|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
50802-P
|
|
COMPANY NAME
|
:
|
UNITED ITALIAN TRADING (M) SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
24/09/1979
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
2-4, JALAN MANAU, 2ND FLOOR, 50460 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
NO 1, 2ND FLOOR, THE HIGHWAY CENTRE, JALAN 51/205, 46050 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-77813488
|
|
FAX.NO.
|
:
|
03-77813466
|
|
WEB SITE
|
:
|
www.uitm.net.my
|
|
CONTACT PERSON
|
:
|
FERDINAND FUNG KIN CHEUNG ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
51391
|
|
PRINCIPAL ACTIVITY
|
:
|
DISTRIBUTION OF
PHARMACEUTICAL PRODUCTS & MEDICAL DISPOSABLES
|
|
AUTHORISED CAPITAL
|
:
|
MYR
1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR
1,000,000.00 DIVIDED INTO
ORDINARY SHARES 25,000 CASH AND 975,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 37,563,684 [2009]
|
|
NET WORTH
|
:
|
MYR 9,076,843 [2009]
|
|
STAFF STRENGTH
|
:
|
70 [2011]
|
|
BANKER (S)
|
:
|
HSBC BANK
MALAYSIA BHD
MALAYAN BANKING BHD
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD462,648.00
|
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) distribution of pharmaceutical
products & medical disposables.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
MS. CHOW YIT GUIN +
|
7, LORONG NIKMAT 4, HAPPY GARDEN, OFF JALAN KUCHAI LAMA, 58200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
490330-01-5294
3521231
|
600,000.00
|
|
FERDINAND FUNG KIN CHEUNG +
[OLD PP: B352205 & H790010930]
|
06-02 THE ESTORIL, 97 HOLLAND ROAD, 1027, SINGAPORE.
|
KJ0052213
|
400,000.00
|
|
|
|
|
---------------
|
|
|
|
|
1,000,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. NG HA LUI
|
|
Address
|
:
|
33-1, JALAN NYAMAN, OFF JALAN KUCHAI LAMA, TAMAN GEMBIRA, 58200
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
0020029
|
|
New IC No
|
:
|
480112-01-5836
|
|
Date of Birth
|
:
|
12/01/1948
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
18/11/1987
|
DIRECTOR 2
|
Name Of Subject
|
:
|
FERDINAND FUNG KIN CHEUNG
|
|
Address
|
:
|
06-02 THE ESTORIL, 97 HOLLAND ROAD, 1027, SINGAPORE.
|
|
IC / PP No
|
:
|
KJ0052213
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
18/11/1987
|
|
Remark
|
:
|
OLD PP: B352205 & H790010930
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MS. CHOW YIT GUIN
|
|
Address
|
:
|
7, LORONG NIKMAT 4, HAPPY GARDEN, OFF JALAN KUCHAI LAMA, 58200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
3521231
|
|
New IC No
|
:
|
490330-01-5294
|
|
Date of Birth
|
:
|
30/03/1949
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
18/11/1987
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
FERDINAND FUNG KIN CHEUNG
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
CHRIS
|
|
|
Position
|
:
|
ACCOUNTANT
|
AUDITOR
|
Auditor
|
:
|
SJ GRANT THORNTON
|
|
Auditor' Address
|
:
|
FABER IMPRERIAL COURT, JALAN SULTAN ISMAIL, LEVEL 11-2, 50250 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. CHANG YOKE YIN
|
|
|
IC / PP No
|
:
|
A0740849
|
|
|
New IC No
|
:
|
670626-10-6572
|
|
|
Address
|
:
|
12-F, JALAN BAIDURI, OFF JALAN SAN PENG, 55200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. SOONG YOKE YIN
|
|
|
IC / PP No
|
:
|
4480173
|
|
|
New IC No
|
:
|
530727-08-6430
|
|
|
Address
|
:
|
54, JALAN BUKIT DESA 6, TAMAN BUKIT DESA, 58100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
HSBC BANK MALAYSIA BHD
|
|
|
|
|
|
|
2)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s).
|
ENCUMBRANCE (S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
14/05/1990
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM500,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
17/01/1992
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM700,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 4 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
17/01/1992
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM200,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 5 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
23/04/2002
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM1,000,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 7 In The Register of Charges
|
ENCUMBRANCE 5
|
Date of Creation
|
:
|
15/10/2004
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
O/D
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
HSBC BANK MALAYSIA BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 8 In The Register of Charges
|
ENCUMBRANCE 6
|
Date of Creation
|
:
|
09/11/2004
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM300,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 9 In The Register of Charges
|
ENCUMBRANCE 7
|
Date of Creation
|
:
|
19/10/2004
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM500,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 10 In The Register of Charges
|
ENCUMBRANCE 8
|
Date of Creation
|
:
|
19/10/2004
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM700,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 11 In The Register of Charges
|
ENCUMBRANCE 9
|
Date of Creation
|
:
|
19/10/2004
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM200,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 12 In The Register of Charges
|
ENCUMBRANCE 10
|
Date of Creation
|
:
|
24/05/2005
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM500,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 13 In The Register of Charges
|
ENCUMBRANCE 11
|
Date of Creation
|
:
|
05/11/2007
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
O/D
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
HSBC BANK MALAYSIA BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 14 In The Register of Charges
|
ENCUMBRANCE 12
|
Date of Creation
|
:
|
14/02/2008
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
O/D
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
HSBC BANK MALAYSIA BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 15 In The Register of Charges
|
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
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 KINGDOM,UNITED STATES
|
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
|
[
|
X
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
The SC sells directly to the hospitals, clinics and pharmacies.
OPERATIONS
|
Goods Traded
|
:
|
PHARMACEUTICAL PRODUCTS & MEDICAL DISPOSABLES
|
|
|
|
|
|
Competitor(s)
|
:
|
GLAXOSMITHKLINE
CONSUMER HEALTHCARE SDN BHD
HAI-O ENTERPRISE BHD
INS BIOSCIENCE BHD
UNZA NUSANTARA SDN BHD
WYETH (MALAYSIA) SDN BHD
|
|
|
|
|
|
Ownership of
premises
|
:
|
OWNED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2007
|
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
70
|
75
|
70
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) distribution of
pharmaceutical products & medical disposables.
The SC is a prominent distributor for healthcare products, meeting the needs of
external skin care, innovative drug and nutritional delivery system.
The SC also provides aids and inplants for surgical repairs and restoration,
such as:
1) Dural repair
2) Vascular access system
3) Pharmalogical treatment of human ailments
The SC has an efficient sales and marketing team strategically based
throughout the Penisular Malaysia.
The SC's 3 main divisions are as follows:
1) Medical products
2) Over The Counter products (OTC) - feminine care products
3) Pharmaceutical
PROJECTS
No projects found in our databank
ECENT 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
|
:
|
0377813488
|
|
Current Telephone Number
|
:
|
03-77813488
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
NO 1, 2ND FLOOR, THE HIGHWAY CENTRE, JALAN 51/205, 46050, PETALING
JAYA, SELANGOR.
|
|
Current Address
|
:
|
NO 1, 2ND FLOOR, THE HIGHWAY CENTRE, JALAN 51/205, 46050 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the Admin Department. She provided some
information on the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
2007 - 2009
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2007 - 2009
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
27.66%
|
]
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
41.06%
|
]
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years. The higher
profit could be attributed to the increase in turnover. The SC's management
had generated acceptable return for its shareholders using its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
37 Days
|
]
|
|
Debtors Ratio
|
:
|
Acceptable
|
[
|
58 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
53 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 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
|
:
|
Unfavourable
|
[
|
0.73 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.03 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
|
:
|
Acceptable
|
[
|
9.76 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.03 Times
|
]
|
The SC's interest cover was slightly low. If there is no sharp fall in its
profit or sudden increase in the interest rates, we believe the SC is able to
generate sufficient income to service its interest and repay the loans. The
SC was lowly geared thus it had a low financial risk. The SC was mainly
financed by its shareholders' funds and internally generated funds. In times
of economic slowdown / downturn, the SC being a lowly geared company, will be
able to compete better than those companies which are highly geared in the
same industry.
Overall
Assessment:
Generally, the
SC's performance has improved with higher turnover and profit. 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 had an acceptable interest cover. If
there is no sudden sharp increase in interest rate or fall in the SC's
profit, we do believe the SC is able to generate sufficient cash flow to
service its interest payment. The SC as a lowly geared company, will be more
secured compared to those highly geared companies. It has the ability to meet
all its long term obligations.
Overall financial condition of the SC : FAIR
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
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
|
-
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
51391 : Wholesale of pharmaceutical, orthopaedic and medical goods,
perfumery, cosmetics and toiletries
|
|
|
|
|
INDUSTRY :
|
PHARMACEUTICAL
|
|
Malaysia's pharmaceutical industry has become increasingly reputable. Along
the years, there was a significant transformation of the Malaysian
pharmaceutical industry; especially gaining momentum from the
implementation of regulations. Besides, the vast development in various
aspects such as management, hospital, marketing, community, manufacturing,
academia, research, regulatory and enforcement has changed the entire
landscape of the local pharmaceutical sector.
|
|
Valued at RM3.5 billion in 2007, the pharmaceutical market grew to RM3.8
billion in 2008 and jumped to RM4.2 billion in year 2009, on the back of
the US subprime crisis. Driven by the changing demographics, with a growing
middle-class, as well as the rising expectations, the domestic industry is
projected to grow at a compound annual rate of 10 per cent. Currently,
domestic manufacturers dominate the scene for generics and OTC (over the
counter) products while MNCs (multi-national companies) reign strong in
branded/ethical drugs.
|
|
Nonetheless, efforts to provide healthcare including pharmaceutical care
are facing new challenges. Rising costs, constraints in financial budget,
inefficient health systems, huge disease burden, and the changing social,
technological, economic and political environment currently confront many
countries, including Malaysia. The Ministry of Health has no option but to
embrace change and ICT (information and communication technology). Its
pharmaceutical services division has responded to this challenge by
effectively applying innovative and creative ideas to further improve the
drug delivery system.
|
|
Regarding medicines access, the number of medicines on the market has
increased dramatically over the last two decades, bringing some novel
innovations but also considerable challenges in regulating the quality and
monitoring the rational use of medicines. On the regulatory front, up to
2009, the Drug Control Authority (DCA) had approved 12,626 prescription
medicines, 9,683 OTC items and 20,193 traditional products. The DCA had
also licensed 250 manufacturers, 374 importers and 962 wholesalers.
|
|
The pharmaceutical authority is mindful of creating a business-friendly
environment which in turn will stimulate the economy and to achieve high
income status in line with the prime minister's Government Transformation
Programme (GTP). On this, it is taking steps to reduce the processing time
for new licences from 21 to 10 days. With enhancement in IT system, licence
applications are now more efficient. In an era of speed, the division must
facilitate and be more responsive. Competitive edge is the driving force.
While enforcement is important to ensure that the laws are complied to
safeguard public interests but not over-regulation which can be burdensome
to the business community.
|
|
Anyway, audits and monitors will be conducted on suspiciously fast movement
and high sale of selected brands. Last year, 79 pharmacies were raided with
1,297 items valued at RM389,900 confiscated. The pharmacy enforcement also
took part in operations to reduce street crimes linked to drugs abuse and
diversion of psychotropics, ATS stimulants and narcotic derivatives sourced
from clinics and pharmacies.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 1979 as a private limited company, the SC is
principally engaged in the distribution of pharmaceutical products and
medical disposables. With experiences for about 32 years 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. Presently, the issued and paid up capital of the SC
standing at RM1 million, thus the SC has the potential of capturing a
higher market shares as it is competing aggressively in the market.
|
|
Information revealed that the SC solely focuses on domestic market rather
than overseas market. We believe that this narrow market segment would
limit the SC's business opportunities and the SC is likely to be affected
by the uncertainties in local economy. However, its long presence in the
market has enabled the SC to gain certain market shares.Thus, its business
risk is diversified. With a workforce of 70 staff, the SC's management
structure is well organized and overseen by its managing director. Overall
the management capability of the SC is good.
|
|
In the year 2010, its turnover continued on an upward momentum, reaching
RM37.56 million. Correspondingly, its pre-tax profit rose to RM3.43
millions. This was achieved on the back of stronger performance of higher
turnover. Besides 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. Due to its weak liquidity position, the SC
may face working capital deficiency in meeting its short term financial
obligations if no fresh capital are injected into the SC. However, being a
lowly geared company, the SC is exposed to low financial risk as it is
mainly dependent on its internal funds to finance its business needs. With
the comfortable networth standing at RM9.07 million, the SC is able to
sustain its business performance in the near terms.
|
|
Our investigation revealed the SC is subjected to the foreign currency
exchange risk, as imports its raw material from both local and overseas
market such as United Kingdom and United States. Due to its long presence
in the market has built up a stable supplier base. Hence, it may not have
problems in getting its raw material when needs arise.
|
|
Overall, the SC's payment habit is good as the SC has a good credit control
and it could be taking advantage of the cash discounts while maintaining a
good reputation with its creditors. Based on our databank, the SC is clear
of any litigation action.
|
|
The market for the pharmaceutical industry is growing due to increase
public awareness about health matters, resulting in greater spending on
healthcare. As a well established company, the SC should have strong
competitive edge against other players in the same fields.
|
|
Based on the above condition, we recommend USD462,648 of credit be granted
to the SC promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
UNITED ITALIAN
TRADING (M) SDN BHD
|
|
For The Year
Ended 31-December-2009
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
37,563,684
|
34,672,831
|
23,406,434
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
3,433,712
|
2,549,731
|
956,246
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
3,433,712
|
2,549,731
|
956,246
|
|
Taxation
|
<923,000>
|
<866,000>
|
<381,000>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
2,510,712
|
------------
1,683,731
|
------------
575,246
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
2,510,712
|
------------
1,683,731
|
------------
575,246
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
2,510,712
|
------------
1,683,731
|
------------
575,246
|
|
As previous reported
|
5,566,131
|
3,882,400
|
3,807,154
|
|
|
|
|
|
|
As restated
|
------------
5,566,131
|
------------
3,882,400
|
------------
3,807,154
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
8,076,843
|
5,566,131
|
4,382,400
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
-
|
-
|
<500,000>
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
8,076,843
==========
|
------------
5,566,131
==========
|
------------
3,882,400
==========
|
|
RETAINED BY: The Company
|
8,076,843
|
5,566,131
|
3,882,400
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
8,076,843
==========
|
------------
5,566,131
==========
|
------------
3,882,400
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
|
|
|
|
|
Bank overdraft
|
8,838
|
20,031
|
13,219
|
|
|
|
|
|
|
Hire purchase
|
13,056
|
10,722
|
10,700
|
|
Business premises financing loan
|
8,167
|
6,165
|
4,277
|
|
Amount due to affiliated company
|
361,811
|
354,575
|
270
|
|
|
------------
391,872
==========
|
------------
391,493
==========
|
------------
28,466
==========
|
|
|
|
|
|
BALANCE SHEET
|
UNITED ITALIAN
TRADING (M) SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
8,888,704
|
7,251,827
|
3,560,350
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed deposits with licensed banks
|
56,093
|
54,977
|
562,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
56,093
|
------------
54,977
|
------------
562,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
8,944,797
|
------------
7,306,804
|
------------
4,122,650
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
3,843,108
|
2,689,961
|
2,172,286
|
|
|
|
|
|
|
|
|
Trade debtors
|
6,015,282
|
4,788,819
|
4,326,868
|
|
|
Other debtors, deposits & prepayments
|
90,000
|
97,067
|
1,341,851
|
|
|
Short term deposits
|
534,591
|
2,755,638
|
2,270,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
2,566,641
|
1,397,535
|
664,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
13,049,622
|
------------
11,729,020
|
------------
10,775,724
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
5,497,872
|
3,931,492
|
1,413,423
|
|
|
Other creditors & accruals
|
964,472
|
1,066,178
|
706,461
|
|
|
Hire purchase & lease creditors
|
-
|
-
|
60,769
|
|
|
|
|
|
|
|
|
Short term borrowings/Term loans
|
32,734
|
32,422
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
183,603
|
500,600
|
156,637
|
|
|
Dividends payable/proposed
|
-
|
-
|
500,000
|
|
|
Amount due to affiliated company
|
5,997,820
|
6,679,393
|
6,840,923
|
|
|
Others (please specify)
|
-
|
-
|
29,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
12,676,501
|
------------
12,210,085
|
------------
9,708,061
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
373,121
|
------------
<481,065>
|
------------
1,067,663
|
|
TOTAL NET ASSETS
|
------------
9,317,918
==========
|
------------
6,825,739
==========
|
------------
5,190,313
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
1,000,000
|
1,000,000
|
1,000,000
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
1,000,000
|
------------
1,000,000
|
------------
1,000,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
8,076,843
|
5,566,131
|
3,882,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
8,076,843
|
------------
5,566,131
|
------------
3,882,400
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
9,076,843
|
------------
6,566,131
|
------------
4,882,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
Long term loans
|
138,318
|
160,975
|
-
|
|
|
|
|
|
|
|
|
Lease obligations
|
-
|
98,633
|
-
|
|
|
Hire purchase creditors
|
102,757
|
-
|
121,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others (please specify)
|
-
|
-
|
186,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
241,075
|
------------
259,608
|
------------
307,913
|
|
|
------------
|
------------
|
------------
|
|
|
9,317,918
|
6,825,739
|
5,190,313
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
UNITED ITALIAN
TRADING (M) SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
3,101,232
|
4,153,173
|
2,934,719
|
|
|
Net Liquid Funds
|
3,068,498
|
4,120,751
|
2,934,719
|
|
|
Net Liquid Assets
|
<3,469,987>
|
<3,171,026>
|
<1,104,623>
|
|
|
Net Current Assets/(Liabilities)
|
373,121
|
<481,065>
|
1,067,663
|
|
|
Net Tangible Assets
|
9,317,918
|
6,825,739
|
5,190,313
|
|
|
Net Monetary Assets
|
<3,711,062>
|
<3,430,634>
|
<1,412,536>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
273,809
|
292,030
|
182,372
|
|
|
Total Liabilities
|
12,917,576
|
12,469,693
|
10,015,974
|
|
|
Total Assets
|
21,994,419
|
19,035,824
|
14,898,374
|
|
|
Net Assets
|
9,317,918
|
6,825,739
|
5,190,313
|
|
|
Net Assets Backing
|
9,076,843
|
6,566,131
|
4,882,400
|
|
|
Shareholders" Funds
|
9,076,843
|
6,566,131
|
4,882,400
|
|
|
Total Share Capital
|
1,000,000
|
1,000,000
|
1,000,000
|
|
|
Total Reserves
|
8,076,843
|
5,566,131
|
3,882,400
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.24
|
0.34
|
0.30
|
|
|
Liquid Ratio
|
0.73
|
0.74
|
0.89
|
|
|
Current Ratio
|
1.03
|
0.96
|
1.11
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
37
|
28
|
34
|
|
|
Debtors Ratio
|
58
|
50
|
67
|
|
|
Creditors Ratio
|
53
|
41
|
22
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0.03
|
0.04
|
0.04
|
|
|
Liabilities Ratio
|
1.42
|
1.90
|
2.05
|
|
|
Times Interest Earned Ratio
|
9.76
|
7.51
|
34.59
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
9.14
|
7.35
|
4.09
|
|
|
Net Profit Margin
|
6.68
|
4.86
|
2.46
|
|
|
Return On Net Assets
|
41.06
|
43.09
|
18.97
|
|
|
Return On Capital Employed
|
40.91
|
42.89
|
18.75
|
|
|
Return On Shareholders' Funds/Equity
|
27.66
|
25.64
|
11.78
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0.87
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
|
|
%20SDN%20BHD%20-%20148410%2023-Jul-2011_files/image002.jpg){kind=small}