|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
9196-P
|
|
COMPANY NAME
|
:
|
ALPHA INDUSTRIES BHD
|
|
FORMER NAME
|
:
|
ALPHA INDUSTRIES SDN BHD (24/06/1997)
|
|
INCORPORATION DATE
|
:
|
20/02/1970
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PUBLIC
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
SUITE 1301, CITY PLAZA, JALAN TEBRAU, 13TH FLOOR, 80300 JOHOR BAHRU,
JOHOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
37, JALAN KANGKAR TEBRAU, 81100 JOHOR BAHRU, JOHOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
07-3543996
|
|
FAX.NO.
|
:
|
07-3551521
|
|
EMAIL
|
:
|
alpha@alpha.com.my
|
|
CONTACT PERSON
|
:
|
ERIC SOH ( MARKETING MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
28992
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURING
OF ELECTRICAL CONDUCTOR GRADE COPPER & WIRES
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
100,000,000.00 DIVIDED INTO
ORDINARY SHARE 100,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
50,625,000.00 DIVIDED INTO
ORDINARY SHARES 36,890,004 CASH AND 13,734,996 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 1,727,272,252 [2007]
|
|
NET WORTH
|
:
|
MYR 101,404,925 [2007]
|
|
M1000 OVERALL RANKING
|
:
|
484[2005]
|
|
M1000 INDUSTRY RANKING
|
:
|
26[2005]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
150 [2008]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
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 Malaysia, all the companies seeking listing on
the Bursa Malaysia (Malaysia Stock Exchange) must be public limited
companies.
The SC is principally engaged in the (as a / as an) manufacturing of
electrical conductor grade copper & wires.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is one of the Top Corporate Performers in the Malaysia 1000 (M1000)
publication, a directory jointly published by Companies Commission of
Malaysia (The Registrar Office), Minister of Domestic Trade and Consumer
Affairs and our publication arm, BASIS Publications House Sdn Bhd.
|
According to the Malaysia 1000 publication, the SC's ranking are as
follows:
|
|
|
|
|
|
|
YEAR
|
2005
|
2004
|
|
|
OVERALL RANKING
|
484
|
481
|
|
|
INDUSTRY RANKING
|
26
|
28
|
|
The ultimate holding company of the SC is LEADER UNIVERSAL HOLDING BERHAD, a
company incorporated in MALAYSIA.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
LEADER UNIVERSAL HOLDINGS BHD
|
SUITE 7A, MENARA NORTHAM, 55 JALAN SULTAN AHMAD SHAH, 10050 PULAU PINANG,
PULAU PINANG, MALAYSIA.
|
172736
|
25,818,750.00
|
|
TOYOTA TSUSHO CORPORATION
|
TOYOTA CENTURY BUILDING, 9-8 MEIEKI 4-CHOME, NAKAMURA-KU, NAGOYA
450-8575, JAPAN.
|
|
15,149,531.00
|
|
THE FURUKAWA ELECTRIC COMPANY LTD
|
6-1, MARUNOUCHI 2 CHOME, CHIYODAKU, TOKYO, JAPAN.
|
|
9,656,719.00
|
|
|
|
|
---------------
|
|
|
|
|
50,625,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. H'NG CHUN HSIANG
|
|
Address
|
:
|
15, JALAN TUNKU ABDUL RAHMAN, 10350 PULAU PINANG, PULAU PINANG,
MALAYSIA.
|
|
IC / PP No
|
:
|
A1728499
|
|
New IC No
|
:
|
700802-07-5037
|
|
Date of Birth
|
:
|
02/08/1970
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
15/07/2002
|
|
|
|
|
|
Qualification
|
:
|
BACHELOR OF APPLIED SCIENCE DEGREE IN ELECTRICAL ENGINEERING FROM
THE UNIVERSITY OF BRITISH COLUMBIA, VANCOUVER, CANADA IN 1993.
|
|
Working Experience
|
:
|
HE BEGAN HIS CAREER AS A MANAGEMENT TRAINEE IN CITIBANK, N.A. HONG
KONG. HE JOINED THE LEADER GROUP AS THE PERSONAL ASSISTANT TO THE THEN
GROUP MANAGING DIRECTOR. HE WAS APPOINTED AS THE GROUP DIRECTOR, SALES AND
MARKETING, IN CHARGE OF THE OVERALL GROUP SALES AND MARKETING FUNCTION FOR
CABLE AND WIRE PRODUCTS. HE WAS SUBSEQUENTLY PROMOTED AS THE EXECUTIVE
DIRECTOR OF TELECOMMUNICATION AND POWER DIVISION IN 1998. CURRENTLY, HE IS
IN CHARGE OF CORPORATE PLANNING AND INVESTMENT OF THE GROUP, A POSITION HE
HAS HELD SINCE 2000.
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. HENG FOCK JONG @ YENG FOCK JONG
|
|
Address
|
:
|
6,JALAN UNDAN 1, TAMAN PERLING, 81200 JOHOR BAHRU, JOHOR, MALAYSIA.
|
|
IC / PP No
|
:
|
4053106
|
|
New IC No
|
:
|
501122-01-5469
|
|
Date of Birth
|
:
|
22/11/1950
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/09/2004
|
|
Remark
|
:
|
ALT DIRECTOR H'NG CHUN HSIANG
|
|
|
|
|
|
|
|
|
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|
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DIRECTOR 3
|
Name Of Subject
|
:
|
MINORU HAYATA
|
|
Address
|
:
|
7-16-13 MATSUNOKI, KUWAN CITY, MIE PREFECTURE, 5110902, JAPAN.
|
|
IC / PP No
|
:
|
TG3721423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. KON TED LIUK
|
|
Address
|
:
|
20, LORONG SUNGAI KELIAN, TAMAN HILLVIEW, 11200 TANJONG BUNGAH,
PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
K481583
|
|
New IC No
|
:
|
540928-13-5613
|
|
Date of Birth
|
:
|
28/09/1954
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
12/03/2004
|
|
|
|
|
|
Other Info
|
:
|
HE IS A FELLOW MEMBER OF THE INSTITUTE OF CHARTERED ACCOUNTANTS,
AUSTRALIA, THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS,
UNITED KINGDOM AND THE INSTITUTE OF COMPANY SECRETARIES MALAYSIA. HE IS
ALSO A MEMBER OF THE INTERNATIONAL WIRE & MACHINERY ASSOCIATION.
|
DIRECTOR 5
|
Name Of Subject
|
:
|
TAN SRI DATO' TUNKU OSMAN IBNI TUNKU TEMENGGONG AHMAD
|
|
Address
|
:
|
ISTANA BUKIT GEDONG, JALAN ABDUL SAMAD, 80100 JOHOR BAHRU, JOHOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
0066660
|
|
New IC No
|
:
|
320724-01-5287
|
|
Date of Birth
|
:
|
24/07/1932
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
15/03/1991
|
|
|
|
|
|
Other Info
|
:
|
PSM
|
DIRECTOR 6
|
Name Of Subject
|
:
|
YOSUKE TSUGE
|
|
Address
|
:
|
18-7-2, SAKURA MACHI, KOGANEI, TOKYO 184-0005, JAPAN.
|
|
IC / PP No
|
:
|
TZ6109607
|
|
|
|
|
|
Date of Birth
|
:
|
17/01/1952
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
08/05/2002
|
DIRECTOR 7
|
Name Of Subject
|
:
|
DATO' SERI H`NG BOK SAN @ H`NG AH BA
|
|
Address
|
:
|
15, JALAN TUNKU ABDUL RAHMAN, 10350 PULAU PINANG, PULAU PINANG,
MALAYSIA.
|
|
IC / PP No
|
:
|
3087837
|
|
New IC No
|
:
|
391115-07-5303
|
|
Date of Birth
|
:
|
15/11/1939
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/06/2007
|
|
|
|
|
|
Qualification
|
:
|
ATTENDED COURSE N BUSINESS ADMINISTRATION AND ACCOUNTING IN
SINGAPORE.
|
|
Working Experience
|
:
|
HE BEGAN HIS CAREER AS A MARKETING REPRESENTATIVE FOR AN
INTERNATIONAL TRADING COMPANY IN PENANG FOR FOUR YEARS AND SUBSEQUENTLY
JOINED A TAIWANESE CABLE MANUFACTURING COMPANY IN SINGAPORE WHERE HE WAS IN
CHARGE OF THE SINGAPOREAN AND MALAYSIAN MARKETS. HE HELPED TO SETTING UP OF
FEDERAL CABLES WIRE AND METAL MANUFACTURING BHD IN 1967 AND WAS
SUBSEQUENTLY PROMOTED TO THE POSITION OF DEPUTY GENERAL MANAGER 3 YEARS
LATER AND HELD THE POSITION FOR 5 YEARS.
|
|
|
|
|
DIRECTOR 8
|
Name Of Subject
|
:
|
HIDEKI YANASE
|
|
Address
|
:
|
3-6, EDAGOU OGAKI, GIFU PREFECTURE, JAPAN.
|
|
IC / PP No
|
:
|
TE8293666
|
|
|
|
|
|
Date of Birth
|
:
|
02/10/1956
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
17/03/2003
|
DIRECTOR 9
|
Name Of Subject
|
:
|
YASUO AKUTA
|
|
Address
|
:
|
6, YAWATA KAIGANDORI, ICHIHARA, CHIBA 290-8555, JAPAN.
|
|
IC / PP No
|
:
|
TG2173837
|
|
|
|
|
|
Date of Birth
|
:
|
14/10/1952
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
26/08/2004
|
DIRECTOR 10
|
Name Of Subject
|
:
|
MASAYUKI ANDO
|
|
Address
|
:
|
05-09 CONDOMINIUM PETRIE, 12A JALAN TENGKU PETRIE 1, 80200 JOHOR
BAHRU, JOHOR, MALAYSIA.
|
|
IC / PP No
|
:
|
TF0278405
|
|
|
|
|
|
Date of Birth
|
:
|
15/05/1971
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
ERIC SOH
|
|
|
Position
|
:
|
MARKETING MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
JAMALUDDIN KAMARUDDIN
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
JASMIN JAIS
|
|
|
Position
|
:
|
PRODUCTION MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
ERNST & YOUNG
|
|
Auditor' Address
|
:
|
SUITE 11.2A, MENARA PELANGI, 2, JALAN KUNING, TAMAN PELANGI, 80400
JOHOR BAHRU, JOHOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. WOO MIN FONG
|
|
|
IC / PP No
|
:
|
3516413
|
|
|
New IC No
|
:
|
460531-01-5584
|
|
|
Address
|
:
|
5, JALAN PERDANA, 80300 JOHOR BAHRU, JOHOR, MALAYSIA.
|
|
|
Date of Appointment
|
:
|
07/12/1979
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
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
|
:
|
21/02/1998
|
|
Description Of Charge
|
:
|
|
LETTER OF NEGATIVE PLEDGE
|
|
|
Amount Secured
|
:
|
RM25,000,000.00
|
|
Description Of Property Affected
|
:
|
|
UNDERTAKING NOT TO CREATE OR PERMIT ANY ENCUMBRANCE ON THE WHOLE
OR\r\nANY PART OF THE ASSETS OF THE CO BOTH PRESENT OF FUTURE
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
69, JALAN
MERANTI MERAH, 80250 JOHOR BAHRU, JOHOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 05/03/1998
|
|
Registered and Numbered 5 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
29/03/2001
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM4,940,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
MWE PLAZA, LEBUH FARQUHAR, MEZZ & 1ST FLR, 10200 PULAU PINANG,
PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 03/04/2001
|
|
Registered and Numbered 6 In The Register of Charges
|
LEGAL
CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia back dated since 1900.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Import Countries
|
:
|
CHINA,HONG KONG,SINGAPORE
|
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
|
[
|
|
]
|
|
Good
|
[
|
|
]
|
|
Average
|
[
|
X
|
]
|
|
|
Fair
|
[
|
|
]
|
|
Poor
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
80%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
20%
|
|
Export Market
|
:
|
ASIA, SINGAPORE
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,LETTER OF CREDIT (LC),TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
LICENCE WAREHOUSE MANUFACTURER (LMW),MANUFACTURING INDUSTRIES
|
|
|
|
|
|
|
|
|
CUSTOMER(S)
|
:
|
|
1) LEADER CABLE INDUSTRY BHD
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
ELECTRICAL CONDUCTOR GRADE, COPPER WIRE RODS AND WIRES
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
ELEKTRISOLA (MALAYSIA) SDN BHD
|
|
FUJIKURA (MALAYSIA) SDN BHD
|
|
METROD (MALAYSIA) BHD
|
|
SOUTH MALAYSIA INDUSTRIES BHD
|
|
SUMITOMO ELECTRIC WINTEC (MALAYSIA) SDN BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Factory Size
|
:
|
|
36,700 sq meters (Land area) & 5,000 sqmeters (Building area)
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
150
|
140
|
135
|
|
|
|
|
|
|
|
Branch
|
:
|
|
|
No of Branches
|
:
|
|
|
|
|
|
|
Branch(es)
|
:
|
|
2901 SOLOK PERUSAHAAN 1, LOT 2728 MUKIM 1, KAW PERUSAHAAN PRAI,,
13600 PERAI, PULAU PINANG, MALAYSIA.
|
|
Tel No: 04-3985688
|
|
Fax No: 04-3985388
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing of
electrical conductor grade copper & wires.
The SC's products are mainly used in cabling and other electronic appliances
as well as power cables.
According to the SC, its only produces intermediate products. The completed
products are distributed to manufacturing companies for completion process.
We were informed that the SC's copper wire rods are also used in watches and
computers, watches and computers.
The SC's production can be divided into 3 major sections such as follows:
1) Melting - The cathodes (the raw material) are melted
2) Casting - The process of formation copper
3) Rolling / coiling mill - The cutting process depending on the size of the
copper wire. The wires are measured according to its diameter
The copper wires which are in large diametres are sold to the cabling
industries. Meanwhile the SC sells the copper wires which are in
smaller diameteres (high quality) to the electronic industries.
The SC has foreign workers from Nepal in its production.
According to the SC, it faces stiff competition from overseas competitors
especially from China, Taiwan and Korea.
PROJECTS
No projects found in our databank
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
|
:
|
073542537
|
|
Current Telephone Number
|
:
|
07-3543996
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
37, JALANKANGKAR TEBRAN, 81100 JOHORBAHRU,
|
|
Current Address
|
:
|
37, JALAN KANGKAR TEBRAU, 81100 JOHOR BAHRU, JOHOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted Ms Tang from the Accounts Department. She provided some
information on the SC. Later we contacted the Senior Supervisor from the
Production for more information on the SC.
FINANCIAL
COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
2005 - 2007
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2005 - 2007
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
14.53%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
28.87%
|
]
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years. The higher
profit could be attributed to the increase in turnover. The SC's management
had generated acceptable return for its shareholders using its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
18 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
40 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
5 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
|
:
|
Acceptable
|
[
|
0.92 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.27 Times
|
]
|
The SC's liquid ratio was slightly low. This could indicate that the SC's
working capital was slightly deficient. The SC will have to improve its
liquidity position either by obtaining short term financing or increase its
paid up capital so that it can meet all its short term obligations as and
when they fall due.
Solvency
|
Interest Cover
|
:
|
Unfavourable
|
[
|
2.64 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.04 Times
|
]
|
The SC's interest cover was low. If its profits fall or when interest rate
rises, it may not be able to meet all its interest payment. 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 Accessment:
Generally, the
SC's performance has improved with higher turnover and profit. The SC's
liquidity was at an acceptable range. If the SC is able to obtain further
short term financing, it should be able to meet all its short term
obligations. If there is a fall in the SC's profit or any increase in
interest rate, the SC may not be able to generate sufficient cash-flow to
service its interest. 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 : FAIR
ECONOMIC
/ INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2004
|
2005
|
2006
|
2007*
|
2008**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
25.58
|
26.13
|
26.64
|
27.17
|
27.73
|
|
Gross Domestic Products ( % )
|
7.1
|
5.3
|
5.8
|
6.3
|
6.5
|
|
Domestic Demand ( % )
|
7.5
|
7.3
|
7.0
|
9.0
|
6.8
|
|
Private Expenditure ( % )
|
13.1
|
9.5
|
7.0
|
8.6
|
8.2
|
|
Consumption ( % )
|
10.5
|
9.2
|
7.1
|
9.0
|
7.9
|
|
Investment ( % )
|
25.8
|
8.5
|
7.0
|
7.1
|
9.5
|
|
Public Expenditure ( % )
|
<2.1>
|
3.6
|
6.8
|
10.1
|
3.2
|
|
Consumption ( % )
|
6.0
|
5.4
|
5.0
|
10.8
|
5.5
|
|
Investment ( % )
|
<8.7>
|
1.9
|
8.9
|
9.3
|
0.5
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
80,663
|
99,760
|
108,192
|
99,965
|
99,599
|
|
Government Finance ( MYR Million )
|
<19,419>
|
<18,684>
|
<19,109>
|
<19,948>
|
<20,933>
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<4.3>
|
<3.8>
|
<3.3>
|
<3.2>
|
<3.1>
|
|
Inflation ( % Change in Composite CPI)
|
1.4
|
3.1
|
3.9
|
4.0
|
5.0
|
|
Unemployment Rate
|
3.5
|
3.5
|
3.4
|
3.5
|
3.3
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
254
|
266
|
290
|
-
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
13.84
|
13.63
|
12.91
|
-
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
8.46
|
6.74
|
5.41
|
-
|
-
|
|
Average Base Lending Rate ( % )
|
5.99
|
6.00
|
6.61
|
-
|
-
|
|
Business Loans Disbursed( % )
|
10.5
|
8.7
|
<2.5>
|
-
|
-
|
|
Foreign Investment ( MYR Million )
|
13,143.9
|
17,882.9
|
20,228.0
|
-
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
38,580
|
37,474
|
38,293
|
-
|
-
|
|
Registration of New Companies ( % )
|
6.8
|
<2.9>
|
2.2
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
3,334
|
3,069
|
8,647
|
-
|
-
|
|
Liquidation of Companies ( % )
|
<15.8>
|
<7.9>
|
181.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
189,206
|
193,095
|
216,147
|
-
|
-
|
|
Registration of New Business ( % )
|
4.6
|
2.1
|
11.9
|
-
|
-
|
|
Business Dissolved ( No. )
|
51,301
|
73,355
|
52,879
|
-
|
-
|
|
Business Dissolved ( % )
|
7.0
|
43.0
|
<27.9>
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
380.6
|
400.8
|
374.1
|
-
|
-
|
|
Cellular Phone Subscribers ( Million )
|
14.6
|
18.5
|
19.5
|
21.3
|
-
|
|
Tourist Arrival ( Million Persons )
|
15.7
|
16.7
|
17.5
|
20.1
|
-
|
|
Hotel Occupancy Rate ( % )
|
60.8
|
63.6
|
64.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
19.3
|
13.9
|
15.4
|
-
|
-
|
|
Bad Cheque Offenders (No.)
|
70,465
|
57,316
|
36,555
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
16,251
|
15,868
|
13,596
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
31.6
|
<2.4>
|
<14.3>
|
-
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2004
|
2005
|
2006
|
2007*
|
2008**
|
|
|
|
|
|
|
|
|
Agriculture
|
5.0
|
2.5
|
5.3
|
3.1
|
3.4
|
|
Palm Oil
|
3.9
|
7.1
|
5.8
|
<0.6>
|
-
|
|
Rubber
|
16.5
|
<2.9>
|
12.6
|
1.0
|
-
|
|
Forestry & Logging
|
4.3
|
2.0
|
<0.4>
|
2.8
|
-
|
|
Fishing
|
5.5
|
<0.4>
|
9.3
|
5.2
|
-
|
|
Other Agriculture
|
2.4
|
3.2
|
5.3
|
7.0
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
620.3
|
563.7
|
516.5
|
487.3
|
0
|
|
% of Industry Non-Performing Loans
|
1.38
|
1.19
|
1.06
|
1.08
|
0
|
|
|
|
|
|
|
|
|
Mining
|
3.9
|
0.8
|
<0.4>
|
3.3
|
6.0
|
|
Oil & Gas
|
4.5
|
1.6
|
4.6
|
-
|
-
|
|
Other Mining
|
<8.0>
|
<1.0>
|
5.1
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
62.6
|
68.8
|
55.4
|
42.2
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
9.8
|
5.1
|
7.3
|
3.1
|
1.8
|
|
Exported-oriented Industries
|
15.5
|
3.0
|
11.1
|
<1.9>
|
-
|
|
Electrical & Electronics
|
17.8
|
3.6
|
13.4
|
3.0
|
-
|
|
Rubber Products
|
14.8
|
2.4
|
0.4
|
8.0
|
-
|
|
Wood Products
|
12.7
|
0.9
|
0.7
|
3.3
|
-
|
|
Textiles & Apparel
|
<11.7>
|
<4.4>
|
12.6
|
<10.1>
|
-
|
|
Domestic-oriented Industries
|
9.7
|
6.9
|
5.0
|
5.3
|
-
|
|
Food, Beverages & Tobacco
|
3.8
|
7.7
|
4.8
|
5.6
|
-
|
|
Chemical & Chemical Products
|
14.6
|
6.9
|
1.7
|
9.2
|
-
|
|
Plastic Products
|
13.5
|
18.6
|
21.3
|
<3.6>
|
-
|
|
Iron & Steel
|
2.7
|
<6.7>
|
<6.9>
|
17.5
|
-
|
|
Fabricated Metal Products
|
29.2
|
<7.5>
|
20.0
|
26.2
|
-
|
|
Non-metallic Mineral
|
<4.8>
|
<6.0>
|
<1.9>
|
6.6
|
-
|
|
Transport Equipment
|
8.6
|
10.4
|
5.3
|
<19.0>
|
-
|
|
Paper & Paper Products
|
2.3
|
4.6
|
4.1
|
14.9
|
-
|
|
Crude Oil Refineries
|
<2.4>
|
8.2
|
12.1
|
8.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
7,765.4
|
6,035.6
|
6,181.3
|
6,366.2
|
-
|
|
% of Industry Non-Performing Loans
|
17.3
|
12.7
|
12.7
|
14.1
|
-
|
|
|
|
|
|
|
|
|
Construction
|
<1.5>
|
<1.6>
|
<0.5>
|
5.2
|
5.5
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,547.7
|
5,172.7
|
5,527.3
|
5,116.7
|
-
|
|
% of Industry Non-Performing Loans
|
12.4
|
10.9
|
11.4
|
11.3
|
-
|
|
|
|
|
|
|
|
|
Services
|
6.8
|
6.6
|
7.2
|
9.0
|
7.7
|
|
Electric, Gas & Water
|
8.1
|
5.5
|
5.2
|
4.6
|
5.0
|
|
Transport, Storage & Communication
|
8.5
|
6.3
|
5.2
|
7.6
|
7.8
|
|
Wholesale, Retail, Hotel & Restaurant
|
7.1
|
8.0
|
7.1
|
11.6
|
10.0
|
|
Finance, Insurance & Real Estate
|
6.3
|
7.0
|
7.7
|
10.7
|
9.2
|
|
Government Services
|
6.5
|
7.6
|
9.8
|
4.6
|
8.6
|
|
Other Services
|
4.9
|
5.0
|
4.7
|
5.0
|
5.9
|
|
Industry Non-Performing Loans ( MYR Million )
|
8,913.7
|
8,716.8
|
11,593.2
|
10,207.8
|
-
|
|
% of Industry Non-Performing Loans
|
19.9
|
18.4
|
23.9
|
22.6
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
28992 : Manufacture of wire, wire products and metal fasteners
|
|
|
|
|
INDUSTRY :
|
METAL
|
|
|
|
|
|
|
Malaysia's exports remained robust in January 2007, registering RM46.99
billion and the manufactures of metal industry is one of the contribution
in terms of value to Malaysia's total exports. In January 2007, export for
manufactured of metals stand at RM1.24 billion or 2.6% of total exports
while the import of manufactures of metals is RM2.16 billion or 5.3% of
total imports.
|
|
The basic metal products which covers primary processing and downstream
manufacturing of ferrous (iron & steel) and non- ferrous (aluminum,
tin, copper, zinc, lead) metal products. In 2006, (January-November) the
sales of non-ferrous metal products amounted to RM6.2 billion while the
exports of nonferrous products amounted RM6.2 billion. In 2006, a total of
30 projects were approved in the basic metal products industry with
investments of RM2.7 billion.
|
|
Metal fabrication activities can be classified into four categories:
|
|
1) fabrication for offshore/onshore oil and gas industry;
|
|
2) building and civil construction fabrication;
|
|
3) processing and manufacturing plant fabrication; and
|
|
4) industrial M&E structures and component fabrication.
|
|
Other activities include the manufacture of tanks, drums, metal boxes, tin
cans, metal furniture and fixtures, wire and wire products, non-ferrous
metal products and household wares. In 2006, a total of 18 projects were
approved for the manufacture of fabricated metal products with investments
of RM180.9 million.
|
|
The Construction-related industries (basic and fabricated metals products
as well as non-metallic minerals) registered robust growth in 4th quarter
2006. The domestic-oriented industries grew by 5.4% in the fourth quarter
(Q3 2006: 6.2%). The construction-related industries, especially basic and
fabricated metals as well as nonmetallic minerals grew by 25.7%, 32%, and
8.8% (Q3 2006: 7.9%; 36.1%; 8.1%), respectively supported by roll-out of
infrastructure projects under the 9MP.
|
|
In the domestic-oriented industries, the improvement in the
construction-related industries is expected to further lend support to the
expansion of the metal sector.
|
|
Note : The Ninth Malaysia Plan (9MP) was tabled in Parliament on March 31,
2006, is the five-year blueprints within the new National Mission policy
and implementation framework from now until 2010. Malaysia is expected to
see some structural changes and improved performance in the economy.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth
|
COMMENTS
|
Formed in 1970 as a public company, the SC is principally engaged in
manufacturing of electrical conductor grade copper and wires. Presently,
the SC has a large paid up capital of RM50,625,000 which has enabled the SC
to further expand its business comfortably in the near term. Backed by its
established company, it allows the SC to enjoy timely assistance when the
needs arise. With its impressive track record in the industry, the SC
should have established a strong image and reputation over times.
|
|
Throughout its years of establishment, the SC has built up a wide and
stable clientele base in the market, We noted that the SC serves both local
and overseas market as 20% of its products are exported to Asia countries.
In view of its wide market segment, the SC's exposure to business risk is
minimised and better growth prospect can be expected from the SC.
Continuing growth of its sales volumes and profitability clearly implies
that the demand for the SC's products is on the rise. To date, the business
activities of the SC are overseen by Marketing Manager, Eric Soh with total
work force of 150.
|
|
For the latest financial year 2007, the Group's turnover grew by 16.91% to
RM1.72billion. The improvement of its turnover has led its pre-tax profit
rose 50.56% from RM12.81million to RM19.3million. Return on shareholders'
funds was at an acceptable range, indicating that the management was
efficient in utilising its funds to generate returns. Besides, a low
gearing ratio has minimised the financial risk of the Group. However, the
Group's liquidity ratio was slightly low at 0.92 times as it was not be
able to meet its current obligations. Given a comfortable net worth of
RM101million, the Group should be able to sustain its business performance
in the near term.
|
|
Apart from sourcing its raw materials locally, the SC also imports from
overseas countries. Being involved in import and export activities, the SC
might be exposed to forex risk.
|
|
Based on our historical financial data, the SC's overall payment habit is
average. The SC is clear of litigation.
|
|
The industry is reaching its maturity stage and a marginal growth is
expected. Generally, the industry is regarded stable and only moving within
a narrow range. With the normal outlook of the industry performance, we
believe that the SC has the potential of capturing a higher market shares.
|
|
In view of the above, we recommend credit be granted to the SC promptly.
|
CONSOLIDATED PROFIT AND LOSS
ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
ALPHA
INDUSTRIES BHD
|
|
For The Year
Ended 31-December-2007
|
|
|
|
|
|
|
|
2007
|
2006
|
2005
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
TURNOVER
|
1,727,272,252
|
1,477,345,648
|
866,604,097
|
|
|
=========
|
=========
|
=========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
19,300,855
|
12,818,816
|
8,605,527
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
19,300,855
|
12,818,816
|
8,605,527
|
|
Taxation
|
<4,568,120>
|
<1,586,191>
|
<1,894,636>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
-------------
14,732,735
|
-------------
11,232,625
|
-------------
6,710,891
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
-------------
14,732,735
|
-------------
11,232,625
|
-------------
6,710,891
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
-------------
14,732,735
|
-------------
11,232,625
|
-------------
6,710,891
|
|
As previous reported
|
30,030,296
|
22,341,421
|
15,630,530
|
|
|
|
|
|
|
As restated
|
-------------
30,030,296
|
-------------
22,341,421
|
-------------
15,630,530
|
|
|
-------------
|
-------------
|
-------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
44,763,031
|
33,574,046
|
22,341,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
<5,568,750>
|
<3,543,750>
|
-
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
-------------
39,194,281
==========
|
-------------
30,030,296
==========
|
-------------
22,341,421
==========
|
|
RETAINED BY: The Company
|
39,194,281
|
30,030,296
|
22,341,421
|
|
|
|
|
|
|
|
|
|
|
|
|
-------------
39,194,281
==========
|
-------------
30,030,296
==========
|
-------------
22,341,421
==========
|
|
|
|
|
|
|
Hire purchase
|
91,501
|
9,606
|
-
|
|
|
|
|
|
|
Other interest expenses
|
11,657,027
|
10,974,309
|
6,203,656
|
|
|
|
|
|
|
|
--------------
11,748,528
===========
|
--------------
10,983,915
===========
|
--------------
6,203,656
===========
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET
|
ALPHA
INDUSTRIES BHD
|
|
As At
31-December-2007
|
|
|
|
|
|
|
|
2007
|
2006
|
2005
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
38,613,152
|
36,900,723
|
38,473,651
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
prepaid lease payment
|
4,388,088
|
4,456,740
|
4,525,392
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
4,388,088
|
------------
4,456,740
|
------------
4,525,392
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
43,001,240
|
------------
41,357,463
|
------------
42,999,043
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
Stocks
|
84,569,951
|
96,309,229
|
66,098,933
|
|
|
|
|
|
|
Trade debtors
|
191,118,523
|
146,173,734
|
129,756,372
|
|
Other debtors, deposits & prepayments
|
2,720,778
|
8,115,700
|
3,858,530
|
|
Short term deposits
|
2,400,000
|
1,400,000
|
1,400,000
|
|
|
|
|
|
|
Cash & bank balances
|
26,450,859
|
25,169,457
|
9,778,385
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
307,260,111
|
------------
277,168,120
|
------------
210,892,220
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade creditors
|
24,481,134
|
8,163,308
|
5,292,199
|
|
Other creditors & accruals
|
17,219,080
|
5,763,622
|
4,841,211
|
|
Hire purchase & lease creditors
|
1,446,736
|
240,830
|
-
|
|
Bank overdraft
|
31,998
|
-
|
-
|
|
Short term borrowings/Term loans
|
-
|
28,828,849
|
32,965,026
|
|
|
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
92,308,000
|
69,418,000
|
50,714,000
|
|
|
|
|
|
|
Amounts owing to holding companies
|
10,000
|
14,177
|
-
|
|
|
|
|
|
|
Amounts owing to related companies
|
1,791,229
|
1,251,192
|
1,299,932
|
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
243,821
|
-
|
-
|
|
|
|
|
|
|
Revolving credits
|
48,030,000
|
33,000,000
|
10,000,000
|
|
Due to corporate shareholder
|
57,166,475
|
74,335,716
|
60,044,107
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
242,728,473
|
------------
221,015,694
|
------------
165,156,475
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
64,531,638
|
------------
56,152,426
|
------------
45,735,745
|
|
TOTAL NET ASSETS
|
------------
107,532,878
==========
|
------------
97,509,889
==========
|
------------
88,734,788
==========
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share capital
|
50,625,000
|
50,625,000
|
50,625,000
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
50,625,000
------------
|
50,625,000
------------
|
50,625,000
------------
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
Capital reserve
|
-
|
12,022,097
|
11,967,311
|
|
revaluation reserve
|
11,585,644
|
-
|
-
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
39,194,281
|
30,030,296
|
22,341,421
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
50,779,925
|
------------
42,052,393
|
------------
34,308,732
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
101,404,925
|
------------
92,677,393
|
------------
84,933,732
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
Hire purchase creditors
|
2,520,477
|
355,486
|
-
|
|
Deferred taxation
|
3,607,476
|
4,477,010
|
3,801,056
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
6,127,953
|
------------
4,832,496
|
------------
3,801,056
|
|
|
------------
|
------------
|
------------
|
|
|
107,532,878
|
97,509,889
|
88,734,788
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED FINANCIAL RATIOS
|
ALPHA
INDUSTRIES BHD
|
|
As At
31-December-2007
|
|
|
|
|
|
|
|
2007
|
2006
|
2005
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
28,850,859
|
26,569,457
|
11,178,385
|
|
Net Liquid Funds
|
28,818,861
|
<2,259,392>
|
<21,786,641>
|
|
Net Liquid Assets
|
<20,038,313>
|
<40,156,803>
|
<20,363,188>
|
|
Net Current Assets/(Liabilities)
|
64,531,638
|
56,152,426
|
45,735,745
|
|
Net Tangible Assets
|
107,532,878
|
97,509,889
|
88,734,788
|
|
Net Monetary Assets
|
<26,166,266>
|
<44,989,299>
|
<24,164,244>
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Borrowings
|
3,999,211
|
29,425,165
|
32,965,026
|
|
Total Liabilities
|
248,856,426
|
225,848,190
|
168,957,531
|
|
Total Assets
|
350,261,351
|
318,525,583
|
253,891,263
|
|
Net Assets
|
107,532,878
|
97,509,889
|
88,734,788
|
|
Net Assets Backing
|
101,404,925
|
92,677,393
|
84,933,732
|
|
Shareholders" Funds
|
101,404,925
|
92,677,393
|
84,933,732
|
|
Total Share Capital
|
50,625,000
|
50,625,000
|
50,625,000
|
|
Total Reserves
|
50,779,925
|
42,052,393
|
34,308,732
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
Cash Ratio
|
0.12
|
0.12
|
0.07
|
|
Liquid Ratio
|
0.92
|
0.82
|
0.88
|
|
Current Ratio
|
1.27
|
1.25
|
1.28
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
18
|
24
|
28
|
|
Debtors Ratio
|
40
|
36
|
55
|
|
Creditors Ratio
|
5
|
2
|
2
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0.04
|
0.32
|
0.39
|
|
Liabilities Ratio
|
2.45
|
2.44
|
1.99
|
|
Times Interest Earned Ratio
|
2.64
|
2.17
|
2.39
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
1.12
|
0.87
|
0.99
|
|
Net Profit Margin
|
0.85
|
0.76
|
0.77
|
|
Return On Net Assets
|
28.87
|
24.41
|
16.69
|
|
Return On Capital Employed
|
28.48
|
18.80
|
12.17
|
|
Return On Shareholders'
Funds/Equity
|
14.53
|
12.12
|
7.90
|
|
Dividend Pay Out Ratio (Times)
|
0.38
|
0.32
|
0
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
