|
|
REGISTRATION NO.
|
:
|
666473-X
|
|
COMPANY NAME
|
:
|
OLEOCOMM GLOBAL SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
20/09/2004
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
5-3, JALAN 109F, PLAZA DANAU 2, TAMAN DANAU DESA, 58100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
SUITE 3A-01, BLOCK C, PLAZA MON'T KIARA, JALAN KIARA 1, 50480 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-26301815
|
|
FAX.NO.
|
:
|
03-62500546
|
|
HP.NO.
|
:
|
0126845044
|
|
WEB SITE
|
:
|
WWW.OLEOCOMM.COM
|
|
CONTACT PERSON
|
:
|
ANUJ KAPOOR ( MANAGING DIRECTOR )
|
|
|
|
|
INDUSTRY CODE
|
:
|
46202
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF OIL PALM AND OLEOCHEMICALS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 350,000.00
DIVIDED INTO
ORDINARY SHARES 350,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
SALES
|
:
|
MYR 192,155,570 [2012]
|
|
NET WORTH
|
:
|
MYR 3,068,729 [2012]
|
|
|
|
|
STAFF STRENGTH
|
:
|
5 [2014]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
FAIR
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MATURE
|
HISTORY
/ BACKGROUND
The Subject 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 Subject must
have at least two directors. A private limited company is a separate legal
entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is
principally engaged in the (as a / as an) trading of oil palm and
oleochemicals.
The Subject is
not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital
History
|
Date
|
Authorised
Shared Capital
|
Issue &
Paid Up Capital
|
|
15/02/2013
|
MYR 500,000.00
|
MYR 350,000.00
|
|
24/12/2004
|
MYR 100,000.00
|
MYR 100,000.00
|
The major shareholder(s) of the Subject are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
RUCHITA KAPOOR +
|
A-25-7, VISTA KIARA, JALAN KIARA 3, BUKIT KIARA, 50480 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
H2425759
|
175,000.00
|
50.00
|
|
MR. ANUJ KAPOOR +
|
A-25-7, VISTA KIARA, JALAN KIARA 3, BUKIT KIARA, 50480 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
Z2110196
|
175,000.00
|
50.00
|
|
|
|
---------------
|
------
|
|
|
|
350,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
RUCHITA KAPOOR
|
|
Address
|
:
|
A-25-7, VISTA KIARA, JALAN KIARA 3, BUKIT KIARA, 50480 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
H2425759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
20/09/2004
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. ANUJ KAPOOR
|
|
Address
|
:
|
A-25-7, VISTA KIARA, JALAN KIARA 3, BUKIT KIARA, 50480 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
Z2110196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
15/03/2007
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
ANUJ KAPOOR
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
ECOVIS AHL
|
|
Auditor' Address
|
:
|
9-3, JALAN 109F, PLAZA DANAU 2, TAMAN DANAU DESA, 58100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. TEH PEI YUN
|
|
|
|
|
|
New IC No
|
:
|
780617-10-5882
|
|
Address
|
:
|
35, JALAN PUTRI JAYA 11, TAMAN PUTRI JAYA, 43200 CHERAS, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. FONG WAI MUN
|
|
IC / PP No
|
:
|
A2164312
|
|
New IC No
|
:
|
720610-14-5350
|
|
Address
|
:
|
11, JALAN SS3/66, 47300 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
ENCUMBRANCE
(S)
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
1
|
16/03/2011
|
FACILITIES
AGREEMENT
|
STANDARD CHARTERED BANK MALAYSIA BERHAD
|
-
|
Unsatisfied
|
LEGAL
CHECK AGAINST SUBJECT
* A check has been conducted in our databank againt the Subject 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 SUBJECT
* We have checked through the Subject 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
|
Percentage
|
:
|
85%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
15%
|
|
Import Countries
|
:
|
ASIA
|
The Subject 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
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
X
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
NO
|
|
|
|
|
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Export Market
|
:
|
ASIA
SOUTH EAST ASIA
SOUTH AFRICA
UNITED STATES
EUROPE
MIDDLE EAST
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
END USERS,DISTRIBUTORS,DEALERS
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
OIL PALM AND OLEOCHEMICALS
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2014
|
2009
|
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
5
|
5
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of oil palm
and oleochemicals.
We were informed that the Subject specializes in exports of oleochemicals,
oils and fats.
The Subject's products ranges are including fatty acids, fatty alcohol,
methyl ester, soap noodles, glycerine, palm oil, palm kernal oil and others.
According to the Subject, it does not keep stocks as direclty supply the
products based on the customers' requirements.
CURRENT
INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-26301815
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address Provided by Client
|
:
|
SUITE 3A-01 BLOCK C, PLAZ TE KIARA, JALAN KIARA 1 KUALA LUMPUR
MALAYSIA 1350
|
|
Current Address
|
:
|
SUITE 3A-01, BLOCK C, PLAZA MON'T KIARA, JALAN KIARA 1, 50480 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
On 30th April 2014 we contacted one of the staff from the Subject and she
provided some information.
The address provided is incorrect.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2008 - 2012
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2008 - 2012
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
12.43%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
14.52%
|
]
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The dip in profit could be due to the stiff
market competition which reduced the Subject's profit margin. The Subject's
management had generated acceptable return for its shareholders using its
assets.
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
95 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
97 Days
|
]
|
|
|
|
|
|
|
|
|
|
As the Subject is a service oriented company, the Subject does not
need to keep stocks. The Subject's debtors ratio was high. The Subject
should tighten its credit control and improve its collection period. The unfavourable
creditors' ratio could be due to the Subject taking advantage of the credit
granted by its suppliers. However this may affect the goodwill between the
Subject and its suppliers and the Subject may inadvertently have to pay
more for its future supplies.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.06 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.06 Times
|
]
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in order
to assure its creditors of its ability to meet short term obligations and
the Subject was in a good liquidity position. Thus, we believe the Subject
is able to meet all its short term obligations as and when they fall due.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Favourable
|
[
|
17.77 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.20 Times
|
]
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the interest.
The favourable interest cover could indicate that the Subject was making
enough profit to pay for the interest accrued. The Subject was lowly geared
thus it had a low financial risk. The Subject was mainly financed by its
shareholders' funds and internally generated funds. In times of economic
slowdown / downturn, the Subject 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 Subject recorded lower profits as its turnover showed a erratic
trend. The Subject's management was unable to control its costs efficiently
as its profit showed a downward trend. The Subject was in good liquidity position
with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay
its short term obligations. With the favourable interest cover, the Subject
could be able to service all the accrued interest without facing any
difficulties. The Subject 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 Subject : FAIR
|
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 2004, the Subject is a Private Limited company, focusing on
trading of oil palm and oleochemicals. Having been in the industry for a decade,
the Subject 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. Presently, the issued and paid up capital of
the Subject stands at MYR 350,000.
The Subject focuses only on overseas market. This global approach has
enabled the Subject to generate a better growth sales. Being an
export-oriented company, the Subject however is subjected to certain
inherent risk of global economy slowdown, foreign currencies fluctuations
and stiff competition in the international market. Being a small company,
the Subject's business operation is supported by 5 employees. Overall, we
regard that the Subject's management capability is average.
The Subject's business performance showed a reverse trend as both its
turnover and pre-tax profit have decreased compared to the previous year.
Return on shareholders' funds of the Subject was at an acceptable range
which indicated that the management was efficient in utilising its funds to
generate income. The Subject is in good liquidity position with its current
liabilities well covered by it current assets. Hence, it has sufficient
working capital to meet its short term financial obligations. Being a lowly
geared company, the Subject is exposed to low financial risk as it is
mainly dependent on its internal funds to finance its business needs. Given
a positive net worth standing at MYR 3,068,729, the Subject should be able
to maintain its business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The Subject'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 Subject has a good control over its
resources.
The Subject's overall payment habit is fair and this clearly implied a weak
credit control of the Subject.
The industry has reached its optimum level and is generally stable. It is
saturated and very competitive. Thus, the Subject's growth prospect is very
much depends on its capacity in sustaining its performance in the market.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
OLEOCOMM GLOBAL
SDN. BHD.
|
|
Financial Year End
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
2009-12-31
|
2008-12-31
|
|
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
|
SUMMARY
|
SUMMARY
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
TURNOVER
|
192,155,570
|
258,150,566
|
211,919,394
|
139,646,144
|
190,985,276
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
192,155,570
|
258,150,566
|
211,919,394
|
139,646,144
|
190,985,276
|
|
Costs of Goods Sold
|
(190,555,852)
|
(256,848,374)
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
1,599,718
|
1,302,192
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
495,940
|
584,437
|
535,142
|
497,313
|
527,974
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
495,940
|
584,437
|
535,142
|
497,313
|
527,974
|
|
Taxation
|
(114,440)
|
(110,020)
|
(114,738)
|
(82,050)
|
(110,733)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
381,500
|
474,417
|
420,404
|
415,263
|
417,241
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
2,337,229
|
1,862,812
|
1,442,408
|
1,027,145
|
609,904
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
2,337,229
|
1,862,812
|
1,442,408
|
1,027,145
|
609,904
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
2,718,729
|
2,337,229
|
1,862,812
|
1,442,408
|
1,027,145
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
2,718,729
|
2,337,229
|
1,862,812
|
1,442,408
|
1,027,145
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
Hire purchase
|
6,386
|
7,490
|
-
|
-
|
-
|
|
Term loan / Borrowing
|
23,191
|
17,650
|
-
|
-
|
-
|
|
Others
|
-
|
-
|
-
|
-
|
3,397
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
29,577
|
25,140
|
-
|
-
|
3,397
|
|
=============
|
=============
|
|
=============
|
=============
|
BALANCE
SHEET
|
OLEOCOMM
GLOBAL SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
798,230
|
833,380
|
170,102
|
37,640
|
67,162
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
798,230
|
833,380
|
170,102
|
37,640
|
67,162
|
|
|
|
|
|
|
|
Trade debtors
|
50,016,908
|
37,836,731
|
-
|
-
|
17,943,246
|
|
Other debtors, deposits & prepayments
|
228,817
|
67,747
|
-
|
-
|
42,740
|
|
Short term deposits
|
-
|
-
|
-
|
-
|
1,000,000
|
|
Cash & bank balances
|
3,580,436
|
280,972
|
-
|
-
|
2,040,234
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
53,826,161
|
38,185,450
|
54,836,601
|
21,177,434
|
21,026,220
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
54,624,391
|
39,018,830
|
55,006,703
|
21,215,074
|
21,093,382
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
50,449,750
|
35,175,503
|
-
|
-
|
18,328,272
|
|
Other creditors & accruals
|
145,928
|
64,611
|
-
|
-
|
131,840
|
|
Hire purchase & lease creditors
|
36,662
|
34,718
|
-
|
-
|
56,852
|
|
Short term borrowings/Term loans
|
17,924
|
17,137
|
-
|
-
|
-
|
|
Amounts owing to director
|
295,861
|
306,202
|
-
|
-
|
1,062,868
|
|
Provision for taxation
|
59,440
|
124,432
|
-
|
-
|
125,767
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
51,005,565
|
35,722,603
|
52,656,345
|
19,376,999
|
19,705,599
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
2,820,596
|
2,462,847
|
2,180,256
|
1,800,435
|
1,320,621
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
3,618,826
|
3,296,227
|
2,350,358
|
1,838,075
|
1,387,783
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
350,000
|
350,000
|
350,000
|
350,000
|
350,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
350,000
|
350,000
|
350,000
|
350,000
|
350,000
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
2,718,729
|
2,337,229
|
1,862,812
|
1,442,408
|
1,027,145
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
2,718,729
|
2,337,229
|
1,862,812
|
1,442,408
|
1,027,145
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
3,068,729
|
2,687,229
|
2,212,812
|
1,792,408
|
1,377,145
|
|
|
|
|
|
|
|
Long term loans
|
487,887
|
506,170
|
-
|
-
|
-
|
|
Hire purchase creditors
|
62,210
|
102,828
|
-
|
-
|
10,638
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
550,097
|
608,998
|
137,546
|
45,667
|
10,638
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
3,618,826
|
3,296,227
|
2,350,358
|
1,838,075
|
1,387,783
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
OLEOCOMM
GLOBAL SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
3,580,436
|
280,972
|
-
|
-
|
3,040,234
|
|
Net Liquid Funds
|
3,580,436
|
280,972
|
-
|
-
|
3,040,234
|
|
Net Liquid Assets
|
2,820,596
|
2,462,847
|
2,180,256
|
1,800,435
|
1,320,621
|
|
Net Current Assets/(Liabilities)
|
2,820,596
|
2,462,847
|
2,180,256
|
1,800,435
|
1,320,621
|
|
Net Tangible Assets
|
3,618,826
|
3,296,227
|
2,350,358
|
1,838,075
|
1,387,783
|
|
Net Monetary Assets
|
2,270,499
|
1,853,849
|
2,042,710
|
1,754,768
|
1,309,983
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
604,683
|
660,853
|
-
|
-
|
67,490
|
|
Total Liabilities
|
51,555,662
|
36,331,601
|
52,793,891
|
19,422,666
|
19,716,237
|
|
Total Assets
|
54,624,391
|
39,018,830
|
55,006,703
|
21,215,074
|
21,093,382
|
|
Net Assets
|
3,618,826
|
3,296,227
|
2,350,358
|
1,838,075
|
1,387,783
|
|
Net Assets Backing
|
3,068,729
|
2,687,229
|
2,212,812
|
1,792,408
|
1,377,145
|
|
Shareholders' Funds
|
3,068,729
|
2,687,229
|
2,212,812
|
1,792,408
|
1,377,145
|
|
Total Share Capital
|
350,000
|
350,000
|
350,000
|
350,000
|
350,000
|
|
Total Reserves
|
2,718,729
|
2,337,229
|
1,862,812
|
1,442,408
|
1,027,145
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.07
|
0.01
|
-
|
-
|
0.15
|
|
Liquid Ratio
|
1.06
|
1.07
|
-
|
-
|
1.07
|
|
Current Ratio
|
1.06
|
1.07
|
1.04
|
1.09
|
1.07
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
0
|
0
|
-
|
-
|
0
|
|
Debtors Ratio
|
95
|
53
|
-
|
-
|
34
|
|
Creditors Ratio
|
97
|
50
|
-
|
-
|
35
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.20
|
0.25
|
-
|
-
|
0.05
|
|
Liabilities Ratio
|
16.80
|
13.52
|
23.86
|
10.84
|
14.32
|
|
Times Interest Earned Ratio
|
17.77
|
24.25
|
-
|
-
|
156.42
|
|
Assets Backing Ratio
|
10.34
|
9.42
|
6.72
|
5.25
|
3.97
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
0.26
|
0.23
|
0.25
|
0.36
|
0.28
|
|
Net Profit Margin
|
0.20
|
0.18
|
0.20
|
0.30
|
0.22
|
|
Return On Net Assets
|
14.52
|
18.49
|
22.77
|
27.06
|
38.29
|
|
Return On Capital Employed
|
14.38
|
18.30
|
22.77
|
27.06
|
36.78
|
|
Return On Shareholders' Funds/Equity
|
12.43
|
17.65
|
19.00
|
23.17
|
30.30
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
-
|
-
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|
-
|
0
|
|