|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
81755-D
|
|
COMPANY NAME
|
:
|
SCOMI OILTOOLS SDN. BHD.
|
|
FORMER NAME
|
:
|
KOTA MINERALS
& CHEMICALS SDN BHD (12/03/2007)
KOTA TANAH TRADING SDN BHD (07/07/1987)
FIRST PENAGA TRADING SDN BHD (03/04/1985)
|
|
INCORPORATION DATE
|
:
|
27/02/1982
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
1 FIRST AVENUE, BANDAR UTAMA, LEVEL 17, 47800 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LEVEL 17, 1 FIRST AVENUE,BANDAR UTAMA, 47800 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-77173000
|
|
FAX.NO.
|
:
|
03-77285258
|
|
EMAIL
|
:
|
INFO@SCOMIGROUP.COM.MY
|
|
WEB SITE
|
:
|
WWW.SCOMI.COM.MY
|
|
CONTACT PERSON
|
:
|
MEENA KANTHASWAMY ( MARKETING MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
71109
|
|
PRINCIPAL
ACTIVITY
|
:
|
DRILLING FLUID
& DRILLING WASTE MANAGEMENT SERVICES, SUPPLIES A WIDE RANGE OF
SPECIALIZED CHEMICALS
|
|
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 8,082,000.00
DIVIDED INTO
ORDINARY SHARES 1,836,000 CASH AND 6,246,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 397,377,000 [2011]
|
|
NET WORTH
|
:
|
MYR 101,742,000 [2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
400 [2013]
|
|
BANKER (S)
|
:
|
|
HSBC BANK
MALAYSIA BHD
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
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) drilling fluid
& drilling waste management services, supplies a wide range of
specialized chemicals.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate holding company of the SC is SCOMI OILTOOLS BERMUDA
LIMITED, a company incorporated in BERMUDA.
The ultimate holding company of the SC is SCOMI GROUP BHD, a company
incorporated in MALAYSIA.
The intermediate holding company of the SC is SCOMI OILFIELD LIITED, a
company incorporated in CAYMAN ISLANDS.
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
SCOMI OILTOOLS BERMUDA LIMITED
|
CLARENDON HOUSE, 2 CHURCH STREET, P.O. BOX HM 666, HAMILTON HM CX,
BERMUDA.
|
BMEC25328
|
8,082,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
8,082,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
761077H
|
MALAYSIA
|
SCOMI KMC SDN. BHD.
|
99.62
|
29/03/2013
|
|
|
|
|
|
|
|
416242P
|
MALAYSIA
|
ASTROWORK SDN. BHD.
|
60.00
|
29/03/2013
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. SHAH HAKIM @ SHAHZANIM BIN ZAIN
|
|
Address
|
:
|
32, JALAN CHELAGI, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
A0122367
|
|
New IC No
|
:
|
650225-07-5439
|
|
Date of Birth
|
:
|
25/02/1965
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
27/02/2001
|
|
|
|
|
|
|
|
|
|
Working Experience
|
:
|
HE ASSUMED THE ROLE OF EXECUTIVE DIRECTOR OF A REGIONAL PAKAGING
MANUGACTURER IN 1992.
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. ROZALI BIN SIDEK
|
|
Address
|
:
|
138, JALAN F6, TAMAN MELAWATI, 53100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
710503-07-5001
|
|
Date of Birth
|
:
|
03/05/1971
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
14/06/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
MEENA KANTHASWAMY
|
|
|
Position
|
:
|
MARKETING MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
SAHZAN BIN MOHD NOR
|
|
|
Position
|
:
|
OPERATIONS MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
MOHD SYAHIRAN SULAIMAN
|
|
|
Position
|
:
|
EXECUTIVE
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
SHAH HAKIM @ SHAHZANIM BIN ZAIN
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS
|
|
Auditor' Address
|
:
|
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR SENTRAL, P.O.BOX 10192, LEVEL
10, 50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. CHONG MEI YAN
|
|
|
IC / PP No
|
:
|
A2392527
|
|
|
New IC No
|
:
|
730510-01-5582
|
|
|
Address
|
:
|
23, JALAN PP 4/12, TAMAN PUTRA PRIMA, 47100 PUCHONG, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. ONG WEI LENG
|
|
|
|
|
|
|
|
New IC No
|
:
|
800322-08-5314
|
|
|
Address
|
:
|
402, JALAN PANTAI, 34350 KUALA KURAU, PERAK, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
HSBC BANK MALAYSIA BHD
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Name
|
:
|
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
|
|
|
|
|
|
|
|
|
ENCUMBRANCE (S)
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
1
|
24/09/1991
|
N/A
|
BANK OF COMMERCE BHD
|
MYR 4,900,000.00
|
Satisfied
|
|
2
|
07/03/1992
|
N/A
|
BANK OF COMMERCE M BHD
|
MYR 600,000.00
|
Satisfied
|
|
3
|
06/10/1992
|
N/A
|
BANK OF COMMERCE M BHD
|
MYR 2,200,000.00
|
Satisfied
|
|
4
|
17/02/1994
|
N/A
|
BANK OF COMMERCE M BERHAD
|
MYR 4,300,000.00
|
Satisfied
|
|
5
|
19/02/1997
|
N/A
|
BANK OF COMMERCE M BERHAD
|
MYR 4,200,000.00
|
Satisfied
|
|
6
|
19/02/1997
|
N/A
|
BANK OF COMMERCE M BERHAD
|
MYR 4,200,000.00
|
Satisfied
|
|
7
|
11/04/1997
|
N/A
|
BANK OF COMMERCE M BERHAD
|
MYR 4,000,000.00
|
Satisfied
|
|
8
|
10/10/1997
|
N/A
|
BANK OF COMMERCE M BERHAD
|
MYR 1,750,000.00
|
Satisfied
|
|
10
|
11/11/1997
|
N/A
|
BANK OF COMMERCE M BERHAD
|
MYR 2,100,000.00
|
Satisfied
|
|
9
|
17/11/1997
|
N/A
|
BANK OF COMMERCE M BERHAD
|
MYR 12,400,000.00
|
Satisfied
|
|
11
|
02/12/1998
|
N/A
|
BANK OF COMMERCE M BERHAD
|
MYR 1,600,000.00
|
Satisfied
|
|
12
|
07/02/2002
|
N/A
|
RHB BANK BERHAD
|
MYR 13,700,000.00
|
Satisfied
|
|
13
|
15/01/2004
|
N/A
|
HSBC BANK MALAYSIA BERHAD
|
N/A
|
Satisfied
|
|
14
|
06/05/2004
|
N/A
|
UNITED OVERSEAS BANK MALAYSIA BHD
|
N/A
|
Satisfied
|
|
17
|
10/06/2004
|
N/A
|
CIMB L LIMITED
|
N/A
|
Satisfied
|
|
18
|
10/06/2004
|
N/A
|
CIMB L LIMITED
|
N/A
|
Satisfied
|
|
19
|
10/06/2004
|
N/A
|
CIMB L LIMITED
|
N/A
|
Satisfied
|
|
15
|
17/06/2004
|
N/A
|
CIMB L LIMITED
|
N/A
|
Satisfied
|
|
16
|
17/06/2004
|
N/A
|
CIMB L LIMITED
|
N/A
|
Satisfied
|
|
20
|
01/09/2005
|
ASSIGNMENT OF
DEBT
|
BUMIPUTRA-COMMERCE BANK (L) LIMITED
|
N/A
|
Satisfied
|
|
21
|
01/09/2005
|
FACILITY
AGREEMENT
|
BUMIPUTRA-COMMERCE BANK (L) LIMITED
|
N/A
|
Satisfied
|
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
|
|
|
Import Countries
|
:
|
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
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
50%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
50%
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
OIL & GAS INDUSTRIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
SPECIALIZED CHEMICALS
|
|
|
|
|
|
Services
|
:
|
DRILLING FLUID & DRILLING WASTE MANAGEMENT
|
|
|
|
|
|
Award
|
:
|
1 ) ENTERPRISE
50 AWARD Year :2002
2 ) ENTERPRISE 50 AWARD Year :1999
|
|
|
|
|
|
Competitor(s)
|
:
|
RAMUNIA
FABRICATORS SDN BHD
TANJUNG OFFSHORE BHD
|
|
|
|
|
|
Ownership of
premises
|
:
|
OWNED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
400
|
300
|
300
|
310
|
300
|
|
|
|
|
|
Branch
|
:
|
YES
|
|
No of Branches
|
:
|
4
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) drilling fluid & drilling
waste management services, supplies a wide range of specialized chemicals.
The SC is under the Scomi Group of companies which is principally engaged in
driling fluid & drilling waste management services.
The SC also has 17 or 18 business units globally where a single unit could
focus on a country or a group of countries.
PROJECTS
No projects found in our databank
RECENT DEVELOPMENT
August 7, 2010
The SC is cautiously optimistic over its future prospects following a
collapse in crude oil prices, which has led to a nosedive in drilling
activity. President Steve Bracker says the company is seeing signs of
recovery in the industry with increasing global spending on oil and gas
exploration and production.
He expects revenue and profit to grow by between 5% and 10% year-on-year for
the next five years. We are continuing to strengthen our existing core
product portfolios. We are introducing a range of Scomi Oiltools solids
control equipment, which has enhancements designed by our own research and development
team, he tells StarBizWeek. Bracker says the group is building a
market-focused structure, where the respective country presidents promote the
whole gamut of Scomi group's offerings in a country. This, he says, will be
one of the group's main drivers of growth.
We will leverage on this to promote our oilfield services to new markets. We
aim to provide value added services and expertise to our clients and we are
an agile organisation whereby we can be what each individual market requires
us to be,he says. Oil and gas companies were hit after a drop in crude oil
prices clawed back the extensive drilling activity that started globally when
prices moved to record levels a few years ago. Markets in the US and the
North Sea were impacted but Bracker says Scomi has managed the slowdown and
maintained all of its operations. We didn't shut down any of our operations
although in the western hemisphere we have scaled back, he says.
Scomi Oilfield contributes about 68% and 33.5% to group revenue and profit respectively.
In the past, the company enjoyed a stream of lucrative works when oil price
hit an all-time high in July 2008 of about US$147 per barrel. It was then
caught, like the other service providers, in the global recession.
Post-recession, in view of another bullish cycle of oil price in the future,
the group has undertaken steps to deal with its debt, mainly the RM630mil
nominal value Murabahah medium-term notes.
Besides that, Scomi Oiltools has also streamlined and rationalised its
operations, which has resulted in an annual cost savings of about US$20mil
starting last year. As of June, Scomi Oilfield's orderbook stood at
US$600mil. Bracker says the Asian and the Middle East markets remain positive
and are key growth regions for the company.
This is also where we have a stronger foothold and have recorded some
successes with new strategic contracts, he says.We are looking to enhance our
drilling fluids and drilling waste management portfolios with new
technologies and products. We will continue to leverage on our expertise by
expanding our portfolio through development of green products, says Bracker
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-77173000
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
LEVEL 17, FIRST AVENUE BANDAR UTAMA PETALING JAYA 47800 SELANGOR
DARUL EHSAN
|
|
Current Address
|
:
|
LEVEL 17, 1 FIRST AVENUE,BANDAR UTAMA, 47800 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC and she provided some information on
the SC.
The address provided is incomplete.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2007 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2007 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
24.36%
|
]
|
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
41.38%
|
]
|
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.The SC's management have been efficient in
controlling its operating costs. The SC's management had generated
acceptable return for its shareholders using its assets.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Acceptable
|
[
|
65 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
30 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
76 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC kept adequate stocks to meet its normal business transactions
without incurring excessive storage costs. The favourable debtors' days
could be due to the good credit control measures implemented by the SC. 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
|
[
|
0.69 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.97 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
|
:
|
Acceptable
|
[
|
9.98 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.54 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was slightly low. If there is no sharp fall
in its profit or sudden increase in the interest rates, we believe the SC is
able to generate sufficient income to service its interest and repay the
loans. 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 turnover was erratic, the SC had maintained a steady
growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. Due to its weak liquidity
position, the SC will be faced with problems in meeting all its short term
obligations if no short term loan is obtained or additional capital
injected into the SC. The SC had an acceptable interest cover. If there is
no sudden sharp increase in interest rate or fall in the SC's profit, we do
believe the SC is able to generate sufficient cash flow to service its
interest payment. 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 : FAIR
|
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
|
|
71109 : Other architectural and engineering activities and related technical
consultancy n.e.c.
|
|
|
|
|
INDUSTRY :
|
CONSTRUCTION
|
|
|
|
|
|
|
The construction sector consists of four subsectors: residential,
non-residential, civil engineering and special trade works. During a period
of rapid economic expansion, the sector generally outperforms Gross
Domestic Product (GDP) growth.
|
|
|
|
Construction's contribution to gross domestic product (GDP) is
expected to fall to 11.2% in 2013 from 15 % in 2012, with all subsectors
registering steady growth. The sector is expected to benefit from the
acceleration of ongoing construction activities, particularly from the
Economic Transformation Programme (ETP) and Second Rolling Plan (RP2)
construction-related projects. Of significance, exploration activities in
O&G industries and major projects such as the electrified
double-tracking between lpoh -Padang Besar, LPT2 Jabur - Kuala Terengganu,
MRT and the River of Life are expected to drive the growth of the civil
engineering subsector. The non-residential subsector is expected to expand
spurred by the industrial building segment and the commencement of
construction of the Tun Razak Exchange (TRX). The residential subsector is
also projected to expand, albeit at a moderate pace, after recording several
years of strong growth. Key housing development projects, particularly in
Sungai Buloh and Bandar Malaysia in Sungai Besi, which are expected to
commence in 2013, will support residential construction activities.
According to the Minister of Finance, the domestic demand is expected to
grow at 5.6% and will remain the main driver of growth in 2013 underpinned
by strong private sector expenditure.
|
|
|
|
The industry is set to receive a further boost from a wave of new developments
earmarked for 2013, including rail projects worth an estimated $52 billion
that should be launched in the coming year. It was predicted that the
growth in other sectors will largely drive Malaysia's economy but the
construction sector's contribution to GDP could still remain stable.
However, while the construction sector is expected to have a solid 2013,
it remains hampered by a shortage of skilled labourers, with rapid growth
in recent years triggering a drain on its workforce. In late November of
2012, the Builders Association Malaysia (MBAM) request the government to
do more to facilitate the training of building workers or run the risk of
supply-side bottlenecks delaying new projects.
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1982, the SC is a Private Limited company, focusing on
drilling fluid & drilling waste management services, supplies a wide range
of specialized chemicals. 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 strong support from its holding
company has enabled the SC to remain competitive despite the challenging
business environment. The capital standing of the SC is fair. 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. The SC is a fairly large and rapidly growing company with over 400
staff in its operations 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. 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.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. Return on shareholders' funds of
the SC was at an acceptable range which indicated that the management was
efficient in utilising its funds to generate income. 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 101,742,000, 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.
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 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.
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)
|
|
SCOMI OILTOOLS
SDN. BHD.
|
|
Financial Year End
|
31/12/2011
|
31/12/2010
|
31/12/2009
|
31/12/2008
|
31/12/2007
|
|
Months
|
12
|
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
|
397,377,000
|
203,078,000
|
229,806,000
|
208,187,000
|
185,446,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
397,377,000
|
203,078,000
|
229,806,000
|
208,187,000
|
185,446,000
|
|
Costs of Goods Sold
|
<318,178,000>
|
<142,029,000>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
79,199,000
|
61,049,000
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
37,884,000
|
30,309,000
|
8,356,000
|
4,475,000
|
17,415,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
37,884,000
|
30,309,000
|
8,356,000
|
4,475,000
|
17,415,000
|
|
Taxation
|
<13,101,000>
|
<5,557,000>
|
3,319,000
|
28,971,000
|
9,490,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
24,783,000
|
24,752,000
|
11,675,000
|
33,446,000
|
26,905,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
44,769,000
|
20,017,000
|
8,342,000
|
<29,105,000>
|
<56,010,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
44,769,000
|
20,017,000
|
8,342,000
|
<29,105,000>
|
<56,010,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
69,552,000
|
44,769,000
|
20,017,000
|
4,341,000
|
<29,105,000>
|
|
TRANSFER TO RESERVES - General
|
-
|
-
|
-
|
4,001,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
69,552,000
|
44,769,000
|
20,017,000
|
8,342,000
|
<29,105,000>
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Term loan / Borrowing
|
1,982,000
|
713,000
|
6,960,000
|
6,195
|
-
|
|
Others
|
2,236,000
|
5,529,000
|
662,000
|
516
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
4,218,000
|
6,242,000
|
7,622,000
|
6,711
|
|
BALANCE SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
49,508,000
|
43,373,000
|
45,890,000
|
51,293,000
|
26,668,000
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Subsidiary companies
|
-
|
-
|
1,004,000
|
-
|
-
|
|
Investment properties
|
1,071,000
|
1,215,000
|
1,360,000
|
1,505,000
|
-
|
|
Deferred assets
|
28,486,000
|
41,587,000
|
47,144,000
|
43,825,000
|
-
|
|
Others
|
31,262,000
|
1,004,000
|
-
|
4,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
60,819,000
|
43,806,000
|
49,508,000
|
45,334,000
|
1,643,000
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
110,327,000
|
87,179,000
|
95,398,000
|
96,627,000
|
28,311,000
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
70,761,000
|
43,321,000
|
40,507,000
|
39,139,000
|
-
|
|
Trade debtors
|
32,549,000
|
17,746,000
|
3,643,000
|
53,570,000
|
-
|
|
Other debtors, deposits & prepayments
|
6,195,000
|
7,753,000
|
4,647,000
|
4,844,000
|
-
|
|
Short term deposits
|
1,484,000
|
635,000
|
621,000
|
843,000
|
-
|
|
Amount due from holding company
|
25,682,000
|
25,133,000
|
22,816,000
|
21,894,000
|
-
|
|
Amount due from related companies
|
100,280,000
|
74,475,000
|
63,915,000
|
14,481,000
|
-
|
|
Cash & bank balances
|
6,697,000
|
21,521,000
|
15,466,000
|
6,004,000
|
-
|
|
Others
|
27,000
|
551,000
|
16,000
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
243,675,000
|
191,135,000
|
151,631,000
|
140,775,000
|
171,932,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
354,002,000
|
278,314,000
|
247,029,000
|
237,402,000
|
200,243,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
65,945,000
|
37,733,000
|
16,792,000
|
21,028,000
|
-
|
|
Other creditors & accruals
|
1,224,000
|
1,922,000
|
20,899,000
|
22,679,000
|
-
|
|
Short term borrowings/Term loans
|
-
|
-
|
-
|
3,101,000
|
-
|
|
Other borrowings
|
40,757,000
|
22,821,000
|
377,000
|
-
|
-
|
|
Bill & acceptances payable
|
13,986,000
|
22,491,000
|
5,828,000
|
20,343,000
|
-
|
|
Other liabilities & accruals
|
2,821,000
|
2,628,000
|
-
|
-
|
-
|
|
Amounts owing to holding company
|
26,218,000
|
13,962,000
|
-
|
-
|
-
|
|
Amounts owing to related companies
|
101,012,000
|
106,185,000
|
157,100,000
|
134,890,000
|
-
|
|
Other liabilities
|
297,000
|
-
|
342,000
|
1,127,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
252,260,000
|
207,742,000
|
201,338,000
|
203,168,000
|
155,506,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
<8,585,000>
|
<16,607,000>
|
<49,707,000>
|
<62,393,000>
|
16,426,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
101,742,000
|
70,572,000
|
45,691,000
|
34,234,000
|
44,737,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
8,082,000
|
8,082,000
|
8,082,000
|
8,082,000
|
8,082,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
8,082,000
|
8,082,000
|
8,082,000
|
8,082,000
|
8,082,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Share premium
|
11,000
|
11,000
|
11,000
|
11,000
|
5,750,000
|
|
Capital reserve
|
6,537,000
|
6,408,000
|
6,279,000
|
-
|
-
|
|
Retained profit/(loss) carried forward
|
69,552,000
|
44,769,000
|
20,017,000
|
8,342,000
|
<29,105,000>
|
|
Others
|
17,560,000
|
11,302,000
|
11,302,000
|
17,799,000
|
60,010,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
93,660,000
|
62,490,000
|
37,609,000
|
26,152,000
|
36,655,000
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
101,742,000
|
70,572,000
|
45,691,000
|
34,234,000
|
44,737,000
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
101,742,000
|
70,572,000
|
45,691,000
|
34,234,000
|
44,737,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
8,181,000
|
22,156,000
|
16,087,000
|
6,847,000
|
-
|
|
Net Liquid Funds
|
<5,805,000>
|
<335,000>
|
10,259,000
|
<13,496,000>
|
-
|
|
Net Liquid Assets
|
<79,346,000>
|
<59,928,000>
|
<90,214,000>
|
<101,532,000>
|
16,426,000
|
|
Net Current Assets/(Liabilities)
|
<8,585,000>
|
<16,607,000>
|
<49,707,000>
|
<62,393,000>
|
16,426,000
|
|
Net Tangible Assets
|
101,742,000
|
70,572,000
|
45,691,000
|
34,234,000
|
44,737,000
|
|
Net Monetary Assets
|
<79,346,000>
|
<59,928,000>
|
<90,214,000>
|
<101,532,000>
|
16,426,000
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
54,743,000
|
45,312,000
|
6,205,000
|
23,444,000
|
-
|
|
Total Liabilities
|
252,260,000
|
207,742,000
|
201,338,000
|
203,168,000
|
155,506,000
|
|
Total Assets
|
354,002,000
|
278,314,000
|
247,029,000
|
237,402,000
|
200,243,000
|
|
Net Assets
|
101,742,000
|
70,572,000
|
45,691,000
|
34,234,000
|
44,737,000
|
|
Net Assets Backing
|
101,742,000
|
70,572,000
|
45,691,000
|
34,234,000
|
44,737,000
|
|
Shareholders' Funds
|
101,742,000
|
70,572,000
|
45,691,000
|
34,234,000
|
44,737,000
|
|
Total Share Capital
|
8,082,000
|
8,082,000
|
8,082,000
|
8,082,000
|
8,082,000
|
|
Total Reserves
|
93,660,000
|
62,490,000
|
37,609,000
|
26,152,000
|
36,655,000
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.03
|
0.11
|
0.08
|
0.03
|
-
|
|
Liquid Ratio
|
0.69
|
0.71
|
0.55
|
0.50
|
-
|
|
Current Ratio
|
0.97
|
0.92
|
0.75
|
0.69
|
1.11
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
65
|
78
|
64
|
69
|
-
|
|
Debtors Ratio
|
30
|
32
|
6
|
94
|
-
|
|
Creditors Ratio
|
76
|
97
|
27
|
37
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.54
|
0.64
|
0.14
|
0.68
|
-
|
|
Liabilities Ratio
|
2.48
|
2.94
|
4.41
|
5.93
|
3.48
|
|
Times Interest Earned Ratio
|
9.98
|
5.86
|
2.10
|
667.82
|
-
|
|
Assets Backing Ratio
|
12.59
|
8.73
|
5.65
|
4.24
|
5.54
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
9.53
|
14.92
|
3.64
|
2.15
|
9.39
|
|
Net Profit Margin
|
6.24
|
12.19
|
5.08
|
16.07
|
14.51
|
|
Return On Net Assets
|
41.38
|
51.79
|
34.97
|
13.09
|
38.93
|
|
Return On Capital Employed
|
41.38
|
51.79
|
34.97
|
13.09
|
38.93
|
|
Return On Shareholders' Funds/Equity
|
24.36
|
35.07
|
25.55
|
97.70
|
60.14
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
0.00
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
|
|