|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
63112-D
|
|
COMPANY NAME
|
:
|
EMERY OLEOCHEMICALS (M) SDN BHD
|
|
FORMER NAME
|
:
|
COGNIS OLEOCHEMICALS (M) SDN BHD (12/05/2009)
HENKEL OLEOCHEMICALS (MALAYSIA)
SDN BHD (16/09/1999)
|
|
INCORPORATION DATE
|
:
|
06/10/1980
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
LOT 4, JALAN PERAK, KAWASAN PERUSAHAAN BATU 9, JALAN KLANG-BANTING,
TELUK PANGLIMA GARANG, 42500 KUALA LANGAT, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 4, JALAN PERAK, KAWASAN PERUSAHAAN TELUK PANGLIMA GARANG, 42500
KUALA LANGAT, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-33268686
|
|
FAX.NO.
|
:
|
03-33268787
|
|
EMAIL
|
:
|
kul.office@emeryoleo.com
|
|
WEB SITE
|
:
|
www.emeryoleo.com
|
|
CONTACT PERSON
|
:
|
AZUDDIN ABDUL RAHMAN ( VICE PRESIDENT )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
24290 1514
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURER OF OLEOCHEMICAL PRODUCTS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 500,000,000.00 DIVIDED INTO
ORDINARY SHARE 500,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 400,000,000.00 DIVIDED INTO
ORDINARY SHARES 400,000,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 2,646,135,000 [2009]
|
|
NET WORTH
|
:
|
MYR 820,324,000 [2009]
|
|
M1000 OVERALL RANKING
|
:
|
94[2008]
|
|
M1000 INDUSTRY RANKING
|
:
|
2[2008]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
550 [2011]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD7,603,869
|
HISTORY / BACKGROUND
The SC 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 SC must have at least two directors. A private
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, 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 SC is
insolvent. The SC 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 SC is principally engaged in the (as a / as an) manufacturer of oleochemical
products.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
|
According to the Malaysia
1000 publication, the SC's ranking are as follows:
|
|
|
|
|
|
|
YEAR
|
2008
|
2005
|
2004
|
|
|
OVERALL RANKING
|
94
|
321
|
387
|
|
|
INDUSTRY RANKING
|
2
|
15
|
12
|
|
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
PTT CHEMICAL INTERNATIONAL PTE LTD
|
391B, ORCHARD ROAD,
13-10A, NGEE ANN
CITY, TOWER B, 238874, SINGAPORE.
|
|
200,000,000.00
|
|
SIME DARBY PLANTATION
SDN BHD
|
WISMA COSPLANT 1, 2 JALAN SS 16/4, 4TH FLOOR, 47500 SUBANG JAYA, SELANGOR, MALAYSIA.
|
647766
|
200,000,000.00
|
|
|
|
|
---------------
|
|
|
|
|
400,000,000.00
|
|
|
|
|
============
|
+ Also Director
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Company
|
(%)
|
As At
|
|
93282
|
EMERY OLEOCHEMICALS RIKA (M) SDN BHD
|
55
|
31/12/2009
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
DATO' AZHAR BIN ABDUL HAMID
|
|
Address
|
:
|
50, JALAN TITIAN U8/41, SECTION U8, BUKIT JELUTONG, 40150 SHAH ALAM,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
610427-71-5477
|
|
Date of Birth
|
:
|
27/04/1961
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
PUNTIP OUNGPASUK
|
|
Address
|
:
|
114/99, LADDAROM VILLAGE SOI 7, SAINA, MUANG NONTHABURI 11000,
THAILAND.
|
|
IC / PP No
|
:
|
K623923
|
|
|
|
|
|
Date of Birth
|
:
|
23/12/1960
|
|
|
|
|
|
Nationality
|
:
|
THAI
|
|
Date of Appointment
|
:
|
24/11/2008
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. MOHD HAIRUL BIN ABDUL HAMID
|
|
Address
|
:
|
4, JALAN PLATINUM 7/43D, SECTION 7, 40000 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A1655091
|
|
New IC No
|
:
|
700729-10-6369
|
|
Date of Birth
|
:
|
29/07/1970
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
30/10/2008
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
VEERASAK KOSITPAISAL
|
|
Address
|
:
|
1092/279, NG TOWER, F1.14TH, BAGNA-TRAD, KILOMETER 3, ROAD BANGNA,
10260, BANGKOK, THAILAND.
|
|
IC / PP No
|
:
|
L683359
|
|
|
|
|
|
Date of Birth
|
:
|
18/06/1954
|
|
|
|
|
|
Nationality
|
:
|
THAI
|
|
Date of Appointment
|
:
|
25/03/2009
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MR. MUSTAMIR BIN MOHAMAD
|
|
Address
|
:
|
9, JALAN ARA SD 7/1B, BANDAR SRI DAMANSARA, 52200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
IC / PP No
|
:
|
A1836639
|
|
New IC No
|
:
|
720518-10-5399
|
|
Date of Birth
|
:
|
18/05/1972
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
25/03/2009
|
|
Remark
|
:
|
ALT DIR TO DATO AZHAR BIN ABDUL HAMID, KHAIRUDIN BIN HASHIM, HARIS
FADZILAH BIN HASSAN & MOHD HAIRUL BIN ABDUL HAMID
|
DIRECTOR 6
|
Name Of Subject
|
:
|
ADITHEB BISALBUTR
|
|
Address
|
:
|
332/4 CHAN 43, SATHORN, 10120, BANGKOK,
THAILAND.
|
|
IC / PP No
|
:
|
U669591
|
|
|
|
|
|
Date of Birth
|
:
|
31/03/1948
|
|
|
|
|
|
Nationality
|
:
|
THAI
|
|
Date of Appointment
|
:
|
24/11/2008
|
DIRECTOR 7
|
Name Of Subject
|
:
|
MR. HARIS FADZILAH BIN HASSAN
|
|
Address
|
:
|
2 JALAN HIJAU ALAM U9/14G, CAHAYA SPK, 40150 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A0859932
|
|
New IC No
|
:
|
671201-02-5691
|
|
Date of Birth
|
:
|
01/12/1967
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
24/11/2008
|
DIRECTOR 8
|
Name Of Subject
|
:
|
MR. KHAIRUDIN BIN HASHIM
|
|
Address
|
:
|
52 JALAN IMPIAN GEMILANG 1/3, SAUJANA IMPIAN, 43000 KAJANG, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
5015421
|
|
New IC No
|
:
|
560731-05-5183
|
|
Date of Birth
|
:
|
31/07/1956
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
24/11/2008
|
DIRECTOR 9
|
Name Of Subject
|
:
|
KONGKRAPAN INTARAJANG
|
|
Address
|
:
|
38/17 SOI SOON VIJAI 6, NEW PETCHBURI ROAD, BANGKAPI, HUI KHWANG,
10320, BANGKOK, THAILAND.
|
|
IC / PP No
|
:
|
R759551
|
|
|
|
|
|
Date of Birth
|
:
|
21/04/1967
|
|
|
|
|
|
Nationality
|
:
|
THAI
|
|
Date of Appointment
|
:
|
24/11/2008
|
DIRECTOR 10
|
Name Of Subject
|
:
|
NARONGSAK JIVAKANUN
|
|
Address
|
:
|
100/9, LADAWAN SUKHUMVIT, CHALERM PARKIET RAMA 9 ROAD, PRAVET, BANGKOK, THAILAND.
|
|
IC / PP No
|
:
|
L818846
|
|
|
|
|
|
Date of Birth
|
:
|
27/01/1969
|
|
|
|
|
|
Nationality
|
:
|
THAI
|
|
Date of Appointment
|
:
|
15/10/2009
|
|
Remark
|
:
|
ALT DIR TO ADITHEB BISALBUTR, KONGKRAPAN INTARAJANG, PUNTIP
OUNGPASUK & VEERASAK KOSITPAISAL
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
AZUDDIN ABDUL RAHMAN
|
|
|
Position
|
:
|
VICE PRESIDENT
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
ANTHONY CHONG
|
|
|
Position
|
:
|
CHIEF FINANCE OFFICER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
KUNG CHEE WAN
|
|
|
Position
|
:
|
MARKETING MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
MOHD NAJIB
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
FAIRUZ NIZAM
|
|
|
Position
|
:
|
CORPORATE AFFAIRS MANAGER
|
|
|
|
|
|
|
6)
|
Name of Subject
|
:
|
NORLEEN ABD RAHMAN
|
|
|
Position
|
:
|
MANAGER
|
|
|
|
|
|
|
7)
|
Name of Subject
|
:
|
JACKY CHAN YEE PANG
|
|
|
Position
|
:
|
PRODUCT MANAGER
|
|
|
|
|
|
|
8)
|
Name of Subject
|
:
|
ROZIYANA AHMAD
|
|
|
Position
|
:
|
SECRETARY
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG
|
|
Auditor' Address
|
:
|
WISMA KPMG, JALAN DUNGUN, DAMANSARA
HEIGHTS, 50490 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. SHAH RIZAL BIN NOOR IKHSAN
|
|
|
IC / PP No
|
:
|
A1073204
|
|
|
New IC No
|
:
|
680827-01-5393
|
|
|
Address
|
:
|
170, JALAN A10, TAMAN MELAWATI, HULU KLANG, 53100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
|
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
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.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Import Countries
|
:
|
INDONESIA,GERMANY,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 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
15%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
85%
|
|
Export Market
|
:
|
EUROPE, ASIA,
MIDDLE EAST
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC)
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
FATTY/ ACIDS, FATTY ALCOHOLS, CHEMICALS, OZONE ACIDS & OTHER
OLEOCHEMICALS DERIVATIVES
|
|
|
|
|
|
|
Brand Name
|
:
|
EDENOR, HYDRENOL, LOROL, STENOL
|
|
|
|
|
|
Award
|
:
|
1 ) HACCP Year
:2005
2 ) MS ISO 14001 Year :2001
3 ) MS ISO 9001 : 2000 Year :1997
|
|
|
|
|
|
Competitor(s)
|
:
|
BP CHEMICALS (MALAYSIA) SDN BHD
KL-KEPONG OLEOMAS SDN BHD
NATURAL OLEOCHEMICALS SDN BHD
NYLEX (MALAYSIA)
BHD
POLYMERLATEX SDN BHD
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
MALAYSIAN CROP CARE AND PUBLIC HEALTH ASSOCIATION (MCPA)FEDERATION
OF MALAYSIAN MANUFACTURERS (FMM)SMI ASSOCIATION OF MALAYSIASMALL &
MEDIUM ENTERPRISECHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Production Line
|
:
|
4
|
|
Production Capacity
|
:
|
120,000 TO 130,000 TONNES PER MONTH
|
|
Shifts
|
:
|
3
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
COMPANY
|
550
|
550
|
500
|
400
|
348
|
390
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturer of
oleochemical products.
The SC is an affiliate of the worldwide Cognis Group, one of the leading
firms in the specialty chemicals field. Cognis is a leading specialty
chemicals company with activities around the world. Utilizing its vast
experience in oleochemicals, Cognis markets innovative products and solutions
for personal care, home care and modern nutrition, as well as
high-performance products for numerous industrial markets.
The SC offers a complete spectrum of oleochemical raw materials, know-how for
developing innovative product concepts, and chemical/technical expertise for
streamlining industrial processes.
The SC's chemistry draws on the powers of nature: oils from palm, palm kernel
and coconut are its most important raw materials.
The SC produces a wide range of oleochemicals including caprylic-capric acid,
fatty acid methylesters, palm fatty acid, refined glycerine Ph Eur 99.8%,
distilled palm kernel, fractional fatty acid methyesters, fractional fatty
acids (C6 to C18 pure), saturated fatty alcohols narrow cuts and etc.
The SC's oleochemicals are, therefore the natural solution to a wide range of
applications such as food industries and other industries such as detergents,
alcohol, textiles, plastics and toiletries.
We were informed that the SC produces its chemicals products in both liquid
and powder forms.
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
|
:
|
0333268686
|
|
Current Telephone Number
|
:
|
03-33268686
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 4, JALAN PERAK, KAWASAN PERUSAHAAN TELUK PANGLIMA GARANG, 42500,
KUALA LANGAT, SELANGOR.
|
|
Current Address
|
:
|
LOT 4, JALAN PERAK, KAWASAN PERUSAHAAN TELUK PANGLIMA GARANG, 42500
KUALA LANGAT, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the
SC'S hr Department and she provided some information on the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Erratic
|
[
|
2007 - 2009
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2007 - 2009
|
]
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
<4.74%>
|
]
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
<1.26%>
|
]
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players. Higher losses before tax during the year could be due
to the higher operating costs incurred. The SC's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Acceptable
|
[
|
57 Days
|
]
|
|
Debtors Ratio
|
:
|
Acceptable
|
[
|
55 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
31 Days
|
]
|
The SC kept adequate stocks to meet its normal business transactions without
incurring excessive storage costs. The SC's management was quite efficient in
handling its debtors. The SC's debtors days were at an acceptable range, thus
the risk of its debts turning bad was minimised. 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
|
[
|
1.30 Times
|
]
|
|
Current Ratio
|
:
|
Favourable
|
[
|
2.15 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
|
:
|
Unfavourable
|
[
|
<0.77
Times>
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.44 Times
|
]
|
The SC incurred losses in the year. It did not generate sufficient income to
service its interest. If the situation does not improve, the SC may be
vulnerable to default in servicing the interest. 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:
The SC's losses
increased but its turnover showed a fluctuating trend. This indicate the SC
was slowly losing its market share due to its competitors. 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. The SC's interest cover was negative,
indicating that it did not generate sufficient income to service its
interest. If its result does not show impressive improvements or succeed
obtaining short term financing or capital injection, it may not be able to
service its interest and repay the loans. 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 : LIMITED
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.17
|
27.73
|
28.31
|
28.88
|
29.13
|
|
Gross Domestic Products ( % )
|
6.3
|
4.6
|
<0.5>
|
6.9
|
5.8
|
|
Domestic Demand ( % )
|
9.0
|
6.9
|
2.9
|
4.6
|
4.8
|
|
Private Expenditure ( % )
|
8.6
|
7.1
|
<2.7>
|
8.1
|
7.0
|
|
Consumption ( % )
|
9.0
|
8.4
|
0.7
|
6.7
|
6.3
|
|
Investment ( % )
|
7.1
|
1.5
|
<17.2>
|
15.2
|
10.2
|
|
Public Expenditure ( % )
|
10.1
|
6.5
|
5.2
|
3.8
|
2.8
|
|
Consumption ( % )
|
10.8
|
11.6
|
3.1
|
0.2
|
4.6
|
|
Investment ( % )
|
9.3
|
0.7
|
8.0
|
8.3
|
0.6
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
100,340
|
129,563
|
89,650
|
118,356
|
116,058
|
|
Government Finance ( MYR Million )
|
<19,948>
|
<34,462>
|
<28,450>
|
<40,482>
|
-
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<3.2>
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
|
Inflation ( % Change in Composite CPI)
|
2.0
|
<3.3>
|
<5.2>
|
5.1
|
-
|
|
Unemployment Rate
|
3.2
|
3.7
|
4.5
|
3.9
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
336
|
388
|
331
|
394
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
3.04
|
1.91
|
2.87
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
13.30
|
13.24
|
11.08
|
15.30
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
6.72
|
5.53
|
5.70
|
-
|
|
Business Loans Disbursed( % )
|
9.1
|
11.6
|
10.5
|
14.7
|
-
|
|
Foreign Investment ( MYR Million )
|
33,426.0
|
23,261.4
|
22,156.8
|
22,517.9
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
43,337
|
41,599
|
41,578
|
-
|
-
|
|
Registration of New Companies ( % )
|
13.2
|
<4.0>
|
<0.1>
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
22,629
|
27,992
|
39,075
|
-
|
-
|
|
Liquidation of Companies ( % )
|
161.5
|
23.7
|
39.6
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
227,410
|
269,866
|
312,581
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
20,431
|
18,885
|
19,345
|
-
|
-
|
|
Business Dissolved ( % )
|
<61.4>
|
<7.6>
|
2.4
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
442.9
|
497.5
|
319.4
|
369.7
|
-
|
|
Cellular Phone Subscribers ( Million )
|
23.3
|
25.1
|
30.1
|
32.8
|
-
|
|
Tourist Arrival ( Million Persons )
|
20.9
|
21.5
|
23.6
|
24.0
|
25.0
|
|
Hotel Occupancy Rate ( % )
|
70
|
68
|
58
|
63
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
20.1
|
17.1
|
12.8
|
15.1
|
-
|
|
Bad Cheque Offenders (No.)
|
30,004
|
34,834
|
-
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
13,238
|
13,907
|
-
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
<2.6>
|
5.1
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.1
|
3.6
|
0.4
|
3.4
|
4.5
|
|
Palm Oil
|
<0.6>
|
7.0
|
<1.1>
|
1.3
|
-
|
|
Rubber
|
1.0
|
<1.1>
|
<19.8>
|
9.9
|
-
|
|
Forestry & Logging
|
2.8
|
<1.5>
|
<5.9>
|
<1.3>
|
-
|
|
Fishing
|
5.2
|
4.0
|
5.5
|
4.1
|
-
|
|
Other Agriculture
|
7.0
|
5.9
|
9.0
|
6.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
487.3
|
393.0
|
413.7
|
508.4
|
-
|
|
% of Industry Non-Performing Loans
|
1.1
|
<2.0>
|
1.3
|
2.1
|
-
|
|
|
|
|
|
|
|
|
Mining
|
3.3
|
<0.8>
|
<3.8>
|
1.0
|
2.9
|
|
Oil & Gas
|
2.2
|
12.7
|
2.1
|
4.9
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
42.2
|
36.0
|
44.2
|
49.7
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
3.1
|
1.3
|
<9.4>
|
10.8
|
6.7
|
|
Exported-oriented Industries
|
<1.9>
|
2.7
|
<19.0>
|
12.1
|
-
|
|
Electrical & Electronics
|
3.0
|
2.4
|
<30.3>
|
27.4
|
-
|
|
Rubber Products
|
8.0
|
4.2
|
<10.1>
|
25.3
|
-
|
|
Wood Products
|
3.3
|
<6.0>
|
<24.1>
|
19.7
|
-
|
|
Textiles & Apparel
|
<10.1>
|
1.9
|
<19.5>
|
<1.3>
|
-
|
|
Domestic-oriented Industries
|
5.3
|
9.9
|
<9.8>
|
16.3
|
-
|
|
Food, Beverages & Tobacco
|
5.6
|
9.5
|
0.2
|
3.0
|
-
|
|
Chemical & Chemical Products
|
9.2
|
1.4
|
<7.7>
|
20.4
|
-
|
|
Plastic Products
|
<3.6>
|
6.5
|
<9.1>
|
2.4
|
-
|
|
Iron & Steel
|
17.5
|
16.8
|
<32.7>
|
30.0
|
-
|
|
Fabricated Metal Products
|
26.2
|
14.7
|
<2.5>
|
14.9
|
-
|
|
Non-metallic Mineral
|
6.6
|
8.3
|
<15.5>
|
20.2
|
-
|
|
Transport Equipment
|
<19.0>
|
27.1
|
<13.5>
|
36.5
|
-
|
|
Paper & Paper Products
|
14.9
|
8.6
|
<5.0>
|
20.5
|
-
|
|
Crude Oil Refineries
|
8.6
|
7.8
|
0.2
|
<11.4>
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,366.2
|
5,729.4
|
6,007.3
|
6,217.5
|
-
|
|
% of Industry Non-Performing Loans
|
14.1
|
16.8
|
18.3
|
23.8
|
-
|
|
|
|
|
|
|
|
|
Construction
|
4.6
|
2.1
|
5.8
|
4.9
|
4.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,116.7
|
4,149.8
|
3,241.8
|
4,038.5
|
-
|
|
% of Industry Non-Performing Loans
|
11.3
|
12.2
|
9.9
|
10.7
|
-
|
|
|
|
|
|
|
|
|
Services
|
9.7
|
7.3
|
2.6
|
6.5
|
5.3
|
|
Electric, Gas & Water
|
4.6
|
5.0
|
0.4
|
8.5
|
5.6
|
|
Transport, Storage & Communication
|
7.60
|
7.80
|
1.60
|
7.15
|
7.55
|
|
Wholesale, Retail, Hotel & Restaurant
|
11.6
|
10.0
|
2.8
|
4.7
|
5.2
|
|
Finance, Insurance & Real Estate
|
10.7
|
9.2
|
3.8
|
6.0
|
5.2
|
|
Government Services
|
4.6
|
8.6
|
2.0
|
6.7
|
1.9
|
|
Other Services
|
5.0
|
5.9
|
4.4
|
4.2
|
5.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
10,207.8
|
8,281.4
|
6,631.3
|
7,384.6
|
-
|
|
% of Industry Non-Performing Loans
|
22.6
|
24.3
|
20.2
|
25.7
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
24290 : Manufacture of other chemical products n.e.c
|
|
1514 : Manufacture of vegetable and animal oils and fats
|
|
|
|
|
INDUSTRY :
|
CHEMICAL
|
|
|
|
|
|
|
The chemicals industry is one of Malaysia's key industries,
catering not only for its own national requirements but also exporting to a
number of countries worldwide. The Malaysian chemicals and chemical
products industry has become the second largest contributor to the
manufactured exports sector, after the electrical and electronics industry.
|
|
The chemicals industry is important in Malaysia on account of the
nation's substantial oil and gas feedstock. The Chemicals Industries
Council of Malaysia (CICM) was established in 1978 as an industry group
under the aegis of the Federation of Malaysian Manufacturers, to focus on
the development of the chemicals industry. The primary objective of the
CICM was to organise the chemicals industry in Malaysia
into a cohesive group to represent Malaysia's interest at the
ASEAN Chemicals Industries Club (ACIC).
|
|
The Malaysian chemicals industry witnessed 37% growth in domestic sales
value in 2004 and sustained solid growth up until mid-2008. It expanded
rapidly and had been forecast to reach sales figures of MYR60,816mn by
2009.
|
|
Malaysia's
balance of trade for the year January to December 2008 was MYR114,883mn. In
the first five months of 2008, total trade was 11.2% up on the same period
last year. These impressive figures were short-lived however, with
significant decreases observed in the latter half of 2008 and early 2009,
due to the impact of global economic crisis. The Industrial Production
Index (IPI) in January 2009 was 20.2 % lower than it was in January 2008,
following a sharp decline of 15.9% in December 2008.
|
|
The biggest drop was witnessed by chemicals and chemical products, which
saw output contract by 29.9%. This is partly because the chemicals industry
tends to be more sensitive to the economic cycle and so fares
disproportionately badly in recessions.
|
|
Total exports are down from MYR100,115mn (US$27,858.48mn) in
January-February 2008 to MYR77,856mn (US$21,662mn) in the same period of
2009. Similarly, there has been a fall in imports, with total incoming
sales falling from MYR81,289mn (US$22,617mn) in January-February 2008 to
MYR57,778mn (US$16,705mn) in January-February 2009.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
Established in 1980, the SC is a private limited company with core business
as a manufacturer of oleochemical products. With 31 years of experiences in
the industry, the SC's operation has been running relatively stable since
it has built up a relatively sound and stable clientele base which has
contributed to its business growth. With a large issued and paid up capital
of RM400 million and strong shareholders' backing, the SC's business has
been expanding comfortably over the years.
|
|
Over the years, the SC has established an extensive clientele base in the
market. Besides catering to the local market, the SC has penetrated into
other countries. With the contribution of both local and overseas
customers, the SC is likely to be exposed to lower commercial risk. Hence,
we believe that the SC has better business expansion opportunities in the
future. Being a large entity, the SC has a steady workforce of 550
personnel to support its business operations. Overall, we regard that the
SC's management capability is average. More efforts are expected from the
management in order to sustain its growth momentum.
|
|
Due to the challenging market conditions, the Group's business performance
showed a reverse trend in year 2009. The Group incurred losses of RM35.07
million based on its turnover of RM2.64 billion. The Group has generated an
unfavourable return on its shareholders' funds, indicating that the Group
did not generate an acceptable amount of profits based on its existing
shareholders' funds. However, the Group managed to maintain an adequate
liquidity level, indicating that the Group has the ability to meet its
financial obligations. Being a lowly geared company, the Group is exposed
to low financial risk as it is mainly dependent on its internal funds to
finance its business needs. Given a positive net worth standing at RM820.32
million, the Group should be able to maintain its business in the near
terms.
|
|
Investigation revealed that the SC sources its raw materials from both
local and overseas countries. About 60% of the SC's products are imported
from Indonesia, Germany and Singapore. As a result, the SC
is exposed to foreign currency fluctuation risk.
|
|
Based on the historical financial data, we concluded that the SC's payment
habit is average. The SC is capable to meet small and medium commitments.
|
|
The industry is rapidly growing and continue to be attractive in the near
terms. We believe that the SC has the potential of capturing a higher
market share in line with the tremendous growth in the industry. Moreover,
with the SC's strong capital background, it has competitive edge against
other players in the same field.
|
|
Based on the above condition, we recommend that credit be granted to the SC
normally.
|
CONSOLIDATED PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
EMERY
OLEOCHEMICALS (M) SDN BHD
|
|
For The Year
Ended 31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
TURNOVER
|
2,646,135,000
|
3,793,811,000
|
3,435,880,000
|
|
|
=========
|
=========
|
=========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
<34,638,000>
|
<17,536,000>
|
44,501,000
|
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES
|
<439,000>
|
<230,000>
|
-
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
<35,077,000>
|
<17,766,000>
|
44,501,000
|
|
Taxation
|
<289,000>
|
744,000
|
<20,764,000>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
-------------
<35,366,000>
|
-------------
<17,022,000>
|
-------------
23,737,000
|
|
Minority interests
|
<3,487,000>
|
<4,749,000>
|
<4,609,000>
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
-------------
<38,853,000>
|
-------------
<21,771,000>
|
-------------
19,128,000
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
-------------
<38,853,000>
|
-------------
<21,771,000>
|
-------------
19,128,000
|
|
As previous reported
|
374,574,000
|
396,345,000
|
377,217,000
|
|
|
|
|
|
|
As restated
|
-------------
374,574,000
|
-------------
396,345,000
|
-------------
377,217,000
|
|
|
-------------
|
-------------
|
-------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
335,721,000
|
374,574,000
|
396,345,000
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
-------------
335,721,000
==========
|
-------------
374,574,000
==========
|
-------------
396,345,000
==========
|
|
RETAINED BY: The Company
|
335,721,000
|
374,574,000
|
396,345,000
|
|
|
|
|
|
|
|
|
|
|
|
|
-------------
335,721,000
==========
|
-------------
374,574,000
==========
|
-------------
396,345,000
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
Other interest expenses
|
19,822,000
|
26,101,000
|
22,414,000
|
|
|
|
|
|
|
|
--------------
19,822,000
===========
|
--------------
26,101,000
===========
|
--------------
22,414,000
===========
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET
|
EMERY
OLEOCHEMICALS (M) SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
608,072,000
|
621,223,000
|
583,778,000
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
Deffered assets
|
21,012,000
|
11,744,000
|
8,109,000
|
|
|
|
|
|
|
|
|
Jointly controlled entities
|
6,778,000
|
5,640,000
|
5,588,000
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
27,790,000
|
------------
17,384,000
|
------------
13,697,000
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
Deferred/Expenditure carried forward
|
19,592,000
|
34,134,000
|
49,571,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTANGIBLE ASSETS
|
------------
19,592,000
|
------------
34,134,000
|
------------
49,571,000
|
|
TOTAL LONG TERM ASSETS
|
------------
655,454,000
|
------------
672,741,000
|
------------
647,046,000
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
413,602,000
|
406,699,000
|
539,785,000
|
|
|
|
|
|
|
|
|
Trade debtors
|
401,572,000
|
417,021,000
|
463,964,000
|
|
|
Other debtors, deposits & prepayments
|
21,200,000
|
18,439,000
|
42,158,000
|
|
|
Short term deposits
|
107,625,000
|
155,417,000
|
38,842,000
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
90,579,000
|
82,733,000
|
32,536,000
|
|
|
|
|
|
|
|
|
Amount due from affiliated companies
|
3,000
|
-
|
102,233,000
|
|
|
Current tax assets
|
9,300,000
|
20,828,000
|
5,983,000
|
|
|
Derivative assets
|
364,000
|
1,349,000
|
1,783,000
|
|
TOTAL CURRENT ASSETS
|
------------
1,044,245,000
|
------------
1,102,486,000
|
------------
1,227,284,000
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
224,126,000
|
218,416,000
|
297,782,000
|
|
|
Other creditors & accruals
|
85,357,000
|
80,825,000
|
98,849,000
|
|
|
Hire purchase & lease creditors
|
303,000
|
356,000
|
300,000
|
|
|
Bank overdraft
|
3,205,000
|
2,140,000
|
1,958,000
|
|
|
Short term borrowings/Term loans
|
-
|
7,618,000
|
11,807,000
|
|
|
Other borrowings
|
155,504,000
|
185,291,000
|
133,989,000
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
-
|
-
|
5,533,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
2,234,000
|
1,509,000
|
6,936,000
|
|
|
Dividends payable/proposed
|
14,229,000
|
-
|
-
|
|
|
Amount due to affiliated company
|
-
|
35,394,000
|
61,956,000
|
|
|
Provisions
|
913,000
|
8,663,000
|
2,290,000
|
|
|
Derivative liabilities
|
-
|
6,112,000
|
227,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
485,871,000
|
------------
546,324,000
|
------------
621,627,000
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
558,374,000
|
------------
556,162,000
|
------------
605,657,000
|
|
TOTAL NET ASSETS
|
------------
1,213,828,000
==========
|
------------
1,228,903,000
==========
|
------------
1,252,703,000
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
400,000,000
|
400,000,000
|
400,000,000
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
400,000,000
------------
|
400,000,000
------------
|
400,000,000
------------
|
|
RESERVES
|
|
|
|
|
|
Share premium
|
28,578,000
|
28,578,000
|
28,578,000
|
|
|
|
|
|
|
|
|
revaluation reserve
|
8,052,000
|
7,850,000
|
7,802,000
|
|
|
Retain profit/(Accumulated loss) carried forward
|
335,721,000
|
374,574,000
|
396,345,000
|
|
|
Translation reserve
|
47,973,000
|
39,213,000
|
19,549,000
|
|
TOTAL RESERVES
|
------------
420,324,000
|
------------
450,215,000
|
------------
452,274,000
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
820,324,000
|
------------
850,215,000
|
------------
852,274,000
|
|
MINORITY INTEREST
|
------------
53,790,000
|
------------
54,789,000
|
------------
54,525,000
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
Long term loans
|
205,954,000
|
200,616,000
|
203,263,000
|
|
|
Hire purchase creditors
|
-
|
274,000
|
613,000
|
|
|
Deferred taxation
|
10,128,000
|
6,765,000
|
13,195,000
|
|
|
|
|
|
|
|
|
Retirement benefits provision
|
123,632,000
|
116,244,000
|
128,833,000
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
339,714,000
|
------------
323,899,000
|
------------
345,904,000
|
|
|
------------
|
------------
|
------------
|
|
|
1,213,828,000
|
1,228,903,000
|
1,252,703,000
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED FINANCIAL RATIOS
|
EMERY
OLEOCHEMICALS (M) SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
198,204,000
|
238,150,000
|
71,378,000
|
|
|
Net Liquid Funds
|
194,999,000
|
228,392,000
|
57,613,000
|
|
|
Net Liquid Assets
|
144,772,000
|
149,463,000
|
65,872,000
|
|
|
Net Current Assets/(Liabilities)
|
558,374,000
|
556,162,000
|
605,657,000
|
|
|
Net Tangible Assets
|
1,194,236,000
|
1,194,769,000
|
1,203,132,000
|
|
|
Net Monetary Assets
|
<194,942,000>
|
<174,436,000>
|
<280,032,000>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
364,966,000
|
396,295,000
|
351,930,000
|
|
|
Total Liabilities
|
825,585,000
|
870,223,000
|
967,531,000
|
|
|
Total Assets
|
1,699,699,000
|
1,775,227,000
|
1,874,330,000
|
|
|
Net Assets
|
1,213,828,000
|
1,228,903,000
|
1,252,703,000
|
|
|
Net Assets Backing
|
874,114,000
|
905,004,000
|
906,799,000
|
|
|
Shareholders" Funds
|
820,324,000
|
850,215,000
|
852,274,000
|
|
|
Total Share Capital
|
400,000,000
|
400,000,000
|
400,000,000
|
|
|
Total Reserves
|
420,324,000
|
450,215,000
|
452,274,000
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.41
|
0.44
|
0.11
|
|
|
Liquid Ratio
|
1.30
|
1.27
|
1.11
|
|
|
Current Ratio
|
2.15
|
2.02
|
1.97
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
57
|
39
|
57
|
|
|
Debtors Ratio
|
55
|
40
|
49
|
|
|
Creditors Ratio
|
31
|
21
|
32
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0.44
|
0.47
|
0.41
|
|
|
Liabilities Ratio
|
1.01
|
1.02
|
1.14
|
|
|
Times Interest Earned Ratio
|
<0.77>
|
0.32
|
2.99
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
<1.33>
|
<0.47>
|
1.30
|
|
|
Net Profit Margin
|
<1.47>
|
<0.57>
|
0.56
|
|
|
Return On Net Assets
|
<1.26>
|
0.68
|
5.34
|
|
|
Return On Capital Employed
|
<1.27>
|
0.69
|
5.50
|
|
|
Return On Shareholders' Funds/Equity
|
<4.74>
|
<2.56>
|
2.24
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
|
|
%20SDN%20BHD%20-%20140051%2028-Apr-2011_files/image002.jpg){kind=small}