|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
3835-P
|
|
COMPANY NAME
|
:
|
FEDERAL IRON WORKS SDN BHD
|
|
FORMER NAME
|
:
|
FEDERAL IRON WORKS LTD (15/04/1966)
|
|
INCORPORATION DATE
|
:
|
11/07/1960
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
3 JALAN KELULU SATU, KAWASAN
PERINDUSTRIAN BUKIT RAJA SELATAN, 40000 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
3, JALAN KELULI SATU, KAWASAN PERINDUSTRIAN
BUKIT RAJA SELATAN, 40000 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-33431177
|
|
FAX.NO.
|
:
|
03-33426721
|
|
EMAIL
|
:
|
fc.kong@fiw.com.my
|
|
WEB SITE
|
:
|
www.fiw.com.my
|
|
CONTACT PERSON
|
:
|
LOH MENG KIAT ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
24101
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURE & SALE OF ZINC COZTED STEEL SHEETS, FIRE
EXTINGUISHERS, LPG CYLINDERS & PRE-PAINTED GALVANIZED IRON SHEET/COILS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 50,000,000.00 DIVIDED INTO
ORDINARY SHARE 50,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 39,752,679.00 DIVIDED INTO
ORDINARY SHARES 12,127,679 CASH AND 27,625,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 224,628,973 [2011]
|
|
NET WORTH
|
:
|
MYR 250,170,069 [2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
220 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY / BACKGROUND
The SC is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As
a private limited company, the SC must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a
separate legal entity, the SC is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the SC is
insolvent. The SC is governed by the Companies Act, 1965 and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The SC is principally engaged in the (as a
/ as an) manufacture & sale of zinc cozted steel sheets, fire
extinguishers, lpg cylinders & pre-painted galvanized iron sheet/coils.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The major
shareholder(s) of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
SUMITOMO CORPORATION ASIA PTE LTD
|
|
XLZ00215076
|
13,230,000.00
|
33.28
|
|
YEW LIAN PROPERTY & INVESTMENT PTE
LTD
|
|
00005161
|
12,420,000.00
|
31.24
|
|
AMANAH RAYA BERHAD SKIM AMANAH SAHAM
BUMIPUTRA
|
|
00020283
|
11,065,179.00
|
27.84
|
|
LIM LAY TIN JENNIE
|
|
E0473712N
|
368,750.00
|
0.93
|
|
LIM TECK HOCK DANIEL
|
|
E09070324H
|
368,750.00
|
0.93
|
|
LIM TECK LEONG DAVID
|
|
E2485352E
|
368,750.00
|
0.93
|
|
LIM POH TIN EILEEN
|
|
E2817191K
|
368,750.00
|
0.93
|
|
LIM SIOH TIN AMY
|
|
E2847065E
|
368,750.00
|
0.93
|
|
LIM KWEE TIN ESTHER
|
|
S01535911
|
368,750.00
|
0.93
|
|
GOH GEOK KHIM +
|
10, ASTRID HILL, 1026, FOREIGN,
SINGAPORE.
|
0797052H
|
300,000.00
|
0.75
|
|
LIM CHIN HIN
|
|
000000310
|
57,000.00
|
0.14
|
|
SINNEO SDN. BHD.
|
SUITE 2303, WISMA TUN SAMBANTHAN, 2,
JALAN SULTAN SULAIMAN, 23RD FLOOR, 50000 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
30188
|
50,000.00
|
0.13
|
|
GOH GEOK BENG
|
|
N1014377
|
30,000.00
|
0.08
|
|
ONG SU PIN
|
1 RAMSGATE ROAD, 1543, SINGAPORE.
|
1375851D
|
30,000.00
|
0.08
|
|
GOH GEOK LOO +
|
1, WESTLAKE AVENUE, 2057, SINGAPORE.
|
S1042589A
|
30,000.00
|
0.08
|
|
GOH GEOK CHUAN +
|
10 EVERGREEN AVENUE, 468926, FOREIGN,
SINGAPORE.
|
0797016A
|
30,000.00
|
0.08
|
|
GOH GEOK SOO
|
25 DELAMERE AVENUE, SPRINGFIELD, 5062,
SOUTH AUSTRALIA.
|
T564176
|
30,000.00
|
0.08
|
|
GOH GEOK LING +
|
37 JALAN KAMPONG CHANTEK, 588615,
SINGAPORE.
|
S0040556F
|
30,000.00
|
0.08
|
|
LIM CHEE NEO
|
1RAMSGATE ROAD, 1543, SINGAPORE.
|
02800243J
|
27,000.00
|
0.07
|
|
GOH GEOK LAN
|
|
0386549E
|
15,000.00
|
0.04
|
|
GOH GEOK SIEW
|
|
T39172O
|
15,000.00
|
0.04
|
|
KHOR GEOK LIAN
|
21 TRAMINER WAY, AULDANA SOUTH, 5072,
AUSTRALIA.
|
L8473342
|
15,000.00
|
0.04
|
|
HSU CHIA CHI
|
35 SIGLAP BANK, 456244, SINGAPORE.
|
1190786E
|
15,000.00
|
0.04
|
|
GOH GEOK BENG @ TAN GEOK ENG
|
6, JALAN TUA KONG, 04-08, CRESCENDO PARK,
457269, SINGAPORE.
|
S07970571
|
15,000.00
|
0.04
|
|
GOH GEOK BEE
|
84 THOMSON RIDGE, 2057, SINGAPORE.
|
0048318D
|
15,000.00
|
0.04
|
|
WOO HENG LI HENY (DECEASED)
|
|
00009532
|
14,250.00
|
0.04
|
|
WOO PEI LI PERRY
|
|
1163482F
|
14,250.00
|
0.04
|
|
WOO BIH LI
|
|
S002582F
|
14,250.00
|
0.04
|
|
WOO TOONG LI
|
|
S0157474D
|
14,250.00
|
0.04
|
|
HSU HWEI FEN
|
|
0145400E
|
14,000.00
|
0.04
|
|
HSU HWEI FONG
|
1 FRANKEL CLOSE, 458115, SINGAPORE.
|
1225874G
|
14,000.00
|
0.04
|
|
HSU CHIA JONG
|
79 FARRER DRIVE, 10-2, 259283, SINGAPORE.
|
1522233F
|
14,000.00
|
0.04
|
|
EDWIN TAN TIAT HENG
|
|
1745898A
|
7,500.00
|
0.02
|
|
KAREN TAN TIAT JOO
|
|
S1654261Z
|
7,500.00
|
0.02
|
|
MS. LIM CHENG NEO
|
D-4-5 SRI KENNY CONDOMINIUM, NO 28 JLN TUN
ISMAIL, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
210422-71-5192
|
7,000.00
|
0.02
|
|
|
|
|
---------------
|
------
|
|
|
|
|
39,752,679.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
YUKIO SHIOZAWA
|
|
Address
|
:
|
13A-4, IZEN KIARA 2 CONDO, 1 JALAN KIARA,
MONT KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
TH5811522
|
|
|
|
|
|
Date of Birth
|
:
|
02/10/1957
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
21/06/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
OTOMICHI YANO
|
|
Address
|
:
|
407, 9-1 TSUTUJIGAOKA AOBA-KU, YOKOHAMA
CITY, YOKOHAMA, FOREIGN, JAPAN.
|
|
IC / PP No
|
:
|
TH3386389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
07/05/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
TOSHITAKA SAKATA
|
|
Address
|
:
|
UNIT 1-06-3, SAUJANA VILLA, SAUJANA
RESORT, SEKSYEN U2, 40150 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
TH1874637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
02/04/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MS. KHUZAIMAH BINTI BASRAN @ TOHA
|
|
Address
|
:
|
65, JALAN SUADAMAI 2/3, BANDAR TUN
HUSSEIN ONN, 43200 KAJANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
680122-01-5270
|
|
Date of Birth
|
:
|
22/01/1968
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
19/03/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MR. LOH MENG KIAT
|
|
Address
|
:
|
2 JALAN SS 24/24, 47301 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
390414-71-5337
|
|
Date of Birth
|
:
|
14/04/1939
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
01/01/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject
|
:
|
GOH GEOK LOO
|
|
Address
|
:
|
1, WESTLAKE AVENUE, 2057, FOREIGN,
SINGAPORE.
|
|
IC / PP No
|
:
|
1042589A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
16/11/1981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 7
|
Name Of Subject
|
:
|
KEITA HORAI
|
|
Address
|
:
|
3-290-4-902, MATSUGAOKA, NAGAREYAMA,
CHIBA, PO: 2700141, FOREIGN, JAPAN.
|
|
IC / PP No
|
:
|
TK2650774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
21/06/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 8
|
Name Of Subject
|
:
|
GOH GEOK LING
|
|
Address
|
:
|
37 JALAN KAMPONG CHANTEK, 588615,
SINGAPORE.
|
|
IC / PP No
|
:
|
S0040556F
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
25/01/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 9
|
Name Of Subject
|
:
|
GOH GEOK CHUAN
|
|
Address
|
:
|
10 EVERGREEN AVENUE, 468926, FOREIGN,
SINGAPORE.
|
|
IC / PP No
|
:
|
0797016A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
23/10/1961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 10
|
Name Of Subject
|
:
|
GOH GEOK KHIM
|
|
Address
|
:
|
10, ASTRID HILL, 1026, FOREIGN,
SINGAPORE.
|
|
IC / PP No
|
:
|
0797052H
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
07/04/1964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
LOH MENG KIAT
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
TASLIMAN
|
|
|
Position
|
:
|
ADMIN MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
STEPHENIE SIEW
|
|
|
Position
|
:
|
FINANCE MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
KONG FOO CHEE
|
|
|
Position
|
:
|
MARKETING MANAGER
|
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
LOW HUA KEANG
|
|
|
Position
|
:
|
PRODUCTION MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
FOLKS DFK & CO
|
|
Auditor' Address
|
:
|
WISMA TUN SAMBANTHAN, 2 JALAN SULTAN SULAIMAN,
12TH FLOOR, 50000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. CHIEW LIYAH
|
|
|
|
|
|
|
|
New IC No
|
:
|
760106-14-5446
|
|
|
Address
|
:
|
NO.12 JALAN MUHIBBAH 8, TAMAN MUHIBBAH,
43300 BALAKONG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with
above mentioned banker(s). No adverse record was found during our
investigation.
|
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
|
:
|
60%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Import Countries
|
:
|
JAPAN,TAIWAN
|
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
|
[
|
X
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
90%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
10%
|
|
Export Market
|
:
|
AUSTRALIA,
SINGAPORE, ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS,AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Award
|
:
|
1 ) MS ISO 9001 : 2000 Year :2002
|
|
|
|
|
|
Competitor(s)
|
:
|
AMSTEEL MILLS SDN BHD
ANN JOO STEEL BERHAD
MEGASTEEL SDN. BHD.
PERWAJA STEEL SDN BHD
POSCO-MALAYSIA SDN BHD
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Member(s) / Affiliate(s)
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FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM)
MALAYSIAN IRON AND STEEL INDUSTRY
FEDERATION (MISIF)
MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE)
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Ownership of premises
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OWNED
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Factory Size
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21 ACRES
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Production Capacity
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ZINC COATED STEEL COILS: 200,000
METRICTON AND PREPAINTED ZINC COATED STEEL:60,000 METRIC TON PER YEAR
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Shifts
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3
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Total Number of Employees:
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YEAR
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2013
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2012
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2011
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2010
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2009
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2008
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GROUP
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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COMPANY
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220
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220
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250
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300
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196
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206
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Other Information:
The SC is principally engaged in the (as a / as an) manufacture & sale of
zinc cozted steel sheets, fire extinguishers, lpg cylinders & pre-painted
galvanized iron sheet/coils.
The SC produces a wide range of products including galvanised iron sheets,
roofing sheets, LPG cylinders, hot dipped galvanish coils & sheets
(prepainted), zinc coated steel coils & sheets and etc.
In galvanizing process the SC process plain coil according to it foam. After
that the coil form undergo corugating process and will be cut according to
its clients requirements.
The SC's products are mainly used in the mechanical, electrical and
construction industry especially for roofing and cladding work.
The SC has a modernised factory equipped with continuous production lines.
The technology originated from USA and the SC's factory is known as the
"Non-Oxidised Furnace Plant".
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
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Telephone Number Provided By Client
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0333431177
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Current Telephone Number
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03-33431177
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Match
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YES
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Address Provided by Client
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3, JALAN KELULI SATU, KAWASAN
PERINDUSTRIAN BUKIT RAJA SELATAN,40000,SHAH ALAM,SELANGOR.
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Current Address
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3, JALAN KELULI SATU, KAWASAN
PERINDUSTRIAN BUKIT RAJA SELATAN, 40000 SHAH ALAM, SELANGOR, MALAYSIA.
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Match
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YES
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Latest Financial Accounts
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YES
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Other Investigations
We contacted one of the staff from the Accounts Department. She provided some
information on the SC.
FINANCIAL ANALYSIS
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Profitability
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Turnover
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Erratic
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[
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2007 - 2011
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Profit/(Loss) Before Tax
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Decreased
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[
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2007 - 2011
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Return on Shareholder Funds
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Unfavourable
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[
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5.50%
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Return on Net Assets
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Unfavourable
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[
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6.72%
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The fluctuating turnover reflects the
fierce competition among the existing and new market players.The SC's
profit fell sharply because of the high operating costs incurred. The
unfavourable return on shareholders' funds could indicate that the SC was
inefficient in utilising its assets to generate returns.
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Working Capital Control
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Stock Ratio
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Unfavourable
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[
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118 Days
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Debtor Ratio
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Acceptable
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[
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57 Days
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Creditors Ratio
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Favourable
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[
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15 Days
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The SC could be incurring higher holding
cost. As its capital was tied up in stocks, it could face liquidity
problems. The SC's management was quite efficient in handling its debtors. The
SC's debtors days were at an acceptable range, thus the risk of its debts
turning bad was minimised. The SC had a favourable creditors' ratio as
evidenced by its favourable collection days. The SC could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors.
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Liquidity
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Liquid Ratio
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:
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Favourable
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[
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9.36 Times
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Current Ratio
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Favourable
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[
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15.79 Times
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A minimum liquid ratio of 1 should be
maintained by the SC in order to assure its creditors of its ability to
meet short term obligations and the SC was in a good liquidity position.
Thus, we believe the SC is able to meet all its short term obligations as
and when they fall due.
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Solvency
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Interest Cover
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Nil
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[
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0.00 Times
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Gearing Ratio
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Favourable
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[
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0.00 Times
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The SC's interest cover was nil as it did
not pay any interest during the year. The SC had no gearing and hence it
had virtually no financial risk. The SC was financed by its shareholders'
funds and internally generated fund. During the economic downturn, the SC,
having a zero gearing, will be able to compete better than those which are
highly geared in the same industry.
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Overall Assessment :
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The SC recorded lower profits as its turnover
showed a erratic trend. The SC's management was unable to control its costs
efficiently as its profit showed a downward trend. 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 did not make any interest payment
during the year. The SC was dependent on its shareholders' funds to finance
its business needs. The SC was a zero gearing company, it was solely
dependant on its shareholders to provide funds to finance its business. The
SC has good chance of getting loans, if the needs arises.
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Overall financial condition of the SC :
FAIR
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MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
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Major Economic Indicators:
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2008
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2009
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2010
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2011*
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2012**
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Population ( Million)
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27.73
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28.13
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28.35
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28.70
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29.10
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Gross Domestic Products ( % )
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4.6
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<0.5>
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7.2
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5.5
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5.3
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Domestic Demand ( % )
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6.9
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2.9
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6.3
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4.8
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7.6
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Private Expenditure ( % )
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7.1
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<2.7>
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8.1
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7.0
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8.7
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Consumption ( % )
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8.4
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0.7
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6.7
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6.3
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7.1
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Investment ( % )
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1.5
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<17.2>
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17.7
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16.2
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15.9
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Public Expenditure ( % )
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6.5
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5.2
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3.8
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7.6
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4.7
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Consumption ( % )
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11.6
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3.1
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0.2
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8.9
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3.0
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Investment ( % )
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0.7
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8.0
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2.8
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0.6
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7.0
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Balance of Trade ( MYR Million )
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129,563
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89,650
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118,356
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116,058
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-
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Government Finance ( MYR Million )
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<34,462>
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<28,450>
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<40,482>
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<45,511>
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<43,021>
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Government Finance to GDP / Fiscal
Deficit ( % )
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<4.8>
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<4.8>
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<5.6>
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<5.4>
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<4.7>
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Inflation ( % Change in Composite CPI)
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<3.3>
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<5.2>
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5.1
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3.1
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-
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Unemployment Rate
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3.7
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4.5
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3.9
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3.3
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-
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Net International Reserves ( MYR Billion
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388
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331
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329
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415
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-
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Average Risk-Weighted Capital Adequacy
Ratio ( % )
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1.91
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2.87
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2.20
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3.50
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-
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Average 3 Months of Non-performing Loans
( % )
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13.24
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11.08
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15.30
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14.80
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-
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Average Base Lending Rate ( % )
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6.72
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5.53
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6.30
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6.60
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-
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Business Loans Disbursed( % )
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11.6
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10.5
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14.7
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15.3
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-
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Foreign Investment ( MYR Million )
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23,261.4
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22,156.8
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22,517.9
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23,546.1
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-
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Consumer Loans ( % )
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-
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-
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-
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-
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-
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Registration of New Companies ( No. )
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41,599
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41,578
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44,148
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-
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-
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Registration of New Companies ( % )
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<4.0>
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<0.1>
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6.2
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-
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-
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Liquidation of Companies ( No. )
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27,992
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39,075
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25,585
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-
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-
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Liquidation of Companies ( % )
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23.7
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39.6
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<34.5>
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-
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-
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Registration of New Business ( No. )
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269,866
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312,581
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271,414
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-
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-
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Registration of New Business ( % )
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-
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-
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-
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-
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-
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Business Dissolved ( No. )
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18,885
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19,345
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19,738
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-
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-
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Business Dissolved ( % )
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<7.6>
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2.4
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2.0
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-
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-
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Sales of New Passenger Cars (' 000 Unit )
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497.5
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486.3
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543.6
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363.0
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-
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Cellular Phone Subscribers ( Million )
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25.1
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30.1
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32.8
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35.3
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-
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Tourist Arrival ( Million Persons )
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21.5
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23.6
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24.6
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25.3
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-
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Hotel Occupancy Rate ( % )
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68.0
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58.0
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63.0
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51.3
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-
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Credit Cards Spending ( % )
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17.1
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12.8
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14.1
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15.6
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-
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Bad Cheque Offenders (No.)
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34,834
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36,667
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33,568
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27,208
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-
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Individual Bankruptcy ( No.)
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13,907
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16,228
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18,119
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16,155
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-
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Individual Bankruptcy ( % )
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5.1
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16.7
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11.7
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<10.8>
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-
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INDUSTRIES ( % of Growth ):
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2008
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2009
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2010
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2011*
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2012**
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Agriculture
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3.6
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0.4
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2.1
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4.7
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4.1
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Palm Oil
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7.0
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<1.1>
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<3.4>
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7.3
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-
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Rubber
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<1.1>
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<19.8>
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9.9
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6.4
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-
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Forestry & Logging
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<1.5>
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<5.9>
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<3.3>
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<4.7>
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-
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Fishing
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4.0
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5.5
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5.6
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2.8
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-
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Other Agriculture
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5.9
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9.0
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7.9
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8.5
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-
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Industry Non-Performing Loans ( MYR
Million )
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393.0
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413.7
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508.4
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634.1
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-
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% of Industry Non-Performing Loans
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<2.0>
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1.3
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2.1
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3.2
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-
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Mining
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<0.8>
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<3.8>
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0.2
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<2.4>
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2.5
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Oil & Gas
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12.7
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2.1
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0.5
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<1.7>
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-
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Other Mining
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-
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-
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-
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-
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-
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Industry Non-performing Loans ( MYR Million
)
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36.0
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44.2
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49.7
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46.5
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-
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% of Industry Non-performing Loans
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0.1
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0.1
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0.1
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0.1
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-
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Manufacturing #
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1.3
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<9.4>
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11.4
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5.6
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4.5
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Exported-oriented Industries
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2.7
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<19.0>
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12.1
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2.8
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-
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Electrical & Electronics
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2.4
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<30.3>
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28.4
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<4.9>
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-
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Rubber Products
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4.2
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<10.1>
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25.3
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15.4
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-
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Wood Products
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<6.0>
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<24.1>
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20.1
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<7.3>
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-
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Textiles & Apparel
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1.9
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<19.5>
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<0.4>
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14.8
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-
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Domestic-oriented Industries
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9.9
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<9.8>
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16.3
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6.3
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-
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Food, Beverages & Tobacco
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9.5
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0.2
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3.0
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4.2
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-
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Chemical & Chemical Products
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1.4
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<7.7>
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16.2
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5.6
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-
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Plastic Products
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6.5
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<9.1>
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2.4
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3.8
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-
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Iron & Steel
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16.8
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<32.7>
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29.3
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2.4
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-
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Fabricated Metal Products
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14.7
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<2.5>
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14.9
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25.2
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-
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Non-metallic Mineral
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8.3
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<15.5>
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20.2
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16.3
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-
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Transport Equipment
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27.1
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<13.5>
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36.5
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<9.4>
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-
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Paper & Paper Products
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8.6
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<5.0>
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18.7
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15.6
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-
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Crude Oil Refineries
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7.8
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0.2
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<11.4>
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9.3
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-
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Industry Non-Performing Loans ( MYR
Million )
|
5,729.4
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6,007.3
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6,217.5
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6,537.2
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-
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% of Industry Non-Performing Loans
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16.8
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18.3
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23.8
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25.7
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-
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Construction
|
2.1
|
5.8
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5.1
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4.4
|
7.0
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Industry Non-Performing Loans ( MYR
Million )
|
4,149.8
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3,241.8
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4,038.5
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3,856.9
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-
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% of Industry Non-Performing Loans
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12.2
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9.9
|
10.7
|
10.2
|
-
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Services
|
7.3
|
2.6
|
6.5
|
6.4
|
6.5
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|
Electric, Gas & Water
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5.0
|
0.4
|
8.5
|
5.6
|
4.8
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Transport, Storage & Communication
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7.8
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1.6
|
7.7
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6.5
|
7.3
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Wholesale, Retail, Hotel & Restaurant
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10.0
|
2.8
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4.7
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5.2
|
6.9
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Finance, Insurance & Real Estate
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9.2
|
3.8
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6.1
|
6.3
|
6.5
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Government Services
|
8.6
|
2.0
|
6.7
|
7.6
|
5.6
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Other Services
|
5.9
|
4.4
|
4.2
|
5.4
|
5.7
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|
Industry Non-Performing Loans ( MYR
Million )
|
8,281.4
|
6,631.3
|
7,384.6
|
6,825.2
|
-
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% of Industry Non-Performing Loans
|
24.3
|
20.2
|
25.7
|
23.4
|
-
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* Estimate / Preliminary
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** Forecast
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# Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
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INDUSTRY ANALYSIS
|
MSIC CODE
|
|
24101 : Production of pig iron and
spiegeleisen in pigs, blocks or other primary forms
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|
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INDUSTRY :
|
MANUFACTURING
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The manufacturing sector is expected to be driven by higher value-added activities
in Malaysia.The GDP growth for first quarter 2012 indicating manufacturing
maintain its growth of 4.5%, similar to year 2011.Malaysia recorded a 12%
jump in approved investments in the manufacturing sector in the first
quarter of 2012 compared with the corresponding period 2011. According to
Federation of Malaysian Manufacturers (FMM), manufacturing sector expected
to improve in the third quarter 2012 despite concerns over external
developments and the rising cost of production.
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The rubber products sub-sector is expected to remain resilient supported by
continuous improvements in medical and healthcare standards in emerging
markets as well as demand from niche markets such as the oil and gas sector
for rubber hoses. Malaysia rubber exports are forecast to grow at 10%, at
the end of 2012 driven by global demand for medical gloves as well as
rubber tyres and tubes.Rubber glove exports make up 70 % of total rubber
shipments in Malaysia due to hospitals and clinics place more intrest on
rising health and hygiene awareness.
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The Malaysia government has growth target of 6.5% for wood based furniture
where estimated to reach up to RM53 billion by year 2020.The government
providing pioneer status for tax exemption and investment tax allowance for
this industry as a boost up step towards produce good quality product and
to meet the world demand.
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|
Chemical production are expected to show 6.2% in year 2012 and 7.5 % in
year 2013 inline with Malaysia as one of the largest contributor in world
Chemicals & Chemical industries.
|
|
According to Malaysian Iron and Steel Industry Federation, first half of
2012 would remain weak for the local steel industry due to eurozone crisis,
slowdown in China's economy and less robust construction activities in the
developed countries. At first quarter 2012, the average local steel price
is trading atRM2,300 per tonne compared with the average international
price of US$740 (RM2,331) per tonne.
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|
According to the Department of Statistics, Malaysia during the first
quarter 2012, the manufacturing output increased due to activities in major
sub-sectors such as petroleum, chemical, rubber and plastic products (10.5
%), and non-metallic mineral products, basic metal and fabricated metal
products (3.9 %). Meanwhile, it's also announced that the manufacturing
sector's sales grew by 10 % in May 2012 to record RM52.5 billion compared
with RM47.7 billion in May 2011. The Industrial Production Index (IPI )
increased 7.6 % in May (2012) due to increases in manufacturing (6.5 %).
|
|
Tax and non-tax incentives provided by goverment encourage manufacturers to
move up the value chain of manufacturing industry. The new growth
initiatives by goverment in the manufacturing sector such as solar and medial
services can be important drivers of growth apart from helping to diversify
the manufacturing base and contributing to the resilience of the sector.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1960, the SC is a Private Limited company, focusing on
manufacture & sale of zinc cozted steel sheets, fire extinguishers, lpg
cylinders & pre-painted galvanized iron sheet/coils. The SC has been in
business for over two decades. It has built up a strong clientele base and
satisfactory 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 shareholder has enabled the SC to remain
competitive despite the challenging business environment. The SC is a large
entity with strong capital position. We are confident with the SC's
business and its future growth prospect.
|
|
Apart from supplying its products to the local market, the SC also exports
to overseas countries. Its ability to penetrate into the global market has
benefited the SC in terms of higher profitability and well diversified its
business risk. Hence, better growth prospect can be expected. The SC is a
fairly large and rapidly growing company with over 220 staff in its
operations 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.
|
|
The SC's business performance showed a reverse trend as both its turnover
and pre-tax profit have decreased compared to the previous year. The SC has
generated an unfavourable return on shareholders' funds indicating that the
management was inefficient in utilising its funds to generate return. The
SC is in good liquidity position with its current liabilities well covered
by it current assets. Hence, it has sufficient working capital to meet its
short term financial obligations. Being a zero geared company, the SC
virtually has no financial risk as it is mainly dependent on its internal
funds to finance its business. Given a positive net worth standing at MYR
250,170,069, 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.
|
|
Overall, the SC's payment habit is good as the SC has a good credit control
and it could be taking advantage of the cash discounts while maintaining a
good reputation with its creditors.
|
|
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)
|
|
FEDERAL IRON WORKS 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
|
GROUP
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean
Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
224,628,973
|
229,317,435
|
206,699,004
|
238,579,093
|
185,083,267
|
|
Other Income
|
1,831,349
|
-
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
226,460,322
|
229,317,435
|
206,699,004
|
238,579,093
|
185,083,267
|
|
Costs of Goods Sold
|
<202,695,934>
|
<195,011,284>
|
<174,726,040>
|
<214,810,774>
|
<162,782,238>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
23,764,388
|
34,306,151
|
31,972,964
|
23,768,319
|
22,301,029
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
17,366,484
|
33,836,412
|
41,199,397
|
25,375,976
|
30,968,131
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
17,366,484
|
33,836,412
|
41,199,397
|
25,375,976
|
30,968,131
|
|
Taxation
|
<3,605,124>
|
<4,836,784>
|
<7,569,074>
|
<6,138,754>
|
<5,231,685>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
13,761,360
|
28,999,628
|
33,630,323
|
19,237,222
|
25,736,446
|
|
Minority interests
|
-
|
-
|
<2,307,992>
|
<180,512>
|
32,723
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
13,761,360
|
28,999,628
|
31,322,331
|
19,056,710
|
25,769,169
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO
SHAREHOLDERS
|
13,761,360
|
28,999,628
|
31,322,331
|
19,056,710
|
25,769,169
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
211,894,946
|
212,965,888
|
187,246,459
|
175,543,995
|
152,502,933
|
|
Prior year adjustment
|
-
|
<256,061>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
211,894,946
|
212,709,827
|
187,246,459
|
175,543,995
|
152,502,933
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
225,656,306
|
241,709,455
|
218,568,790
|
194,600,705
|
178,272,102
|
|
- General
|
-
|
-
|
360,000
|
-
|
3,075,784
|
|
DIVIDENDS - Ordinary (paid &
proposed)
|
<5,962,902>
|
<29,814,509>
|
<5,962,902>
|
<7,354,246>
|
<5,803,891>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
219,693,404
|
211,894,946
|
212,965,888
|
187,246,459
|
175,543,995
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to
P&L)
|
|
|
|
|
|
|
Others
|
-
|
-
|
4,041
|
5,023
|
5,665
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
-
|
-
|
4,041
|
5,023
|
5,665
|
|
|
|
=============
|
=============
|
=============
|
=============
|
BALANCE SHEET
|
FEDERAL IRON WORKS SDN BHD
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
58,024,867
|
59,660,353
|
55,676,282
|
48,904,589
|
35,789,015
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Associated companies
|
32,382,245
|
5,538,237
|
5,538,237
|
27,266,870
|
27,300,350
|
|
Investments
|
46,000
|
46,000
|
46,000
|
46,000
|
46,000
|
|
Deferred assets
|
-
|
-
|
-
|
-
|
519,825
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
32,428,245
|
5,584,237
|
5,584,237
|
27,312,870
|
27,866,175
|
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
|
Deferred/Expenditure carried forward
|
251,045
|
-
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL INTANGIBLE ASSETS
|
251,045
|
-
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
90,704,157
|
65,244,590
|
61,260,519
|
76,217,459
|
63,655,190
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
72,925,358
|
79,022,005
|
71,048,909
|
75,656,788
|
62,497,417
|
|
Trade debtors
|
34,800,368
|
34,098,535
|
23,740,877
|
19,360,586
|
17,210,763
|
|
Other debtors, deposits & prepayments
|
2,093,192
|
5,649,197
|
4,045,510
|
2,947,178
|
5,770,293
|
|
Short term deposits
|
39,000,000
|
41,800,000
|
79,000,000
|
59,000,000
|
62,500,000
|
|
Short term loan to financial institutions
|
21,692,262
|
-
|
-
|
-
|
-
|
|
Amount due from associated companies
|
3,396,926
|
3,812,721
|
3,233,699
|
3,482,912
|
5,556,307
|
|
Cash & bank balances
|
4,180,106
|
3,123,324
|
5,364,998
|
5,388,358
|
9,417,849
|
|
Others
|
990,208
|
237,356
|
791,901
|
1,545,212
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
179,078,420
|
167,743,138
|
187,225,894
|
167,381,034
|
162,952,629
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
269,782,577
|
232,987,728
|
248,486,413
|
243,598,493
|
226,607,819
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
8,372,849
|
3,641,963
|
15,936,283
|
6,834,061
|
2,445,905
|
|
Other creditors & accruals
|
2,969,076
|
4,037,360
|
6,071,073
|
4,773,799
|
2,973,157
|
|
Provision for taxation
|
-
|
-
|
-
|
-
|
1,212,182
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
11,341,925
|
7,679,323
|
22,007,356
|
11,607,860
|
6,631,244
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
167,736,495
|
160,063,815
|
165,218,538
|
155,773,174
|
156,321,385
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
258,440,652
|
225,308,405
|
226,479,057
|
231,990,633
|
219,976,575
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
39,752,679
|
39,752,679
|
39,752,679
|
39,752,679
|
39,752,679
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
39,752,679
|
39,752,679
|
39,752,679
|
39,752,679
|
39,752,679
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Capital reserve
|
-
|
-
|
-
|
1,263,574
|
1,263,574
|
|
Exchange equalisation/fluctuation reserve
|
-
|
-
|
-
|
<2,354,946>
|
<2,081,840>
|
|
Retained profit/(loss) carried forward
|
219,693,404
|
211,894,946
|
212,965,888
|
187,246,459
|
175,543,995
|
|
Others
|
<9,276,014>
|
<33,568,911>
|
<31,922,479>
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
210,417,390
|
178,326,035
|
181,043,409
|
186,155,087
|
174,725,729
|
|
|
|
|
|
|
|
|
MINORITY INTEREST
|
-
|
-
|
-
|
808,293
|
627,781
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
250,170,069
|
218,078,714
|
220,796,088
|
226,716,059
|
215,106,189
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Deferred taxation
|
3,500,000
|
2,350,000
|
832,771
|
254,072
|
-
|
|
Retirement benefits provision
|
4,770,583
|
4,879,691
|
4,850,198
|
5,020,502
|
4,870,386
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
8,270,583
|
7,229,691
|
5,682,969
|
5,274,574
|
4,870,386
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
258,440,652
|
225,308,405
|
226,479,057
|
231,990,633
|
219,976,575
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
Contingent Liabilities
|
4,960,400
|
2,724,740
|
1,123,050
|
1,378,550
|
3,216,850
|
FINANCIAL RATIO
|
FEDERAL IRON WORKS SDN BHD
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
43,180,106
|
44,923,324
|
84,364,998
|
64,388,358
|
71,917,849
|
|
Net Liquid Funds
|
43,180,106
|
44,923,324
|
84,364,998
|
64,388,358
|
71,917,849
|
|
Net Liquid Assets
|
94,811,137
|
81,041,810
|
94,169,629
|
80,116,386
|
93,823,968
|
|
Net Current Assets/(Liabilities)
|
167,736,495
|
160,063,815
|
165,218,538
|
155,773,174
|
156,321,385
|
|
Net Tangible Assets
|
258,189,607
|
225,308,405
|
226,479,057
|
231,990,633
|
219,976,575
|
|
Net Monetary Assets
|
86,540,554
|
73,812,119
|
88,486,660
|
74,841,812
|
88,953,582
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
0
|
0
|
0
|
|
Total Liabilities
|
19,612,508
|
14,909,014
|
27,690,325
|
16,882,434
|
11,501,630
|
|
Total Assets
|
269,782,577
|
232,987,728
|
248,486,413
|
243,598,493
|
226,607,819
|
|
Net Assets
|
258,440,652
|
225,308,405
|
226,479,057
|
231,990,633
|
219,976,575
|
|
Net Assets Backing
|
250,170,069
|
218,078,714
|
220,796,088
|
226,716,059
|
215,106,189
|
|
Shareholders' Funds
|
250,170,069
|
218,078,714
|
220,796,088
|
226,716,059
|
215,106,189
|
|
Total Share Capital
|
39,752,679
|
39,752,679
|
39,752,679
|
39,752,679
|
39,752,679
|
|
Total Reserves
|
210,417,390
|
178,326,035
|
181,043,409
|
186,155,087
|
174,725,729
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
3.81
|
5.85
|
3.83
|
5.55
|
10.85
|
|
Liquid Ratio
|
9.36
|
11.55
|
5.28
|
7.90
|
15.15
|
|
Current Ratio
|
15.79
|
21.84
|
8.51
|
14.42
|
24.57
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
118
|
126
|
125
|
116
|
123
|
|
Debtors Ratio
|
57
|
54
|
42
|
30
|
34
|
|
Creditors Ratio
|
15
|
7
|
33
|
12
|
5
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Liabilities Ratio
|
0.08
|
0.07
|
0.13
|
0.07
|
0.05
|
|
Times Interest Earned Ratio
|
0.00
|
0.00
|
10,196.35
|
5,052.96
|
5,467.57
|
|
Assets Backing Ratio
|
6.49
|
5.67
|
5.70
|
5.84
|
5.53
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
7.73
|
14.76
|
19.93
|
10.64
|
16.73
|
|
Net Profit Margin
|
6.13
|
12.65
|
15.15
|
7.99
|
13.92
|
|
Return On Net Assets
|
6.72
|
15.02
|
18.19
|
10.94
|
14.08
|
|
Return On Capital Employed
|
6.71
|
15.02
|
18.19
|
10.90
|
14.04
|
|
Return On Shareholders' Funds/Equity
|
5.50
|
13.30
|
14.19
|
8.41
|
11.98
|
|
Dividend Pay Out Ratio (Times)
|
0.43
|
1.03
|
0.19
|
0.39
|
0.23
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
4,960,400
|
2,724,740
|
1,123,050
|
1,378,550
|
3,216,850
|
|