*
Adopted abbreviations : SC -
Subject Company (the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
485777-W
|
|
COMPANY NAME
|
:
|
IFFCO (MALAYSIA)
SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
14/06/1999
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
SUITE 1005, WISMA HAMZAH-KWONG
HING, 1 LEBOH AMPANG, 10TH FLOOR, 50100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
PLO 406, JALAN EMAS, 81700 PASIR GUDANG, JOHOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
07-2543188
|
|
FAX.NO.
|
:
|
07-2543288
|
|
EMAIL
|
:
|
mktgmy@iffco.com
|
|
WEB SITE
|
:
|
www.iffco.com
|
|
CONTACT PERSON
|
:
|
SYED AZIZUL RAHMAN ( CEO )
|
|
INDUSTRY CODE
|
:
|
24290 24240
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURE AND SALE
OF OLEO CHEMICAL PRODUCTS, SOAP NOODLES AND SOAPS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
25,000,000.00 DIVIDED INTO
ORDINARY SHARE 25,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
12,131,468.00 DIVIDED INTO
ORDINARY SHARES 12,131,468 CASH OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 266,394,942 [2009]
|
|
NET WORTH
|
:
|
MYR 24,562,561 [2009]
|
|
STAFF STRENGTH
|
:
|
200 [2011]
|
|
BANKER (S)
|
|
HSBC BANK MALAYSIA
BHD
MALAYAN BANKING BHD
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD1,384,470
|
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) manufacture and sale of
oleo chemical products, soap noodles and soaps.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate and ultimate holding company of the SC is AMFIS MIDDLE EAST
(FZE) LIMITED LIABILITY EST, a company incorporated in UNITED ARAB EMIRATES.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
AMFIS MIDDLE EAST (FZE) LTD LIABILITY EST
|
EXECUTIVE SUITE
K4-4, SHARJAH, UNITED ARAB EMIRATES.
|
|
12,131,468.00
|
|
|
|
|
---------------
|
|
|
|
|
12,131,468.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
SYED AZIZUR RAHMAN
|
|
Address
|
:
|
BLOK B, 10-E2 STRAITS VIEW CONDO, 8 JALAN PERMAS SELATAN, BANDAR
BARU PERMAS JAYA, 81750 MASAI, JOHOR, MALAYSIA.
|
|
IC / PP No
|
:
|
Z1808930
|
|
Nationality
|
:
|
N/A
|
|
Date of Appointment
|
:
|
27/05/2010
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. ALIRAZA FIDAHUSAN MERCHANT
|
|
Address
|
:
|
VILLA 5, SAEED AL NABOODAH VILLA 214/20, AL GARHOOD ROAD, DUBAI,
UNITED ARAB EMIRATES.
|
|
IC / PP No
|
:
|
F6374666
|
|
|
|
|
|
Date of Birth
|
:
|
10/03/1943
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
25/08/1999
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. SYED RIZWAN AHMED
|
|
Address
|
:
|
VILLA 1, PLOT 14 AL
FISHT AREA, SHARQ STREET,
SHARJAH, UNITED ARAB EMIRATES.
|
|
IC / PP No
|
:
|
BD1158064
|
|
|
|
|
|
Date of Birth
|
:
|
10/03/1957
|
|
|
|
|
|
Nationality
|
:
|
PAKISTANI
|
|
Date of Appointment
|
:
|
22/03/2006
|
DIRECTOR 4
|
Name Of Subject
|
:
|
TIRUMANGALAM KUPPUSWAMY GOWRISHANKAR
|
|
Address
|
:
|
AL FAHAD BUILDING, FLAT 801, CORNICHE ROAD,
SHARJAH, UNITED ARAB EMIRATES.
|
|
IC / PP No
|
:
|
Z1147401
|
|
|
|
|
|
Date of Birth
|
:
|
16/03/1950
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
14/06/1999
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MR. J.RASAMY A/L MANIKKAM
|
|
Address
|
:
|
9 LORONG LAKSAMANA ENDAH, DAMANSARA
HEIGHTS, 50490 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
IC / PP No
|
:
|
5249826
|
|
New IC No
|
:
|
570616-08-5271
|
|
Date of Birth
|
:
|
16/06/1957
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN INDIAN
|
|
Date of Appointment
|
:
|
27/05/2010
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
SYED AZIZUL RAHMAN
|
|
|
Position
|
:
|
CEO
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
ZAINAL ARSHAD
|
|
|
Position
|
:
|
PRODUCTION MANAGER
|
AUDITOR
|
Auditor
|
:
|
KPMG
|
|
Auditor' Address
|
:
|
KPMG TOWER, 8, FIRST AVENUE, BANDAR UTAMA, 47800
PETALING JAYA, SELANGOR,
MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. JASNI BIN ABDUL JALIL
|
|
|
IC / PP No
|
:
|
7007140
|
|
|
New IC No
|
:
|
630309-07-5323
|
|
|
Address
|
:
|
47, JALAN SUNGAI CONGKAK 32/43, BUKIT RIMAU, 40460 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. WON SWEE HWAN
|
|
|
IC / PP No
|
:
|
A0331878
|
|
|
New IC No
|
:
|
660207-10-6712
|
|
|
Address
|
:
|
2, JALAN LANG PERUT PUTIH 9, KEPONG BARU, 52100 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
|
:
|
09/03/2000
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 2 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
10/04/2003
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM14,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 3 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
24/12/2004
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM10,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 4 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
09/03/2000
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM27,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 5
|
Date of Creation
|
:
|
17/11/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM7,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 16/01/2006
|
|
Registered and Numbered 5 In The Register of Charges
|
ENCUMBRANCE 6
|
Date of Creation
|
:
|
17/11/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM10,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 16/01/2006
|
|
Registered and Numbered 8 In The Register of Charges
|
ENCUMBRANCE 7
|
Date of Creation
|
:
|
17/11/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM20,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 16/01/2006
|
|
Registered and Numbered 7 In The Register of Charges
|
ENCUMBRANCE 8
|
Date of Creation
|
:
|
17/11/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM26,500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 17/01/2006
|
|
Registered and Numbered 9 In The Register of Charges
|
ENCUMBRANCE 9
|
Date of Creation
|
:
|
15/06/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM7,250,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 13/07/2006
|
|
Registered and Numbered 10 In The Register of Charges
|
ENCUMBRANCE 10
|
Date of Creation
|
:
|
15/06/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM26,500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 13/07/2006
|
|
Registered and Numbered 11 In The Register of Charges
|
ENCUMBRANCE 11
|
Date of Creation
|
:
|
15/06/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM20,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 18/07/2006
|
|
Registered and Numbered 12 In The Register of Charges
|
ENCUMBRANCE 12
|
Date of Creation
|
:
|
15/06/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 18/07/2006
|
|
Registered and Numbered 13 In The Register of Charges
|
ENCUMBRANCE 13
|
Date of Creation
|
:
|
15/06/2006
|
|
Description Of Charge
|
:
|
|
4TH CHARGE DATED 15TH JUNE 2006
|
|
|
Amount Secured
|
:
|
RM7,000,000.00
|
|
Description Of Property Affected
|
:
|
|
4TH FIXED CHARGE OVER PROPERTY HELD UNDER HSD 150679 PTD 84417 IN
MK PLENTONG, JB JOHOR TOGETHER WITH ALL BUILDING ERECTED OR BE ERECTED
THEREON
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
100, JALAN TUN PERAK, 14TH FLOOR, 50050 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 19/07/2006
|
|
Registered and Numbered 14 In The Register of Charges
|
ENCUMBRANCE 14
|
Date of Creation
|
:
|
17/11/2005
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM5,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 6 In The Register of Charges
|
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of the
wound up companies in Malaysia.
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
|
|
|
|
|
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
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Export Market
|
:
|
UNITED KINGDOM, MIDDLE EAST, EUROPE, ASIA
|
|
Credit Term
|
:
|
30 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
TELEGRAPHIC TRANSFER (TT),CHEQUES
|
|
Type of Customer
|
:
|
FOOD MANUFACTURERS,TOILETRIES,COSMETICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
LAUNDRY SOAP, SOAP NOODLES, TOILET SOAP
|
|
|
|
|
|
|
Brand Name
|
:
|
|
ENERGIZER GOLD , LACE, SAVANNAH
, SOLAR , SOLAR PRISM , ENERGIZER L10 , ENERGIZER RP10
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
BP CHEMICALS (MALAYSIA)
SDN BHD
|
|
EMERY OLEOCHEMICALS (M) SDN BHD
|
|
KL-KEPONG OLEOMAS SDN BHD
|
|
NATURAL OLEOCHEMICALS SDN BHD
|
|
NYLEX (MALAYSIA)
BHD
|
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
|
FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)
|
|
SMI ASSOCIATION OF MALAYSIA
|
|
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)
|
|
SMALL & MEDIUM ENTERPRISE
|
|
CHEMICAL INDUSTRIES COUNCIL OF MALAYSIA (CICM)
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Production Capacity
|
:
|
|
APROXIMATELY 100,000 TONNES PER YEAR
|
|
|
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
|
200
|
200
|
180
|
160
|
170
|
146
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacture and sale of oleo
chemical products, soap noodles and soaps.
The SC manufactures a wide range of products including distilled fatty acids,
soap noodles, stearic acids, glycerin and rumen protected fats.
Besides that the SC also produces a range of animal feeds for poultry, dairy
cattle and other domestic livestock products.
The SC offers a variety of derivatives and intermediates which find
application in a host of industries such as soaps and toiletries, poultry and
animal husbandry.
The SC manufactures fatty acids with vegetable oil as feedstock by molecular
splitting in high-pressure splitters using advanced process technology with
DCS/SCADA control systems.
The SC's soap noodles are further converted to soap bars in ultra modern,
fully computerized high speed finishing lines with facilities to pack 75 gm
to 150 gm bars in unitcartons, flow pack and conventional paper wrap.
The SC utilizes advanced automated and semi-automated machineries to ensure
production of high quality products that meet customers' requirements.
The SC has production workers from Nepal.
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
|
:
|
072543188
|
|
Current Telephone Number
|
:
|
07-2543188
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
PLO 406, JALAN EMAS, 81700, PASIR GUDANG, JOHOR.
|
|
Current Address
|
:
|
PLO 406, JALAN EMAS, 81700 PASIR GUDANG, JOHOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the Finance Department. 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
|
:
|
Favourable
|
[
|
31.28%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
16.45%
|
]
|
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. Generally the SC was profitable. The favourable return on
shareholders' funds and return on net assets indicate that the SC's
management was efficient in utilising the assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
29 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
39 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
16 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
|
[
|
0.44 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.76 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
|
:
|
Nil
|
[
|
0.00 Times
|
]
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
1.73 Times
|
]
|
The SC's interest cover was nil as it did not pay any interest during the year.
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. The SC did not make any
interest payment during the year. The SC was dependent on its shareholders'
funds to finance its business needs. 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 : 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
|
-
|
|
* Estimate /
Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
24290 : Manufacture of other chemical products n.e.c
|
|
24240 : Manufacture of soap and detergents, cleaning and polishing
preparations, perfumes and toilet preparations
|
|
|
|
|
INDUSTRY :
|
CHEMICAL
|
|
The chemicals industry is one of Malaysia's key industries,
catering not only for its own national requirements but also exporting to a
number of countries worldwide. The Malaysian chemicals and chemical
products industry has become the second largest contributor to the
manufactured exports sector, after the electrical and electronics industry.
|
|
The chemicals industry is important in Malaysia on account of the
nation's substantial oil and gas feedstock. The Chemicals Industries
Council of Malaysia (CICM) was established in 1978 as an industry group
under the aegis of the Federation of Malaysian Manufacturers, to focus on
the development of the chemicals industry. The primary objective of the
CICM was to organise the chemicals industry in Malaysia
into a cohesive group to represent Malaysia's interest at the
ASEAN Chemicals Industries Club (ACIC).
|
|
The Malaysian chemicals industry witnessed 37% growth in domestic sales
value in 2004 and sustained solid growth up until mid-2008. It expanded rapidly
and had been forecast to reach sales figures of MYR60,816mn by 2009.
|
|
Malaysia's
balance of trade for the year January to December 2008 was MYR114,883mn. In
the first five months of 2008, total trade was 11.2% up on the same period
last year. These impressive figures were short-lived however, with
significant decreases observed in the latter half of 2008 and early 2009,
due to the impact of global economic crisis. The Industrial Production
Index (IPI) in January 2009 was 20.2 % lower than it was in January 2008,
following a sharp decline of 15.9% in December 2008.
|
|
The biggest drop was witnessed by chemicals and chemical products, which
saw output contract by 29.9%. This is partly because the chemicals industry
tends to be more sensitive to the economic cycle and so fares
disproportionately badly in recessions.
|
|
Total exports are down from MYR100,115mn (US$27,858.48mn) in
January-February 2008 to MYR77,856mn (US$21,662mn) in the same period of
2009. Similarly, there has been a fall in imports, with total incoming
sales falling from MYR81,289mn (US$22,617mn) in January-February 2008 to
MYR57,778mn (US$16,705mn) in January-February 2009.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
Started in 1999, as a private limited company, the SC is principally
engaged in the manufacturing and sale of oleo chemical products, soap
noodles and soaps. Throughout its years of establishment, the SC should
have established good relationship with its customers to support its
growth. Being backed by its strong established holding company with a paid
up capital of RM12.13 million, the SC is expected to enjoy timely financial
assistance when the needs arise. The future prospect of the SC is bright.
|
|
Through time and experience, the SC has expanded steadily in the
international arena. Currently, the SC's main revenues are derived from
overseas market such as United Kingdom,
Middle East, Europe and Asia. It has a
strong footing in the international markets and its ability to penetrate
into the global market has well diversified its business risk. Besides, we
noted that the SC's products are widely used in industries like soaps and
toiletries, poultry and animal husbandry, it eliminates the risk of dependency
on one business line. As a whole, the SC's commercial risk is low.
Presently, the SC is assisted by 200 employees in the operations. Its
management capability is considered average.
|
|
For the financial year ended 2009, the SC's turnover decreased from
RM302.25 million to RM266.39 million. Despite the lower turnover, the SC's
pre-tax profit grew to RM10.25 million. Based on the higher profitability,
the SC has generated a favourable return based on its existing
shareholders' funds which indicated that the management was efficient in
utilising its funds to generate income. Nonetheless, the SC is in a weak
liquidity position with its current liabilities not well covered by its
current assets. It may face working capital deficiency. A high gearing
ratio has placed the SC at high financial risk. Nevertheless, as the SC
maintain a positive net worth standing at RM24.56 million, we believe the
SC is able to enhance its business in the near term.
|
|
Our investigation revealed that the SC imports its raw material from both
local and overseas market. 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.
|
|
Based on our historical financial data, we concluded that the SC's pattern
of payment habit is good. This implies good credit control and the SC could
be taking advantage of the cash discounts while maintaining a good
reputation with its creditors. There are no legal suit against the SC.
|
|
The chemical products industry is expected to grow in tandem with the
overall growth of other manufacturing of the economy. The improvement of
economic condition has encouraged demand on the SC's products. With the
promising outlook of the industry, the SC should be able to further enhance
its business.
|
|
In view of the above and based on our assessment, we recommend credit be
granted to the SC promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
IFFCO (MALAYSIA)
SDN BHD
|
|
For The Year
Ended 30-June-2009
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
266,394,942
|
302,251,551
|
231,769,265
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
10,255,337
|
2,176,844
|
1,255,999
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
10,255,337
|
2,176,844
|
1,255,999
|
|
Taxation
|
<2,573,000>
|
<718,000>
|
<284,000>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
7,682,337
|
------------
1,458,844
|
------------
971,999
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
7,682,337
|
------------
1,458,844
|
------------
971,999
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
7,682,337
|
------------
1,458,844
|
------------
971,999
|
|
As previous reported
|
4,748,756
|
3,289,912
|
2,317,913
|
|
|
|
|
|
|
As restated
|
------------
4,748,756
|
------------
3,289,912
|
------------
2,317,913
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
12,431,093
|
4,748,756
|
3,289,912
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
12,431,093
==========
|
------------
4,748,756
==========
|
------------
3,289,912
==========
|
|
RETAINED BY: The Company
|
12,431,093
|
4,748,756
|
3,289,912
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
12,431,093
==========
|
------------
4,748,756
==========
|
------------
3,289,912
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
Other interest expenses
|
-
|
4,886,300
|
4,326,779
|
|
|
------------
-
==========
|
------------
4,886,300
==========
|
------------
4,326,779
==========
|
BALANCE SHEET
|
IFFCO (MALAYSIA)
SDN BHD
|
|
As At
30-June-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
74,584,487
|
79,660,036
|
85,289,519
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
Jointly controlled entity
|
4,154,316
|
4,154,316
|
-
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
4,154,316
|
------------
4,154,316
|
------------
-
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
Goodwill on consolidation
|
173,424
|
-
|
-
|
|
TOTAL INTANGIBLE ASSETS
|
------------
173,424
|
------------
-
|
------------
-
|
|
TOTAL LONG TERM ASSETS
|
------------
78,912,227
|
------------
83,814,352
|
------------
85,289,519
|
|
CURRENT ASSETS
|
|
|
|
|
|
Stocks
|
21,445,502
|
26,676,489
|
23,496,495
|
|
|
|
|
|
|
|
|
Trade debtors
|
28,149,589
|
22,718,819
|
17,847,765
|
|
|
Other debtors, deposits & prepayments
|
500,796
|
1,436,934
|
1,466,904
|
|
|
Cash & bank balances
|
576,739
|
137,702
|
87,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from a jointly controlled entity
|
932,986
|
671,816
|
-
|
|
TOTAL CURRENT ASSETS
|
------------
51,605,612
|
------------
51,641,760
|
------------
42,898,672
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
11,526,560
|
11,355,280
|
11,356,862
|
|
|
Other creditors & accruals
|
8,006,460
|
7,660,434
|
9,981,746
|
|
|
Hire purchase & lease creditors
|
46,038
|
51,763
|
150,831
|
|
|
Bank overdraft
|
-
|
12,695
|
142,754
|
|
|
Short term borrowings/Term loans
|
9,268,750
|
9,268,750
|
9,007,160
|
|
|
Other borrowings
|
18,425,584
|
22,556,908
|
11,578,981
|
|
|
Bill & acceptances payable
|
20,885,000
|
23,116,000
|
23,690,000
|
|
TOTAL CURRENT LIABILITIES
|
------------
68,158,392
|
------------
74,021,830
|
------------
65,908,334
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
<16,552,780>
|
------------
<22,380,070>
|
------------
<23,009,662>
|
|
TOTAL NET ASSETS
|
------------
62,359,447
==========
|
------------
61,434,282
==========
|
------------
62,279,857
==========
|
|
FINANCED BY:
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
12,131,468
|
12,131,468
|
12,131,468
|
|
TOTAL SHARE CAPITAL
|
------------
12,131,468
|
------------
12,131,468
|
------------
12,131,468
|
|
RESERVES
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
12,431,093
|
4,748,756
|
3,289,912
|
|
TOTAL RESERVES
|
------------
12,431,093
|
------------
4,748,756
|
------------
3,289,912
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
24,562,561
|
------------
16,880,224
|
------------
15,421,380
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
Long term loans
|
14,731,811
|
24,016,046
|
31,743,805
|
|
|
Hire purchase creditors
|
44,075
|
90,012
|
384,672
|
|
|
Deferred taxation
|
5,021,000
|
2,448,000
|
1,730,000
|
|
|
Loan from holding company
|
18,000,000
|
18,000,000
|
13,000,000
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
37,796,886
|
------------
44,554,058
|
------------
46,858,477
|
|
|
------------
|
------------
|
------------
|
|
|
62,359,447
|
61,434,282
|
62,279,857
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
IFFCO (MALAYSIA)
SDN BHD
|
|
As At
30-June-2009
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
576,739
|
137,702
|
87,508
|
|
|
Net Liquid Funds
|
<8,692,011>
|
<9,143,743>
|
<9,062,406>
|
|
|
Net Liquid Assets
|
<37,998,282>
|
<49,056,559>
|
<46,506,157>
|
|
|
Net Current Assets/(Liabilities)
|
<16,552,780>
|
<22,380,070>
|
<23,009,662>
|
|
|
Net Tangible Assets
|
62,186,023
|
61,434,282
|
62,279,857
|
|
|
Net Monetary Assets
|
<75,795,168>
|
<93,610,617>
|
<93,364,634>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
42,516,258
|
55,996,174
|
53,008,203
|
|
|
Total Liabilities
|
105,955,278
|
118,575,888
|
112,766,811
|
|
|
Total Assets
|
130,517,839
|
135,456,112
|
128,188,191
|
|
|
Net Assets
|
62,359,447
|
61,434,282
|
62,279,857
|
|
|
Net Assets Backing
|
24,562,561
|
16,880,224
|
15,421,380
|
|
|
Shareholders" Funds
|
24,562,561
|
16,880,224
|
15,421,380
|
|
|
Total Share Capital
|
12,131,468
|
12,131,468
|
12,131,468
|
|
|
Total Reserves
|
12,431,093
|
4,748,756
|
3,289,912
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.01
|
0
|
0
|
|
|
Liquid Ratio
|
0.44
|
0.34
|
0.29
|
|
|
Current Ratio
|
0.76
|
0.70
|
0.65
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
29
|
32
|
37
|
|
|
Debtors Ratio
|
39
|
27
|
28
|
|
|
Creditors Ratio
|
16
|
14
|
18
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
1.73
|
3.32
|
3.44
|
|
|
Liabilities Ratio
|
4.31
|
7.02
|
7.31
|
|
|
Times Interest Earned Ratio
|
0
|
1.45
|
1.29
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
3.85
|
0.72
|
0.54
|
|
|
Net Profit Margin
|
2.88
|
0.48
|
0.42
|
|
|
Return On Net Assets
|
16.45
|
11.50
|
8.96
|
|
|
Return On Capital Employed
|
14.34
|
9.98
|
7.80
|
|
|
Return On Shareholders' Funds/Equity
|
31.28
|
8.64
|
6.30
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
|
|
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