|
Report Date : |
06.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
KL-KEPONG OLEOMAS SDN. BHD. |
|
|
|
|
Formerly Known As : |
ELVISSA CORPORATION SDN. BHD. (15/10/2002) |
|
|
|
|
Registered Office : |
Wisma Taiko, 1 Jalan S.P.Seenivasagam, 30000 Ipoh, Perak |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
22.07.2002 |
|
|
|
|
Com. Reg. No.: |
587027-T |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Manufacture of Oleochemicals |
|
|
|
|
No. of Employees : |
700 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself
since the 1970s from a producer of raw materials into an emerging multi-sector
economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve
high-income status by 2020 and to move farther up the value-added production
chain by attracting investments in Islamic finance, high technology industries,
biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a
series of projects and policy measures intended to accelerate the country's
economic growth. The government has also taken steps to liberalize some
services sub-sectors. The NAJIB administration also is continuing efforts to
boost domestic demand and reduce the economy''s dependence on exports.
Nevertheless, exports - particularly of electronics, oil and gas, palm oil and
rubber - remain a significant driver of the economy. As an oil and gas
exporter, Malaysia has profited from higher world energy prices, although the
rising cost of domestic gasoline and diesel fuel, combined with strained
government finances, has forced Kuala Lumpur to begin to reduce government
subsidies. The government is also trying to lessen its dependence on state oil
producer Petronas. The oil and gas sector supplies about 35% of government revenue
in 2011. Bank Negera Malaysia (central bank) maintains healthy foreign exchange
reserves, and a well-developed regulatory regime has limited Malaysia''s
exposure to riskier financial instruments and the global financial crisis.
Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a
general slowdown in global economic activity because exports are a major
component of GDP. In order to attract increased investment, NAJIB has raised
possible revisions to the special economic and social preferences accorded to
ethnic Malays under the New Economic Policy of 1970, but he has encountered
significant opposition, especially from Malay nationalists and other vested
interests.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
587027-T |
|
COMPANY NAME |
: |
KL-KEPONG OLEOMAS SDN. BHD. |
|
FORMER NAME |
: |
ELVISSA CORPORATION SDN. BHD. (15/10/2002) |
|
INCORPORATION DATE |
: |
22/07/2002 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
WISMA TAIKO, 1 JALAN S.P.SEENIVASAGAM, 30000 IPOH, PERAK, MALAYSIA. |
|
BUSINESS ADDRESS |
: |
25, JALAN SUNGAI PINANG 5/18, FASA 2D, TAMAN PERINDUSTRIAN PULAU INDAH,
42920 PELABUHAN KELANG, SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
03-31012633 |
|
FAX.NO. |
: |
03-31013299 |
|
CONTACT PERSON |
: |
KHOO PING KHEAN ( MANAGING DIRECTOR ) |
|
INDUSTRY CODE |
: |
20 |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF OLEOCHEMICALS |
|
AUTHORISED CAPITAL |
: |
MYR 150,000,000.00 DIVIDED INTO |
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 559,000,000.00 DIVIDED INTO |
|
SALES |
: |
MYR 1,469,149,000 [2012] |
|
NET WORTH |
: |
MYR 665,373,000 [2012] |
|
STAFF STRENGTH |
: |
700 [2013] |
|
BANKER (S) |
|
AMBANK (M) BHD |
|
LITIGATION |
: |
CLEAR |
|
DEFAULTER CHECK |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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) manufacture of
oleochemicals.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate and ultimate holding company of the SC is KUALA LUMPUR
KEPONG BERHAD, a company incorporated in MALAYSIA.
The major shareholder(s) of the SC are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
KL-KEPONG INDUSTRIAL HOLDINGS SDN. BHD. |
WISMA TAIKO, 1 JALAN S.P.SEENIVASAGAM, 30000 IPOH, PERAK, MALAYSIA. |
300525M |
223,600,000.00 |
40.00 |
|
KUALA LUMPUR KEPONG BERHAD |
WISMA TAIKO, NO.1,JALAN S.P. SEENIVASAGAM, 30000 IPOH, PERAK,
MALAYSIA. |
15043V |
223,600,000.00 |
40.00 |
|
PALM-OLEO SDN. BHD. |
WISMA TAIKO, 1 JALAN S.P SEENIVASAGAM, 30000 IPOH, PERAK, MALAYSIA. |
185886V |
111,800,000.00 |
20.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
559,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown
as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
629076P |
MALAYSIA |
KLK BIOENERGY SDN BHD |
100.00 |
29/03/2013 |
DIRECTOR 1
|
Name Of Subject |
: |
MR. KHOO PING KHEAN |
|
Address |
: |
22, JALAN USJ 3/3N, SUBANG JAYA, 47600 SUBANG JAYA, SELANGOR,
MALAYSIA. |
|
IC / PP No |
: |
4403571 |
|
New IC No |
: |
530121-08-5943 |
|
Date of Birth |
: |
21/01/1953 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
27/03/2006 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. YEOW AH KOW |
|
Address |
: |
3, JALAN SS19/3C, SUBANG JAYA, 47500 SUBANG JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
8391290 |
|
New IC No |
: |
540203-05-5085 |
|
Date of Birth |
: |
03/02/1954 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
24/10/2002 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. MADHEV A/L BALA SUBRAMANIAM |
|
Address |
: |
4, SS 24/9, TAMAN MEGAH, 47301 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
8294889 |
|
New IC No |
: |
600913-71-5115 |
|
Date of Birth |
: |
13/09/1960 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
27/03/2006 |
DIRECTOR 4
|
Name Of Subject |
: |
MR. PUNG KOK HOOI |
|
Address |
: |
1, JALAN SS 24/19, TAMAN MEGAH, 47301 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
New IC No |
: |
660414-07-5357 |
|
Date of Appointment |
: |
26/12/2008 |
|
1) |
Name of Subject |
: |
KHOO PING KHEAN |
|
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
|
|
|
2) |
Name of Subject |
: |
JESSI KOH |
|
|
Position |
: |
FINANCE MANAGER |
|
|
|
|
|
|
3) |
Name of Subject |
: |
BRIAN LEE |
|
|
Position |
: |
HUMAN RESOURCE MANAGER |
|
|
|
|
|
|
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 |
|
|
Address |
: |
1, JALAN SS 24/19, TAMAN MEGAH, 47301 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
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 |
: |
AMBANK (M) BHD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the SC whether the subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* 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 |
|
|
Overseas |
: |
YES |
|
|
Import Countries |
: |
INDONESIA,SINGAPORE |
|
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 |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
EUROPE |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Products manufactured |
: |
|
|||
|
|
|
|
|||
|
Brand Name |
: |
PALMEROL , PALMESTER
|
|||
|
|
|
|
|||
|
Competitor(s) |
: |
EMERY OLEOCHEMICALS (M) SDN BHD
|
|||
|
|
|
|
|||
|
Member(s) / Affiliate(s) |
: |
CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM) |
|||
|
|
|
|
|||
|
Ownership of premises |
: |
OWNED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
2009 |
|
|
|
|
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
700 |
500 |
250 |
250 |
250 |
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacture of
oleochemicals.
The SC is under the Kuala Lumpur Kepong Bhd, a Malaysian multinational company involved
in plantation, manufacturing, retailing and property development. Whilst
plantation remains KLK's core business, the Group has expanded downstream into
resource-based manufacturing, in particular oleochemicals, cocoa processing and
rubber processing.
The SC is one of the world's largest manufacturers of palm-based oleochemical
products and their derivatives, with a product portfolio covering fatty acids
& glycerine, fatty amides, soap noodles & soap bars, esters, and fatty
alcohols. Recent investments and acquisition activities have allowed the Group
to venture further downstream into products like methyl ester sulfonate,
amines, biodiesel, fine chemicals and surfactants.
The SC's products range includes fatty acids, fatty alchohol, glycerine, fatty
estere, fatty animes, derivatives and surfactants.
The SC utilises advanced automated and semi-automated machineries to ensure
production of high quality products.
Besides that the SC 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 |
: |
331012633 |
|
Current Telephone Number |
: |
03-31012633 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
NO 25 JALAN SUNGAI PINANG 5/8 FASA 2D TAMAN PERINADUSTRIAN PULAU INDAH
42920 PE |
|
Current Address |
: |
25, JALAN SUNGAI PINANG 5/18, FASA 2D, TAMAN PERINDUSTRIAN PULAU INDAH,
42920 PELABUHAN KELANG, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 2nd August 2013 we contacted a staff from the SC and she provided some
information of the SC.
The address provided is incorrect.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
5.52% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
6.17% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.The SC's profit fell sharply because of the high
operating costs incurred. The unfavourable return on shareholders' funds
could indicate that the SC was inefficient in utilising its assets to
generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Acceptable |
[ |
56 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
47 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
20 Days |
] |
|
|
|
|
|
|
|
|
|
|
The SC kept adequate stocks to meet its normal business transactions
without incurring excessive storage costs. The favourable debtors' days could
be due to the good credit control measures implemented by the SC. The SC had
a favourable creditors' ratio where the SC could be taking advantage of the
cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Acceptable |
[ |
1.00 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.60 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's liquid ratio was slightly low. This could indicate that the
SC's working capital was slightly deficient. The SC will have to improve its liquidity
position either by obtaining short term financing or increase its paid up
capital so that it can meet all its short term obligations as and when they
fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Acceptable |
[ |
4.56 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.13 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was slightly low. If there is no sharp fall in
its profit or sudden increase in the interest rates, we believe the SC is
able to generate sufficient income to service its interest and repay the
loans. 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 : |
|
|
|
|
|
|
|
The SC recorded lower profits as its turnover showed a erratic trend.
The SC's management was unable to control its costs efficiently as its profit
showed a downward trend. The SC had an acceptable interest cover. If there is
no sudden sharp increase in interest rate or fall in the SC's profit, we do
believe the SC is able to generate sufficient cash flow to service its
interest payment. 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 : LIMITED |
||||||
|
Major Economic Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic Products ( % ) |
<0.5> |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private Expenditure ( % ) |
<2.7> |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
<17.2> |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public Expenditure ( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
<1.2> |
|
Investment ( % ) |
8.0 |
2.8 |
<0.3> |
15.9 |
4.2 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
<28,450> |
<40,482> |
<45,511> |
<42,297> |
<39,993> |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
<4.8> |
<5.6> |
<5.4> |
<4.5> |
<4.0> |
|
Inflation ( % Change in Composite CPI) |
<5.2> |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
<0.1> |
6.2 |
3.0 |
<0.0> |
- |
|
Liquidation of Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
<34.5> |
417.8 |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
- |
|
Individual Bankruptcy ( No.) |
16,228 |
18,119 |
19,167 |
19,575 |
- |
|
Individual Bankruptcy ( % ) |
16.7 |
11.7 |
5.8 |
2.1 |
- |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ): |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Agriculture |
0.4 |
2.1 |
5.9 |
0.6 |
2.4 |
|
Palm Oil |
<1.1> |
<3.4> |
10.8 |
<2.8> |
- |
|
Rubber |
<19.8> |
9.9 |
6.1 |
<0.6> |
- |
|
Forestry & Logging |
<5.9> |
<3.3> |
<7.6> |
<2.2> |
- |
|
Fishing |
5.5 |
5.6 |
2.1 |
<0.7> |
- |
|
Other Agriculture |
9.0 |
7.9 |
7.1 |
6.4 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
413.7 |
508.4 |
634.1 |
- |
- |
|
% of Industry Non-Performing Loans |
1.3 |
2.1 |
3.2 |
- |
- |
|
|
|
|
|
|
|
|
Mining |
<3.8> |
0.2 |
<5.7> |
1.5 |
2.7 |
|
Oil & Gas |
2.1 |
0.5 |
<1.7> |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry Non-performing Loans ( MYR Million ) |
44.2 |
49.7 |
46.5 |
- |
- |
|
% of Industry Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
<9.4> |
11.4 |
4.7 |
4.2 |
4.9 |
|
Exported-oriented Industries |
<19.0> |
12.1 |
2.8 |
4.1 |
- |
|
Electrical & Electronics |
<30.3> |
28.4 |
<4.9> |
1.6 |
- |
|
Rubber Products |
<10.1> |
25.3 |
15.4 |
3.6 |
- |
|
Wood Products |
<24.1> |
20.1 |
<4.9> |
4.6 |
- |
|
Textiles & Apparel |
<19.5> |
<0.4> |
14.8 |
<7.1> |
- |
|
Domestic-oriented Industries |
<9.8> |
16.3 |
6.5 |
8.6 |
- |
|
Food, Beverages & Tobacco |
0.2 |
3.0 |
4.2 |
- |
- |
|
Chemical & Chemical Products |
<7.7> |
16.2 |
5.5 |
9.9 |
- |
|
Plastic Products |
<9.1> |
2.4 |
3.8 |
- |
- |
|
Iron & Steel |
<32.7> |
29.3 |
2.4 |
- |
- |
|
Fabricated Metal Products |
<2.5> |
14.9 |
25.2 |
- |
- |
|
Non-metallic Mineral |
<15.5> |
20.2 |
27.1 |
6.6 |
- |
|
Transport Equipment |
<13.5> |
36.5 |
<10.4> |
13.7 |
- |
|
Paper & Paper Products |
<5.0> |
18.7 |
14.8 |
<7.8> |
- |
|
Crude Oil Refineries |
0.2 |
<11.4> |
9.3 |
- |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,007.3 |
6,217.5 |
6,537.2 |
- |
- |
|
% of Industry Non-Performing Loans |
18.3 |
23.8 |
25.7 |
- |
- |
|
|
|
|
|
|
|
|
Construction |
5.8 |
5.1 |
4.4 |
15.5 |
11.2 |
|
Industry Non-Performing Loans ( MYR Million ) |
3,241.8 |
4,038.5 |
3,856.9 |
- |
- |
|
% of Industry Non-Performing Loans |
9.9 |
10.7 |
10.2 |
- |
- |
|
|
|
|
|
|
|
|
Services |
2.6 |
6.5 |
6.4 |
5.5 |
5.6 |
|
Electric, Gas & Water |
0.4 |
8.5 |
5.6 |
4.8 |
- |
|
Transport, Storage & Communication |
1.6 |
7.7 |
6.5 |
7.3 |
- |
|
Wholesale, Retail, Hotel & Restaurant |
2.8 |
4.7 |
5.2 |
6.9 |
- |
|
Finance, Insurance & Real Estate |
3.8 |
6.1 |
6.3 |
6.5 |
- |
|
Government Services |
2.0 |
6.7 |
7.6 |
5.6 |
- |
|
Other Services |
4.4 |
4.2 |
5.4 |
5.7 |
- |
|
Industry Non-Performing Loans ( MYR Million ) |
6,631.3 |
7,384.6 |
6,825.2 |
- |
- |
|
% of Industry Non-Performing Loans |
20.2 |
25.7 |
23.4 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing Production Index |
|||||
|
MSIC CODE |
|
|
20 : MANUFACTURE OF CHEMICALS AND CHEMICAL PRODUCTS |
|
|
|
|
|
INDUSTRY : |
MANUFACTURING |
|
|
|
|
The Manufacturing sector is one of the important sectors to the growth
of the Malaysian economy. According to Ministry of Finance, the manufacturing
sector is expected to grow 4.9% in year 2013. Export oriented-industries are
expected to benefit from the higher growth of global trade, while
domesticoriented industries expand in line with the better consumer sentiment
and business confidence. The resource-based industries are envisaged to grow
steadily attributed to improved demand for petroleum, chemical, rubber and
plastic products. With better job prospects and higher disposable income, the
transportation equipment subsector, in particular, the passenger car segment
is expected to expand. |
|
|
|
|
|
Value-added of the manufacturing sector expanded 5% during the first
half of 2012. Output of the sector rose 5.2% during the first sevenmonths of
2012 in line with the increase in sales value of manufactured products by
6.5% to RM363.1 billion. Output from domesticoriented industries continued to
expand 8.6% while export-oriented industries grew 4.1%. |
|
|
|
|
|
According to the Department of Statistics, the sales value of the
Manufacturing sector in January 2013 posted a growth of 7.4% (RM3.6 billion)
to record RM52.4 billion as compared to RM48.8 billion reported in year 2012.
Meanwhile, month-on-month basis, the sales value has decreased by 0.4% (RM0.2
billion) as compared with the preceding month. The sales value in December
2012 has been revised positive 7.5% year-on-year to record RM52.6 billion. |
|
|
|
|
|
Output of rubber products increased 3.6% in the first seven month of
2012 mainly supported by continuous demand for rubber gloves. Output of
rubber gloves grew 5.9% on account of the expansion in the global healthcare
industry and wider usage of gloves in other sectors. Similarly, output of
catheters, especially for use in medical appliances, also registered a strong
growth of 12.6%. Nevertheless, production of rubber tyres and tubes reduced
10.9% in tandem with slowing external demand from the automotive industry,
especially China. |
|
|
|
|
|
Meanwhile, production of wood and wood products rebounded 4.6% largely
supported by higher demand for wooden and cane furniture (33.5%). The
positive performance was attributed to vibrant higher demand from major
export destinations such as China and the United States (US) for
Malaysian-made furniture. Demand from China accelerated further following the
country's rising income level and the implementation of zero import duty on
Malaysian made-furniture. Malaysia government has growth target of 6.5% for
wood based furniture where estimated to reach up to RM53 billion by year
2020.The government providing pioneer status for tax exemption and investment
tax allowance for this industry as a boost up step towards produce good
quality product and to meet the world demand. |
|
|
|
|
|
The output of chemicals and chemical products rose 9.9% in the first
seven month of year 2012 on account of increasing demand for plastic products
(11.8%) and basic chemicals (11.1%). External demand for plastic packaging
materials surged during the early part of the year 2012, particularly from
Japan and Thailand, as manufacturers resumed operations, which were
interrupted by natural calamities and power outages. Chemical production are
expected to show 7.5 % in year 2013 inline with Malaysia as one of the
largest contributor in world Chemicals & Chemical industries. |
|
|
|
|
|
Tax and non-tax incentives provided by goverment encourage
manufacturers to move up the value chain of manufacturing industry. The new
growth initiatives by goverment in the manufacturing sector such assolar and
medial services can be important drivers of growth apart from helping to
diversify the manufacturing base and contributing to the resilience of the
sector. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
KL-KEPONG OLEOMAS SDN. BHD. |
|
Financial Year
End |
30/09/2012 |
30/09/2011 |
30/09/2010 |
30/09/2009 |
30/09/2008 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
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 |
1,469,149,000 |
1,472,238,000 |
703,952,000 |
548,342,000 |
513,411,000 |
|
Other Income |
18,234,000 |
4,920,000 |
8,284,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
1,487,383,000 |
1,477,158,000 |
712,236,000 |
548,342,000 |
513,411,000 |
|
Costs of Goods Sold |
<1,412,836,000> |
<1,383,005,000> |
<652,537,000> |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
74,547,000 |
94,153,000 |
59,699,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
39,129,000 |
58,446,000 |
38,759,000 |
45,913,000 |
26,803,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
39,129,000 |
58,446,000 |
38,759,000 |
45,913,000 |
26,803,000 |
|
Taxation |
<2,403,000> |
<628,000> |
<150,000> |
144,000 |
<80,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
36,726,000 |
57,818,000 |
38,609,000 |
46,057,000 |
26,723,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
152,147,000 |
95,638,000 |
57,029,000 |
11,653,000 |
<15,070,000> |
|
Prior year adjustment |
- |
<1,309,000> |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
152,147,000 |
94,329,000 |
57,029,000 |
11,653,000 |
<15,070,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
188,873,000 |
152,147,000 |
95,638,000 |
57,710,000 |
11,653,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
188,873,000 |
152,147,000 |
95,638,000 |
57,710,000 |
11,653,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Bankers' acceptance |
7,131,000 |
6,409,000 |
2,571,000 |
- |
- |
|
Loan from holding company |
- |
282,000 |
- |
- |
- |
|
Term loan / Borrowing |
1,130,000 |
1,325,000 |
1,054,000 |
- |
- |
|
Others |
2,730,000 |
1,076,000 |
332,000 |
1,192,000 |
4,307,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
10,991,000 |
9,092,000 |
3,957,000 |
1,192,000 |
4,307,000 |
|
KL-KEPONG OLEOMAS SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
586,231,000 |
514,179,000 |
502,081,000 |
442,303,000 |
331,514,000 |
|
\ |
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary companies |
- |
- |
- |
2,748,000 |
- |
|
Others |
3,166,000 |
3,217,000 |
3,268,000 |
- |
21,888,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
3,166,000 |
3,217,000 |
3,268,000 |
2,748,000 |
21,888,000 |
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS |
|
|
|
|
|
|
Goodwill on consolidation |
225,000 |
225,000 |
225,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
225,000 |
225,000 |
225,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
589,622,000 |
517,621,000 |
505,574,000 |
445,051,000 |
353,402,000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Stocks |
223,456,000 |
348,441,000 |
223,384,000 |
109,909,000 |
157,342,000 |
|
Trade debtors |
189,976,000 |
221,564,000 |
126,896,000 |
74,226,000 |
61,426,000 |
|
Other debtors, deposits & prepayments |
5,134,000 |
9,048,000 |
6,695,000 |
4,074,000 |
2,539,000 |
|
Short term deposits |
71,870,000 |
8,820,000 |
9,700,000 |
4,300,000 |
15,000,000 |
|
Amount due from subsidiary companies |
- |
- |
- |
15,347,000 |
- |
|
Amount due from related companies |
- |
- |
- |
26,339,000 |
37,962,000 |
|
Cash & bank balances |
16,986,000 |
1,598,000 |
862,000 |
3,129,000 |
507,000 |
|
Others |
88,306,000 |
4,471,000 |
611,000 |
90,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
595,728,000 |
593,942,000 |
368,148,000 |
237,414,000 |
274,776,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
1,185,350,000 |
1,111,563,000 |
873,722,000 |
682,465,000 |
628,178,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
76,184,000 |
80,343,000 |
93,864,000 |
31,925,000 |
11,194,000 |
|
Other creditors & accruals |
93,760,000 |
55,518,000 |
12,661,000 |
11,615,000 |
11,847,000 |
|
Short term borrowings/Term loans |
11,680,000 |
11,680,000 |
2,920,000 |
- |
- |
|
Other borrowings |
64,223,000 |
35,260,000 |
44,385,000 |
- |
1,868,000 |
|
Bill & acceptances payable |
127,123,000 |
266,208,000 |
115,674,000 |
61,876,000 |
106,510,000 |
|
Amounts owing to holding company |
- |
- |
- |
13,000 |
720,000 |
|
Amounts owing to subsidiary companies |
- |
- |
- |
8,765,000 |
- |
|
Amounts owing to related companies |
- |
- |
- |
67,058,000 |
54,171,000 |
|
Provision for taxation |
170,000 |
- |
- |
- |
150,000 |
|
Other liabilities |
- |
12,998,000 |
- |
132,003,000 |
118,565,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
373,140,000 |
462,007,000 |
269,504,000 |
313,255,000 |
305,025,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
222,588,000 |
131,935,000 |
98,644,000 |
<75,841,000> |
<30,249,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
812,210,000 |
649,556,000 |
604,218,000 |
369,210,000 |
323,153,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
137,650,000 |
137,650,000 |
137,650,000 |
121,150,000 |
121,150,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
137,650,000 |
137,650,000 |
137,650,000 |
121,150,000 |
121,150,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Share premium |
338,850,000 |
338,850,000 |
338,850,000 |
190,350,000 |
190,350,000 |
|
Retained profit/(loss) carried forward |
188,873,000 |
152,147,000 |
95,638,000 |
57,710,000 |
11,653,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
527,723,000 |
490,997,000 |
434,488,000 |
248,060,000 |
202,003,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
665,373,000 |
628,647,000 |
572,138,000 |
369,210,000 |
323,153,000 |
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
|
|
Long term loans |
8,720,000 |
20,400,000 |
32,080,000 |
- |
- |
|
Other long term borrowings |
2,546,000 |
- |
- |
- |
- |
|
Deferred taxation |
- |
509,000 |
- |
- |
- |
|
Others |
135,571,000 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
146,837,000 |
20,909,000 |
32,080,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
812,210,000 |
649,556,000 |
604,218,000 |
369,210,000 |
323,153,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
KL-KEPONG OLEOMAS SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
88,856,000 |
10,418,000 |
10,562,000 |
7,429,000 |
15,507,000 |
|
Net Liquid Funds |
88,856,000 |
10,418,000 |
10,562,000 |
7,429,000 |
15,507,000 |
|
Net Liquid Assets |
<868,000> |
<216,506,000> |
<124,740,000> |
<185,750,000> |
<187,591,000> |
|
Net Current Assets/(Liabilities) |
222,588,000 |
131,935,000 |
98,644,000 |
<75,841,000> |
<30,249,000> |
|
Net Tangible Assets |
811,985,000 |
649,331,000 |
603,993,000 |
369,210,000 |
323,153,000 |
|
Net Monetary Assets |
<147,705,000> |
<237,415,000> |
<156,820,000> |
<185,750,000> |
<187,591,000> |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
87,169,000 |
67,340,000 |
79,385,000 |
0 |
1,868,000 |
|
Total Liabilities |
519,977,000 |
482,916,000 |
301,584,000 |
313,255,000 |
305,025,000 |
|
Total Assets |
1,185,350,000 |
1,111,563,000 |
873,722,000 |
682,465,000 |
628,178,000 |
|
Net Assets |
812,210,000 |
649,556,000 |
604,218,000 |
369,210,000 |
323,153,000 |
|
Net Assets Backing |
665,373,000 |
628,647,000 |
572,138,000 |
369,210,000 |
323,153,000 |
|
Shareholders' Funds |
665,373,000 |
628,647,000 |
572,138,000 |
369,210,000 |
323,153,000 |
|
Total Share Capital |
137,650,000 |
137,650,000 |
137,650,000 |
121,150,000 |
121,150,000 |
|
Total Reserves |
527,723,000 |
490,997,000 |
434,488,000 |
248,060,000 |
202,003,000 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.24 |
0.02 |
0.04 |
0.02 |
0.05 |
|
Liquid Ratio |
1.00 |
0.53 |
0.54 |
0.41 |
0.38 |
|
Current Ratio |
1.60 |
1.29 |
1.37 |
0.76 |
0.90 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
56 |
86 |
116 |
73 |
112 |
|
Debtors Ratio |
47 |
55 |
66 |
49 |
44 |
|
Creditors Ratio |
20 |
21 |
53 |
21 |
8 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.13 |
0.11 |
0.14 |
0.00 |
0.01 |
|
Liabilities Ratio |
0.78 |
0.77 |
0.53 |
0.85 |
0.94 |
|
Times Interest Earned Ratio |
4.56 |
7.43 |
10.80 |
39.52 |
7.22 |
|
Assets Backing Ratio |
5.90 |
4.72 |
4.39 |
3.05 |
2.67 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
2.66 |
3.97 |
5.51 |
8.37 |
5.22 |
|
Net Profit Margin |
2.50 |
3.93 |
5.48 |
8.40 |
5.20 |
|
Return On Net Assets |
6.17 |
10.40 |
7.07 |
12.76 |
9.63 |
|
Return On Capital Employed |
6.17 |
10.39 |
7.07 |
12.76 |
9.63 |
|
Return On Shareholders' Funds/Equity |
5.52 |
9.20 |
6.75 |
12.47 |
8.27 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.82 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.