|
|
REGISTRATION NO.
|
:
|
307772-W
|
|
COMPANY NAME
|
:
|
SURIACHEM SDN. BHD.
|
|
FORMER NAME
|
:
|
KONSORTIUM
BINANG SDN BHD (18/11/1999)
BINANG PROPERTIES SDN BHD (26/04/1996)
|
|
INCORPORATION DATE
|
:
|
14/07/1994
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
N/A
|
|
LEGAL FORM
|
:
|
EXEMPT PRIVATE
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
SUITE B, 1ST FLOOR, WISMA HUP TAI, NO. 1, LORONG RAJA BOT, 41400
KLANG, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 14321, JALAN PERUSAHAAN 24, KAMPUNG IDAMAN PANDAMARAN , 42000
PELABUHAN KLANG, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-31631386
|
|
FAX.NO.
|
:
|
03-31631986
|
|
EMAIL
|
:
|
SALES@SURIACHEM.COM
|
|
WEB SITE
|
:
|
WWW.SURIACHEM.COM
|
|
CONTACT PERSON
|
:
|
CHEN TECK LONG ( EXECUTIVE DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
46202
|
|
PRINCIPAL ACTIVITY
|
:
|
DISTRIBUTOR OF
CHEMICAL, PALM OIL, PALM OIL DOWN-STREAM PRODUCTS OR DERIVATES
|
|
AUTHORISED CAPITAL
|
:
|
MYR
5,000,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR
2,000,000.00 DIVIDED INTO
ORDINARY SHARES 2,000,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
N/A
|
|
NET WORTH
|
:
|
N/A
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
10 [2013]
|
|
BANKER (S)
|
:
|
|
AMBANK (M)
BHD
CIMB BANK BHD
EON BANK BHD
OCBC BANK (MALAYSIA) BHD
PUBLIC BANK BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MATURE
|
HISTORY / BACKGROUND
The SC is an
exempt private company which is allowed to have a minimum of two and a maximum
of twenty shareholders and all the shareholders must be individuals. An
exempt company is a type of private limited company. 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, suing or be sued
by other companies. The SC is governed by the Companies Act, 1965 and must
file in its annual return. The SC need not file in its financial statements
but it has to file in a document duly signed by its director in charge of its
finance, the secretary and its auditor stating that the SC is able to meet
all its obligations as and when they fall due. Although the SC is not required
to file in its financial statements, it also has to prepare its financial
account which must be presented at the Annual General Meeting.
The SC is
principally engaged in the (as a / as an) distributor of chemical, palm oil,
palm oil down-stream products or derivates.
The SC is not
listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital
History
|
Date
|
Authorised
Shared Capital
|
Issue &
Paid Up Capital
|
|
22/11/2012
|
MYR 5,000,000.00
|
MYR 2,000,000.00
|
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
MR. CHEN TECK LONG +
|
11, JALAN RHU 1/KS6, BANDAR BOTANIC, 41200 KLANG, SELANGOR,
MALAYSIA.
|
630810-01-5199
|
1,500,000.00
|
75.00
|
|
MS. TAN PEEK JONG +
|
11, JALAN RHU 1/KS6, BANDAR BOTANIC, 41200 KLANG, SELANGOR,
MALAYSIA.
|
630417-08-5166
|
460,000.00
|
23.00
|
|
MR. TAN THENG SIANG +
|
54 HALAMAN KIKIK, TAMAN INDERAWASIH, 13600 PRAI, PULAU PINANG,
MALAYSIA.
|
520621-08-5377
|
40,000.00
|
2.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
2,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. CHEN CAESAR
|
|
Address
|
:
|
11, JALAN RHU 1/KS6, BANDAR BOTANIC, 41200 KLANG, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
900615-10-5911
|
|
Date of Birth
|
:
|
15/06/1990
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
18/09/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. TAN THENG SIANG
|
|
Address
|
:
|
54 HALAMAN KIKIK, TAMAN INDERAWASIH, 13600 PRAI, PULAU PINANG,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
520621-08-5377
|
|
Date of Birth
|
:
|
21/06/1952
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
14/07/1994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MS. TAN PEEK JONG
|
|
Address
|
:
|
11, JALAN RHU 1/KS6, BANDAR BOTANIC, 41200 KLANG, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
630417-08-5166
|
|
Date of Birth
|
:
|
17/04/1963
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
28/12/2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. CHEN TECK LONG
|
|
Address
|
:
|
11, JALAN RHU 1/KS6, BANDAR BOTANIC, 41200 KLANG, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
630810-01-5199
|
|
Date of Birth
|
:
|
10/08/1963
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
15/10/2003
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
CHEN TECK LONG
|
|
|
Position
|
:
|
EXECUTIVE DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
S L NG & ASSOCIATES
|
|
Auditor' Address
|
:
|
41B, JALAN GOH HOCK HUAT, 41400 KLANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. LEE BEE CHING
|
|
|
|
|
|
|
|
New IC No
|
:
|
710721-10-5678
|
|
|
Address
|
:
|
1, JALAN SENTOSA 61, BATU BELAH, 41050 KLANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
4)
|
Name
|
:
|
OCBC BANK (MALAYSIA) BHD
|
|
|
|
|
|
|
|
|
|
|
|
5)
|
Name
|
:
|
PUBLIC BANK BHD
|
|
|
|
|
|
|
|
|
|
|
ENCUMBRANCE (S)
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
1
|
12/11/2004
|
N/A
|
BUMIPUTRACOMMERCE BANK BERHAD
|
MYR 1,000,000.00
|
Unsatisfied
|
|
2
|
29/02/2008
|
OPEN CHARGE
|
OCBC BANK (MALAYSIA) BHD
|
N/A
|
Unsatisfied
|
|
3
|
05/06/2008
|
N/A
|
AMBANK (M) BHD
|
MYR 400,000.00
|
Unsatisfied
|
|
4
|
21/08/2009
|
N/A
|
EON BANK BHD
|
MYR 7,000,000.00
|
Unsatisfied
|
|
5
|
27/07/2011
|
N/A
|
PUBLIC BANK BHD
|
N/A
|
Unsatisfied
|
|
6
|
23/08/2011
|
N/A
|
EON BANK BHD
|
N/A
|
Unsatisfied
|
LEGAL CHECK AGAINST SC
* 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.
DEFAULTER CHECK AGAINST SC
* 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.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
CHEMICAL INDUSTRY,PHARMACEUTICAL INDUSTRIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
CHEMICAL, PALM OIL, PALM OIL DOWN-STREAM PRODUCTS OR DERIVATES
|
|
|
|
|
|
Brand Name
|
:
|
SURIA
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
SMI ASSOCIATION OF MALAYSIA
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)
CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)
|
|
|
|
|
|
Ownership of premises
|
:
|
LEASED/RENTED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
10
|
10
|
10
|
12
|
10
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) distributor of chemical,
palm oil, palm oil down-stream products or derivates.
The SC's products ranges are including fatty acids, fatty acid methyl esters,
fatty alcohols, refined glycerine, coconut diethanolamide, specialty esters,
surfactants etc.
The SC also able to offer, upon request, different composition of fatty
acids, fatty acid methyl esters and fatty alcohols to meet the client specify
requirement.
The products are used in wide range of industries such as food, chemical and
pharmaceuticals.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-31631386
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
JALAN PERUSAHAAN IDAMMAN KLANG SELANGOR DARUL EHAS
|
|
Current Address
|
:
|
LOT 14321, JALAN PERUSAHAAN 24, KAMPUNG IDAMAN PANDAMARAN , 42000
PELABUHAN KLANG, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
NO
|
Other Investigations
On 10th December 2013 we contacted one of the staff from the Admin
Department. She provided some information on the SC.
The address provided is incomplete.
FINANCIAL ANALYSIS
|
The SC is a private exempt company which does not need to file in
its accounts with the Registrar of Companies for the information of the
public. Therefore, we are not able to comment on the SC's financial
performance.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : N/A
|
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
|
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
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY ANALYSIS
|
MSIC CODE
|
|
46202 : Wholesale of palm oil
|
|
|
|
|
INDUSTRY :
|
PALM OIL
|
|
|
|
|
|
|
Oil palm is one of the main drivers of Malaysia's agriculture sector
where it has accounting for 71% of its agricultural land bank. Malaysia is
the one of the biggest producers and exporters of palm oil prodcuts in the growing
global need for oils and fats. The palm oil industry is expected to grow
about 7.1% over the next 10 years where it is driven by new plantation
expansion, venture of large plantation companies into high potential
downstream activities such as processed food, biodiesel, second generation
biofuel and oleochemicals. Malaysia currently accounts for 39 % of world
palm oil production and 44% of world exports. Taken into account of other
oils & fats produced in the country, Malaysia accounts for 12% and 27%
of the world's total production and exports of oils and fats. Being one of
the biggest producers and exporters of palm oil and palm oil products,
Malaysia has an important role to play in fulfilling the growing global
need for oils and fats sustainably.
|
|
|
|
In year 2013, the production of crude palm oil is envisaged to
rebound 2.5% to 18.9 million tonnes on account of expanded matured areas to
4.44 million hectares. However Malaysian palm oil’s supply and demand for
February 2013 with palm oil stocks continued to be lower for the
consecutive two months at 2.444 million tonnes, a decrease of 5.23% from
January 2013 and was slightly above the average estimation at 2.42 million
tonnes. The exports in February 2013 fell 13.98% to 1.398 million tonnes while
the palm oil production reduced 19.15% to 1.296 million tonnes. The palm
oil production would be expected to be in dismal as the oil palm had
entered a low yield cycle currently.
|
|
|
|
According to the 2013 Budget, the palm oil sector contracted 8.6%
during the first half of the year 2012 due to the less favourable weather
conditions and natural production down cycle that constrained the output of
fresh fruit bunches. However, the yield is expected to improve in the later
part of the year, with the subsector registering a smaller contraction of
2.8% in 2012. Total planted areas of oil palm increased substantially by
77,106 hectares to five million hectares as at end-June 2012. Of the total
planted areas, 28.4% or 1.5 million hectares are located in Sabah. With the
acceleration of planting activity, total planted areas are expected to
increase to 5.1 million hectares in 2012.
|
|
|
|
According to the Performance Management and Delivery Unit (Pemandu),
the Palm Oil National Key Economic Area (NKEA), Malaysia's most important
commodity is expected to contribute from RM125 billion to RM178 billion to
the Gross National Income (GNI) and create about 41,600 jobs by 2020, with
the government's focus on eight Entry Point Projects (EPPs). As part of the
government's efforts to accelerate the country's replanting and new
planting programme and manage stock levels, the government has allocated an
additional RM432 million as funds for independent smallholders' replanting
and new planting initiatives in 2013. According to Pemandu, the government
will also accelerate the replanting of oil palm by plantations and
smallholders as well as new planting by independent smallholders to 130,000
ha. and raise the area complying with best practices by an additional
200,000 ha. in 2013.
|
|
|
|
However, the future performance of the industry is unpredictable as
with many factors that can give impact to the industry is still unknown.
Nationally, the sentiments seem positive, internationally there are mixed
signals but with the current growth rate, an expected increase in demand, a
recovering global economy, analysts and industry sources are reckoning
that the bull may be able to hold the bear back.
|
|
|
|
Under the palm oil National Key Economic Areas (NKEAs) in 2011, the
launches of the Oil Palm Replanting and New Planting Smallholders Schemes
ware improved the smallholders agricultural practices in 2012.The oil
extraction rate is set to improve to 21.05% in three-year from 2012 to low
of 19.70% as 1.35 more.
|
|
|
|
In driving speedier harvesting of oil palm fruits, the government
has introduced the RM1,000 discount scheme to encourage the use of
motorised sickle called Cantas and diamond blade sharpeners to enhance the
palm oil industry. MPOB appointed 100 enforcement officers to visit mills
to ensure the only good quality crops are processed. Since 2007, the palm
oil industry has grown at an average of 14.5 per cent annualy until 2012.
If the momentum is maitained for next 5 to 8 years, malaysia will achive its
target of two million of hecters palm oil.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Mature
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
Incorporated in 1994, the SC is an Exempt Private company, focusing on distribution
of chemical, palm oil, palm oil down-stream products or derivates. Having
been in the industry for over a decade, the SC has achieved a certain
market share and has built up a satisfactory reputation in the market. It
should have received supports from its regular customers. However, with a
weak shareholders' backing, the SC's capital position is weak. Inadequate
capital may be a constraint to the SC as it limits its ability to expand
its business in future.
Over the years, the SC has penetrated into both the local and overseas
market. The SC has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the SC to further
enhance its business in the near term. Being a small company, the SC's business
operation is supported by 10 employees. Overall, we regard that the SC's
management capability is average.
As the SC is registered as an Exempt Private company, it is not required to
file financial statements for public review. As such, we are unable to
ascertain its present financial health.
The SC's supplier are from both the local and overseas countries. This will
eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials.
The industry has reached its optimum level and is generally stable. It is
saturated and very competitive. Thus, the SC's growth prospect is very much
depends on its capacity in sustaining its performance in the market.
In view of the above, we only recommend credit be proceeded to the SC with
guarantee.
|
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
SURIACHEM SDN.
BHD.
|
|
Financial Year End
|
2007-12-31
|
2006-12-31
|
2005-12-31
|
2004-12-31
|
|
Months
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
NO
|
|
Financial Type
|
FULL
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
TURNOVER
|
46,236,591
|
18,570,281
|
8,754,787
|
11,936,597
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
46,236,591
|
18,570,281
|
8,754,787
|
11,936,597
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
338,327
|
138,787
|
28,461
|
36,331
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
338,327
|
138,787
|
28,461
|
36,331
|
|
Taxation
|
<144,979>
|
<30,262>
|
<19,796>
|
<9,684>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
193,348
|
108,525
|
8,665
|
26,647
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
193,348
|
108,525
|
8,665
|
26,647
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
|
193,348
|
108,525
|
8,665
|
26,647
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
As previously reported
|
109,626
|
1,101
|
<7,564>
|
<34,211>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
109,626
|
1,101
|
<7,564>
|
<34,211>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
302,974
|
109,626
|
1,101
|
<7,564>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
302,974
|
109,626
|
1,101
|
<7,564>
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
Hire purchase
|
2,985
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
2,985
|
-
|
-
|
-
|
|
|
=============
|
|
|
|
BALANCE SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
FIXED ASSETS
|
303,931
|
21,043
|
22,481
|
20,529
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
303,931
|
21,043
|
22,481
|
20,529
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
Stocks
|
996,554
|
-
|
-
|
-
|
|
Trade debtors
|
7,938,258
|
-
|
-
|
-
|
|
Other debtors, deposits & prepayments
|
12,581
|
-
|
-
|
-
|
|
Short term deposits
|
448,239
|
-
|
-
|
-
|
|
Cash & bank balances
|
1,427,462
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
10,823,094
|
4,913,607
|
2,513,270
|
3,668,786
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
11,127,025
|
4,934,650
|
2,535,751
|
3,689,315
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
8,499,752
|
-
|
-
|
-
|
|
Other creditors & accruals
|
185,721
|
-
|
-
|
-
|
|
Hire purchase & lease creditors
|
52,254
|
-
|
-
|
-
|
|
Bill & acceptances payable
|
749,000
|
-
|
-
|
-
|
|
Amounts owing to director
|
618,249
|
-
|
-
|
-
|
|
Provision for taxation
|
14,528
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
10,119,504
|
4,324,125
|
2,033,322
|
3,295,466
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
703,590
|
589,482
|
479,948
|
373,320
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
1,007,521
|
610,525
|
502,429
|
393,849
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
500,000
|
500,000
|
500,000
|
400,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
500,000
|
500,000
|
500,000
|
400,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
302,974
|
109,626
|
1,101
|
<7,564>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
302,974
|
109,626
|
1,101
|
<7,564>
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
802,974
|
609,626
|
501,101
|
392,436
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
Hire purchase creditors
|
199,411
|
-
|
-
|
-
|
|
Deferred taxation
|
5,136
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
204,547
|
899
|
1,328
|
1,413
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
1,007,521
|
610,525
|
502,429
|
393,849
|
|
|
=============
|
=============
|
=============
|
=============
|
FINANCIAL RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
1,875,701
|
-
|
-
|
-
|
|
Net Liquid Funds
|
1,126,701
|
-
|
-
|
-
|
|
Net Liquid Assets
|
<292,964>
|
589,482
|
479,948
|
373,320
|
|
Net Current Assets/(Liabilities)
|
703,590
|
589,482
|
479,948
|
373,320
|
|
Net Tangible Assets
|
1,007,521
|
610,525
|
502,429
|
393,849
|
|
Net Monetary Assets
|
<497,511>
|
588,583
|
478,620
|
371,907
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
1,000,665
|
-
|
-
|
-
|
|
Total Liabilities
|
10,324,051
|
4,325,024
|
2,034,650
|
3,296,879
|
|
Total Assets
|
11,127,025
|
4,934,650
|
2,535,751
|
3,689,315
|
|
Net Assets
|
1,007,521
|
610,525
|
502,429
|
393,849
|
|
Net Assets Backing
|
802,974
|
609,626
|
501,101
|
392,436
|
|
Shareholders' Funds
|
802,974
|
609,626
|
501,101
|
392,436
|
|
Total Share Capital
|
500,000
|
500,000
|
500,000
|
400,000
|
|
Total Reserves
|
302,974
|
109,626
|
1,101
|
<7,564>
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
Cash Ratio
|
0.19
|
-
|
-
|
-
|
|
Liquid Ratio
|
0.97
|
-
|
-
|
-
|
|
Current Ratio
|
1.07
|
1.14
|
1.24
|
1.11
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
8
|
-
|
-
|
-
|
|
Debtors Ratio
|
63
|
-
|
-
|
-
|
|
Creditors Ratio
|
67
|
-
|
-
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
1.25
|
-
|
-
|
-
|
|
Liabilities Ratio
|
12.86
|
7.09
|
4.06
|
8.40
|
|
Times Interest Earned Ratio
|
114.34
|
-
|
-
|
-
|
|
Assets Backing Ratio
|
2.02
|
1.22
|
1.00
|
0.98
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
0.73
|
0.75
|
0.33
|
0.30
|
|
Net Profit Margin
|
0.42
|
0.58
|
0.10
|
0.22
|
|
Return On Net Assets
|
33.88
|
22.73
|
5.66
|
9.22
|
|
Return On Capital Employed
|
32.21
|
22.73
|
5.66
|
9.22
|
|
Return On Shareholders' Funds/Equity
|
24.08
|
17.80
|
1.73
|
6.79
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
-
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0
|
|
|
|
|