MIRA
INFORM REPORT
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Report Date : |
24.05.2007 |
IDENTIFICATION DETAILS
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Name : |
EVERGREEN FIBREBOARD BHD |
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Registered Office : |
Suite 6.1a, Menara
Pelangi, Jalan Kuning, Taman Pelangi, Level 6, 80400 Johor Bahru |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15/05/1991 |
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Legal Form : |
Public Company |
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Line of Business : |
Manufacturer of
Fibreboard & Medium Density Board. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
* Adopted abbreviations : SC -
Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
LOCAL NO : 217120-W
COMPANY NAME : EVERGREEN FIBREBOARD BHD
FORMER NAME : EVERGREEN FIBREBOARD SDN BHD
(14-04-2004)
: TAT WEE INDUSTRIES (M) SDN BHD
(08-12-1992)
INCORPORATION DATE : 15/05/1991
COMPANY STATUS : EXIST
LEGAL STATUS : PUBLIC COMPANY
LISTED STATUS : YES
LISTED DATE : 10/03/2005
REGISTERED ADDRESS :
PELANGI,
LEVEL 6, 80400 JOHOR
BUSINESS ADDRESS : PLO
22, PARIT RAJA INDUSTRIAL ESTATE, PARIT RAJA,
86400
BATU PAHAT,
TEL NO : 07 - 4541933
FAX NO : 07 - 4542933
EMAIL : efb@tm.net.my
WEB SITE : www.vergreengroup.com.my
CONTACT PERSON : KUO JEN CHANG (MANAGING DIRECTOR)
INDUSTRY CODE : 20212
PRINCIPAL ACTIVITY : MANUFACTURER OF FIBREBOARD &
MEDIUM DENSITY
BOARD
AUTHORISED CAPITAL : MYR300,000,000.00
DIVIDED INTO ORDINARY SHARE
1,200,000,000
OF MYR0.25 EACH.
ISSUED AND PAID UP
CAPITAL : MYR120,000,000.00 DIVIDED INTO
ORDINARY SHARE
480,000,000
CASH OF MYR0.25 EACH.
SALES : MYR528,104,825 [2006]
NET WORTH : MYR425,986,495 [2006]
STAFF STRENGTH : 2,400
[2007]
BANKER (S) : RHB BANK BHD
: HSBC BANK
LITIGATION : CLEAR
FINANCIAL CONDITION : STRONG
PAYMENT : PROMPT
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : LOW
CURRENCY EXPOSURE : HIGH
GENERAL REPUTATION : GOOD
INDUSTRY OUTLOOK : MARGINAL GROWTH
HISTORY / BACKGROUND
As a public limited
company, the SC must have at least one shareholder but there is no limit on the
maximum number of shareholders. The SC must have at least two directors. A
public limited company is a separate legal entity from its shareholders. As a
separate legal entity, the SC is capable of owning assets, entering into
contracts, suing or be sued by other companies. The liabilities of the
shareholders are only up to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the SC is
insolvent. The SC is governed by the Companies Act, 1965 and must file in its
annual return, together with its financial statements with the Registrar of
Companies. In
The SC is
principally engaged in the (as a / as an) manufacturer of fibreboard &
medium density board.
The SC was listed on
the Main Board of Bursa Malaysia Securities Bhd on 10 Mar 2005. The SC is not qualified to be one of the Top
Corporate Performers in the
The major
shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
KUO JEN CHIU +
[OLD PP:2184979J]
CITIGROUP NOMINEES MENARA
CITIBANK, 165 JALAN AMPANG, 263875 72,746,761
(ASING) SDN BHD LEVEL
44, 50450
[UBS AH
KUO HUEI CHEN 7,
JALAN RAJAWALI, #07-01, 598429, S2183847J 43,369,053
LEMBAGA TABUNG HAJI BAHAGIAN
PEMEROSESAN PELABURAN, 201 13,857,800
JALAN
TUN RAZAK, LEVEL 36, 50400 KUALA
LUMPUR,
WILAYAH PERSEKUTUAN,
ALLIANCEGROUP
(TEMPATAN) SDN BHD 8
JALAN MUNSHI ABDULLAH, 2ND FLOOR,
[PHEIM ASSET MANAGEMENT 50100
S/B]
KUO SZE CHENG @ HENRY'S 8 WESTRIDGE WALK, 117824,
KUO
MR. KUO SZE HORNG @ KUO 8 WESTRIDGE WALK, 117824,
FEFFREY'S
MR. KUO SZE LIANG @ KUO 8 WESTRIDGE WALK, 117824,
JUSTIN'S
MALAYSIAN ASSURANCE MENARA
MAA, 12 JALAN DEWAN BAHASA, 8029 10,397,000
WILAYAH
MR. MOHD ALKAF BIN MOHD
KAHAR +
AMMB NOMINEES (TEMPATAN) BANGUNAN AMBANK GROUP, 55 JALAN RAJA 51181 6,982,300
SDN BHD CHULAN,
22ND FLOOR, 50200 KUALA
[PACIFIC DIVIDENT FUN] LUMPUR, WILAYAH PERSEKUTUAN,
EVAWORLD SDN BHD PLO
22, PARIT RAJA INDUSTRIAL ESTATE, 644836 5,943,027
86400
BATU PAHAT,
AMMB NOMINEES (TEMPATAN) BANGUNAN AMBANK GROUP, 55 JALAN RAJA 51181 5,423,100
SDN BHD CHULAN,
22ND FLOOR, 50200 KUALA
[PACIFIC
CESFIELD DEVELOPMENT SDN PLO 22, PARIT RAJA INDUSTRIAL ESTATE, 644245 5,360,027
BHD 86400
BATU PAHAT,
AMANAH RAYA NOMINEES MENARA PNB, 201A JALAN TUN RAZAK, LEVEL 434217 5,179,000
(TEMPATAN) SDN BHD 23,
50400
[PUBLIC SMALLCAP FUND]
ASIA LIFE (M) BHD
[BENEFICIAL OWNER] CHULAN,
3RD -5TH FLOOR, 50200 KUALA
LUMPUR,
WILAYAH PERSEKUTUAN,
UNIVERSAL TRUSTEE 1,
JALAN AMPANG, 3RD FLOOR, 50450 KUALA 17540 4,569,500
(
[PACIFIC PREMIER FUND]
BUMIPUTRA-COMMERCE BANGUNAN
AMANAH RAYA BHD, JALAN 274740 4,524,000
NOMINEES (TEMPATAN) SDN SEMANTAN,
BHD 50490
[PACIFIC DANA AMAN]
REMAINING SHAREHOLDERS 159,831,592
--------------------
480,000,000
===========
+ Also Director
The SC interest in
other companies (Subsidiaries/Associates) are shown as follows:
Local No Name (%) As At
567960 ALLGREEN TIMBER PRODUCTS SDN BHD 100.00 31/12/06
184661 EVERGREEN DECOR PRODUCTS (M) SDN
BHD 100.00 24/11/04
751664 EVERGREEN FIBREBOARD (JB) SDN BHD 100.00 31/12/06
320623 EVERGREEN MOLDED PANELS SDN BHD 100.00 31/12/06
DIRECTORS
DIRECTOR 1
Name of Subject : KUO
JEN CHIU
Address :
IC / PP No. : S2190875D
Date of Birth : 01/10/1966
Nationality : SINGAPOREAN
Date of Appointment : 15/05/1991
Remark : OLD PP:2184979J
DIRECTOR 2
Name of Subject : MR.
MOHD ALKAF BIN MOHD KAHAR
Address : LOT 307, LORONG BAYU NYAMAN B,
KAJANG,
IC / PP No. : 3534645
New IC No : 481007-08-5845
Date of Birth : 07/10/1948
Nationality : MALAYSIAN MALAY
Date of Appointment : 15/12/1998
Qualification : BACHELOR OF ARTS (HONS) DEGREE IN ECONOMICS FROM THE
ECONOMICS)
DEGREE FROM
US IN 1975.
Working Experience : HE
WORKED IN THE ECONOMIC PLANNING UNIT OF THE PRIME
MINISTER'S
DEPARTMENT FROM 1971 TO 1980 HE THEN JOINED THE
MINISTRY
OF FINANCE WHERE HE WORKED UNTIL 1983. HE HAS
MORE
THEN 10 YEARS EXPERIENCE IN THE BANKING INDUSTRY WITH
RHB
BANK BHD SINCE 1984 - 1994.
Other Info : AWARDED THE "AHLI MANGKU NEGARA" BY THE YG
DI-PERTUAN
AGONG.
DIRECTOR 3
Name of Subject : MS.
MARY HENERIETTA LIM KIM NEO
Address : 28
IC / PP No. : A0323115
New IC No : 640110-05-6028
Date of Birth : 10/01/1964
Nationality : MALAYSIAN CHINESE
Date of Appointment : 15/12/1995
DIRECTOR 4
Name of Subject : MR.
YONG KOK FONG
Address : 34 JALAN LEDANG,
IC / PP No. : A3531480
New IC No : 761118-14-5851
Date of Birth : 18/11/1976
Nationality : MALAYSIAN CHINESE
Date of Appointment : 01/06/2004
DIRECTOR 5
Name of Subject : KUO
WEN CHI
Address : 8 WESTRIDGE WALK, 117824,
IC / PP No. : S2177870B
Nationality : SINGAPOREAN
Date of Appointment : 15/05/1991
DIRECTOR 6
Name of Subject : MR.
LAW NGEE SONG
Address : 7 LORONG TELUK PULAI KANAN,
IC / PP No. : N/A
New IC No : 660103-13-5957
Nationality : MALAYSIAN CHINESE
Date of Appointment : 08/01/2007
DIRECTOR 7
Name of Subject : KUO
JEN CHANG
Address : 8, WESTRIDGE WALK, 117824,
IC / PP No. : S2184979J
Nationality : SINGAPOREAN
MANAGEMENT
1) Name of Subject : KUO JEN
CHANG
Position : MANAGING
DIRECTOR
2) Name of Subject : TEE KIM
FOOM
Position : ACCOUNTANT
3) Name of Subject : PHANG
WEI SIONG
Position : MARKETING
MANAGER
4) Name of Subject : VIVIAN
LAY BOON KEAN
Position : HUMAN
RESOURCE MANAGER
5) Name of Subject : PHILIP
WONG HWEE LIH
Position : PRODUCTION
MANAGER
6) Name of Subject : JASON
CHONG WENG SING
Position : IT
MANAGER
AUDITOR
Auditor : ERNST & YOUNG
Auditors' Address :
LEVEL
11, 80400 JOHOR BAHRU,
COMPANY SECRETARY
1) Company Secretary : MS.
NURULUYUN BTE ABDUL JABAR
IC / PP No. : A0160499
New IC No. : 650606-02-5662
Address : 2A-3-2,
DESA BISTARI CONDOMINIUM, JALAN SETIA BISTARI,
50490
Date of Appointment : 23/08/2005
2) Company Secretary : MS.
LEONG SIEW FOONG
IC / PP No. : A0828311
New IC No. : 671205-10-5330
Address : 3,
JALAN BAYAM, TAMAN
Date of Appointment : 15/10/1997
BANKING
Banking relations
are maintained principally with :
1) Banker Name : RHB BANK BHD
2) Banker Name : HSBC BANK
The SC enjoys normal
banking routine with above mentioned banker(s).
The SC has bank
charges with above mentioned banker(s).
ENCUMBRANCE (S)
ENCUMBRANCE 1
Date of Creation : 09
Jun 2003
Description of
Charge : N/A
Amount Secured : RM 10,000,000.00
Description of
Property Affected : N/A
Name & Address
of Chargee : RHB BANK BHD
Form 40 Dated
Registered and
Numbered 13 In The Register of Charges
ENCUMBRANCE 2
Date of Creation : 02
Dec 2005
Description of
Charge : N/A
Amount Secured : RM 24,000,000.00
Description of
Property Affected : N/A
Name & Address
of Chargee : HSBC BANK
Form 40 Dated
Registered and
Numbered 16 In The Register of Charges
ENCUMBRANCE 3
Date of Creation : 04
Jan 2007
Description of Charge : NEGATIVE PLEDGE
Amount Secured : RM 9,050,000.00
Description of
Property Affected : THE CHARGE CREATED HEREIN IS TO
SECURE THE NEGATIVE
PLEDGE
Name & Address
of Chargee : RHB BANK BHD
35
& 37, JALAN PERMAS 10/2, BANDAR BARU PERMAS, 3TD
FLOOR,
81750 MASAI,
Form 40 Dated 12 Jan
2007
Registered and
Numbered 17 In The Register of Charges
LEGAL CHECK AGAINST
THE SC
* A check has been conducted in our databank
against the SC whether the subject has been involved in
any litigation. Our databank
consists of 99% of the wound up companies in
1900.
No legal action was
found in our databank.
No winding up
petition was found in our data bank
PAYMENT RECORD
SOURCES OF RAW
MATERIALS :
Local : YES Percentage : 60%
Overseas : YES Percentage : 40%
Import Countries :
The SC refused to
provide any name of trade/service supplier and we are unable to conduct any
trade enquiry. However, from financial historical data we conclude that :
OVERALL PAYMENT
HABIT
Prompt [ X ] Good [ ] Average [ ]
Fair [ ] Poor [ ]
CLIENTELE
Local : YES Percentage : 20%
Domestic Markets :
Overseas : YES Percentage : 80%
Export Market :
Credit Term : 30 DAYS.
Payment Mode : CHEQUES.
Type of Customer : END
USERS .
CUSTOMER (S) : 1)
CHEAY ENTERPRISE SDN BHD
OPERATIONS
Products
Manufactured : FIBREBOARD, MEDIUM DENSITY BOARD, VENEERE BOARD,
PAINTED/PRINTEDBOARD,
PAPER & FOIL OVERLAY BOARD,
MOULDED
DOOR SKIN PANEL &KNOCK-DOWN FURNITURE.
Competitor(s) : MERBOK HILIR BHD
HUME
FIBREBOARD SDN BHD
PAHANCO
MANUFACTURING SDN BHD
SMF
MERBOK
HILIR BHD
Ownership of
premises : OWNED
Factory Size : 25 ACRES
Total Number of
Employees :
YEAR 2007 2006 2005 2004
GROUP 2,400 2,371 2,387 2,202
COMPANY 1,700 1,664 1,650 1,648
Branch : YES
No of Branches : 5
RECENT DEVELOPMENT
We have checked with
the Malaysian National News Agency's (BERNAMA) database, but no latest
development was noted in our investigation.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
Telephone Number
Provided By Client : 07-4541933
Current Telephone
Number : 07-4541933
Match : YES
Address Provided By
Client : PLO 22, PARIT RAJA INDUSTRIAL ESTATE,
PARIT
RAJA,
86400 BATU PAHAT, JOHOR
Current Address : PLO 22, PARIT RAJA INDUSTRIAL ESTATE,
PARIT
RAJA, 86400 BATU PAHAT,
Match : YES
Latest Financial
Accounts : YES
Other Investigations
On 22nd May 2007, we
conducted an interview with the SC's staff from Account Dept. She furnished us
some information on the SC.
FINANCIAL COMMENTS
Profitability :
Turnover : Increased [ 2004-2006 ]
Profit / ( Loss )
before tax : Increased [ 2004-2006 ]
Return on
Shareholder Funds : Acceptable [ 14.02% ]
Return on Net Assets : Acceptable [ 11.79% ]
The SC's turnover increased
steadily as the demand for its products / services increased due to the
goodwill built up over the years. The SC's management have been efficient in
controlling its operating costs. The SC's management had generated acceptable
return for its shareholders using its assets.
Working Capital
Control :
Stocks Ratio : Favourable [ 45
Days ]
Debtors Ratio : Favourable [ 33
Days ]
Creditors Ratio : Favourable [ 24
Days ]
The SC's stocks were
moving fast thus reducing its holding cost. This had reduced funds being tied
up in stocks. The favourable debtors' days could be due to the good credit
control measures implemented by the SC. The SC had a favourable creditors'
ratio as evidenced by its favourable collection days. The SC could be taking
advantage of the cash discounts and also wanting to maintain goodwill with its
creditors.
Liquidity :
Liquid Ratio : Favourable [ 2.89
Times ]
Current Ratio : Favourable [ 3.81
Times ]
A minimum liquid
ratio of 1 should be maintained by the SC in order to assure its creditors of
its ability to meet short term obligations and the SC was in a good liquidity
position. Thus, we believe the SC is able to meet all its short term
obligations as and when they fall due.
Solvency :
Interest Cover : Favourable [ 26.20
Times ]
Gearing Ratio : Favourable [ 0.34
Times ]
The interest cover
showed that the SC was able to service the interest. The favourable interest
cover could indicate that the SC was making enough profit to pay for the
interest accrued. The SC was lowly geared thus it had a low financial risk. The
SC was mainly financed by its shareholders' funds and internally generated
funds. In times of economic slowdown / downturn, the SC being a lowly geared
company, will be able to compete better than those companies which are highly
geared in the same industry.
Overall
Assessment :
Generally, the SC's
performance has improved with higher turnover and profit. The SC was in good
liquidity position with its total current liabilities well covered by its total
current assets. With its current net assets, the SC should be able to repay its
short term obligations. With the favourable interest cover, the SC could be
able to service all the accrued interest without facing any difficulties. The
SC, 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 SC: STRONG
COMMENTS
As a public listed
company, the SC is principally engaged in the manufacturing of fibre board and
medium density board. Incorporated in 1991, the SC's paid up capital stands at
RM120 million. With its long track record in the business should have enabled
the SC to gain market share and acquired a good reputation in the market. The
SC is easier to raise funds compared to other private limited company as the
funds are generated from public. Overall, the SC's business position in the
market is stable.
We noted that the SC
concentrates mainly on the overseas market. This global approach has mitigated
its business risk. Its wide and stable clientele base coupled with its good
reputation has consolidated its leading position in the market. Hence, its
commercial risk is low. The SC is a large entity with a work force of 2,400.
Its business operation is considered stable. Overall the management capability
of the SC is average.
In 2006, the SC's
turnover and pre-tax profit stood at RM528.10 million and RM67.73 million
respectively. Due to high profitability, the SC has generated a favourable
return on shareholders' funds. Besides that, with its good liquidity position,
the SC should be able to meet all its working capital.
Moreover, a low
gearing ratio has minimised its financial risk. Having a large amount of
networth, the SC is able to maintain its business in the near future. The
overall financial performance of the SC is strong.
As an
export-oriented company and being involved in import activities, the SC is
exposed to high foreign exchange risk. Having a good relationship with its
suppliers through its years of establishment, the SC has reduced the risk of
shortage of raw materials.
The SC's payment
record is prompt and it is clear of any litigation.
The potential growth
for the industry is marginal and it is quite competitive. It is very much
dependent on the SC's capacity in sustaining its performance in the market.
With the SC's favourable capacity, it should be able to compete with its
competitors.
In view of the
above, we recommend credit be granted to the SC normally.
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For The Year Ended 31-December-2006
EVERGREEN FIBREBOARD BHD
2006 2005 2004
MYR MYR MYR
TURNOVER 528,104,825 457,496,388 388,603,718
=========== =========== ===========
PROFIT/(LOSS) FROM OPERATIONS 65,615,889 53,559,895 61,745,321
SHARE OF
PROFITS/(LOSSES) OF ASSOCIATED
COMPANIES 2,112,695 688,956 1,044,319
------------------- ------------------- -------------------
PROFIT/(LOSS)
BEFORE TAXATION 67,728,584 54,248,851 62,789,640
Taxation <2,542,111> 4,737,433 <12,223,833>
------------------- ------------------- -------------------
PROFIT/(LOSS)
AFTER TAXATION 65,186,473 58,986,284 50,565,807
Minority
interests <5,464,402> <4,516,313> <5,568,534>
------------------- ------------------- -------------------
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS 59,722,071 54,469,971 44,997,273
------------------- ------------------- -------------------
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS 59,722,071 54,469,971 44,997,273
RETAINED
PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As previously
reported 184,839,060 160,369,087 152,241,714
Prior year
adjustment 170,040 - -
------------------- ------------------- -------------------
As restated 185,009,100 160,369,087 152,241,714
------------------- ------------------- -------------------
PROFIT
AVAILABLE FOR APPROPRIATIONS 244,731,171 214,839,058 197,238,987
CAPITALISATION
FOR BONUS ISSUES - - <36,869,900>
DIVIDENDS -
Ordinary (paid & proposed) <19,200,000> <29,999,998> -
------------------- ------------------- -------------------
RETAINED
PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD 225,531,171 184,839,060 160,369,087
=========== =========== ===========
RETAINED BY:
The Company 225,531,171 184,839,060 160,369,087
------------------- ------------------- -------------------
225,531,171 184,839,060 160,369,087
=========== =========== ===========
INTEREST
EXPENSE (as per notes to P&L)
Term loan 2,624,749 2,742,335 2,801,196
Bank
overdraft - 88,202 1,416
Hire purchase 62,669 26,845 11,074
------------------- ------------------- -------------------
2,687,418 2,857,382 2,813,686
=========== =========== ===========
CONSOLIDATED BALANCE SHEET
As At 31-December-2006
2006 2005 2004
MYR MYR MYR
ASSETS
EMPLOYED:
FIXED ASSETS 361,404,699 252,717,985 254,054,943
LONG
TERM INVESTMENTS/OTHER ASSETS
Associated
companies 15,850,237 13,567,501 8,859,315
prepaid lease
payments 10,096,895 10,300,139 -
------------------- ------------------- -------------------
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS 25,947,132 23,867,640 8,859,315
INTANGIBLE
ASSETS
Goodwill on
consolidation 12,862,091 4,862,091 902,093
------------------- ------------------- -------------------
TOTAL
INTANGIBLE ASSETS 12,862,091 4,862,091 902,093
------------------- ------------------- -------------------
TOTAL LONG
TERM ASSETS 400,213,922 281,447,716 263,816,351
CURRENT
ASSETS
Stocks 64,580,242 50,361,829 34,723,876
Trade debtors 47,113,478 49,100,527 48,491,252
Other
debtors, deposits & prepayments 8,070,182 16,250,267 11,416,071
Short term
deposits 29,858,930 34,904,061 51,485,962
Items in
transit between head office & branches
Amount due
from associated companies 123,025 - -
Cash &
bank balances 50,868,590 16,720,647 10,960,370
repurchase
agreements 8,925,909 12,100,000 25,990,000
marketable
securities 57,702,124 59,020,425 -
------------------- ------------------- -------------------
TOTAL CURRENT
ASSETS 267,242,480 238,457,756 183,067,531
CURRENT
LIABILITIES
Trade
creditors 35,339,944 28,038,229 28,870,460
Other
creditors & accruals 16,738,602 14,406,656 25,296,407
Hire purchase
& lease creditors 298,861 298,751 172,478
Short term
borrowings/Term loans 14,077,478 12,783,292 14,684,480
Provision for
taxation 1,363,655 353,185 4,712,875
revolving
credit - - 27,500,000
Amounts due
to affiliated companies 2,326,385 6,523,430 -
------------------- ------------------- -------------------
TOTAL CURRENT
LIABILITIES 70,144,925 62,403,543 101,236,700
------------------- ------------------- -------------------
NET CURRENT
ASSETS/(LIABILITIES) 197,097,555 176,054,213 81,830,831
------------------- ------------------- -------------------
TOTAL NET
ASSETS 597,311,477 457,501,929 345,647,182
=========== =========== ===========
FINANCED BY:
SHARE CAPITAL
Ordinary
share capital 120,000,000 120,000,000 96,585,000
------------------- ------------------- -------------------
TOTAL SHARE
CAPITAL 120,000,000 120,000,000 96,585,000
RESERVES
Share premium 78,149,400 78,149,400 -
Exchange
equalisation/fluctuation reserve 2,305,924 <4,665,761> <748,851>
Retained profit/(Accumulated loss)
carried
forward 225,531,171 184,839,060 160,369,087
------------------- ------------------- -------------------
TOTAL
RESERVES 305,986,495 258,322,699 159,620,236
------------------- ------------------- -------------------
SHAREHOLDERS'
FUNDS/EQUITY 425,986,495 378,322,699 256,205,236
MINORITY
INTEREST 25,520,638 20,056,236 18,259,398
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
Long term
loans 129,474,028 42,202,266 52,960,448
Hire purchase
creditors 643,316 899,994 584,100
Deferred
taxation 15,687,000 16,020,734 17,638,000
------------------- ------------------- -------------------
TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 145,804,344 59,122,994 71,182,548
------------------- ------------------- -------------------
597,311,477 457,501,929 345,647,182
=========== =========== ===========
CONSOLIDATED FINANCIAL RATIOS
As At 31-December-2006
EVERGREEN FIBREBOARD BHD
2006 2005 2004
MYR MYR MYR
TYPES OF
FUNDS
Cash 80,727,520 51,624,708 62,446,332
Net Liquid
Funds 66,650,042 38,841,416 47,761,852
Net Liquid
Assets 132,517,313 125,692,384 47,106,955
Net Current
Assets/(Liabilities) 197,097,555 176,054,213 81,830,831
Net Tangible
Assets 584,449,386 452,639,838 344,745,089
Net Monetary
Assets <13,287,031> 66,569,390 <24,075,593>
BALANCE
SHEET ITEMS
Total
Borrowings 144,493,683 56,184,303 68,401,506
Total
Liabilities 215,949,269 121,526,537 172,419,248
Total Assets 667,456,402 519,905,472 446,883,882
Net Assets 597,311,477 457,501,929 345,647,182
Net Assets
Backing 451,507,133 398,378,935 274,464,634
Shareholders''
Funds 425,986,495 378,322,699 256,205,236
Total Share
Capital 120,000,000 120,000,000 96,585,000
Total
Reserves 305,986,495 258,322,699 159,620,236
LIQUIDITY
(Times)
Cash Ratio 1.15 0.83 0.62
Liquid Ratio 2.89 3.01 1.47
Current Ratio 3.81 3.82 1.81
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 45 40 33
Debtors Ratio 33 39 46
Creditors
Ratio 24 22 27
SOLVENCY
RATIOS (Times)
Gearing Ratio 0.34 0.15 0.27
Liabilities
Ratio 0.51 0.32 0.67
Times
Interest Earned Ratio 26.20 19.99 23.32
PERFORMANCE
RATIO (%)
Operating
Profit Margin 12.82 11.86 16.16
Net Profit
Margin 11.31 11.91 11.58
Return On Net
Assets 11.79 12.48 18.98
Return On
Capital Employed 11.76 12.26 18.24
Return On
Shareholders'' Funds/Equity 14.02 14.40 17.56
Dividend Pay
Out Ratio (Times) 0.32 0.55 0
NOTES TO
ACCOUNTS
Contingent
Liabilities 0 0 0
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)