|
|
REGISTRATION
NO.
|
:
|
451307-K
|
|
COMPANY
NAME
|
:
|
BASF
PETRONAS CHEMICALS SDN BHD
|
|
FORMER
NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
28/10/1997
|
|
|
|
|
|
|
|
|
|
COMPANY
STATUS
|
:
|
EXIST
|
|
LEGAL
STATUS
|
:
|
PRIVATE
LIMITED
|
|
LISTED
STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
THE
GARDENS NORTH TOWER, MID VALLEY CITY, LINGKARAN SYED PUTRA, LEVEL 18, 59200
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS
ADDRESS
|
:
|
2,
JALAN U8/87, SEKSYEN U8, BUKIT JELUTONG, 40706 SHAH ALAM, SELANGOR,
MALAYSIA.
|
|
TEL.NO.
|
:
|
03-78412200
|
|
FAX.NO.
|
:
|
03-78466624
|
|
EMAIL
|
:
|
info.service@basf-petronas.com.my
|
|
WEB
SITE
|
:
|
www.basf-petronas.com.my
|
|
CONTACT
PERSON
|
:
|
JOACHIM
QUEISSER ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY
CODE
|
:
|
24290
2411
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURING
OF PETROCHEMICALS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
2,400,000,000.00 DIVIDED INTO
ORDINARY SHARE 2,375,000.00 OF MYR 1,000.00 EACH.
PREFERENCE SHARE 25,000.00 OF MYR 1,000.00 EACH.
|
|
ISSUED
AND PAID UP CAPITAL
|
:
|
MYR
1,000,000,000.00 DIVIDED INTO
ORDINARY SHARES 1,000,000 CASH OF MYR 1,000.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR
3,453,945,000 [2011]
|
|
NET
WORTH
|
:
|
MYR
1,210,213,000 [2011]
|
|
M1000
OVERALL RANKING
|
:
|
199[2011]
|
|
M1000
INDUSTRY RANKING
|
:
|
8[2011]
|
|
|
|
|
|
STAFF
STRENGTH
|
:
|
610
[2012]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT
CAPABILITY
|
:
|
GOOD
|
|
|
|
|
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) manufacturing of petrochemicals.
The SC is not listed on Bursa
Malaysia (Malaysia Stock Exchange).
|
According
to the Malaysia 1000 publication, the SC's ranking are as follows:
|
|
|
|
|
|
|
|
|
YEAR
|
2011
|
2009
|
2008
|
2005
|
2004
|
|
|
OVERALL
RANKING
|
199
|
114
|
109
|
179
|
278
|
|
|
INDUSTRY
RANKING
|
8
|
3
|
4
|
3
|
6
|
|
The immediate holding company
of the SC is BASF NEDERLAND B V, a company incorporated in NETHERLANDS.
The ultimate holding company
of the SC is BASF SE, a company incorporated in GERMANY.
The
major shareholder(s) of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc
No
|
Shareholding
|
(%)
|
|
BASF
NEDERLAND B V
|
GRONINGENSINGEL
1, 6835 EA ARNHEM, NETHERLANDS.
|
09022883
|
600,000.00
|
60.00
|
|
PETRONAS
CHEMICALS GROUP BHD
|
TOWER
1, PETRONAS TWIN TOWERS, KUALA LUMPUR CITY CENTRE, 50088 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
459830
|
400,000.00
|
40.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
1,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR
1
|
Name
Of Subject
|
:
|
SAORI
ULRIKE DUBOURG
|
|
Address
|
:
|
SUITE
2701, PACIFIC PLACE APARTMENTS, PACIFIC PLACE, 88 QUEENSWAY, HONG KONG.
|
|
IC
/ PP No
|
:
|
P646750091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
GERMAN
|
|
Date
of Appointment
|
:
|
10/11/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
2
|
Name
Of Subject
|
:
|
DR
JOACHIM ALEXANDER QUEISSER
|
|
Address
|
:
|
45,
KIARA HILLS, 1, JALAN 32/70A, TAMAN SRI HARTAMAS, 52480, KUALA LUMPUR,
MALAYSIA.
|
|
IC
/ PP No
|
:
|
C5JCTJLJK
|
|
|
|
|
|
Date
of Birth
|
:
|
12/05/1967
|
|
|
|
|
|
Nationality
|
:
|
DEUTSCH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
3
|
Name
Of Subject
|
:
|
PROF.
DR RAINER DIERCKS
|
|
Address
|
:
|
PHILIPP-MELANCHTHON
STRABE 21, 67346 SPEYER, GERMANY.
|
|
IC
/ PP No
|
:
|
P225206719
|
|
|
|
|
|
Date
of Birth
|
:
|
11/11/1956
|
|
|
|
|
|
Nationality
|
:
|
DEUTSCH
|
|
Date
of Appointment
|
:
|
25/02/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
4
|
Name
Of Subject
|
:
|
DR
TORTSEN PENKUHN
|
|
Address
|
:
|
34
DAKOTA CRESCENT, 19-01 DAKOTA RESIDENCE, 67346, GERMANY.
|
|
IC
/ PP No
|
:
|
C4KH5HP60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
DUTCH
|
|
Date
of Appointment
|
:
|
16/01/2012
|
|
Remark
|
:
|
ALT
DIR TO PROF. DR. RANER DIERCKS
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
5
|
Name
Of Subject
|
:
|
DATUK
WAN ZULKIFLEE BIN WAN ARIFFIN
|
|
Address
|
:
|
5,
JALAN 14/1, TAMAN TAR, 68000 AMPANG, SELANGOR, MALAYSIA.
|
|
IC
/ PP No
|
:
|
5995503
|
|
New
IC No
|
:
|
600819-07-5545
|
|
Date
of Birth
|
:
|
19/08/1960
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
MALAY
|
|
Date
of Appointment
|
:
|
13/08/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
6
|
Name
Of Subject
|
:
|
DR
ABD HAPIZ BIN ABDULLAH
|
|
Address
|
:
|
24,
JALAN SERUNAI 2, TAMAN KLANG JAYA, 41200 KLANG, SELANGOR, MALAYSIA.
|
|
IC
/ PP No
|
:
|
5485991
|
|
New
IC No
|
:
|
581007-10-6261
|
|
Date
of Birth
|
:
|
07/10/1958
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
MALAY
|
|
Date
of Appointment
|
:
|
09/06/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name
of Subject
|
:
|
JOACHIM
QUEISSER
|
|
|
Position
|
:
|
MANAGING
DIRECTOR
|
|
|
|
|
|
|
2)
|
Name
of Subject
|
:
|
PATRICK
TONG
|
|
|
Position
|
:
|
FINANCE
DIRECTOR
|
|
|
|
|
|
|
3)
|
Name
of Subject
|
:
|
NORASHIKIN
MOKHTAR
|
|
|
Position
|
:
|
SENIOR
FINANCE MANAGER
|
|
|
|
|
|
|
4)
|
Name
of Subject
|
:
|
VOLKER
SEIDL
|
|
|
Position
|
:
|
MARKETING
DIRECTOR
|
|
|
|
|
|
|
5)
|
Name
of Subject
|
:
|
SURAYA
|
|
|
Position
|
:
|
ASSISTANT
HUMAN RESOURCES DIRECTOR
|
|
|
|
|
|
|
6)
|
Name
of Subject
|
:
|
ELIZABETH
|
|
|
Position
|
:
|
CORPORATE
COMMUNICATIONS MANAGER
|
|
|
|
|
|
|
7)
|
Name
of Subject
|
:
|
JASON
CHOI KAM HENG
|
|
|
Position
|
:
|
MAINTENANCE
MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG
DESA MEGAT & CO
|
|
Auditor'
Address
|
:
|
KPMG
TOWER, 8 FIRST AVENUE, BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
MR.
PATRICK TONG BING
|
|
|
IC
/ PP No
|
:
|
K129290
|
|
|
New
IC No
|
:
|
521211-13-5241
|
|
|
Address
|
:
|
3B-07-03,
SAUJANA BUNGARAYA CONDOMINIUM, SEKSYEN U2, 40150 SHAH ALAM, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN
BANKING BHD
|
|
|
|
|
|
|
The
SC enjoys normal banking routine with above mentioned banker(s). No adverse
record was found during our investigation.
|
No encumbrance was found in our databank at the time of investigation.
* 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.
|
|
|
|
SOURCES
OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Import
Countries
|
:
|
EUROPE,UNITED
STATES,ASIA
|
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
|
[
|
X
|
]
|
|
Good
31-60 Days
|
[
|
|
]
|
|
Average
61-90 Days
|
[
|
|
]
|
|
|
Fair
91-120 Days
|
[
|
|
]
|
|
Poor
>120 Days
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Domestic
Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Export
Market
|
:
|
AUSTRALIA,
INDIA, NEW ZEALAND, ASIA
|
|
Credit
Term
|
:
|
30
- 60 DAYS
|
|
|
|
|
|
|
|
|
Payment
Mode
|
:
|
CHEQUES,TELEGRAPHIC
TRANSFER (TT),LETTER OF CREDIT (LC)
|
|
Type
of Customer
|
:
|
DEALERS,MANUFACTURING
INDUSTRIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
manufactured
|
:
|
|
GAMMA
BUTYROLACTONE, TETRAHYDROFURANCE, ACRYLIC ACID, ACRYLIC ESTERS
|
|
|
|
|
|
|
Competitor(s)
|
:
|
BP
CHEMICALS (MALAYSIA) SDN BHD
EMERY OLEOCHEMICALS (M) SDN BHD
KL-KEPONG OLEOMAS SDN BHD
NATURAL OLEOCHEMICALS SDN BHD
|
|
|
|
|
|
Member(s)
/ Affiliate(s)
|
:
|
FEDERATION
OF MALAYSIAN MANUFACTURERS (FMM)
MALAYSIAN
PLASTICS MANUFACTURERS ASSOCIATION (MPMA)
SMI
ASSOCIATION OF MALAYSIA
SMALL
& MEDIUM ENTERPRISE
MALAYSIAN
INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI)
CHEMICAL
INDUSTRIES COUNCIL OF MALAYSIA (CICM)
|
|
|
|
|
|
Ownership
of premises
|
:
|
OWNED
|
|
Factory
/ Premises
|
:
|
JALAN
GEBENG 2/1, KAWASAN PERINDUSTRIAN GEBENG,, 26080 KUANTAN, PAHANG, MALAYSIA.
Tel No: 09-5855000
Fax No: 09-5834623
|
|
Total
Number of Employees:
|
|
YEAR
|
2012
|
2011
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
610
|
900
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing of
petrochemicals.
The SC is a well-known name in the chemical industry and it produces and
markets a wide range of essential chemical products.
The SC owns a world-class integrated Chemical site in Gebeng, Pahang. It has
an annual production output of approximately 1 million metric tonnes, which
makes the site one of the largest integrated chemical sites in the
Asia-Pacific region.
This 'verbund' (integrated) chemical production facility sited in Gebeng,
Kuantan, Pahang Darul Makmur is the first such facility for BASF in the Asia
Pacific, manufacturing acrylic, oxo-products and butanediol.
The SC's plants can be categorised into:
1) Plant 1 - Acrylic O Complex
2) Plant 2 - OXO Complex
3) Plant 3 - BDO Complex
The SC processes and refines petrochemical products and the end products are
raw materials and ingredients for general purposes.
The SC's product is Petrochemicals which is ethylene and propylene ( for
plastic products),oxygenated, halogen-free are essential to the production of
many pharmaceutical, paints and cosmetic products.
The end-products are among others plastics, adhesives, paints, lacquers,
paper, diapers, automobile and industrial coatings, pharmaceuticals, fine
chemicals, textiles, leather and personal care materials.
The SC utilizes advanced automated and semi-automated machineries to ensure
production of high quality products.
No projects found in our databank
Latest fresh investigations carried out on the SC
indicated that :
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
03-78412200
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address
Provided by Client
|
:
|
2,
JALAN U8/87, SEKSYEN U8, BUKIT JELUTONG,40706,SHAH ALAM,SELANGOR.
|
|
Current
Address
|
:
|
2,
JALAN U8/87, SEKSYEN U8, BUKIT JELUTONG, 40706 SHAH ALAM, SELANGOR,
MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest
Financial Accounts
|
:
|
YES
|
Other
Investigations
On 13th July 2012 we contacted one of the staff from the SC's Admin
Department. She provided some information on the SC.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2008
- 2011
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Decreased
|
[
|
2008
- 2011
|
]
|
|
|
Return
on Shareholder Funds
|
:
|
Favourable
|
[
|
82.70%
|
]
|
|
|
Return
on Net Assets
|
:
|
Favourable
|
[
|
97.69%
|
]
|
|
|
|
|
|
|
|
|
|
|
The
SC's turnover increased steadily as the demand for its products / services
increased due to the goodwill built up over the years.The dip in profit
could be due to the stiff market competition which reduced the SC's profit
margin. 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
|
[
|
19
Days
|
]
|
|
|
Debtor
Ratio
|
:
|
Favourable
|
[
|
24
Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
2
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
|
:
|
Favourable
|
[
|
3.01
Times
|
]
|
|
|
Current
Ratio
|
:
|
Favourable
|
[
|
3.76
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
|
[
|
406.48
Times
|
]
|
|
|
Gearing
Ratio
|
:
|
Favourable
|
[
|
0.02
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 :
|
|
|
|
|
|
|
|
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. 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
|
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
|
|
Major
Economic Indicators:
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Population
( Million)
|
27.73
|
28.13
|
28.35
|
28.70
|
29.10
|
|
Gross
Domestic Products ( % )
|
4.6
|
<0.5>
|
7.2
|
5.5
|
5.3
|
|
Domestic
Demand ( % )
|
6.9
|
2.9
|
6.3
|
4.8
|
7.6
|
|
Private
Expenditure ( % )
|
7.1
|
<2.7>
|
8.1
|
7.0
|
8.7
|
|
Consumption
( % )
|
8.4
|
0.7
|
6.7
|
6.3
|
7.1
|
|
Investment
( % )
|
1.5
|
<17.2>
|
17.7
|
16.2
|
15.9
|
|
Public
Expenditure ( % )
|
6.5
|
5.2
|
3.8
|
7.6
|
4.7
|
|
Consumption
( % )
|
11.6
|
3.1
|
0.2
|
8.9
|
3.0
|
|
Investment
( % )
|
0.7
|
8.0
|
2.8
|
0.6
|
7.0
|
|
|
|
|
|
|
|
|
Balance
of Trade ( MYR Million )
|
129,563
|
89,650
|
118,356
|
116,058
|
-
|
|
Government
Finance ( MYR Million )
|
<34,462>
|
<28,450>
|
<40,482>
|
<45,511>
|
<43,021>
|
|
Government
Finance to GDP / Fiscal Deficit ( % )
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
<4.7>
|
|
Inflation
( % Change in Composite CPI)
|
<3.3>
|
<5.2>
|
5.1
|
3.1
|
-
|
|
Unemployment
Rate
|
3.7
|
4.5
|
3.9
|
3.3
|
-
|
|
|
|
|
|
|
|
|
Net
International Reserves ( MYR Billion )
|
388
|
331
|
329
|
415
|
-
|
|
Average
Risk-Weighted Capital Adequacy Ratio ( % )
|
1.91
|
2.87
|
2.20
|
3.50
|
-
|
|
Average
3 Months of Non-performing Loans ( % )
|
13.24
|
11.08
|
15.30
|
14.80
|
-
|
|
Average
Base Lending Rate ( % )
|
6.72
|
5.53
|
6.30
|
6.60
|
-
|
|
Business
Loans Disbursed( % )
|
11.6
|
10.5
|
14.7
|
15.3
|
-
|
|
Foreign
Investment ( MYR Million )
|
23,261.4
|
22,156.8
|
22,517.9
|
23,546.1
|
-
|
|
Consumer
Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration
of New Companies ( No. )
|
41,599
|
41,578
|
44,148
|
-
|
-
|
|
Registration
of New Companies ( % )
|
<4.0>
|
<0.1>
|
6.2
|
-
|
-
|
|
Liquidation
of Companies ( No. )
|
27,992
|
39,075
|
25,585
|
-
|
-
|
|
Liquidation
of Companies ( % )
|
23.7
|
39.6
|
<34.5>
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration
of New Business ( No. )
|
269,866
|
312,581
|
271,414
|
-
|
-
|
|
Registration
of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business
Dissolved ( No. )
|
18,885
|
19,345
|
19,738
|
-
|
-
|
|
Business
Dissolved ( % )
|
<7.6>
|
2.4
|
2.0
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales
of New Passenger Cars (' 000 Unit )
|
497.5
|
486.3
|
543.6
|
363.0
|
-
|
|
Cellular
Phone Subscribers ( Million )
|
25.1
|
30.1
|
32.8
|
35.3
|
-
|
|
Tourist
Arrival ( Million Persons )
|
21.5
|
23.6
|
24.6
|
25.3
|
-
|
|
Hotel
Occupancy Rate ( % )
|
68.0
|
58.0
|
63.0
|
51.3
|
-
|
|
|
|
|
|
|
|
|
Credit
Cards Spending ( % )
|
17.1
|
12.8
|
14.1
|
15.6
|
-
|
|
Bad
Cheque Offenders (No.)
|
34,834
|
36,667
|
33,568
|
27,208
|
-
|
|
Individual
Bankruptcy ( No.)
|
13,907
|
16,228
|
18,119
|
16,155
|
-
|
|
Individual
Bankruptcy ( % )
|
5.1
|
16.7
|
11.7
|
<10.8>
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES
( % of Growth ):
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.6
|
0.4
|
2.1
|
4.7
|
4.1
|
|
Palm
Oil
|
7.0
|
<1.1>
|
<3.4>
|
7.3
|
-
|
|
Rubber
|
<1.1>
|
<19.8>
|
9.9
|
6.4
|
-
|
|
Forestry
& Logging
|
<1.5>
|
<5.9>
|
<3.3>
|
<4.7>
|
-
|
|
Fishing
|
4.0
|
5.5
|
5.6
|
2.8
|
-
|
|
Other
Agriculture
|
5.9
|
9.0
|
7.9
|
8.5
|
-
|
|
Industry
Non-Performing Loans ( MYR Million )
|
393.0
|
413.7
|
508.4
|
634.1
|
-
|
|
%
of Industry Non-Performing Loans
|
<2.0>
|
1.3
|
2.1
|
3.2
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<0.8>
|
<3.8>
|
0.2
|
<2.4>
|
2.5
|
|
Oil
& Gas
|
12.7
|
2.1
|
0.5
|
<1.7>
|
-
|
|
Other
Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry
Non-performing Loans ( MYR Million )
|
36.0
|
44.2
|
49.7
|
46.5
|
-
|
|
%
of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing
#
|
1.3
|
<9.4>
|
11.4
|
5.6
|
4.5
|
|
Exported-oriented
Industries
|
2.7
|
<19.0>
|
12.1
|
2.8
|
-
|
|
Electrical
& Electronics
|
2.4
|
<30.3>
|
28.4
|
<4.9>
|
-
|
|
Rubber
Products
|
4.2
|
<10.1>
|
25.3
|
15.4
|
-
|
|
Wood
Products
|
<6.0>
|
<24.1>
|
20.1
|
<7.3>
|
-
|
|
Textiles
& Apparel
|
1.9
|
<19.5>
|
<0.4>
|
14.8
|
-
|
|
Domestic-oriented
Industries
|
9.9
|
<9.8>
|
16.3
|
6.3
|
-
|
|
Food,
Beverages & Tobacco
|
9.5
|
0.2
|
3.0
|
4.2
|
-
|
|
Chemical
& Chemical Products
|
1.4
|
<7.7>
|
16.2
|
5.6
|
-
|
|
Plastic
Products
|
6.5
|
<9.1>
|
2.4
|
3.8
|
-
|
|
Iron
& Steel
|
16.8
|
<32.7>
|
29.3
|
2.4
|
-
|
|
Fabricated
Metal Products
|
14.7
|
<2.5>
|
14.9
|
25.2
|
-
|
|
Non-metallic
Mineral
|
8.3
|
<15.5>
|
20.2
|
16.3
|
-
|
|
Transport
Equipment
|
27.1
|
<13.5>
|
36.5
|
<9.4>
|
-
|
|
Paper
& Paper Products
|
8.6
|
<5.0>
|
18.7
|
15.6
|
-
|
|
Crude
Oil Refineries
|
7.8
|
0.2
|
<11.4>
|
9.3
|
-
|
|
Industry
Non-Performing Loans ( MYR Million )
|
5,729.4
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
|
%
of Industry Non-Performing Loans
|
16.8
|
18.3
|
23.8
|
25.7
|
-
|
|
|
|
|
|
|
|
|
Construction
|
2.1
|
5.8
|
5.1
|
4.4
|
7.0
|
|
Industry
Non-Performing Loans ( MYR Million )
|
4,149.8
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
|
%
of Industry Non-Performing Loans
|
12.2
|
9.9
|
10.7
|
10.2
|
-
|
|
|
|
|
|
|
|
|
Services
|
7.3
|
2.6
|
6.5
|
6.4
|
6.5
|
|
Electric,
Gas & Water
|
5.0
|
0.4
|
8.5
|
5.6
|
4.8
|
|
Transport,
Storage & Communication
|
7.8
|
1.6
|
7.7
|
6.5
|
7.3
|
|
Wholesale,
Retail, Hotel & Restaurant
|
10.0
|
2.8
|
4.7
|
5.2
|
6.9
|
|
Finance,
Insurance & Real Estate
|
9.2
|
3.8
|
6.1
|
6.3
|
6.5
|
|
Government
Services
|
8.6
|
2.0
|
6.7
|
7.6
|
5.6
|
|
Other
Services
|
5.9
|
4.4
|
4.2
|
5.4
|
5.7
|
|
Industry
Non-Performing Loans ( MYR Million )
|
8,281.4
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
|
%
of Industry Non-Performing Loans
|
24.3
|
20.2
|
25.7
|
23.4
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Estimate / Preliminary
|
|
|
|
|
|
|
**
Forecast
|
|
|
|
|
|
|
#
Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY ANALYSIS
|
|
MSIC
CODE
|
|
|
24290
: Manufacture of other chemical products n.e.c
|
|
|
2411
: Manufacture of basic chemicals, except fertilizers and nitrogen compounds
|
|
|
|
|
|
|
INDUSTRY
:
|
MANUFACTURING
|
|
|
|
|
|
|
|
|
|
The manufacturing sector expanded by 5.1% in the third quarter ended
September 30,2011 on a year-on-year basis as supply-chain disruptions were
reduced and following higher output of domestic-related industries as well
as a weaker external environment. Investments in Malaysia's manufacturing
sector reached RM40.7 billion in the first 10 months of 2011 and the
full-year figure is expected to surpass year 2010's numbers.
|
|
|
The E&E sub-sector is expected to moderate in the second half of 2011,
due to the increasingly uncertain external environment. Output of E&E
contracted 4.9% during the first seven months of 2011 largely due to the
global supply chain disruptions and lower global chip sales. Lower orders
for notebooks and personal computers arising from increased preference for
smartphones and media tables coupled with uncertainties over the US and
European economies, adversely affected the sub-sector.
|
|
|
The wood and wood products sub-sector, on the other hand, is expected to
rebound when Japan's reconstruction efforts gain momentum and new housing
projects start in the Middle East after the month of Ramadhan in the year
2011. Production of wood and wood products contracted 7% during the first
half of the year 2011, largely due to slower output of wooden and cane
furniture as well as veneer sheets and plywood.
|
|
|
The rubber products sub-sector is expected to remain resilient supported by
continuous improvements in medical and healthcare standards in emerging
markets as well as demand from niche markets such as the oil and gas sector
for rubber hoses. Output of rubber products increased 15.4% during the
first seven months of 2011, supported by continuos demand for rubber gloves
as well as rubber tyres and tubes.
|
|
|
For the textiles, apparel and footwear sub-sector, the local industry
players's ability to produce quality designs and diversification of product
lines to cater to different market segments as well as market under their
own labels are expected to sustain the growth of this sub-sector.
Furthermore, the upcoming 2012 Olympic Games is anticipated to boost demand
for sports attire and strengthen the sub-sector's growth further.
Production of textiles, apparel and foorwear grew 14.8% during the first
half of the year 2011 led by higher output of wearing apparel and footwear.
|
|
|
During the first seven months of 2011, production of chemicals and chemical
products rose 5.6%. While output of basic chemicals contracted 8.2%, other
chemical and plastic products recorded a positive growth of 30% and 20.7%
respectively. On the domestic front, output of construction related
materials as a group grew strongly by 20% following robust housing
construction activities and aided by ongoing implementation of civil
engineering projects. The manufacture of transport equipment shrank 9.4% as
a result of supply chain disruptions caused by the earthquake and tsunami
in Japan. In addition, production of food rose 2.4% driven by the manufacture
of refined palm oil processed and preserved fish products and other food
products. Specifically, production of beverages increased 12.6% while
tobacco declined 2.3%
|
|
|
Going forward, the manufacturing sector is expected to be driven by higher
value-added activities. In this regard, further tax and non-tax incentives
will be provided to encourage manufacturers to move up the value chain. The
new growth initiatives in the manufacturing sector such as solar and medial
services would be important drivers of growth apart from helping to
diversify the manufacturing base and contributing to the resilience of the
sector.
|
|
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : Average Growth
|
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
Incorporated in 1997, the SC is a Private Limited company, focusing on
manufacturing of petrochemicals. With its long establishment in the market,
the SC has received strong support from its stable customers base. Its
business position in the market is quite stable and it is expected to enjoy
better market shares over its rivals. Having strong support from its
shareholder has enabled the SC to remain competitive despite the
challenging business environment. The SC is a large entity with strong
capital position. We are confident with the SC's business and its future
growth prospect.
|
|
Over the years, the SC has established an extensive clientele base in the
market. Besides catering to the local market, the SC has penetrated into
other countries. With the contribution of both local and overseas
customers, the SC is likely to be exposed to lower commercial risk. Hence,
we believe that the SC has better business expansion opportunities in the
future. Being a large entity, the SC has a steady workforce of 610
personnel to support its business operations. Its future prospects seem to
be fairly good as its business operations are running relatively stable.
The SC has a good management capability. Its capable management team has
enabled the SC to keep its business on going. Hence, the future prospect of
the SC is bright.
|
|
Financially, the SC registered a higher turnover compared to previous year.
However, its profits showed a reverse trend. 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. The SC is in good liquidity position with its current liabilities
well covered by it current assets. Hence, it has sufficient working capital
to meet its short term financial obligations. 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. Given a positive net worth
standing at MYR 1,210,213,000, the SC should be able to maintain its
business in the near terms.
|
|
Having a strong assets backing, the SC possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The SC's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency
on deliveries from a number of key suppliers and insufficient quantities of
its raw materials. Overall the SC has a good control over its resources.
|
|
We regard that the SC's overall payment habit is prompt. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days.
|
|
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the SC is expected to benefit from the favourable
outlook of the industry.
|
|
In view of the above favourable condition, we recommend credit be proceeded
to the SC with favourable term.
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS)
|
|
BASF
PETRONAS CHEMICALS SDN BHD
|
|
Financial
Year End
|
31/12/2011
|
31/12/2010
|
31/12/2009
|
31/12/2008
|
|
Months
|
12
|
12
|
12
|
12
|
|
Consolidated
Account
|
Company
|
Company
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
|
Financial
Type
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
TURNOVER
|
3,453,945,000
|
3,427,887,000
|
1,947,889,000
|
2,441,060,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total
Turnover
|
3,453,945,000
|
3,427,887,000
|
1,947,889,000
|
2,441,060,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
1,196,972,000
|
1,294,401,000
|
237,782,000
|
<209,049,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
1,196,972,000
|
1,294,401,000
|
237,782,000
|
<209,049,000>
|
|
Taxation
|
<196,161,000>
|
24,239,000
|
<2,621,000>
|
67,321,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
1,000,811,000
|
1,318,640,000
|
235,161,000
|
<141,728,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
As
previously reported
|
666,516,000
|
361,876,000
|
114,250,000
|
255,978,000
|
|
Prior
year adjustment
|
-
|
-
|
22,465,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As
restated
|
666,516,000
|
361,876,000
|
136,715,000
|
255,978,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
1,667,327,000
|
1,680,516,000
|
371,876,000
|
114,250,000
|
|
TRANSFER
TO RESERVES - Statutory
|
-
|
-
|
<10,000,000>
|
-
|
|
-
General
|
-
|
<4,000,000>
|
-
|
-
|
|
DIVIDENDS
- Ordinary (paid & proposed)
|
<1,250,000,000>
|
<1,010,000,000>
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
417,327,000
|
666,516,000
|
361,876,000
|
114,250,000
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
|
Lease
interest
|
2,947,000
|
-
|
-
|
-
|
|
Others
|
5,000
|
5,000
|
4,000
|
4,525,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
2,952,000
|
5,000
|
4,000
|
4,525,000
|
|
BASF
PETRONAS CHEMICALS SDN BHD
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
FIXED
ASSETS
|
533,463,000
|
485,844,000
|
730,936,000
|
1,047,686,000
|
|
|
|
|
|
|
|
LONG
TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
Deferred
assets
|
32,612,000
|
26,254,000
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS
|
32,612,000
|
26,254,000
|
-
|
-
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
LONG TERM ASSETS
|
566,075,000
|
512,098,000
|
730,936,000
|
1,047,686,000
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
Stocks
|
180,323,000
|
166,595,000
|
132,345,000
|
148,114,000
|
|
Trade
debtors
|
231,054,000
|
319,348,000
|
177,847,000
|
128,039,000
|
|
Other
debtors, deposits & prepayments
|
7,121,000
|
10,672,000
|
11,745,000
|
61,695,000
|
|
Short
term deposits
|
215,640,000
|
255,643,000
|
365,103,000
|
477,764,000
|
|
Amount
due from related companies
|
267,650,000
|
397,421,000
|
216,504,000
|
158,295,000
|
|
Cash
& bank balances
|
725,000
|
13,425,000
|
5,023,000
|
4,055,000
|
|
Others
|
-
|
13,000
|
8,264,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
CURRENT ASSETS
|
902,513,000
|
1,163,117,000
|
916,831,000
|
977,962,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
ASSET
|
1,468,588,000
|
1,675,215,000
|
1,647,767,000
|
2,025,648,000
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
Trade
creditors
|
18,683,000
|
23,415,000
|
7,144,000
|
11,906,000
|
|
Other
creditors & accruals
|
63,740,000
|
83,173,000
|
57,447,000
|
101,017,000
|
|
Hire
purchase & lease creditors
|
8,160,000
|
-
|
-
|
-
|
|
Amounts
owing to holding company
|
4,128,000
|
3,794,000
|
-
|
15,288,000
|
|
Amounts
owing to related companies
|
6,589,000
|
4,122,000
|
8,558,000
|
6,372,000
|
|
Provision
for taxation
|
24,105,000
|
1,497,000
|
1,672,000
|
1,597,000
|
|
Other
liabilities
|
114,845,000
|
153,949,000
|
117,587,000
|
48,464,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
CURRENT LIABILITIES
|
240,250,000
|
269,950,000
|
192,408,000
|
184,644,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET
CURRENT ASSETS/(LIABILITIES)
|
662,263,000
|
893,167,000
|
724,423,000
|
793,318,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
NET ASSETS
|
1,228,338,000
|
1,405,265,000
|
1,455,359,000
|
1,841,004,000
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE
CAPITAL
|
|
|
|
|
|
Ordinary
share capital
|
1,000,000,000
|
1,000,000,000
|
1,004,000,000
|
1,014,000,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
SHARE CAPITAL
|
1,000,000,000
|
1,000,000,000
|
1,004,000,000
|
1,014,000,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
Share
premium
|
-
|
-
|
196,000,000
|
686,000,000
|
|
Capital
reserve
|
14,000,000
|
14,000,000
|
10,000,000
|
-
|
|
Retained
profit/(loss) carried forward
|
417,327,000
|
666,516,000
|
361,876,000
|
114,250,000
|
|
Others
|
<221,114,000>
|
<275,251,000>
|
<116,517,000>
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
RESERVES
|
210,213,000
|
405,265,000
|
451,359,000
|
800,250,000
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
1,210,213,000
|
1,405,265,000
|
1,455,359,000
|
1,814,250,000
|
|
|
|
|
|
|
|
LONG
TERM LIABILITIES
|
|
|
|
|
|
Lease
obligations
|
18,125,000
|
-
|
-
|
-
|
|
Deferred
taxation
|
-
|
-
|
-
|
26,754,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
LONG TERM LIABILITIES
|
18,125,000
|
-
|
-
|
26,754,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
1,228,338,000
|
1,405,265,000
|
1,455,359,000
|
1,841,004,000
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
BASF
PETRONAS CHEMICALS SDN BHD
|
|
TYPES
OF FUNDS
|
|
|
|
|
|
Cash
|
216,365,000
|
269,068,000
|
370,126,000
|
481,819,000
|
|
Net
Liquid Funds
|
216,365,000
|
269,068,000
|
370,126,000
|
481,819,000
|
|
Net
Liquid Assets
|
481,940,000
|
726,572,000
|
592,078,000
|
645,204,000
|
|
Net
Current Assets/(Liabilities)
|
662,263,000
|
893,167,000
|
724,423,000
|
793,318,000
|
|
Net
Tangible Assets
|
1,228,338,000
|
1,405,265,000
|
1,455,359,000
|
1,841,004,000
|
|
Net
Monetary Assets
|
463,815,000
|
726,572,000
|
592,078,000
|
618,450,000
|
|
BALANCE
SHEET ITEMS
|
|
|
|
|
|
Total
Borrowings
|
26,285,000
|
0
|
0
|
0
|
|
Total
Liabilities
|
258,375,000
|
269,950,000
|
192,408,000
|
211,398,000
|
|
Total
Assets
|
1,468,588,000
|
1,675,215,000
|
1,647,767,000
|
2,025,648,000
|
|
Net
Assets
|
1,228,338,000
|
1,405,265,000
|
1,455,359,000
|
1,841,004,000
|
|
Net
Assets Backing
|
1,210,213,000
|
1,405,265,000
|
1,455,359,000
|
1,814,250,000
|
|
Shareholders'
Funds
|
1,210,213,000
|
1,405,265,000
|
1,455,359,000
|
1,814,250,000
|
|
Total
Share Capital
|
1,000,000,000
|
1,000,000,000
|
1,004,000,000
|
1,014,000,000
|
|
Total
Reserves
|
210,213,000
|
405,265,000
|
451,359,000
|
800,250,000
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
Cash
Ratio
|
0.90
|
1.00
|
1.92
|
2.61
|
|
Liquid
Ratio
|
3.01
|
3.69
|
4.08
|
4.49
|
|
Current
Ratio
|
3.76
|
4.31
|
4.77
|
5.30
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock
Ratio
|
19
|
18
|
25
|
22
|
|
Debtors
Ratio
|
24
|
34
|
33
|
19
|
|
Creditors
Ratio
|
2
|
2
|
1
|
2
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
Gearing
Ratio
|
0.02
|
0.00
|
0.00
|
0.00
|
|
Liabilities
Ratio
|
0.21
|
0.19
|
0.13
|
0.12
|
|
Times
Interest Earned Ratio
|
406.48
|
258,881.20
|
59,446.50
|
<45.20>
|
|
Assets
Backing Ratio
|
1,228.34
|
1,405.27
|
1,455.36
|
1,841.00
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
Operating
Profit Margin
|
34.66
|
37.76
|
12.21
|
<8.56>
|
|
Net
Profit Margin
|
28.98
|
38.47
|
12.07
|
<5.81>
|
|
Return
On Net Assets
|
97.69
|
92.11
|
16.34
|
<11.11>
|
|
Return
On Capital Employed
|
97.04
|
92.11
|
16.34
|
<11.11>
|
|
Return
On Shareholders' Funds/Equity
|
82.70
|
93.84
|
16.16
|
<7.81>
|
|
Dividend
Pay Out Ratio (Times)
|
1.25
|
0.77
|
0.00
|
0.00
|
|
NOTES
TO ACCOUNTS
|
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
0
|
|