|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
220400-A
|
|
COMPANY NAME
|
:
|
RAVIRAJ SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
08/07/1991
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
SUITE 6D, 10 LEBUH BISHOP, 2ND FLOOR, 10200 PULAU PINANG, PULAU
PINANG, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
15 (LOT 1159), MUKIM 15, JALAN SELADANG ALMA, 14000 BUKIT TENGAH,
PULAU PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-5525845
|
|
FAX.NO.
|
:
|
04-5521745
|
|
EMAIL
|
:
|
enrico@streamyx.com
|
|
WEB SITE
|
:
|
www.enrico.com.my
|
|
CONTACT PERSON
|
:
|
SUTHAGAR RAMASAMY ( EXPORT MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
15209 51239
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING FOR FOOD & BEVERAGES PRODUCT
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
5,000,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
3,908,117.00 DIVIDED INTO
ORDINARY SHARES 270,002 CASH AND 3,638,115 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 66,558,784 [2009]
|
|
NET WORTH
|
:
|
MYR 5,038,406 [2009]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
40 [2011]
|
|
BANKER (S)
|
:
|
|
PUBLIC
BANK BHD
MALAYAN BANKING BHD
BANK MUAMALAT MALAYSIA BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY / BACKGROUND
The SC is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As
a private limited company, the SC must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a
separate legal entity, the SC is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the SC is
insolvent. The SC is governed by the Companies Act, 1965 and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The SC is principally engaged in the (as a / as an) trading for food &
beverages product.
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
|
|
MR. V RAJENDRAN A/L VELAYUDHAN NAIR +
|
15, LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
650213-01-5439
A0075442
|
3,400,943.00
|
|
MR. RAVINDRAN A/L RAMALINGAM +
|
15, LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
620826-08-6101
7038402
|
507,174.00
|
|
|
|
|
---------------
|
|
|
|
|
3,908,117.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. RAVINDRAN A/L RAMALINGAM
|
|
Address
|
:
|
15, LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
7038402
|
|
New IC No
|
:
|
620826-08-6101
|
|
Date of Birth
|
:
|
26/08/1962
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN INDIAN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. V RAJENDRAN A/L VELAYUDHAN NAIR
|
|
Address
|
:
|
15, LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
A0075442
|
|
New IC No
|
:
|
650213-01-5439
|
|
Date of Birth
|
:
|
13/02/1965
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN INDIAN
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
SUTHAGAR RAMASAMY
|
|
|
Position
|
:
|
EXPORT MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
S K SUNDRAAM
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
S THILLAIMUTHU & CO
|
|
Auditor' Address
|
:
|
SUITE 4-04, BANGUNAN SRI WELD, 3A PENGKALAN WELD, 4TH FLOOR, 10300
PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. RAJAN A/L PERIATHAMBY
|
|
|
IC / PP No
|
:
|
8267328
|
|
|
New IC No
|
:
|
551231-02-5709
|
|
|
Address
|
:
|
1, TAMAN PONDOK LABU, 09000 KULIM, KEDAH, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
PUBLIC BANK BHD
|
|
|
|
|
|
|
2)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
3)
|
Name
|
:
|
BANK MUAMALAT MALAYSIA 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
|
:
|
22/06/2000
|
|
Description Of Charge
|
:
|
CHARGE
|
|
Amount Secured
|
:
|
RM300,000.00
|
|
Description Of Property Affected
|
:
|
G 63043, LOT 28438, MK SENAI-KULAI, DIST JOHOR BAHRU, JOHOR &
HS(D) KA 27391, PT 122803, MK HULU KINTA, DIST KINTA, PERAK
|
|
Name & Address Of Chargee
|
:
|
PUBLIC BANK BHD
2684 & 2685 JALAN CHAIN FERRY, TAMAN INDERAWASIH, 13600 PRAI, PULAU
PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
22/06/2000
|
|
Description Of Charge
|
:
|
CHARGE
|
|
Amount Secured
|
:
|
RM300,000.00
|
|
Description Of Property Affected
|
:
|
G 63043, LOT 28438, MK SENAI-KULAI, DIST JOHOR BAHRU, JOHOR &
HS(D) KA 27391, PT 122803, MK HULU KINTA, DIST KINTA, PERAK
|
|
Name & Address Of Chargee
|
:
|
PUBLIC BANK BHD
2684 & 2685 JLN CHAIN FERRY, TMN INDERAWASIH, 13600 PRAI, PULAU PINANG,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 2 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
26/02/2002
|
|
Description Of Charge
|
:
|
CHARGE
|
|
Amount Secured
|
:
|
RM110,000.00
|
|
Description Of Property Affected
|
:
|
HS(D) KA 27408, PT 122820, MK HULU KINTA, PERAK
|
|
Name & Address Of Chargee
|
:
|
PUBLIC BANK
BHD
2684 & 2685 JLN CHAIN FERRY, TMN INDERAWASIH, 13600 PRAI, PULAU PINANG,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 4 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
26/02/2002
|
|
Description Of Charge
|
:
|
CHARGE
|
|
Amount Secured
|
:
|
RM540,000.00
|
|
Description Of Property Affected
|
:
|
HS(D) KA 27408, PT 122820 & HS(D) KA 27391, PT 122803, BOTH IN
MK HULU KINTA, DIST KINTA, PERAK & G 63043, LOT 28438, MK SENAI-KULAI,
DIST JOHOR BAHRU, JOHOR
|
|
Name & Address Of Chargee
|
:
|
PUBLIC BANK BHD
2684 & 2685 JLN CHAIN FERRY, TMN INDERAWASIH, 13600 PRAI, PULAU PINANG,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 5 In The Register of Charges
|
ENCUMBRANCE 5
|
Date of Creation
|
:
|
05/06/2003
|
|
Description Of Charge
|
:
|
AGREEMENT & 1ST CHARGE
|
|
Amount Secured
|
:
|
O/D
|
|
Description Of Property Affected
|
:
|
G 63044, LOT 28439, MK SENAI-KULAI, DIST JOHOR BAHRU, JOHOR
|
|
Name & Address Of Chargee
|
:
|
PUBLIC BANK BHD
2684 & 2685 JALAN CHAI FERRY, TAMAN INDERAWASIH, 13600 PRAI, PULAU
PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 7 In The Register of Charges
|
ENCUMBRANCE 6
|
Date of Creation
|
:
|
24/03/2004
|
|
Description Of Charge
|
:
|
AGREEMENT & 1ST PARTY 2ND CHARGE
|
|
Amount Secured
|
:
|
O/D
|
|
Description Of Property Affected
|
:
|
G 63044, LOT 28439, MK SENAI-KULAI, DIST JOHOR BAHRU, JOHOR
|
|
Name & Address Of Chargee
|
:
|
PUBLIC BANK BHD
2684 & 2685 JALAN CHAI FERRY, TAMAN INDERAWASIH, 13600 PRAI, PULAU
PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 8 In The Register of Charges
|
ENCUMBRANCE 7
|
Date of Creation
|
:
|
15/10/2004
|
|
Description Of Charge
|
:
|
1ST PARTY
|
|
Amount Secured
|
:
|
RM7,100,000.00
|
|
Description Of Property Affected
|
:
|
HSM 2690, LOT 10923, HSM 2691, LOT 10924 AND HSM 2692, LOT 10924 ALL
IN MK 15, SEBERANG PERAI TENGAH, PULAU PINANG
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
28-30, JALAN TUKANG, 43000 KAJANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 01/11/2004
|
|
Registered and Numbered 9 In The Register of Charges
|
ENCUMBRANCE 8
|
Date of Creation
|
:
|
15/10/2004
|
|
Description Of Charge
|
:
|
1ST PARTY 2ND CHARGE
|
|
Amount Secured
|
:
|
RM3,200,000.00
|
|
Description Of Property Affected
|
:
|
HSM 2690, LOT 10923, HSM 2691, LOT 10924 AND HSM 2692, LOT 10924 ALL
IN MK 15, SEBERANG PERAI TENGAH, PULAU PINANG
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
28-30, JALAN TUKANG, 43000 KAJANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 01/11/2004
|
|
Registered and Numbered 10 In The Register of Charges
|
ENCUMBRANCE 9
|
Date of Creation
|
:
|
06/10/2004
|
|
Description Of Charge
|
:
|
FACILITIES AGREEMENT
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
GERAN NO 10921 & 10922, LOT 4238 & 4239, MK 13, TIMUR LAUT,
PULAU PINANG
|
|
Name & Address Of Chargee
|
:
|
PUBLIC BANK BHD
2684 & 2685, JALAN CHAIN FERRY, TAMAN INDERAWASIH, 13600 PRAI, PULAU
PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 09/12/2004
|
|
Registered and Numbered 11 In The Register of Charges
|
ENCUMBRANCE 10
|
Date of Creation
|
:
|
28/02/2008
|
|
Description Of Charge
|
:
|
FACILITY AGREEMENT
|
|
Amount Secured
|
:
|
RM2,500,000.00
|
|
Description Of Property Affected
|
:
|
MARGINAL DEPOSIT
|
|
Name & Address Of Chargee
|
:
|
BANK MUAMALAT MALAYSIA BHD
WISMA PERKESO, 3012 OFF LEBUH TENGGIRI 2, 13700 PERAI, PULAU PINANG,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 06/03/2008
|
|
Registered and Numbered 12 In The Register of Charges
|
ENCUMBRANCE 11
|
Date of Creation
|
:
|
26/09/2008
|
|
Description Of Charge
|
:
|
MEMO OF DEPOSIT, LETTER OF SETOFF, LC-I FACILITY AGREEMENT &
SG-I FACILITY AGREEMENT
|
|
Amount Secured
|
:
|
RM1,500,000.00
|
|
Description Of Property Affected
|
:
|
FIXED INVESTMENT OF RM500,000 & THE CHARGED ASSETS
|
|
Name & Address Of Chargee
|
:
|
AL RAJHI BANKING & INVESTMENT CORPORATION (MALAYSIA) BHD
142B, JALAN AMPANG, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 30/09/2008
|
|
Registered and Numbered 13 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
|
Percentage
|
:
|
40%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Import Countries
|
:
|
INDIA,NEW ZEALAND
|
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
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
RETAIL,SUPERMARKETS,DEALERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Goods Traded
|
:
|
FOOD PRODUCTS,HOUSEHOLD PRODUCT
|
|
|
|
|
|
Award
|
:
|
1 ) GOLDEN BULL AWARD Year :2007
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
MALAYSIA FOOD & BEVERAGE INDUSTRY
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Total Number of Employees:
|
|
YEAR
|
2011
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
40
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading for food &
beverages product.
Besides that the SC also offers a wide range of consumer goods includes dairy
products, tea, textured vegetarian products, Indian spices, lentils and
prayer items.
We were informed that the SC acts as the Headquarters and it has branch
offices in Pulau Pinang, Perak, Selangor and Johor.
Besides that the SC also has regional branches based in Singapore and India.
The SC's products conform to Food Safety Policies and Good Manufacturing
Practise to ensure that product quality and customer satisfaction is not
compromised.
PROJECTS
No projects found in our databank
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA)database,
but no latest development was noted in our investigation.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
04-5525845
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
15 (LOT 1159), MUKIM 15, JALAN SELADANG ALMA, 14000, BUKIT MERTAJAM,
PULAU PINANG.
|
|
Current Address
|
:
|
15 (LOT 1159), MUKIM 15, JALAN SELADANG ALMA, 14000 BUKIT TENGAH,
PULAU PINANG, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the SC staff from Finance Department Ms Mina and she
provided some information regarding to the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
2007 - 2009
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2007 - 2009
|
]
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
3.27%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
22.06%
|
]
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years. The 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
|
[
|
27 Days
|
]
|
|
Debtors Ratio
|
:
|
Acceptable
|
[
|
63 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
6 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
|
[
|
0.78 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.02 Times
|
]
|
A low liquid ratio means that the SC may be facing working capital
deficiency. If the SC cannot obtain additional financing or injection of
fresh capital, it may face difficulties in meeting its short term
obligations.
Solvency
|
Interest Cover
|
:
|
Unfavourable
|
[
|
1.17 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.50 Times
|
]
|
The SC's interest cover was low. If its profits fall or when interest rate
rises, it may not be able to meet all its interest payment. The SC was 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:
Although the
SC's turnover had increased, its profits had declined over the same
corresponding period. This could be due to the stiffer market competition and
/ or higher operating costs which lowered the SC's profit margin. Due to its
weak liquidity position, the SC will be faced with problems in meeting all
its short term obligations if no short term loan is obtained or additional
capital injected into the SC. If there is a fall in the SC's profit or any
increase in interest rate, the SC may not be able to generate sufficient
cash-flow to service its interest. The SC 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 : POOR
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.17
|
27.73
|
28.31
|
28.88
|
29.13
|
|
Gross Domestic Products ( % )
|
6.3
|
4.6
|
<0.5>
|
6.9
|
5.8
|
|
Domestic Demand ( % )
|
9.0
|
6.9
|
2.9
|
4.6
|
4.8
|
|
Private Expenditure ( % )
|
8.6
|
7.1
|
<2.7>
|
8.1
|
7.0
|
|
Consumption ( % )
|
9.0
|
8.4
|
0.7
|
6.7
|
6.3
|
|
Investment ( % )
|
7.1
|
1.5
|
<17.2>
|
15.2
|
10.2
|
|
Public Expenditure ( % )
|
10.1
|
6.5
|
5.2
|
3.8
|
2.8
|
|
Consumption ( % )
|
10.8
|
11.6
|
3.1
|
0.2
|
4.6
|
|
Investment ( % )
|
9.3
|
0.7
|
8.0
|
8.3
|
0.6
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
100,340
|
129,563
|
89,650
|
118,356
|
116,058
|
|
Government Finance ( MYR Million )
|
<19,948>
|
<34,462>
|
<28,450>
|
<40,482>
|
-
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<3.2>
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
|
Inflation ( % Change in Composite CPI)
|
2.0
|
<3.3>
|
<5.2>
|
5.1
|
-
|
|
Unemployment Rate
|
3.2
|
3.7
|
4.5
|
3.9
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
336
|
388
|
331
|
394
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
3.04
|
1.91
|
2.87
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
13.30
|
13.24
|
11.08
|
15.30
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
6.72
|
5.53
|
5.70
|
-
|
|
Business Loans Disbursed( % )
|
9.1
|
11.6
|
10.5
|
14.7
|
-
|
|
Foreign Investment ( MYR Million )
|
33,426.0
|
23,261.4
|
22,156.8
|
22,517.9
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
43,337
|
41,599
|
41,578
|
-
|
-
|
|
Registration of New Companies ( % )
|
13.2
|
<4.0>
|
<0.1>
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
22,629
|
27,992
|
39,075
|
-
|
-
|
|
Liquidation of Companies ( % )
|
161.5
|
23.7
|
39.6
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
227,410
|
269,866
|
312,581
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
20,431
|
18,885
|
19,345
|
-
|
-
|
|
Business Dissolved ( % )
|
<61.4>
|
<7.6>
|
2.4
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
442.9
|
497.5
|
319.4
|
369.7
|
-
|
|
Cellular Phone Subscribers ( Million )
|
23.3
|
25.1
|
30.1
|
32.8
|
-
|
|
Tourist Arrival ( Million Persons )
|
20.9
|
21.5
|
23.6
|
24.0
|
25.0
|
|
Hotel Occupancy Rate ( % )
|
70
|
68
|
58
|
63
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
20.1
|
17.1
|
12.8
|
15.1
|
-
|
|
Bad Cheque Offenders (No.)
|
30,004
|
34,834
|
-
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
13,238
|
13,907
|
-
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
<2.6>
|
5.1
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.1
|
3.6
|
0.4
|
3.4
|
4.5
|
|
Palm Oil
|
<0.6>
|
7.0
|
<1.1>
|
1.3
|
-
|
|
Rubber
|
1.0
|
<1.1>
|
<19.8>
|
9.9
|
-
|
|
Forestry & Logging
|
2.8
|
<1.5>
|
<5.9>
|
<1.3>
|
-
|
|
Fishing
|
5.2
|
4.0
|
5.5
|
4.1
|
-
|
|
Other Agriculture
|
7.0
|
5.9
|
9.0
|
6.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
487.3
|
393.0
|
413.7
|
508.4
|
-
|
|
% of Industry Non-Performing Loans
|
1.1
|
<2.0>
|
1.3
|
2.1
|
-
|
|
|
|
|
|
|
|
|
Mining
|
3.3
|
<0.8>
|
<3.8>
|
1.0
|
2.9
|
|
Oil & Gas
|
2.2
|
12.7
|
2.1
|
4.9
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
42.2
|
36.0
|
44.2
|
49.7
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
3.1
|
1.3
|
<9.4>
|
10.8
|
6.7
|
|
Exported-oriented Industries
|
<1.9>
|
2.7
|
<19.0>
|
12.1
|
-
|
|
Electrical & Electronics
|
3.0
|
2.4
|
<30.3>
|
27.4
|
-
|
|
Rubber Products
|
8.0
|
4.2
|
<10.1>
|
25.3
|
-
|
|
Wood Products
|
3.3
|
<6.0>
|
<24.1>
|
19.7
|
-
|
|
Textiles & Apparel
|
<10.1>
|
1.9
|
<19.5>
|
<1.3>
|
-
|
|
Domestic-oriented Industries
|
5.3
|
9.9
|
<9.8>
|
16.3
|
-
|
|
Food, Beverages & Tobacco
|
5.6
|
9.5
|
0.2
|
3.0
|
-
|
|
Chemical & Chemical Products
|
9.2
|
1.4
|
<7.7>
|
20.4
|
-
|
|
Plastic Products
|
<3.6>
|
6.5
|
<9.1>
|
2.4
|
-
|
|
Iron & Steel
|
17.5
|
16.8
|
<32.7>
|
30.0
|
-
|
|
Fabricated Metal Products
|
26.2
|
14.7
|
<2.5>
|
14.9
|
-
|
|
Non-metallic Mineral
|
6.6
|
8.3
|
<15.5>
|
20.2
|
-
|
|
Transport Equipment
|
<19.0>
|
27.1
|
<13.5>
|
36.5
|
-
|
|
Paper & Paper Products
|
14.9
|
8.6
|
<5.0>
|
20.5
|
-
|
|
Crude Oil Refineries
|
8.6
|
7.8
|
0.2
|
<11.4>
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,366.2
|
5,729.4
|
6,007.3
|
6,217.5
|
-
|
|
% of Industry Non-Performing Loans
|
14.1
|
16.8
|
18.3
|
23.8
|
-
|
|
|
|
|
|
|
|
|
Construction
|
4.6
|
2.1
|
5.8
|
4.9
|
4.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,116.7
|
4,149.8
|
3,241.8
|
4,038.5
|
-
|
|
% of Industry Non-Performing Loans
|
11.3
|
12.2
|
9.9
|
10.7
|
-
|
|
|
|
|
|
|
|
|
Services
|
9.7
|
7.3
|
2.6
|
6.5
|
5.3
|
|
Electric, Gas & Water
|
4.6
|
5.0
|
0.4
|
8.5
|
5.6
|
|
Transport, Storage & Communication
|
7.60
|
7.80
|
1.60
|
7.15
|
7.55
|
|
Wholesale, Retail, Hotel & Restaurant
|
11.6
|
10.0
|
2.8
|
4.7
|
5.2
|
|
Finance, Insurance & Real Estate
|
10.7
|
9.2
|
3.8
|
6.0
|
5.2
|
|
Government Services
|
4.6
|
8.6
|
2.0
|
6.7
|
1.9
|
|
Other Services
|
5.0
|
5.9
|
4.4
|
4.2
|
5.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
10,207.8
|
8,281.4
|
6,631.3
|
7,384.6
|
-
|
|
% of Industry Non-Performing Loans
|
22.6
|
24.3
|
20.2
|
25.7
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
15209 : Manufacture of other dairy products
|
|
51239 : Wholesale of other foodstuffs e.g mee,kueh teow, wantan skin
and related products,cooking oil, tinned food, etc
|
|
|
|
|
INDUSTRY :
|
FOOD & BEVERAGES
|
|
|
|
|
|
|
Rising inflationary pressure and volatile financial markets have prompted
some companies to forecast conservative earnings as they brace for a
potential slowdown in consumer spending this year. Companies cautious about
their earnings outlook are mainly those in the food and beverage industry.
Most of them import their raw materials, including milk and wheat, where
the prices have surged in recent months.
|
|
While contending with margin squeeze, the companies would not want to pass
on most of the costs yet on concerns the higher prices would affect
consumer spending. For the moment, the outlook for consumer spending might
not be as bright but the domestic economy is still strong.
|
|
The food and beverages industry has always been one of the more resilient
industries in an economic downturn. For the period of January - May 2009,
the industry achieved exports of RM4.41 billion, slightly lower than RM4.42
billion attained in the same period in 2008. The Government is dealing with
issues like inflation to improve consumer sentiment. High commodity prices
would boost the country's gross domestic product growth and consumer
spending would stay resilient, given rising household income for farmers,
civil servants and private sector employees.
|
|
An increase in the annual subsidy assistance for padi farmers to boost
production levels and encourage more people to plant the crop so as to
increase the State's food supply. The government believes the increase in
the subsidy assistance will directly increase the level of income and
well-being of the farmers in the State. This would be in line with the
Malaysia policy of People First, Performance Now. The move is also in line
with the government objective to increase the State's self-sufficiency in
padi and rice production to 60 per cent by the year 2010.
|
|
The Government has identified the processed food industry as one of the
major growth sectors of the economy under the Ninth Malaysia Plan (9MP).
Under the 9MP, the food commodities subsector is expected to grow at an
average rate of 7.6% per annum through improvements in efficiency and
productivity as well as expansion in hectarage. Exports of food commodities
will be increased to achieve a positive food trade balance. The production
of 'padi' will be increased to meet the target of self-sufficiency level of
90%. The production of fruits will be undertaken on a large-scale in the
fruit production zones using the cluster development approach and
concentrating on nine fruit species which have export potential. The
production of vegetables will focus on high value varieties for local
consumption and selected export markets. The Green Book Programme to
promote cultivation of food crops at the community level will be
reactivated.
|
|
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 : Average Growth
|
COMMENTS & RECOMMENDATION
|
Incorporated in 1991 as a private limited company, the SC is principally
engaged in the trading for food and beverages product. With 2 decades of
experience in the business, the SC has fairly rich experiences in the
business and has achieved a certain market share. With RM3.9 million in
issued and paid up capital, the SC has the potential of capturing a higher
market shares as it is competing aggressively in the market.
|
|
Investigation revealed that the SC mainly supplies to the local market.
This narrow market segment limits its business expansion opportunities and
lowers the growth prospects. However, the SC offering variety of consumer
goods may diversify its business risk. Currently, the SC has a total work force
of 40 employees in its operation. Overall, the management capability of the
SC is average.
|
|
In year 2009, the SC registered a higher turnover of RM66.55 million
compared to RM60.65 million previously. However, its pre-tax profit has
moderated to RM214,959. The lower profit achieved was a result of higher
operating cost and increased competition. The SC has generated an
unfavourable return on shareholders' funds indicating that the management
was inefficient in utilising its funds to generate return. 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. 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 RM5.03 million,
the SC is able to sustain its business performance in the near terms.
|
|
To reduce the risk of component shortages, the SC sources its raw materials
from both local and overseas countries. About 60% of the SC's products are
imported from India and New Zealand. As a result, the SC is exposed to
foreign currency fluctuation risk.
|
|
Overall, we regard the The SC's payment habit is average. With its adequate
working capital, the SC should be able to pay its short term debts. Based
on our databank, the SC is clear of any litigation action
|
|
The industry remains robust with continuing strong global demand for its
products. There is no doubt that the food industry is growing, in tandem
with the rising population. With the promising outlook of the industry
performance, the SC's business opportunity in the future should be bright.
|
|
Based on the above condition, we recommend a moderate amount of credit be
granted to the SC normally.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
RAVIRAJ SDN
BHD
|
|
For The Year
Ended 30-June-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
66,558,784
|
60,657,243
|
57,836,938
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
214,959
|
812,294
|
773,803
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
214,959
|
812,294
|
773,803
|
|
Taxation
|
<50,000>
|
<492,594>
|
<260,528>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
164,959
|
------------
319,700
|
------------
513,275
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
164,959
|
------------
319,700
|
------------
513,275
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
164,959
|
------------
319,700
|
------------
513,275
|
|
As previous reported
|
965,330
|
2,156,129
|
1,642,854
|
|
|
|
|
|
|
As restated
|
------------
965,330
|
------------
2,156,129
|
------------
1,642,854
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,130,289
|
2,475,829
|
2,156,129
|
|
|
|
|
|
|
|
|
|
|
|
CAPITALISATION FOR BONUS ISSUES
|
-
|
<1,510,499>
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
1,130,289
==========
|
------------
965,330
==========
|
------------
2,156,129
==========
|
|
RETAINED BY: The Company
|
1,130,289
|
965,330
|
2,156,129
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
1,130,289
==========
|
------------
965,330
==========
|
------------
2,156,129
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hire purchase
|
27,861
|
44,975
|
43,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other interest expenses
|
-
|
11,000
|
11,000
|
|
Bank interest
|
1,201,483
|
1,651,177
|
1,307,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
1,229,344
==========
|
------------
1,707,152
==========
|
------------
1,361,962
==========
|
|
|
|
|
|
BALANCE SHEET
|
RAVIRAJ SDN
BHD
|
|
As At
30-June-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
6,166,627
|
6,582,478
|
6,400,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
6,166,627
|
------------
6,582,478
|
------------
6,400,432
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
4,850,519
|
4,167,096
|
4,644,911
|
|
|
|
|
|
|
|
|
Trade debtors
|
11,512,342
|
11,581,101
|
11,185,002
|
|
|
Other debtors, deposits & prepayments
|
1,025,807
|
1,069,025
|
1,259,297
|
|
|
Short term deposits
|
3,297,782
|
366,301
|
2,006,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
109,638
|
346,234
|
247,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
20,796,088
|
------------
17,529,757
|
------------
19,343,339
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
1,064,331
|
1,902,321
|
1,587,126
|
|
|
Other creditors & accruals
|
1,404,143
|
1,837,882
|
1,184,982
|
|
|
Hire purchase & lease creditors
|
105,151
|
141,070
|
178,711
|
|
|
Bank overdraft
|
572,970
|
90,480
|
2,419,824
|
|
|
Short term borrowings/Term loans
|
410,343
|
476,377
|
427,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
16,820,257
|
12,494,601
|
12,787,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to director
|
12,413
|
12,413
|
12,414
|
|
|
Provision for taxation
|
24,519
|
194,181
|
32,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
20,414,127
|
------------
17,149,325
|
------------
18,631,116
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
381,961
|
------------
380,432
|
------------
712,223
|
|
TOTAL NET ASSETS
|
------------
6,548,588
==========
|
------------
6,962,910
==========
|
------------
7,112,655
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
3,908,117
|
3,908,117
|
2,397,618
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
3,908,117
|
------------
3,908,117
|
------------
2,397,618
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
1,130,289
|
965,330
|
2,156,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
1,130,289
|
------------
965,330
|
------------
2,156,129
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
5,038,406
|
------------
4,873,447
|
------------
4,553,747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
Long term loans
|
1,247,450
|
1,721,581
|
2,242,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hire purchase creditors
|
177,732
|
282,882
|
268,490
|
|
|
Deferred taxation
|
85,000
|
85,000
|
47,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
1,510,182
|
------------
2,089,463
|
------------
2,558,908
|
|
|
------------
|
------------
|
------------
|
|
|
6,548,588
|
6,962,910
|
7,112,655
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
RAVIRAJ SDN
BHD
|
|
As At
30-June-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
3,407,420
|
712,535
|
2,254,129
|
|
|
Net Liquid Funds
|
2,424,107
|
145,678
|
<593,550>
|
|
|
Net Liquid Assets
|
<4,468,558>
|
<3,786,664>
|
<3,932,688>
|
|
|
Net Current Assets/(Liabilities)
|
381,961
|
380,432
|
712,223
|
|
|
Net Tangible Assets
|
6,548,588
|
6,962,910
|
7,112,655
|
|
|
Net Monetary Assets
|
<5,978,740>
|
<5,876,127>
|
<6,491,596>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
2,513,646
|
2,712,390
|
5,537,698
|
|
|
Total Liabilities
|
21,924,309
|
19,238,788
|
21,190,024
|
|
|
Total Assets
|
26,962,715
|
24,112,235
|
25,743,771
|
|
|
Net Assets
|
6,548,588
|
6,962,910
|
7,112,655
|
|
|
Net Assets Backing
|
5,038,406
|
4,873,447
|
4,553,747
|
|
|
Shareholders" Funds
|
5,038,406
|
4,873,447
|
4,553,747
|
|
|
Total Share Capital
|
3,908,117
|
3,908,117
|
2,397,618
|
|
|
Total Reserves
|
1,130,289
|
965,330
|
2,156,129
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.17
|
0.04
|
0.12
|
|
|
Liquid Ratio
|
0.78
|
0.78
|
0.79
|
|
|
Current Ratio
|
1.02
|
1.02
|
1.04
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
27
|
25
|
29
|
|
|
Debtors Ratio
|
63
|
70
|
71
|
|
|
Creditors Ratio
|
6
|
11
|
10
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0.50
|
0.56
|
1.22
|
|
|
Liabilities Ratio
|
4.35
|
3.95
|
4.65
|
|
|
Times Interest Earned Ratio
|
1.17
|
1.48
|
1.57
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
0.32
|
1.34
|
1.34
|
|
|
Net Profit Margin
|
0.25
|
0.53
|
0.89
|
|
|
Return On Net Assets
|
22.06
|
36.18
|
30.03
|
|
|
Return On Capital Employed
|
18.91
|
32.84
|
21.06
|
|
|
Return On Shareholders' Funds/Equity
|
3.27
|
6.56
|
11.27
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
