|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
309579-H
|
|
COMPANY NAME
|
:
|
KLK PREMIER OILS SDN. BHD.
|
|
FORMER NAME
|
:
|
LELUASA UNTUNG SDN BHD (10/11/2008)
|
|
INCORPORATION DATE
|
:
|
28/07/1994
|
|
|
|
|
|
|
|
|
|
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
|
:
|
MDLD 5897, LOT 85, TENGAH NIPAH, JALAN
KASTAM BARU, 91100 LAHAD DATU, SABAH, MALAYSIA.
|
|
TEL.NO.
|
:
|
089-882177
|
|
FAX.NO.
|
:
|
089-880177
|
|
CONTACT PERSON
|
:
|
TIANG KON TANG ( GENERAL MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
10401
|
|
PRINCIPAL ACTIVITY
|
:
|
PROCESSING OF PALM KERNELS AND CRUDE PALM
OIL
|
|
AUTHORISED CAPITAL
|
:
|
MYR 30,000,000.00 DIVIDED INTO
ORDINARY SHARE 25,000,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 500,000,000.00 OF MYR 0.01 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 20,000,700.00 DIVIDED INTO
ORDINARY SHARES 20,000,000 CASH OF MYR 1.00 EACH.
PREFERENCE SHARES 70,000 CASH OF MYR 0.01 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 2,169,233,320 [2011]
|
|
NET WORTH
|
:
|
MYR 149,322,284 [2011]
|
|
M1000 OVERALL RANKING
|
:
|
277[2011]
|
|
M1000 INDUSTRY RANKING
|
:
|
10[2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
130 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
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) processing of palm kernels and crude palm oil.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
|
According to the Malaysia 1000
publication, the SC's ranking are as follows:
|
|
|
|
|
|
|
YEAR
|
2011
|
|
|
|
OVERALL RANKING
|
277
|
|
|
|
INDUSTRY RANKING
|
10
|
|
|
The immediate 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
|
(%)
|
|
KUALA LUMPUR KEPONG BERHAD
[PS : 59,500 AND OS: 17,000,000 ]
|
1, JALAN S P SEENIVASAGAM, 30000 IPOH,
PERAK, MALAYSIA.
|
15043
|
17,059,500.00
|
85.00
|
|
MITSUBISHI CORPORATION
[PS:10,500 AND OS : 3,000,000]
|
2-3-1 MARUNOUCHI,CHIYODA -KU TOKYO
100-8086, JAPAN.
|
XLZ00212218
|
3,010,500.00
|
15.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
20,070,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. LEONG SEAN MENG
|
|
Address
|
:
|
9 HALA BANDAR BARU TAMBUN 17, DESA TAMBUN
INDAH, 31400 IPOH, PERAK, MALAYSIA.
|
|
IC / PP No
|
:
|
5526135
|
|
New IC No
|
:
|
581219-08-5319
|
|
Date of Birth
|
:
|
19/12/1958
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
11/07/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
YUJI YAMAGUCHI
|
|
Address
|
:
|
20-8-E, AZAMINO 3-CHOME, AOBA-KU , YOKOHAMA
, KANAGAWA, 225-0011, JAPAN
|
|
IC / PP No
|
:
|
TZ0403792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
27/09/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MS. KHOO SAW LOOI
|
|
Address
|
:
|
11, PERSIARAN GOPENG 9, TAMAN GOLF, 31350
IPOH, PERAK, MALAYSIA.
|
|
IC / PP No
|
:
|
5677896
|
|
New IC No
|
:
|
590830-05-5004
|
|
Date of Birth
|
:
|
30/08/1959
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
22/11/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
TIANG KON TANG
|
|
Address
|
:
|
LOT 20 , MDLD 593, TAMAN EXECUTIVE ,
JALAN TENGAH NIPAH , 91100 LAHAD DATU, SABAH, MALAYSIA.
|
|
IC / PP No
|
:
|
6179486
|
|
New IC No
|
:
|
610319-08-5737
|
|
Date of Birth
|
:
|
19/03/1961
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
22/11/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
TIANG KON TANG
|
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
CHOY MING HAW
|
|
|
Position
|
:
|
ACCOUNTANT
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
HALIJAH
|
|
|
Position
|
:
|
CHIEF ACCOUNTANT
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG
|
|
Auditor' Address
|
:
|
WISMA GEK POH , JALAN DUNLOP , 2ND FLOOR,
91000 TAWAU, SABAH, MALAYSIA.
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. LAU YONG HOOI
|
|
|
IC / PP No
|
:
|
5052890
|
|
|
New IC No
|
:
|
560605-08-5963
|
|
|
Address
|
:
|
3293 TAMAN MAJU JAYA, JALAN CHONG THIEN
VUN, 91000 TAWAU, SABAH, 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
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with
above mentioned banker(s). No adverse record was found during our
investigation.
|
ENCUMBRANCE
(S)
No encumbrance was found in our databank at the time of investigation.
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
|
|
|
|
|
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
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
EUROPE
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
PALM KERNELS AND CRUDE PALM OIL
|
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2011
|
2010
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
130
|
130
|
130
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) processing of palm
kernels and crude palm oil.
The SC is the related company of KUALA LUMPUR KEPONG BERHAD
("KLK"), is a Malaysian multinational company involved in
plantation, manufacturing, property development and retailing.
The SC undertakes the following business operations:
1) Kernel crushing
2) Manufacturing of crude palm oil
PROJECTS
No projects found in our databank
CURRENT
INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
089-882177
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
NO. 1 JALAN S.P. SEENIVASAGAM 30000
IPOH-PERAK
|
|
Current Address
|
:
|
MDLD 5897, LOT 85, TENGAH NIPAH, JALAN
KASTAM BARU, 91100 LAHAD DATU, SABAH, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC and she provided some information
on the SC.
The address provided belongs to the SC's registered office.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2007 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2007 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
<3.61%>
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
<5.99%>
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's turnover increased steadily as the
demand for its products / services increased due to the goodwill built up
over the years.The SC incurred losses during the year due to the
inefficient control of its operating costs. The SC's unfavourable returns
on shareholders' funds indicate the management's inefficiency in utilising
its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
21 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
|
:
|
Unfavourable
|
[
|
0.79 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.42 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A low liquid ratio means that the SC may
be facing working capital deficiency. If the SC cannot obtain additional
financing or injection of fresh capital, it may face difficulties in
meeting its short term obligations.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Unfavourable
|
[
|
<2.47 Times>
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC incurred losses in the year. It
did not generate sufficient income to service its interest. If the
situation does not improve, the SC may be vulnerable to default in
servicing the interest. The SC had no gearing and hence it had virtually no
financial risk. The SC was financed by its shareholders' funds and
internally generated fund. During the economic downturn, the SC, having a
zero gearing, will be able to compete better than those which are highly
geared in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Although the SC's turnover increased its
profits however showed a reverse trend. The losses could be due to the
management's failure to maintain its competitiveness in the market. Due to
its weak liquidity position, the SC will be faced with problems in meeting
all its short term obligations if no short term loan is obtained or
additional capital injected into the SC. The SC's interest cover was
negative, indicating that it did not generate sufficient income to service
its interest. If its result does not show impressive improvements or
succeed obtaining short term financing or capital injection, it may not be
able to service its interest and repay the loans. The SC was a zero gearing
company, it was solely dependant on its shareholders to provide funds to
finance its business. The SC has good chance of getting loans, if the needs
arises.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : LIMITED
|
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
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
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY
ANALYSIS
|
MSIC CODE
|
|
10401 : Manufacture of crude 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 inthe 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.
|
|
According to MPOB ( Malaysian Palm Oil Board ) statistics in May/June
2012,imports of processed palm oil continue to rise from 88,000 tonnes (May
2012) and 112,000 tonnes (June 2012).Due to the biological stress on oil
palm trees and following by the bumper harvest in 2011, Oil production is
expected to decline at the end of 2012. The number of palm oil mills in
operation in the malaysia has increased from 53 (Dec 31, 2011) to 55
(second quarter 2012), with another 14 new mills at various stages of
construction.
|
|
The outlook for the palm oil industry is bright, with its price range
between RM3,100 and RM3,840 per tonne in first quarter 2012.This is
equivalent to about 26.6 % of the global oils and fats trade. Furthemore,
at the end of 2012, the demand and the price of palm oil are expected to be
increased due to the adverse weather conditions of the production soy bean
in South America is expected to be declined by 3 to 5% at the end of 2012.
|
|
The unfreezing of India's base import price of refined palm olein is
expected to cause insignificant impact to Malaysian refiners as they have
already established other downstream markets for their refined crude palm
oil (CPO) exports. Furthermore, Malaysia has produced 18.91 million tonnes
or 37.65% of the total palm oil production on 2011 and it has accounted for
17.99 million tonnes or 46.27% of the world exports.
|
|
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 : Average Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1994, the SC is a Private Limited company, focusing on
processing of palm kernels and crude palm oil. With its long establishment
in the market, the SC has received strong support from its stable customers
base. Its business position in the market is quite stable and it is
expected to enjoy better market shares over its rivals. The SC is well
backed by a listed company shareholders which would stimulate further
growth for the SC. Hence, the potential growth of the SC is positive. The
SC is a large entity with strong capital position. We are confident with
the SC's business and its future growth prospect.
|
|
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. The SC is a fairly large and rapidly
growing company with over 130 staff in its operations Overall, we regard
that the SC's management capability is average. This indicates that the SC
has greater potential to improve its business performance and raising
income for the SC.
|
|
Despite the higher turnover, the SC suffered pre-tax losses which reflected
a highly competitive business environment. The SC has generated an
unfavourable return on shareholders' funds indicating that the management
was inefficient in utilising its funds to generate return. Due to its weak
liquidity position, the SC may face working capital deficiency in meeting
its short term financial obligations if no fresh capital are injected into
the SC. Being a zero geared company, the SC virtually has no financial risk
as it is mainly dependent on its internal funds to finance its business.
Given a positive net worth standing at MYR 149,322,284, the SC should be
able to maintain its business in the near terms.
|
|
Having a strong assets backing, the SC possesses latent assets as collateral
for further financial extension. Hence, it has good chance of getting loans
if the needs arises. 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.
Overall the SC has a good control over its resources.
|
|
The SC's payment habit is average. With its adequate working capital, the
SC should be able to pay its short term debts.
|
|
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the SC is expected to benefit from the favourable
outlook of the industry.
|
|
Based on the above condition, we recommend credit be granted to the SC
promptly.
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
|
|
KLK PREMIER OILS 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
|
Company
|
Company
|
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
|
2,169,233,320
|
1,406,025,299
|
1,337,656,533
|
1,615,954,279
|
341,970,345
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
2,169,233,320
|
1,406,025,299
|
1,337,656,533
|
1,615,954,279
|
341,970,345
|
|
Costs of Goods Sold
|
<2,116,305,715>
|
<1,355,501,918>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
52,927,605
|
50,523,381
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
<12,562,270>
|
22,474,042
|
20,335,570
|
32,178,429
|
<7,743,496>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
<12,562,270>
|
22,474,042
|
20,335,570
|
32,178,429
|
<7,743,496>
|
|
Taxation
|
7,167,174
|
<17,793>
|
<2,700,433>
|
<7,146,431>
|
2,959,235
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
<5,395,096>
|
22,456,249
|
17,635,137
|
25,031,998
|
<4,784,261>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
62,437,398
|
39,981,349
|
22,346,212
|
<2,685,786>
|
2,098,475
|
|
Prior year adjustment
|
2,279,782
|
-
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
64,717,180
|
39,981,349
|
22,346,212
|
<2,685,786>
|
2,098,475
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
59,322,084
|
62,437,598
|
39,981,349
|
22,346,212
|
<2,685,786>
|
|
- General
|
<100>
|
<200>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
59,321,984
|
62,437,398
|
39,981,349
|
22,346,212
|
<2,685,786>
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to
P&L)
|
|
|
|
|
|
|
Others
|
3,615,320
|
957,309
|
2,210,060
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
|
|
|
|
3,615,320
|
957,309
|
2,210,060
|
|
|
BALANCE
SHEET
|
KLK PREMIER OILS SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
59,662,851
|
66,419,951
|
68,785,686
|
77,146,604
|
83,860,823
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Deferred assets
|
2,261,470
|
-
|
-
|
-
|
4,714,215
|
|
Others
|
4,008,721
|
4,080,783
|
6,520,145
|
6,594,748
|
6,669,351
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
6,270,191
|
4,080,783
|
6,520,145
|
6,594,748
|
11,383,566
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
65,933,042
|
70,500,734
|
75,305,831
|
83,741,352
|
95,244,389
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
124,812,012
|
124,564,367
|
77,996,199
|
133,290,199
|
63,514,261
|
|
Trade debtors
|
120,293,977
|
50,137,772
|
89,571,500
|
43,483,710
|
63,811,508
|
|
Other debtors, deposits & prepayments
|
12,262,099
|
4,361,033
|
6,831,564
|
3,939,855
|
2,706,691
|
|
Short term deposits
|
-
|
-
|
2,500,000
|
6,700,000
|
-
|
|
Deposits with financial institutions
|
17,700,000
|
2,300,000
|
-
|
-
|
-
|
|
Amount due from holding company
|
-
|
3,634
|
-
|
-
|
-
|
|
Amount due from related companies
|
6,625,188
|
-
|
-
|
-
|
-
|
|
Cash & bank balances
|
716,430
|
1,198,841
|
807,306
|
6,838,474
|
112,325
|
|
Others
|
-
|
-
|
-
|
-
|
650
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
282,409,706
|
182,565,647
|
177,706,569
|
194,252,238
|
130,145,435
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
348,342,748
|
253,066,381
|
253,012,400
|
277,993,590
|
225,389,824
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
24,630,123
|
26,328,593
|
20,131,346
|
41,328,839
|
23,358,547
|
|
Other creditors & accruals
|
4,174,060
|
3,149,724
|
3,298,013
|
5,327,413
|
10,239,770
|
|
Bill & acceptances payable
|
99,000,000
|
-
|
55,000,000
|
-
|
-
|
|
Other liabilities & accruals
|
30,563,885
|
-
|
-
|
-
|
-
|
|
Amounts owing to holding company
|
1,636,861
|
-
|
54,458
|
-
|
-
|
|
Amounts owing to related companies
|
39,001,241
|
30,127,248
|
9,509,620
|
100,364,475
|
-
|
|
Provision for taxation
|
14,294
|
37,308
|
13,651
|
51,271
|
-
|
|
Other liabilities
|
-
|
26,000,000
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
199,020,464
|
85,642,873
|
88,007,088
|
147,071,998
|
33,598,317
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
83,389,242
|
96,922,774
|
89,699,481
|
47,180,240
|
96,547,118
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
149,322,284
|
167,423,508
|
165,005,312
|
130,921,592
|
191,791,507
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
20,000,700
|
20,000,800
|
20,001,000
|
20,000,000
|
100,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
20,000,700
|
20,000,800
|
20,001,000
|
20,000,000
|
100,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Share premium
|
69,999,300
|
79,999,200
|
99,999,000
|
-
|
-
|
|
Capital reserve
|
300
|
200
|
-
|
-
|
-
|
|
Retained profit/(loss) carried forward
|
59,321,984
|
62,437,398
|
39,981,349
|
22,346,212
|
<2,685,786>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
129,321,584
|
142,436,798
|
139,980,349
|
22,346,212
|
<2,685,786>
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
149,322,284
|
162,437,598
|
159,981,349
|
42,346,212
|
<2,585,786>
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Deferred taxation
|
-
|
4,985,910
|
5,023,963
|
2,373,470
|
-
|
|
Others
|
-
|
-
|
-
|
86,201,910
|
194,377,293
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
-
|
4,985,910
|
5,023,963
|
88,575,380
|
194,377,293
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
149,322,284
|
167,423,508
|
165,005,312
|
130,921,592
|
191,791,507
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
KLK PREMIER OILS SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
716,430
|
1,198,841
|
3,307,306
|
13,538,474
|
112,325
|
|
Net Liquid Funds
|
716,430
|
1,198,841
|
3,307,306
|
13,538,474
|
112,325
|
|
Net Liquid Assets
|
<41,422,770>
|
<27,641,593>
|
11,703,282
|
<86,109,959>
|
33,032,857
|
|
Net Current Assets/(Liabilities)
|
83,389,242
|
96,922,774
|
89,699,481
|
47,180,240
|
96,547,118
|
|
Net Tangible Assets
|
149,322,284
|
167,423,508
|
165,005,312
|
130,921,592
|
191,791,507
|
|
Net Monetary Assets
|
<41,422,770>
|
<32,627,503>
|
6,679,319
|
<174,685,339>
|
<161,344,436>
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
0
|
0
|
0
|
|
Total Liabilities
|
199,020,464
|
90,628,783
|
93,031,051
|
235,647,378
|
227,975,610
|
|
Total Assets
|
348,342,748
|
253,066,381
|
253,012,400
|
277,993,590
|
225,389,824
|
|
Net Assets
|
149,322,284
|
167,423,508
|
165,005,312
|
130,921,592
|
191,791,507
|
|
Net Assets Backing
|
149,322,284
|
162,437,598
|
159,981,349
|
42,346,212
|
<2,585,786>
|
|
Shareholders' Funds
|
149,322,284
|
162,437,598
|
159,981,349
|
42,346,212
|
<2,585,786>
|
|
Total Share Capital
|
20,000,700
|
20,000,800
|
20,001,000
|
20,000,000
|
100,000
|
|
Total Reserves
|
129,321,584
|
142,436,798
|
139,980,349
|
22,346,212
|
<2,685,786>
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.00
|
0.01
|
0.04
|
0.09
|
0.00
|
|
Liquid Ratio
|
0.79
|
0.68
|
1.13
|
0.41
|
1.98
|
|
Current Ratio
|
1.42
|
2.13
|
2.02
|
1.32
|
3.87
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
21
|
32
|
21
|
30
|
68
|
|
Debtors Ratio
|
20
|
13
|
24
|
10
|
68
|
|
Creditors Ratio
|
4
|
7
|
5
|
9
|
25
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Liabilities Ratio
|
1.33
|
0.56
|
0.58
|
5.56
|
<88.16>
|
|
Times Interest Earned Ratio
|
<2.47>
|
24.48
|
10.20
|
0.00
|
0.00
|
|
Assets Backing Ratio
|
7.44
|
8.34
|
8.22
|
6.52
|
9.55
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
<0.58>
|
1.60
|
1.52
|
1.99
|
<2.26>
|
|
Net Profit Margin
|
<0.25>
|
1.60
|
1.32
|
1.55
|
<1.40>
|
|
Return On Net Assets
|
<5.99>
|
14.00
|
13.66
|
24.58
|
<4.04>
|
|
Return On Capital Employed
|
<5.99>
|
14.00
|
13.66
|
24.58
|
<4.04>
|
|
Return On Shareholders' Funds/Equity
|
<3.61>
|
13.82
|
11.02
|
59.11
|
185.02
|
|
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
|
|