|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
19051-M
|
|
COMPANY NAME
|
:
|
B.BRAUN MEDICAL INDUSTRIES SDN BHD
|
|
FORMER NAME
|
:
|
CROLOK INDUSTRIES (MALAYSIA) SDN BHD (04/09/1980)
|
|
INCORPORATION DATE
|
:
|
14/06/1974
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
CROWN PENTHOUSE, PLAZA IBM, NO. 8, FIRST AVENUE, PERSIARAN BANDAR
UTAMA, 47800 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
PHASE 2, BAYAN LEPAS FREE INDUSTRIAL ZONE, 10810 PULAU PINANG, PULAU
PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-6323100
|
|
FAX.NO.
|
:
|
04-6433750
|
|
EMAIL
|
:
|
TERESA.HUAN@BBRAUN.COM
|
|
WEB SITE
|
:
|
WWW.BBRAUN.COM.MY
|
|
CONTACT PERSON
|
:
|
KIM HAE DONG ( PRESIDENT )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
26600
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURE OF
DISPOSABLE VEIN PUNCTURE SETS, INFUSION ADMINISTRATION SETS, BLOOD
TRANSFUSION SETS, SURGICAL SUTURES AND ALLIED PRODUCTS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
300,000,000.00 DIVIDED INTO
ORDINARY SHARE 300,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
241,492,014.00 DIVIDED INTO
ORDINARY SHARES 241,417,014 CASH AND 75,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 1,911,960,000 [2011]
|
|
NET WORTH
|
:
|
MYR 1,285,194,000 [2011]
|
|
M1000 OVERALL RANKING
|
:
|
229[2011]
|
|
M1000 INDUSTRY RANKING
|
:
|
3[2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
6000 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
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) manufacture of disposable vein
puncture sets, infusion administration sets, blood transfusion sets, surgical
sutures and allied products.
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
|
2004
|
|
|
OVERALL RANKING
|
229
|
246
|
240
|
274
|
|
|
INDUSTRY RANKING
|
3
|
4
|
4
|
3
|
|
The ultimate
holding company of the SC is B. BRAUN MELSUNGEN AG, a company incorporated in
GERMANY.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
B BRAUN MELSUNGEN AG
|
GERMANY
|
XLZ000000036
|
241,492,014.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
241,492,014.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown
as follow :
|
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
636191M
|
MALAYSIA
|
TRANSCARE HEALTHSERVICES MALAYSIA SDN. BHD.
|
100.00
|
29/03/2013
|
|
|
|
|
|
|
|
687244W
|
MALAYSIA
|
B. BRAUN AVITUM RENAL SERVICES SDN. BHD.
|
100.00
|
31/12/2010
|
|
|
|
|
|
|
|
56425H
|
MALAYSIA
|
B. BRAUN MEDICAL SUPPLIES SDN. BHD.
|
100.00
|
29/03/2013
|
|
|
|
|
|
|
|
189731D
|
MALAYSIA
|
AESCULAP SURGICAL INSTRUMENTS SDN. BHD.
|
100.00
|
N/A
|
|
|
|
|
|
|
|
159642K
|
MALAYSIA
|
B.BRAUN NEEDLE INDUSTRIES SDN. BHD.
|
100.00
|
29/03/2013
|
|
|
|
|
|
|
|
132674P
|
MALAYSIA
|
B.BRAUN PHARMACEUTICAL INDUSTRIES SDN BHD
|
100.00
|
29/03/2013
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
DR. HEINZ-WALTER GROSSE
|
|
Address
|
:
|
BUCHENWEG 3, 34281, GUDENSBERG, GERMANY.
|
|
IC / PP No
|
:
|
C61Z33PJ5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
GERMAN
|
|
Date of Appointment
|
:
|
06/03/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MICHAEL WOLFGANG BECKER
|
|
Address
|
:
|
UNIT 6-00-0, SRI TIARA APARTMENTS, NO.6 TAMAN SEPUTEH, 58000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
332604236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
13/12/2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
LUDWIG GEORG BRAUN
|
|
Address
|
:
|
AM FORSTGARTEN 2, 34212 MELSUNGEN, GERMANY.
|
|
IC / PP No
|
:
|
443512878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
GERMAN
|
|
Date of Appointment
|
:
|
01/02/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
KIM HAE DONG
|
|
Address
|
:
|
NO.9, JALAN 15, TAMAN TUN ABDUL RAZAK, 68000 AMPANG, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
JR2554697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
13/12/2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MICHAEL WOLFGANG BECKER
|
|
Address
|
:
|
28-14-C PERSIARAN GURNEY, GURNEY BEACH RESORT, 10250 PENANG,
MALAYSIA.
|
|
IC / PP No
|
:
|
2498331848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
13/12/2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject
|
:
|
KIM HAE DONG
|
|
Address
|
:
|
NO. 9 JALAN 15, TAMAN TUN ABDUL RAZAK, 68000 AMPANG, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
M69125723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
13/12/2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 7
|
Name Of Subject
|
:
|
DR. ANNETTE JOHANNA BELLER
|
|
Address
|
:
|
NIDERWALDSTRABE 16, D-34131 KASSEL, GERMANY.
|
|
IC / PP No
|
:
|
C5VVLL554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
GERMAN
|
|
Date of Appointment
|
:
|
01/07/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 8
|
Name Of Subject
|
:
|
MANFRED GREGOR MAHRLE
|
|
Address
|
:
|
BA30-2, MK10 JALAN KIARA 1, MONT KIARA, 50480 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
P5916139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
05/01/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
KIM HAE DONG
|
|
|
Position
|
:
|
PRESIDENT
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
ANNA MARIA BRAUN
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS
|
|
Auditor' Address
|
:
|
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR CENTRAL, P O BOX 10192, LEVEL
15, 50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. KHOO BEE LIN
|
|
|
|
|
|
|
|
New IC No
|
:
|
640620-07-5480
|
|
|
Address
|
:
|
NO. 7, JALAN MERANTI BUKIT, SIERRAMAS WEST, 47000 SUNGAI BULOH,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
30%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
70%
|
|
Import Countries
|
:
|
GERMANY,JAPAN,UNITED KINGDOM
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
20%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
80%
|
|
Export Market
|
:
|
AUSTRALIA
BANGLADESH
BRAZIL
CHINA
DENMARK
FRANCE
GERMANY
HONG KONG
INDIA
INDONESIA
JAPAN
MYANMAR
PAKISTAN
NEW ZEALAND
SINGAPORE
SOUTH KOREA
SWITZERLAND
TAIWAN
THAILAND
UNITED STATES
SRI LANKA
|
|
Credit Term
|
:
|
60 - 90 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
TELEGRAPHIC TRANSFER
(TT)
LETTER OF CREDIT (LC)
CHEQUES
|
|
Type of Customer
|
:
|
MEDICAL INDUSTRIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
DISPOSABLE VEIN PUNCTURE SETS, INFUSION ADMINISTRATION SETS, BLOOD
TRANSFUSION SETS, SURGICAL SUTURES AND ALLIED PRODUCTS
|
|
|
|
|
|
|
Brand Name
|
:
|
B. BRAUN
|
|
|
|
|
|
Award
|
:
|
1 )
INTERNATIONAL PROCUREMENT CENTRE BY MALAYSIAN GOVERNMENT Year :2005
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
SMI ASSOCIATION OF MALAYSIA
MALAYSIAN INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI)
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
|
|
|
GROUP
|
N/A
|
44,700
|
6,200
|
6,200
|
6,321
|
|
|
|
|
|
COMPANY
|
6000
|
4,000
|
4,000
|
4,000
|
4,200
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacture of disposable
vein puncture sets, infusion administration sets, blood transfusion sets,
surgical sutures and allied products.
The B. Braun Group stands for competence in healthcare. For more than 165
years, the company has been developing, producing and distributing products
and services for medicine, and, with its modern approach and innovative
strength, it has developed into a worldwide group of companies and a leading
supplier for the healthcare market.
B. Braun, an internationally recognised supplier of healthcare products and
services, was founded by Julius Wilhelm Braun. The headquarter in Germany and
it has presence in over 50 countries on five continents.
The SC's common products lines include medical devices, solutions, wound care
and disinfectants.
We were informed that the SC manufactures more than 100 types of
pharmaceutical products.
The SC's factory is fully equipped with state-of-the-art surgical instruments
at the production site.
The SC has two production departments which are known as cost-centre
departments namely;
1) Medical production (MP) - produces needle covers, blood transfusion sets,
tubes, surgical sutures and infusion administration sets.
2) Needle production (NP) - only produces the needles and disposable vein
puncture sets.
PROJECTS
No projects found in our databank
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA)database,
but no latest development was noted in our investigation.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
04-6323100
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
BAYAN LEPASS, FREE TRADE ZONE PO BOX 880, 10810 PENAG, MALAYSIA
|
|
Current Address
|
:
|
PHASE 2, BAYAN LEPAS FREE INDUSTRIAL ZONE, 10810 PULAU PINANG, PULAU
PINANG, 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 belongs to the SC's PO Box address.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2007 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2007 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
15.62%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
16.40%
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's turnover increased steadily as the demand for its products
/ services increased due to the goodwill built up over the years.The SC's
management have been efficient in controlling its operating costs. The SC's
management had generated acceptable return for its shareholders using its
assets.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Current Ratio
|
:
|
Acceptable
|
[
|
1.21 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC has an adequate liquidity position with its current
liabilities well covered by its current assets. With its net current
assets, the SC should be able to repay its short term obligations.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Liability Ratio
|
:
|
Favourable
|
[
|
0.64 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A low liabilities ratio has minimised the SC's financial risk.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Generally, the SC's performance has improved with higher turnover
and profit. 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. The SC
has a low liabilities ratio. It's liabilities were low and was not
vulnerable to the financial risk.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : STABLE
|
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
|
|
26600 : Manufacture of irradiation, electro medical and
electrotherapeutic equipment
|
|
|
|
|
INDUSTRY :
|
MACHINERY
|
|
|
|
|
|
|
Malaysia is presently the leading manufacturer of automation
machinery and equipment (M&E) for the electrical and electronics
(E&E) industry in the ASEAN region with a total of 22 companies in
production. The machinery and equipment industry has expanded and produce a
diverse range of machinery which give importance to the overall industrial
development of the country, due to its cross cutting linkages with all
industrial sectors.
|
|
|
|
Malaysia implemented Industrial Master Plan 3 (IMP3, 2006-2020),
which the machinery and equipment industry has been established as one of
the key areas for growth and development. The implementation focused on the
manufacture of high value-added and high technology machinery and equipment
(M&E). Under this plan, M&E will positioned Malaysia as the
regional production hub for high technology and specialized M&E in the
ASEAN region for 2012.
|
|
|
|
Furthemore for the year 2012, Malaysia is the largest manufacturing
hub of boilers in the Southeast Asia region. The exports are mainly
directed to the neighboring countries such as Indonesia, Philippines,
Thailand and Cambodia. Exports of machinery and equipment registered a
double-digit growth of 12.6% in the frst seven month of 2012 mainly driven
by general industrial machinery and equipment as well as specialised
machinery for specific industries.
|
|
|
|
For enhance the machinery and equipment (M&E), the government
has introduced two major tax incentives for companies investing in the
manufacturing sector where the pioneer status and the investment tax
allowance. The tax incentives would remain to be a competitive industry
within ASEAN.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1974, the SC is a Private Limited company, focusing on
manufacture of disposable vein puncture sets, infusion administration sets,
blood transfusion sets, surgical sutures and allied products. With its long
presence in the industry coupled with its vast experiences in the business,
the SC should have built up certain goodwill with its clients over times..
With a large issued and paid up capital of RM241,492,014 and strong backing
from its well-established holding company, the SC enjoys timely financial
assistance should the needs arise. These favourable conditions has
minimised its risk in the industry compared to other players.
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 6000
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.
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. The SC managed to
maintain an adequate liquidity level, indicating that the SC has the
ability to meet its financial obligations. A low liabilities ratio has
minimised the SC's financial risk. Given a positive net worth standing at
MYR 1,285,194,000, 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 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)
|
|
B.BRAUN
MEDICAL INDUSTRIES 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
|
GROUP
|
GROUP
|
GROUP
|
GROUP
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
SUMMARY
|
FULL
|
FULL
|
FULL
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
1,911,960,000
|
1,761,953,000
|
1,662,550,000
|
1,499,598,000
|
1,320,572,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
1,911,960,000
|
1,761,953,000
|
1,662,550,000
|
1,499,598,000
|
1,320,572,000
|
|
Costs of Goods Sold
|
-
|
<1,129,298,000>
|
<1,053,720,000>
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
-
|
632,655,000
|
608,830,000
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
225,816,000
|
223,557,000
|
259,637,000
|
123,992,000
|
98,622,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
225,816,000
|
223,557,000
|
259,637,000
|
123,992,000
|
98,622,000
|
|
Taxation
|
<25,046,000>
|
<44,073,000>
|
<14,367,000>
|
<31,940,000>
|
<14,561,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
200,770,000
|
179,484,000
|
245,270,000
|
92,052,000
|
84,061,000
|
|
Minority interests
|
-
|
<147,000>
|
38,000
|
23,000
|
<168,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
200,770,000
|
179,337,000
|
245,308,000
|
92,075,000
|
83,893,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
|
200,770,000
|
179,337,000
|
245,308,000
|
92,075,000
|
83,893,000
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
967,996,000
|
799,129,000
|
615,714,000
|
523,639,000
|
439,746,000
|
|
Prior year adjustment
|
-
|
-
|
719,000
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
967,996,000
|
799,129,000
|
616,433,000
|
523,639,000
|
439,746,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,168,766,000
|
978,466,000
|
861,741,000
|
615,714,000
|
523,639,000
|
|
TRANSFER TO RESERVES - Statutory
|
-
|
<10,470,000>
|
<12,612,000>
|
-
|
-
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
-
|
-
|
<50,000,000>
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
1,168,766,000
|
967,996,000
|
799,129,000
|
615,714,000
|
523,639,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Others
|
-
|
12,202,000
|
9,718,000
|
17,189,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
-
|
12,202,000
|
9,718,000
|
17,189,000
|
-
|
|
|
=============
|
=============
|
=============
|
=============
|
|
BALANCE SHEET
|
B.BRAUN
MEDICAL INDUSTRIES SDN BHD
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
1,222,699,000
|
864,439,000
|
671,506,000
|
637,009,000
|
573,168,000
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Investments
|
-
|
13,000
|
13,000
|
82,000
|
-
|
|
Deferred assets
|
-
|
4,850,000
|
8,691,000
|
7,128,000
|
-
|
|
Others
|
-
|
60,739,000
|
26,132,000
|
209,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
-
|
65,602,000
|
34,836,000
|
7,419,000
|
89,000
|
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
|
Goodwill on consolidation
|
-
|
2,810,000
|
3,592,000
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL INTANGIBLE ASSETS
|
-
|
2,810,000
|
3,592,000
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
1,222,699,000
|
932,851,000
|
709,934,000
|
644,428,000
|
573,257,000
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
-
|
274,295,000
|
278,096,000
|
270,730,000
|
-
|
|
Trade debtors
|
-
|
214,765,000
|
206,082,000
|
217,476,000
|
-
|
|
Other debtors, deposits & prepayments
|
-
|
22,674,000
|
26,899,000
|
19,596,000
|
-
|
|
Short term deposits
|
-
|
-
|
5,005,000
|
1,455,000
|
-
|
|
Amount due from related companies
|
-
|
260,657,000
|
254,332,000
|
139,224,000
|
-
|
|
Cash & bank balances
|
-
|
12,448,000
|
26,673,000
|
11,512,000
|
-
|
|
Others
|
-
|
7,804,000
|
9,871,000
|
7,225,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
879,162,000
|
792,643,000
|
806,958,000
|
667,218,000
|
656,749,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
2,101,861,000
|
1,725,494,000
|
1,516,892,000
|
1,311,646,000
|
1,230,006,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
-
|
123,894,000
|
71,385,000
|
58,133,000
|
-
|
|
Other creditors & accruals
|
-
|
72,495,000
|
69,049,000
|
63,229,000
|
-
|
|
Bank overdraft
|
-
|
10,837,000
|
9,461,000
|
13,415,000
|
-
|
|
Short term borrowings/Term loans
|
-
|
43,010,000
|
32,957,000
|
152,148,000
|
-
|
|
Amounts owing to related companies
|
-
|
231,133,000
|
260,993,000
|
188,481,000
|
-
|
|
Provision for taxation
|
-
|
20,603,000
|
19,715,000
|
14,537,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
724,658,000
|
501,972,000
|
463,560,000
|
489,943,000
|
576,417,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
154,504,000
|
290,671,000
|
343,398,000
|
177,275,000
|
80,332,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
1,377,203,000
|
1,223,522,000
|
1,053,332,000
|
821,703,000
|
653,589,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
100,630,000
|
100,630,000
|
100,630,000
|
100,630,000
|
100,630,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
100,630,000
|
100,630,000
|
100,630,000
|
100,630,000
|
100,630,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Capital reserve
|
16,057,000
|
16,057,000
|
16,057,000
|
3,406,000
|
-
|
|
Revaluation reserve
|
-
|
-
|
-
|
23,000
|
-
|
|
Exchange equalisation/fluctuation reserve
|
<3,401,000>
|
1,333,000
|
<10,470,000>
|
<11,769,000>
|
<1,209,000>
|
|
General reserve
|
745,000
|
745,000
|
745,000
|
745,000
|
-
|
|
Retained profit/(loss) carried forward
|
1,168,766,000
|
967,996,000
|
799,129,000
|
615,714,000
|
523,639,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
1,182,167,000
|
986,131,000
|
805,461,000
|
608,119,000
|
522,430,000
|
|
|
|
|
|
|
|
|
MINORITY INTEREST
|
2,397,000
|
252,000
|
901,000
|
885,000
|
880,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
1,285,194,000
|
1,087,013,000
|
906,992,000
|
709,634,000
|
623,940,000
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Long term loans
|
-
|
90,400,000
|
109,389,000
|
70,886,000
|
-
|
|
Deferred taxation
|
-
|
41,994,000
|
33,565,000
|
38,586,000
|
-
|
|
Retirement benefits provision
|
-
|
4,115,000
|
3,386,000
|
2,597,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
92,009,000
|
136,509,000
|
146,340,000
|
112,069,000
|
29,649,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
1,377,203,000
|
1,223,522,000
|
1,053,332,000
|
821,703,000
|
653,589,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
B.BRAUN
MEDICAL INDUSTRIES SDN BHD
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
-
|
12,448,000
|
31,678,000
|
12,967,000
|
-
|
|
Net Liquid Funds
|
-
|
1,611,000
|
22,217,000
|
<448,000>
|
-
|
|
Net Liquid Assets
|
154,504,000
|
16,376,000
|
65,302,000
|
<93,455,000>
|
80,332,000
|
|
Net Current Assets/(Liabilities)
|
154,504,000
|
290,671,000
|
343,398,000
|
177,275,000
|
80,332,000
|
|
Net Tangible Assets
|
1,377,203,000
|
1,220,712,000
|
1,049,740,000
|
821,703,000
|
653,589,000
|
|
Net Monetary Assets
|
62,495,000
|
<120,133,000>
|
<81,038,000>
|
<205,524,000>
|
50,683,000
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
-
|
144,247,000
|
151,807,000
|
236,449,000
|
-
|
|
Total Liabilities
|
816,667,000
|
638,481,000
|
609,900,000
|
602,012,000
|
606,066,000
|
|
Total Assets
|
2,101,861,000
|
1,725,494,000
|
1,516,892,000
|
1,311,646,000
|
1,230,006,000
|
|
Net Assets
|
1,377,203,000
|
1,223,522,000
|
1,053,332,000
|
821,703,000
|
653,589,000
|
|
Net Assets Backing
|
1,285,194,000
|
1,087,013,000
|
906,992,000
|
709,634,000
|
623,940,000
|
|
Shareholders' Funds
|
1,285,194,000
|
1,087,013,000
|
906,992,000
|
709,634,000
|
623,940,000
|
|
Total Share Capital
|
100,630,000
|
100,630,000
|
100,630,000
|
100,630,000
|
100,630,000
|
|
Total Reserves
|
1,182,167,000
|
986,131,000
|
805,461,000
|
608,119,000
|
522,430,000
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
-
|
0.02
|
0.07
|
0.03
|
-
|
|
Liquid Ratio
|
-
|
1.03
|
1.14
|
0.81
|
-
|
|
Current Ratio
|
1.21
|
1.58
|
1.74
|
1.36
|
1.14
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
-
|
57
|
61
|
66
|
-
|
|
Debtors Ratio
|
-
|
44
|
45
|
53
|
-
|
|
Creditors Ratio
|
-
|
40
|
25
|
14
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
-
|
0.13
|
0.17
|
0.33
|
-
|
|
Liabilities Ratio
|
0.64
|
0.59
|
0.67
|
0.85
|
0.97
|
|
Times Interest Earned Ratio
|
-
|
19.32
|
27.72
|
8.21
|
-
|
|
Assets Backing Ratio
|
13.69
|
12.13
|
10.43
|
8.17
|
6.49
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
11.81
|
12.69
|
15.62
|
8.27
|
7.47
|
|
Net Profit Margin
|
10.50
|
10.18
|
14.75
|
6.14
|
6.35
|
|
Return On Net Assets
|
16.40
|
19.27
|
25.57
|
17.18
|
15.09
|
|
Return On Capital Employed
|
16.37
|
19.05
|
25.24
|
16.89
|
15.07
|
|
Return On Shareholders' Funds/Equity
|
15.62
|
16.50
|
27.05
|
12.97
|
13.45
|
|
Dividend Pay Out Ratio (Times)
|
-
|
0.00
|
0.20
|
0.00
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
-
|
0
|
0
|
0
|
|
|