|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
70020-H
|
|
COMPANY NAME
|
:
|
SIME DARBY ENGINEERING SDN BHD
|
|
FORMER NAME
|
:
|
SIME SEMBCORP
ENGINEERING SDN BHD (01/04/2005)
SIME SEMBAWANG ENGINEERING SDN BHD (27/02/1999)
SIME DARBY SERVICES SDN BHD (03/09/1983)
AFT COMBE SERVICES SDN BHD (20/11/1981)
SIME SEMBAWANG SDN BHD
|
|
INCORPORATION DATE
|
:
|
27/04/1981
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
KOMPLEKS SIME DARBY, PERSIARAN KEWAJIPAN, USJ 7, MEZZANINE FLOOR,
47600 SUBANG JAYA, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
PLO 336, JALAN SUASA, PASIR GUDANG INDUSTRIAL ESTATE, P O BOX 55,
81707 PASIR GUDANG, JOHOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
07-2538000 / 2538553
|
|
FAX.NO.
|
:
|
07-2538005
|
|
EMAIL
|
:
|
sde.gm@simedarby.com
|
|
WEB SITE
|
:
|
www.simeengineers.com
|
|
CONTACT PERSON
|
:
|
AZMI ABU SAMAH ( GENERAL MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
74219
|
|
PRINCIPAL ACTIVITY
|
:
|
PROVIDING
ENGINEERING, PROCUREMENT, CONSTRUCTION, INSTALLATION, HOOK-UP &
COMMISSIONING RELATING TO THE OIL & GAS INDUSTRY
|
|
AUTHORISED CAPITAL
|
:
|
MYR
50,000,000.00 DIVIDED INTO
ORDINARY SHARE 48,000,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 20,000,000.00 OF MYR 0.10 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR
41,235,000.00 DIVIDED INTO
ORDINARY SHARES 40,000,000 CASH OF MYR 1.00 EACH.
PREFERENCE SHARES 1,000,000 CASH AND 11,350,000 OTHERWISE OF MYR 0.10 EACH.
|
|
SALES
|
:
|
MYR
566,494,000 [2010]
|
|
NET WORTH
|
:
|
MYR
<783,067,000> [2010]
|
|
M1000 OVERALL RANKING
|
:
|
238[2009]
|
|
M1000 INDUSTRY RANKING
|
:
|
5[2009]
|
|
|
|
|
STAFF STRENGTH
|
:
|
1,054 [2011]
|
|
BANKER (S)
|
:
|
|
CITIBANK
BHD
MALAYAN BANKING BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
POOR
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
NIL
|
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) providing engineering,
procurement, construction, installation, hook-up & commissioning relating
to the oil & gas industry.
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
|
2009
|
2008
|
2005
|
2004
|
|
|
OVERALL RANKING
|
238
|
345
|
498
|
447
|
|
|
INDUSTRY RANKING
|
5
|
6
|
7
|
6
|
|
The immediate holding company of the SC is
SIME DARBY ENERGY SDN BHD, a company incorporated in MALAYSIA.
The ultimate holding company of the SC is SIME DARBY BERHAD, a company
incorporated in MALAYSIA.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
SIME DARBY ENERGY SDN BHD
[ORD 40,000,000 & PREF 12,350,000]
|
KOMPLEKS SIME DARBY, PERSIARAN KEWAJIPAN, USJ 7, 47600 SUBANG JAYA,
SELANGOR, MALAYSIA.
|
17496
|
52,350,000.00
|
|
|
|
|
---------------
|
|
|
|
|
52,350,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
DATO' IR JAUHARI BIN HAMIDI
|
|
Address
|
:
|
4 JALAN BOLA KERANJANG 13/16, SECTION 13, 40000 SHAH ALAM, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
5494733
|
|
New IC No
|
:
|
581217-08-5665
|
|
Date of Birth
|
:
|
17/12/1958
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. ARSHAD BIN AHMAD
|
|
Address
|
:
|
2, JALAN LE 2, LAKE EDGE, BANDAR METRO, PUCHONG, 47100 PUCHONG,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
5369515
|
|
New IC No
|
:
|
571117-01-5927
|
|
Date of Birth
|
:
|
17/11/1957
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
24/01/2011
|
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
|
:
|
02/03/2011
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
AZMI ABU SAMAH
|
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
SITHRA DEENAGARAN
|
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
OMAR BIN ALI
|
|
|
Position
|
:
|
BUSINESS DEVELOPMENT MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
WAN KAMARUL BAHARI
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
AUDITOR
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS
|
|
Auditor' Address
|
:
|
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR CENTRAL, LEVEL 10, 50470
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. NOOR HIZA BTE ZAINAL
|
|
|
IC / PP No
|
:
|
A0468697
|
|
|
New IC No
|
:
|
660930-10-6586
|
|
|
Address
|
:
|
11A, JALAN PUTRA INDAH 9/27, SECTION 9, PUTRA HEIGHTS, 47650 SUBANG
JAYA, SELANGOR, MALAYSIA.
|
BANKING
Banking relations are maintained principally with :
|
2)
|
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 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
|
:
|
JAPAN,EUROPE,KOREA,CHINA
|
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
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
X
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
QATAR, INDIA, BRUNEI DARUSSALAM, MIDDLE
EAST
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
OIL & GAS INDUSTRIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Services
|
:
|
FABRICATION
AND ENGINEERING SERVICES RELATED TO OIL AND GAS
|
|
|
|
|
|
Award
|
:
|
1 ) MS ISO
9001 : 2000 Year :2004
2 ) PRIME MINISTER'S QUALITY AWARD Year :1995
|
|
|
|
|
|
Competitor(s)
|
:
|
ISHI POWER SDN
BHD
KENCANA PETROLEUM BHD
RAMUNIA FABRICATORS SDN BHD
TANJUNG OFFSHORE BHD
ZELAN BHD
|
|
|
|
|
|
Member(s) /
Affiliate(s)
|
:
|
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)
SMI ASSOCIATION OF MALAYSIA
SMALL & MEDIUM ENTERPRISE
MALAYSIA LOGISTICS INDUSTRY
|
|
|
|
|
|
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
|
1,054
|
1,200
|
1,400
|
1,200
|
1,100
|
934
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) providing engineering,
procurement, construction, installation, hook-up & commissioning relating
to the oil & gas industry.
The SC is related company of Sime Darby Berhad, Malaysia's leading
multinational and one of the largest conglomerates in South east Asia.
The SC is a Malaysia leading fabricator for the oil and gas industry.
Recognised as a major force in engineering designs and offshore facilities,
collaborations with other leading engineering and construction firms in mega
turnkey and engineering, procurement and construction (EPC) contracts.
The SC specializes in the fabrication of all types of offshore and onshore
structures and complexes.
The SC is capable of delivering deliver a complete work package which
includes engineering conceptual and detailed design, procurement,
fabrication, testing and pre commissioning, load-out, transportation and, offshore
hook-up and commissioning.
Types of offshore and onshore structures and complexes that the SC is capable
of delivering followings :
* Integrated Floatover Topsides
* Water and Gas Injection Modules
* Drilling, Production and Utility Modules and Inter-Platform Bridges
* Gas Compression Modules
* Electrical Control Room/Building
* Water Injection Modules
* Riser Module
* Module Support Frames
* Multiple Legged Jackets together with its Piles and Conductors
* Living Quarters
* Port Cranes
* Upgrading of Jack Up Rigs
* Pipe Rack
* Steel Mill Plant and others.
The SC operates fabrication yards namely; Pasir Gudang Fabrication Yard which
covers a total area of 45 acres.
The SC also undertakes sub-contract offshore and onshore projects given by
the local oil and gas industries.
The SC specialises in fabrication for the oil and gas industry, and is lead
contractor for the Bakun hydroelectric project
Besides this, the SC had also secured a contract worth QR 945,885,000
(approximately RM974 million) from Qatar Petroleum. The SC's scope of work
includes engineering, procurement, fabrications, installations, offshore
hook-up and commissioning and offshore modification of the existing platforms
plus supply and laying of pipelines and umlilicals for the new and existing
platforms.
The offshore engineering, procurement, construction, installation and
commissioning project was awarded for US$600mil (RM2.2bil).
The SC is currently has a few projects based in Qatar.
PROJECTS
No projects found in our databank
RECENT DEVELOPMENT
23 Mar 2011
Sime Darby Bhd said its engineering unit, Sime Darby Engineering Sdn Bhd
(SDE) has reached an amicable settlement with Maersk Oil Qatar A/S (MOQ)
which will result in positive profit and loss impact and write back to the
group and unit amounting to RM100 million.
Following an agreement dated March 17, 2011, it said SDE and MOQ had agreed
to settle all claims, including back charges.This included a payment to MOQ
of a net close-out sum of US$42 million which was done on March 21, 2011.
SDE has been also relieved of all remaining works under the contract except
for warranty obligation, which has been reduced to 18 months from 24
previously, said Sime Darby in a filing to Bursa Malaysia. The plantation conglomerate
also said that the performance bond amount provided by SDE of 10 per cent of
the contract price shall be reduced to 2.5 per cent of the contract price,
equivalent to US$16 million, secured by way of a retention bond during the
warranty period.
On Feb 20, 2007, SDE entered into a contract with MOQ to design, engineer,
procure, fabricate, commission, load out, sea fasten, transport to MOQ's
designated off shore location, install, hook-up, tie-in and finally
commission and deliver facilities and components forming part of MOQ's Block
5 Development Plan 2005 for a contract price of US$632 million. However in
its financial year 2010, Sime Darby made a provision of RM733 million for the
MOQ project, which resulted in the group registering losses.
Meanwhile in its research note today, AM Research said: "We are glad
that 14 per cent of the group's earlier provision for MOQ will be written
back this year, potentially raising 2011 financial year earnings by three per
cent." A write-back will restore or increase the value of an asset on a
balance sheet after a previous write-off or write-down.
AM Research has reiterated a "Buy" call for Sime Darby shares with
a fair value of RM10.60.
Jan 03, 2011
A former Sime Darby Engineering Sdn Bhd operations general manager has been
charged with two counts of corruption involving furniture and a Rolex watch,
all worth RM55,300. Zaki Othman, 48, who was attached to the company's Pasir
Gudang office, pleaded not guilty before Sessions Court registrar Norhidayah
Abd Manap here yesterday.
He is alleged to have accepted RM33,600 worth of furniture including an
imported sofa set, a round marble telephone table and two dining sets from
Abdul Salam Ahmad for a letter of intent for Duplex Energy Sdn Bhd on Jan 11,
2008. He was alleged to have committed the offence at his home in Taman
Austin Perdana at about 10am on Dec 14, 2007.
The letter of intent involved a RM23.9mil contract to supply air conditioning
parts for an oil platform.Zaki was also charged with receiving the Rolex
watch worth RM21,700 from Abdul Salam for his wife Harison Hamzah at his home
at about 9pm on March 20, 2009.
The gift was said to be an inducement to speed up the progress payment of the
project awarded to Duplex Energy.Zaki faces up to 20 years in prison and a
fine of up to five times the amount of bribe if found guilty.
He was represented by lawyer S.Vijaya while deputy public prosecutor Abdul
Ghafar Abdul Latif from the Malaysian Anti-Corruption Commission prosecuted.
In mitigating for lower bail, Zaki said his services had been terminated last
month and he had four children, three of whom are still in school, to
support. He said his wife was also not working and that he also had a heart
condition.
Norhidayah set bail at RM15,000 and fixed Feb 25 for mention.
February 15, 2011
Sime Darby Engineering Sdn Bhd (SDE) says a suit filed by Abu Dhabi-based
energy firm, Emirates International Energy Services (Emas), exists though it
has yet to be served on the company. In a statement issued on the website by
its parent company, Sime Darby Bhd, last night, Sime Darby Engineering said
it was not aware of the basis and grounds of the claims in the suit.
The company said it intends to challenge the suit once it is served and,
based on legal advice from its solicitors in Dubai, it will exercise all its
rights within the full ambit of the law. Bernama, quoting reports in the
United Arab Emirates' The National daily yesterday, reported that Emas had
filed a lawsuit against Sime Darby Engineering, stemming from a dispute over
tender bids.
The newspaper had said that the Malaysian company was accused of backing out
of seven large-scale projects to help other unnamed foreign companies win
tenders. It cited a letter enclosed with the court file, in which Emas claimed
that the withdrawal from bids had been made at critical times and last
moments, the matter of which raised doubts about our company and defamed our
reputation.
The report mentioned that SDE bid for projects in the oil and gas sector in
the Gulf nation through Emas.Emas was reported to be asking for nearly US$200
million (RM610 million) in payments and damages in the lawsuit filed at the
Abu Dhabi Commercial Court.
According to the daily, SDE had rejected the allegations, claiming that it
was under no obligation to accept or decline projects in accordance with any
deadlines
20 APRIL 2010
Sime Darby Bhd's energy and utilities division, Sime Darby Engineering Sdn
Bhd, has completed the RM515mil acquisition of the Teluk Ramunia fabrication
yard from Ramunia Holdings Bhd. CIMB Investment Bank Bhd and Kenanga
Investment Bank Bhd said in separate announcements on behalf of Sime Darby
and Ramunia that the acquisition was completed yesterday.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
07-2538000 / 2538553
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
PLO 336, JALAN SUASA 81707 PASIR GUDANG JOHOR
|
|
Current Address
|
:
|
PLO 336, JALAN SUASA, PASIR GUDANG INDUSTRIAL ESTATE, P O BOX 55,
81707 PASIR GUDANG, JOHOR, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other
Investigations
We contacted one of the staff from the Admin Department. She provided some
information on the SC.
The address provided is incomplete.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Decreased
|
[
|
2008 - 2010
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2008 - 2010
|
]
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
133.13%
|
]
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
133.85%
|
]
|
The continuous fall in turnover could be due to the lower demand for the SC's
products / services. The SC incurred losses during the year due to the
inefficient control of its operating costs. Although the SC's returns showed
positive figures it is not reflective of the true situation. The SC incurred
losses during the year and its shareholders' funds have turned red. The
positive returns on shareholders' funds is the result of losses divided by
negative shareholders' funds. The SC's management was inefficient in
utilising the assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
1 Days
|
]
|
|
Debtors Ratio
|
:
|
Unfavourable
|
[
|
238 Days
|
]
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
617 Days
|
]
|
The SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The SC's debtors ratio was high. The
SC should tighten its credit control and improve its collection period. The
unfavourable creditors' ratio could be due to the SC taking advantage of the
credit granted by its suppliers. However this may affect the goodwill between
the SC and its suppliers and the SC may inadvertently have to pay more for
its future supplies.
Liquidity:
|
Liquid Ratio
|
:
|
Unfavourable
|
[
|
0.21 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.21 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
|
[
|
<79.63
Times>
|
]
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
<0.35
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's gearing was
negative during the year as its shareholders' funds was in the red. This
means the SC is running its business using borrowed money. We consider the SC
as facing high financial risks.
Overall
Assessment:
The SC's losses
could be attributed to the lower turnover which in turn could be the result
of unfavourable market conditions. 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. 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 has high financial risks. If its shareholders do not inject more
capital into the company or if its business performance does not improve, its
going concern may be in question.
Overall financial condition of the SC : POOR
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
|
|
74219 : Other architectural and engineering activities and related
technical consultancy service n.e.c.
|
|
|
|
|
INDUSTRY :
|
ENGINEERING
|
|
|
|
|
|
|
The civil engineering sub-sector grew 6.3% in first half of 2008 (January -
June 2007: 3.5%) due to higher activity in the oil and gas sector as well
as the implementation of 9MP projects and growth corridors development. The
construction of Second Penang Bridge which commence in 2008 further boost
the civil engineering activities.
|
|
Infrastructure development in Sabah and Sarawak is also expected to
intensify with increased allocation to implement several projects including
the construction of Jalan Kota Marudu - Ranau, Sandakan Northern Ring Road,
Jalan Kota Samarahan - Gempeh and upgrading of Jalan Kuching-Sibu. The
civil engineering sub-sector also benefited from the buoyant oil and gas
construction activities, in particular, the construction of Sabah-Sarawak
Gas Pipeline as well as deepwater exploration works.
|
|
The Government announced several provisions to allow variations in the
contract value of government projects in August 2008. This is to assist
contractors to cope with escalating prices of construction materials. For
the civil engineering works, the price variation is extended from 5 to 11
types of building materials. In addition, contractors involved in design
and build projects will be paid according to price variation of building
materials.
|
|
The Civil Engineering sub-sector however experienced a slight decline in
first quarter of 2009. The civil engineering sub-sector was lower due to a
slower-than-expected take-off of some key infrastructure projects in first
quarter of 2009.
|
|
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 & RECOMMENDATION
|
Incorporated in 1981 as a private limited company, the SC is
focusing on providing engineering, procurement, construction, installation,
hook-up and commissioning relating to the oil and gas industry. The SC has
been existence in the market for 30 years and it has succeeded in building
up its image in the market.
|
|
Our investigation revealed that the SC serves both local and overseas
clients. Penetrating into the overseas countries such as Qatar, India,
Brunei and etc has well diversified its business risk and at the same time
added strength to its capabilities in capturing higher market shares.
However, being a loss making company indicates that the SC faces
difficulties in the market. Being a large entity, the SC is supported by
1,054 employees in the operation.
|
|
During the financial year 2010, the SC's turnover dropped significantly
from RM2.02 billion to RM566.49 million which led to unfavourable pre-tax
losses of RM1.06 billion. The SC has generated an unfavourable return on
shareholders' funds indicating that the management was inefficient in
utilising its funds to generate return. Besides, we noted that the SC's
current liabilities well exceed its current assets. Due to its weak
liquidity position, the SC may face working capital deficiency in meeting
its short term financial obligations if no fresh capital is injected into
the SC. The SC's unfavourable financial performance over the years has
wiped out its shareholders' funds to a deficit of RM783.06 million.
Therefore, the SC as a going concern is much dependent on its ability to
generate sufficient cash flow and obtain additional financing to meet its
future obligations.
|
|
Investigation revealed that the SC's raw materials are sourced from both
local and overseas suppliers. Hence, the SC is subjected to currency
fluctuation risk and high operating costs.
|
|
The poor payment habit may affect the goodwill between the SC and its
suppliers and the SC may inadvertently have to pay more for its future
supplies.
|
|
The industry has reached its optimum level and is generally stable. The
potential growth for the industry is marginal and it is quite competitive.
It very much depends on the SC's capacity in sustaining its performance in
the market.
|
|
Although having support from its immediate and ultimate holding company,
the management not able to turn the SC into profit making company
reflecting its poor management. In view of this, we are strictly against
granting any credit to the SC.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
SIME DARBY
ENGINEERING SDN BHD
|
|
For The Year
Ended 30-June-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
566,494,000
|
2,029,051,000
|
2,147,937,000
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
<1,061,263,000>
|
189,851,000
|
<274,283,000>
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
<1,061,263,000>
|
189,851,000
|
<274,283,000>
|
|
Taxation
|
18,743,000
|
<55,064,000>
|
<60,390,000>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
<1,042,520,000>
|
------------
134,787,000
|
------------
<334,673,000>
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
<1,042,520,000>
|
------------
134,787,000
|
------------
<334,673,000>
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
<1,042,520,000>
|
------------
134,787,000
|
------------
<334,673,000>
|
|
As previous reported
|
<130,547,000>
|
<265,334,000>
|
69,339,000
|
|
As restated
|
------------
<130,547,000>
|
------------
<265,334,000>
|
------------
69,339,000
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
<1,173,067,000>
|
<130,547,000>
|
<265,334,000>
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
<1,173,067,000>
==========
|
------------
<130,547,000>
==========
|
------------
<265,334,000>
==========
|
|
RETAINED BY: The Company
|
<1,173,067,000>
|
<130,547,000>
|
<265,334,000>
|
|
|
------------
<1,173,067,000>
==========
|
------------
<130,547,000>
==========
|
------------
<265,334,000>
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
|
|
|
|
|
Banks & other financial institutions
|
4,541,000
|
4,027,000
|
1,315,000
|
|
Loan from holding company
|
8,621,000
|
3,306,000
|
-
|
|
|
------------
13,162,000
==========
|
------------
7,333,000
==========
|
------------
1,315,000
==========
|
|
|
|
|
|
BALANCE SHEET
|
SIME DARBY
ENGINEERING SDN BHD
|
|
As At
30-June-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
452,815,000
|
100,742,000
|
91,713,000
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
Subsidiary companies
|
255,000
|
255,000
|
255,000
|
|
|
Associated companies
|
94,000
|
94,000
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deffered assets
|
65,641,000
|
12,957,000
|
12,369,000
|
|
Prepaid lease rentals
|
213,532,000
|
52,218,000
|
42,442,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
279,522,000
|
------------
65,524,000
|
------------
55,066,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
732,337,000
|
------------
166,266,000
|
------------
146,779,000
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
1,708,000
|
3,856,000
|
2,964,000
|
|
|
|
|
|
|
|
|
Trade debtors
|
369,913,000
|
311,521,000
|
61,354,000
|
|
|
Other debtors, deposits & prepayments
|
28,259,000
|
2,375,000
|
2,632,000
|
|
|
Short term deposits
|
120,000
|
4,199,000
|
3,751,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from related companies
|
-
|
-
|
6,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
1,436,000
|
357,000
|
667,000
|
|
|
|
|
|
|
|
|
Tax recoverable
|
4,455,000
|
851,789,000
|
836,352,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
405,891,000
|
------------
1,174,097,000
|
------------
907,726,000
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
957,306,000
|
978,050,000
|
1,216,488,000
|
|
|
Other creditors & accruals
|
24,894,000
|
19,031,000
|
18,056,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short term borrowings/Term loans
|
272,295,000
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to subsidiary companies
|
-
|
-
|
18,473,000
|
|
|
Amounts owing to related companies
|
9,692,000
|
15,866,000
|
10,253,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
-
|
13,377,000
|
12,770,000
|
|
|
|
|
|
|
|
|
Provision for liabilities & charges
|
2,060,000
|
4,518,000
|
3,684,000
|
|
|
Amount due to ultimate holding company
|
48,000
|
68,000
|
115,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan from holding company
|
655,000,000
|
400,000,000
|
-
|
|
TOTAL CURRENT LIABILITIES
|
------------
1,921,295,000
|
------------
1,430,910,000
|
------------
1,279,839,000
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
<1,515,404,000>
|
------------
<256,813,000>
|
------------
<372,113,000>
|
|
TOTAL NET ASSETS
|
------------
<783,067,000>
==========
|
------------
<90,547,000>
==========
|
------------
<225,334,000>
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
40,350,000
|
40,000,000
|
40,000,000
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
40,350,000
|
------------
40,000,000
|
------------
40,000,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
Share premium
|
349,650,000
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
<1,173,067,000>
|
<130,547,000>
|
<265,334,000>
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
<823,417,000>
|
------------
<130,547,000>
|
------------
<265,334,000>
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
<783,067,000>
|
------------
<90,547,000>
|
------------
<225,334,000>
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
|
<783,067,000>
|
<90,547,000>
|
<225,334,000>
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
SIME DARBY
ENGINEERING SDN BHD
|
|
As At
30-June-2010
|
|
|
|
|
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
1,556,000
|
4,556,000
|
4,418,000
|
|
|
Net Liquid Funds
|
<270,739,000>
|
4,556,000
|
4,418,000
|
|
|
Net Liquid Assets
|
<1,517,112,000>
|
<260,669,000>
|
<375,077,000>
|
|
|
Net Current Assets/(Liabilities)
|
<1,515,404,000>
|
<256,813,000>
|
<372,113,000>
|
|
|
Net Tangible Assets
|
<783,067,000>
|
<90,547,000>
|
<225,334,000>
|
|
|
Net Monetary Assets
|
<1,517,112,000>
|
<260,669,000>
|
<375,077,000>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
272,295,000
|
0
|
0
|
|
|
Total Liabilities
|
1,921,295,000
|
1,430,910,000
|
1,279,839,000
|
|
|
Total Assets
|
1,138,228,000
|
1,340,363,000
|
1,054,505,000
|
|
|
Net Assets
|
<783,067,000>
|
<90,547,000>
|
<225,334,000>
|
|
|
Net Assets Backing
|
<783,067,000>
|
<90,547,000>
|
<225,334,000>
|
|
|
Shareholders" Funds
|
<783,067,000>
|
<90,547,000>
|
<225,334,000>
|
|
|
Total Share Capital
|
40,350,000
|
40,000,000
|
40,000,000
|
|
|
Total Reserves
|
<823,417,000>
|
<130,547,000>
|
<265,334,000>
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0
|
0
|
0
|
|
|
Liquid Ratio
|
0.21
|
0.82
|
0.71
|
|
|
Current Ratio
|
0.21
|
0.82
|
0.71
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
1
|
1
|
1
|
|
|
Debtors Ratio
|
238
|
56
|
10
|
|
|
Creditors Ratio
|
617
|
176
|
207
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
<0.35>
|
0
|
0
|
|
|
Liabilities Ratio
|
<2.45>
|
<15.80>
|
<5.68>
|
|
|
Times Interest Earned Ratio
|
<79.63>
|
26.89
|
<207.58>
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
<187.34>
|
9.36
|
<12.77>
|
|
|
Net Profit Margin
|
<184.03>
|
6.64
|
<15.58>
|
|
|
Return On Net Assets
|
133.85
|
<217.77>
|
121.14
|
|
|
Return On Capital Employed
|
205.20
|
<217.77>
|
121.14
|
|
|
Return On Shareholders' Funds/Equity
|
133.13
|
<148.86>
|
148.52
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
9,136,000.00
|
99,196,000.00
|
93,167,000.00
|
|
|
|
|
|
|
|
|
|
