|
|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
|
N/A - Not Applicable
|
|
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
417125-K
|
|
COMPANY NAME
|
:
|
LUVATA MALAYSIA SDN. BHD.
|
|
FORMER NAME
|
:
|
OUTOKUMPU COPPER PRODUCTS (MALAYSIA) SDN
BHD (27/06/2006)
|
|
INCORPORATION DATE
|
:
|
16/01/1997
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
SUITE 335A, 3RD FLOOR, JOHOR TOWER, JALAN
GEREJA, 80100 JOHOR BAHRU, JOHOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
PLO 573, JALAN KELULI 10, KAWASAN
PERINDUSTRIAN PASIR GUDANG, 81700 PASIR GUDANG, JOHOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
07-2526688
|
|
FAX.NO.
|
:
|
07-2524388
|
|
WEB SITE
|
:
|
WWW.LUVATA.COM
|
|
CONTACT PERSON
|
:
|
MICHAEL NORDGEN ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
25994
|
|
PRINCIPAL ACTIVITY
|
:
|
MANUFACTURING AND DEALING OF COPPER
PRODUCTS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 120,000,000.00 DIVIDED INTO
ORDINARY SHARE 20,000,000.00 OF MYR 1.00 EACH.
PREFERENCE SHARE 100,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 120,000,000.00 DIVIDED INTO
ORDINARY SHARES 20,000,000 CASH OF MYR 1.00 EACH.
PREFERENCE SHARES 31,842,755 CASH AND 0 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 952,254,451 [2011]
|
|
NET WORTH
|
:
|
MYR 185,032,779 [2011]
|
|
M1000 OVERALL RANKING
|
:
|
648[2011]
|
|
M1000 INDUSTRY RANKING
|
:
|
9[2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
300 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
|
HISTORY / BACKGROUND
The SC is a private limited company and is allowed
to have a minimum of one and a maximum of forty-nine shareholders. As a
private limited company, the SC must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a
separate legal entity, the SC is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the SC is
insolvent. The SC is governed by the Companies Act, 1965 and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The SC is principally engaged in the (as a
/ as an) manufacturing and dealing of copper products.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
|
According to the Malaysia 1000
publication, the SC's ranking are as follows:
|
|
|
|
|
|
|
YEAR
|
2011
|
|
|
|
OVERALL RANKING
|
648
|
|
|
|
INDUSTRY RANKING
|
9
|
|
|
The immediate holding company of the SC is
LUVATA ESPOO OY, a company incorporated in FINLAND.
The ultimate holding company of the SC is
LUVATA OY, a company incorporated in FINLAND.
The major shareholder(s)
of the SC are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
LUVATA ESPOO OY
|
TUULIKUJA 2, FIN-02100, ESPOO, FINLAND
|
XLZ00218330
|
120,000,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
120,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. EAPEN ABRAHAM A/L K E ABRAHAM
|
|
Address
|
:
|
NO 10, JALAN LEMBAH 8, BANDAR SERI ALAM,
81750 MASAI, JOHOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
550404-01-5919
|
|
Date of Birth
|
:
|
04/04/1955
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
19/10/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MS. LAU SIEW DEE
|
|
Address
|
:
|
NO 9 JALAN JELITA 5, TAMAN PELANGI INDAH,
81800 ULU TIRAM, JOHOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
670313-01-5856
|
|
Date of Birth
|
:
|
13/03/1967
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
19/10/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
BERNDT MICHAEL NORDGREN
|
|
Address
|
:
|
#B8-W2, BLK B, KONDOMINIUM STRAITS VIEW,
JLN PERMAS SELATAN, TMN PERMAS JAYA, 81750 MASAI, JOHOR, MALAYSIA.
|
|
IC / PP No
|
:
|
PX4214216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
19/10/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. ABDUL RAMAN BIN HAJI SAAD, HAJI
|
|
Address
|
:
|
NO 42, JALAN JINGGA 4, TAMAN PELANGI, 80400
JOHOR BAHRU, JOHOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
490402-04-5557
|
|
Date of Birth
|
:
|
02/04/1949
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
10/12/1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
PETER JOHAN FRIIS
|
|
Address
|
:
|
12A, JALAN TENGKU PETRIE 1, 07-19 CONDO
PETRIE, 80200 JOHOR BAHRU, JOHOR, MALAYSIA.
|
|
IC / PP No
|
:
|
13632707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
05/09/2000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
MICHAEL NORDGEN
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
EAPEN ABRAHAM
|
|
|
Position
|
:
|
ACCOUNTANT
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
SIA HENG HUAT
|
|
|
Position
|
:
|
MARKETING MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
GERALDINE LAU
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
MOHAMED ARIFF
|
|
|
Position
|
:
|
PRODUCTION MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG
|
|
Auditor' Address
|
:
|
LEVEL 10, KPMG TOWER,, 8 FIRST AVENUE,
BANDAR UTAMA, 47800 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. CHONG SIOW PEI
|
|
|
|
|
|
|
|
New IC No
|
:
|
790921-01-6322
|
|
|
Address
|
:
|
26 JALAN TASEK SATU, TAMAN TASEK, 80200
JOHOR BAHRU, JOHOR, 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
|
:
|
40%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Import Countries
|
:
|
ASIA
|
The SC refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
X
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Export Market
|
:
|
SINGAPORE
AUSTRALIA
NEW ZEALAND
UNITED ARAB EMIRATES
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
AUTOMOTIVE INDUSTRIES,ELECTRICAL & ELECTRONIC
INDUSTRIES,TELECOMUNICATION INDUSTRY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
COPPER ANODES, COPPER PROFILES, COPPER
SECTIONS, COPPER STRIPS
|
|
|
|
|
|
|
Brand Name
|
:
|
|
|
|
|
|
|
Award
|
:
|
|
1 ) MS ISO 9001 : 2000 Year :2003
|
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
FEDERATION OF MALAYSIAN MANUFACTURERS
(FMM)
SMI ASSOCIATION OF MALAYSIA
THE ELECTRICAL AND ELECTRONICS
ASSOCIATION OF MALAYSIA (TEEAM)
MALAYSIA EXTERNAL TRADE DEVELOPMENT
CORPORATION (MATRADE)
MALAYSIAN INTERNATIONAL CHAMBER OF
COMMERCE AND INDUSTRY (MICCI)
|
|
|
|
|
|
Production Capacity
|
:
|
|
APPROXIMATELY 1,500 TONNES PER MONTH
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
COMPANY
|
300
|
270
|
270
|
265
|
260
|
269
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing and dealing
of copper products.
The SC is one of the copper product manufacturer for various industrial
applications.
The SC produces a wide range of products including anodes, brass rod,
profiles, rods & bars, sheets & plates, strips, tubes, welding
products, wire and related products.
The SC produces its copper products according to its customers' requirements.
The SC's products are mainly used in various applications such as electrical
and electronic conductivity, switch gears, electrical appliances, bus duct
and etc.
The SC is specialises in custom designed plants for surface treatment of wire
and strip as well as treatment of industrial waste water.
The SC provides its customers with service, maintenance and upgrading of both
surface treatment and waste water treatment plants.
The SC's production machineries are semi-automated.
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
072526688
|
|
Current Telephone Number
|
:
|
07-2526688
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
PLO 573, JALAN KELULI 10, KAWASAN
PERINDUSTRIAN PASIR GUDANG,81700,PASIR GUDANG,JOHOR.
|
|
Current Address
|
:
|
PLO 573, JALAN KELULI 10, KAWASAN PERINDUSTRIAN
PASIR GUDANG, 81700 PASIR GUDANG, JOHOR, 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.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2007 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2007 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
6.92%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
11.29%
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's turnover increased steadily as
the demand for its products / services increased due to the goodwill built up
over the years.The SC's 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.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
27 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
53 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
23 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks.
The favourable debtors' days could be due to the good credit control
measures implemented by the SC. 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
|
:
|
Favourable
|
[
|
1.04 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.48 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Acceptable
|
[
|
4.11 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.08 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was slightly low.
If there is no sharp fall in its profit or sudden increase in the interest rates,
we believe the SC is able to generate sufficient income to service its
interest and repay the loans. The SC was lowly geared thus it had a low
financial risk. The SC was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the
SC being a lowly geared company, will be able to compete better than those
companies which are highly geared in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Although the SC's turnover had increased,
its profits had declined over the same corresponding period. This could be
due to the stiffer market competition and / or higher operating costs which
lowered the SC's profit margin. 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 had an acceptable interest cover. If there is no sudden
sharp increase in interest rate or fall in the SC's profit, we do believe
the SC is able to generate sufficient cash flow to service its interest
payment. The SC as a lowly geared company, will be more secured compared to
those highly geared companies. It has the ability to meet all its long term
obligations.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC :
FAIR
|
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
|
Major Economic Indicators:
|
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
|
|
25994 : Manufacture of metal household
articles
|
|
|
|
|
INDUSTRY :
|
MANUFACTURING
|
|
|
|
|
|
|
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.
|
|
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.
|
|
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.
|
|
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.
|
|
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 1997, the SC is a Private Limited company, focusing on
manufacturing and dealing of copper products. With its long establishment
in the market, the SC has received strong support from its stable customers
base. Its business position in the market is quite stable and it is
expected to enjoy better market shares over its rivals. 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 established an extensive clientele base in the
market. Besides catering to the local market, the SC has penetrated into
other countries. With the contribution of both local and overseas
customers, the SC is likely to be exposed to lower commercial risk. Hence,
we believe that the SC has better business expansion opportunities in the
future. The SC is a fairly large and rapidly growing company with over 300
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.
|
|
Financially, the SC registered a higher turnover compared to previous year.
However, its profits showed a reverse trend. The lower profit achieved was
a result of higher operating cost and increased competition. 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 however 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 lowly geared company,
the SC is exposed to low financial risk as it is mainly dependent on its
internal funds to finance its business needs. Given a positive net worth
standing at MYR 185,032,779, the SC should be able to maintain its business
in the near terms.
|
|
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.
|
|
We regard that the SC's overall payment habit is prompt. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days.
|
|
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)
|
|
LUVATA MALAYSIA SDN. BHD.
|
|
Financial Year End
|
31/12/2011
|
31/12/2010
|
31/12/2009
|
31/12/2008
|
31/12/2007
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean
Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
952,254,451
|
816,247,283
|
514,211,182
|
781,603,820
|
750,877,877
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
952,254,451
|
816,247,283
|
514,211,182
|
781,603,820
|
750,877,877
|
|
Costs of Goods Sold
|
<912,654,674>
|
<775,144,731>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
39,599,777
|
41,102,552
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
15,818,018
|
23,256,081
|
51,507,277
|
<29,519,846>
|
46,457,738
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
15,818,018
|
23,256,081
|
51,507,277
|
<29,519,846>
|
46,457,738
|
|
Taxation
|
<3,014,447>
|
<647,292>
|
<6,249,657>
|
6,779,708
|
<6,281,694>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
12,803,571
|
22,608,789
|
45,257,620
|
<22,740,138>
|
40,176,044
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
52,229,208
|
29,620,419
|
<15,637,201>
|
7,102,937
|
<33,073,107>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
52,229,208
|
29,620,419
|
<15,637,201>
|
7,102,937
|
<33,073,107>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
65,032,779
|
52,229,208
|
29,620,419
|
<15,637,201>
|
7,102,937
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
65,032,779
|
52,229,208
|
29,620,419
|
<15,637,201>
|
7,102,937
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Others
|
5,078,186
|
3,267,987
|
428,198
|
453,199
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
5,078,186
|
3,267,987
|
428,198
|
453,199
|
|
BALANCE SHEET
|
LUVATA MALAYSIA SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
107,271,587
|
92,031,745
|
84,106,338
|
75,220,243
|
72,771,083
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Deferred assets
|
2,209,000
|
5,267,000
|
5,891,000
|
12,136,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
2,209,000
|
5,267,000
|
5,891,000
|
12,136,000
|
-
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
109,480,587
|
97,298,745
|
89,997,338
|
87,356,243
|
72,771,083
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
69,284,298
|
30,476,211
|
37,453,921
|
20,458,804
|
-
|
|
Trade debtors
|
137,044,573
|
114,317,067
|
78,409,671
|
66,040,850
|
-
|
|
Other debtors, deposits & prepayments
|
1,091,412
|
811,655
|
1,133,048
|
1,009,862
|
-
|
|
Amount due from related companies
|
805,527
|
651,686
|
585,873
|
343,878
|
-
|
|
Cash & bank balances
|
24,300,933
|
13,762,800
|
12,639,511
|
16,805,027
|
-
|
|
Others
|
119,802
|
69,024
|
1,097
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
232,646,545
|
160,088,443
|
130,223,121
|
104,658,421
|
176,516,533
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
342,127,132
|
257,387,188
| :right'>
|
Deferred assets
|
2,209,000
|
5,267,000
|
5,891,000
|
12,136,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
2,209,000
|
5,267,000
|
5,891,000
|
12,136,000
|
-
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
109,480,587
|
97,298,745
|
89,997,338
|
87,356,243
|
72,771,083
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
69,284,298
|
30,476,211
|
37,453,921
|
20,458,804
|
-
|
|
Trade debtors
|
137,044,573
|
114,317,067
|
78,409,671
|
66,040,850
|
-
|
|
Other debtors, deposits & prepayments
|
1,091,412
|
811,655
|
1,133,048
|
1,009,862
|
-
|
|
Amount due from related companies
|
805,527
|
651,686
|
585,873
|
343,878
|
-
|
|
Cash & bank balances
|
24,300,933
|
13,762,800
|
12,639,511
|
16,805,027
|
-
|
|
Others
|
119,802
|
69,024
|
1,097
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
232,646,545
|
160,088,443
|
130,223,121
|
104,658,421
|
176,516,533
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
342,127,132
|
257,387,188
|
220,220,459
|
192,014,664
|
249,287,616
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
57,698,663
|
27,691,827
|
11,530,776
|
20,066,170
|
-
|
|
Other creditors & accruals
|
15,986,318
|
5,521,244
|
4,319,642
|
6,539,343
|
-
|
|
Short term borrowings/Term loans
|
15,230,400
|
-
|
-
|
-
|
-
|
|
Amounts owing to holding company
|
1,592,187
|
1,177,466
|
675,798
|
465,625
|
-
|
|
Amounts owing to related companies
|
479,286
|
432,065
|
273,235
|
827,036
|
-
|
|
Provision for taxation
|
-
|
-
|
-
|
40,146
|
-
|
|
Other liabilities
|
66,107,499
|
36,544,233
|
20,236,096
|
13,052
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
157,094,353
|
71,366,835
|
37,035,547
|
27,951,372
|
54,696,986
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
75,552,192
|
88,721,608
|
93,187,574
|
76,707,049
|
121,819,547
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
185,032,779
|
186,020,353
|
183,184,912
|
164,063,292
|
194,590,630
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
120,000,000
|
120,000,000
|
120,000,000
|
120,000,000
|
120,000,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
120,000,000
|
120,000,000
|
120,000,000
|
120,000,000
|
120,000,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
65,032,779
|
52,229,208
|
29,620,419
|
<15,637,201>
|
7,102,937
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
65,032,779
|
52,229,208
|
29,620,419
|
<15,637,201>
|
7,102,937
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
185,032,779
|
172,229,208
|
149,620,419
|
104,362,799
|
127,102,937
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
Others
|
-
|
13,791,145
|
33,564,493
|
59,700,493
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
-
|
13,791,145
|
33,564,493
|
59,700,493
|
67,487,693
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
185,032,779
|
186,020,353
|
183,184,912
|
164,063,292
|
194,590,630
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
LUVATA MALAYSIA SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
24,300,933
|
13,762,800
|
12,639,511
|
16,805,027
|
-
|
|
Net Liquid Funds
|
24,300,933
|
13,762,800
|
12,639,511
|
16,805,027
|
-
|
|
Net Liquid Assets
|
6,267,894
|
58,245,397
|
55,733,653
|
56,248,245
|
121,819,547
|
|
Net Current Assets/(Liabilities)
|
75,552,192
|
88,721,608
|
93,187,574
|
76,707,049
|
121,819,547
|
|
Net Tangible Assets
|
185,032,779
|
186,020,353
|
183,184,912
|
164,063,292
|
194,590,630
|
|
Net Monetary Assets
|
6,267,894
|
44,454,252
|
22,169,160
|
<3,452,248>
|
54,331,854
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
15,230,400
|
0
|
0
|
0
|
-
|
|
Total Liabilities
|
157,094,353
|
85,157,980
|
70,600,040
|
87,651,865
|
122,184,679
|
|
Total Assets
|
342,127,132
|
257,387,188
|
220,220,459
|
192,014,664
|
249,287,616
|
|
Net Assets
|
185,032,779
|
186,020,353
|
183,184,912
|
164,063,292
|
194,590,630
|
|
Net Assets Backing
|
185,032,779
|
172,229,208
|
149,620,419
|
104,362,799
|
127,102,937
|
|
Shareholders' Funds
|
185,032,779
|
172,229,208
|
149,620,419
|
104,362,799
|
127,102,937
|
|
Total Share Capital
|
120,000,000
|
120,000,000
|
120,000,000
|
120,000,000
|
120,000,000
|
|
Total Reserves
|
65,032,779
|
52,229,208
|
29,620,419
|
<15,637,201>
|
7,102,937
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.15
|
0.19
|
0.34
|
0.60
|
-
|
|
Liquid Ratio
|
1.04
|
1.82
|
2.50
|
3.01
|
-
|
|
Current Ratio
|
1.48
|
2.24
|
3.52
|
3.74
|
3.23
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
27
|
14
|
27
|
10
|
-
|
|
Debtors Ratio
|
53
|
51
|
56
|
31
|
-
|
|
Creditors Ratio
|
23
|
13
|
8
|
9
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.08
|
0.00
|
0.00
|
0.00
|
-
|
|
Liabilities Ratio
|
0.85
|
0.49
|
0.47
|
0.84
|
0.96
|
|
Times Interest Earned Ratio
|
4.11
|
8.12
|
121.29
|
<64.14>
|
-
|
|
Assets Backing Ratio
|
1.54
|
1.55
|
1.53
|
1.37
|
1.62
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
1.66
|
2.85
|
10.02
|
<3.78>
|
6.19
|
|
Net Profit Margin
|
1.34
|
2.77
|
8.80
|
<2.91>
|
5.35
|
|
Return On Net Assets
|
11.29
|
14.26
|
28.35
|
<17.72>
|
23.87
|
|
Return On Capital Employed
|
11.29
|
14.26
|
28.35
|
<17.72>
|
23.87
|
|
Return On Shareholders' Funds/Equity
|
6.92
|
13.13
|
30.25
|
<21.79>
|
31.61
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
0.00
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
|
|