EXECUTIVE
SUMMARY
|
|
REGISTRATION
NO.
|
:
|
587027-T
|
|
COMPANY NAME
|
:
|
KL-KEPONG OLEOMAS SDN. BHD.
|
|
FORMER NAME
|
:
|
ELVISSA CORPORATION SDN. BHD. (15/10/2002)
|
|
INCORPORATION
DATE
|
:
|
22/07/2002
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
WISMA TAIKO, 1, JALAN S.P. SEENIVASAGAM, 30000 IPOH, PERAK,
MALAYSIA.
|
|
BUSINESS
ADDRESS
|
:
|
25, JALAN SUNGAI PINANG 5/18, FASA 2D, TAMAN PERINDUSTRIAN PULAU
INDAH, 42920 PELABUHAN KELANG, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-31012633
|
|
FAX.NO.
|
:
|
03-31013299
|
|
CONTACT PERSON
|
:
|
KHOO PING KHEAN ( MANAGING DIRECTOR )
|
|
|
|
|
INDUSTRY CODE
|
:
|
20
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURE OF OLEOCHEMICALS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR 150,000,000.00 DIVIDED INTO
ORDINARY SHARE 100,000,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 500,000,000.00 OF MYR 0.10 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 559,000,000.00 DIVIDED INTO
ORDINARY SHARES 100,000,000 CASH OF MYR 1.00 EACH.
PREFERENCE SHARES 393,000,000 CASH AND 66,000,000 OTHERWISE OF MYR 1.00
EACH.
|
|
|
|
|
SALES
|
:
|
MYR 1,155,458,000 [2013]
|
|
NET WORTH
|
:
|
MYR 847,888,000 [2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
700 [2014]
|
|
BANKER (S)
|
:
|
|
AMBANK (M)
BHD
MALAYAN
BANKING BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
LOW
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
GOOD
|
|
INDUSTRY
OUTLOOK
|
:
|
AVERAGE GROWTH
|
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) manufacture
of oleochemicals.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate and ultimate holding company of the Subject is KUALA
LUMPUR KEPONG BERHAD, a company incorporated in MALAYSIA.
Share Capital History
|
Date
|
Authorised Shared Capital
|
Issue & Paid Up Capital
|
|
01/07/2013
|
MYR 150,000,000.00
|
MYR 559,000,000.00
|
|
12/12/2012
|
MYR 150,000,000.00
|
MYR 137,650,000.00
|
|
08/08/2006
|
MYR 100,000,000.00
|
MYR 100,000,000.00
|
|
29/07/2002
|
MYR 100,000.00
|
MYR 2.00
|
The major shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
KUALA LUMPUR KEPONG BERHAD
|
1, JALAN S.P. SEENIVASAGAM, 30000 IPOH, PERAK, MALAYSIA.
|
15043V
|
223,600,000.00
|
40.00
|
|
KL-KEPONG INDUSTRIAL HOLDINGS SDN BHD
|
WISMA TAIKO, 1, JALAN S.P SEENIVASAGAM, 30000 IPOH, PERAK, MALAYSIA.
|
300525M
|
223,600,000.00
|
40.00
|
|
PALM-OLEO SDN BHD
|
WISMA TAIKO, 1, JALAN S.P. SEENIVASAGAM, 30000 IPOH, PERAK,
MALAYSIA.
|
185886V
|
111,800,000.00
|
20.00
|
|
|
|
---------------
|
------
|
|
|
|
559,000,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates)
are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
629076P
|
MALAYSIA
|
KLK BIOENERGY SDN BHD
|
100.00
|
29/03/2013
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. KHOO PING KHEAN
|
|
Address
|
:
|
22, JALAN USJ 3/3N, SUBANG JAYA, 47600 SUBANG JAYA, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
4403571
|
|
New IC No
|
:
|
530121-08-5943
|
|
Date of Birth
|
:
|
21/01/1953
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
27/03/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. YEOW AH KOW
|
|
Address
|
:
|
3, JALAN SS19/3C, PETALING JAYA, 47610 SUBANG JAYA, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
8391290
|
|
New IC No
|
:
|
540203-05-5085
|
|
Date of Birth
|
:
|
03/02/1954
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
24/10/2002
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. MADHEV A/L BALA SUBRAMANIAM
|
|
Address
|
:
|
4, SS 24/9, TAMAN MEGAH, 47301 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
8294889
|
|
New IC No
|
:
|
600913-71-5115
|
|
Date of Birth
|
:
|
13/09/1960
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
27/03/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. PUNG KOK HOOI
|
|
Address
|
:
|
1, JALAN SS 24/19, TAMAN MEGAH, 47301 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
New IC No
|
:
|
660414-07-5357
|
|
Date of Birth
|
:
|
14/04/1966
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
26/12/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
|
1)
|
Name of Subject
|
:
|
KHOO PING KHEAN
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
JESSI KOH
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
BRIAN LEE
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
Auditor
|
:
|
KPMG
|
|
Auditor' Address
|
:
|
KPMG TOWER, 8, FIRST AVENUE, BANDAR UTAMA, LEVEL 10, 47800 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
MR. PUNG KOK HOOI
|
|
|
|
|
|
New IC No
|
:
|
660414-07-5357
|
|
Address
|
:
|
1, JALAN SS 24/19, TAMAN MEGAH, 47301 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. YAP MIOW KIEN
|
|
IC / PP No
|
:
|
A1171235
|
|
New IC No
|
:
|
681220-05-5334
|
|
Address
|
:
|
12, LINGKARAN MERU VALLEY 1A, LAKE VIEW VILLA, MERU VALLEY GOLF
RESORT, JALAN BUKIT MERU, 30020 IPOH, PERAK, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
2)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
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.
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
Import Countries
|
:
|
INDONESIA,SINGAPORE
|
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
|
[
|
X
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
EUROPE
UNITED STATES
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
OIL & GAS INDUSTRIES,PETROCHEMICAL INDUSTRIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured
|
:
|
|
|
|
|
|
Product Brand Name
|
:
|
|
|
|
|
|
Competitor(s)
|
:
|
|
EMERY OLEOCHEMICALS (M) SDN BHD
|
|
NATURAL OLEOCHEMICALS SDN. BHD.
|
|
NYLEX (MALAYSIA) BHD
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2014
|
2013
|
2012
|
2011
|
2010
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
700
|
700
|
500
|
250
|
250
|
|
|
|
|
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacture of oleo
chemicals.
The Subject is under the Kuala Lumpur Kepong Bhd, a Malaysian multinational
company involved in plantation, manufacturing, retailing and property
development. Whilst plantation remains KLK's core business, the Group has
expanded downstream into resource-based manufacturing, in particular oleo
chemicals, cocoa processing and rubber processing.
The Subject is one of the world's largest manufacturers of palm-based
oleochemical products and their derivatives, with a product portfolio
covering fatty acids & glycerine, fatty amides, soap noodles & soap
bars, esters, and fatty alcohols. Recent investments and acquisition
activities have allowed the Group to venture further downstream into products
like methyl ester sulfonate, amines, biodiesel, fine chemicals and surfactants.
The Subject's products range includes fatty acids, fatty alchohol, glycerine,
fatty estere, fatty animes, derivatives and surfactants.
The Subject utilises advanced automated and semi-automated machineries to
ensure production of high quality products.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-31012633
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address Provided by Client
|
:
|
25, JALAN SUNGAI PINANG 5/18, FASA 2D, TAMAN PERINDUSTRIAN PULAU
INDAH, 42920 PELABUHAN KANG, DARUL EHSEN, MALAYSIA
|
|
Current Address
|
:
|
25, JALAN SUNGAI PINANG 5/18, FASA 2D, TAMAN PERINDUSTRIAN PULAU INDAH,
42920 PELABUHAN KELANG, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
On 18th August 2014 we contacted one of the staff from the Subject and she
provided some information on the Subject.
The address provided is incorrect.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2009 - 2013
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
11.80%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
10.38%
|
]
|
|
|
|
|
|
|
|
|
|
The continuous fall in turnover could be due to the lower demand for
the Subject's products / services.The Subject's management have been efficient
in controlling its operating costs. The Subject's management had generated
acceptable return for its shareholders using its assets.
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Unfavourable
|
[
|
69 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
37 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
18 Days
|
]
|
|
|
|
|
|
|
|
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. The favourable
debtors' days could be due to the good credit control measures implemented
by the Subject. The Subject had a favourable creditors' ratio where the
Subject could be taking advantage of the cash discounts and also wanting to
maintain goodwill with its creditors.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.13 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.96 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
|
[
|
18.32 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.17 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 :
|
|
|
|
|
|
|
|
Due to the efficient control of its operating costs, the Subject was
able to remain profitable despite lower turnover achieved during the year. 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
|
|
|
|
|
|
|
|
MSIC CODE
|
|
20 : MANUFACTURE OF CHEMICALS AND CHEMICAL PRODUCTS
|
|
|
|
INDUSTRY :
|
MANUFACTURING
|
|
|
|
|
The Manufacturing sector is one of the important sectors to the
growth of the Malaysian economy. According to Ministry of Finance, the
manufacturing sector is expected to grow 4.9% in year 2013. Export oriented-industries
are expected to benefit from the higher growth of global trade, while
domesticoriented industries expand in line with the better consumer
sentiment and business confidence. The resource-based industries are
envisaged to grow steadily attributed to improved demand for petroleum,
chemical, rubber and plastic products. With better job prospects and higher
disposable income, the transportation equipment subsector, in particular,
the passenger car segment is expected to expand.
|
|
|
Value-added of the manufacturing sector expanded 5% during the first
half of 2012. Output of the sector rose 5.2% during the first sevenmonths
of 2012 in line with the increase in sales value of manufactured products
by 6.5% to RM363.1 billion. Output from domesticoriented industries
continued to expand 8.6% while export-oriented industries grew 4.1%.
|
|
|
According to the Department of Statistics, the sales value of the
Manufacturing sector in January 2013 posted a growth of 7.4% (RM3.6 billion)
to record RM52.4 billion as compared to RM48.8 billion reported in year
2012. Meanwhile, month-on-month basis, the sales value has decreased by
0.4% (RM0.2 billion) as compared with the preceding month. The sales value
in December 2012 has been revised positive 7.5% year-on-year to record
RM52.6 billion.
|
|
|
Output of rubber products increased 3.6% in the first seven month of
2012 mainly supported by continuous demand for rubber gloves. Output of rubber
gloves grew 5.9% on account of the expansion in the global healthcare
industry and wider usage of gloves in other sectors. Similarly, output of
catheters, especially for use in medical appliances, also registered a
strong growth of 12.6%. Nevertheless, production of rubber tyres and tubes
reduced 10.9% in tandem with slowing external demand from the automotive
industry, especially China.
|
|
|
Meanwhile, production of wood and wood products rebounded 4.6%
largely supported by higher demand for wooden and cane furniture (33.5%).
The positive performance was attributed to vibrant higher demand from major
export destinations such as China and the United States (US) for
Malaysian-made furniture. Demand from China accelerated further following
the country’s rising income level and the implementation of zero import
duty on Malaysian made-furniture. Malaysia government has growth target of
6.5% for wood based furniture where estimated to reach up to RM53 billion
by year 2020.The government providing pioneer status for tax exemption and
investment tax allowance for this industry as a boost up step towards
produce good quality product and to meet the world demand.
|
|
|
The output of chemicals and chemical products rose 9.9% in the first
seven month of year 2012 on account of increasing demand for plastic
products (11.8%) and basic chemicals (11.1%). External demand for plastic
packaging materials surged during the early part of the year 2012,
particularly from Japan and Thailand, as manufacturers resumed operations,
which were interrupted by natural calamities and power outages. Chemical
production are expected to show 7.5 % in year 2013 inline with Malaysia as
one of the largest contributor in world Chemicals & Chemical
industries.
|
|
|
Tax and non-tax incentives provided by goverment encourage
manufacturers to move up the value chain of manufacturing industry. The new
growth initiatives by goverment in the manufacturing sector such assolar
and medial services can be important drivers of growth apart from helping
to diversify the manufacturing base and contributing to the resilience of
the sector.
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
Incorporated in 2002, the Subject is a Private Limited company,
focusing on manufacture of oleochemicals. With its long establishment in
the market, the Subject 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 Subject is
well backed by a listed company shareholders which would stimulate further
growth for the Subject. Hence, the potential growth of the Subject is
positive. The Subject is a large entity with strong capital position. We
are confident with the Subject's business and its future growth prospect.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is
competing in the industry. Its stable clientele base will enable the
Subject to further enhance its business in the near term. Being a large
entity, the Subject has a steady workforce of 700 personnel to support its
business operations. Its future prospects seem to be fairly good as its
business operations are running relatively stable. Overall, we regard that
the Subject's management capability is average. This indicates that the
Subject has greater potential to improve its business performance and
raising income for the Subject.
Despite the lower turnover, the Subject's pre-tax profit have
increased compared to the previous year. The higher profit could be due to
better control of its operating costs and efficiency in utilising its
resources. 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 847,888,000,
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.
We regard that the Subject's overall payment habit is prompt. The Subject
had a favourable creditors' ratio as evidenced by its favourable collection
days.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the Subject is expected to benefit from the
favourable outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
promptly.
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
|
|
KL-KEPONG OLEOMAS SDN. BHD.
|
|
Financial Year End
|
2013-09-30
|
2012-09-30
|
2011-09-30
|
2010-09-30
|
2009-09-30
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
GROUP
|
GROUP
|
GROUP
|
GROUP
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
TURNOVER
|
1,155,458,000
|
1,469,149,000
|
1,472,238,000
|
703,952,000
|
548,342,000
|
|
Other Income
|
6,983,000
|
18,234,000
|
4,920,000
|
8,284,000
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
1,162,441,000
|
1,487,383,000
|
1,477,158,000
|
712,236,000
|
548,342,000
|
|
Costs of Goods Sold
|
(1,019,028,000)
|
(1,412,836,000)
|
(1,383,005,000)
|
(652,537,000)
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
143,413,000
|
74,547,000
|
94,153,000
|
59,699,000
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
101,193,000
|
39,129,000
|
58,446,000
|
38,759,000
|
45,913,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
101,193,000
|
39,129,000
|
58,446,000
|
38,759,000
|
45,913,000
|
|
Taxation
|
(1,178,000)
|
(2,403,000)
|
(628,000)
|
(150,000)
|
144,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
100,015,000
|
36,726,000
|
57,818,000
|
38,609,000
|
46,057,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
188,873,000
|
152,147,000
|
95,638,000
|
57,029,000
|
11,653,000
|
|
Prior year adjustment
|
-
|
-
|
(1,309,000)
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
188,873,000
|
152,147,000
|
94,329,000
|
57,029,000
|
11,653,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
288,888,000
|
188,873,000
|
152,147,000
|
95,638,000
|
57,710,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
288,888,000
|
188,873,000
|
152,147,000
|
95,638,000
|
57,710,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Bankers' acceptance
|
3,161,000
|
7,131,000
|
6,409,000
|
2,571,000
|
-
|
|
Loan from holding company
|
-
|
-
|
282,000
|
-
|
-
|
|
Term loan / Borrowing
|
606,000
|
1,130,000
|
1,325,000
|
1,054,000
|
-
|
|
Others
|
2,075,000
|
2,730,000
|
1,076,000
|
332,000
|
1,192,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
5,842,000
|
10,991,000
|
9,092,000
|
3,957,000
|
1,192,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
KL-KEPONG OLEOMAS SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
773,969,000
|
586,231,000
|
514,179,000
|
502,081,000
|
442,303,000
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Subsidiary companies
|
-
|
-
|
-
|
-
|
2,748,000
|
|
Others
|
3,115,000
|
3,166,000
|
3,217,000
|
3,268,000
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
3,115,000
|
3,166,000
|
3,217,000
|
3,268,000
|
2,748,000
|
|
|
|
|
|
|
|
Goodwill on consolidation
|
225,000
|
225,000
|
225,000
|
225,000
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL INTANGIBLE ASSETS
|
225,000
|
225,000
|
225,000
|
225,000
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
777,309,000
|
589,622,000
|
517,621,000
|
505,574,000
|
445,051,000
|
|
|
|
|
|
|
|
Stocks
|
219,841,000
|
223,456,000
|
348,441,000
|
223,384,000
|
109,909,000
|
|
Trade debtors
|
118,255,000
|
148,186,000
|
221,564,000
|
126,896,000
|
74,226,000
|
|
Other debtors, deposits & prepayments
|
6,221,000
|
4,656,000
|
9,048,000
|
6,695,000
|
4,074,000
|
|
Short term deposits
|
32,597,000
|
71,870,000
|
8,820,000
|
9,700,000
|
4,300,000
|
|
Amount due from subsidiary companies
|
-
|
-
|
-
|
-
|
15,347,000
|
|
Amount due from related companies
|
39,746,000
|
42,268,000
|
-
|
-
|
26,339,000
|
|
Cash & bank balances
|
100,419,000
|
96,986,000
|
1,598,000
|
862,000
|
3,129,000
|
|
Others
|
1,951,000
|
8,306,000
|
4,471,000
|
611,000
|
90,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
519,030,000
|
595,728,000
|
593,942,000
|
368,148,000
|
237,414,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
1,296,339,000
|
1,185,350,000
|
1,111,563,000
|
873,722,000
|
682,465,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
51,040,000
|
43,240,000
|
80,343,000
|
93,864,000
|
31,925,000
|
|
Other creditors & accruals
|
31,490,000
|
25,581,000
|
55,518,000
|
12,661,000
|
11,615,000
|
|
Short term borrowings/Term loans
|
8,720,000
|
11,680,000
|
11,680,000
|
2,920,000
|
-
|
|
Other borrowings
|
39,565,000
|
64,223,000
|
35,260,000
|
44,385,000
|
-
|
|
Bill & acceptances payable
|
95,669,000
|
127,123,000
|
266,208,000
|
115,674,000
|
61,876,000
|
|
Amounts owing to holding company
|
445,000
|
66,639,000
|
-
|
-
|
13,000
|
|
Amounts owing to subsidiary companies
|
-
|
-
|
-
|
-
|
8,765,000
|
|
Amounts owing to related companies
|
34,357,000
|
34,484,000
|
-
|
-
|
67,058,000
|
|
Provision for taxation
|
162,000
|
170,000
|
-
|
-
|
-
|
|
Other liabilities
|
3,687,000
|
-
|
12,998,000
|
-
|
132,003,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
265,135,000
|
373,140,000
|
462,007,000
|
269,504,000
|
313,255,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
253,895,000
|
222,588,000
|
131,935,000
|
98,644,000
|
(75,841,000)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
1,031,204,000
|
812,210,000
|
649,556,000
|
604,218,000
|
369,210,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
145,900,000
|
137,650,000
|
137,650,000
|
137,650,000
|
121,150,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
145,900,000
|
137,650,000
|
137,650,000
|
137,650,000
|
121,150,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Share premium
|
413,100,000
|
338,850,000
|
338,850,000
|
338,850,000
|
190,350,000
|
|
Retained profit/(loss) carried forward
|
288,888,000
|
188,873,000
|
152,147,000
|
95,638,000
|
57,710,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
701,988,000
|
527,723,000
|
490,997,000
|
434,488,000
|
248,060,000
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
847,888,000
|
665,373,000
|
628,647,000
|
572,138,000
|
369,210,000
|
|
|
|
|
|
|
|
Long term loans
|
-
|
8,720,000
|
20,400,000
|
32,080,000
|
-
|
|
Deferred taxation
|
3,394,000
|
2,546,000
|
509,000
|
-
|
-
|
|
Others
|
179,922,000
|
135,571,000
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
183,316,000
|
146,837,000
|
20,909,000
|
32,080,000
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
1,031,204,000
|
812,210,000
|
649,556,000
|
604,218,000
|
369,210,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
KL-KEPONG OLEOMAS SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
133,016,000
|
168,856,000
|
10,418,000
|
10,562,000
|
7,429,000
|
|
Net Liquid Funds
|
37,347,000
|
41,733,000
|
(255,790,000)
|
(105,112,000)
|
(54,447,000)
|
|
Net Liquid Assets
|
34,054,000
|
(868,000)
|
(216,506,000)
|
(124,740,000)
|
(185,750,000)
|
|
Net Current Assets/(Liabilities)
|
253,895,000
|
222,588,000
|
131,935,000
|
98,644,000
|
(75,841,000)
|
|
Net Tangible Assets
|
1,030,979,000
|
811,985,000
|
649,331,000
|
603,993,000
|
369,210,000
|
|
Net Monetary Assets
|
(149,262,000)
|
(147,705,000)
|
(237,415,000)
|
(156,820,000)
|
(185,750,000)
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
143,954,000
|
211,746,000
|
333,548,000
|
195,059,000
|
61,876,000
|
|
Total Liabilities
|
448,451,000
|
519,977,000
|
482,916,000
|
301,584,000
|
313,255,000
|
|
Total Assets
|
1,296,339,000
|
1,185,350,000
|
1,111,563,000
|
873,722,000
|
682,465,000
|
|
Net Assets
|
1,031,204,000
|
812,210,000
|
649,556,000
|
604,218,000
|
369,210,000
|
|
Net Assets Backing
|
847,888,000
|
665,373,000
|
628,647,000
|
572,138,000
|
369,210,000
|
|
Shareholders' Funds
|
847,888,000
|
665,373,000
|
628,647,000
|
572,138,000
|
369,210,000
|
|
Total Share Capital
|
145,900,000
|
137,650,000
|
137,650,000
|
137,650,000
|
121,150,000
|
|
Total Reserves
|
701,988,000
|
527,723,000
|
490,997,000
|
434,488,000
|
248,060,000
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.50
|
0.45
|
0.02
|
0.04
|
0.02
|
|
Liquid Ratio
|
1.13
|
1.00
|
0.53
|
0.54
|
0.41
|
|
Current Ratio
|
1.96
|
1.60
|
1.29
|
1.37
|
0.76
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
69
|
56
|
86
|
116
|
73
|
|
Debtors Ratio
|
37
|
37
|
55
|
66
|
49
|
|
Creditors Ratio
|
18
|
11
|
21
|
53
|
21
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.17
|
0.32
|
0.53
|
0.34
|
0.17
|
|
Liabilities Ratio
|
0.53
|
0.78
|
0.77
|
0.53
|
0.85
|
|
Times Interest Earned Ratio
|
18.32
|
4.56
|
7.43
|
10.80
|
39.52
|
|
Assets Backing Ratio
|
7.07
|
5.90
|
4.72
|
4.39
|
3.05
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
8.76
|
2.66
|
3.97
|
5.51
|
8.37
|
|
Net Profit Margin
|
8.66
|
2.50
|
3.93
|
5.48
|
8.40
|
|
Return On Net Assets
|
10.38
|
6.17
|
10.40
|
7.07
|
12.76
|
|
Return On Capital Employed
|
10.38
|
6.17
|
10.39
|
7.07
|
12.76
|
|
Return On Shareholders' Funds/Equity
|
11.80
|
5.52
|
9.20
|
6.75
|
12.47
|
|
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
|
|