|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
PALM-OLEO SDN BHD |
|
|
|
|
Registered Office : |
Wisma Taiko, 1 Jalan S P Seenivasagam, 30000 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
23.08.1989 |
|
|
|
|
Com. Reg. No.: |
185886-V |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing Of Fatty Acid Products |
|
|
|
|
No. of Employees : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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 of fatty acid products. The SC is not listed on
The immediate holding company of the SC is KL-KEPONG INDUSTRIAL
HOLDINGS SDN BHD, a company incorporated in The ultimate holding company of the SC is KUALA LUMPUR
KEPONG BERHAD, a company incorporated in The major shareholder(s) of
the SC are shown as follows :
+ Also Director The SC interest in other
companies (Subsidiaries/Associates) are shown as follow :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name
Of Subject |
: |
TAN
SRI LEE OI HIAN |
|
Address |
: |
55,
JALAN KELAB GOLF, 30350 |
|
IC
/ PP No |
: |
8023079 |
|
New
IC No |
: |
510207-08-5743 |
|
Date
of Birth |
: |
07/02/1951 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN
CHINESE |
|
Date
of Appointment |
: |
24/12/1990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
2
|
Name
Of Subject |
: |
MR.
GOH ENG CHOOR |
|
Address |
: |
9,
LORONG BATU NILAM 20G, BANDAR BUKIT TINGGI 2, 41200 KLANG, |
|
IC
/ PP No |
: |
5485745 |
|
New
IC No |
: |
571002-10-5199 |
|
Date
of Birth |
: |
02/10/1957 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN
CHINESE |
|
Date
of Appointment |
: |
01/10/2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
3
|
Name
Of Subject |
: |
MR.
PUNG KOK HOOI |
|
Address |
: |
1,
JALAN SS 24/19, TAMAN MEGAH, 47301 PETALING JAYA, |
|
|
|
|
|
New
IC No |
: |
660414-07-5357 |
|
Date
of Birth |
: |
14/04/1966 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN
CHINESE |
|
Date
of Appointment |
: |
26/12/2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
4
|
Name
Of Subject |
: |
DAIJI
KOJIMA |
|
Address |
: |
SHONAN
3-9-17, SUGINAMI-KU, |
|
IC
/ PP No |
: |
TH4018883 |
|
|
|
|
|
Date
of Birth |
: |
09/03/1962 |
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
5
|
Name
Of Subject |
: |
MR.
MADHEV A/L BALA SUBRAMANIAM |
|
Address |
: |
4,
SS 24/9, TAMAN MEGAH, 47301 PETALING JAYA, |
|
IC
/ PP No |
: |
8294889 |
|
New
IC No |
: |
600913-71-5115 |
|
Date
of Birth |
: |
13/09/1960 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN
INDIAN |
|
Date
of Appointment |
: |
26/12/2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
6
|
Name
Of Subject |
: |
HISASHI
ONOZUKA |
|
Address |
: |
HAMPSHIRE
RESIDENCE UNIT A-9-3, PERSIARAN HAMPSHIRE, OFF JALAN AMPANG, 50250 |
|
IC
/ PP No |
: |
MZ0643164 |
|
|
|
|
|
Date
of Birth |
: |
28/07/1962 |
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
03/12/2010 |
|
Remark |
: |
ALT
DIR TO DAIJI KOJIMA |
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
7
|
Name
Of Subject |
: |
MR.
YEOW AH KOW |
|
Address |
: |
3,
JALAN SS19/3C, SUBANG JAYA, 47500 SUBANG JAYA, |
|
IC
/ PP No |
: |
8391290 |
|
New
IC No |
: |
540203-05-5085 |
|
Date
of Birth |
: |
03/02/1954 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN
CHINESE |
|
Date
of Appointment |
: |
16/03/1998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
8
|
Name
Of Subject |
: |
TARO
MORISHITA |
|
Address |
: |
3-17-22-202
SOSHIGAYA, SETAGAYA, |
|
IC
/ PP No |
: |
TG7468476 |
|
|
|
|
|
Date
of Birth |
: |
24/11/1969 |
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
08/03/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
|
|
|
1)
|
Name
of Subject |
: |
CHOW
YANG CHUNG |
|
|
Position |
: |
GENERAL
MANAGER |
|
|
|
|
|
|
2)
|
Name
of Subject |
: |
YEOW
AH KOW |
|
|
Position |
: |
MANAGING
DIRECTOR |
|
|
|
|
|
|
3)
|
Name
of Subject |
: |
OSCAR
LEE |
|
|
Position |
: |
FINANCIAL
CONTROLLER |
|
|
|
|
|
|
4)
|
Name
of Subject |
: |
RASHIDAH
ABD JABAR |
|
|
Position |
: |
HUMAN
RESOURCE MANAGER |
|
|
|
|
|
|
5)
|
Name
of Subject |
: |
DEVA
RATHNAM |
|
|
Position |
: |
PRODUCTION
MANAGER |
|
|
|
|
|
AUDITOR
|
|
Auditor |
: |
KPMG |
|
Auditor'
Address |
: |
KPMG
TOWER 8, FIRST AVENUE, BANDAR UTAMA, LEVEL 10, 47800 PETALING JAYA,
SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
1)
|
Company
Secretary |
: |
MR.
PUNG KOK HOOI |
|
|
|
|
|
|
|
New
IC No |
: |
660414-07-5357 |
|
|
Address |
: |
1,
JALAN SS 24/19, TAMAN MEGAH, 47301 PETALING JAYA, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company
Secretary |
: |
MS.
YAP MIOW KIEN |
|
|
IC
/ PP No |
: |
A1171235 |
|
|
New
IC No |
: |
681220-05-5334 |
|
|
Address |
: |
12,
LINGKARAN MERU VALLEY 1A, LAKEVIEW VILLA, MERU VALLEY GOLF RESORT, JALAN
BUKIT MERU, 30020 IPOH, PERAK, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
THE
HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
|
|
|
|
|
|
The
SC enjoys normal banking routine with above mentioned banker(s). No adverse
record was found during our investigation. |
ENCUMBRANCE 1
|
Date
of Creation |
: |
08/11/1991 |
||
|
Description
Of Charge |
: |
DEBENTURE
|
||
|
Amount
Secured |
: |
RM31,000,000.00 |
||
|
Description
Of Property Affected |
: |
FIXED
CHARGE
|
||
|
Name
& Address Of Chargee |
: |
THE
HONGKONG & SHANGHAI BANKING CORPORATION LIMITED
|
||
|
|
|
|
||
|
|
|
|
||
|
Form
40 Dated 16/12/1991 |
||||
|
Registered
and Numbered 2 In The Register of Charges |
||||
* 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
No legal action was found in our databank.
No winding up petition was found in our databank.
* 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.
|
SOURCES
OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
60% |
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Import
Countries |
: |
|
|||
The SC refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
X |
] |
|
Good
31-60 Days |
[ |
|
] |
|
Average
61-90 Days |
[ |
|
] |
|
|
Fair
91-120 Days |
[ |
|
] |
|
Poor
>120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
Percentage |
: |
45% |
|
Domestic
Markets |
: |
|
|||
|
Overseas |
: |
YES |
Percentage |
: |
55% |
|
Export
Market |
: |
EUROPE,
|
|||
|
Credit
Term |
: |
30
- 60 DAYS |
|||
|
|
|
|
|
|
|
|
Payment
Mode |
: |
CHEQUES,TELEGRAPHIC
TRANSFER (TT),LETTER OF CREDIT (LC) |
|||
|
Type
of Customer |
: |
DEALERS |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
manufactured |
: |
|
|||||
|
|
|
|
|||||
|
Award |
: |
1
) MS ISO 9001 : 2000 Year :0
|
|||||
|
|
|
|
|||||
|
Competitor(s) |
: |
INTERCONTINENTAL
SPECIALTY FATS SDN BHD
|
|||||
|
|
|
|
|||||
|
Member(s)
/ Affiliate(s) |
: |
MALAYSIA
EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE) CHEMICAL
INDUSTRIES COUNCIL OF |
|||||
|
|
|
|
|||||
|
Ownership
of premises |
: |
OWNED
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2012 |
2011 |
2010 |
2009 |
2008 |
2007 |
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
COMPANY |
350 |
350 |
350 |
350 |
344 |
345 |
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing of fatty
acid products.
The SC's products are mainly used for soap, detergent, food emulsifier,
varnishes, paints and others.
We were informed that the SC is using latest processing technology and online
computer process system on its production site.
According to the SC, it also has a warehouse located at the same premises to
keep stocks and materials.
No projects found in our databank
Latest fresh investigations carried out on the SC
indicated that :
|
Telephone
Number Provided By Client |
: |
0360344800 |
|
Current
Telephone Number |
: |
03-60344800 |
|
Match |
: |
YES |
|
|
|
|
|
Address
Provided by Client |
: |
|
|
Current
Address |
: |
LOT
1245, KUNDANG INDUSTRIAL ESTATE, 48020 RAWANG, |
|
Match |
: |
YES |
|
|
|
|
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
On 19th September 2012 we contacted one of the staff from the SC and she
provided some information on the SC.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
57.35% |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
40.11% |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
11.85% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
14.76% |
] |
|
|
|
|
|
|
|
|
|
|
The
increase in turnover could be due to the SC adopting an aggressive
marketing strategy.The higher profit could be attributed to the increase in
turnover. The SC's management had generated acceptable return for its
shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working
Capital Control |
|
|
|
|
|
|
|
Stock
Ratio |
: |
Favourable |
[ |
53
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
20
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
4
Days |
] |
|
|
|
|
|
|
|
|
|
|
The
SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could
be due to the good credit control measures implemented by the SC. The SC
had a favourable creditors' ratio as evidenced by its favourable collection
days. The SC could be taking advantage of the cash discounts and also
wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid
Ratio |
: |
Favourable |
[ |
1.10
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
2.48
Times |
] |
|
|
|
|
|
|
|
|
|
|
A
minimum liquid ratio of 1 should be maintained by the SC in order to assure
its creditors of its ability to meet short term obligations and the SC was in
a good liquidity position. Thus, we believe the SC is able to meet all its
short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest
Cover |
: |
Favourable |
[ |
16.29
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.03
Times |
] |
|
|
|
|
|
|
|
|
|
|
The
interest cover showed that the SC was able to service the interest. The
favourable interest cover could indicate that the SC was making enough profit
to pay for the interest accrued. The SC was lowly geared thus it had a low
financial risk. The SC was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the
SC being a lowly geared company, will be able to compete better than those
companies which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
Generally,
the SC's performance has improved with higher turnover and profit. The SC
was in good liquidity position with its total current liabilities well
covered by its total current assets. With its current net assets, the SC
should be able to repay its short term obligations. With the favourable
interest cover, the SC could be able to service all the accrued interest
without facing any difficulties. The SC as a lowly geared company, will be
more secured compared to those highly geared companies. It has the ability
to meet all its long term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Overall
financial condition of the SC : FAIR |
||||||
|
Major
Economic Indicators: |
2008 |
2009 |
2010 |
2011* |
2012** |
|
|
|
|
|
|
|
|
Population
( Million) |
27.73 |
28.13 |
28.35 |
28.70 |
29.10 |
|
Gross
Domestic Products ( % ) |
4.6 |
<0.5> |
7.2 |
5.5 |
5.3 |
|
Domestic
Demand ( % ) |
6.9 |
2.9 |
6.3 |
4.8 |
7.6 |
|
Private
Expenditure ( % ) |
7.1 |
<2.7> |
8.1 |
7.0 |
8.7 |
|
Consumption
( % ) |
8.4 |
0.7 |
6.7 |
6.3 |
7.1 |
|
Investment
( % ) |
1.5 |
<17.2> |
17.7 |
16.2 |
15.9 |
|
Public
Expenditure ( % ) |
6.5 |
5.2 |
3.8 |
7.6 |
4.7 |
|
Consumption
( % ) |
11.6 |
3.1 |
0.2 |
8.9 |
3.0 |
|
Investment
( % ) |
0.7 |
8.0 |
2.8 |
0.6 |
7.0 |
|
|
|
|
|
|
|
|
Balance
of Trade ( MYR Million ) |
129,563 |
89,650 |
118,356 |
116,058 |
- |
|
Government
Finance ( MYR Million ) |
<34,462> |
<28,450> |
<40,482> |
<45,511> |
<43,021> |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
<4.8> |
<4.8> |
<5.6> |
<5.4> |
<4.7> |
|
Inflation
( % Change in Composite CPI) |
<3.3> |
<5.2> |
5.1 |
3.1 |
- |
|
Unemployment
Rate |
3.7 |
4.5 |
3.9 |
3.3 |
- |
|
|
|
|
|
|
|
|
Net
International Reserves ( MYR Billion ) |
388 |
331 |
329 |
415 |
- |
|
Average
Risk-Weighted Capital Adequacy Ratio ( % ) |
1.91 |
2.87 |
2.20 |
3.50 |
- |
|
Average
3 Months of Non-performing Loans ( % ) |
13.24 |
11.08 |
15.30 |
14.80 |
- |
|
Average
Base Lending Rate ( % ) |
6.72 |
5.53 |
6.30 |
6.60 |
- |
|
Business
Loans Disbursed( % ) |
11.6 |
10.5 |
14.7 |
15.3 |
- |
|
Foreign
Investment ( MYR Million ) |
23,261.4 |
22,156.8 |
22,517.9 |
23,546.1 |
- |
|
Consumer
Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration
of New Companies ( No. ) |
41,599 |
41,578 |
44,148 |
- |
- |
|
Registration
of New Companies ( % ) |
<4.0> |
<0.1> |
6.2 |
- |
- |
|
Liquidation
of Companies ( No. ) |
27,992 |
39,075 |
25,585 |
- |
- |
|
Liquidation
of Companies ( % ) |
23.7 |
39.6 |
<34.5> |
- |
- |
|
|
|
|
|
|
|
|
Registration
of New Business ( No. ) |
269,866 |
312,581 |
271,414 |
- |
- |
|
Registration
of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business
Dissolved ( No. ) |
18,885 |
19,345 |
19,738 |
- |
- |
|
Business
Dissolved ( % ) |
<7.6> |
2.4 |
2.0 |
- |
- |
|
|
|
|
|
|
|
|
Sales
of New Passenger Cars (' 000 Unit ) |
497.5 |
486.3 |
543.6 |
363.0 |
- |
|
Cellular
Phone Subscribers ( Million ) |
25.1 |
30.1 |
32.8 |
35.3 |
- |
|
Tourist
Arrival ( Million Persons ) |
21.5 |
23.6 |
24.6 |
25.3 |
- |
|
Hotel
Occupancy Rate ( % ) |
68.0 |
58.0 |
63.0 |
51.3 |
- |
|
|
|
|
|
|
|
|
Credit
Cards Spending ( % ) |
17.1 |
12.8 |
14.1 |
15.6 |
- |
|
Bad
Cheque Offenders (No.) |
34,834 |
36,667 |
33,568 |
27,208 |
- |
|
Individual
Bankruptcy ( No.) |
13,907 |
16,228 |
18,119 |
16,155 |
- |
|
Individual
Bankruptcy ( % ) |
5.1 |
16.7 |
11.7 |
<10.8> |
- |
|
|
|
|
|
|
|
|
INDUSTRIES
( % of Growth ): |
2008 |
2009 |
2010 |
2011* |
2012** |
|
|
|
|
|
|
|
|
Agriculture |
3.6 |
0.4 |
2.1 |
4.7 |
4.1 |
|
Palm
Oil |
7.0 |
<1.1> |
<3.4> |
7.3 |
- |
|
Rubber |
<1.1> |
<19.8> |
9.9 |
6.4 |
- |
|
Forestry
& Logging |
<1.5> |
<5.9> |
<3.3> |
<4.7> |
- |
|
Fishing |
4.0 |
5.5 |
5.6 |
2.8 |
- |
|
Other
Agriculture |
5.9 |
9.0 |
7.9 |
8.5 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
393.0 |
413.7 |
508.4 |
634.1 |
- |
|
%
of Industry Non-Performing Loans |
<2.0> |
1.3 |
2.1 |
3.2 |
- |
|
|
|
|
|
|
|
|
Mining |
<0.8> |
<3.8> |
0.2 |
<2.4> |
2.5 |
|
Oil
& Gas |
12.7 |
2.1 |
0.5 |
<1.7> |
- |
|
Other
Mining |
- |
- |
- |
- |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
36.0 |
44.2 |
49.7 |
46.5 |
- |
|
% of
Industry Non-performing Loans |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
|
|
|
|
|
|
|
Manufacturing
# |
1.3 |
<9.4> |
11.4 |
5.6 |
4.5 |
|
Exported-oriented
Industries |
2.7 |
<19.0> |
12.1 |
2.8 |
- |
|
Electrical
& Electronics |
2.4 |
<30.3> |
28.4 |
<4.9> |
- |
|
Rubber
Products |
4.2 |
<10.1> |
25.3 |
15.4 |
- |
|
Wood
Products |
<6.0> |
<24.1> |
20.1 |
<7.3> |
- |
|
Textiles
& Apparel |
1.9 |
<19.5> |
<0.4> |
14.8 |
- |
|
Domestic-oriented
Industries |
9.9 |
<9.8> |
16.3 |
6.3 |
- |
|
Food,
Beverages & Tobacco |
9.5 |
0.2 |
3.0 |
4.2 |
- |
|
Chemical
& Chemical Products |
1.4 |
<7.7> |
16.2 |
5.6 |
- |
|
Plastic
Products |
6.5 |
<9.1> |
2.4 |
3.8 |
- |
|
Iron
& Steel |
16.8 |
<32.7> |
29.3 |
2.4 |
- |
|
Fabricated
Metal Products |
14.7 |
<2.5> |
14.9 |
25.2 |
- |
|
Non-metallic
Mineral |
8.3 |
<15.5> |
20.2 |
16.3 |
- |
|
Transport
Equipment |
27.1 |
<13.5> |
36.5 |
<9.4> |
- |
|
Paper
& Paper Products |
8.6 |
<5.0> |
18.7 |
15.6 |
- |
|
Crude
Oil Refineries |
7.8 |
0.2 |
<11.4> |
9.3 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
5,729.4 |
6,007.3 |
6,217.5 |
6,537.2 |
- |
|
%
of Industry Non-Performing Loans |
16.8 |
18.3 |
23.8 |
25.7 |
- |
|
|
|
|
|
|
|
|
Construction |
2.1 |
5.8 |
5.1 |
4.4 |
7.0 |
|
Industry
Non-Performing Loans ( MYR Million ) |
4,149.8 |
3,241.8 |
4,038.5 |
3,856.9 |
- |
|
%
of Industry Non-Performing Loans |
12.2 |
9.9 |
10.7 |
10.2 |
- |
|
|
|
|
|
|
|
|
Services |
7.3 |
2.6 |
6.5 |
6.4 |
6.5 |
|
Electric,
Gas & Water |
5.0 |
0.4 |
8.5 |
5.6 |
4.8 |
|
Transport,
Storage & Communication |
7.8 |
1.6 |
7.7 |
6.5 |
7.3 |
|
Wholesale,
Retail, Hotel & Restaurant |
10.0 |
2.8 |
4.7 |
5.2 |
6.9 |
|
Finance,
Insurance & Real Estate |
9.2 |
3.8 |
6.1 |
6.3 |
6.5 |
|
Government
Services |
8.6 |
2.0 |
6.7 |
7.6 |
5.6 |
|
Other
Services |
5.9 |
4.4 |
4.2 |
5.4 |
5.7 |
|
Industry
Non-Performing Loans ( MYR Million ) |
8,281.4 |
6,631.3 |
7,384.6 |
6,825.2 |
- |
|
%
of Industry Non-Performing Loans |
24.3 |
20.2 |
25.7 |
23.4 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Estimate / Preliminary |
|
|
|
|
|
|
**
Forecast |
|
|
|
|
|
|
#
Based On Manufacturing Production Index |
|||||
|
|
|
|
|
|
|
|
MSIC
CODE |
|
|
15149
: Manufacture of other vegetable and animal oils and fats |
|
|
|
|
|
INDUSTRY
: |
TRADING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : Average Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT |
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
PALM-OLEO
SDN BHD |
|
Financial
Year End |
30/09/2011 |
30/09/2010 |
30/09/2009 |
30/09/2008 |
30/09/2007 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
GROUP |
GROUP |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
2,082,842,000 |
1,323,725,000 |
850,136,000 |
1,245,607,000 |
767,265,000 |
|
Other
Income |
4,644,000 |
11,866,000 |
927,000 |
1,093,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total
Turnover |
2,087,486,000 |
1,335,591,000 |
851,063,000 |
1,246,700,000 |
767,265,000 |
|
Costs
of Goods Sold |
<1,946,645,000> |
<1,240,176,000> |
<779,655,000> |
<1,166,449,000> |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross
Profit |
140,841,000 |
95,415,000 |
71,408,000 |
80,251,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
113,252,000 |
80,832,000 |
50,377,000 |
66,479,000 |
61,241,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
BEFORE TAXATION |
113,252,000 |
80,832,000 |
50,377,000 |
66,479,000 |
61,241,000 |
|
Taxation |
<24,030,000> |
<17,577,000> |
<12,834,000> |
<15,093,000> |
<12,926,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
AFTER TAXATION |
89,222,000 |
63,255,000 |
37,543,000 |
51,386,000 |
48,315,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As
previously reported |
280,512,000 |
358,886,000 |
249,166,000 |
197,780,000 |
171,157,000 |
|
Prior
year adjustment |
2,942,000 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As
restated |
283,454,000 |
358,886,000 |
249,166,000 |
197,780,000 |
171,157,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
372,676,000 |
422,141,000 |
286,709,000 |
249,166,000 |
219,472,000 |
|
-
General |
- |
<129,000> |
- |
- |
- |
|
CAPITALISATION
FOR BONUS ISSUES |
- |
<141,500,000> |
- |
- |
- |
|
DIVIDENDS
- Ordinary (paid & proposed) |
<22,669,000> |
- |
- |
- |
<21,692,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
350,007,000 |
280,512,000 |
286,709,000 |
249,166,000 |
197,780,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Others |
7,408,000 |
2,814,000 |
4,500,000 |
5,800,000 |
559,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
7,408,000 |
2,814,000 |
4,500,000 |
5,800,000 |
559,000 |
|
BALANCE
SHEET |
|
PALM-OLEO
SDN BHD |
|
ASSETS
EMPLOYED: |
|
|
|
|
|
|
FIXED
ASSETS |
331,568,000 |
259,905,000 |
132,748,000 |
143,262,000 |
155,050,000 |
|
|
|
|
|
|
|
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary
companies |
- |
- |
87,942,000 |
87,942,000 |
87,922,000 |
|
Associated
companies |
124,933,000 |
122,103,000 |
63,800,000 |
63,800,000 |
21,500,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
124,933,000 |
122,103,000 |
151,742,000 |
151,742,000 |
109,422,000 |
|
|
|
|
|
|
|
|
INTANGIBLE
ASSETS |
|
|
|
|
|
|
Own
goodwill |
35,082,000 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
INTANGIBLE ASSETS |
35,082,000 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
LONG TERM ASSETS |
491,583,000 |
382,008,000 |
284,490,000 |
295,004,000 |
264,472,000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
Stocks |
303,771,000 |
212,404,000 |
95,929,000 |
145,619,000 |
106,093,000 |
|
Trade
debtors |
111,856,000 |
79,808,000 |
39,934,000 |
66,303,000 |
54,969,000 |
|
Other
debtors, deposits & prepayments |
17,490,000 |
11,584,000 |
1,312,000 |
4,864,000 |
1,409,000 |
|
Short
term deposits |
13,248,000 |
11,475,000 |
24,051,000 |
9,220,000 |
- |
|
Short
term loans & advances |
- |
- |
15,017,000 |
- |
5,680,000 |
|
Amount
due from holding company |
75,000 |
95,750,000 |
- |
33,000 |
29,000 |
|
Amount
due from subsidiary companies |
- |
- |
5,577,000 |
5,086,000 |
566,000 |
|
Amount
due from related companies |
66,202,000 |
14,861,000 |
20,370,000 |
21,288,000 |
16,179,000 |
|
Amount
due from associated companies |
22,015,000 |
65,866,000 |
67,432,000 |
57,786,000 |
101,768,000 |
|
Cash
& bank balances |
7,009,000 |
6,189,000 |
1,368,000 |
1,185,000 |
829,000 |
|
Others |
4,032,000 |
970,000 |
22,000 |
11,000 |
239,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
CURRENT ASSETS |
545,698,000 |
498,907,000 |
271,012,000 |
311,395,000 |
287,761,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
ASSET |
1,037,281,000 |
880,915,000 |
555,502,000 |
606,399,000 |
552,233,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade
creditors |
22,869,000 |
37,367,000 |
17,104,000 |
13,124,000 |
21,966,000 |
|
Other
creditors & accruals |
30,918,000 |
24,315,000 |
18,596,000 |
16,846,000 |
23,691,000 |
|
Short
term borrowings/Term loans |
16,000,000 |
16,000,000 |
21,250,000 |
- |
- |
|
Other
borrowings |
- |
- |
- |
28,620,000 |
- |
|
Bill
& acceptances payable |
21,820,000 |
- |
- |
28,500,000 |
34,082,000 |
|
Amounts
owing to holding company |
30,539,000 |
29,786,000 |
17,000 |
1,276,000 |
1,279,000 |
|
Amounts
owing to subsidiary companies |
- |
- |
84,000 |
4,367,000 |
11,131,000 |
|
Amounts
owing to related companies |
19,243,000 |
13,864,000 |
15,125,000 |
4,323,000 |
7,720,000 |
|
Amounts
owing to associated companies |
6,240,000 |
774,000 |
13,000 |
39,000 |
1,031,000 |
|
Provision
for taxation |
2,105,000 |
1,908,000 |
2,415,000 |
1,500,000 |
1,900,000 |
|
Other
liabilities |
69,988,000 |
9,000,000 |
39,000 |
1,138,000 |
74,353,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
CURRENT LIABILITIES |
219,722,000 |
133,014,000 |
74,643,000 |
99,733,000 |
177,153,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET
CURRENT ASSETS/(LIABILITIES) |
325,976,000 |
365,893,000 |
196,369,000 |
211,662,000 |
110,608,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
NET ASSETS |
817,559,000 |
747,901,000 |
480,859,000 |
506,666,000 |
375,080,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE
CAPITAL |
|
|
|
|
|
|
Ordinary
share capital |
403,000,000 |
403,000,000 |
141,500,000 |
141,500,000 |
141,500,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
SHARE CAPITAL |
403,000,000 |
403,000,000 |
141,500,000 |
141,500,000 |
141,500,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Capital
reserve |
129,000 |
129,000 |
- |
- |
- |
|
Retained
profit/(loss) carried forward |
350,007,000 |
280,512,000 |
286,709,000 |
249,166,000 |
197,780,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
RESERVES |
350,136,000 |
280,641,000 |
286,709,000 |
249,166,000 |
197,780,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS'
FUNDS/EQUITY |
753,136,000 |
683,641,000 |
428,209,000 |
390,666,000 |
339,280,000 |
|
|
|
|
|
|
|
|
LONG
TERM LIABILITIES |
|
|
|
|
|
|
Long
term loans |
8,174,000 |
24,292,000 |
23,750,000 |
85,000,000 |
- |
|
Deferred
taxation |
56,249,000 |
39,968,000 |
28,900,000 |
31,000,000 |
35,800,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
LONG TERM LIABILITIES |
64,423,000 |
64,260,000 |
52,650,000 |
116,000,000 |
35,800,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
817,559,000 |
747,901,000 |
480,859,000 |
506,666,000 |
375,080,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO |
|
PALM-OLEO
SDN BHD |
|
TYPES
OF FUNDS |
|
|
|
|
|
|
Cash |
20,257,000 |
17,664,000 |
25,419,000 |
10,405,000 |
829,000 |
|
Net
Liquid Funds |
20,257,000 |
17,664,000 |
25,419,000 |
10,405,000 |
829,000 |
|
Net
Liquid Assets |
22,205,000 |
153,489,000 |
100,440,000 |
66,043,000 |
4,515,000 |
|
Net
Current Assets/(Liabilities) |
325,976,000 |
365,893,000 |
196,369,000 |
211,662,000 |
110,608,000 |
|
Net
Tangible Assets |
782,477,000 |
747,901,000 |
480,859,000 |
506,666,000 |
375,080,000 |
|
Net
Monetary Assets |
<42,218,000> |
89,229,000 |
47,790,000 |
<49,957,000> |
<31,285,000> |
|
BALANCE
SHEET ITEMS |
|
|
|
|
|
|
Total
Borrowings |
24,174,000 |
40,292,000 |
45,000,000 |
113,620,000 |
0 |
|
Total
Liabilities |
284,145,000 |
197,274,000 |
127,293,000 |
215,733,000 |
212,953,000 |
|
Total
Assets |
1,037,281,000 |
880,915,000 |
555,502,000 |
606,399,000 |
552,233,000 |
|
Net
Assets |
817,559,000 |
747,901,000 |
480,859,000 |
506,666,000 |
375,080,000 |
|
Net
Assets Backing |
753,136,000 |
683,641,000 |
428,209,000 |
390,666,000 |
339,280,000 |
|
Shareholders'
Funds |
753,136,000 |
683,641,000 |
428,209,000 |
390,666,000 |
339,280,000 |
|
Total
Share Capital |
403,000,000 |
403,000,000 |
141,500,000 |
141,500,000 |
141,500,000 |
|
Total
Reserves |
350,136,000 |
280,641,000 |
286,709,000 |
249,166,000 |
197,780,000 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash
Ratio |
0.09 |
0.13 |
0.34 |
0.10 |
0.00 |
|
Liquid
Ratio |
1.10 |
2.15 |
2.35 |
1.66 |
1.03 |
|
Current
Ratio |
2.48 |
3.75 |
3.63 |
3.12 |
1.62 |
|
WORKING
CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock
Ratio |
53 |
59 |
41 |
43 |
50 |
|
Debtors
Ratio |
20 |
22 |
17 |
19 |
26 |
|
Creditors
Ratio |
4 |
11 |
8 |
4 |
10 |
|
SOLVENCY
RATIOS (Times) |
|
|
|
|
|
|
Gearing
Ratio |
0.03 |
0.06 |
0.11 |
0.29 |
0.00 |
|
Liabilities
Ratio |
0.38 |
0.29 |
0.30 |
0.55 |
0.63 |
|
Times
Interest Earned Ratio |
16.29 |
29.72 |
12.19 |
12.46 |
110.55 |
|
Assets
Backing Ratio |
1.94 |
1.86 |
1.19 |
1.26 |
0.93 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating
Profit Margin |
5.44 |
6.11 |
5.93 |
5.34 |
7.98 |
|
Net
Profit Margin |
4.28 |
4.78 |
4.42 |
4.13 |
6.30 |
|
Return
On Net Assets |
14.76 |
11.18 |
11.41 |
14.27 |
16.48 |
|
Return
On Capital Employed |
14.15 |
11.18 |
11.41 |
14.27 |
16.48 |
|
Return
On Shareholders' Funds/Equity |
11.85 |
9.25 |
8.77 |
13.15 |
14.24 |
|
Dividend
Pay Out Ratio (Times) |
0.25 |
0.00 |
0.00 |
0.00 |
0.45 |
|
NOTES
TO ACCOUNTS |
|
|
|
|
|
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.53 |
|
|
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.