|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
485509-D
|
|
COMPANY NAME
|
:
|
PETRONAS LUBRICANTS INTERNATIONAL SDN.
BHD.
|
|
FORMER NAME
|
:
|
PERECOM INDUSTRIES SDN BHD (29/08/2007)
|
|
INCORPORATION DATE
|
:
|
09/06/1999
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
TOWER 1,PETRONAS TWIN TOWERS, KUALA
LUMPUR CITY CENTRE, KUALA LUMPUR, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LEVEL 29, TOWER 1, PETRONAS TWIN TOWERS, KUALA
LUMPUR CITY CENTRE, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-23310761
|
|
FAX.NO.
|
:
|
03-23312586
|
|
WEB SITE
|
:
|
WWW.PLI-PETRONAS.COM
|
|
CONTACT PERSON
|
:
|
PEDRETTI ( GENERAL MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
19201
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING & TRADING OF LUBRICANT
PRODUCT
|
|
AUTHORISED CAPITAL
|
:
|
MYR 100,000,000.00 DIVIDED INTO
ORDINARY SHARE 100,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 150,000,000.00 DIVIDED INTO
ORDINARY SHARES 100,000,000 CASH OF MYR 1.00 EACH.
PREFERENCE SHARES 50,000,000 CASH OF MYR 1,000.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 3,504,483,000 [2011]
|
|
NET WORTH
|
:
|
MYR 1,820,495,000 [2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
FAIR
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
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) manufacturing & trading of lubricant product.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the SC is
PETROLIAM NASIONAL BERHAD (PETRONAS), a company incorporated in MALAYSIA.
The ultimate holding company of the SC is
PETROLIAM NASIONAL BERHAD, a company incorporated in MALAYSIA.
The major
shareholder(s) of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
PETROLIAM NASIONAL BERHAD (PETRONAS)
|
TOWER 1, PETRONAS TWIN TOWERS, KUALA LUMPUR
CITY CENTRE, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
20076
|
100,050,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
100,050,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
The SC interest
in other companies (Subsidiaries/Associates) are shown as follow :
Local No
|
Company
|
(%)
|
As At
|
|
NL011000
|
PLI (NETHERLANDS) B.V.
|
100
|
31/12/2011
|
|
|
|
|
|
|
|
MU011000
|
PETRONAS LUBRICANTS AFRICA LIMITED
|
100
|
31/12/2011
|
|
|
|
|
|
|
|
|
HK011002
|
PETRONAS CHINA COMPANY LIMITED
|
100
|
31/12/2011
|
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. AMIR HAMZAH BIN AZIZAN
|
|
Address
|
:
|
NO. 111 SERENE KIARA, JALAN SERENE KIARA 3,
DESA SRI HARTAMAS, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
670413-07-5573
|
|
Date of Birth
|
:
|
13/04/1967
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
15/07/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. ABDUL RAHIM BIN HAJI HASHIM
|
|
Address
|
:
|
5A-05-06 BUNGARAYA CONDOMINIUM, PERSIARAN
GOLF, SECTION U2, SAUJANA RESORT, 40150 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
531005-01-5539
|
|
Date of Birth
|
:
|
05/10/1953
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
01/09/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. WAN ZULKIFLEE BIN WAN ARIFFIN
|
|
Address
|
:
|
NO.27, JALAN 4M, AMPANG JAYA, 68000
AMPANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
600819-07-5545
|
|
Date of Birth
|
:
|
19/08/1960
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
14/03/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. MOHAMMAD MEDAN BIN ABDULLAH
|
|
Address
|
:
|
NO. 3 JALAN NAJAT 11/2N, SEKSYEN 11,
40100 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
580815-13-5699
|
|
Date of Birth
|
:
|
15/08/1958
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
13/08/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MS. RASHIDAH BINTI ALIAS @ AHMAD
|
|
Address
|
:
|
NO.1, JALAN BU 1/4, TAMAN BUKTI UTAMA,
BUKIT ANTARABANGSA, 68000 AMPANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
720624-05-5356
|
|
Date of Birth
|
:
|
24/06/1972
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
15/07/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject
|
:
|
RAIHA AZNI BINTI ABD RAHMAN
|
|
Address
|
:
|
LOT 2968, JALAN PENCHALA INDAH 5, KAMPUNG
SUNGAI PENCHALA, JALAN DAMANSARA, 60000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
601014-11-5276
|
|
Date of Birth
|
:
|
14/10/1960
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
13/08/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
PEDRETTI
|
|
|
Position
|
:
|
GENERAL MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
AMIR HAMZAH BIN AZIZAN
|
|
|
Position
|
:
|
CEO
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG DESA MEGAT & CO
|
|
Auditor' Address
|
:
|
KPMG TOWER, 8 FIRST AVENUE, BANDAR UTAMA,
LEVEL 10, 47800 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. IZZAM BIN IBRAHIM
|
|
|
|
|
|
|
|
New IC No
|
:
|
760630-14-5557
|
|
|
Address
|
:
|
20 LORONG WANGSA SIAGA 5, WANGSA
MELAWATI, 53300 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. HALIMATUN SAADIAH BT.ABD HALIM
|
|
|
|
|
|
|
|
New IC No
|
:
|
741113-06-5280
|
|
|
Address
|
:
|
6,JALAN 5, TAMAN HARMONIS, GOMBAK, 53100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, 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
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
The SC refused to disclose its suppliers.
The SC refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
X
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
WORLDWIDE
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
CHEQUESTELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Ownership of premises
|
:
|
OWNED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2010
|
2009
|
2008
|
|
|
|
|
|
|
|
|
|
GROUP
|
1,900
|
1,290
|
1,216
|
|
|
|
|
|
|
|
COMPANY
|
N/A
|
68
|
N/A
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing &
trading of lubricant product.
The SC is part of the PETRONAS Group of Companies.
The SC is a global oil lubricant business with operations globally.
The SC is the lubricants arm of Petronas globally.
Petronas's top Syntium branded range of engine oils leads the charge for the
automotive passenger car market.
The SC plans to become one of the top five lubricant companies in the world
with the addition of the Petronas Syntium Moto premium grade synthetic
motorcycle engine oil to its lubricant line-up.
The SC claims that Syntium Moto gives optimum acceleration, power output,
improves fuel efficiency and provides engine protection, while its
proprietary DualTech additive improves gear-change performance.
Syntium Moto comes in seven different grades, four for four-stroke engines
and three for two-stroke engines.
The SC is structured and focused on offering the best lubricants and
functional fluids to the world.
PROJECTS
No projects found in our databank
RECENT
DEVELOPMENT
March 16, 2010
The SC aims to be the lubricant market leader in Malaysia in five to 10 years
by introducing more high standard lubricant products and having aggressive
marketing campaigns, said Petronas Dagangan Bhd lube business division
general manager Mohd Shobri A. Bakar.
Currently, we control about 21% to 22% of the local lubricants market. There
are about 30 players in the market and we have to compete with all of them,
which will take some time, he told reporters yesterday after the launch of
Petronas Syntium Moto, a synthetic motorcycle engine oil marketed by Petronas
Dagangan.
Petronas Lubricants International marketing strategy and business development
general manager Domenico Ciaglia said Petronas Syntium Moto was the result of
two years' hard work in research and development (R&D) and Malaysia was
the first country to introduce the new product.
Our continuous long-term lubricant development programme that produced
Petronas Syntium Moto further proves our R&D ingenuity in developing
world-class lubricant products, he said. Petronas Syntium Moto is currently
available at all Petronas service stations and Kedai Mesra outlets nationwide
at prices ranging from RM23 to RM88.
February 8, 2010
The SC has advised OEM/Lube News that it plans to increase its annual lube
blending capacity from the present 54 million litres to 90 million litres at
its Malacca Lubricants Blending Plant located at Kawasan Perindustrian Tangga
Batu, Tangga Batu, Melaka. The expansion project which began last month, is
expected to be completed by the end of February 2011.
Mr. Luca Genovese, Head of Manufacturing & Logistics, PETRONAS Lubricants
International (PLI) told OEM/Lube News "We are presently working at 90%
of capacity, sometimes there is difficulty during the peak of demand.
Moreover we forecast a growth of 10% in volume per year."
"We plan to do a debottlenecking exercise that will result in improved
production capacity, with concentrations in three areas: i) reconfiguration
and addition of new base oil and additives storage tanks, ii) reconfiguration
and addition of new finished oil storage tanks and iii) addition of a new
multipurpose filling line from 0.5 litres to 5 litres." said Genovese.
CURRENT
INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-23310761
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
LEVEL 29, TOWER 1, PETRONAS TWIN TOWERS
KLCC, KUALA LUMPUR 50088
|
|
Current Address
|
:
|
LEVEL 29, TOWER 1, PETRONAS TWIN TOWERS, KUALA
LUMPUR CITY CENTRE, 50088 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC and she provided some information on
the SC.
The SC refused to disclose the SC's number of employees.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2008 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2008 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
2.73%
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
<0.91%>
|
]
|
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce
competition among the existing and new market players.The SC's management
have been efficient in controlling its operating costs. The unfavourable
return on shareholders' funds could indicate that the SC was inefficient in
utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Unfavourable
|
[
|
73 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
132 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
0 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC could be incurring higher holding
cost. As its capital was tied up in stocks, it could face liquidity
problems. The SC's debtors ratio was high. The SC should tighten its credit
control and improve its collection period. The SC had a favourable
creditors' ratio as evidenced by its favourable collection days. The SC
could be taking advantage of the cash discounts and also wanting to
maintain goodwill with its creditors.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Unfavourable
|
[
|
0.35 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.52 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A low liquid ratio means that the SC may be
facing working capital deficiency. If the SC cannot obtain additional
financing or injection of fresh capital, it may face difficulties in
meeting its short term obligations.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Unfavourable
|
[
|
0.25 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
2.09 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was low. If its
profits fall or when interest rate rises, it may not be able to meet all its
interest payment. The SC was highly geared, thus it had a high financial
risk. The SC was dependent on loans to finance its business needs. In times
of economic downturn and / or high interest rate, the SC will become less
profitable and competitive than other firms in the same industry, which are
lowly geared. This is because the SC has to service the interest and to
repay the loan, which will erode part of its profits. The profits will
fluctuate depending on the SC's turnover and the interest it needs to pay.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Although the turnover was erratic, the SC
had maintained a steady growth in its profit. This indicate the management's
efficiency in controlling its costs and profitability. Due to its weak
liquidity position, the SC will be faced with problems in meeting all its
short term obligations if no short term loan is obtained or additional
capital injected into the SC. If there is a fall in the SC's profit or any
increase in interest rate, the SC may not be able to generate sufficient
cash-flow to service its interest. The SC's gearing level was high and its
going concern will be in doubt if there is no injection of additional
shareholders' funds in times of economic downturn and / or high interest
rates.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC :
POOR
|
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.73
|
28.13
|
28.35
|
28.70
|
29.10
|
|
Gross Domestic Products ( % )
|
4.6
|
<0.5>
|
7.2
|
5.5
|
5.3
|
|
Domestic Demand ( % )
|
6.9
|
2.9
|
6.3
|
4.8
|
7.6
|
|
Private Expenditure ( % )
|
7.1
|
<2.7>
|
8.1
|
7.0
|
8.7
|
|
Consumption ( % )
|
8.4
|
0.7
|
6.7
|
6.3
|
7.1
|
|
Investment ( % )
|
1.5
|
<17.2>
|
17.7
|
16.2
|
15.9
|
|
Public Expenditure ( % )
|
6.5
|
5.2
|
3.8
|
7.6
|
4.7
|
|
Consumption ( % )
|
11.6
|
3.1
|
0.2
|
8.9
|
3.0
|
|
Investment ( % )
|
0.7
|
8.0
|
2.8
|
0.6
|
7.0
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
129,563
|
89,650
|
118,356
|
116,058
|
-
|
|
Government Finance ( MYR Million )
|
<34,462>
|
<28,450>
|
<40,482>
|
<45,511>
|
<43,021>
|
|
Government Finance to GDP / Fiscal
Deficit ( % )
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
<4.7>
|
|
Inflation ( % Change in Composite CPI)
|
<3.3>
|
<5.2>
|
5.1
|
3.1
|
-
|
|
Unemployment Rate
|
3.7
|
4.5
|
3.9
|
3.3
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion
)
|
388
|
331
|
329
|
415
|
-
|
|
Average Risk-Weighted Capital Adequacy
Ratio ( % )
|
1.91
|
2.87
|
2.20
|
3.50
|
-
|
|
Average 3 Months of Non-performing Loans
( % )
|
13.24
|
11.08
|
15.30
|
14.80
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
5.53
|
6.30
|
6.60
|
-
|
|
Business Loans Disbursed( % )
|
11.6
|
10.5
|
14.7
|
15.3
|
-
|
|
Foreign Investment ( MYR Million )
|
23,261.4
|
22,156.8
|
22,517.9
|
23,546.1
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
41,599
|
41,578
|
44,148
|
-
|
-
|
|
Registration of New Companies ( % )
|
<4.0>
|
<0.1>
|
6.2
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
27,992
|
39,075
|
25,585
|
-
|
-
|
|
Liquidation of Companies ( % )
|
23.7
|
39.6
|
<34.5>
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
269,866
|
312,581
|
271,414
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
18,885
|
19,345
|
19,738
|
-
|
-
|
|
Business Dissolved ( % )
|
<7.6>
|
2.4
|
2.0
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
497.5
|
486.3
|
543.6
|
363.0
|
-
|
|
Cellular Phone Subscribers ( Million )
|
25.1
|
30.1
|
32.8
|
35.3
|
-
|
|
Tourist Arrival ( Million Persons )
|
21.5
|
23.6
|
24.6
|
25.3
|
-
|
|
Hotel Occupancy Rate ( % )
|
68.0
|
58.0
|
63.0
|
51.3
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
17.1
|
12.8
|
14.1
|
15.6
|
-
|
|
Bad Cheque Offenders (No.)
|
34,834
|
36,667
|
33,568
|
27,208
|
-
|
|
Individual Bankruptcy ( No.)
|
13,907
|
16,228
|
18,119
|
16,155
|
-
|
|
Individual Bankruptcy ( % )
|
5.1
|
16.7
|
11.7
|
<10.8>
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.6
|
0.4
|
2.1
|
4.7
|
4.1
|
|
Palm Oil
|
7.0
|
<1.1>
|
<3.4>
|
7.3
|
-
|
|
Rubber
|
<1.1>
|
<19.8>
|
9.9
|
6.4
|
-
|
|
Forestry & Logging
|
<1.5>
|
<5.9>
|
<3.3>
|
<4.7>
|
-
|
|
Fishing
|
4.0
|
5.5
|
5.6
|
2.8
|
-
|
|
Other Agriculture
|
5.9
|
9.0
|
7.9
|
8.5
|
-
|
|
Industry Non-Performing Loans ( MYR
Million )
|
393.0
|
413.7
|
508.4
|
634.1
|
-
|
|
% of Industry Non-Performing Loans
|
<2.0>
|
1.3
|
2.1
|
3.2
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<0.8>
|
<3.8>
|
0.2
|
<2.4>
|
2.5
|
|
Oil & Gas
|
12.7
|
2.1
|
0.5
|
<1.7>
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR
Million )
|
36.0
|
44.2
|
49.7
|
46.5
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
1.3
|
<9.4>
|
11.4
|
5.6
|
4.5
|
|
Exported-oriented Industries
|
2.7
|
<19.0>
|
12.1
|
2.8
|
-
|
|
Electrical & Electronics
|
2.4
|
<30.3>
|
28.4
|
<4.9>
|
-
|
|
Rubber Products
|
4.2
|
<10.1>
|
25.3
|
15.4
|
-
|
|
Wood Products
|
<6.0>
|
<24.1>
|
20.1
|
<7.3>
|
-
|
|
Textiles & Apparel
|
1.9
|
<19.5>
|
<0.4>
|
14.8
|
-
|
|
Domestic-oriented Industries
|
9.9
|
<9.8>
|
16.3
|
6.3
|
-
|
|
Food, Beverages & Tobacco
|
9.5
|
0.2
|
3.0
|
4.2
|
-
|
|
Chemical & Chemical Products
|
1.4
|
<7.7>
|
16.2
|
5.6
|
-
|
|
Plastic Products
|
6.5
|
<9.1>
|
2.4
|
3.8
|
-
|
|
Iron & Steel
|
16.8
|
<32.7>
|
29.3
|
2.4
|
-
|
|
Fabricated Metal Products
|
14.7
|
<2.5>
|
14.9
|
25.2
|
-
|
|
Non-metallic Mineral
|
8.3
|
<15.5>
|
20.2
|
16.3
|
-
|
|
Transport Equipment
|
27.1
|
<13.5>
|
36.5
|
<9.4>
|
-
|
|
Paper & Paper Products
|
8.6
|
<5.0>
|
18.7
|
15.6
|
-
|
|
Crude Oil Refineries
|
7.8
|
0.2
|
<11.4>
|
9.3
|
-
|
|
Industry Non-Performing Loans ( MYR
Million )
|
5,729.4
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
|
% of Industry Non-Performing Loans
|
16.8
|
18.3
|
23.8
|
25.7
|
-
|
|
|
|
|
|
|
|
|
Construction
|
2.1
|
5.8
|
5.1
|
4.4
|
7.0
|
|
Industry Non-Performing Loans ( MYR
Million )
|
4,149.8
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
|
% of Industry Non-Performing Loans
|
12.2
|
9.9
|
10.7
|
10.2
|
-
|
|
|
|
|
|
|
|
|
Services
|
7.3
|
2.6
|
6.5
|
6.4
|
6.5
|
|
Electric, Gas & Water
|
5.0
|
0.4
|
8.5
|
5.6
|
4.8
|
|
Transport, Storage & Communication
|
7.8
|
1.6
|
7.7
|
6.5
|
7.3
|
|
Wholesale, Retail, Hotel & Restaurant
|
10.0
|
2.8
|
4.7
|
5.2
|
6.9
|
|
Finance, Insurance & Real Estate
|
9.2
|
3.8
|
6.1
|
6.3
|
6.5
|
|
Government Services
|
8.6
|
2.0
|
6.7
|
7.6
|
5.6
|
|
Other Services
|
5.9
|
4.4
|
4.2
|
5.4
|
5.7
|
|
Industry Non-Performing Loans ( MYR
Million )
|
8,281.4
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
|
% of Industry Non-Performing Loans
|
24.3
|
20.2
|
25.7
|
23.4
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
INDUSTRY
ANALYSIS
|
MSIC CODE
|
|
19201 : Manufacture of refined petroleum
products
|
|
|
|
|
INDUSTRY :
|
OIL & GAS
|
|
|
|
|
|
|
The oil and gas sector is expected to play a bigger role in drive Malaysian
economy 2012 and beyond. Oil consumption will probably not keep pace with
underlying economic expansion, because the country has been replacing
oil-fired power stations with coal-fuelled plants, undermining the oil
demand trend. In addition, the government has been reducing fuel subsidies,
which could have a negative impact on consumption. Fuel pricing remains
under state control.
|
|
The gas production forecasted 64.0bcm in 2012, with consumption of 36.2bcm.
Estimated exports of 27.8bcm in 2012 are forecast to not exceed 33bcm over
our forecast period to 2021. While the oil sector forecasted average output
of 632,200b/d in 2012, rising to a new peak of 881,000b/d in 2017, before a
steady decline to 780,000b/d by 2021.
|
|
Malaysia's oil export revenues estimated to rise around US$8.5billion by
2016. The export value of gas also expected to rise US$14.2billion by 2016.
Combined crude oil and gas export revenues are therefore expected to be
US$22.7billion in 2016. Rising on value of Oil & Gas industry can drive
Malaysia to put 2.6% on global GDP growth.
|
|
The oil and gas sector remained a mainstay of Malaysia's growth at the year
2011. It accounted for about 20% of the country's gross domestic product (GDP).
The industry expected to register 6.5% GDP growth in the year 2012 compared
to 5.1% growth in the GDP in 2011.
|
|
The RM300bil budgeted translates into annual capex of RM60bil, which would
be a new high. It will go towards exploration and production activities,
and the replacement of ageing oil and gas-producing assets in Malaysia.
|
|
Meanwhile, the development of a marginal field could take less than 24
months. As a deepwater field may take up to five years to be developed, the
development of marginal fields is aimed at arresting the projected
long-term decline in domestic oil and gas production over the next 15 years
and boosting the somewhat stagnant reserves, which could run out in 15
years if no action is taken.
|
|
According National Key Economic Areas (NKEAs), growth in the oil and gas
expected positive. International Trade and Industry department said,
investments in the oil and gas sector will continue to remain strong and
spur private investments, surpassing numbers in the manufacturing sector.
|
|
Although the Oil & Gas industry having internal problam, it is expected
to remain for the next two years from 2012, but overall oil and gas output
is expected to be ramped up at year 2012 due to following completion of
various maintenance work in Peninsular Malaysia.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1999, the SC is a Private Limited company, focusing on
manufacturing & trading of lubricant product. Having been in the
industry for over a decade, the SC has achieved a certain market share and
has built up a satisfactory reputation in the market. It should have
received supports from its regular customers. Having strong support from
its holding company has enabled the SC to remain competitive despite the
challenging business environment. The SC is a large entity with strong
capital position. We are confident with the SC's business and its future
growth prospect.
|
|
Over the years, the SC has penetrated into both the local and overseas
market. The SC has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the SC to further
enhance its business in the near term. 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.
|
|
Despite the lower turnover, the SC's pre-tax profit have increased compared
to the previous year. The higher profit could be due to better control of
its operating costs and efficiency in utilising its resources. The SC has
generated an unfavourable return on shareholders' funds indicating that the
management was inefficient in utilising its funds to generate return. Due
to its weak liquidity position, the SC may face working capital deficiency
in meeting its short term financial obligations if no fresh capital are
injected into the SC. The high gearing ratio clearly implied that the SC
was supported by more debt than equity. Thus, the SC is exposed to high
financial risk. Given a positive net worth standing at MYR 1,820,495,000,
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 overall payment habit is fair and this clearly implied a weak
credit control of the SC.
|
|
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 normally.
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
|
|
PETRONAS LUBRICANTS INTERNATIONAL SDN. BHD.
|
|
Financial Year End
|
31/12/2011
|
31/03/2011
|
31/03/2010
|
31/03/2009
|
31/03/2008
|
|
Months
|
9
|
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
|
FULL
|
FULL
|
FULL
|
FULL
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
3,504,483,000
|
3,972,487,000
|
3,853,437,000
|
4,147,077,000
|
206,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
3,504,483,000
|
3,972,487,000
|
3,853,437,000
|
4,147,077,000
|
206,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
92,640,000
|
83,718,000
|
189,993,000
|
80,778,000
|
<78,340,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
92,640,000
|
83,718,000
|
189,993,000
|
80,778,000
|
<78,340,000>
|
|
Taxation
|
<42,850,000>
|
<52,961,000>
|
<40,571,000>
|
<86,419,000>
|
<41,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
49,790,000
|
30,757,000
|
149,422,000
|
<5,641,000>
|
<78,381,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
106,045,000
|
75,288,000
|
<74,134,000>
|
<63,617,000>
|
8,857,000
|
|
Prior year adjustment
|
-
|
-
|
-
|
<4,876,000>
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
106,045,000
|
75,288,000
|
<74,134,000>
|
<68,493,000>
|
8,857,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
155,835,000
|
106,045,000
|
75,288,000
|
<74,134,000>
|
<69,524,000>
|
|
DIVIDENDS - Ordinary (paid &
proposed)
|
-
|
-
|
-
|
-
|
<3,350,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
155,835,000
|
106,045,000
|
75,288,000
|
<74,134,000>
|
<72,874,000>
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to
P&L)
|
|
|
|
|
|
|
Term loan / Borrowing
|
-
|
-
|
-
|
271,851,000
|
-
|
|
Others
|
<122,811,000>
|
<150,535,000>
|
18,738,000
|
6,797,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
<122,811,000>
|
<150,535,000>
|
18,738,000
|
278,648,000
|
|
BALANCE
SHEET
|
PETRONAS LUBRICANTS INTERNATIONAL SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
485,399,000
|
452,943,000
|
371,410,000
|
322,824,000
|
317,130,000
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Investment properties
|
85,227,000
|
127,266,000
|
-
|
-
|
-
|
|
Investments
|
31,000
|
31,000
|
31,000
|
34,000
|
35,000
|
|
Deferred assets
|
4,681,256,000
|
4,707,858,000
|
-
|
107,691,000
|
119,541,000
|
|
Others
|
27,281,000
|
25,391,000
|
128,627,000
|
4,413,000
|
5,542,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
4,793,795,000
|
4,860,546,000
|
128,658,000
|
112,138,000
|
125,118,000
|
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
|
Goodwill on consolidation
|
-
|
-
|
4,807,098,000
|
4,733,445,000
|
4,866,811,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL INTANGIBLE ASSETS
|
-
|
-
|
4,807,098,000
|
4,733,445,000
|
4,866,811,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
5,279,194,000
|
5,313,489,000
|
5,307,166,000
|
5,168,407,000
|
5,309,059,000
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
702,978,000
|
498,211,000
|
405,313,000
|
425,714,000
|
408,229,000
|
|
Trade debtors
|
1,262,714,000
|
1,127,666,000
|
991,409,000
|
937,224,000
|
1,089,615,000
|
|
Short term deposits
|
-
|
-
|
191,283,000
|
115,877,000
|
6,650,000
|
|
Cash & bank balances
|
137,709,000
|
227,105,000
|
111,096,000
|
148,745,000
|
410,504,000
|
|
Others
|
56,701,000
|
61,639,000
|
43,682,000
|
72,445,000
|
182,771,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
2,160,102,000
|
1,914,621,000
|
1,742,783,000
|
1,700,005,000
|
2,097,769,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
7,439,296,000
|
7,228,110,000
|
7,049,949,000
|
6,868,412,000
|
7,406,828,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
-
|
-
|
549,816,000
|
530,173,000
|
721,829,000
|
|
Other creditors & accruals
|
-
|
-
|
289,907,000
|
278,566,000
|
325,984,000
|
|
Hire purchase & lease creditors
|
1,562,000
|
1,143,000
|
1,743,000
|
-
|
-
|
|
Bank overdraft
|
-
|
-
|
15,579,000
|
-
|
-
|
|
Short term borrowings/Term loans
|
3,568,777,000
|
3,674,803,000
|
62,955,000
|
107,450,000
|
4,915,284,000
|
|
Bill & acceptances payable
|
-
|
-
|
150,000
|
-
|
-
|
|
Other liabilities & accruals
|
40,635,000
|
43,340,000
|
65,194,000
|
-
|
-
|
|
Amounts owing to holding company
|
293,346,000
|
302,312,000
|
98,660,000
|
88,041,000
|
50,523,000
|
|
Amounts owing to related companies
|
-
|
-
|
36,291,000
|
43,267,000
|
-
|
|
Provision for taxation
|
-
|
-
|
-
|
16,738,000
|
52,745,000
|
|
Other liabilities
|
222,519,000
|
189,656,000
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
4,126,839,000
|
4,211,254,000
|
1,120,295,000
|
1,064,235,000
|
6,066,365,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
<1,966,737,000>
|
<2,296,633,000>
|
622,488,000
|
635,770,000
|
<3,968,596,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
3,312,457,000
|
3,016,856,000
|
5,929,654,000
|
5,804,177,000
|
1,340,463,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
150,000,000
|
150,000,000
|
150,000,000
|
150,000,000
|
123,152,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
150,000,000
|
150,000,000
|
150,000,000
|
150,000,000
|
123,152,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Share premium
|
1,179,044,000
|
1,179,044,000
|
1,179,044,000
|
912,204,000
|
625,104,000
|
|
Capital reserve
|
-
|
-
|
26,700,000
|
26,700,000
|
-
|
|
Exchange equalisation/fluctuation reserve
|
403,321,000
|
350,247,000
|
-
|
-
|
-
|
|
General reserve
|
<94,405,000>
|
<24,295,000>
|
-
|
-
|
-
|
|
Retained profit/(loss) carried forward
|
155,835,000
|
106,045,000
|
75,288,000
|
<74,134,000>
|
<63,617,000>
|
|
Others
|
26,700,000
|
26,700,000
|
182,148,000
|
51,394,000
|
<36,513,000>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
1,670,495,000
|
1,637,741,000
|
1,463,180,000
|
916,164,000
|
524,974,000
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
1,820,495,000
|
1,787,741,000
|
1,613,180,000
|
1,066,164,000
|
648,126,000
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Long term loans
|
-
|
-
|
3,754,787,000
|
4,130,436,000
|
45,707,000
|
|
Other long term borrowings
|
226,180,000
|
75,565,000
|
262,322,000
|
228,397,000
|
257,798,000
|
|
Hire purchase creditors
|
-
|
-
|
1,515,000
|
-
|
-
|
|
Deferred taxation
|
13,550,000
|
86,131,000
|
65,938,000
|
223,035,000
|
210,360,000
|
|
Others
|
1,252,232,000
|
1,067,419,000
|
231,912,000
|
156,145,000
|
178,472,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
1,491,962,000
|
1,229,115,000
|
4,316,474,000
|
4,738,013,000
|
692,337,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
3,312,457,000
|
3,016,856,000
|
5,929,654,000
|
5,804,177,000
|
1,340,463,000
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
PETRONAS LUBRICANTS INTERNATIONAL SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
137,709,000
|
227,105,000
|
302,379,000
|
264,622,000
|
417,154,000
|
|
Net Liquid Funds
|
137,709,000
|
227,105,000
|
286,800,000
|
264,622,000
|
417,154,000
|
|
Net Liquid Assets
|
<2,669,715,000>
|
<2,794,844,000>
|
217,175,000
|
210,056,000
|
<4,376,825,000>
|
|
Net Current Assets/(Liabilities)
|
<1,966,737,000>
|
<2,296,633,000>
|
622,488,000
|
635,770,000
|
<3,968,596,000>
|
|
Net Tangible Assets
|
3,312,457,000
|
3,016,856,000
|
1,122,556,000
|
1,070,732,000
|
<3,526,348,000>
|
|
Net Monetary Assets
|
<4,161,677,000>
|
<4,023,959,000>
|
<4,099,299,000>
|
<4,527,957,000>
|
<5,069,162,000>
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
3,796,519,000
|
3,751,511,000
|
4,098,901,000
|
4,466,283,000
|
5,218,789,000
|
|
Total Liabilities
|
5,618,801,000
|
5,440,369,000
|
5,436,769,000
|
5,802,248,000
|
6,758,702,000
|
|
Total Assets
|
7,439,296,000
|
7,228,110,000
|
7,049,949,000
|
6,868,412,000
|
7,406,828,000
|
|
Net Assets
|
3,312,457,000
|
3,016,856,000
|
5,929,654,000
|
5,804,177,000
|
1,340,463,000
|
|
Net Assets Backing
|
1,820,495,000
|
1,787,741,000
|
1,613,180,000
|
1,066,164,000
|
648,126,000
|
|
Shareholders' Funds
|
1,820,495,000
|
1,787,741,000
|
1,613,180,000
|
1,066,164,000
|
648,126,000
|
|
Total Share Capital
|
150,000,000
|
150,000,000
|
150,000,000
|
150,000,000
|
123,152,000
|
|
Total Reserves
|
1,670,495,000
|
1,637,741,000
|
1,463,180,000
|
916,164,000
|
524,974,000
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.03
|
0.05
|
0.27
|
0.25
|
0.07
|
|
Liquid Ratio
|
0.35
|
0.34
|
1.19
|
1.20
|
0.28
|
|
Current Ratio
|
0.52
|
0.45
|
1.56
|
1.60
|
0.35
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
73
|
46
|
38
|
37
|
123
|
|
Debtors Ratio
|
132
|
104
|
94
|
82
|
327
|
|
Creditors Ratio
|
0
|
0
|
52
|
47
|
217
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
2.09
|
2.10
|
2.54
|
4.19
|
8.05
|
|
Liabilities Ratio
|
3.09
|
3.04
|
3.37
|
5.44
|
10.43
|
|
Times Interest Earned Ratio
|
0.25
|
0.44
|
11.14
|
1.29
|
<0.03>
|
|
Assets Backing Ratio
|
33.11
|
30.15
|
11.22
|
10.70
|
<35.25>
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
2.64
|
2.11
|
4.93
|
1.95
|
<6.77>
|
|
Net Profit Margin
|
1.42
|
0.77
|
3.88
|
<0.14>
|
<5.69>
|
|
Return On Net Assets
|
<0.91>
|
<2.21>
|
3.52
|
6.19
|
<0.17>
|
|
Return On Capital Employed
|
<0.91>
|
<2.21>
|
1.94
|
3.41
|
<0.04>
|
|
Return On Shareholders' Funds/Equity
|
2.73
|
1.72
|
9.26
|
<0.53>
|
<10.67>
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
0.00
|
0.05
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
0
|
|