|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
166302-K
|
|
COMPANY NAME
|
:
|
DUNHAM-BUSH INDUSTRIES SDN. BHD.
|
|
FORMER NAME
|
:
|
TOPGROUP INDUSTRIES SDN BHD (02/05/1995)
TOPGROUP SDN BHD (02/02/1988)
|
|
INCORPORATION DATE
|
:
|
20/11/1987
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
LEVEL 18,THE GARDENS NORTH TOWER, MID
VALLEY CITY, LINGKARAN SYED PUTRA, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 5755-6, KIDAMAI INDUSTRIAL PARK, BUKIT
ANGKAT, 43000 KAJANG, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-89249000
|
|
FAX.NO.
|
:
|
03-87395020
|
|
EMAIL
|
:
|
INFO@DUNHAM-BUSH.COM
|
|
WEB SITE
|
:
|
WWW.DUNHAM-BUSH.COM
|
|
CONTACT PERSON
|
:
|
SYLVIA KONG ( FINANCE MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
27900
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING OF AIR-CONDITIONERS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 10,000,000.00 DIVIDED INTO
ORDINARY SHARE 10,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 8,562,600.00 DIVIDED INTO
ORDINARY SHARES 3,066,600 CASH AND 5,496,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 90,341,238 [2011]
|
|
NET WORTH
|
:
|
MYR 68,949,085 [2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
1,000 [2013]
|
|
BANKER (S)
|
:
|
|
EXPORT-IMPORT BANK OF MALAYSIA BHD
HSBC BANK MALAYSIA BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL 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) manufacturing of air-conditioners.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the SC is
DUNHAM-BUSH HOLDING BHD, a company incorporated in MALAYSIA.
The ultimate holding company of the SC is
OTAVALO HOLDING LTD, a company incorporated in REPUBLIC OF CYPRUS.
The penultimate holding company of the SC
is AGROMASHHOLDING B V, a company incorporated in NETHERLANDS.
The major
shareholder(s) of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
DUNHAM-BUSH HOLDING BHD
|
LEVEL 18, THE GARDENS NORTH TOWER, MID
VALLEY CITY, LINGKARAN SYED PUTRA, 59200 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
129358
|
8,562,600.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
8,562,600.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
TATIANA EFREMTSEVA
|
|
Address
|
:
|
31 JALAN BAYU 5, BUKIT GITA BAYU,
SERDANG, 43300 BALAKONG, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
3844199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
22/12/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
VLADIM KORJEVSKI
|
|
Address
|
:
|
NO.31, JALAN BAYU 5, BUKIT GITA BAYU,SERDANG,
43300 BALAKONG, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
BA776871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
22/12/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
YU BAOSHUANG
|
|
Address
|
:
|
A-09-3A, KIARAMAS AYURIA, NO.9, JALAN
KIARA 7, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
G23448793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of Appointment
|
:
|
12/04/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
SYLVIA KONG
|
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
GRACE CHANG
|
|
|
Position
|
:
|
FINANCIAL CONTROLLER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
ALEX CHAN
|
|
|
Position
|
:
|
PRODUCTION MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
YU BAOSHUANG
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PKF
|
|
Auditor' Address
|
:
|
LEVEL 33, MENARA 1MK, KOMPLEKS 1 MONT'
KIARA, NO. 1, JALAN KIARA,MONT' KIARA, 50480 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. LIM POH YEN
|
|
|
|
|
|
|
|
New IC No
|
:
|
670427-01-5168
|
|
|
Address
|
:
|
10,JALAN USJ 11/1E, TAMAN SEAFIELD JAYA,
47620 PETALING JAYA, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. NG YEN HOONG
|
|
|
|
|
|
|
|
New IC No
|
:
|
670904-10-5060
|
|
|
Address
|
:
|
42A,JLN PJU 3/18H, TROPICANA INDAH, 47410
PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
EXPORT-IMPORT BANK OF MALAYSIA BHD
|
|
|
|
|
|
|
2)
|
Name
|
:
|
HSBC BANK MALAYSIA BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with
above mentioned banker(s). No adverse record was found during our
investigation.
|
ENCUMBRANCE (S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
05/10/2005
|
|
Description Of Charge
|
:
|
MEMO OF DEPOSIT
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
FIXED DEPOSIT
|
|
Name & Address Of Chargee
|
:
|
|
EXPORT-IMPORT BANK OF MALAYSIA BHD
|
|
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 17 In The
Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
05/11/2007
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM20,000,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
|
HSBC BANK MALAYSIA BHD
|
|
2, LEBOH AMPANG, 50100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 06/11/2007
|
|
Registered and Numbered 18 In The
Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
23/12/1992
|
|
Description Of Charge
|
:
|
OPEN CHARGE
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 11 In The
Register of Charges
|
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the subject
has been involved in any litigation. Our databank consists of 99% of the
wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
The SC refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
20%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
80%
|
|
Export Market
|
:
|
UNITED
KINGDOM
ASIA
INDIA
CHINA
|
|
Credit Term
|
:
|
30 - 90 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
DEALERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
MANUFACTURER OF INDUSTRIAL AND COMMERCIAL
AIR CONDITIONING REFRIGERATION AND VENTILATION EQUIPMENT, INCLUDING
WATER-COOLED AND AIR-COOLED ROTARY SCREW COMPRESSOR(S) CHILLERS,
WATER-COOLED AND AIR-COOLED SCROLL COMPRESSOR(S) CHILLERS, WATER-COOLED
AND AIR-COOLED RECIPROCATING COMPRESSOR(S) CHILLERS,CENTRAL STATION AIR
HANDLING UNITS, ROOF-TOP AIR-HANDLING UNITS, WATER-COOLED AND AIR-COOLED
SPLIT & PACKAGED TYPE AIR CONDITIONERS, AIR -COOLED ROOF-TOP PACKAGED
AIR CONDITIONERS, REVERSE CYCLE HEAT-PUMP CHILLERS, REVERSE CYCLE
SPLIT/PACKAGED HEAT-PUMP AIR-CONDITIONERS, FANCOIL UNITS, AIR-COOLED AND
WATER-COOLED CONDENSING UNITS, TUBES-IN-TANK ICE THERMAL STORAGE
SYSTEM,PRECISION COMPUTER ROOM AIR-CONDITIONERS,VENTILATION FANS, ETC.
|
|
|
|
|
|
|
Brand Name
|
:
|
DUNHAM-BUSH, DB-AIRE
|
|
|
|
|
|
Award
|
:
|
1 ) MS ISO 9001 : 2000 Year :2002
2 ) ENTERPRISE 50 AWARD Year :1997
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM)
MALAYSIAN IRON AND STEEL INDUSTRY
FEDERATION (MISIF)
SMI ASSOCIATION OF MALAYSIA
MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE)
SMALL & MEDIUM ENTERPRISE
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Factory Size
|
:
|
12 ACRE
|
|
Production Capacity
|
:
|
APPROXIMATELY 1100 TONNES
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
1,000
|
1,000
|
600
|
600
|
700
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing of
air-conditioners.
The Dunham-Bush Group specializes in the manufacturing, distribution, and
sale of air-conditioning and refrigeration equipment such as air diffusion
product, chillers, cooling tower, condenser, oil seperator, large commercial
air-conditioner, blowers and ventilators worldwide.
Dunham-Bush is a pioneer in the development of rotary screw compressor
technology and ICE-CEL thermal storage systems for the use in the heating,
ventilating, air-conditioning and refrigeration (HVAC and R) business.
The rotary screw compressor technology for air-conditioning and refrigeration
applications has made products to be more efficient, reliable and durable
compared to the conventional centrifugal types.
This technology is one of the main distinctive assets as well as one of its
main selling features in Dunham-Bush products and has made the Group one of
the largest manufacturers of rotary-screw compressor-type water-chillers in
the world.
The SC produces a wide range of products including silencers,
variable-air-volume boxes, cooling towers, exhaust, grilles and diffusers,
ventilation fans and etc.
The SC is mainly focused on the production of heating, ventilation,
air-conditioning and refrigeration for hotels, corporations, factories etc.
Whereas its related company, Dunham-Bush Topaire Sdn Bhd produces residential
air-conditioners.
The SC provides complete range of heating, ventilation, air-conditioning and
refrigeration equipment as follows:-
1) Wall-mount split air-conditioners (1 to 2.5 hp).
2) Ceiling-exposed split air-conditioners (1 to 5 hp).
3) Water-cooled and air cooled split and package air-conditioners (1 to120
hp).
4) Air-handling units and fan coil units (300 to 120,000 cu ft perminute).
5) Water-cooled and air-cooled chillers (1 to 2000-ton cooling capacity).
6) Low temperature condensing units and fan coil units for refrigeration
purposes and closed-controlled air-conditioning equipment, computer room
air-conditioners, heating products and accessories.
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-89249000
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
N/A
|
|
Current Address
|
:
|
LOT 5755-6, KIDAMAI INDUSTRIAL PARK,
BUKIT ANGKAT, 43000 KAJANG, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC and she provided some information
on the SC.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Decreased
|
[
|
2008 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2008 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
5.16%
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
7.95%
|
]
|
|
|
|
|
|
|
|
|
|
|
The continuous fall in turnover could be due
to the lower demand for the SC's products / services.The management had
succeeded in turning the SC into a profit making company. The profit could
be due to better control of its operating costs and efficiency in utilising
its resources. The unfavourable return on shareholders' funds could
indicate that the SC was inefficient in utilising its assets to generate
returns.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Unfavourable
|
[
|
202 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
239 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
101 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC could be incurring higher holding
cost. As its capital was tied up in stocks, it could face liquidity problems.
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
|
:
|
Unfavourable
|
[
|
0.73 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.19 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
|
[
|
2.81 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.12 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 decreased, its
losses also decreased during the year. This could be the result of more
efficient control in its operating costs. 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 :
LIMITED
|
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
|
Major Economic Indicators:
|
2009
|
2010
|
2011
|
2012*
|
2013**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
28.13
|
28.35
|
28.70
|
29.30
|
29.80
|
|
Gross Domestic Products ( % )
|
<0.5>
|
7.2
|
5.1
|
5.6
|
5.3
|
|
Domestic Demand ( % )
|
2.9
|
6.3
|
8.2
|
9.4
|
5.6
|
|
Private Expenditure ( % )
|
<2.7>
|
8.1
|
8.2
|
8.0
|
7.4
|
|
Consumption ( % )
|
0.7
|
6.7
|
7.1
|
1.0
|
5.7
|
|
Investment ( % )
|
<17.2>
|
17.7
|
12.2
|
11.7
|
13.3
|
|
Public Expenditure ( % )
|
5.2
|
3.8
|
8.4
|
13.3
|
1.2
|
|
Consumption ( % )
|
3.1
|
0.2
|
16.1
|
11.3
|
<1.2>
|
|
Investment ( % )
|
8.0
|
2.8
|
<0.3>
|
15.9
|
4.2
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
89,650
|
118,356
|
116,058
|
106,300
|
110,700
|
|
Government Finance ( MYR Million )
|
<28,450>
|
<40,482>
|
<45,511>
|
<42,297>
|
<39,993>
|
|
Government Finance to GDP / Fiscal
Deficit ( % )
|
<4.8>
|
<5.6>
|
<5.4>
|
<4.5>
|
<4.0>
|
|
Inflation ( % Change in Composite CPI)
|
<5.2>
|
5.1
|
3.1
|
1.6
|
2.5
|
|
Unemployment Rate
|
4.5
|
3.9
|
3.3
|
3.2
|
3.0
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion
)
|
331
|
329
|
415
|
427
|
-
|
|
Average Risk-Weighted Capital Adequacy
Ratio ( % )
|
2.87
|
2.20
|
3.50
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans
( % )
|
11.08
|
15.30
|
14.80
|
14.70
|
-
|
|
Average Base Lending Rate ( % )
|
5.53
|
6.30
|
6.60
|
6.53
|
-
|
|
Business Loans Disbursed( % )
|
10.5
|
14.7
|
15.3
|
32.2
|
-
|
|
Foreign Investment ( MYR Million )
|
22,156.8
|
22,517.9
|
23,546.1
|
26,230.4
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
41,578
|
44,148
|
45,455
|
45,441
|
-
|
|
Registration of New Companies ( % )
|
<0.1>
|
6.2
|
3.0
|
<0.0>
|
-
|
|
Liquidation of Companies ( No. )
|
39,075
|
25,585
|
132,476
|
-
|
-
|
|
Liquidation of Companies ( % )
|
39.6
|
<34.5>
|
417.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
312,581
|
271,414
|
284,598
|
324,761
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
19,345
|
19,738
|
20,121
|
-
|
-
|
|
Business Dissolved ( % )
|
2.4
|
2.0
|
1.9
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
486.3
|
543.6
|
535.1
|
552.2
|
-
|
|
Cellular Phone Subscribers ( Million )
|
30.1
|
32.8
|
35.3
|
38.5
|
-
|
|
Tourist Arrival ( Million Persons )
|
23.6
|
24.6
|
24.7
|
25.0
|
-
|
|
Hotel Occupancy Rate ( % )
|
58.0
|
63.0
|
60.6
|
62.4
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
12.8
|
14.1
|
15.6
|
12.6
|
-
|
|
Bad Cheque Offenders (No.)
|
36,667
|
33,568
|
32,627
|
26,982
|
-
|
|
Individual Bankruptcy ( No.)
|
16,228
|
18,119
|
19,167
|
19,575
|
-
|
|
Individual Bankruptcy ( % )
|
16.7
|
11.7
|
5.8
|
2.1
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2009
|
2010
|
2011
|
2012*
|
2013**
|
|
|
|
|
|
|
|
|
Agriculture
|
0.4
|
2.1
|
5.9
|
0.6
|
2.4
|
|
Palm Oil
|
<1.1>
|
<3.4>
|
10.8
|
<2.8>
|
-
|
|
Rubber
|
<19.8>
|
9.9
|
6.1
|
<0.6>
|
-
|
|
Forestry & Logging
|
<5.9>
|
<3.3>
|
<7.6>
|
<2.2>
|
-
|
|
Fishing
|
5.5
|
5.6
|
2.1
|
<0.7>
|
-
|
|
Other Agriculture
|
9.0
|
7.9
|
7.1
|
6.4
|
-
|
|
Industry Non-Performing Loans ( MYR
Million )
|
413.7
|
508.4
|
634.1
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
1.3
|
2.1
|
3.2
|
-
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<3.8>
|
0.2
|
<5.7>
|
1.5
|
2.7
|
|
Oil & Gas
|
2.1
|
0.5
|
<1.7>
|
-
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR
Million )
|
44.2
|
49.7
|
46.5
|
-
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
-
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
<9.4>
|
11.4
|
4.7
|
4.2
|
4.9
|
|
Exported-oriented Industries
|
<19.0>
|
12.1
|
2.8
|
4.1
|
-
|
|
Electrical & Electronics
|
<30.3>
|
28.4
|
<4.9>
|
1.6
|
-
|
|
Rubber Products
|
<10.1>
|
25.3
|
15.4
|
3.6
|
-
|
|
Wood Products
|
<24.1>
|
20.1
|
<4.9>
|
4.6
|
-
|
|
Textiles & Apparel
|
<19.5>
|
<0.4>
|
14.8
|
<7.1>
|
-
|
|
Domestic-oriented Industries
|
<9.8>
|
16.3
|
6.5
|
8.6
|
-
|
|
Food, Beverages & Tobacco
|
0.2
|
3.0
|
4.2
|
-
|
-
|
|
Chemical & Chemical Products
|
<7.7>
|
16.2
|
5.5
|
9.9
|
-
|
|
Plastic Products
|
<9.1>
|
2.4
|
3.8
|
-
|
-
|
|
Iron & Steel
|
<32.7>
|
29.3
|
2.4
|
-
|
-
|
|
Fabricated Metal Products
|
<2.5>
|
14.9
|
25.2
|
-
|
-
|
|
Non-metallic Mineral
|
<15.5>
|
20.2
|
27.1
|
6.6
|
-
|
|
Transport Equipment
|
<13.5>
|
36.5
|
<10.4>
|
13.7
|
-
|
|
Paper & Paper Products
|
<5.0>
|
18.7
|
14.8
|
<7.8>
|
-
|
|
Crude Oil Refineries
|
0.2
|
<11.4>
|
9.3
|
-
|
-
|
|
Industry Non-Performing Loans ( MYR
Million )
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
18.3
|
23.8
|
25.7
|
-
|
-
|
|
|
|
|
|
|
|
|
Construction
|
5.8
|
5.1
|
4.4
|
15.5
|
11.2
|
|
Industry Non-Performing Loans ( MYR
Million )
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
9.9
|
10.7
|
10.2
|
-
|
-
|
|
|
|
|
|
|
|
|
Services
|
2.6
|
6.5
|
6.4
|
5.5
|
5.6
|
|
Electric, Gas & Water
|
0.4
|
8.5
|
5.6
|
4.8
|
-
|
|
Transport, Storage & Communication
|
1.6
|
7.7
|
6.5
|
7.3
|
-
|
|
Wholesale, Retail, Hotel & Restaurant
|
2.8
|
4.7
|
5.2
|
6.9
|
-
|
|
Finance, Insurance & Real Estate
|
3.8
|
6.1
|
6.3
|
6.5
|
-
|
|
Government Services
|
2.0
|
6.7
|
7.6
|
5.6
|
-
|
|
Other Services
|
4.4
|
4.2
|
5.4
|
5.7
|
-
|
|
Industry Non-Performing Loans ( MYR
Million )
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
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
|
|
27900 : Manufacture of miscellaneous
electrical equipment other than motors, generators and transformers,
batteries and accumulators, wires and wiring devices, lighting equipment or
domestic appliances
|
|
|
|
|
INDUSTRY :
|
ELECTRICAL & ELECTRONIC
|
|
|
|
|
|
|
The Electrical & Electronics (E&E) industry is the leading industry
within the manufacturing sector and is the largest contributor to manufacturing
output, employment, investment, exports and imports. Malaysia is a key
player in the fast expanding Asia Pacific E&E market, its major export
destinations include Singapore, United States, Europe, Japan and Taiwan.
The E&E industry is targeted under the National Key Economic Areas (
NKEA ) to gear the nation towards high-income economy by focusing on
high-value and high-growth manufacturing activities.
|
|
According to Ministry of Finance, in the year 2013 the electrical and
electronic (E&E) subsector is expected to grow further, driven by
higher demand for electronic equipment and parts as well as semiconductors
in line with recovery in advanced economies.
|
|
Output of E&E rebounded 1.6% during the first seven months of 2012
mainly driven by the higher production of semiconductor devices (14.5%) as
well as audio, visual and communication apparatus (6%). The improved
performance of E&E was partly due to chip vendors and storage producers
taking advantage of stable prices and supply of parts to replenish
inventories as well as the launching of new products which was delayed by
massive floods in Thailand during the fourth quarter of 2011.
|
|
Despite the slowdown in global demand, E&E manufacturers continued to
invest in new technology and product development to upscale the value
chain. Approved capital spending in the E&E subsector amounted to
RM1.72 billion in 46 projects, of which RM1.35 billion were from foreign
investors. This further reaffirms Malaysia as an attractive and cost-efficient
E&E manufacturing base in the region. The continued strong investments
will further strengthen growth in the E&E subsector and create more
skilled jobs.
|
|
Softening of world demand for solar panels impact Malaysia on it's downturn
in small scale compared to China where it facing great impact. The decline
in E&E products was also due to the weak global demand.
|
|
E&E has been instrumental in the development of the Northern Corridor
Klang Valley, Johor and Sarawak, contributing significantly to the
socio-economic development of the relevant communities.However, the E&E
sector faces significant challenges in maintaining growth with intense
competition from China, Taiwan, Singapore and other Asian countries. Over
the last 10 years, E&E's share of Malaysian exports has gradually
declined.
|
|
Malaysia's E&E sector remains focused on assembly, the lower
value-added part of the industry while Taiwan, South Korea and Singapore
have captured the higher value-added activities in research and
development, design and manufacturing.
|
|
To propel the E&E industry to a higher level, under the Economic
Transformation Programme (ETP) launched by the Government, a few
sub-sectors namely integrated circuits, solar photovoltaics, light emitting
diodes, and solid state lighting & integrated electronics have been
identified for greater promotion based on their potential to contribute
significantly towards Gross National Income (GNI) targets 2020.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal
Growth
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
Incorporated in 1987, the SC is a Private Limited company, focusing on
manufacturing of air-conditioners. The SC has been in business for over two
decades. It has built up a strong clientele base and good reputation will
enable the SC to further enhance its business in the near term. The SC is
expected to enjoy a stable market shares. Having a strong shareholders'
backing , the SC has the advantage to compete with its rivals and it is
expected to enjoy timely financial assistance should the needs arise. With
an adequate share capital, the SC has the potential of expanding its
business in future.
|
|
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 1,000
personnel to support its business operations. Its future prospects seem to
be fairly good as its business operations are running relatively stable.
Overall, we regard that the SC's management capability is average. This
indicates that the SC has greater potential to improve its business
performance and raising income for the SC. To improve its quality products
and services, we noted that the SC has received a number of certifications
& awards. This will improve the customer's confidence level to the SC.
|
|
Despite the lower turnover, the SC's pre-tax profit have increased compared
to the previous year. The higher profit could be due to better control of
its operating costs and efficiency in utilising its resources. 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. Given a positive net worth standing at MYR
68,949,085, 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.
|
|
The SC's payment habit is average. With its adequate working capital, the
SC should be able to pay its short term debts.
|
|
The industry has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the SC's future performance is very much depend
on its marketing strategies in order to retain its position in the market.
|
|
Based on the above condition, we recommend credit be granted to the SC
promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS)
|
|
DUNHAM-BUSH INDUSTRIES SDN. BHD.
|
|
Financial Year End
|
31/12/2011
|
30/04/2011
|
30/04/2010
|
30/04/2009
|
30/04/2008
|
|
Months
|
8
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean
Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
90,341,238
|
145,816,036
|
151,303,219
|
201,568,550
|
202,520,550
|
|
Other Income
|
4,450,199
|
3,939,747
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
94,791,437
|
149,755,783
|
151,303,219
|
201,568,550
|
202,520,550
|
|
Costs of Goods Sold
|
<82,936,498>
|
<148,056,057>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
11,854,939
|
1,699,726
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
3,557,283
|
<17,707,672>
|
<4,338,351>
|
26,279,747
|
12,259,168
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
3,557,283
|
<17,707,672>
|
<4,338,351>
|
26,279,747
|
12,259,168
|
|
Taxation
|
-
|
<1,994,709>
|
1,030,041
|
<7,005,301>
|
<3,084,592>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
3,557,283
|
<19,702,381>
|
<3,308,310>
|
19,274,446
|
9,174,576
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
54,525,287
|
74,227,668
|
77,535,978
|
58,261,532
|
49,086,956
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
54,525,287
|
74,227,668
|
77,535,978
|
58,261,532
|
49,086,956
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
58,082,570
|
54,525,287
|
74,227,668
|
77,535,978
|
58,261,532
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
58,082,570
|
54,525,287
|
74,227,668
|
77,535,978
|
58,261,532
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to
P&L)
|
|
|
|
|
|
|
Bank overdraft
|
381,494
|
435,793
|
321,464
|
135,570
|
-
|
|
Hire purchase
|
6,535
|
22,072
|
37,436
|
81,006
|
-
|
|
Term loan / Borrowing
|
40,204
|
112,995
|
182,911
|
405,612
|
-
|
|
Others
|
1,540,315
|
2,071,983
|
1,367,246
|
1,754,855
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
1,968,548
|
2,642,843
|
1,909,057
|
2,377,043
|
|
BALANCE SHEET
|
DUNHAM-BUSH INDUSTRIES SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
46,144,083
|
48,296,710
|
56,435,177
|
59,615,209
|
60,190,870
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Deferred assets
|
1,291,507
|
1,291,507
|
1,291,507
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
1,291,507
|
1,291,507
|
1,291,507
|
-
|
-
|
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
|
Goodwill on consolidation
|
1,456,973
|
1,714,552
|
373,470
|
501,561
|
-
|
|
Others
|
84,509
|
90,778
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL INTANGIBLE ASSETS
|
1,541,482
|
1,805,330
|
373,470
|
501,561
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
48,977,072
|
51,393,547
|
58,100,154
|
60,116,770
|
60,190,870
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
49,998,452
|
45,942,542
|
41,992,735
|
71,435,551
|
-
|
|
Trade debtors
|
59,063,779
|
61,133,865
|
70,417,177
|
81,525,027
|
-
|
|
Other debtors, deposits & prepayments
|
706,571
|
4,633,547
|
2,616,781
|
1,868,479
|
-
|
|
Short term deposits
|
-
|
-
|
-
|
112,266
|
-
|
|
Amount due from related companies
|
12,468,739
|
12,284,021
|
11,144,288
|
190,000
|
-
|
|
Cash & bank balances
|
4,118,174
|
760,164
|
6,924,626
|
6,899,280
|
-
|
|
Others
|
2,191,002
|
1,309,864
|
1,392,823
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
128,546,717
|
126,064,003
|
134,488,430
|
162,030,603
|
157,703,432
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
177,523,789
|
177,457,550
|
192,588,584
|
222,147,373
|
217,894,302
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
22,928,340
|
24,425,227
|
21,508,683
|
33,210,047
|
-
|
|
Other creditors & accruals
|
3,790,841
|
3,256,310
|
9,325,596
|
9,211,031
|
-
|
|
Hire purchase & lease creditors
|
36,601
|
189,252
|
278,014
|
352,944
|
-
|
|
Bank overdraft
|
7,779,442
|
7,272,021
|
5,352,767
|
4,265,264
|
-
|
|
Short term borrowings/Term loans
|
594,502
|
716,000
|
716,000
|
1,730,978
|
-
|
|
Deposits from customers
|
2,306,672
|
2,923,915
|
-
|
2,055,200
|
-
|
|
Amounts owing to holding company
|
15,043,216
|
15,553,020
|
-
|
-
|
-
|
|
Amounts owing to related companies
|
207,050
|
-
|
10,132,464
|
12,189,792
|
-
|
|
Provision for taxation
|
2,604,815
|
2,297,686
|
-
|
1,696,774
|
-
|
|
Other liabilities
|
52,687,808
|
53,942,093
|
46,972,622
|
41,010,919
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
107,979,287
|
110,575,524
|
94,286,146
|
105,722,949
|
114,046,295
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
20,567,430
|
15,488,479
|
40,202,284
|
56,307,654
|
43,657,137
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
69,544,502
|
66,882,026
|
98,302,438
|
116,424,424
|
103,848,007
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
8,562,600
|
8,562,600
|
8,562,600
|
8,562,600
|
8,562,600
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
8,562,600
|
8,562,600
|
8,562,600
|
8,562,600
|
8,562,600
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Share premium
|
2,206,675
|
2,206,675
|
2,206,675
|
2,206,675
|
2,477,048
|
|
Exchange equalisation/fluctuation reserve
|
97,240
|
381,503
|
164,427
|
674,082
|
-
|
|
Retained profit/(loss) carried forward
|
58,082,570
|
54,525,287
|
74,227,668
|
77,535,978
|
58,261,532
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
60,386,485
|
57,113,465
|
76,598,770
|
80,416,735
|
60,738,580
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
68,949,085
|
65,676,065
|
85,161,370
|
88,979,335
|
69,301,180
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Long term loans
|
-
|
355,836
|
1,073,034
|
1,790,002
|
-
|
|
Hire purchase creditors
|
-
|
31,721
|
220,973
|
402,385
|
-
|
|
Deferred taxation
|
-
|
-
|
-
|
824,712
|
-
|
|
Others
|
595,417
|
818,404
|
11,847,061
|
24,427,990
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
595,417
|
1,205,961
|
13,141,068
|
27,445,089
|
34,546,827
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
69,544,502
|
66,882,026
|
98,302,438
|
116,424,424
|
103,848,007
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
DUNHAM-BUSH INDUSTRIES SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
4,118,174
|
760,164
|
6,924,626
|
7,011,546
|
-
|
|
Net Liquid Funds
|
<3,661,268>
|
<6,511,857>
|
1,571,859
|
2,746,282
|
-
|
|
Net Liquid Assets
|
<29,431,022>
|
<30,454,063>
|
<1,790,451>
|
<15,127,897>
|
43,657,137
|
|
Net Current Assets/(Liabilities)
|
20,567,430
|
15,488,479
|
40,202,284
|
56,307,654
|
43,657,137
|
|
Net Tangible Assets
|
68,003,020
|
65,076,696
|
97,928,968
|
115,922,863
|
103,848,007
|
|
Net Monetary Assets
|
<30,026,439>
|
<31,660,024>
|
<14,931,519>
|
<42,572,986>
|
9,110,310
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
8,410,545
|
8,564,830
|
7,640,788
|
8,541,573
|
-
|
|
Total Liabilities
|
108,574,704
|
111,781,485
|
107,427,214
|
133,168,038
|
148,593,122
|
|
Total Assets
|
177,523,789
|
177,457,550
|
192,588,584
|
222,147,373
|
217,894,302
|
|
Net Assets
|
69,544,502
|
66,882,026
|
98,302,438
|
116,424,424
|
103,848,007
|
|
Net Assets Backing
|
68,949,085
|
65,676,065
|
85,161,370
|
88,979,335
|
69,301,180
|
|
Shareholders' Funds
|
68,949,085
|
65,676,065
|
85,161,370
|
88,979,335
|
69,301,180
|
|
Total Share Capital
|
8,562,600
|
8,562,600
|
8,562,600
|
8,562,600
|
8,562,600
|
|
Total Reserves
|
60,386,485
|
57,113,465
|
76,598,770
|
80,416,735
|
60,738,580
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.04
|
0.01
|
0.07
|
0.07
|
-
|
|
Liquid Ratio
|
0.73
|
0.72
|
0.98
|
0.86
|
-
|
|
Current Ratio
|
1.19
|
1.14
|
1.43
|
1.53
|
1.38
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
202
|
115
|
101
|
129
|
-
|
|
Debtors Ratio
|
239
|
153
|
170
|
148
|
-
|
|
Creditors Ratio
|
101
|
60
|
52
|
60
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.12
|
0.13
|
0.09
|
0.10
|
-
|
|
Liabilities Ratio
|
1.57
|
1.70
|
1.26
|
1.50
|
2.14
|
|
Times Interest Earned Ratio
|
2.81
|
<5.70>
|
<1.27>
|
12.06
|
-
|
|
Assets Backing Ratio
|
7.94
|
7.60
|
11.44
|
13.54
|
12.13
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
3.94
|
<12.14>
|
<2.87>
|
13.04
|
6.05
|
|
Net Profit Margin
|
3.94
|
<13.51>
|
<2.19>
|
9.56
|
4.53
|
|
Return On Net Assets
|
7.95
|
<22.52>
|
<2.47>
|
24.61
|
11.80
|
|
Return On Capital Employed
|
7.00
|
<19.78>
|
<2.33>
|
23.58
|
11.80
|
|
Return On Shareholders' Funds/Equity
|
5.16
|
<30.00>
|
<3.88>
|
21.66
|
13.24
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
0.00
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
|
|