|
|
REGISTRATION
NO.
|
:
|
435832-T
|
|
COMPANY NAME
|
:
|
PALM-OLEO
(KLANG) SDN. BHD.
|
|
FORMER NAME
|
:
|
UNIQEMA
(MALAYSIA) SDN BHD (23/11/2007)
UNICHEMA (MALAYSIA) SDN BHD (05/03/1999)
|
|
INCORPORATION
DATE
|
:
|
20/06/1997
|
|
|
|
|
|
|
|
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
|
:
|
LOT 1 & 2,
SOLOK WAJA 3, BUKIT RAJA INDUSTRIAL ESTATE, 41710 KLANG, SELANGOR,
MALAYSIA.
|
|
TEL.NO.
|
:
|
03-33412115
|
|
FAX.NO.
|
:
|
03-33427877
|
|
CONTACT PERSON
|
:
|
YEOW AH KOW (
DIRECTOR )
|
|
|
|
|
INDUSTRY CODE
|
:
|
20291
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURING
AND SALE OF OLEOCHEMICAL PRODUCT
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
98,200,000.00 DIVIDED INTO
ORDINARY SHARE 2,000,000.00 OF MYR 49.00 EACH.
PREFERENCE SHARE 200,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 89,800,046.00
DIVIDED INTO
ORDINARY SHARES 200,000 CASH AND 1,632,654 OTHERWISE OF MYR 49.00 EACH.
|
|
|
|
|
SALES
|
:
|
MYR
567,232,000 [2013]
|
|
NET WORTH
|
:
|
MYR
227,027,000 [2013]
|
|
M1000 OVERALL
RANKING
|
:
|
928[2004]
|
|
M1000 INDUSTRY
RANKING
|
:
|
47[2004]
|
|
|
|
|
STAFF STRENGTH
|
:
|
150 [2014]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
STRONG
|
|
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) manufacturing and sale of oleochemical product.
The Subject is not listed on Bursa
Malaysia (Malaysia Stock Exchange).
|
According to
the Malaysia 1000 publication, the Subject's ranking are as follows:
|
|
|
|
|
|
YEAR
|
2004
|
|
|
|
OVERALL
RANKING
|
928
|
|
|
|
INDUSTRY
RANKING
|
47
|
|
|
The immediate holding company of the
Subject is PALM-OLEO SDN. BHD., a company incorporated in MALAYSIA.
The ultimate holding company of the Subject
is KUALA LUMPUR KEPONG BERHAD, a company incorporated in MALAYSIA.
The intermediate holding company of the
Subject is KL-KEPONG INDUSTRIAL HOLDINGS SDN. BHD., a company incorporated in
MALAYSIA.
Share Capital History
|
Date
|
Authorised
Shared Capital
|
Issue &
Paid Up Capital
|
|
28/09/2010
|
MYR
98,200,000.00
|
MYR
89,800,046.00
|
|
21/12/1997
|
MYR
10,000,000.00
|
MYR
9,929,286.00
|
|
21/12/1997
|
MYR 100,000.00
|
MYR 49.00
|
|
30/06/1997
|
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
|
(%)
|
|
PALM-OLEO SDN.
BHD.
|
WISMA TAIKO,
1, JALAN S.P. SEENIVASAGAM, 30000 IPOH, PERAK, MALAYSIA.
|
185886V
|
1,832,654.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
1,832,654.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
MR. GOH ENG
CHOOR
|
|
Address
|
:
|
9, LORONG BATU
NILAM 20G, BANDAR BUKIT TINGGI 2, 41200 KLANG, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
5485745
|
|
New IC No
|
:
|
571002-10-5199
|
|
Date of Birth
|
:
|
02/10/1957
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
11/06/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
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
|
:
|
28/09/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
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
|
:
|
11/06/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
YEOW AH KOW
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
2)
|
Name of
Subject
|
:
|
MAY LIM
|
|
Position
|
:
|
FINANCE
MANAGER
|
|
|
|
|
|
3)
|
Name of
Subject
|
:
|
ROHAIDAH ANUM
|
|
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
|
:
|
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, 30250
IPOH, PERAK, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
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
|
:
|
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
|
[
|
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
|
:
|
SOUTHEAST ASIA
MIDDLE EAST
EUROPE
AUSTRALIA
NEW ZEALAND
SINGAPORE
SOUTH AFRICA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
TELEGRAPHIC
TRANSFER (TT)
CHEQUES
|
|
Type of
Customer
|
:
|
MANUFACTURING
INDUSTRIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
manufactured
|
:
|
|
FATTY ACIDS,
OLEOCHEMICALS
|
|
|
|
|
|
Product Brand
Name
|
:
|
|
PRICERINE,
ESTASAN, ESTOL, PRICERINE, PRISAVON, PRISTERENE, PRIFAC
|
|
|
|
|
|
Member(s) /
Affiliate(s)
|
:
|
SMI ASSOCIATION
OF MALAYSIA
MALAYSIA
EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)
CHEMICAL
INDUSTRIES COUNCIL OF MALAYSIA (CICM)
MALAYSIA FOOD
& BEVERAGE INDUSTRY
|
|
|
|
|
Ownership of
premises
|
:
|
|
|
Shifts
|
:
|
|
|
|
|
|
Total Number
of Employees:
|
|
|
YEAR
|
2014
|
2013
|
2012
|
2011
|
2010
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
150
|
150
|
150
|
150
|
150
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing and
sale of oleochemical product.
The Subject is a related companies of namely Kuala Lumpur Kepong Berhad.
Kuala Lumpur Kepong Berhad, is a reputable plantation Group. However the
Group has also ventured into The Group is also involved in global retailing
of premium personal care products, toiletries, home fragrances and fine
foods.
The Subject produces fatty acids, glycerine, fatty acid esters and soap
noodles.
Fatty Acids is being used extensively by many well known international brands
in industries such as pharmaceuticals, soaps & detergents, cosmetics,
food emulsifiers, varnishes & paints, etc. PalmeraTM Glycerine also finds
wide appeal in many industries due to its renowned stability and quality
consistency, a crucial criteria for many of today's products.
The Subject has an installed oleochemical production capacity of 100,000
tonnes per annum for fatty acids and soap noodles and 15,000 tonnes per annum
of fatty acid esters.
Besides that the Subject has a warehouse located at the same premises to keep
stocks and materials.
The Subject utilises advanced automated and semi-automated machineries at its
production site.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone
Number Provided By Client
|
:
|
603-78098833/603-33412115
|
|
Current
Telephone Number
|
:
|
03-33412115
|
|
Match
|
:
|
YES
|
|
|
|
|
Address
Provided by Client
|
:
|
LOT 1 & 2,
SOLOK WAJA 3, BUKIT RAJA INDUSTRIAL ESTATE,41710,KLANG,SELANGOR.
|
|
Current
Address
|
:
|
LOT 1 & 2,
SOLOK WAJA 3, BUKIT RAJA INDUSTRIAL ESTATE, 41710 KLANG, SELANGOR,
MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
Latest
Financial Accounts
|
:
|
YES
|
Other
Investigations
On 9th October 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Increased
|
[
|
2009 - 2013
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Acceptable
|
[
|
15.01%
|
]
|
|
|
Return on Net
Assets
|
:
|
Acceptable
|
[
|
17.68%
|
]
|
|
|
|
|
|
|
|
|
|
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
|
:
|
Favourable
|
[
|
39 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
14 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
11 Days
|
]
|
|
|
|
|
|
|
|
|
|
The Subject'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 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
|
[
|
2.64 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
4.65 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
|
[
|
110.03 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 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 had no gearing and
hence it had virtually no financial risk. The Subject was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the Subject, having a zero gearing, will be able to compete
better than those 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 was a zero gearing company, it
was solely dependant on its shareholders to provide funds to finance its
business. The Subject has good chance of getting loans, if the needs
arises.
|
|
|
|
|
|
|
|
|
Overall
financial condition of the Subject : STRONG
|
|
|
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
|
28,876
|
|
Individual
Bankruptcy ( No.)
|
16,228
|
18,119
|
19,167
|
19,575
|
21,984
|
|
Individual
Bankruptcy ( % )
|
16.7
|
11.7
|
5.8
|
2.1
|
12.3
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ):
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
|
|
|
|
|
Agriculture
|
0.1
|
2.4
|
5.8
|
1.3
|
2.1
|
|
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
|
(6.5)
|
(0.3)
|
(5.4)
|
1.0
|
0.7
|
|
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
#
|
(9.0)
|
11.9
|
4.7
|
4.8
|
3.5
|
|
Exported-oriented
Industries
|
(19.0)
|
12.1
|
2.8
|
4.1
|
-
|
|
Electrical
& Electronics
|
(30.3)
|
28.4
|
(4.0)
|
12.7
|
18.6
|
|
Rubber
Products
|
(10.1)
|
25.3
|
20.7
|
3.0
|
8.2
|
|
Wood Products
|
(24.1)
|
20.1
|
(5.1)
|
8.7
|
(3.1)
|
|
Textiles &
Apparel
|
(19.5)
|
(0.4)
|
13.2
|
(7.1)
|
(2.6)
|
|
Domestic-oriented
Industries
|
(9.8)
|
16.3
|
6.5
|
8.6
|
-
|
|
Food,
Beverages & Tobacco
|
0.2
|
3.0
|
4.8
|
2.7
|
3.6
|
|
Chemical &
Chemical Products
|
(7.7)
|
16.2
|
10.0
|
10.8
|
(0.7)
|
|
Plastic
Products
|
(9.1)
|
2.4
|
3.8
|
-
|
-
|
|
Iron &
Steel
|
(32.7)
|
29.3
|
2.2
|
(6.6)
|
3.4
|
|
Fabricated
Metal Products
|
(2.5)
|
14.9
|
21.8
|
13.8
|
12.2
|
|
Non-metallic
Mineral
|
(15.5)
|
20.2
|
12.1
|
2.9
|
(0.4)
|
|
Transport
Equipment
|
(13.5)
|
36.5
|
12.0
|
3.4
|
13.8
|
|
Paper &
Paper Products
|
(5.0)
|
18.7
|
9.5
|
3.1
|
2.3
|
|
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
|
6.2
|
11.4
|
4.7
|
18.6
|
10.9
|
|
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
|
2.9
|
7.4
|
7.1
|
6.4
|
5.9
|
|
Electric, Gas
& Water
|
1.4
|
7.8
|
3.5
|
4.4
|
4.2
|
|
Transport,
Storage & Communication
|
1.6
|
7.7
|
6.5
|
7.1
|
7.3
|
|
Wholesale,
Retail, Hotel & Restaurant
|
2.8
|
4.7
|
5.2
|
4.7
|
5.9
|
|
Finance,
Insurance & Real Estate
|
3.8
|
6.1
|
6.9
|
9.7
|
3.7
|
|
Government
Services
|
3.4
|
5.9
|
12.4
|
9.4
|
8.3
|
|
Other Services
|
3.8
|
4.4
|
5.1
|
3.9
|
5.1
|
|
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
|
|
20291 : Manufacture
of photographic plates, films, sensitized paper and other sensitized
unexposed materials
|
|
|
|
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 1997 as a private limited company, the Subject is
principally engaged in the manufacturing and sale of oleochemical product.
Having been in the industry for 16 years, the Subject should have received
strong support from its regular customers. With an issued and paid up
capital of MYR 89,800,046 and strong backing from its holding company, the
Subject has the ability to further expand its business in the future. The
Subject is a large entity with strong capital position. We are confident
with the Subject's business and its future growth prospect.
Our investigation revealed that the Subject serves both local and overseas
clients. 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. The Subject is a
fairly large and rapidly growing company with over 150 staff in its
operations. 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 zero
geared company, the Subject 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 227,027,000, the Subject should be able to
maintain its business in the near terms.
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)
|
|
PALM-OLEO
(KLANG) 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
|
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
|
567,232,000
|
686,951,000
|
743,250,000
|
511,890,000
|
260,349,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
567,232,000
|
686,951,000
|
743,250,000
|
511,890,000
|
260,349,000
|
|
Costs of Goods
Sold
|
(511,253,000)
|
(646,461,000)
|
(716,725,000)
|
(498,417,000)
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
55,979,000
|
40,490,000
|
26,525,000
|
13,473,000
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
43,722,000
|
31,657,000
|
13,221,000
|
10,824,000
|
15,673,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
43,722,000
|
31,657,000
|
13,221,000
|
10,824,000
|
15,673,000
|
|
Taxation
|
(9,640,000)
|
(7,153,000)
|
(3,428,000)
|
(2,819,000)
|
(4,197,000)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
34,082,000
|
24,504,000
|
9,793,000
|
8,005,000
|
11,476,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously
reported
|
55,763,000
|
23,211,000
|
10,225,000
|
3,174,000
|
(5,077,000)
|
|
Prior year adjustment
|
-
|
8,048,000
|
3,811,000
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
55,763,000
|
31,259,000
|
14,036,000
|
3,174,000
|
(5,077,000)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
89,845,000
|
55,763,000
|
23,829,000
|
11,179,000
|
6,399,000
|
|
TRANSFER TO
RESERVES - General
|
-
|
-
|
-
|
(129,000)
|
-
|
|
DIVIDENDS - Ordinary
(paid & proposed)
|
(687,000)
|
-
|
(618,000)
|
(825,000)
|
(3,225,000)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
89,158,000
|
55,763,000
|
23,211,000
|
10,225,000
|
3,174,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Term loan /
Borrowing
|
166,000
|
854,000
|
2,389,000
|
1,104,000
|
-
|
|
Others
|
235,000
|
967,000
|
1,071,000
|
644,000
|
1,435,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
401,000
|
1,821,000
|
3,460,000
|
1,748,000
|
1,435,000
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
|
PALM-OLEO
(KLANG) SDN. BHD.
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
118,877,000
|
117,785,000
|
111,895,000
|
115,892,000
|
119,637,000
|
|
|
|
|
|
|
|
Others
|
20,739,000
|
21,018,000
|
21,297,000
|
21,576,000
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS
|
20,739,000
|
21,018,000
|
21,297,000
|
21,576,000
|
-
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
139,616,000
|
138,803,000
|
133,192,000
|
137,468,000
|
119,637,000
|
|
|
|
|
|
|
|
Stocks
|
60,533,000
|
74,399,000
|
83,797,000
|
70,130,000
|
50,519,000
|
|
Trade debtors
|
21,911,000
|
21,079,000
|
30,115,000
|
38,992,000
|
23,769,000
|
|
Other debtors,
deposits & prepayments
|
576,000
|
3,114,000
|
2,071,000
|
746,000
|
6,586,000
|
|
Amount due
from holding company
|
2,990,000
|
5,227,000
|
6,589,000
|
3,784,000
|
-
|
|
Amount due
from related companies
|
16,979,000
|
15,084,000
|
27,228,000
|
14,156,000
|
5,830,000
|
|
Cash &
bank balances
|
35,096,000
|
4,303,000
|
4,888,000
|
4,611,000
|
3,920,000
|
|
Others
|
1,947,000
|
1,922,000
|
154,000
|
970,000
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
140,032,000
|
125,128,000
|
154,842,000
|
133,389,000
|
90,624,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
279,648,000
|
263,931,000
|
288,034,000
|
270,857,000
|
210,261,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Trade
creditors
|
15,924,000
|
14,820,000
|
4,081,000
|
5,749,000
|
3,578,000
|
|
Other
creditors & accruals
|
9,014,000
|
7,108,000
|
15,259,000
|
11,648,000
|
8,751,000
|
|
Short term
borrowings/Term loans
|
-
|
5,943,000
|
38,333,000
|
15,833,000
|
7,067,000
|
|
Bill &
acceptances payable
|
-
|
-
|
10,000,000
|
-
|
-
|
|
Amounts owing
to holding company
|
2,820,000
|
26,464,000
|
34,095,000
|
63,596,000
|
4,945,000
|
|
Amounts owing
to related companies
|
903,000
|
2,550,000
|
22,000
|
23,000
|
181,000
|
|
Provision for
taxation
|
-
|
-
|
-
|
-
|
489,000
|
|
Other
liabilities
|
1,485,000
|
-
|
3,370,000
|
-
|
14,242,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
30,146,000
|
56,885,000
|
105,160,000
|
96,849,000
|
39,253,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
109,886,000
|
68,243,000
|
49,682,000
|
36,540,000
|
51,371,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
249,502,000
|
207,046,000
|
182,874,000
|
174,008,000
|
171,008,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share
capital
|
89,800,000
|
89,800,000
|
89,800,000
|
89,800,000
|
9,800,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
89,800,000
|
89,800,000
|
89,800,000
|
89,800,000
|
9,800,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Share premium
|
47,940,000
|
47,940,000
|
47,940,000
|
47,940,000
|
-
|
|
Capital
reserve
|
129,000
|
129,000
|
129,000
|
129,000
|
-
|
|
Retained
profit/(loss) carried forward
|
89,158,000
|
55,763,000
|
23,211,000
|
10,225,000
|
3,174,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
137,227,000
|
103,832,000
|
71,280,000
|
58,294,000
|
3,174,000
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
227,027,000
|
193,632,000
|
161,080,000
|
148,094,000
|
12,974,000
|
|
|
|
|
|
|
|
Long term
loans
|
-
|
-
|
5,883,000
|
12,834,000
|
19,667,000
|
|
Deferred
taxation
|
18,267,000
|
12,930,000
|
15,911,000
|
13,080,000
|
10,298,000
|
|
Others
|
4,208,000
|
484,000
|
-
|
-
|
128,069,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
22,475,000
|
13,414,000
|
21,794,000
|
25,914,000
|
158,034,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
249,502,000
|
207,046,000
|
182,874,000
|
174,008,000
|
171,008,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PALM-OLEO
(KLANG) SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
35,096,000
|
4,303,000
|
4,888,000
|
4,611,000
|
3,920,000
|
|
Net Liquid
Funds
|
35,096,000
|
4,303,000
|
(5,112,000)
|
4,611,000
|
3,920,000
|
|
Net Liquid
Assets
|
49,353,000
|
(6,156,000)
|
(34,115,000)
|
(33,590,000)
|
852,000
|
|
Net Current
Assets/(Liabilities)
|
109,886,000
|
68,243,000
|
49,682,000
|
36,540,000
|
51,371,000
|
|
Net Tangible
Assets
|
249,502,000
|
207,046,000
|
182,874,000
|
174,008,000
|
171,008,000
|
|
Net Monetary
Assets
|
26,878,000
|
(19,570,000)
|
(55,909,000)
|
(59,504,000)
|
(157,182,000)
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
|
|
Total
Borrowings
|
0
|
5,943,000
|
54,216,000
|
28,667,000
|
26,734,000
|
|
Total
Liabilities
|
52,621,000
|
70,299,000
|
126,954,000
|
122,763,000
|
197,287,000
|
|
Total Assets
|
279,648,000
|
263,931,000
|
288,034,000
|
270,857,000
|
210,261,000
|
|
Net Assets
|
249,502,000
|
207,046,000
|
182,874,000
|
174,008,000
|
171,008,000
|
|
Net Assets
Backing
|
227,027,000
|
193,632,000
|
161,080,000
|
148,094,000
|
12,974,000
|
|
Shareholders'
Funds
|
227,027,000
|
193,632,000
|
161,080,000
|
148,094,000
|
12,974,000
|
|
Total Share
Capital
|
89,800,000
|
89,800,000
|
89,800,000
|
89,800,000
|
9,800,000
|
|
Total Reserves
|
137,227,000
|
103,832,000
|
71,280,000
|
58,294,000
|
3,174,000
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
|
Cash Ratio
|
1.16
|
0.08
|
0.05
|
0.05
|
0.10
|
|
Liquid Ratio
|
2.64
|
0.89
|
0.68
|
0.65
|
1.02
|
|
Current Ratio
|
4.65
|
2.20
|
1.47
|
1.38
|
2.31
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
39
|
40
|
41
|
50
|
71
|
|
Debtors Ratio
|
14
|
11
|
15
|
28
|
33
|
|
Creditors
Ratio
|
11
|
8
|
2
|
4
|
5
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.03
|
0.34
|
0.19
|
2.06
|
|
Liabilities
Ratio
|
0.23
|
0.36
|
0.79
|
0.83
|
15.21
|
|
Times Interest
Earned Ratio
|
110.03
|
18.38
|
4.82
|
7.19
|
11.92
|
|
Assets Backing
Ratio
|
2.78
|
2.31
|
2.04
|
1.94
|
17.45
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
|
Operating
Profit Margin
|
7.71
|
4.61
|
1.78
|
2.11
|
6.02
|
|
Net Profit
Margin
|
6.01
|
3.57
|
1.32
|
1.56
|
4.41
|
|
Return On Net
Assets
|
17.68
|
16.17
|
9.12
|
7.22
|
10.00
|
|
Return On
Capital Employed
|
17.68
|
16.17
|
9.12
|
7.22
|
10.00
|
|
Return On
Shareholders' Funds/Equity
|
15.01
|
12.65
|
6.08
|
5.41
|
88.45
|
|
Dividend Pay
Out Ratio (Times)
|
0.02
|
0.00
|
0.06
|
0.10
|
0.28
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
0
|
0
|
|