 |
|
Current
liabilities : |
121,744,514 |
139,318,197 |
157,618,000 |
|
Non current
liabilities : |
1,573,488 |
1,110,259 |
75,968,000 |
|
Total
liabilities : |
123,318,002 |
140,428,456 |
233,586,000 |
|
Share equity : |
107,173,929 |
90,973,213 |
1,772,574,000 |
|
Retained earning : |
68,149,780 |
51,949,064 |
1,563,935,000 |
Comments : The non-consolidated financial
information above relates to the
Subject
only.
The group’s consolidated
financial information above relates to the Subject’s Parent / Ultimate Holding
Company United Plantations Berhad and all its subsidiaries which include the
Subject.
Operation details
Main activities : The Subject is engaged in refining of
palm oil, manufacturing
edible
oils, fats, soap products, cocoa butter substitute and trading
in
crude palm oil and palm kernel products.
The Subject has
an integrated refinery complex based in Jendarata Estate, Teluk Intan, Perak,
Malaysia.
The Subject was incorporated in 1971 and commencing
production in
1974, subject is a pioneer in the Malaysian palm oil
refining community.
Initially
started as a bulk producer of vegetable fats and soap products, the Subject
have evolved into a premium producer of specialty fats in collaboration with
business partner, Aarhuskarlshamn (AAK), the world´s leading supplier of
speciality oils and fats.
The Subject is
a wholly owned subsidiary of United Plantations Berhad, a listed company on the
Bursa Malaysia Securities Berhad and Nasdaq OMX Copenhagen A/S and whose core
business is palm oil production and processing of its products.
United Plantations Berhad, together
with its subsidiaries, engages in the cultivation and processing of oil palm
and coconut on its plantations. It refines palm oil; manufactures edible oils,
fats, soap products, and cocoa butter substitutes; trades crude palm oil and
palm kernel products; and sells fruit bunches, coconuts, and bananas. The
company also engages in the shipping, forwarding, handling, and storage of
vegetable oil and molasses; and provision of management services. It operates
primarily in Malaysia, Indonesia, Europe, and the United States
Product & services : Crude Palm oil and palm oil products
Edible Fats
- Cocoa Butter Alternatives
- Fats for Filling
- Fats for Coating
- Fats for Bakery Products
- Vegetable Oil for Margarine
- Nutrolein Golden Palm Oil
- Salad Oils
- Refined Palm Oil Products
- NBD Palm Oil/Olein/Stearin/NBD PMF
- Palm/Palm Kernel Acid Oil
- NBD Palm Kernel Oil/Stearin/Olein
Soap Products and Glycerine
- Soap Noodles
- Finished Soaps
- Glycerine
Purchases
Local : Yes
International : Asia countries
Sales
Local : Yes
International : Worldwide
Key events : United Plantations Berhad Announces
Ownership Interest Of Employees
Provident Fund Board Thursday, 22 Sep 2011
United
Plantations Berhad announced that Employees Provident Fund Board has an
interest of 401,800 (units), representing 0.1900% of the total shares in the
Company. Earlier, Employees Provident Fund Board had 11.3800% of interest in
the Company.
United Plantations Berhad Announces Ownership Interest Of
Employees
Provident Fund Board
Thursday, 8 Sep 2011
United
Plantations Berhad announced that Employees Provident Fund Board has an
interest of 23,693,698 (units), representing 11.3800% of the total shares in
the Company. Earlier, Employees Provident Fund Board had
0.6300% interest in the Company.
United Plantations Berhad Announces Ownership Interest Of
Employees
Provident Fund Board
Monday, 22 Aug 2011
United Plantations Berhad announced that Employees Provident
Fund
Board has an interest of 1,311,700 (units), representing 0.6300%
of the
total shares in the Company. Earlier, Employees Provident
Fund Board had 12.3220% interest in the Company.
United Plantations Berhad Announces Ownership Interest Of
Mitsubishi
UFJ Financial Group, Inc
Wednesday, 3 Mar 2010
United
Plantations Berhad announced that Mitsubishi UFJ Financial Group, Inc (MUFG)
has an interest of 11112300 (units), representing 5.34% of shares in the
Company.
United Plantations Berhad Announces Ownership Interest Of
Employees
Provident Fund Board
Friday, 12 Feb 2010
United
Plantations Berhad announced that Employees Provident Fund Board has an
interest of 685900 (units), representing 12.322% of shares in the Company.
Earlier Employees Provident Fund Board had 0.33% of shares in the Company.
Property & Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of a integrated refinery
complex and administrative office.
Branches : None reported.
Other property : Total NBV of property, plant and
equipment as of 31-12-2010 was MYR
106,473,874.
Summarized country risk
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange
& gold : US$ 135.0 billion as of 15 December
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 2008 : 3.3 %
2009 : 3.6 %
2010: 3.3 %
Public debt
(General Government gross
debt as a % GDP) 2008:
42.8 %
2009: 55.4 %
2010: 54.2%
Government bond
ratings Standard
& Poor's: A-/Stable/A-2
Moody's rating: A3
Moody's outlook: STA
Market value of publicly traded shares US$ 420 billion
Largest
companies in the country : CIMB Group Holdings (Banking), Sime
Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga
Nasional(Utilities), Petronas Chemicals, Maxis Berhad
Trade & Competitiveness Overview
Total exports US$210.3
billion
Exports commodities electronic
equipment, petroleum and liquefied natural gas, wood and
wood products, palm oil, rubber, textiles,
chemicals
Total imports US$156.2
billion
Imports commodities electronics,
machinery, petroleum products, plastics, vehicles, iron and
steel products, chemicals
Export - major
partners US
15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%,
HongKong 4.6%
Import - major
partners Japan
13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%,
Thailand 5.3%, South Korea 4.9%, Germany
4.6%, Indonesia 4.2%
FDI Inflows 2007:
US$8,538 million
2008: US$7,318 million
2009: US$1,381 million
FDI Outflows 2007:
US$11,280 million
2008: US$14,988 million
2009: US$8,038 million
Best countries for
doing business 21 out of 183
countries
Global
competitiveness ranking 26
(ranking by country on a basis of 133, the first is the best)
Country and Population Overview
Total population :
28.23 million
Total area :
329,847 km2
Capital : Kuala Lumpur
Currency : Malaysia Ringgits (MYR)
Internet
users as % of total population
: 57.61%
Payment history
Purchase Term
Local : Prepayment, D/P, Credit up to 90 days
International : L/C, D/P, Credit up to 90 days
Sales Term
Local : Prepayment, D/P, Credit up to 90 days
International : L/C, D/P, Credit up to 90 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.53.23 |
|
UK Pound |
1 |
Rs.82.87 |
|
Euro |
1 |
Rs.69.13 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.