* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
|
N/A - Not Applicable
|
|
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
149735-M
|
|
COMPANY NAME
|
:
|
FITTERS DIVERSIFIED BHD
|
|
FORMER NAME
|
:
|
FITTERS
HOLDINGS BHD (04/07/2007)
FITTERS HOLDINGS SDN BHD (18/01/1994)
|
|
INCORPORATION DATE
|
:
|
18/01/1986
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PUBLIC
|
|
LISTED STATUS
|
:
|
YES
|
|
LISTED DATE
|
:
|
03/10/1994
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
1, JALAN TEMBAGA SD 5/2, BANDAR SRI DAMANSARA, 52200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
WISMA FITTERS, NO.1 JALAN TEMBAGA SD5/2, 52200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
TEL.NO.
|
:
|
03-62767155
|
|
FAX.NO.
|
:
|
03-6275 8692
|
|
EMAIL
|
:
|
fdp@fittersgroup.com
|
|
WEB SITE
|
:
|
www.fittersgroup.com
|
|
CONTACT PERSON
|
:
|
MOHAMMAD NIZAR BIN IDRIS ( CHAIRMAN )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
51592
|
|
PRINCIPAL ACTIVITY
|
:
|
INVESTMENT HOLDING
|
|
AUTHORISED CAPITAL
|
:
|
MYR
500,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000,000.00 OF MYR 0.50 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR
72,136,092.00 DIVIDED INTO
ORDINARY SHARES 144,272,184 CASH OF MYR 0.50 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 126,225,961 [2009]
|
|
NET WORTH
|
:
|
MYR 114,551,301 [2009]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
BANKER (S)
|
:
|
|
ALLIANCE
BANK MALAYSIA
BHD
AMBANK (M) BHD
MALAYAN BANKING BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD1,204,937
|
HISTORY / BACKGROUND
As a public limited company, the SC must have
at least one shareholder but there is no limit on the maximum number of
shareholders. The SC must have at least two directors. A public 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, suing or
be sued by other companies. The liabilities of the shareholders are only up
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 must file in its annual return,
together with its financial statements with the Registrar of Companies. In Malaysia,
all the companies seeking listing on the Bursa Malaysia (Malaysia Stock
Exchange) must be public limited companies.
The SC is principally engaged in the (as a / as an) investment holding.
The SC was listed on the Main Board of Bursa Malaysia Securities Bhd on
03/10/1994
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
EB NOMINEES (TEMPATAN) SDN BHD
[WONG SWEE YEE]
|
MENARA EON BANK, 288 JALAN RAJA LAUT, 12TH FLOOR, 50350 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
43785
|
30,899,200.00
|
|
HDM NOMINEES (TEMPATAN) SDN BHD
[WONG SWEE YEE]
|
WISMA SRI PINANG, 60 GREEN HALL, LEVEL 2, 3, 4, 7 & 8, 10200
PULAU PINANG, PULAU PINANG, MALAYSIA.
|
41117
|
5,972,495.00
|
|
JF APEX NOMINEES (TEMPATAN) SDN BHD
[TEO SIEW LAI]
|
MENARA APEX, OFF JALAN SEMENYIH, BUKIT MEWAH, 6TH FLOOR, 50050 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
260802
|
5,871,140.00
|
|
TEO KWEE HOCK
|
|
|
5,658,005.00
|
|
SIM KENG CHOR
|
|
|
5,546,000.00
|
|
LOH FOONG PING
|
|
|
5,250,000.00
|
|
LEONG LAI SHEN
|
|
|
3,959,200.00
|
|
LEONG KOK WAH
|
|
|
3,935,000.00
|
|
LIM TWEE YONG
|
|
|
3,935,000.00
|
|
AMSEC NOMINEES (TEMPATAN) SDN BHD
[CHIN CHIN SEONG]
|
BANGUNAN AMBANK GROUP, 15 JALAN RAJA CHULAN, 15TH FLOOR, 50200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
102918
|
3,660,000.00
|
|
DATO' WONG SWEE YEE +
|
27, JALAN DAYA 2, TAMAN DAYA KEPONG, 52100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
570919-10-5161
5257959
|
1,316,234.00
|
|
REMAINING SHAREHOLDERS
|
|
|
68,269,910.00
|
|
|
|
|
---------------
|
|
|
|
|
144,272,184.00
|
|
|
|
|
============
|
+ Also Director
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Company
|
(%)
|
As At
|
|
814147
|
FUTURE NRG SDN BHD
|
83
|
31/12/2009
|
|
|
|
|
|
|
|
150673
|
ARMATRADE SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
150490
|
MASTER PYROSERVE SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
149366
|
MASTER PYRODOR SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
|
FITTERS-NRG SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
289548
|
FITTERS-MPS SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
49016
|
FITTERS SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
401415
|
FITTERS MARKETING SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
50317
|
FITTERS ENGINEERING SERVICES SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
|
FITTERS DOTCOM SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
416595
|
FITTERS BUILDING SERVICES SDN
BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
509623
|
WINTIP SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. ZAHEDI BIN HJ MOHD ZAIN
|
|
Address
|
:
|
81, JALAN ATHINAHAPAN, TAMAN TUN DR ISMAIL, 60000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
4783303
|
|
New IC No
|
:
|
550422-07-5325
|
|
Date of Birth
|
:
|
22/04/1955
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. MOHAMAD JAMIL BIN MOHD YUSOF
|
|
Address
|
:
|
LOT 59, BDR BARU, 54300 KERTIH, TERENGGANU, MALAYSIA.
|
|
IC / PP No
|
:
|
3510329
|
|
New IC No
|
:
|
430311-08-5241
|
|
Date of Birth
|
:
|
11/03/1943
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
15/09/1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. MOHAMMAD NIZAR BIN IDRIS
|
|
Address
|
:
|
36 PERSIARAN BURHANUDDIN HELMI, TMN TUN DR ISMAIL, 60000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
3910863
|
|
New IC No
|
:
|
420830-10-5217
|
|
Date of Birth
|
:
|
30/08/1942
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
21/11/2000
|
|
|
|
|
|
Qualification
|
:
|
ADVANCE MGTE PROGRAMME AT HARVARD
UNIVERSITY IN BOSTON, USA.
|
|
Working Experience
|
:
|
MEMBER OF THE MGTE TEAM OF THE SHELL GROUP IN MALAYSIA. SENIOR LEGAL ADVISOR IN
SHELL INTERNATIONAL BOTH IN LONDON, UK & THE HAGUE
IN THE NETHERLANDS.
STARTED CAREER IN THE GOVT SERVICE & SERVED BOTH THE CIVIL SERVICE
& THE JUDICIAL & LEGAL SERVICE. BEFORE LEAVING GOVT SERVICE TO JOIN
THE PRIVATE SECTOR, WAS THE SENIOR FEDERAL COUNSEL RESPONSIBLE FOR TAX
& TREASURE MATTERS. OVER 30 YEARS IN LEGAL, CORPORATE AFFAIRS &
BUSINESS MGTE.
|
|
Other Info
|
:
|
MEMBER OF THE BOARD OF TRUSTEE OF THE MALAYSIAN INSTITUTE OF
ECONOMIC RESEARCH & A TRUSTEE OF THE SHELL MALAYSIA RETIREMENT BENEFIT FUND
& THE SHELL MALAYSIA PROVIDENT FUND.
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. KONG SIN SENG
|
|
Address
|
:
|
1-17-08 LANAI KIARA CONDO, JALAN 1/61A, 50480 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
IC / PP No
|
:
|
8194846
|
|
New IC No
|
:
|
551018-10-6219
|
|
Date of Birth
|
:
|
18/10/1955
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
22/12/2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
DATIN GOH HOOI YIN
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
15/12/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject
|
:
|
DATO' WONG SWEE YEE
|
|
Address
|
:
|
27, JALAN DAYA 2, TAMAN DAYA KEPONG, 52100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
IC / PP No
|
:
|
5257959
|
|
New IC No
|
:
|
570919-10-5161
|
|
Date of Birth
|
:
|
19/09/1957
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
MOHAMMAD NIZAR BIN IDRIS
|
|
|
Position
|
:
|
CHAIRMAN
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
RICHARD WONG SWEE YEE
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
CHONG WEI WEI
|
|
|
Position
|
:
|
ACCOUNTANT
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
MEI YOUNG CHAN
|
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
ROZIAH
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
6)
|
Name of Subject
|
:
|
LIZA
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
7)
|
Name of Subject
|
:
|
SEVANTHI
|
|
|
Position
|
:
|
CREDIT CONTROLLER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
ERNST & YOUNG
|
|
Auditor' Address
|
:
|
MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR DAMANSARA, DAMANSARA
HEIGHTS, LEVEL 23A, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. NG YIM KONG
|
|
|
IC / PP No
|
:
|
0611897
|
|
|
New IC No
|
:
|
490424-08-5883
|
|
|
Address
|
:
|
97, JALAN USJ 2/4R, UEP SUBANG JAYA, 47600 SUBANG JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
ALLIANCE BANK MALAYSIA
BHD
|
|
|
|
|
|
|
3)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
|
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have been
placed or assigned to us for collection since 1990. Information was provided
by third party where the debt amount can be disputed. Please check with
creditors for confirmation as alleged debts may have been paid since recorded
or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
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
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,LETTER OF CREDIT (LC),TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
GOVERNMENT SECTOR,PRIVATE SECTOR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Services
|
:
|
INVESTMENT HOLDING
|
|
|
|
|
|
Competitor(s)
|
:
|
DANFOSS
INDUSTRIES SDN BHD
EITA RESOURCES SDN BHD
FITTERS SDN BHD
METRONIC ENGINEERING SDN BHD
OTIS ELEVATOR COMPANY (M) SDN BHD
|
|
|
|
|
|
Ownership of
premises
|
:
|
OWNED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
|
|
|
|
|
|
GROUP
|
242
|
242
|
242
|
242
|
250
|
|
|
|
|
|
COMPANY
|
16
|
16
|
16
|
16
|
18
|
|
|
|
|
|
Branch
|
:
|
YES
|
|
No of Branches
|
:
|
6
|
|
|
|
|
|
Branch(es)
|
:
|
66B LINTANG
ANGSANA, BANDAR AYER ITAM, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
Tel No: 04-829 0734
Fax No: 04-829 0731
13 &13A, JALAN DATO' HAJI MEGAT KHAS,, 31400 IPOH,
PERAK, MALAYSIA.
Tel No: 05-547 7622
Fax No: 05-547 7623
12 & 12A, JALAN SAGU 5, TAMAN DAYA, 81100 JOHOR BAHRU, JOHOR, MALAYSIA.
Tel No: 07-355 9585
Fax No: 07-355 9610
LOT NO.1, LORONG BUAH DUKU 1, KOLOMBONG, MILES 5 1/2,, 88450 KOTA KINABALU, SABAH,
MALAYSIA.
Tel No: 088-88 430 998
Fax No: 088-88 430 903
28, GROUND FLOOR, WISMA KOPERKASA, JALAN SIMPANG TIGA, 93300 KUCHING,
SARAWAK, MALAYSIA.
Tel No: 082-82 250 221
Fax No: 082-82 256 221
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) investment holding.
The group core business are:
(a) manufacturing and trading of safety, fire fighting equipment and
industrial products
(b) Construction & Engineering Services
(c) Property Development
(d) Renewable Energy
The SC has established themselves as a "one-stop" fire protection
specialist. Its subsidiaries are involved in the manufacturing, trading and
specialized installation of firefighting materials, equipment and providing
fire safety protection services & products.
Currently the SC has diversified into a number of new areas:
* Contracting business (Mechanical and Engineering)
* Rail and infrastructure engineering services
* Civil engineering construction
* Property development
* Waste-to-energy development
* Theming works
The SC also has business operation in Singapore.
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
|
:
|
0362767155
|
|
Current Telephone Number
|
:
|
03-62767155
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
1, BLOCK C,
JALAN DATARAN SD1, DATARAN SD, PJU 9, BANDAR SRI DAMANSARA, 52200, KUALA
LUMPUR, WILAYAH PERSEKUTUAN.
|
|
Current Address
|
:
|
WISMA FITTERS, NO.1 JALAN TEMBAGA SD5/2, 52200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC and she refused to provide any information
on the SC. We only obtained the SC information throught its website.
The SC also refused to verify the address provided.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Erratic
|
[
|
2007 - 2009
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2007 - 2009
|
]
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
7.00%
|
]
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
9.53%
|
]
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players. The SC's profit fell sharply because of the high
operating costs incurred. The unfavourable return on shareholders' funds and
net assets could indicate that the SC's management was inefficient in
utilising its assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
23 Days
|
]
|
|
Debtors Ratio
|
:
|
Unfavourable
|
[
|
150 Days
|
]
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
73 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
|
:
|
Favourable
|
[
|
1.52 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.63 Times
|
]
|
A minimum liquid ratio of 1 should be maintained by the SC in order to assure
its creditors of its ability to meet short term obligations and the SC was in
a good liquidity position. Thus, we believe the SC is able to meet all its
short term obligations as and when they fall due.
Solvency
|
Interest Cover
|
:
|
Favourable
|
[
|
10.09 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.11 Times
|
]
|
The interest cover showed that the SC was able to service the interest. The
favourable interest cover could indicate that the SC was making enough profit
to pay for the interest accrued. The SC was lowly geared thus it had a low
financial risk. The SC was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the SC
being a lowly geared company, will be able to compete better than those
companies which are highly geared in the same industry.
Overall
Assessment:
The SC recorded
lower profits as its turnover showed a erratic trend. The SC's management was
unable to control its costs efficiently as its profit showed a downward
trend. The SC was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the SC should be able to repay its short term obligations. With the
favourable interest cover, the SC could be able to service all the accrued
interest without facing any difficulties. 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 : STRONG
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
|
|
51592 : Wholesale of lifts, escalators, air-conditioning, security and
fire fighting equipment
|
|
|
|
|
INDUSTRY :
|
MACHINERY
|
|
During the Ninth Malaysia Plan, greater efforts will be undertaken in the
machinery and equipment (M&E) industry to enhance domestic capability
to design and fabricate machines and tools for the mechanisation and
automation needs of the economy through the provision of incentives and
financing schemes. Promotional efforts will be intensified to attract
foreign high-technology and specialised M&E manufacturers to set up
base in Malaysia.
Existing incentives for regional establishments will be improved while, new
incentive packages will be considered, including the setting up of
machinery parks within free zone facilities, with a view to making Malaysia
a centre for M&E activities in the region.
|
|
The successful establishment of the M&E industry will depend mainly on
the ability of the local engineering industry to supply parts, components
and modules as well as the availability of highly qualified technical human
resource. M&E manufacturers worldwide are turning to global outsourcing
for machinery components and modules. Thus, increased efforts will be made
to encourage local companies in the engineering support industry to upgrade
their technology and production capabilities especially to participate in
extensive outsourcing activities.
|
|
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 1986, the SC is a public company and it is listed on the
Bursa Malaysia on 3rd Oct 1994. The SC is principally engaged as an
investment holding company. The Group's core business activities are
manufacturing and trading of safety, fire fighting equipment and industrial
products, construction and engineering services, property development and
renewable energy. Currently, the SC has a total paid up capital of more
than RM72 million. Its vast experience and long presence in the market have
enabled the SC to gain a good market shares and established rapport with
its clients.
|
|
Besides catering to the local market, the SC has ventured intooversea
countries. We believe that this global approach has minimised its
commercial risk and better growth prospects can be expected. Besides, the
group offers a wide range of services to its customers which enable to
lower the SC's market risk as well. Headed by its Chairman, Mohammad Nizar
Bin Idris, the overall management capability of the SC is average.
|
|
In year 2009, the group's business performance showed a reverse trend as
both its turnover and pre-tax profit have decreased compared to the
previous year. Its turnover has moderated from RM163.78 million to RM126.22
million whilst its pre-tax profit dropped to RM9.97 million, in view of
decline in margin as a result of a challenging and competitive business
environment. Return on shareholders' funds of the group is relatively low,
indicating that the group did not generate an acceptable amount of profits based
on its existing shareholders' funds. Fortunately, the group was in good
liquidity position with its current liabilities well covered by its current
assets. Hence, it has sufficient working capital to meet its short term
financial obligations. Being a lowly geared company, the group is exposed
to low financial risk as it is mainly dependent on its internal funds to
finance its business needs. Given a positive net worth standing at RM114.55
million, the group should be able to maintain its business in the near
terms.
|
|
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 the historical financial data, we concluded that the SC's payment
habit is average. The SC is capable to meet small and medium commitments.
|
|
The potential growth for the industry is marginal and it is quite
competitive. With this normal outlook of industry, the SC still has
opportunities to enhance its business. As a well established company, the
SC should have strong competitive edge against other players in the same
fields.
|
|
In view of the above, we recommend credit be granted to the SC normally.
|
CONSOLIDATED PROFIT AND LOSS
ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
FITTERS
DIVERSIFIED BHD
|
|
For The Year
Ended 31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
TURNOVER
|
126,225,961
|
163,788,647
|
146,452,427
|
|
|
=========
|
=========
|
=========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
9,975,512
|
24,520,813
|
8,598,471
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
9,975,512
|
24,520,813
|
8,598,471
|
|
Taxation
|
<1,674,643>
|
<1,164,391>
|
<2,748,696>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
-------------
8,300,869
|
-------------
23,356,422
|
-------------
5,849,775
|
|
Minority interests
|
<284,493>
|
<1,726,297>
|
<320,447>
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
-------------
8,016,376
|
-------------
21,630,125
|
-------------
5,529,328
|
|
Extraordinary items
|
<2,675,716>
|
-
|
-
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
-------------
5,340,660
|
-------------
21,630,125
|
-------------
5,529,328
|
|
As previous reported
|
38,047,321
|
20,299,449
|
18,599,911
|
|
|
|
|
|
|
As restated
|
-------------
38,047,321
|
-------------
20,299,449
|
-------------
18,599,911
|
|
|
-------------
|
-------------
|
-------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
43,387,981
|
41,929,574
|
24,129,239
|
|
|
|
|
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
-
|
<3,882,253>
|
<3,829,790>
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
-------------
43,387,981
==========
|
-------------
38,047,321
==========
|
-------------
20,299,449
==========
|
|
RETAINED BY: The Company
|
43,387,981
|
38,047,321
|
20,299,449
|
|
|
|
|
|
|
|
|
|
|
|
|
-------------
43,387,981
==========
|
-------------
38,047,321
==========
|
-------------
20,299,449
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
Term loan
|
677,083
|
1,641,720
|
-
|
|
Bank overdraft
|
117,822
|
313,799
|
319,722
|
|
Revolving loans
|
30,756
|
63,421
|
29,534
|
|
Hire purchase
|
58,736
|
42,184
|
34,866
|
|
|
|
|
|
|
|
|
|
|
|
Interest on trust receipts
|
-
|
1,157
|
-
|
|
bankers acceptance
|
213,407
|
615,120
|
587,900
|
|
|
--------------
1,097,804
===========
|
--------------
2,677,401
===========
|
--------------
972,022
===========
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET
|
FITTERS
DIVERSIFIED BHD
|
|
As At
31-December-2009
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
14,657,667
|
14,241,474
|
10,431,070
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development properties/expenditure
|
30,922,416
|
30,569,263
|
-
|
|
|
Investment properties
|
1,607,306
|
1,177,046
|
1,403,270
|
|
|
Investments
|
19,294,474
|
15,496,474
|
17,369,834
|
|
|
|
|
|
|
|
|
Loans & advances - non-current
|
582,165
|
588,880
|
-
|
|
|
Deffered assets
|
285,466
|
450,330
|
-
|
|
|
Others (please specify)
|
-
|
-
|
248,572
|
|
|
Others (please specify)
|
-
|
-
|
38,911,608
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
52,691,827
|
------------
48,281,993
|
------------
57,933,284
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
Deferred/Expenditure carried forward
|
4,702,027
|
4,848,561
|
-
|
|
|
|
|
|
|
|
|
Goodwill on consolidation
|
-
|
-
|
15,112,997
|
|
|
|
|
|
|
|
TOTAL INTANGIBLE ASSETS
|
------------
4,702,027
|
------------
4,848,561
|
------------
15,112,997
|
|
TOTAL LONG TERM ASSETS
|
------------
72,051,521
|
------------
67,372,028
|
------------
83,477,351
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Short term quoted/unquoted investments
|
650
|
650
|
6,539
|
|
|
Stocks
|
7,873,377
|
11,684,479
|
13,775,579
|
|
|
|
|
|
|
|
|
Trade debtors
|
51,814,156
|
41,718,106
|
68,050,943
|
|
|
Other debtors, deposits & prepayments
|
33,782,399
|
41,466,340
|
15,857,261
|
|
|
Short term deposits
|
620,000
|
22,273,288
|
353,074
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
17,564,157
|
14,380,712
|
3,788,148
|
|
|
|
|
|
|
|
|
tax recoverable
|
2,977,375
|
2,377,388
|
1,019,876
|
|
TOTAL CURRENT ASSETS
|
------------
114,632,114
|
------------
133,900,963
|
------------
102,851,420
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
25,131,216
|
25,009,886
|
23,888,515
|
|
|
Other creditors & accruals
|
26,334,272
|
33,540,962
|
14,962,040
|
|
|
Hire purchase & lease creditors
|
445,732
|
331,194
|
270,471
|
|
|
Bank overdraft
|
5,849,757
|
1,462,420
|
6,584,485
|
|
|
Short term borrowings/Term loans
|
25,860
|
25,025,860
|
25,860
|
|
|
Other borrowings
|
5,000,000
|
-
|
1,000,000
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
7,270,000
|
7,154,921
|
18,668,566
|
|
|
Provision for taxation
|
373,069
|
411,241
|
872,357
|
|
|
|
|
|
|
|
|
Others (please specify)
|
-
|
-
|
1,000
|
|
TOTAL CURRENT LIABILITIES
|
------------
70,429,906
|
------------
92,936,484
|
------------
66,273,294
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
44,202,208
|
------------
40,964,479
|
------------
36,578,126
|
|
TOTAL NET ASSETS
|
------------
116,253,729
==========
|
------------
108,336,507
==========
|
------------
120,055,477
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
65,578,592
|
65,578,592
|
65,578,592
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
65,578,592
------------
|
65,578,592
------------
|
65,578,592
------------
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
Capital reserve
|
-
|
-
|
1,360,010
|
|
|
revaluation reserve
|
-
|
-
|
533,179
|
|
|
Exchange equalisation/fluctuation reserve
|
-
|
-
|
56,710
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
43,387,981
|
38,047,321
|
20,299,449
|
|
|
treasury shares
|
<2,277,204>
|
<4,453,602>
|
5,935,244
|
|
|
other reserve
|
7,861,932
|
7,889,561
|
-
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
48,972,709
|
------------
41,483,280
|
------------
28,184,592
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
114,551,301
|
------------
107,061,872
|
------------
93,763,184
|
|
MINORITY INTEREST
|
------------
422,774
|
------------
141,155
|
------------
317,679
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
Long term loans
|
55,624
|
98,796
|
25,120,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hire purchase creditors
|
729,078
|
562,954
|
391,355
|
|
|
Deferred taxation
|
494,952
|
471,730
|
462,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
1,279,654
|
------------
1,133,480
|
------------
25,974,614
|
|
|
------------
|
------------
|
------------
|
|
|
116,253,729
|
108,336,507
|
120,055,477
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED FINANCIAL RATIOS
|
FITTERS
DIVERSIFIED BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
18,184,157
|
36,654,000
|
4,141,222
|
|
|
Net Liquid Funds
|
12,308,540
|
10,165,720
|
<2,469,123>
|
|
|
Net Liquid Assets
|
36,328,831
|
29,280,000
|
22,802,547
|
|
|
Net Current Assets/(Liabilities)
|
44,202,208
|
40,964,479
|
36,578,126
|
|
|
Net Tangible Assets
|
111,551,702
|
103,487,946
|
104,942,480
|
|
|
Net Monetary Assets
|
35,049,177
|
28,146,520
|
<3,172,067>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
12,106,051
|
27,481,224
|
33,392,706
|
|
|
Total Liabilities
|
71,709,560
|
94,069,964
|
92,247,908
|
|
|
Total Assets
|
186,683,635
|
201,272,991
|
186,328,771
|
|
|
Net Assets
|
116,253,729
|
108,336,507
|
120,055,477
|
|
|
Net Assets Backing
|
114,974,075
|
107,203,027
|
94,080,863
|
|
|
Shareholders" Funds
|
114,551,301
|
107,061,872
|
93,763,184
|
|
|
Total Share Capital
|
65,578,592
|
65,578,592
|
65,578,592
|
|
|
Total Reserves
|
48,972,709
|
41,483,280
|
28,184,592
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.26
|
0.39
|
0.06
|
|
|
Liquid Ratio
|
1.52
|
1.32
|
1.34
|
|
|
Current Ratio
|
1.63
|
1.44
|
1.55
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
23
|
26
|
34
|
|
|
Debtors Ratio
|
150
|
93
|
170
|
|
|
Creditors Ratio
|
73
|
56
|
60
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0.11
|
0.26
|
0.36
|
|
|
Liabilities Ratio
|
0.63
|
0.88
|
0.98
|
|
|
Times Interest Earned Ratio
|
10.09
|
10.16
|
9.85
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
7.90
|
14.97
|
5.87
|
|
|
Net Profit Margin
|
6.35
|
13.21
|
3.78
|
|
|
Return On Net Assets
|
9.53
|
25.11
|
7.97
|
|
|
Return On Capital Employed
|
9.39
|
20.87
|
8.56
|
|
|
Return On Shareholders' Funds/Equity
|
7.00
|
20.20
|
5.90
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0.18
|
0.69
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
213,616,320.00
|
215,666,320.00
|
0.00
|
|
|
|
|
|
|
|
