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Report Date : |
02.06.2012 |
IDENTIFICATION DETAILS
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Name : |
KL-KEPONG OLEOMAS SDN. BHD. |
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Formerly Known As : |
ELVISSA CORPORATION SDN.BHD. |
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Registered Office : |
C/o Wisma Taiko 1 Jalan S.P.Seenivasagam |
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Country : |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
22.07.2002 |
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Com. Reg. No.: |
587027-T |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Manufacturing and sales of Oleo chemicals. |
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No. of Employees : |
38,000 employees (KLK Group) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
Verified Address
Subject name : KL-KEPONG OLEOMAS SDN. BHD.
Business address :
No. 25 Jalan Sungai Pinang 5/18,
Fasa 2D
Taman Perindustrian Pulau Indah
Town : Pelabuhan Klang
Province : Selangor Darul Ehsan
Zip/postal code : 42920
Country : Malaysia
Tel : +60 3 31012633
Fax : +60 3 31013299
Website : www.klkoleo.com.my
Registered address
: C/o KUALA LUMPUR KEPONG BERHAD
Wisma Taiko
1 Jalan S.P.Seenivasagam
Town : Ipoh
Province : Perak Darul Ridzuan
Zip/postal code : 30000
Country : Malaysia
Executive Summary
Date founded or registered
: 22/07/2002
Legal form : Private Company
Limited By Shares
Chief executive : Yeow Ah Kow
Issued & paid
up capital : MYR 137,650,000
Sales turnover : MYR 1,472,238,000 (Consolidated 12
months, 30/09/2011)
Net income : MYR 57,818,000 (Consolidated
12 months, 30/09/2011)
Total fixed assets
: MYR 1,111,563,000
(Consolidated 12 months, 30/09/2011)
Line of business :
Manufacturing and
sales of oleochemicals.
Staff employed : 38,000 employees (KLK
Group)
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 very good
Organization
structure : Organizational
structure is consistent
Detrimental : No detrimental records found
Payment history : No payment delays noted
Comments : Larger credit can
still be considered. The Subject is well positioned in the market
and the financial stability of the group is positive.
Registry Data
Registration date
: 22/07/2002
Legal form : Private Company Limited By
Shares
Registration no 587027-T
Registered
authority : Companies Commission of
Malaysia
Registry status : Live/Active
Previous name : The Subject was established under
the name ELVISSA CORPORATION SDN.
BHD. and changed to the current style on 15-10-2002.
Change of legal
form : None reported.
Key Management
Name : Yeow Ah Kow
Designation : Director
Name : Khoo Ping Khean
Designation : Director
Name : Madhev A/L Bala
Subramaniam
Designation : Director
Name : Saw Lee Chyan
Designation : Director
Name : Pung Kok Hooi
Designation : Director
Appointments
Name : Khoo Ping Khean
Designation : Director
Identification no
: 530121-08-5943
Appointment date :
27/03/06
Address : 22 Jalan USJ 3/3N
Subang Jaya
47600 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Name : Yeow Ah Kow
Designation : Director
Identification no
: 540203-05-5085
Appointment date :
24/10/02
Address : 3, Jalan SS 19/3C
Subang Jaya
47500 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Name : Madhev A/L Bala
Subramaniam
Designation : Director
Identification no
: 600913-71-5115
Appointment date :
27/03/06
Address : No. 4 SS 24/9
Taman Megah
47301 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Name : Pung Kok Hooi
Designation : Director and Company Secretary
Identification no
: 660414-07-5357
Appointment date :
26/12/08
Address : No. 1, Jalan SS 24/19
Taman Megah
47301 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Name : Saw Lee Chyan
Designation : Director
Identification no
: 741108-07-5521
Appointment date :
18/04/11
Address : 30, Jalan SHB 5
Subang Heights
47500 Subang Jaya
Selangor Darul Ehsan
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 Darul Ridzuan
Malaysia
Staff employed : 38,000 employees (KLK Group)
Key Advisors
Auditors : KPMG
KPMG Tower
8 First Avenue
Bandar Utama, 47800 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Composition
Authorized Capital
: MYR 150,000,000
No of shares : 100,000,000 Ordinary Shares /
500,000,000 Preference Share
Share par value : MYR 1 for Ordinary Share / MYR 0.1
for Preference Share
Issued capital : MYR 137,650,000
Paid up capital : MYR 137,650,000
How listed : Full
List
Composition
Shareholder name :
PALM-OLEO SDN. BHD.
Address : Lot 1245, Kundang
Industrial Estate
48020 Rawang
Selangor Darul Ehsan
Malaysia
No. of shares : 95,300,000 Ordinary Shares
Shareholder name :
KL-KEPONG INDUSTRIAL HOLDINGS
SDN.BHD.
Address : Level 8, Menara KLK,
No. 1, Jalan PJU 7/6
Mutiara Damansara
47810 Petaling Jaya
Selangor Darul Ehsan
Malaysia
No. of shares : 188,250,000 Preference Shares /
2,350,000 Ordinary Shares
Shareholder name :
KUALA LUMPUR KEPONG BERHAD
Address : Wisma Taiko
1 Jalan S.P.Seenivasagam
Ipoh 30000
Perak
Malaysia
No. of shares : 188,250,000 Preference Shares /
2,350,000 Ordinary Shares
Structure
Name : KUALA LUMPUR KEPONG
BERHAD
Affiliation type :
Ultimate Holding 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 38,000 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
Malaysia’s third-largest palm oil producer.
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 Malaysia (Peninsular and
Sabah) and
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 : KL-KEPONG INDUSTRIAL
HOLDINGS SDN.BHD.
Affiliation type :
Shareholder
Address : Level 8, Menara KLK,
No. 1, Jalan PJU 7/6
Mutiara Damansara
47810 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Comments : Investment holding. The company
is 100% owned by KUALA LUMPUR KEPONG
BERHAD.
Name : PALM-OLEO SDN. BHD.
Affiliation type :
Shareholder
Address : Lot 1245, Kundang
Industrial Estate
48020 Rawang
Selangor Darul Ehsan
Malaysia
Comments : Manufacturer of fatty acid and
glycerine. The company is 80% owned by KUALA
LUMPUR KEPONG BERHAD.
Name : KLK BIOENERGY SDN BHD
Affiliation type :
Wholly-owned Subsidiary
Address : 11 Jalan Utas 15/7
40200 Shah Alam
Selangor Darul Ehsan
Malaysia
Comments : Manufacturing of methyl esters.
Name : PALM-OLEO (KLANG) SDN.
BHD.
Affiliation type :
Sister Company
Address : Lot 1, Solok Waja 3
Bukit Raja Industrial Estate
P.O. Box 83
41070 Klang
Selangor Darul Ehsan
Malaysia
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 : 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 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 : 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.
Related companies
and corporate
affiliations
comments: Other companies of the Kuala
Lumpur Kepong Berhad Group should be
considered affiliates of the Subject.
Bank Details
Name of bank : HSBC Bank Malaysia Berhad
Address : Malaysia
Account details : Current Account
Name of bank : Malayan Banking Berhad (Maybank)
Address : Malaysia
Account details : Current Account
Name of bank : CIMB Bank 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.
Description
Source of
financial statement : Commercial
Registry Filings
Financial
statement date : 30/09/11
Type of accounts :
Full audited
Currency : Malaysia,
Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.17 as of
31-05-2012
Summarized Financial Information
Consolidation type
: Consolidated 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 : 30/09/11 30/09/10 30/09/11
Length of accounts
: 12 months 12 months 12 months
Sale turnover /
Income : 1,472,238,000 697,036,000
10,743,252,000
Gross profit : 3,001,494,000
Operating profit :
2,112,670,000
Profit before tax
: 58,446,000 40,845,000 2,066,205,000
Net income : 57,818,000 40,845,000 1,645,531,000
Non current assets
: 517,621,000 471,884,000 6,192,383,000
Current assets : 593,942,000 356,345,000 4,777,475,000
Inventories : 1,673,013,000
Total assets : 1,111,563,000 828,229,000 10,969,858,000
Current
liabilities :
462,007,000 253,174,000 2,507,542,000
Non current liabilities
: 20,909,000 0.00 996,245,000
Total liabilities
: 482,916,000 253,174,000 3,503,787,000
Share equity : 628,647,000 575,055,000 7,466,071,000
Comments : The consolidated
financial information above relates to the Subject and its
subsidiary Klk Bioenergy Sdn Bhd.
The group’s consolidated financial information above relates to the
Subject’s
Parent Company Kuala Lumpur Kepong Berhad and all its subsidiaries which
include the Subject.
Main activities : The
Subject engages in manufacturing and sales of oleochemicals.
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 Malaysia (Peninsular and Sabah)
and Indonesia (Belitung, Sumatera and Kalimantan). It operates in six
business segments: plantation, manufacturing, retailing, property
development, investment holding and others.
Product &
services : Oleochemicals
such as natural fatty alcohols, fatty alcohols, methyl esters,
methyl ester sulfonate etc
Brand : Palmerol®
Fatty Alcohols
Palmester™ Methyl Esters
Palmfonate™ Methyl Ester Sulfonate ("MES")
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
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central
Bank of Malaysia
Reserve of foreign
exchange & gold : US$ 136.1
billion as of 15 May 2012
Gross domestic
product - GDP : US$ 247.781
billion
GPP (Purchasing
power parity) : US$ 442.01
billion of International dollar
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: 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%, 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 : Kuala
Lumpur
Currency : Malaysia
Ringgits (MYR)
Internet users as
% of total
population: 57.61%
Purchase Term
Local :
Prepayment, D/P, D/A, Bank transfer, Credit up to 120 days
International :
L/C, D/P, D/A, Prepayment, Telegraphic transfer, Credit up to 120 days
Sales Term
Local :
Prepayment, D/P, D/A, Bank transfer, Credit up to 120 days
International :
L/C, D/P, D/A, Prepayment, Telegraphic transfer, 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.55.92 |
|
|
1 |
Rs.86.03 |
|
Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.