|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
171377-M
|
|
COMPANY NAME
|
:
|
PACIFIC INTER-LINK SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
22/06/1988
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
40-2-2, JALAN TELAWI, BANGSAR BARU, 2ND FLOOR, 59100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
MENARA DATO ONN, PUTRA WORLD TRADE CENTRE, 31ST FLOOR, 45 JALAN TUN
ISMAIL, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-40423933
|
|
FAX.NO.
|
:
|
03-40413939
|
|
EMAIL
|
:
|
info@pacificinter-link.com
|
|
WEB SITE
|
:
|
www.pacificinter-link.com
|
|
CONTACT PERSON
|
:
|
MARWAN AHMED
HAYEL SAEED ( GENERAL MANAGER )
|
|
INDUSTRY CODE
|
:
|
51212 51432
51499 51239
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF RAW
MATERIALS, COMMODITIES, CONSUMER GOODS, TIMBER PRODUCTS AND BUILDING
MATERIALS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
10,000,000.00 DIVIDED INTO
ORDINARY SHARE 10,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
10,000,000.00 DIVIDED INTO
ORDINARY SHARES 500,000 CASH AND 9,500,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR
5,425,734,028 [2009]
|
|
NET WORTH
|
:
|
MYR 55,836,159
[2009]
|
|
M1000 OVERALL RANKING
|
:
|
106[2005]
|
|
M1000 INDUSTRY RANKING
|
:
|
2[2005]
|
|
STAFF STRENGTH
|
:
|
100 [2011]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD1,726,709
|
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) trading of raw materials,
commodities, consumer goods, timber products and building materials.
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
|
2005
|
2004
|
|
|
OVERALL RANKING
|
106
|
190
|
|
|
INDUSTRY RANKING
|
2
|
3
|
|
The immediate holding company of the SC is
COMMODITIES HOUSE INVESTMENTS LTD, a company incorporated in CAYMAN ISLANDS.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
COMMODITIES HOUSE INVESTMENTS LTD
|
P.O.BOX 309, GRAND CAYMAN, CAYMAN ISLAND, VIRGIN ISLANDS (BRITISH).
|
|
10,000,000.00
|
|
|
|
|
---------------
|
|
|
|
|
10,000,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
JADHAV MILIND MADHUKAR
|
|
Address
|
:
|
PENTHOUSE BPI BAYU ANGKASA CONDOMINIUM 4, JALAN MEDANG KAPAS, BUKIT
ANTARABANGSA, 59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
Z1808786
|
|
Nationality
|
:
|
N/A
|
|
Date of Appointment
|
:
|
05/07/2010
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. MARWAN AHMED HAYEL SAEED
|
|
Address
|
:
|
10-3 & 10-5, KIA PENG SERVICE APARTMENT, 3 JALAN KIA PENG, 50450
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
03967500
|
|
|
|
|
|
Date of Birth
|
:
|
02/07/1970
|
|
|
|
|
|
Nationality
|
:
|
YEMENI
|
|
Date of Appointment
|
:
|
27/02/1998
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. FOUAD HAYEL SAEED ANAM
|
|
Address
|
:
|
33D-34-1, VILLA PUTERI CONDOMINIUM, JALAN TUN ISMAIL, 50480 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
03569611
|
|
|
|
|
|
Date of Birth
|
:
|
07/07/1957
|
|
|
|
|
|
Nationality
|
:
|
YEMENI
|
|
Date of Appointment
|
:
|
05/04/1989
|
DIRECTOR 4
|
Name Of Subject
|
:
|
SALAH AHMED HAYEL SAEED
|
|
Address
|
:
|
UNIT 28 CP ARILANGGA APARTMENT, JI LINGKAR MEGA KUNINGAN KAV, E1-1,
JAKARTA, INDONESIA.
|
|
IC / PP No
|
:
|
P03491636
|
|
Nationality
|
:
|
N/A
|
|
Date of Appointment
|
:
|
05/07/2010
|
DIRECTOR 5
|
Name Of Subject
|
:
|
KAMAL ABDELHAFIZ ABDELKARIM MUSAD
|
|
Address
|
:
|
UNIT A-12-02 LA GRADE, KIARA CONDOMINIUM, JALAN DUTA KIARA, BUKIT
KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
H669551
|
|
Nationality
|
:
|
N/A
|
|
Date of Appointment
|
:
|
05/07/2010
|
DIRECTOR 6
|
Name Of Subject
|
:
|
AVINASH CHANDER BHANDARI
|
|
Address
|
:
|
UNIT 33A-26-1, VILLA PUTERA CONDOMINIUM, JALAN TUN ISMAIL, 50480
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
Z1808386
|
|
Nationality
|
:
|
N/A
|
|
Date of Appointment
|
:
|
05/07/2010
|
DIRECTOR 7
|
Name Of Subject
|
:
|
MR. ABDUL GABBAR HAYEL SAEED
|
|
Address
|
:
|
SABER ROAD, AL MUGALIA, TAIZ YEMEN, ARAB REPUBLICA
|
|
IC / PP No
|
:
|
01567089
|
DIRECTOR 8
|
Name Of Subject
|
:
|
MR. ABDUL RAHMAN HAYEL SAEED ANAM
|
|
Address
|
:
|
SHAKIR BUILDING, HAYEL STREET, 7TH FLOOR, JEDDAH, SAUDI ARABIA.
|
|
IC / PP No
|
:
|
A2034206
|
|
|
|
|
|
Date of Birth
|
:
|
18/02/1942
|
|
|
|
|
|
Nationality
|
:
|
EMIRATI
|
DIRECTOR 9
|
Name Of Subject
|
:
|
MR. AHMED HAYEL SAEED ANAM
|
|
Address
|
:
|
SABER ROAD, AL MUGALIA, TAIZ YEMEN, ARAB REPUBLIC.
|
|
IC / PP No
|
:
|
00007044
|
DIRECTOR 10
|
Name Of Subject
|
:
|
ALI MOHAMED SAEED ANA'AM
|
|
Address
|
:
|
SABER ROAD, AL MUGALIA, TAIZ YEMEN, ARAB REPUBLIC.
|
|
IC / PP No
|
:
|
00003758
|
|
Nationality
|
:
|
ARGENTINE
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
MARWAN AHMED HAYEL SAEED
|
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
FOUAD HAYEL SAEED ANAM
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
TINA
|
|
|
Position
|
:
|
ASSISTANT FINANCE DIRECTOR
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
AMELIA NG
|
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
RAVI NAGAR
|
|
|
Position
|
:
|
INTERNATIONAL MANAGER
|
|
|
|
|
|
|
6)
|
Name of Subject
|
:
|
ZULKIFLI OTHMAN
|
|
|
Position
|
:
|
SALES MANAGER
|
|
|
|
|
|
|
7)
|
Name of Subject
|
:
|
KHOO
|
|
|
Position
|
:
|
EXECUTIVE
|
|
|
|
|
|
|
8)
|
Name of Subject
|
:
|
NESAMANI PETER
|
|
|
Position
|
:
|
HEAD OF HUMAN RESOURCE
|
AUDITOR
|
Auditor
|
:
|
ERNST & YOUNG
|
|
Auditor' Address
|
:
|
MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR DAMANSARA, DAMANSARA
HEIGHTS, LEVEL 23A, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. AUGUSTINE GREGORY DICOM
|
|
|
IC / PP No
|
:
|
A1015783
|
|
|
New IC No
|
:
|
680528-08-6503
|
|
|
Address
|
:
|
83, JALAN TERASEK 7, BANGSAR BARU, 59100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
BANKING
Banking relations are maintained principally with :
|
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
|
:
|
04/01/2010
|
|
Description Of Charge
|
:
|
DEED OF CHARGE
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
ALL GOODS, BANK ACCOUNT, CONTRACT & CONTRACT RIGHT THEREUNDER AS
FINANCED BY BANK & INSTRUMENT
|
|
Name & Address Of Chargee
|
:
|
COOPERATIVE CENTRALE RAIFFEISEN BOERENLEENBANK B A SINGAPORE
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 18/05/2010
|
|
Registered and Numbered 4 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
14/03/2011
|
|
Description Of Charge
|
:
|
DEED OF CHARGE
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
ALL GOODS, BANK ACCOUNT, CONTRACT & CONTRACT RIGHT THEREUNDER AS
FINANCED BY BANK & INSTRUMENT
|
|
Name & Address Of Chargee
|
:
|
ARAB BANK PLC, SINGAPORE BRANCH
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 5 In The Register of Charges
|
ENCUMBRANCE 3
|
|
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM6,200,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
CIMB BANK BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 17/03/1994
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 4
|
|
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM6,200,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
CIMB BANK BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 19/11/2003
|
|
Registered and Numbered 2 In The Register of Charges
|
ENCUMBRANCE 5
|
|
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM6,200,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
CIMB BANK BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 16/12/2005
|
|
Registered and Numbered 3 In The Register of Charges
|
LEGAL CHECK AGAINST 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 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
|
|
Overseas
|
:
|
YES
|
|
Import Countries
|
:
|
UNITED STATES,CHINA,JAPAN,INDONESIA
|
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
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
MIDDLE EAST, INDIA, AFRICA, ASIA, EUROPE
|
|
Credit Term
|
:
|
30 - 60 DAYS,60 - 90 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
AGENTS,DEALERS,DISTRIBUTORS
|
OPERATIONS
|
Goods Traded
|
:
|
PALM OIL,CONSUMER GOODS, COMMODITIES ETC
|
|
|
|
|
|
Competitor(s)
|
:
|
CARGILL
SPECIALTY OILS & FATS SDN BHD
FELDA IFFCO TRADING SDN BHD
LEGEND EXPORTS SDN BHD
MITSHUBISHI CORPORATION
SIME DARBY FUTURES TRADING SDN BHD
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
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
|
100
|
100
|
98
|
89
|
94
|
90
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of raw materials,
commodities, consumer goods, timber products and building materials.
The SC deals with the following products:
* Palm Oil : RBD Palm Oil, RBD Palm Kernel Oil, Crude Palm Oil, RBD Palm
Olein, RBD Palm Kernel Olein, Palm Fatty Acid Distillate, RBDPalm Kernel
Stearin and others.
* Packed Oil : Cooking Oil, Vegetable Ghee, Margarine, Specialty
Fats,Shortening and Coconut Oil.
* Chemicals: Toilet Soap Bar, Sodium Sulphate, Sodium Silicate,Laundry Soap
Bar, Detergent Powder, Soap Noodles, Caustic Soda, SodaAsh, Bleaching Earth
and etc.
* Paper Products - Woodfree Paper, Nwesprint, Packaging Film,Industrial Brown
Grades, Tinplates and Duplex Boards.
* Building Materials : Timber related products, Galvanised sheets andpipes,
Steel, Plywood, Steel, Glass, Sawn Timber and others.
* Consumer Products: Cocoa Powder, Desiccated Coconut, Canned Pineapple,
Canned Tuna, Sauces, Sugar, Spices, Rice, Canned Mackereland etc.
Besides that , the SC sells machineries for the agricultural industry,
construction industry and others.
We were informed that the SC has representative offices located in Algeria,
China, Eqypt, Indonesia, Jordan, Syria and Yemen.
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
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-40423933
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
MENARA DATO ONN, PUTRA WORLD TRADE CENTRE, 31ST FLOOR, 45 JALAN TUN
ISMAIL, 50480, KUALA LUMPUR, WILAYAH PERSEKUTUAN.
|
|
Current Address
|
:
|
MENARA DATO ONN, PUTRA WORLD TRADE CENTRE, 31ST FLOOR, 45 JALAN TUN
ISMAIL, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC 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
|
:
|
Acceptable
|
[
|
20.29%
|
]
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
52.15%
|
]
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players. 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
|
[
|
25 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
43 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
39 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
|
:
|
Unfavourable
|
[
|
0.71 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.04 Times
|
]
|
A low liquid ratio means that the SC may be facing working capital
deficiency. If the SC cannot obtain additional financing or injection of
fresh capital, it may face difficulties in meeting its short term
obligations.
Solvency
|
Interest Cover
|
:
|
Unfavourable
|
[
|
1.84 Times
|
]
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
4.46 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 highly
geared, thus it had a high financial risk. The SC was dependent on loans to
finance its business needs. In times of economic downturn and / or high
interest rate, the SC will become less profitable and competitive than other
firms in the same industry, which are lowly geared. This is because the SC
has to service the interest and to repay the loan, which will erode part of
its profits. The profits will fluctuate depending on the SC's turnover and
the interest it needs to pay.
Overall
Assessment:
Although the
turnover was erratic, the SC had maintained a steady growth in its profit.
This indicate the management's efficiency in controlling its costs and
profitability. Due to its weak liquidity position, the SC will be faced with
problems in meeting all its short term obligations if no short term loan is
obtained or additional capital injected into the SC. 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's gearing level
was high and its going concern will be in doubt if there is no injection of
additional shareholders' funds in times of economic downturn and / or high
interest rates.
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
|
|
51212 : Wholesale of palm oil
|
|
51432 : Wholesale of construction materials, builders hardware,
plumbing and heating equipment and supplies
|
|
51499 : Wholesale of other intermediate products, waste and scrap
n.e.c.
|
|
51239 : Wholesale of other foodstuffs e.g mee,kueh teow, wantan skin
and related products,cooking oil, tinned food, etc
|
|
|
|
|
INDUSTRY :
|
PALM OIL
|
|
|
|
|
|
|
Inventory levels and the La Nina weather patterns will determine the price
of palm oil, which hit a 30-month high on 13 December 2010 while Crude palm
oil (CPO) for February delivery rose RM89 to close at RM3,722. The prices
expect to be firm over the next few months on sustained demand due to
end-year festivities and the coming Chinese New Year holidays despite
Malaysian plantations going into a production down-cycle after hitting a
peak in October.
|
|
Inventory in November 2010, which stood at 1.63 million tonnes, was 15.4%
lower than a year ago. Besides, wetter weather conditions going into the
first quarter of 2011 as a result of the La Nina weather patterns could
still affect the planting season and therefore prices going forward.
|
|
The CPO prices to be firm over the next few months on sustained demand due
to end-year festivities and will hover around the RM3,000 to RM3,500 levels
by the middle of year 2011.
|
|
According to the Malaysian Palm Oil Board, CPO production in November, at
1.45 million tonnes, was 8.6% lower than a year ago and 10.8% down from
October, where there was a recovery despite the weather conditions, while
year-to-date, it was 1.8% weaker than last year. While exports registered a
slight 0.1% decline from a year ago, it recovered on a month-on-month basis
and year-to-date, was up 4.8% compared to the same period in year 2009.
|
|
Inventories would depend on demand and the weather. The weather conditions
would be like six months down the road but the current weather conditions
were not normal. It's not normal to see the flooding that we've seen in the
northern part of the peninsula or the extreme cold conditions in Europe.
|
|
In a report that the November data was the worst November performance since
2005. While investors should watch out for softening prices starting from
mid-2011, there is no any urgency to underweight the sector at this point
in time as palm oil price should remain relatively firm given that the
supply tightness will persist in the next few months.
|
|
The house's average CPO price expectation of RM2,700 per tonne for next
year on expectations of a potential bumper harvest in the second-half while
for 2010, the CPO price was on track to hit an average price of RM2,700.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 1988 as a private limited company, the SC is
principally engaged as an importer and exporter of raw materials,
commodities, consumer goods, timber products and building materials. With
over 2 decades of experience in the business, the SC has fairly rich
experiences in the business and has achieved a certain market share. With a
large issued and paid up capital of RM10 million, 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 such as Middle East, India, Africa and etc. 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 total workforce of 100 employees in its business operations.
Overall, we regard that the SC's management capability is average.
|
|
For the financial year ended 2009, the SC's turnover decreased from RM7.59
billion to RM5.42 billion. Despite the lower turnover, the SC's pre-tax
profit grew to RM13.28 million. Return on shareholders' funds of the SC was
at an acceptable range which indicated that the management was efficient in
utilising its funds to generate income. However, the SC possesses a weak
liquidity position and we believe that the SC may face some difficulties in
meeting its short term financial obligations. The high gearing ratio
clearly implied that the SC was supported by more debt than equity. Thus,
the SC is exposed to high financial risk. Nevertheless, as the SC maintain
a positive net worth standing at RM55.83 million, we believe the SC is able
to enhance its business in the near term.
|
|
The SC's supplier are from both the local and overseas countries. This will
eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials.
|
|
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 SC is clear of any litigation action
|
|
The palm oil industry continues to be attractive as government is
encouraging the cultivation of palm oil areas which are suitable and will
adopt sustainable agricultural practice. With the promising outlook of the
industry performance, the SC business potential should be favourable.
|
|
Based on the above condition, we recommend that credit be granted to the SC
promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
PACIFIC
INTER-LINK SDN BHD
|
|
For The Year
Ended 31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
5,425,734,028
|
7,595,854,956
|
4,282,064,794
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
13,282,378
|
9,763,811
|
6,460,342
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
13,282,378
|
9,763,811
|
6,460,342
|
|
Taxation
|
<1,951,461>
|
-
|
<1,288,926>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
11,330,917
|
------------
9,763,811
|
------------
5,171,416
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
11,330,917
|
------------
9,763,811
|
------------
5,171,416
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
11,330,917
|
------------
9,763,811
|
------------
5,171,416
|
|
As previous reported
|
34,505,242
|
24,741,431
|
19,570,015
|
|
|
|
|
|
|
As restated
|
------------
34,505,242
|
------------
24,741,431
|
------------
19,570,015
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
45,836,159
|
34,505,242
|
24,741,431
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
45,836,159
==========
|
------------
34,505,242
==========
|
------------
24,741,431
==========
|
|
RETAINED BY: The Company
|
45,836,159
|
34,505,242
|
24,741,431
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
45,836,159
==========
|
------------
34,505,242
==========
|
------------
24,741,431
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
Term loan
|
694,494
|
1,100,246
|
1,022,379
|
|
Bank overdraft
|
315,486
|
151,493
|
103,221
|
|
Revolving loans
|
83,841
|
412,509
|
647,802
|
|
Interest on trust receipts
|
259,712
|
1,524,032
|
-
|
|
Other interest expenses
|
-
|
-
|
2,221,869
|
|
Banker acceptance
|
1,635,094
|
2,139,262
|
13,942,989
|
|
Foreign currency trade loan
|
2,588,867
|
4,653,641
|
9,301,815
|
|
Discounting charges
|
149,626
|
9,161,673
|
-
|
|
Murabahah charges
|
10,107,421
|
8,643,735
|
-
|
|
|
------------
15,834,541
==========
|
------------
27,786,591
==========
|
------------
27,240,075
==========
|
|
|
|
|
|
BALANCE SHEET
|
PACIFIC
INTER-LINK SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
7,344,498
|
6,482,453
|
6,546,912
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deffered assets
|
1,297,753
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
1,297,753
|
------------
-
|
------------
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
8,642,251
|
------------
6,482,453
|
------------
6,546,912
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
378,281,646
|
363,138,271
|
108,058,771
|
|
|
|
|
|
|
|
|
Trade debtors
|
639,643,328
|
875,520,137
|
708,404,276
|
|
|
Other debtors, deposits & prepayments
|
64,883,241
|
65,349,621
|
26,548,218
|
|
|
Short term deposits
|
150,000
|
2,237,463
|
2,926,161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from related companies
|
95,776,499
|
37,955,548
|
78,204,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
4,510,876
|
-
|
-
|
|
|
|
|
|
|
|
|
tax recoverable
|
665,345
|
2,764,559
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
1,183,910,935
|
------------
1,346,965,599
|
------------
924,142,125
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
574,686,450
|
597,448,188
|
393,515,824
|
|
|
Other creditors & accruals
|
60,316,736
|
37,820,149
|
35,386,099
|
|
|
|
|
|
|
|
|
Bank overdraft
|
-
|
272,569
|
165,131
|
|
|
Short term borrowings/Term loans
|
248,895,209
|
209,946,149
|
208,154,107
|
|
|
Other borrowings
|
-
|
-
|
16,554,204
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
-
|
148,980,000
|
116,980,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to related companies
|
252,818,632
|
314,475,755
|
125,092,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
-
|
-
|
99,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
1,136,717,027
|
------------
1,308,942,810
|
------------
895,947,606
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
47,193,908
|
------------
38,022,789
|
------------
28,194,519
|
|
TOTAL NET ASSETS
|
------------
55,836,159
==========
|
------------
44,505,242
==========
|
------------
34,741,431
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
10,000,000
|
10,000,000
|
10,000,000
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
10,000,000
|
------------
10,000,000
|
------------
10,000,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
45,836,159
|
34,505,242
|
24,741,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
45,836,159
|
------------
34,505,242
|
------------
24,741,431
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
55,836,159
|
------------
44,505,242
|
------------
34,741,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
|
55,836,159
|
44,505,242
|
34,741,431
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
PACIFIC
INTER-LINK SDN BHD
|
|
As At
31-December-2009
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
4,660,876
|
2,237,463
|
2,926,161
|
|
|
Net Liquid Funds
|
<244,234,333>
|
<207,981,255>
|
<205,393,077>
|
|
|
Net Liquid Assets
|
<331,087,738>
|
<325,115,482>
|
<79,864,252>
|
|
|
Net Current Assets/(Liabilities)
|
47,193,908
|
38,022,789
|
28,194,519
|
|
|
Net Tangible Assets
|
55,836,159
|
44,505,242
|
34,741,431
|
|
|
Net Monetary Assets
|
<331,087,738>
|
<325,115,482>
|
<79,864,252>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
248,895,209
|
210,218,718
|
224,873,442
|
|
|
Total Liabilities
|
1,136,717,027
|
1,308,942,810
|
895,947,606
|
|
|
Total Assets
|
1,192,553,186
|
1,353,448,052
|
930,689,037
|
|
|
Net Assets
|
55,836,159
|
44,505,242
|
34,741,431
|
|
|
Net Assets Backing
|
55,836,159
|
44,505,242
|
34,741,431
|
|
|
Shareholders" Funds
|
55,836,159
|
44,505,242
|
34,741,431
|
|
|
Total Share Capital
|
10,000,000
|
10,000,000
|
10,000,000
|
|
|
Total Reserves
|
45,836,159
|
34,505,242
|
24,741,431
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0
|
0
|
0
|
|
|
Liquid Ratio
|
0.71
|
0.75
|
0.91
|
|
|
Current Ratio
|
1.04
|
1.03
|
1.03
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
25
|
17
|
9
|
|
|
Debtors Ratio
|
43
|
42
|
60
|
|
|
Creditors Ratio
|
39
|
29
|
34
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
4.46
|
4.72
|
6.47
|
|
|
Liabilities Ratio
|
20.36
|
29.41
|
25.79
|
|
|
Times Interest Earned Ratio
|
1.84
|
1.35
|
1.24
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
0.24
|
0.13
|
0.15
|
|
|
Net Profit Margin
|
0.21
|
0.13
|
0.12
|
|
|
Return On Net Assets
|
52.15
|
84.37
|
97.00
|
|
|
Return On Capital Employed
|
9.55
|
14.74
|
13.87
|
|
|
Return On Shareholders' Funds/Equity
|
20.29
|
21.94
|
14.89
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
200,000,000.00
|
200,000,000.00
|
200,000,000.00
|
|
|
|
|
|
|
|
|
|
